Remarks by World Bank Group President David Malpass at the Graduation
Ceremony for the 9th Cohort of the IFC-Milken Institute Capital Markets Education
Program


May 2, 2023




I’m very pleased to be in Los Angeles to open the graduation ceremony for the
9th cohort of Milken Capital Markets Scholars. We’re here today to recognize the
achievements of 14 scholars who have for the past several months been immersed in a
rigorous training program designed to improve their skills and knowledge to thrive in the
ever-changing world of finance.

I’ve participated in previous groups of Milken Scholars, heard Michael Milken’s inspiring
message, and watched the IFC-Milken program grow at George Washington University.
It’s great to be here with Michael again to strengthen our commitment to this form of
powerful exchange.

The World Bank Group is working to build platforms that connect educational institutions
and people. These include this IFC Treasury program, a new World Bank Treasury
program with the Milken Institute and the Bayes Business School at the City University
of London, and the World Bank’s Africa Centers of Excellence, or ACE, projects. I
recently visited Niger and Togo, and the University of Lomé. I was very proud to
observe a signing of an MOU between the University of Lomé, where 70,000 students
are studying practical skills, and Clark Atlanta University. It is a key part of the World
Bank’s partnership with Historically Black Colleges and Universities (HBCUs); and I
know that Milken is expanding its relationships with HBCUs.

Let me turn to this program. Congratulations to the graduating cohort. As you all know,
well-functioning financial markets are essential for vibrant economic growth. Capital
markets provide an efficient way to channel international and domestic savings into
productive economic needs. Yet capital markets remain underdeveloped in many
countries due in part to lack of adequate capacity among market players.  

This program is particularly valuable during times of financial stress. The crisis facing
development centers on the ongoing misallocation of capital away from growth and
development. The fragility of global credit markets is a principal topic of conversation at
this year’s Global Conference.

This group of scholars today spans a range of development including financial
managers from Zambia, Uzbekistan, Kenya, Malawi, Nigeria, and Egypt to name a few.
The World Bank Group works in all these countries on a range of disciplines to
strengthen growth and stability. These are priorities of the World Bank Group.
I know many of you work in central banks. Sound growth and investment policies to
avoid monetizing fiscal deficits and achieve unified, stable market-based currencies are
a necessary condition for development and our twin goals of sustainable poverty
alleviation and shared prosperity.

With that, congratulations on completing the program! I know you are even better
equipped to take on new challenges and contribute to the development of your local
economies.

The alumni network is a powerful tool that will help you to stay connected, share
knowledge and expertise, and access new opportunities. The program will also continue
to offer you opportunities to learn and connect with fellow alumni.

I wish you all the best as you move forward in your careers, and I look forward to seeing
the impact that you will make in the years to come.