IFC, Milken Institute launch capital market programme for developing countries

03 May 2016
Financial Nigeria


The programme is initially focused on sub-Saharan Africa, with a view to expanding to other regions.

International Finance Corporation Executive Vice President and CEO Philippe Le Houérou

The International Finance Corporation (IFC) in partnership with the Milken Institute and the George Washington University launched on Tuesday a graduate-level programme for capital market practitioners in developing countries.

The eight-month programme 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 programme is initially focused on sub-Saharan Africa, with a view to expanding to other regions.

“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,” said Jingdong Hua, IFC’s Vice President and Treasurer.

The programme has a curriculum that is tailored to address challenges specific to developing economies. Courses will be taken from the George Washington School Business in areas ranging from financial modeling and computation to regulatory and legal aspects of capital market development.

Coursework will be further enhanced with case studies drawn from IFC’s experience in supporting domestic capital market development in countries such 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.

"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,” said Steven Knapp, President of the George Washington University. “The programme will make the connection between classroom instruction and real-world experience that is a hallmark of the George Washington experience.”

In the spring semester, programme 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 programme, participants will 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.

“Capital markets multiply the vast potential of human and social capital—and thereby contribute to economic growth and prosperity,” said Michael Milken, billionaire investor and Chairman of the Milken Institute.

The programme begins in August 2016 with an inaugural cohort of 20 students drawn 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. The students will graduate in May 2017.

Upon graduation, programme participants will belong to an active alumni network that will collectively foster the next generation of capital market leaders in developing regions.

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