The Senior Underwriter will play a primary role in increasing MIGA’s pipeline of climate finance projects that are aligned with a low carbon and resilient economy. The person will be responsible for climate project/ client identification and targeting, leading origination, initial deal structuring, as well as guiding and supporting the execution of green guarantees. The person will work closely with MIGOP Climate program coordinator and other Climate Finance Specialists including MIGA’s Economic... more details
Senior Underwriter – Climate Finance
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Job #: |
req27739 |
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Organization: |
MIGA |
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Sector: |
Operations |
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Grade: |
GG |
| 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, Spanish |
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Closing Date: |
6/21/2024 (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.
MIGA’s Department of Operations (MIGOP) is seeking to recruit a highly motivated Senior Underwriter - Climate Finance with strong climate, project management, business development and communications skills to strengthen its operations Team and who alongside with other MIGA operations staff will help to deliver on the Climate business workstream and mobilize additional funds from institutional investors in support of this initiative. S/he will identify new business opportunities for MIGA; innovate MIGA’s product applications to be more marketable to institutional investors; achieve business targets; and grow MIGA’s guarantee business in climate finance. S/he will work closely with other global network of practitioners to contribute to and share knowledge and best practices. S/he will focus primarily on advisory related to climate and sustainable financing support at the early stage of origination, identify climate business opportunities aligned with the Paris Agreement in the market; and to disseminate lessons learned from MIGA's programs. This position will be based in Washington, DC, reporting to the Director, Operations Department.
Roles and Responsibilities
The Senior Underwriter will play a primary role in increasing MIGA’s pipeline of climate finance projects that are aligned with a low carbon and resilient economy. The person will be responsible for climate project/ client identification and targeting, leading origination, initial deal structuring, as well as guiding and supporting the execution of green guarantees. The person will work closely with MIGOP Climate program coordinator and other Climate Finance Specialists including MIGA’s Economics and Sustainability team for developing and supporting the execution of guarantee projects.
This role also involves frequent interaction with top government officials and equivalent contacts in other international organizations, private sector companies, financial institutions, counterparts within and across sectors, networks, and other World Bank units. The role also involves contact, as required, with the MIGA Board and Board Committees, and senior management within the WBG.
Responsibilities include but not limited to:
- Contribute to the development of action plans and workstreams to implement MIGA’s Business strategy for FY25 on Climate Finance, with focus on origination, product development, and innovation;
- Be accountable for developing projects which fulfill MIGA strategy on climate finance and Paris Alignment and ensure climate information is reflected in MIGOP systems;
- Implement strategies to target sub-sectors and priority areas such as climate mitigation and adaptation projects, IDA- eligible and Fragile and Conflict States (FCS) countries;
- Represent MIGA at conferences or other events to market MIGA’s services and products; and facilitate conversations across different stakeholder groups related to climate and sustainability challenges, recommendations, and learnings;
- Disseminate knowledge by organizing and moderating events and in-house roundtables, preparing publications, and leveraging other media;
- Prepare sections of relevant reports (sector updates, sub-sector information, strategy documents, briefing notes, underwriting papers, etc.) and contribute to the formulation of conclusions and recommendations, with a view to making substantive impact on WBG sustainability and climate change agenda;
- Guide clients with completing MIGA applications;
- Work with MIGA underwriters and other colleagues as needed when new applications are received to facilitate the underwriting of a transaction and to ensure excellent client service;
- Guide the project team with underwriting, including analysis of project risks;
- Conduct project due diligence and assist with approval, including evaluating the financing structure of the project as well as reviewing legal documents and financial models, focusing on climate aspects;
- Work with the World Bank and IFC colleagues to leverage their knowledge and expertise, and identify potential problems and propose timely solutions;
- Assess the degree and types of non-commercial risks (political risks and sovereign credit risks) likely to be involved in an investment and determine whether these risks should be covered and under what terms and conditions;
- Mentor/supervise junior underwriters and analysts;
- Contribute to developing MIGA’s marketing materials for climate finance projects;
- Collaborate with other units within MIGA, IFC, and World Bank to deliver high level business results.
Selection Criteria
- Master’s degree (e.g., in international business, finance, economics, environmental science, or related field) plus a minimum of 8 years of directly relevant experience or an equivalent combination of education and experience. Relevant knowledge and experience include sustainable finance, with deep expertise in one or more areas of financial institutions, renewable energy, energy efficiency, waste management, smart cities, or carbon markets;
- Demonstrated experience of emerging markets finance and economic development as well as an understanding of MDBs metrics and tools for tracking climate investments;
- Sound understanding of financial structures used to finance climate projects - strong financial analysis skills, including experience analyzing and structuring projects;
- 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;
- Strong client orientation, diplomatic skills, as well as sensitivity to social and cultural issues as they affect multilateral risk mitigation and investors going into developing countries;
- Demonstrated interpersonal skills in managing and motivating people and teams;
- Experience in guiding and coaching staff on technical and climate business issues;
- Experience in working across boundaries and joint project ventures with key multilateral and bilateral institutions;
- Outstanding oral and written English skills;
- Ability to make forward-looking and practical decisions with a bias towards a results and implementation culture, with a focus on the big picture and the overall strategic framework for development;
- High degree of discretion, ethics, tack, and sensitivity in handling confidential and sensitive information; ability to maintain high standard of personal integrity;
- Language requirements: English (required), French and Spanish (preferred).
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.
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