A new educational award worth a total of $90,000 is to be set up to mark the 40th anniversary of the Association of Bermuda International Companies education scheme.

The Abic Educational Awards Alumni Award will be funded by a “give back” campaign which aims to raise $30,000 a year for three years to fund mature students who want to change to a career in international business.

Patrick Tannock, chairman of Abic and an ABICEA recipient, said: “As part of our celebration of the anniversary we have invited ABICEA alumni to contribute to this special award that will help mature individuals, who are interested in upgrading their skills sets so that they remain relevant in an ever-evolving, highly-competitive global marketplace, to pursue new educational and career goals.

“Through the ABICEA give back campaign we plan to raise funds directly based on financial donations from our alumni, many of whom have excelled in their professions and have made significant contributions to the island’s business sector.”

A spokeswoman for Abic added: “The award is designed to attract mature students who can demonstrate a successful employment history and wish to retrain for a career in international business or for those who have plans to pursue an undergraduate degree leading to a career in international business.”

Since the Abic awards scheme was set up in 1977, more than 570 students have benefited, with in excess of 60 per cent of recipients working in international business and support services, many at executive and senior management level.

Applications for this award should be made on www.bermudascholarships.com, with a closing date of April 7.

Any alumni who wants to contribute to the ABICEA give back campaign should contact Greta Peters at gpeters@abic.bm