Senior Investment Specialist
Job Vacancy | Friday, March 10, 2023
IMPORTANT INFORMATION:
ADB will be rolling out its operating model which may result in the change of department/group and/or reporting arrangement(s). By proceeding with your application, you acknowledge and accept the possibility of such changes resulting from the new operating model (NOM).
This is a re-advertisement. Previous applicants need not apply. Applications received in response to previous posting will be considered together with applications received in response to this advertisement.
This is a special fixed-term appointment for a period of three (3) years following Section 3.1 (c.) of Administrative Order No. 2.01 (“Recruitment and Appointment’). This appointment is not convertible to a regular appointment. It may be extended on exceptional basis for a further fixed period at the option of ADB. This appointment is open to internal and external applicants.
Overview
Asian Development Bank (ADB) is an international development finance institution headquartered in Manila, Philippines and is composed of 68 members, 49 of which are from the Asia and Pacific region. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. ADB combines finance, knowledge, and partnerships to fulfill its expanded vision under its Strategy 2030.
ADB only hires nationals of its 68 members.
Job Purpose
ADB utilizes blended concessional finance to increase the development impact of its private sector operations and support progress towards the UN’s Sustainable Development Goals (SDGs). ADB's Private Sector Operations Department (PSOD) is seeking the services of a Senior Investment Specialist to support its blended finance activities and portfolio of transactions. ADB typically administers concessional financing as the lender or investor of record and “blends” this capital into its transactions alongside financing from ADB’s own account in accordance with DFI agreed principles for the use of blended concessional finance. The Senior Investment Specialist will act as the Fund Administrator for ADB managed concessional blended finance facilities designed to support greater private sector participation in high impact development projects in low and lower middle-income countries in Asia and the Pacific. The incumbent will report to Director, PSIS and may supervise national and administrative staff.
Responsibilities
Project Processing and Administration – includes but not limited to:
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Working with PSOD’s deal teams to support the origination of a pipeline of high development impact private sector transactions including sectors such as climate change, infrastructure, agribusiness, financial services, health, education and others;
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Managing relationships with PSOD deal teams to ensure concessional funds are effectively blended with ADB capital throughout the deal cycle;
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Screening of transactions to assess climate mitigation/adaptation/other development benefits, and adherence to established principles for the use of blended concessional financing: (i) additionality, (ii) crowding-in, (iii) commercial sustainability, (iv) reinforcing markets, and (v) promoting high standards;
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Presenting proposals to ADB’s Blended Finance Committee for the use of concessional financing including detailed development case studies on why concessional financing was needed to support transactions, and development outcomes that are expected from projects;
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Structuring tranches of concessional finance alongside ADB capital in transactions, and undertaking due diligence, risk analysis and risk mitigation for the fund;
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Constructing and adapting financial models to stress test scenarios with various degrees of concessional financing in order to maximize the effectiveness of concessional blended finance and arrive at minimum concessionality;
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Supporting ADB’s internal approvals process including interfacing with credit, safeguards, integrity, legal and other teams as well as management and the ADB Board;
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Support PSOD’s Investment Specialists in analyzing transactions, constructing arguments for the use of blended finance and drafting and negotiating relevant documentation (e.g., concessional financing applications, term sheets, loan agreements) in accordance with blended finance agreements. This may involve traveling with project teams for discussions with government, commercial lenders and private sector sponsors;
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Authoring concessional funding applications and providing inputs into ADB’s transaction processing documents such as concept notes, RRPs, and other processing documents
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Working with PSOD’s portfolio management division to support operations in the administration, monitoring, and risk management of projects co-financed by third parties;
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As needed, manage and reduce potential conflicts of interest by acting as a member of a separate ADB project team to represent the interest of a third-party funds in ADB’s processing of transactions.
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Prepare TA papers and applications for TA funding (either as stand-alone TAs or components of investment) in coordination with relevant staff;
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Supporting PSIS in ad hoc work as needed.
Fund Management – includes but not limited to:
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Overall administration, monitoring and reporting for funds in accordance with fund agreements/arrangements, operational guidelines and ADB policies and procedures;
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Liaising internally to ensure effective fund management for example, with risk management, legal, safeguards, portfolio monitoring, accounting, treasury, cofinancing, external relations and the strategy and policy department;
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Arranging Blended Finance Committee meetings and other key milestones for transactions as they progress through ADB’s processing cycle;
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Administering and managing capital call requirements and managing cash flow including projections.
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Liaising with the fund contributors, authoring quarterly and annual reports, and maintaining the relationship to ensure funds are being used as effectively and efficiently as possible in accordance with the fund agreements/arrangements;
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Maintaining investor communications and generating routine investor and financial reporting preparation and distribution packages;
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Leading the fund annual meetings with donors including preparation and delivery of presentations and documents; and
Other
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Conduct analysis and prepare discussion papers on climate finance topics, provide inputs to ongoing initiatives/discussions with donors about engaging the private sector in climate change activities (both mitigation and adaptation);
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Develop marketing materials, presentations, case studies and other knowledge products on ADB climate change projects for external dissemination. Liaise with ADB project officers to obtain necessary information from project sponsors;
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Participate in knowledge-sharing events in ADB and in DMCs for the purpose of showcasing climate change investments made by the private sector;
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Liaise with external financing partners, international think tanks and academia partners engaged in climate change and climate finance topics of relevance to developing Asia and the Pacific.
External Liaison – includes but not limited to liaising with third party donor to ensure projects are aligned with the appropriate financing mandate and fulfill all conditions under co-financing agreements including approvals, monitoring, evaluation, and reporting
Knowledge Sharing – includes but not limited to:
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Conducting analysis and preparing inputs for strategy and discussion papers on blended finance, concessional finance, climate finance and other topics
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Providing inputs to ongoing initiatives/discussions with donors about engaging the private sector in infrastructure financing activities;
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Participating in and contributing to internal and external training and conferences and other activities for advocacy, dissemination and knowledge building relating to third party financing; and
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Maintaining and share knowledge of emerging best practices in fund management
Staff Supervision – includes but not limited to 1) Taking the role of team leader to develop capabilities/potential of reporting staff; 2) Tracking the performance of reporting staff; and 3) Ensuring the on-going learning and development of reporting staff
Qualifications
Master's degree, or equivalent, in business administration, finance, accounting, economics, engineering, law or related fields, preferably at post-graduate level or its equivalent. A university degree in business, finance, accounting or related fields combined with a specialized experience in similar organization/s, may be considered in lieu of a master’s degree.
Relevant Experience & Requirements
- At least 10 years of experience in investment management with demonstrated ability to manage investment portfolios and client relationships
- Experience financing private sector climate mitigation or adaptation projects, with experience in gender equality e.g.: renewable energy; sustainable transport; urban infrastructure; energy efficiency; land-use and agribusiness; water supply and sanitation/wastewater treatment; solid waste management; and/or climate disaster risk management.
- Experience structuring private sector financing across a range of transaction types, e.g.: project finance and corporate finance transactions; investments in private equity funds; financing of non-sovereign banks and non-banking financial institutions; guarantees, risk sharing and first-loss protection; and/or technical assistance and grant programs.
- Analytical and financial modeling skills needed to determine the minimum concessionality for blended finance transactions, taking in to account, as relevant, adjustments to pricing, tenor, grace, repayment profiles, subordination, equity returns and income sharing mechanisms, local currency solutions etc.
- Excellent verbal and written communication skills in English are required, including a demonstrated ability to communicate ideas clearly and confidently with good presentation skills in one-on-one settings or to larger groups (inside and outside of ADB)
- Strong written English skills, expertise on climate finance and the ability to author new funding proposals and deliver on reporting requirements. Ability to write compelling development narratives explaining transactions, fund achievements and the rationale and benefits of using blended finance to achieve private sector development outcomes.
- International experience working in development in several countries
- Highly motivated and strong work ethic
- Excellent organizational, multi-tasking and time management skills with demonstrated ability to work efficiently and meet deadlines
- Strong interpersonal skills and ability to work effectively with large, culturally diverse teams at all levels
- Please refer to the link for ADB Competency Framework for International Staff level 5.
General Considerations
The selected candidate, if new to ADB, is appointed for an initial term of 3 years.
ADB offers competitive remuneration and a comprehensive benefits package. Actual appointment salary will be based on ADB’s standards and computation, taking into account the selected individual’s qualifications and experience.
ADB seeks to ensure that everyone is treated with respect and given equal opportunities to work in an inclusive environment. ADB encourages all qualified candidates to apply regardless of their racial, ethnic, religious and cultural background, gender, sexual orientation or disabilities. Women are highly encouraged to apply.
Please note that the actual level and salary will be based on qualifications of the selected candidate.
