Capital markets practitioners across Africa can benefit from a graduate-level programme launched this week by the IFC, a member of the World Bank Group, the Milken Institute and the George Washington University.
The programme initially focuses on sub-Saharan Africa, and aims to expand to other regions. The curriculum is tailored to address challenges specific to developing economies, according to a press release.
The programme was launched on 3 May and the first 20 students from capital market authorities, central banks and ministries of finance in Angola, Democratic Republic of Congo, the Gambia, Kenya, Malawi, Mozambique, Rwanda, Uganda, Saudi Arabia, the Seychelles, and Zambia begin in August 2016 and will graduate in May 2017.
The course will equip mid-career professionals with the analytical tools and practical experience to support capital-market development in their countries. It is held over eight months and combines rigorous coursework and a work placement opportunity.
It leverages the academic excellence of the George Washington University School of Business, offering course work from financial modelling and computation to regulatory and legal aspects of capital-market development. The IFC boosts this with case studies drawn from it 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.
When they successfully complete the programme, 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 2 years. They will also belong to an active alumni network that will collectively foster the next generation of capital market leaders in developing regions.
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.”
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.”
For more information on the program, visit cmp.milkeninstitute.org.