Los Angeles – 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 development.

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 University 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 www.cmp.milkeninstitute.org.

About IFC

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, visit www.ifc.org.

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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

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