By Andrei Skvarsky.
The Abraaj Group, a global private equity firm focusing on emerging and frontier markets, will yearly pay scholarships for the next five years to five Royal College of Art students from Africa, Turkey, the Middle East, Asia and Latin America as part of a joint project with the London-based postgraduate school of art and design.
Abraaj will pay both the tuition fees and living expenses of the students that have been selected for the full-time master of arts courses under the Abraaj RCA Innovation Programme, according to a statement from the bank.
The students will be picked on the basis of merit from the 25 markets covered by Abraaj globally.
The first group of five students, who represent India, Kazakhstan, Mexico, Thailand and Turkey begin their studies this month.
British Culture, Media and Sport Secretary Sajid Javid, Abraaj founder and chief executive Arif Naqvi, RCA rector Paul Thompson, figures in the art and design communities, financiers, politicians and philanthropists attended the Innovation Programme launch event at the RCA in Kensington.
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