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$2.4m added to S’pore Olympic Foundation from 70 SMEs

By 17/08/2011 February 9th, 2014 No Comments

The Singapore Olympic Foundation has secured a further $2.4 million in donations, adding to an earlier pledge of $10 million by top investor Peter Lim.

This was revealed by its chairman Ng Ser Miang at an appreciation dinner for the Foundation’s donors at the Raffles City Convention Centre Monday.

Of the $2.4 million — it is from 70 Singapore—based companies, many of which are small—and—medium enterprises around the Marina Bay area — about $1.1 million will be channeled towards the opening ceremony of next month’s Youth Olympic Games, and related fringe activities around the Marina Bay area.

The Games’ opening ceremony will take place on August 14 at The Float@Marina Bay.

“This is really wonderful and fantastic This is about involvement, about companies in Singapore who want to be part of the Youth Olympic Games and the Olympic movement,” said Mr Ng, who is also an International Olympic Committee and Singapore National Olympic Council (SNOC) vice—president.

He added: “With this donation, we will able to enhance the opening ceremony.

“We want to bring the (Marina) Bay to life during the opening ceremony with fireworks and lasers The whole day we will have many (fringe) activities, (so) even those not at the float can still enjoy the event.”

Launched by the SNOC in March this year, the Foundation aims to provide promising athletes, particularly the younger ones, an opportunity to fulfil their potential through the Peter Lim Scholarship, named after the single largest individual donor to sports in Singapore.

The Foundation is governed by a board of directors made up of Mr Ng, Mr Lim, Member of Parliament Michael Palmer, Singapore Bowling Federation president Jessie Phua, SNOC secretary—general Chris Chan, and auditors Danny Teoh and Chan Lay Hoon.

In the coming months, it will form a committee comprising representatives from the SNOC, national sports associations, the Ministry of Education, schools and the Singapore Sports Council to finalise its athlete selection criteria.

At its launch in March, Ng said the Foundation hoped to raise between $5 million and $10 million within the first year and benefit about 100 athletes. It has already surpassed that total

Said Mr Ng: “We’re more than happy with the generous donations.

“We want to make sure over the next few months we work out the criteria for the Peter Lim Scholarship and target to support students from next year onwards.”