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April 20, 2011
Alcoa Foundation Invests $300,000 to Enhance Economic Studies in Russia
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Moscow - Alcoa Foundation today announced that it has renewed a $300,000 grant to support The New Economic School (NES), one of Russia’s leading universities in economics. The funding will be used to employ a scholar who will teach within the core master’s in economics and master’s in finance programs. This partnership began in 2008 and with this new contribution will continue through 2014 to aid NES in accomplishing its mission of training a new generation of economists for Russia’s academic, policymaking and private sectors.
“There’s no doubt that the Russian graduate students in economics will benefit from the global and practical perspective provided by NES’s international faculty,” said Andrey Donets, President of Alcoa Russia. “This investment speaks to one of Alcoa Foundation’s primary areas of focus –preparing the next generation of leaders to advance economic and social sustainability.”
NES has been building a full-time faculty trained in modern economics and finance and has recruited western-trained Ph.D. economists to bolster the global competitiveness of Russian universities.
“We are honored to continue our cooperation with Alcoa Foundation,” said Sergey Guriev, NES Rector. “It assists NES with implementing its work to reverse the brain drain and bring back young Russian economists from the West. The Foundation’s support will also foster a rigorous academic environment and provide resources to conduct high quality research and teaching.”
In addition to courses for NES students, the grant also sponsors outreach activities at technical universities in Alcoa Russia locations. For example, in 2009 NES held workshops on the theory of games in economics with Samara State Aerospace University (SGAU). Lecturers and senior students of the Department of Economics and Management attended the workshops and gained an appreciation for how to build a world class faculty of economics in Russia.
About Alcoa
Alcoa is the world’s leading producer of primary and fabricated aluminum, as well as the world’s largest miner of bauxite and refiner of alumina. In addition to inventing the modern-day aluminum industry, Alcoa innovation has been behind major milestones in the aerospace, automotive, packaging, building and construction, commercial transportation, consumer electronics and industrial markets over the past 120 years. Among the solutions Alcoa markets are flat-rolled products, hard alloy extrusions, and forgings, as well as Alcoa® wheels, fastening systems, precision and investment castings, and building systems in addition to its expertise in other light metals such as titanium and nickel-based super alloys. Sustainability is an integral part of Alcoa’s operating practices and the product design and engineering it provides to customers. Alcoa has been a member of the Dow Jones Sustainability Index for nine consecutive years and approximately 75 percent of all of the aluminum ever produced since 1888 is still in active use today. Alcoa employs approximately 59,000 people in 31 countries across the world. More information can be found at www.alcoa.com, www.alcoa.ru.
About Alcoa Foundation – Russia
Alcoa Foundation is one of the largest corporate foundations in the U.S., with assets of approximately US $420 million. Alcoa Russia has a very robust community investment program, with US $3.4 million in grantmaking since 2005. The Foundation works alongside Alcoa and the communities in which we operate to partner on issues and projects that address pressing local challenges. In Russia, programs are aimed at education, environmental sustainability, and health and wellness. Alcoa Russia was ranked 8th among more than 50 international and Russian companies applying best practices to implement charity programs. Throughout its history, Alcoa Foundation has been a source of positive community change and enhancement, with over US $515 million invested since 1952. More information can be found at www.alcoa.com/foundation.
New Economic School
New Economic School (NES) is committed to building a sustainable economic community; and contributes to improving Russia's public policy through graduate education and applied research. NES also trains economics and finance professionals in the private sector; and provides Russian and international businesses with research, executive education, and consulting.
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