E T Consultant

Contract

This is a World Bank Group grade: EC3 contract. More about World Bank Group grade: EC3 contracts.

E T Consultant

Description

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.

The LIBOR Core Team is offering an exciting opportunity for an appropriately qualified person to join IFC’s “largest project”, replacing LIBOR with SOFR in IFC’s US$20bn loan portfolio.

IFC no longer provides LIBOR-based financial products and must complete the transition of its loan book to SOFR. The LIBOR Core Team was created to coordinate client-facing LIBOR transition activities, ranging from new product development to internal training and client negotiations. The Core Team reports to the LIBOR Transition Group (“LTG”) and IFCs Corporate Risk Committee (“CRC”), which provides executive program steering, and delivers updates to the CEO and Management Team.

The Core Team must now deliver the smooth roll out of SOFR for new transactions and ensure the renegotiation of the existing portfolio of legacy transactions from LIBOR to SOFR. This will involve delivering strong transition marketing support and direct engagement in client negotiations across all IFC industry sectors.

We work closely with related contributors across IFC to identify client concerns, seek convergence of solutions with other DFIs and commercial lenders, develop efficient internal change management procedures, and support the ongoing communications and educational campaigns internally and externally. The Core Team is also responsible for providing senior management with ongoing status reporting on progress and financial implications of negotiations.

We are looking for a candidate with experience in any of the following industry sectors: banks and financial institutions; manufacturing; agriculture; infrastructure; and natural resources. Ideally this person will be based in different locations to ensure we have global coverage (financial hubs or equivalent time zones such as Vienna, London, Dubai, Singapore, and Washington DC). The senior person will be supported by dedicated investment analysts in the same time zones. S/he will assume leadership roles with responsibility for development and coordination of strategic planning, training, client negotiation and general integration of activities within IFC.

This is an ETC opportunity based in Washington DC, or one of our hubs in Vienna, London, Dubai or Singapore for an initial duration of 12 Months.

Duties and Accountabilities:

The successful candidate will report to the LIBOR Core Team Lead. The position is an Extended Term Contract (ETC) and is time-limited for one year with possibility of renewal. This is an excellent opportunity for Candidates to work across all IFC sectors and regions as well as gaining deep exposure to all IFC central functions – Operations, Treasury, Accounting, and IT.

• Serve as a senior team member responsible for client negotiations regarding necessary amendments to contracts in coordination with the relevant portfolio- and/or client relationship managers and working groups of multi-disciplinary professionals

• Coordinate negotiations regarding necessary amendments to contracts with other lenders across our portfolio

• Build awareness of the transition to SOFR across investment departments and connect with appropriate internal colleagues for specific client needs

• Share feedback across Core Team and other working groups to develop awareness of client concerns and requirements

• Contribute to development and delivery of training and evolving internal and external communication campaign

• Work with the LTG and consultants to manage ongoing governance issues for the Core Team: including procedures, approval workflows and templates, setting negotiation-limits and decision authority, as well as setting communication protocols with IFC’s Portfolio Managers and other staff involved in the clients’ regular portfolio supervision

• Develop client schedules and priorities and connect those with staff resource commitments to meet program milestones and goals. As necessary, adjust activities to reflect market developments and/or revised LTG program deliverables

• Provide regular updates to LTG, Central Program Steering, and IFC’s Senior Management.

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.

The LIBOR Core Team is offering an exciting opportunity for an appropriately qualified person to join IFC’s “largest project”, replacing LIBOR with SOFR in IFC’s US$20bn loan portfolio.

IFC no longer provides LIBOR-based financial products and must complete the transition of its loan book to SOFR. The LIBOR Core Team was created to coordinate client-facing LIBOR transition activities, ranging from new product development to internal training and client negotiations. The Core Team reports to the LIBOR Transition Group (“LTG”) and IFCs Corporate Risk Committee (“CRC”), which provides executive program steering, and delivers updates to the CEO and Management Team.

The Core Team must now deliver the smooth roll out of SOFR for new transactions and ensure the renegotiation of the existing portfolio of legacy transactions from LIBOR to SOFR. This will involve delivering strong transition marketing support and direct engagement in client negotiations across all IFC industry sectors.

We work closely with related contributors across IFC to identify client concerns, seek convergence of solutions with other DFIs and commercial lenders, develop efficient internal change management procedures, and support the ongoing communications and educational campaigns internally and externally. The Core Team is also responsible for providing senior management with ongoing status reporting on progress and financial implications of negotiations.

We are looking for a candidate with experience in any of the following industry sectors: banks and financial institutions; manufacturing; agriculture; infrastructure; and natural resources. Ideally this person will be based in different locations to ensure we have global coverage (financial hubs or equivalent time zones such as Vienna, London, Dubai, Singapore, and Washington DC). The senior person will be supported by dedicated investment analysts in the same time zones. S/he will assume leadership roles with responsibility for development and coordination of strategic planning, training, client negotiation and general integration of activities within IFC.

This is an ETC opportunity based in Washington DC, or one of our hubs in Vienna, London, Dubai or Singapore for an initial duration of 12 Months.

Selection Criteria

• The ideal candidate will have experience in investment/ financial contracts/ client management in financial institutions and will have been involved in major institutional change management initiatives.

• Exposure to the LIBOR transition process would be a significant benefit.

• Relevant Masters or Graduate Level Degree in Business / Government Administration/Law.

• Minimum 10 years relevant experience

• Experience in client and project investment management

• Knowledge of contracts for investments in/ loans to clients in emerging markets.

World Bank Group Core Competencies

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.

Note: The selected candidate will be offered a one-year appointment, renewable for an additional one year, at the discretion of the World Bank Group, and subject to a lifetime maximum ET Appointment of two years. If an ET appointment ends before a full year, it is considered as a full year toward the lifetime maximum. Former and current ET staff who have completed all or any portion of their second-year ET appointment are not eligible for future ET appointments.