Lead a multi-disciplinary transaction team within MIGA (sector, legal, environment and social, climate finance, reinsurance, gender, integrity, risk, development impact, etc.) through the transaction underwriting and approval process. Conduct sector and project risk assessments, including contractual risk allocation and the technical and commercial viability of the investment project. Prepare and use complex financial models to analyze the financial viability of the investment project. Work toge... more details
Underwriter
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Job #: |
req27425 |
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Organization: |
MIGA |
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Sector: |
Operations |
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Grade: |
GF |
| Term Duration: | 3 years 0 months |
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Recruitment Type: |
International Recruitment |
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Location: |
Washington, DC,United States |
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Required Language(s): |
English |
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Preferred Language(s): |
French, Russian, Spanish |
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Closing Date: |
5/29/2024 (MM/DD/YYYY) at 11:59pm UTC |
Description
Do you want to build a career that is truly worthwhile? The Multilateral Investment Guarantee Agency (MIGA) is a member of the World Bank Group, and our mission is to promote foreign direct investment into developing countries to help end extreme poverty and boost share prosperity. We do that through the provision of political risk insurance and credit enhancement to investors and lenders against losses caused by noncommercial risks. For more information, visit www.miga.org.
In February 2024, the World Bank Group announced a major upgrade to its guarantees business that will deliver improved guarantee access through a unified team at MIGA as well as innovative new guarantee solutions. These new reforms will help position MIGA to achieve the goal of tripling annual guarantee issuance to $20 billion by 2030.
MIGA’s Operations Department (MIGOP) leads MIGA’s guarantee business development and origination activities, structures transactions, leads projects through the underwriting and approval process, and manages guarantees portfolio. Within MIGOP, the Global Transaction Team (GTT) is a dedicated team of Analysts, Underwriters, and Senior Underwriters with a focus on underwriting MIGA’s guarantee transactions.
MIGOP is seeking highly experienced, motivated, and proactive Underwriters with strong project finance, public sector finance, and/or political risk insurance underwriting skills, as well as client and new business origination skills, preferably gained in the energy and general infrastructure sectors.
The Underwriters will focus mainly on leading transaction teams and underwriting guarantee transactions as the transaction team lead. Their activities may also include supporting business origination and transaction structuring activities. Through this role, they will develop a broad knowledge of MIGA’s guarantee activities by working on transactions across MIGA’s full product line and across regions and sectors (energy and extractives industries, infrastructure, financial institutions, capital markets, manufacturing, agriculture, services, etc.).
Duties and Responsibilities
- Lead a multi-disciplinary transaction team within MIGA (sector, legal, environment and social, climate finance, reinsurance, gender, integrity, risk, development impact, etc.) through the transaction underwriting and approval process
- Conduct sector and project risk assessments, including contractual risk allocation and the technical and commercial viability of the investment project
- Prepare and use complex financial models to analyze the financial viability of the investment project
- Work together with the risk management officers to analyze country/project risks and mitigants
- Develop, together with the transaction team, recommendations for the contract of guarantee terms and conditions, including recommendations on appropriate guarantee structures and risk mitigants
- Lead the negotiation of new contracts of guarantee with prospective guarantee holders and/or their advisors, in close coordination with the relevant Sector Manager and MIGA’s Legal Department
- Engage closely with MIGA’s clients, conduct in-country and virtual due diligence meetings with host country government officials, and collaborate with partners (e.g., World Bank, IFC, and other development finance partners)
- Prepare high quality guarantee proposal documents and present them for consideration to MIGA’s Senior Management and Board of Executive Directors
- In close coordination with MIGA Senior Underwriters, Sector Managers, and Regional Heads, support MIGA’s new business origination and client management efforts aimed at generating a robust pipeline of business
- As required, create and deliver new business origination-focused presentations to sponsors, specialist industry groups, and forums
Selection Criteria
- Must have a Master’s degree (e.g., in Finance, Economics, International Business, or related field) and at least 5 years’ relevant experience or an equivalent combination of education and experience. Relevant experience includes limited non-recourse project finance work and/or analyzing and executing commercial or public sector investments, financial analysis with a focus on complex transactions in the emerging markets (preferably in general infrastructure and energy sectors). Such experience ideally gained with a reputable and well known global financial institution (MDB or Private sector)
- Solid work experience related to negotiating complex financial and guarantee contracts
- Extensive knowledge of emerging markets finance and economic development and an understanding of issues related to investment insurance and foreign direct investment in emerging markets
- Demonstrated high-level understanding of political, sovereign risk guarantee products, and their application in the project and export finance banking fields
- Demonstrated technical underwriting skills, and proven track record in complex project risk underwriting and/or project and corporate finance
- Excellent analytical and communication skills (both written and oral)
- Effective interpersonal skills and ability to interact effectively with clients and colleagues from various cultural backgrounds under time pressure
- Ability to work independently and as a Transaction Team Lead
- Fluency in spoken and written English required, and fluency in French, Spanish and/or Russian desired
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.
