Dr. Larose leads as Chairman of an International Advisory Group

June 07, 2017

Dr. Louis, Rene, Peter, Larose a Seychellois, who is the current Minister of Finance, Trade and Economic Planning has been elected as Chairman of the International Advisory Group (IAG). This information was communicated to Dr. Larose by Professor Victor Murinde, who is a renowned specialist in international banking and development finance at the University of Birmingham in UK and other Universities.

Professor Murinde has been the key driver behind this great initiative with a consortium of partners. He is the Principal Investigator of the project with the support of IAG members. IAG is headquartered in the United Kingdom with the collaboration of University of Birmingham, SOAS University of London, a consortium of top-rated Universities and partners. The composition of the International Advisory Group  consists of international eminent persons from across four types of stakeholders; (i) policy makers with first rate experience relating to financial sector and broad economic reforms, (ii) researchers, who have experience or are currently involved in cuttingedge work in economics, finance or interdisciplinary investigations, (iii) private sector practitioners, who have been (or are currently) involved in business transformation that aims to enhance livelihoods in low income African countries, and (iv) Civil Society Organizations (CSOs) and other third sector actors, who are actively involved in monitoring the interplay between international and local developments that shape policy and practice in financial inclusion. And technological success. It is a 4-year project (2016-2020) financed by the DFID-ESRC Growth Research Programme (DEGRP), which funds first-class scientific research on inclusive finance.

When, we asked Minister Larose of his reaction now that he has assumed such a prestigious position internationally and entrusted to lead a cohort of high-profile researchers. He simply replied “I am deeply honoured and thankful to my distinguished colleagues for having placed their trust, and confidence in my leadership to lead this important group. It is a recognition of my caliber that I have left a good track record on the global stage, meaning the World Bank Group (WBG). My credential fits well with the Terms of Reference (ToR) of this group capable of contributing further to a body of knowledge. Again, I am ready to fly the flag of the Republic of Seychelles internationally. It is a major responsibility that I intend to discharge with vigour and honour. My philosophy remains that intellectual capacity knows no barrier, be it, local, regional, intra-regional or international. I am very determined to prove that Seychelles can lead internationally, when it really matters. While, this research project will be useful to identify the most pressing needs of the vulnerable and poor people in Africa, I must also be realistic that it is a challenging time for Africa to employ its resources optimally to achieve inclusive and sustainable development.

In Seychelles, we are doing our best to ensure that we reduce inequality in our society. The policy makers, researchers, private sector, NGOs, and other development partners should focus their attention on inclusive development, if we are to reduce poverty. To achieve this overarching objective in Africa and other developing countries, I must emphasize that we need a collective effort by all stakeholders. You will recall a few months ago, that my Budget speech for Fiscal Year 2017 for Seychelles centered on inclusive development, that is, no one should be left behind. I used my speech on an important platform to send a strong message to the people of Seychelles that we need to work together as a nation. This is not a subject. which we should treat casually. My involvement with IAG is due to my strong belief that inclusive finance will be the principal ingredient in defining the model of our future economic, social, and technological success. The best way toserve the less fortunate group in our society is to offer my spare time for free. After completing this important assignment, I foresee that it will be my legacy for Seychelles and Africa. “We present the Honourable Minister, Dr. Louis, Rene, Peter, Larose and the distinguished members of the International Advisory Group (IAG) profiles.

He is a Seychellois and currently holds the portfolio as Minister of Finance, Trade and Economic Planning of the Republic of Seychelles. He assumed this new position effective on November 1st 2016. He was a former Executive Director of the World Bank Group (WBG) comprise of; (i) International Bank for Reconstruction and Development (IBRD), (ii) International Finance for Corporation (IFC), (iii) International Development Association (IDA), and (iv) Multilateral Investment Guarantee Agency (MIGA) based in Washington DC, USA from November 1 2014 to October 31 st October 2016. He joined the World Bank Group (WBG) in September 2008 as an Advisor. In 2010, he was promoted to Senior Advisor, and assumed the position of Alternate Executive Director in 2012. He was elected the Executive Director in 2014. During his 2-year term as Executive Director of African Group 1 Constituency, he represented 22 African countries namely; Botswana, Burundi, Eritrea, Ethiopia, The Gambia, Kenya, Lesotho, Liberia, Malawi, Mozambique, Namibia, Rwanda, Seychelles, Sierra Leone, Somalia, South Sudan, Sudan, Swaziland, Tanzania, Uganda, Zambia, and Zimbabwe.

He was also a member of the World Bank Group (WBG) Human Resources Committee (HRC) and the Committee of Development Effectiveness (CODE) respectively. On HRC committee, he was a strong advocate on staff welfare, diversity and inclusion agenda. As for CODE, he advocated for WBG to promote sound corporate governance principles at the highest management levels in terms of; transparency, equal opportunity for all, responsibility, and accountability as a precursor for greater development impact for all WBG member countries. Dr. Larose was honoured during the 2016 International Monetary Fund (IMF)/World Bank Group (WBG) Annual Meetings with joint first prize award from CIVICUS – World Alliance for Citizen Participation a group of International Non-Governmental Organizations (NGOs) and World Bank Information Centre (BIC) for the promotion of his office transparency. He was the Chairman of the Group Eleven (G11+ 2) of Executive Directors of the World Bank Group (WBG) comprised of eleven developing and two emerging countries – Seychelles, China, Brazil, India, Angola, Russia, Saudi Arabia, Venezuela, Indonesia, Kuwait, Djibouti, Chile, and Pakistan. Dr. Larose was a major contributor to the World Bank Group (WBG) revision of its Environmental and Social Safeguard Framework (ESSF) after 40 years in existence. He played a key role in the 2015 Shareholding Review and the on-going work on Dynamic Formula in ensuring that the Developing and Transition Countries (DTCs) and Small Island Developing States (SIDs) do not face dilution in their voting powers.

Dr. Larose represents the Republic of Seychelles as the Governor of the World Bank Group (WBG), International Monetary Fund (IMF), African Development Bank (AfDB), The Eastern and Southern African Trade and Development Bank (formerly PTA Bank) and Afrixem Bank. He brings a wealth of experience from both the public and the private sectors including knowledge in central banking gained in his previous position as the General Manager of Central Bank of Seychelles. As a professional in international banking and finance, he holds the following qualifications and memberships; Associate of the Association of International Accountants (AAIA) UK, Fellow of the Chartered Institute of Bankers (FCIB) UK, Fellow of the Chartered Management Institute (FCMI) UK, MBA (International Banking & Finance) UK, Member of American Economic Association, USA, Member of International Banking, Economics and Finance Association, USA, Member of the Institute of International Finance (through World Bank Group (WBG)). He earned his PhD in Commercial Banking from the University of Birmingham in the United Kingdom with his thesis “Mode

lling of Corporate Credit Risk, Banks’ Stock Returns, and the Effect of Risk-Based Capital Standards on the UK Commercial Banks”. As a member of the international academic association, he was also a visiting scholar for 5 Universities in Asia.

Dr. Larose has written a series of papers published in reputable journals. He is a regular contributor and participant in international conferences on finance and banking subjects.



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