The IMO Council has agreed a £500,000 transfer from reserves in the Organization\'s Technical Co-operation (TC) Fund to provide short-term financial support for the World Maritime University (WMU) - thus endorsing fully the recommendation made by the Technical Co operation Committee (TCC), which had met the previous week. The TCC meeting had highlighted the current financial challenges of the University, which had arisen due to the withdrawal of funding from long-standing donors, coupled with the absence of new external sources of income during the serious, and continuing, global financial crisis.

      The Council, meeting at IMO Headquarters for its 104th regular session, shared the concern expressed by the President of the University and the TC Committee over the reported projected budgetary shortfalls in 2010 and 2011 and authorized the Secretary-General to allocate up to £500,000 from the TC Fund reserves to support the finances of WMU during the current biennium.

      The funds are to be transferred in two tranches, once for each of the calendar years of 2010 and 2011.

      The Council also considered a number of proposals submitted by the Secretary-General regarding the future, long-term financial sustainability of WMU, as a response to a request of the IMO Assembly in resolution A.1031(26), which he, also in his capacity as Chancellor of the University, had submitted to IMO\'s most senior bodies (the Council and Assembly) last year. Further consideration of the proposals regarding the financial sustainability of the University will be continued by a correspondence group led by the University\'s host country, Sweden, and at the Council\'s next session, in November 2010.

      WMU was founded by IMO in 1983, since when it has established an excellent reputation as the global centre for advanced education, training and research for specialist personnel from the international maritime community. Many of its graduates (2,855 from 158 countries) hold senior positions in maritime education, as heads of institutions or as professors. Others hold key posts in national ministries, maritime administrations, ports and shipping companies, or represent their Governments in a range of capacities at IMO and other international forums, enabling them to influence and direct maritime policy in their countries, regions and at the global level.