The Association of Bermuda Companies has given Bermudian students a boost by raising a record $575,000 for new scholarships.

ABIC, which represents more than 130 international companies in Bermuda, funds and operates the Island's largest post-secondary scholarship programme, with companies donating in excess of $3.5 million to the scheme over the past nine years.

The fundraising reached its peak this year and it is hoped the money will benefit similar causes to those in which students attended universities in Canada, the US, the UK, Ireland, Europe and Australia.

"The ABIC Education Awards provide financial assistance to providing Bermudian students pursuing higher education degrees in areas related to international business," ABIC chairman David Ezekiel told the group's AGM.

"International business requires employees of a world-class standard," he said. "And we know that education is the key to meeting those standards, and successfully participating in the modern workforce."

This year, 21 students each received scholarships of $15,000 per year to pursue undergraduate studies, with each scholarship extending over two years of study.

"Our long-term goal is to help develop highly-trained Bermudians who will return home to work in international business," said Mr. Ezekiel.

"Over the last nine years of this programme, we have given scholarships to 194 students - and have seen many success stories."

Two of those were in attendance at the AGM in the form of Rees Fletcher, president and CEO of ACE Bermuda, and Barbara Tannock, vice-president of pensions and investments for the Colonial Group.

"The education awards are an important first step for many Bermudians to both start their college experiences and to initially associate them with international business, with the mutual expectation of a long-lasting and beneficial association," Mr. Fletcher said.