King’s Academy, January 20, 2014 – A new endowment fund, the Arab Palestinian Investment Company (APIC) Scholarship Fund, was recently established at King’s Academy to support deserving students from the Palestinian territories of East Jerusalem, Gaza and the West Bank.
Beginning in the fall of 2014, recipients – APIC Scholars – will receive a full financial aid package. This gift further bolsters King’s Academy’s substantial financial aid program, which currently supports 42 percent of the student body. King’s Academy parents Tarek and Shirine Aggad made this gift possible.
“As I have seen the value and impact that King's Academy had on my own child, I felt that we should do our part at APIC to enable deserving Palestinian students to attend this great school,” Mr. Aggad, who is the chairman of the board of APIC, said.
“APIC 's main CSR activities have always been in the education and youth empowerment spheres, and we feel very proud to be supporting Palestinian students so they have opportunities to attend excellent schools such as King's,” he added.
Headmaster John Austin expressed appreciation to APIC and the Aggad family for their generosity. “This gift has a tremendous impact on our ability to support deserving students with limited financial means,” he said. “It enables us to maintain a generous financial aid program which is in keeping with His Majesty King Abdullah II’s vision.”
A self-sustaining source of funding, an endowed scholarship provides long-term security for students – financial aid paid in perpetuity – while creating a permanent legacy for the donor.
At non-profit educational institutions like King’s Academy, support from alumni, parents and friends is fundamental to sustain a robust learning environment for deserving students of all socio-economic backgrounds regardless of their ability to pay, Austin explained.
Peer institutions in the United States, such as Deerfield Academy, are able to rely on major endowment capitals to provide financial aid to their students, he added.
“As a young school, building the endowment capital is a crucial next step for King’s Academy,” Chief Development Officer Rima Zaitoon said. She went on to note that the APIC gift “comes at a pivotal time in the planning for the next phase of school’s development and growth, ensuring continued accessibility to some of the most deserving young men and women from the region.”