THE University of New South Wales (UNSW), which shut its Asia campus here early this year, has agreed to repay Singapore over $32 million in backed loans and grants, The Straits Times has learnt.

The settlement, announced on Tuesday, ends a tumultuous experiment for the Sydney-based university.

The school dropped a bombshell in May when it announced it was making a quick exit after just three months of classes - and after receiving $17.3 million in grants and $15 million in loans from the Government.

In September, the school said it might be forced into insolvency. Politicians raised concerns that that the Government might never see the $17.3 million in grant money again.

But on Tuesday, the Economic Development Board (EDB) said in a statement that the university has signed a 'settlement agreement in respect of all outstanding loans and grants payable to the Singapore Government'.

The board said it will continue to pursue co-operation with the university in areas like clean energy and water.

The EDB, which is one of the key agencies in charge of the plan to build an education hub here, would not reveal the total amount or the repayment period.

A board spokesman said: 'We are bound by the terms of agreement which are confidential.'

University officials also declined to comment.

But The Straits Times understands that the university has agreed to repay the full $32.3 million worth of grants and loans.

The EDB said the school's 20ha Changi campus has been returned to JTC Corporation.

But officials declined to comment on earlier media reports that the university would have to pay $30 million to remove steel and concrete pilings already driven into the site.

Read the full report in Wednesday's edition of The Straits Times.

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