Job description
Description
Do you want to build a career that is truly worthwhile? Working at the World Bank Group provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity and promoting sustainable development. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. For more information, visit www.worldbank.org.
The Climate Investment Funds (CIF) - one of the world's largest multilateral funds – uses climate financing to help low and middle-income countries accelerate low-carbon, climate-resilient development. CIF supports an inclusive and just climate-smart future, focusing on diverse partnerships that de-risk green markets and unlock additional investments and financing.
To date, 14 contributor countries have pledged over US$11 billion to CIF, leveraging an additional US$62 billion in co-financing in 72 recipient countries. Since its start, CIF has worked in the areas of clean technologies, energy access, climate resilience, and sustainable forests. And now, after identifying the next frontier of climate challenges, CIF is investing in five new areas: the transition from coal, climate-smart cities, nature-based solutions, industry decarbonization, and renewable energy integration.
The Climate Investment Funds’ reputation as a pioneering and effective international climate fund has been built to a large degree through its expansive energy portfolio of more than 230 operations. Leading the way is the Clean Technology Fund (CTF), established with USD 5.8 billion in funding from nine sovereign sponsors. It has since provided USD 5.2 billion in loans, equity investments, guarantees, and grants to contribute to the demonstration, deployment, and transfer of clean technologies in middle-income countries. It has more than 160 approved projects spanning investments from concentrated solar power and floating solar to district heating efficiency to battery storage installations. The aims of the CTF, which accounts for USD 7.9 billion in CIFs resources, are to make transformational impacts in developing countries by supporting cutting-edge technologies that can lead to significant greenhouse gas emissions reductions.
The CIF Capital Markets Mechanism (CCMM) represents an important evolution in the CTF model. The vast majority of finance outgoing from CTF is in the form of loans. CTF’s loan reflows represent a considerable level of resources that it can use to continue supporting climate-smart projects. With the CCMMCTF’s loan assets will be used to attract private sector capital through the issuance of debt in the capital markets. The structure has a targeted launch date of end-2023.
Note: If the selected candidate is a current Bank Group staff member with a Regular or Open-Ended appointment, s/he will retain his/her Regular or Open-Ended appointment. All others will be offered a 3 year term appointment.
Duties and Accountabilities:
The CIF Senior Finance Officer will be responsible for both leading and contributing to a number of CIF’s processes and strategic initiatives relared to the CIF Capital Markets Mechanism, and is expected to collaborate effectively with teams across the CIF Secretariat as well as CIF’s key stakeholders, including CIF partner Multilateral Development Banks (MDBs), CIF contributors, recipient countries, and the CIF Trustee, to ensure that CIF reaches its ambitious goals.
The Senior Finance Officer will perform the following functions:
Key responsibilities include the following:
- CCMM Liaison: Liaise with, and act as the main contact point for CCMM related matters for, the Treasury Manager, Trustee, CRO’s Office, Legal and the MDBs. Support the identification, prioritization and implementation of key business and strategic CCMM related matters. Coordinate with the CTF lead on CCMM-related operational issues.
- CCMM Financial Model Maintenance: The CIF Senior Finance Officer will maintain the CCMM financial model on an ongoing basis. This will require that the CIF Senior Finance Officer work closely with the Treasury CRO’s Office Manager, Trustee, MDBs and CIF Secretariat colleagues to ensure the CCMM financial model reflects the latest information on CCMM’s changes in exposures, commitments, and project pipeline and also includes the latest market information on CCMM’s treasury investments, bond obligations, hedging costs, additionally contributions and other pertinent information.
- CCMM Financial Model Stress-testing: Develop quantitative stress tests and scenario analyses to factor in the impacts of various adverse events.
- Ongoing aggregation of CCMM information: The CIF Senior Finance Officer will work closely with the MDBs to aggregate information, on behalf of the Treasury Manager, in the following areas:
o Financial Risk Management: Greater data collection and monitoring of borrower-level exposures will be required to ensure credit, currency and interest rate exposures at the portfolio level are readily available.
o Credit Rating Agency Requirements: The CIFAU will coordinate the annual collection, review and aggregation of information required by the Treasury Manager, from the MDBs to satisfy the rating agency requirements.
o Capital Management: Ongoing portfolio level monitoring will be required to support the CRO’s assessment of CCMM’s risk adjusted capital.
- CCMM Financial Performance Monitoring: monitor CCMM’s consolidated income and other variables and work with CIF Secretariat colleagues and the CTF Trustee to recommend to the TFC the adjustment of policy variables, such as pricing and commitment volumes, where required, in response to the outlook.
- Support the Preparation of CCMM’s Annual Management Report: The CCMM Issuer reporting requirements include the preparation of the annual management report (or management’s discussion and analysis, as it is often called in North America) for filing with the regulators and listing exchange. Although much of this report will be prepared by the accounting firm responsible for the preparation of the annual CCMM Issuer financial statements, the annual management report will also include qualitative information relating to CTF’s activities during the reporting period. It is expected that the CCMM Senior Finance Officer will provide the content for these sections.
- CCMM reporting to the CTF Trust Fund Committee: work with the CTF Lead, MDBs, and IBRD finance complex teams to ensure timely and accurate reporting of CCMM activities, including during CTF Trust Fund Committee meetings.
- Investor relations for CCMM: work with the CIF Manager, CTF Lead, Senior Risk Officer to provide information and support to the Treasury Manager, as requested, to increase the awareness and understanding of CTF’s activities among the investor community, including capital market participants, underwriters, investment banks, credit rating agencies and other similar organizations.
- CCMM strategy and policy: work with CIF Manager, CTF Lead, Senior Risk Officer, and others to develop and execute future strategic initiatives and policies
- Collaboration with the preparer of the CCMM Issuer Financial Statements.
- Monitor, train and provide guidance to junior staff members.
- Perform any other tasks and responsibilities as requested by the Manager of the CIF.
Selection Criteria
- CPA designation with at least 10-15 years of capital markets experience required. CFA highly preferred.
- A Master’s degree or equivalent in Environment Management, business, finance, law, economics, or related field or relevant domain.
- Memberships in professional bodies in the fields of corporate governance, financial accounting or management accounting will be an advantage.
- Direct experience managing the finances of a structured finance vehicle or a growing global fund or partnership with multiple donor, partner, grantee and international trust fund relationships preferred.
- Extensive experience in the preparation of financial statements and related regulatory disclosures of structured finance vehicles or other investment funds in accordance with International Financial Reporting Standards (IFRS) or U.S Generally Accepted Accounting Principals (U.S. GAAP) is required.
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.
We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.
Learn more about working at the World Bank and IFC, including our values and inspiring stories.
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