Senior Financial Sector Specialist

Do you want to build a career that is truly worthwhile? Working at the World Bank provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank consists of two entities – the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). It is a global development cooperative owned by 189 member countries. As the largest development bank in the world, the World Bank provides loans, guarantees, risk management products, and advisory services to middle-income and creditworthy low-income countries, and coordinates responses to regional and global challenges.

• CGAP is a global partnership of more than 30 leading development organizations dedicated to advancing the lives of people living in poverty, especially women, through financial inclusion. CGAP is housed in the World Bank.
• CGAP works at the frontier of inclusive finance to test solutions, spark innovation, generate evidence, and share insights. CGAP’s knowledge enables public and private stakeholders to scale solutions that make financial ecosystems meet the needs of poor, vulnerable, and underserved people and of micro and small enterprises (MSEs), including through advancing women’s economic empowerment. As a global public good, CGAP’s independent research and analysis is available to all.
• CGAP envisages responsible and inclusive financial ecosystems that enable a green, resilient, and equitable world for all. CGAP is guided by a five-year strategy and annual workplans – the new strategy covering FY24-28 (CGAP VII Strategy)  will contribute to strengthening responsible and inclusive financial ecosystems by elevating the focus of financial inclusion to broader development outcomes.
• To achieve this, CGAP will focus on contributing to seven outcome areas through its work program: (i) mobilizing financial services for climate adaptation, mitigation, and a just transition; (ii) mobilizing financial services for building resilience to shocks and managing risk; (ii) mobilizing financial services for women and MSEs to capture economic opportunities; (iv) increasing the breadth and depth of financial inclusion; (v) promoting responsibility in financial ecosystems and enabling financial sector policies and regulations; (vi) enhancing the effectiveness of impact investing in inclusive finance and the inclusiveness of carbon markets; and (vii) generating and promoting evidence of what works, where, and for whom.
• Through its work, CGAP is committed to accelerating progress toward women’s financial inclusion, and we take a gender-intentional approach to our research and advocacy efforts.

Job Duties and Responsibilities:

• CGAP is seeking a reputable expert with vast knowledge and extensive experience in development finance, impact investment, and blended finance, who can lead and advance CGAP’s work and research agenda on inclusive finance investment. The Senior Financial Sector Specialist will report to the Pillar Lead for Policy and Investment (the FREE Pillar).

Specific responsibilities will include: 

• Thought Leadership:  Provide thought leadership on forward-looking issues affecting the flows and the effectiveness of private investments, especially impact investing, in inclusive finance; help identify relevant knowledge questions and work programs for CGAP to influence relevant forward-looking industry players, funders and policymakers; contribute to research papers, blogs, Leadership Essays and other thought leadership pieces on cutting-edge inclusive finance private investment issues.
• Lead the execution of research projects on private investments in inclusive finance, aligned with most relevant knowledge questions – these could include for instance research on blended finance, catalytic investment, market creation, risk sharing instruments, impact investment, and private funding instruments in inclusive finance. Work with a team of staff and consultants to execute project plans within the time frame and budget assigned, including documenting lessons learned and produce high quality knowledge products and reports as needed.
• Short-term tasks may include leading research projects on: (i) conducting comprehensive stock-take and research on existing catalytic blended finance  instruments used by funders and investors, to support inclusive finance; (ii) analyzing mobilization results by examining the involvement of different capital sources, such as Development Finance Institutions (DFIs), Multilateral Development Banks (MDBs), and commercial investors, in co-investments and follow-on investments; (iii) applying a public policy lens to evaluate whether and how concessional funding contributes to market creation, determining the optimal level of concessionality to achieve desired outcomes; (iv) synthesizing research and analysis to provide actionable conclusions for practitioners, investors, and providers regarding the appropriate asset class and financing types required; (v) Reviewing and assessing  the impact of market creation initiatives on development outcomes (including the Sustainable Development Goals (SDGs)).
• Medium-term tasks are likely to focus on work program development:  Contribute to CGAP’s strategy, develop program on cutting-edging research on market creation, the role private investors in fostering sustainable development, and the role of the public sector in providing enabling environment and catalytic interventions to bolster investment in inclusive finance. This includes keeping abreast of the policy and market frontier, identifying knowledge gaps and opportunities for scaling successes, and identifying priority areas for CGAP’s potential future engagements.
• In addition, the work will involve identifying and contributing to other areas of CGAP’s work program, including those under the Green and Resilience Outcomes Pillar and the Financial Services for Equity and Growth Pillar, especially in terms of private investment potential. A high degree of fungibility is expected given the evolving priorities of CGAP.
• Strategic outreach: Contribute to CGAP’s influence strategy. Participation in seminars, conferences, working groups and other events, with public and private stakeholders, to support CGAP’s efforts to enhance the effectiveness of impact investing in inclusive finance and the inclusiveness of carbon markets.  This entails inter alia engaging, under the leadership of the FREE pillar lead, with international fora, and public and private sector organizations that are engaged in similar initiatives.
• Collaboration across institutional boundaries within the WBG: Contribute technical advice on impact investing in inclusive finance and inputs to teams across the WBG as and where relevant. In collaboration with the FREE pillar lead, engage in active collaboration and knowledge sharing with other WBG units, including EFI VPU’s Global Practices, IFC, and corporate units working on development finance working on effectiveness of private investment in inclusive finance, as needed, to bring CGAP’s applied research and experience in relevant WBG work and country dialogue and to leverage existing WBG knowledge.
• Engaging with CGAP’s members: As a member organization, CGAP regularly interacts with members to learn of member priorities (and changes) so that CGAP’s work remains relevant, and to share knowledge generated by CGAP for greater influence. The Senior Financial Sector Specialist will be expected to engage CGAP members on private investment in inclusive finance.
• The position will be mapped to CGAP’s FREE Pillar, focused on two strategic outcomes: (i) promoting responsibility in financial ecosystems and enabling financial sector policies and regulations and (ii) enhancing the effectiveness of impact investing in inclusive finance and the inclusiveness of carbon markets.

Selection Criteria

The successful candidate(s) will demonstrate the WGB Core Competencies: 

• Deliver Results for Clients
• Collaborate Within Teams and Across Boundaries
• Lead and Innovate
• Create, Apply, and Share Knowledge
• Make Smart Decisions

In addition, the selected candidate will meet the following criteria (in order of importance):

• A Master’s degree or Ph.D. in Finance, Economics, Policy, Business Administration, or a related field.
• At least 8 (preferably 10) years of relevant professional experience in inclusive finance, with a strong focus on private investment, blended finance, market creation, development finance, or policies to promote financing for development in emerging market and developing economies (EMDEs) and related areas. Experience in both public and private sectors preferred.
• Proven track record of conducting cutting-edge research, including analyzing investment results, policies and interventions, and impact assessments.
• Deep sense of strategy and a high degree of fungibility to adapt to CGAP’s evolving priorities, including ability to conceptualize, prioritize, and be selective. Integrative capacity including the ability to situate sectoral issues within a broader development framework. Ability to deliver high quality outputs with a strong outcome orientation. Experience in applying practical know-how and effective policy dialogue to achieve development results.
• Demonstrated, excellent writing and oral communication skills, including the ability to present complex analyses to various external audiences, including development finance practitioners, impact investors, policy makers, donors, international organizations, private sector entities, and other development actors. Proven track record with internal and external publications, from applied research papers and institutional reports to shorter technical notes, briefs to senior management, short articles, and blog entries.
• Demonstrated diplomacy and influencing skills; political judgment and diplomatic acumen, proven experience in dealing, both at a technical level and at a more senior strategic level, with external constituencies, including development finance practitioners,  investors, policy makers, donors, international organizations, private sector entities, academics and other development actors; ability to work with teams with varied priorities and agendas, evaluating what is in the best interests of CGAP and corralling parties toward a collective outcome.
• Demonstrated ability to function as a team player in a multicultural environment, in complex teams across different time zones and cultures.
• Ability to function independently with limited work direction and occasional oversight. Capacity to work simultaneously on a variety of issues and tasks independently, adjusting to priorities and achieving results within agreed objectives and deadlines.
• Familiarity with climate and gender issues relevant to financial inclusion.

Source: https://worldbankgroup.csod.com/ats/careersite/JobDetails.aspx?id=29145&site=1