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Basma Majerbi

Gustavson researcher Basma Majerbi

Associate Professor

Office: BEC 244 250-472-4281
PhD (Finance), McGill University; MSc (International Finance), HEC Montreal
Area of expertise:
International finance, sustainable finance, impact investing, climate finance


Dr. Majerbi is an associate professor of finance at Gustavson School of Business, University of Victoria. Her research interests include international finance, ESG and impact investing, and climate-related financial risks and opportunities. Her teaching integrates sustainable finance, topics into core finance courses in various programs including the MBA in Sustainable Innovation. She is a recipient of multiple awards including Research Excellence, Best MBA Professor, Innovation Award, Service Excellence and IAB Community Engagement Award.

Basma is currently leading the UVic Impact Investing Hub (VI3Hub), a multi-disciplinary, solutions-driven platform whose mission is to accelerate investments in climate solutions and help companies and investors align with the sustainable development goals (SDGs), through education and capacity building, action research and community engagement.

Basma is also a technical advisor with the International Monetary Fund’s Institute for Capacity Development where she contributes to training of government officials in developing countries on topics related to financial development, financial inclusion and other financial sector issues. She is a member the steering committee of the Canadian Sustainable Finance Network (CSFN) and the Research Advisory Council of the Institute for Sustainable Finance, and is co-founder and co-chair of the International Workshop on Financial System Architecture and Stability (IWFSAS), an annual conference that focuses on topics related to sustainable finance. Basma also serves on the board of directors of the South Island Prosperity Group and is a member of the impact investment committees of the University of Victoria and the Victoria Foundation. Basma holds a PhD in Finance from McGill University and a MSc. in International Finance from HEC Montreal.


Courses taught

  • Managerial Finance (MBA)
  • International Financial Management (MGB)
  • Finance for Impact (MBA)

Executive Training & Capacity Building Courses:

With UVic Impact Investing Hub (VI3Hub)

  • Fundamentals of ESG and Impact for SMEs 

With the IMF Institute for Capacity Development

  • Financial Development and Financial Inclusion
  • Monetary Policy
  • Financial Markets Analysis 
  • External Vulnerabilities and Policies 
  • Macroeconomic Management and Financial Sector Issues

Selected publications

Journal publications

Andrew, K., Majerbi, B. & Rhodes, E. (2022). Slouching or speeding toward net zero? Evidence from COVID-19 energy-related stimulus policies in the G20, Ecological Economics. Vol. 201.

King, M., Majerbi, B. & Tremblay, C. (2021). Raven Indigenous Capital Partners: Designing an Impact Investing Measurement Framework. 2021. Ivey Publishing, W25239.

Chung, H., Majerbi, B., & Rizeanu, S. (2015). Exchange Risk Premium and Firm Characteristics. Emerging Markets Review, Vol.22, 96-125.

Majerbi, B. & Rachdi, H. (2014). Systemic Banking Crises, Financial Liberalization and Governance. Multinational Finance Journal, 18 (3/4), 281-336.

Chaieb I., Errunza V. & Majerbi, B. (2013). Do Emerging Markets Provide Currency Diversification Benefits? International Journal of Banking, Accounting and Finance, 5, (1/2), 102-120.

Bouslimi L., Majerbi, B. (2012). The Role of Non-bank Financial Institutions and Credit Unions in Economic Growth. BRASSARD, M.-J. et E. MOLINA, dir.), The Amazing Power of Cooperatives, 665.

Carrieri, F., & Majerbi, B. (2006). The Pricing of Exchange Risk in Emerging Stock Markets. Journal of International Business Studies, 37, 372-391.

Carrieri, F., Errunza, V. & Majerbi, B. (2006). Does Emerging Markets Exchange Risk Affect Global Equity Prices. Journal of Financial and Quantitative Analysis, 41(3), 511-540.

Carrieri, F., Errunza, V. & Majerbi, B. (2006). Local Risk Factors in Emerging Markets: Are they Separately Priced? Journal of Empirical Finance, 13(4/5), 444-461.

Awards & grants

Recognitions & awards

  • 2023 - Educator of the Year Award,  BC Cleantech Awards

  • 2022 - IAB Community Engagement Award, Gustavson School of Business

  • 2020 - Faculty Service Excellence Award, Gustavson School of Business
  • 2014 - MBA Professor of the Year Award , MBA Students Council
  • 2013 - Faculty Innovation Award, Gustavson School of Business
  • 2012 - MBA Professor of the Year Award , MBA Students Council
  • 2009 - UVic Scholar Award, University of Victoria (2009-2014)
  • 2007 - Faculty Research Excellence Award, Gustavson School of Business
  • 2004 - UVic Scholar Award, University of Victoria (2004-2009)


  • 2023 - NSERC CREATE, Coastal Climate Solutions Leaders, Co-Applicant ($1,600,000)

  • 2023 - CFREF, Accelerating Community Energy Transformation (ACET), Lead Investigator ($83.6 million)

  • 2022 - Mitacs BSI Funding for one student intern with Propel Impact, Principal Investigator ($15,000)
  • 2022 - Mitacs Accelerate – ESG Integration, Measurement and Reporting for SMEs: A pilot for Cleantech companies in BC, Principal Investigator ($60,000)
  • 2022 - SSHRC Connection Grant to host the Canadian Sustainable Finance Network (CSFN) Annual Conference in August 2022, Co-applicant ($25,000)
  • 2021 - PICS Opportunity Project, Climate Finance: Integrating Climate Change Mitigation and Adaptation Considerations into Investment Decisions, Co-Principal Investigator ($180,000)
  • 2020 - UVic Strategic Framework Impact Fund for VI3Hub, Principal Investigator ($80,000)
  • 2017 - SSHRC Partnership Development, Financial system diversity, growth and stability, Principal Investigator ($199,557)
  • 2013 - CFI-Leaders Opportunity Fund, Principal Investigator ($120,000)
  • 2006 - SSHRC Insight Grant, Financial development and growth, Principal Investigator  

Special projects

The Impact Investing Hub

Basma Majerbi is the founder of the Impact Investing Hub, a research and education hub at the intersection of climate action and impact investing. The Hub’s mission is to build strategic capacity, create thought leadership, and share insights and useful data to align finance and investments with the Paris Agreement and the UN Sustainable Development Goals. The Hub offers a collaboration platform bringing together academia, industry, community and policymakers to accelerate the transition to a climate-positive and inclusive economy. 

Accelerating Community Energy Transformation (ACET)

Basma Majerbi is one of the lead investigators on the ACET initiative, a multi-partner research initiative helping small-to-mid-sized communities achieve their unique clean-energy systems goals. From harvesting offshore wind, tidal and solar energy to innovative low-carbon financing and governance models, ACET is integrating breakthrough renewable energy technologies and solutions that will help Canada get to net zero emissions—one community at a time. The 7-year project received $83.6 million in research funding from the Canada First Research Excellence Fund. She leads the Business & Finance Innovation, 1 of 6 strategic research areas in the ACET initiative. 

ESG-Impact for SMEs

As part of the Impact Investing Hub’s research program, she leads a multi-phase collaborative project seeking to understand the challenges and opportunities for small-and-medium-sized enterprises (SMEs) to integrate and report on environmental, social and governance (ESG) factors, and align their activities with the UN SDGs. The research involves surveys, interviews, longitudinal studies and training initiatives for start-ups and SMEs in multiple sectors. The goal is to help SMEs and start-ups be future-ready, climate resilient and well positioned to attract ESG and impact-driven capital.