Los Angeles, May 3, 2016 – IFC,
a member of the World Bank Group, the Milken Institute and the George Washington
University today launched a first-of-its-kind graduate level program for
capital market practitioners in developing economies.
Held over eight months, the program combines rigorous coursework and a
work placement opportunity to equip mid-career professionals with analytical
tools and practical experience to support capital-market development in
their countries. The program is initially focused on sub-Saharan Africa,
with a view to expanding to other regions.
The curriculum is tailored to address challenges specific to developing
economies. It leverages the academic excellence of the George Washington
University School of Business, with course work ranging from financial
modeling and computation to regulatory and legal aspects of capital market
Coursework is enhanced with case studies drawn from IFC’s unparalleled
experience in supporting domestic capital market development in countries
as diverse as the Dominican Republic, India, and Rwanda. A speaker series
will offer additional opportunities for interaction with thought leaders,
practitioners and pioneers in the international capital markets.
In the spring semester, program participants will put learning into practice
through work placements with the Milken Institute’s wide network of public
and private sector collaborators.
Following the successful completion of the program, participants receive
an academic certificate from the George Washington University and are expected
to return to their home countries to work on local capital markets for
at least two years.
Jingdong Hua, IFC Vice President and Treasurer, said: “A well-functioning
capital market is not a luxury; it is a necessity. Deep, vibrant capital
markets are essential for a thriving private sector that creates jobs and
enables economies to achieve their full potential.”
Michael Milken, Chairman of the Milken Institute, said: “Capital markets
multiply the vast potential of human and social capital—and thereby contribute
to economic growth and prosperity.”
Steven Knapp, President of the George Washington University, said "This
unique partnership has the potential to bring millions of people in the
developing world out of poverty by developing effective capital markets
and stronger financial institutions. The program will make the connection
between classroom instruction and real-world experience that is a hallmark
of the George Washington experience.”
The inaugural cohort — 20 students from capital market authorities, central
banks and ministries of finance in Angola, the Democratic Republic of Congo,
the Gambia, Kenya, Malawi, Mozambique, Rwanda, Uganda, Saudi Arabia, the
Seychelles, and Zambia — begins the program in August 2016 and will graduate
in May 2017. After graduation, program participants will belong to an active
alumni network that will collectively foster the next generation of capital
market leaders in developing regions.
For more information on the program, visit cmp.milkeninstitute.org.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with more than 2,000 businesses worldwide, we use our capital, expertise,
and influence, to create opportunity where it’s needed most. In FY15,
our long-term investments in developing countries rose to nearly $18 billion,
helping the private sector play an essential role in the global effort
to end extreme poverty and boost shared prosperity. For more information,
About the Milken Institute
The Milken Institute is a nonprofit, nonpartisan think tank determined
to increase global prosperity by advancing collaborative solutions that
widen access to capital, create jobs and improve health. The Institute
does this through independent, data-driven research, action-oriented meetings
and meaningful policy initiatives. For more information, visit www.milkeninstitute.org.
About the George Washington University School of Business
GW’s School of Business is an international leader in education and research,
which prides itself on training future leaders to be global problem solvers
and socially responsible managers. The school leverages its prime location—in
the heart of Washington—by attracting visiting scholars and leaders in
the business community to work, teach and engage with students. For
more information, visit: www.business.gwu.edu