Scottish University said it would pay reparations in the amount of £ 20 million because of the role that the university played in the slave trade, Reuters reported.
The University of Glasgow is believed to be the first institution in the UK to offer payment for its connection with the transatlantic slave trade.
The Justice Restoration Program will be implemented in conjunction with the University of the West Indies, and the money allocated by the university will be spent on the founding of a Glasgow-Caribbean Centre for Development Research.
The center, which will be based in both Glasgow and the Caribbean, will "stimulate public awareness of the history of slavery, the university said in a statement.
According to recent data, the university played a decisive role in the abolitionist movement in the 18-19 centuries.
“Talking about any institution’s or country’s historical links to slavery can be a difficult conversation but we felt it was a necessary one for our university to have,” said Professor Sir Anton Muscatelli, Principal and Vice-Chancellor of the University of Glasgow.