A memorandum of understanding, signed Tuesday, will allow Brown and Instituto Empresa, a top-ranked business school in Madrid and Segovia, to explore academic programs of mutual interest.

Brown ranks seventh in the nation and third in the Ivies in the number of Fulbright fellowships awarded for 2008–09, and its percentage of winners to applicants is second only to Yale’s.

A new International Scholars program offers overseas research funding for 10 undergraduates each year, with the possibility of additional funding for a senior-year capstone project. It’s all part of the internationalization of Brown.