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| December 2006
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INTERNATIONAL NEWS |
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One of AU’s own took home the silver prize in the first annual International Finance Corporation – Financial Times Essay Competition. Maheshan Fernando, KSB/MS ’99, submitted, “The Role of Private Investors in Microfinance Development: Innovation of a Global Local Currency Microfinance Fund,” into the contest, competing against more than 500 essayists from 70 countries. “Foreign exchange risk management is a topic debated in the microfinance industry, and the ideas presented will be a step in the right direction to find new solutions,” he says. Fernando, a private consultant and researcher, plans to publish a related article and discuss the issue at future forums. Fernando believes the competition’s mission - to encourage innovative thinking in the ongoing dialogue about the role of business in development - is a nececssary and positive step forward. The research conducted for each essay “reflects the need to search for practical solutions to address problems facing the world today.” He encourages others to participate in similar competitions that allow entrants to see their ideas put into action. “We believe that new ideas out in the business world can lead to more, and faster, innovations in the development business,” says Michael Klein, a member of the judging panel, IFC chief economist, and World Bank-IFC VP for financial and private sector development. A distinguished panel of seven judges, including CEOs and other notable professionals, evaluated essays based on quality, originality, and level of research. All winners were announced at the World Bank/IMF Annual Meeting on Sept. 17 in Singapore, where the gold prize winner was honored in person. Fernando learned about the competition through a colleague and realized that the competition would enable him to share his ideas to a broader audience. “The process actually started for me in school while taking microfinance-related classes and attending events sponsored at AU,” he says. “I got the exposure to the field while doing an internship. The work experience and the networks I built were invaluable and had opened new doors and opportunities.” -Tara Shlimowitz '08 |
Alum
Wins Silver in International Essay Competition