Location: Abidjan, Côte d'Ivoire
Position Grade: PL2
Position Number: 50110966
Posting Date: 16-Jul-2024
Closing Date: 15-Aug-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). 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, all of which will accelerate our delivery for Africa, have been launched, namely: i) Light up and Power Africa, ii) Industrialize Africa, iii) Integrate Africa, iv) Feed Africa, and v) Improve the Quality of Life for the People of Africa. The Bank is seeking to build a management team that will lead the successful implementation of this vision.
THE COMPLEX:
The Vice Presidency for Finance oversees the financial management of the Bank Group. This encompasses the Bank Group’s treasury activities including borrowings from the capital markets and investment activities; controllership functions including financial reporting and loan administration; strategic resource mobilization and the strengthening of the non-statutory financial resources and instruments; the overall asset/liability management for the Bank Group.
THE HIRING DEPARTMENT/DIVISION:
As part of the Finance Complex, the Resource Mobilization and Partnerships Department (FIRM) has fiduciary responsibility for strategic concessionary resource mobilization, as well as donor relationship management and reporting, with the aim to complement and leverage the financial resources and instruments of the African Development Bank Group.
FIRM’s primary function is to increase the pool and types of funding available to the Bank's regional member countries (RMCs). The Department sits under the Finance Vice Presidency (FIVP). The department is responsible for (i) resource mobilization initiatives and partnerships with sovereign entities, (ii)monitoring of resources for the Bank’s statutory capital, including the African Development Fund (ADF), the concessional window and (iii) managing relationships with new partners, emerging economies and non-sovereign partnerships. It also provides guidance and oversight for the implementation of trust funds and special funds.
As the global financial architecture evolves, the Bank Group (comprised of the African Development Bank, the African Development Fund and the Nigeria Trust Fund) strives to be a leader in best practices and emerging developments in relation to resource mobilization and partnership approaches.
The PSF
The PSF (or “the Facility”) has been capitalized with UA 515 million. This enables the Facility to manage a portfolio of credit default exposures amounting to 2.25 times its capital base- or UA 1.1 billion- targeting ADF countries. The PSF intervenes when the project meets its eligibility criteria and portfolio construction parameters. To be eligible to PSF risk participation, a loan must be originated and documented in accordance with the internal policies and procedures of the Bank as if such Eligible Transaction were to be held 100% for the Bank's own account. On individual transactions, the PSF shares up to 50% of credit default losses of non—sovereign loans in low-income countries.
Management, development, and oversight of PSF activities requires an arm’s length relationship to be maintained from the core business process and decision-making authorities of the ADB’s non-sovereign loans, because the PSF is a captive vehicle, participating in the credit risk of the ADB’s Non-Sovereign Operation. In line with the objective of minimizing conflicts of interest, the PSF is hosted in an organizational unit independent of the operations complex, entities responsible for balance-sheet optimization and the Bank’s Financial and Risk Management functions.
As a Trust Fund arrangement established in terms of Article 8 of the Agreement establishing the ADF, the PSF has financial and operational autonomy from both the ADB and ADF. An Administrator oversees day-to-day management of the Facility, under the general oversight of the ADF Board.
THE POSITION:
1. The Private Sector Facility (PSF) Administrator is responsible for the day-to-day management of the PSF in terms of portfolio construction and management, policy and guideline development, risk management, Asset and Liability Management monitoring, and reporting.
2. The PSFA is also responsible for and growing and strengthening the capacity of the PSF as a credit risk counterparty, through the mobilization of additional donor contribution and reinsurance arrangements.
3. The PSFA mobilizes certain legal, risk, loan book administration, financial control and reporting, and treasury management services, and is responsible for results reporting. During the pilot period, most of these services have been provided by the Bank to ensure efficiency and minimize transaction costs. Beyond the pilot period, given the specialist nature of project-based risk participation instruments (as distinct from the ADB’s core operational products). In respect of functions where conflict of interest is inherent, some of these services are being insourced or outsource to external service providers, notably in terms of underwriting, financial compliance, risk management, asset and liability management, and donor and Board engagement.
KEY FUNCTIONS:
Under the supervision and guidance of the Director FIRM, The PSF Administrator (PSFA) will ensure:
Facility management and administration:
1. Prepare the Facility's three-year work programme, growth and portfolio management objectives, financial projections, and operational and administrative budget for Board approval
2. Lead annual work plan preparation to operationalize the Facility’s strategy and business plan.
3. Represent the Facility in dealings with the lender and executing on its behalf all Agreements duly approved by the Board of Directors, as well as contracts with staff and external service providers.
4. Oversee preparation of service level agreements with ADB and other service providers, in respect of the outsourced services.
5. Commission financial statements and management responses to audit recommendations.
Portfolio construction and management:
1. Develop and process a pipeline of NSO operations, by verifying the eligibility of loans to be guaranteed by PSF and make recommendations to the Investment, Risk and Claims Committee of the Facility and ADF Board concerning potential NSOs to benefit from PSF cover. This assessment is evidence-based and undertaken on the basis of compliance with established eligibility criteria for PSF cover and overall impact of proposed operations on PSF portfolio quality and financial sustainability.
2. Monitor portfolio exposures in coordination with portfolio supervision departments in order to inform future portfolio construction as well as results reporting, and capital adequacy monitoring and provisions, ALM / treasury investment mandate to be executed by the Bank’s treasury department.
3. Ensure continued compliance verification, after execution of risk participation agreements.
4. Assess and recommend to the ADF Board adjustments to risk participations at the request of the Bank.
5. Monitor portfolio performance and results reporting and analysis.
6. Selectively participate in decisions regarding changes to the loan conditions of the asset covered by PSF guaranties, where PSF consent rights have been provided for in the Agreement between the Bank and the PSF.
Assess and process claims and calls on the guarantee:
1. Review and analysis of any call on the PSF Guarantee and if an event of default is confirmed, ensuring that the terms and conditions triggering the PSF Guarantee are fulfilled.
2. Recommend to Investment, Risk and Claims Committee and ADF Board execution of a claim payment.
3. Follow up disbursement procedures and coordination with relevant financial management and portfolio teams vis-à-vis transactions for which guaranties have been triggered.
4. Follow up any project restructuring or workout and recovery process of any defaulting PSF guaranteed project and ensuring the effective settlement by ADB of any surplus or deficit on the claim with PSF.
Risk management and Asset and Liability Management monitoring and reporting:
1. Monitoring and assessing the credit risk of the PSF portfolio in terms of new and existing risk participations and reporting on compliance as regards to exposure limits and capital adequacy.
2. Monitoring and reporting on PSF treasury and liquidity management; working with, inter alia, Financial Control / Financial Treasury, Financial Management.
3. Ensure execution of treasury investment strategy and mandates, against performance.
4. Ensuring the PSF’s Profit and Loss Account information is appropriately consolidated and prepared for compliance and reporting purposes in line with the requirements of rating agencies and applicable IFRS standards for risk participation vehicles.
5. Ensuring the appropriateness and integrity of the tools and systems used in the day-to-day management of the Facility.
Growing and strengthening the capacity of the PSF as a credit risk counter party:
1. Actively engage in identifying technical and/or financial partners to mobilize additional resources to enhance the Facility's operational capacity.
2. Lead in fundraising and exposure management initiative to augment the PSF’s risk bearing capacity, by securing additional grant resources/reinsurance facilities for PSF.
3. Negotiate and contribute to the related contractual documentation associated with PSF scaling up and fundraising.
4. Represent the Facility in dealings with third parties and signing on its behalf all agreements, including Contribution Agreements duly approved by the Board of Directors.
Reporting:
1. Prepare reports on the above to senior management, the Investment Risk and Claims Committee, ADF Deputies and Board, donors, and external parties.
2. Lead the preparation of PSF’s annual report, quarterly updates.
3. Retain external service providers to conduct periodic risk review of PSF, and
4. Ensure timely responses to solicitations from internal and external stakeholders.
Policy, guidelines, tools, and systems development:
1. Prepare revision of the PSF Statutory Framework to ensure up –to-date compliance with applicable standards and regulators, as well as requirements of investors, auditors, and rating agencies.
2. Prepare and maintain up-to-date guidelines, templates, and user manuals for internal and external audiences.
3. Maintenance and review of the Master Risk Participation agreement between the ADB and the PSF, and maintenance of appropriate contractual agreements between PSF and grantors for concerned transactions.
Knowledge Development and Networking:
1. Participate and lead in the regular internal and external outreach events for the benefit of staff and other stakeholders to explain the activities of the Facility.
2. Contribute to effective collaboration with other departments and complexes.
3. Lead in preparation of communication and marketing material for the Facility.
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COMPETENCIES (skills, experience, and knowledge):
1. At least a master’s degree in finance, Business Administration, Economics, Law, Development or related disciplines.
2. A minimum of eight (8) years of relevant work experience in fund management or administering a financing facility in an organisation of global renown. At least three (3) years should be at the managerial or highly supervisory level or its equivalent.
3. Relevant experience and solid grounding in the areas of risk management, private sector operations and the use of risk systems
4. An experience in fund development and implementation well as the understanding of both public and private sector perspectives would be an asset.
5. Demonstrated knowledge of risk management, corporate finance, and structured financial products, as well as financial and actuarial modelling skills. Prior work experience in Non-Sovereign Operations, Treasury, Corporate Finance, Risk Management, or Accounting would be an asset.
6. Excellent technical and analytical skills, coupled with a fully established operational track record in achieving results.
7. Employs awareness of the latest trends and developments to make effective business decisions.
8. Applies information from both inside and outside the Bank Group to apply to client or organizational issues.
9. Ability to apply a practical approach to problem solving, produce high quality work outputs, effectively prioritize, and adaptation skills at times of competing and unexpected demands.
10. Client and results-oriented with strong analytical and communication (verbal and written) skills, sense of accuracy and attention to detail.
11. Ability to deal with sensitive issues in a multi-cultural environment and to build effective working relationships with colleagues.
12. Excellent inter-personal, organizational capacity and communication and writing skills Possess, excellent verbal and written communication skills in English and/or French, with a working knowledge of the other language.
13. Proficiently use standard software (Word, Excel, Access, PowerPoint); knowledge of SAP, Customer Relationship Management (CRM) and Moody’s software is a plus.
THIS ADVERTISEMENT IS POSTED BY THE AFRICAN DEVELOPMENT BANK (AFDB) ON BEHALF OF THE PSF, WHICH IS THE EMPLOYER FOR THIS POSITION.
ENGAGEMENT AS STAFF OF PSF DOES NOT OFFER ANY EXPECTATION FOR FUTURE EMPLOYMENT AS STAFF IN THE AFRICAN DEVELOPMENT BANK.
THIS IS A PROJECT STAFF POSITION AND COMES WITH A FIXED-TERM CONTRACT.
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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