The Milken Institute today announced it has received a $270,000 grant from the Jewish Community Foundation of Los Angeles (The Foundation) to help foster greater knowledge of new ways to finance Israel′s economic development.
The grant money was awarded to the Institute′s Israel Center, which works to accelerate capital-market development, financial innovation and job creation with the goal of ensuring Israel′s economic independence.
The grant money will be distributed over two years for a three-part program. The objective is to foster comprehensive knowledge of creative financing methods for capital-works projects among individuals within the university community, as well as in business, finance and government. The Institute will use its expertise in financial innovation and capital markets as the foundation for the educational strategies.
Within the universities, the money will support university course development for business and public policy graduate students on the tools to initiate and support financial innovation in Israel′s capital markets. The grant also funds training for government and private-sector professionals in securitization, municipal bonds, small-business finance and capital market reform implementation and provides fellowships for graduate students and junior and mid-career faculty in public policy and business schools.
"The recent conflict in the Middle East only underscores the importance of Israel′s economic growth and financial independence," said Michael Klowden, president and CEO of the Milken Institute. "This landmark grant from the Jewish Community Foundation not only serves as an endorsement of the critical work we have done in Israel, but will enable us to expand our programs and support of the country′s continued economic development."
The award to the Institute is one of several grants totaling $1 million announced today by The Foundation to Israel-based initiatives.
"Last July′s war in Lebanon reaffirms the importance of The Foundation′s ongoing financial contributions to strengthen programs in Israel. The joint efforts with our partner organizations — which had been in the planning well before the war began — will support even more substantial efforts in Israel and effect positive, long-term change," said Marvin I. Schotland, The Foundation′s president and CEO. "We are proud to participate in a venture that aims to provide viable solutions to critical social and economic problems in Israel."
About the Jewish Community Foundation of Los Angeles
Established in 1954, the Jewish Community Foundation is the largest manager of charitable assets and the leader in planned giving solutions for Jewish philanthropists in Greater Los Angeles. The Foundation currently manages assets of more than $600 million and, according to the National Foundation Center, ranks among the ten largest Los Angeles foundations (based on assets). In 2005, The Foundation and its 1,200-plus donors distributed $57 million in grants to more than 1,300 organizations with programs that span the range of philanthropic giving.