In March of 1963, U.S. President John F. Kennedy met with the Presidents of Guatemala, El Salvador, Honduras, Nicaragua, and Costa Rica. An agreement was defined between the countries regarding the establishment of a business administration program in Latin America.

On April 10, President Kennedy formally contacted Harvard Business School to continue the initiative. Three HBS professors were sent to each of the Central American countries to gauge the level of support from the business community and society at large. 

Murat Williams, then the US Ambassador to El Salvador, introduced HBS professor George Cabot Lodge to Francisco de Sola, a Salvadoran business leader. Mr. de Sola took the leadership role in consolidating support for the project. 

On December 13, 1963, a provisional administrative committee was appointed to head the project that would be known as the INCAE Project. INCAE is an acronym for Instituto Centroamericano de Administración de Empresas, which equates in English to “Central American Institute of Business Administration.” Francisco de Sola was named Chairman of the Administrative Committee, a position he would hold for the next twenty years. 

In 1969, INCAE’s first MBA was awarded, and the succeeding MBA classes graduated through the de Sola INCAE campus in Montefresco, Nicaragua. 

The INCAE Foundation was created in 1980 as a U.S.-based 501(c)3 nonprofit organization whose mission is to support and strengthen management education in Central America through grants to the INCAE Business School. 

The Foundation carries out its work primarily by providing financial support to INCAE Business School. The Foundation provides scholarships to students in INCAE’s MBA program as well as to INCAE graduates who are enrolled in doctoral programs at U.S. universities and intend to return to INCAE to join its faculty. 

The Foundation’s endowment, investment earnings, and contributions from foundations, corporations, and individuals from the United States and Central America, fund scholarships and support INCAE’s diverse programs. Fundraising is done by INCAE Business School itself. A hundred percent of funds donated through the INCAE Foundation go to INCAE. The Foundation has no full time staff nor office and outsources its administrative responsibilities to Larry Slesinger of Slesinger Management Services in Maryland. The Foundation is governed by distinguished leaders in business, government, higher education, and other areas. 

The INCAE Foundation has conferred grants close to $30MM since its inception in 1980. 

This year INCAE is commemorating its 60th anniversary, you can see more of its history HERE