The University of Namibia (UNAM) raised more than N$700,000 towards its foundation during the chancellor's annual charity gala dinner.

The funds will be used to provide bursaries to underprivileged students and training support. 

Established over thirty years ago, the fund played a major role in assisting students with school fees and monthly fees for transportation and food.

UNAM Vice Chancellor Professor Kenneth Matengu said students owe the university more than N$300 million, of which N$184 million is owed by registered students, hence efforts to raise funds for students. 

In a speech read on his behalf, President Nangolo Mbumba said the UNAM foundation is critical to complementing government efforts. 

"The government remains committed to making sure that every Namibian child obtains funding for institutions of higher learning through institutions such as the Namibia Student Financial Assistance Fund (NSFAF), Petrofund, the Social Security Commission (SSC), the Namibia Training Authority (NTA), and many more. Therefore, support, such as those of the UNAM Foundation, is critical to complementing government efforts."

Through the support of the foundation, the university alumni are now professionals in different sectors contributing to the nation's socioeconomic development and nation-building.

First Rand Namibia gave the largest chunk of N$500,000.