Director

Job #: req24604

Organization: MIGA

Sector: Operations

Grade: GI

Term Duration: 4 years 0 months

Recruitment Type: International Recruitment

Location: Washington, DC,United States

Required Language(s): English

Preferred Language(s): French, Portuguese, Spanish

Closing Date: 10/23/2023 (MM/DD/YYYY) at 11:59pm UTC

Description

Do you want to build a career that is truly worthwhile? The Multilateral Investment Guarantee Agency (MIGA) is a member of the World Bank Group, and our mission is to promote foreign direct investment into developing countries to help end extreme poverty and boost share prosperity. We do that through the provision of political risk insurance and credit enhancement to investors and lenders against losses caused by noncommercial risks. For more information, visit www.miga.org.

MIGA is looking for a seasoned professional to fill the position of Director, Financial Institutions, Capital Markets, and Short-Term Trade Finance (FCT). The Director will combine deep technical and management experience in the financial institutions banking area, with a focus on equity and shareholder financing for financial institutions / capital markets / short term trade finance business segments, among others. Such experience will ideally be combined with a good understanding of non-commercial risks (political risk) prevalent in emerging and developing markets and guarantees (credit and political risks) underwriting.

The Financial Institutions, Capital Markets, and Short-Term Trade Finance Group (FCT) is historically responsible for approximately 50-60%, on average, of MIGA’s annual new business volumes. FCT provides both political risk insurance and credit enhancement guarantee solutions for a wide range of financial sector clients, sub-sectors, and needs. These include but are not limited to – balance sheet capital optimization, financial institution equity/shareholder financing investments, wholesale funding for public sector financial institutions (SOEs), wholesale microfinance and SME sector funding, capital markets, and short-term trade finance solutions.

Reporting to MIGA’s Vice President of Operations, and working closely with the counterpart Industries Director, and in collaboration with other MIGA Senior Management Team members, the Director-FCT will be responsible for co-management of the business origination, client relations, and guarantee execution functions of MIGA. More specifically, the Director will have overall responsibility for managing MIGA’s relationships and non-industries related business with Financial Institutions globally, including all financing products, working in close cooperation with the MIGA Regional and Country Heads. The Director-FCT will lead a HQ-based sector team and co-lead the regional and portfolio teams responsible for the origination, structuring, execution, implementation, and monitoring of all transactions in the sector, in line with the relevant MIGA mid-term strategy, and fulfilling MIGA’s standards, operational policies, and overall development mandate.

The successful candidate will be expected to focus on improving MIGA’s ability to effectively serve the evolving needs of financial institutions and capital market investors operating in developing and emerging markets, steer MIGA’s business towards Paris Alignment, increase the flows of Foreign Direct Investment (“FDI”) into developing economies and enhance the impact of every FDI dollar that is insured by MIGA. The ideal candidate will have extensive experience in developing and emerging markets banking, demonstrated new market penetrations experience and true strategic/thought leadership in developing new political and credit enhancement products and new business opportunities. The candidate will also have a track record of technical expertise in structuring and executing cross border lending and/or capital market solutions in emerging and developing markets. The candidate will need to be an experienced manager and effective leader, capable of operating in a diverse and inclusive environment.

Duties and Accountabilities

•  Technical Expertise & Program Management
  •  Accountable for FCT delivery and fulfilment of quantitative (volume target and strategic priority metrics) and qualitative objectives of the Agency.
  •  Assume primary responsibility for overseeing origination, structuring, and guarantee execution activities of FCT globally, ensuring that the quality of financial analysis, transaction structuring, implementation and monitoring of projects meet the highest standards.
  •  Develop and implement FCT’s business strategy and priorities globally, with a focus on strategic priority areas such as Fragile and Conflict Affected States (FCS), IDA countries, Climate Change/Finance, and Product Innovation.
  •  Develop and implement a strategy to grow the Agency’s short term trade finance guarantee program to the institutional goal of 30-40% of total new business volumes by 2030.
  •  Within the FCT product/region matrix, work closely with the Region and Country Heads to foster the deployment of all relevant FCT products to address the needs of clients across the regions.
  •  Ensure financial sustainability and development impact through delivery of high-quality new guarantee volumes and proactive portfolio supervision.
  •  As called upon, Chair Early Screening (ESM) Underwriting Committee meetings and coordinate underwriting decisions on MIGA’s guarantees in the relevant FCT sectors.
  •  Partner with other parts of the World Bank Group to address factors limiting private investment in emerging markets including monetary and fiscal policy.
  •  Leverage MIGA’s intellectual leadership in financial institution capital optimization to influence international banking regulations and standards including those put forth by the Basel Committee on Banking Supervision.
  •  Collaborate across the WBG by maximizing FCT linkages in other sub-sectors as well as across regions.
  •  Contribute to key corporate initiatives by providing a perspective of the business needs in operations.
•  Leadership/Talent Management
  •  Directly accountable for the engagement and overall effectiveness the FCT Team, including recruitment, compensation, performance management, coaching and development.
  •  Provide thought leadership and direction to the team to ensure attainment of the department goals and objectives.
  •  Promote a culture of effective teamwork and collaborative synergy.
  •  Intervenes and resolves any issues arising from cross departments interactions.
  •  Model integrity, equity, and inclusion.
•  Resource Management
  •  Manage resource allocation (budget and staffing) in alignment with corporate priorities.
  •  Ensure that deployment of MIGA’s resources is prudent and consistent with Resource Management rules, policies, and internal controls.
•  Relationship Management
  •  Lead or maintains and further strengthens the relationship with key stakeholders and partners within and outside the World Bank Group.
  •  Lead complex cross-cutting engagements to further the Agency’s agenda.

Selection Criteria

•  Master’s Degree (e.g., in Finance, Economics, International Business, or related field) and at least 15 years of relevant experience or equivalent combination of education and experience.
•  Must have significant years of experience working in major merchant / investment, commercial or development bank, private equity firm, asset management firm or auditing/financial consulting firm operating to international standards.
•  Demonstrated understanding of political and sovereign risk guarantee products, and their application in the FCT area.
•  Demonstrated – sophisticated – banking and financial engineering technical skills, and expertise in new business origination, structuring and monitoring of projects.
•  Sophisticated client development and relationship management skills, and proven track record originating and sustaining high quality client relationships and business levels.
•  Strong organizational and management skills. Ability to manage several varied and complex tasks, resilient attitude towards conflicting priorities and challenges.
•  A strong track record of people management, coaching, mentoring and leadership skills in a multi-cultural environment.
•  Diplomatic communication and negotiation skills suited for a wide variety of people at high level both inside and outside the WBG.
•  Ability to listen to the views of business partners and to be sensitive to and understand cultural differences, transition success factors and the complexity of political constraints in the countries of operations.
•  Ability to build effective working relationships with clients and colleagues in a multicultural environment.
•  Excellent written and oral communication skills in English, and (ideally) French, Portuguese, and/or Spanish.
•  Extensive experience of leading complex transactions through the full project life cycle.
•  Relevant FCT sector experience.
•  Demonstrated, proven capacity to do business in a tough and challenging environment.
•  Experience of and judgement on integrity matters.
•  Demonstrated ability to manage a business.

Please refer to the WBG Core Managerial Competencies for more details.

World Bank Group Core Competencies

The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.

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