The International Finance Corporation (IFC), the private sector arm of the World Bank Group, is a global investor and advisor committed to promoting projects in its developing member countries that are economically beneficial, financially and commercially sound, and environmentally and socially sustainable. IFC finances private sector investments, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses in the developing world.
Background / General description
IFC manages more than $1 billion in funds from donor partners within its Blended Finance programs, which includes funding from the Global Agriculture and Food Security Program, the Global SME Facility, the Climate Investment Funds, the Global Environment Facility and bi-lateral funds. IFC’s approach to blending concessional funds alongside IFC investments was endorsed by the Board in March 2012, and is focused and measured within strictly defined principles which ensure strong additionality and adherence to IFC’s comparative advantages within a strong governance and monitoring and evaluation framework.
The concessional investment in Blended Finance interventions is structured by separate investment staff, who are part of the IFC transaction team working on the project, and are responsible for representing the donor’s interests in such a transaction. In addition to structuring the subsidy element in the blended financing package for the client, there is a strong emphasis on applying the principle of minimum concessionality from a standpoint of minimizing market distortions. The Blended Finance Unit provides credit review on the concessional investment and quality assurance support for Blended Finance interventions.
The Blended Finance Unit within IFC is seeking a Head to lead IFC’s corporate thought leadership and quality control efforts for blending concessional funds alongside IFC’s own. The candidate should have a strong track record as an investment officer in IFC, preferably across multiple sectors, and be recognized internally for technical excellence in using credit assessment of a project to drive transaction structuring. S/he should understand IFC’s Blended Finance approach, and should have a strong sense of promoting and structuring developmentally significant transactions.
Duties and Accountabilities:
The candidate will play a key role in IFC’s corporate policy and application of Blended Finance, and will play a key role assessing donor-funded investment overall. The candidate will promote and build a strong and uniform credit culture to be applied to blended finance transactions across the Corporation. In particular, the candidate for this position will:
(i) provide IFC’s corporate thought leadership for Blended Finance across the institution, including externally with other IFIs, with the Board and other partners.
(ii) lead the assessment of Blended Finance structures and transactions, and provide guidance to the Blended Finance Committee for their approval decisions of the donor-funded component of a blended transaction,
(iii) promote efficiency in day to day operations, as well as engage on policy matters pertaining to co-investing concessional money from donors alongside IFC’s own funds.
(iv) engage with the GAFSP, SME Facility and Climate Concessional Facilities teams on strategies for concessional finance (as well as new potential areas).
Specific duties and responsibilities would include leading a small team of IOs to:
1) Be an integral part of the decision-making process by providing the Blended Finance Committee with qualified opinions on each blended finance transaction, paying particular attention to ensuring that each transaction meets with IFC’s blended finance principles, including the principles of additionality, minimum concessionality (minimum subsidy), sustainability and transparency.
2) Interact with transaction teams as necessary to help improve structures based on lessons on experience across IFC’s blended finance business.
3) In coordination with legal and the investment team, approve the language in the Board paper addressing the blended finance principles for each transaction.
4) In case of a different instrument being deployed for IFC and for the donor-funded investment, ensure that any conflict of interest issues are appropriately highlighted to the Blended Finance Committee and addressed in coordination with IFC’s Conflicts Office.
5) Engage with the Board as part of the transaction team on queries pertaining to use of blended finance in a particular transaction.
6) Represent IFC’s policy on Blended Finance in meetings with IFC’s Board, IFC’s Management Team and externally as required.
7) Manage a small team making quality control decisions for IFC’s Blended Finance programs.
• Ability to think strategically and to represent and explain complex policy positions with Senior Management and the Board
• Recognized as team player with strong leadership skills, with the ability to influence across multiple parts of IFC.
• MBA or equivalent with at least fifteen years of professional experience in finance, for example in commercial or investment banking, project finance and private equity.
• Proven and strong financial and credit skills; demonstrated ability to structure a variety of complex financial instruments (debt, equity, guarantees, risk sharing facilities). A track record of structuring complex transactions in both the real sector and in the financial sector would be helpful.
• Strong analytical and financial structuring skills and sound business judgment.
• Deep understanding of IFC investment business, and thorough knowledge and experience in emerging markets helpful.
• Excellent verbal and written communication skills in English.
• Strong inter-personal skills, ability to interact effectively with colleagues from various cultural backgrounds.
• Highly motivated, committed to highest ethical standards.
• Meet Bank Group-wide managerial selection criteria: Courage of your Convictions; Leading the Team for Impact; Influencing Across Boundaries; Fostering Openness to New Ideas; Building Talent for the Future.
If the selected candidate is a current Bank Group staff member with a Regular or Open-Ended appointment, s/he will retain her/his Regular or Open-Ended appointment. All others will be offered a renewable term appointment.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries....