The Unit also has institutional responsibility for the Bank’s Guarantee Program, including its development, oversight, and portfolio management. In July 2014, a new revised policy for the deployment of the IBRD and IDA guarantees was put into effect, which has made the Bank’s risk mitigation products even more flexible and easier to deploy. The Unit is co-located with Legal Special Operations team (LEGSG) to deploy specialized expertise in project finance for Bank operations.
The Unit has supported the mobilization of over $49 billion in infrastructure project financing over the last 20 years. Such mobilization has been undertaken by only providing an exposure of over $5.2 billion in guarantees from IBRD and IDA balance sheets. At present, there are over 40 projects at various stages of preparation, mostly in the energy sub-sector and across all six regions. The Unit expects to remain in the forefront of private sector mobilization agenda of the World Bank through its operations, and hopes to increase its footprint in the transport and water sector over the next several years.
Creative solutions are needed in every aspect of development, and financial innovation can play a unique role, helping raise the funding necessary to foster sustainable and equitable growth around the globe. Over the last several years, the Bank’s guarantee business has grown tremendously, however guarantees are only one instrument in the Bank’s tool chest. Equally important is our ability to provide a suite of instruments, and appropriately matching and designing them along with IFC/MIGA instruments to mobilize investments for client countries.
Reporting to the Practice Manager of Financial Solutions, the Lead Infrastructure Finance Specialist will be a part of a dynamic team of finance specialists providing financial solutions and specific project finance expertise in support of investment across all sectors and regions of the Bank. S/He will support the Practice Manager in developing transactional dialogue around the development, structuring and implementation of innovative financial solutions, developing new products by mixing and matching instruments of the Bank, deploying a range of Bank products designed to attract financing from the private sector at the best available terms and conditions for the benefit of World Bank clients. This will include, but not limited to, activities related to deployment of the Bank’s Guarantee Program. It is expected that the selected candidate will also help design new structures/instruments that could be deployed to further leverage limited ODA capital from the Bank Group.
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 5 year term appointment.
(1) Lead the development of new innovative guarantee/hybrid guarantee-lending products and creative financial solutions to support policy and project interventions of the Bank.
(2) Lead the design of financial structures using guarantees and/or other financial instruments to meet the changing needs of the commercial banks and institutional investors. This will include design work as related to new financing facilities that the Bank may propose.
(3) Lead the dialogue on financing matters as related to urban and subnational settings, with a key focus on infrastructure financing in fast urbanizing cities and in a post disaster scenario.
(4) Lead the unit’s interventions in supporting Regional Teams in developing High-Risk High-Reward transactions (for e.g. but not limited to large hydropower power plants and capital market financings), including support during upstream preparation, structuring, negotiation, and closing of the transactions. Draft, as appropriate, project related documentation, including guarantee term-sheets and in collaboration with Legal Counsel, finalize the terms and condition of World Bank’s support. Contribute to the operational documents and provide support for internal processing, review transaction agreements, and coordinate across project components with other team members.
(5) Lead the design of complex infrastructure interventions that intend to mobilize private capital – including the provision of high-quality and timely advice on all aspects of policy, legislation, planning, procurement, financing and regulatory aspects of project development and operation.
(6) Advise clients internally (regional departments) and externally (governments), on the development and effective implementation of private investments for sustainable development in infrastructure.
(7) Support the expansion of Bank’s project pipeline that is targeted to mobilize private sector financing. This includes (i) identification of opportunities and candidates, and (ii) relationship building and management with both internal clients (Regions, Country Management Units, IFC & MIGA) and external clients (commercial banks, institutional investors, private project participants etc.).
(8) Support all the Infrastructure Finance Specialists in the unit to market, design and develop investment and policy operations of the Bank that are intended to mobilize private sector capital.
– Demonstrated leadership in creative financial engineering and a track record of operations that have achieved financial close with innovative and/or complex financial structures.
– A background in investment and development banking with demonstrated experience in working with private sector projects and governments (including state owned utilities/infrastructure authorities).
– Experience in multiple sectors, such as energy, transport and water at federal, state, municipal/city levels.
– A full understanding of capital markets and demonstrated understanding of project and structured finance and the use of risk mitigation instruments. Familiarity with institutional investors (pension funds in particular) and the key motives and constraints driving their investment would be a plus.
– Demonstrated understanding of, and experience with, the various entities of the WBG (IFC and MIGA), including a proven track record of WBG collaboration.
– Demonstrated understanding of Bank Group’s preferred creditor status and the convening power of multilateral institutions.
– Demonstrated experience in working with the various instruments offered by the World Bank, including IDA/IBRD loans, guarantees and other similar instruments provided by Trust Funds administered by the World Bank. A thorough understanding of each such instrument, including their respective policies, procedures, and how these could be combined or optimized, will be a plus.
– An understanding of market trends and innovative financial developments across sectors and regions and an ability to translate such trends and developments to potential opportunities that could expand the World Bank’s project pipeline that is targeted to mobilize private sector financing.
– Advanced university degree(s) in areas such as international business and/or finance (MBA or Masters in Finance) . JD/MBA would be a plus. CFA charter holding would be plus.
– At least fifteen years of relevant professional experience in the area of international finance, including structured and project finance in emerging markets. Experience with private equity and private placements would be a plus.
– Excellent oral and written communication skills in English; Proficiency in French would be a plus.
– Proven ability to interact and communicate effectively with clients at a senior level;
– Familiarity with legal documentation that fall within the usual realms of finance, but also fall within a multitude of complex commercial contracts, permits, and licenses that underpin infrastructure projects.
– Ability to work flexibly on a range of assignments, and prioritize a variety of complex evolving tasks;
– Ability to deal sensitively in a multicultural environment and build effective work relations with clients and colleagues;
– Willingness and ability to travel extensively.
– General Economics Knowledge and Analytical Skills – Possesses cross-country knowledge in trade and competitiveness (especially on innovation and entrepreneurship related issues) and demonstrates ability to link the macro, institutional, and micro-level issues; support findings/policy recommendations with credible analysis and tools.
– Knowledge and Experience in trade and competitiveness – Translates technical and cross-country knowledge into practical application and contributions to country and sector strategies; interacts with clients at the policy level.
– Policy Dialogue Skills – Anticipates needs and requests from clients and conducts independent policy discussions with government and non-government partners under the guidance of the Practice Manager
– Integrative Skills – Understands how the relevant cross-sector and thematic areas are interrelated; able to undertake cross-sectoral GP work in lending and non-lending operations.
– Written and Verbal Communication – Demonstrates the ability to influence and persuade others to accept ideas including counterparts in government, international partner organizations, academia, and Bank colleagues, senior staff and managers.
– Lead and Innovate – Develops innovative solutions with others.
– Deliver Results for Clients – Achieves results and identifies mission-driven solutions for the client.
– Collaborate Within Teams and Across Boundaries – Initiates collaboration across boundaries and broadly across WBG, and bring differing ideas into the forefront.
– Create, Apply and Share Knowledge – Creates, applies and shares knowledge from across and outside WBG to strengthen internal knowledge and/or external client solutions.
– Make Smart Decisions – Recommends and takes decisive action.