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LEO ROWE FUND PROPOSES TO EXPAND STUDENT LOAN MANDATES

  April 16, 2004

The Organization of American States (OAS) student loan program, the Leo S. Rowe Pan American Fund, today formally presented a proposal seeking to expand its mandate so that recipients of its loans can study in the United States as well as in other countries.

Founded in 1948 with an endowment from Dr. Leo Stanton Rowe, who from 1920 until he died in 1946 served as Director General of the Pan American Union—the forerunner to the OAS—the Fund provides loans, as Dr. Rowe’s will stipulated, to students from Latin America and the Caribbean to pursue higher-education studies in the United States. Recipients are committed to return to their countries at the conclusion of their studies in order to share the benefits of their studies with their societies.

Rowe Fund Technical Secretary Dr. Manuel Metz presented details of the proposals during a breakfast briefing. The new proposal is part of a four-pronged initiative that has already begun with expansion of the Supplementary Guaranty Sub-Fund; promotion of the use of institutional guarantors; and the establishment of a network of beneficiaries.

Chairperson of the Rowe Fund Committee, St. Lucia’s Ambassador to the OAS Sonia Johnny, emphasized the need for more awareness of the Fund, for better geographic distribution of loans and a wider range of opportunities for students from Latin America and the Caribbean to pursue higher education in other countries. She reported at the same time steady progress in the gender balance, notably with the elimination of the gender gap in loan distributions between female and male students over the last three years.

OAS Secretary General César Gaviria restated the member states’ commitment to working together to stimulate prosperity. According to Gaviria, “by increasing the number of Rowe Fund beneficiaries throughout the continent, the Fund would strengthen its contribution to the hemispheric efforts geared towards reaching our common goals of combating poverty, promoting social development and advancing democratic governance.”

By 2003, the Leo Rowe Fund had disbursed nearly 6,000 interest-free loans amounting to US$24.5 million (in 2003 dollars).


Reference: E-060/04