Location: Abidjan, Côte d'Ivoire
Position Grade: PL4
Position Number: 50093752
Posting Date: 23-May-2024
Closing Date: 22-Jun-2024
THE BANK:
Established in 1964, the African Development Bank is the premier pan-African development institution, promoting economic growth and social progress across the continent. There are 81 member states, including 54 in Africa (Regional Member Countries - RMCs). The Bank’s development agenda is delivering the financial and technical support for transformative projects that will significantly reduce poverty through inclusive and sustainable economic growth. In order to sharply focus the objectives of the Ten-Year Strategy (2023 – 2032) and ensure greater developmental impact, five major areas (High 5s) have been identified for scaling up, namely: energy, agri-business, industrialization, regional integration and improving the quality of life for the people of Africa.
THE COMPLEX:
The Vice Presidency for Private Sector, Infrastructure and Industrialization is central to the Bank’s mission of developing the private sector, improving infrastructure and accelerating industrialization. The complex main functions are to: (i) strengthen the enabling environment for private sector development conducive to inclusive growth and sustainable development; (ii) support the development of reliable and sustainable infrastructure, including cities and urban development; and (iii) place renewed emphasis on industrial and trade performance in support of structural transformation across Africa. The Complex leverages knowledge, co-financing, and partnerships to attract private capital and work with governments on delivering the Bank’s development agenda.
THE HIRING DEPARTMENT:
The primary role of the Financial Sector Development Department (PIFD) is to help the Regional Member Countries (RMCs) increase the reach, depth, and breadth of their financial systems, while safeguarding financial stability. The Department has four long-term objectives: (i) development of a vibrant private sector through inclusive access by households and enterprises to financial services; (ii) strengthening market participants; (iii) developing efficient capital markets; and (iv) deepening regional financial integration.
Together with other Industrialization, Infrastructure and Private Sector Complex departments, PIFD is responsible for implementing the Bank Group’s Financial Sector Development Strategy towards vibrant, innovative, robust and competitive financial systems, both national and regional, and in both the public and private sector levels of RMCs. PIFD plays a transversal role across the Bank’s five strategic priorities, applying its financial deepening and access tool kit to the High Five (H5) agenda. Fundamentally, the scalability and policy momentum inherent in the H5 agenda create an important opportunity for expanded relevance of the PIFD core skillset: flexible financing instruments and delivery frameworks for financial inclusion, smart resource mobilization and capital markets development. PIFD leverages partnerships to bring about greater development impact in Africa’s financial sector.
THE POSITION:
1. The role of the Bank’s Trade Finance Division (PIFD3) is to help promote regional and international trade by reducing the trade finance funding gap in Africa through the provision of guarantees (Risk Participation Agreements and single transaction guarantees), liquidity support and technical assistance to financial institutions, commodity corporates and other economic and state actors engaged in this critical sector.
2. Furthermore, given the low risk and short-term nature of trade finance instruments such as guarantees, the Bank uses them as market entry instruments in fragile states and low-income countries to pave the way for the eventual introduction of other products to support financial institutions and the private sector in these countries.
3. The Principal Documentary Credit Officer works within the middle/back office of the Trade Finance Division and is responsible for reviewing trade finance guarantee requests from Confirming Banks (CBs) and Issuing Banks (IBs) and examining the underlying supporting documents to ensure conformity with UCP 600, ISP 98, URDG 758 and other documentary credit issuance rules.
4. The job holder will provide expert advice to the Trade Finance Division Manager on trade finance documentary credit issues and work collaboratively with other members in the middle/back-office function.
KEY FUNCTIONS:
Under the overall supervision of the Division Manager, Trade Finance Division and in close collaboration with other colleagues in the Trade Finance Division in general, the Principal Documentary Credit Officer will perform the following functions:
Operational Excellence and Portfolio Management
1. The incumbent is expected to serve as the Trade Finance Division’s main expert on documentary credit issues. He/She will agree an annual work plan and objectives with the Manager and regularly update the latter on progress, issues and challenges.
2. Review all guaranteed requests received from CBs and IBs, and examine supporting documents for compliance with established rules, customs and practices to protect the Bank’s interest at all times This includes continuously seeking out ways to improve the middle/back-office architecture such as IT systems, reports, templates and risk management and operating guidelines.
3. Participate in the planning and execution of supervision missions to partner CBs and IBs to review guaranteed transactions and underlying documents. This includes developing terms of reference for the mission and undertaking background review of the portfolio or transactions that will be the subject of the supervision mission.
4. Produce lessons learnt reports on issues identified from examined guarantee requests and provide technical advice to the Trade Finance Division Manager on trade finance documentary credit issues to promote operational excellence.
5. Participate and contribute to internal and external training and conferences and other activities for advocacy, dissemination and knowledge building.
6. Advise the Division Manager where/when there is a need to seek external expert opinion on a documentary credit issue.
Partnerships and strategic alliances
1. Promote collaboration and facilitate teamwork across organizational units. Maintain closer collaboration with Trade Finance Investment Officers and other middle/back-office staff to share lessons learnt on a going basis. Develop and maintain strong relationships with colleagues in other Divisions such as Legal, Environment & Social Safeguards and Compliance.
2. Serve as focal point for Trade Finance documentary credit issues in interactions with internal and external constituencies and expert groups.
3. Develop and maintain strong relationships with the Confirming Banks, Issuing Banks, regional Development Finance Institutions (DFIs), sister Multilateral Development Banks and international trade-oriented organisations such as the International Chamber of Commerce (ICC), Bern Union and SWIFT among others.
Teamwork and Staff Engagement
1. Be a collaborative member of the Trade Finance Division, contribute and share expertise and foster a collegial environment.
2. Work with other Trade Finance middle/back-office team members to ensure transactions are processed, executed and filed efficiently and appropriately.
3. Contribute to the planning of various initiatives designed to facilitate interaction with other departments and external partner institutions. Participate in the preparation of annual work program/budget of the Division.
4. Serve as a mentor and role model to less senior professional staff in the performance of their roles.
5. Maintain a high standard of professional integrity and trust. Treat individuals fairly and respectfully; and be sensitive to differences in culture, nationalities and gender.
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COMPETENCIES (Skills & Knowledge)
1. A minimum of a master’s degree in Finance, Banking, Economics or related discipline.
2. Documentary Credit Specialist certification is desirable. Practical experience in assessing documentary credit documents is highly desirable.
3. Sound knowledge of UCP 600, ISP 98, URDG 758 and other relevant established documentary credit rules and practices and a demonstrated ability to engage in expert discussions on these subjects.
4. A minimum of six (6) years progressive experience in commercial banking including at least two (2) years in trade finance back-office operations.
5. Experience in the preparation of L/C issuance documentation and appropriate SWIFT message types (issuance, amendments, settlements etc) in a commercial bank.
6. Experience in the preparation of L/C confirmation documentation and appropriate SWIFT message types (confirmation, amendments, negotiation, refinancing, settlements etc) in a commercial bank.
7. Familiarity with SWIFT ISO 20022 is highly desirable.
8. Demonstrated knowledge and practical understanding of trade finance documentary credit and guarantee instruments.
9. Strong writing, presentation, negotiation and influencing skills that yield positive outcomes in complex stakeholder engagements with internal and external counterparts. This includes demonstrated ability to represent the Bank at high level conferences, panel discussions and workshops on trade finance.
10. Highly developed decision making and analytical thinking skills with an eye for detail.
11. Proficiency in English or French with a working knowledge of the other.
12. Competence in the use of standard MS office applications (Word, Excel, Access, and PowerPoint). Knowledge of SWIFT messaging systems trade finance management information systems is desirable.
THIS POSITION IS CLASSIFIED INTERNATIONAL STATUS AND ATTRACTS INTERNATIONAL TERMS AND CONDITIONS OF EMPLOYMENT.
Should you encounter technical difficulties in submitting your application, please send an email with a precise description of the issue and/or a screenshot showing the problem to: HR Direct HRDirect@AFDB.ORG(link sends e-mail)
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Applicants who fully meet the Bank's requirements and are considered for further assessment will be contacted. Applicants should submit a concise Curriculum Vitae (CV) and any additional documents that may be stated as required. The President of the African Development Bank reserves the right to appoint a candidate at a lower level. The African Development Bank is an equal opportunities employer. Female candidates are strongly encouraged to apply. http://www.afdb.org
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