International Finance Corporation (IFC)

Vice President (Economics and Private Sector Development)

International Finance Corporation (IFC)

Job Description

Vice President, Economics and Private Sector Development, IFC

Job #: req11283 Organization: IFC Sector: Other Grade: GJ Term Duration: 4 years 0 months Recruitment Type: International Recruitment Location: Washington, DC,United States Required Language(s): English Preferred Language(s): Closing Date: 4/5/2021 (MM/DD/YYYY) at 11:59pm UTC Description

Established in 1944, the World Bank Group (WBG) is one of the world's largest sources of funding and knowledge for development solutions. The WBG consists of five specialized institutions: The International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID).

The International Finance Corporation (IFC) is the largest Global Development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, the Corporation uses over six decades of experience to create opportunities where they are needed most. Private sector financial development is essential to the promotion of successful and sustainable economies in low- and middle-income countries around the world. Sound and efficient financial markets can ensure that resources are allocated where they are most productive, assisting job creation and spurring economic growth.

IFC has embarked on an ambitious new growth strategy, the outcome of which will be to double our volume of business by 2030, and triple the work we do in Low Income Countries (LICs) and Fragile and Conflict affected States (FCS). To do so, IFC will need to deploy its full range of financing, mobilization, advisory, convening and thought leadership skills. This also calls for the need to generate our own opportunities by proactively working "Upstream" to create, deepen, and expand markets and opportunities for the private sector and to imagine, Design and implement investment projects. This strategy also relies on a closer WBG collaboration through the "Cascade" approach: working with clients, we will first seek private sector solutions to address development challenges—where such solutions are advisable and can be effective—and reserve public financing for projects only when other options are suboptimal.

IFC is seeking to recruit a Vice President (VP), Economics and Private Sector Development (PSD), to be based at IFC's headquarters in Washington, D.C. S/he will lead a team of around 200 professionals, mostly based in Washington, D.C. The VP will be a member of the IFC Management Team and will report to the IFC Managing Director and Executive Vice President (MD EVP).

VP, Economics and PSD is a key leadership role within IFC, responsible for providing thorough economic Analysis to support all IFC's activities, as well as continuous development of IFC's corporate strategy in support of the business in a complex, global and decentralized environment. S/he will directly oversee the Global Country Economics, Global Sector Economics & Development Impact, Global Macro & Market Research, Thought Leadership, Blended Finance and Corporate Strategy teams, as well as provide leadership (through managing a community of practice) to the Regional and Industry Economists embedded in Operations. The scope of this position includes accountability for the quality of economic work across the Corporation, systematic ex-ante and ex-post measurement of development impact of IFC projects through Anticipated Impact Measurement and Monitoring system (AIMM), corporate strategy formulation and monitoring, and thought leadership and interface with the World Bank (WB), the International Monetary Fund (IMF) and other International Financial Institutions (IFIs) on the private sector development economic issues.

Specific Duties and Accountabilities A key priority for the incumbent will be, working collaboratively with Operations leadership, to ensure that strategy-setting and business decisions appropriately consider development impact objectives and economic rationale. As a member of the IFC Management Team, the VP will also provide economic support as well objective "advice and Counsel" on economic issues to the IFC MD EVP and the rest of the IFC Senior Leadership.

Key areas of responsibility include: Economic Work

  • In partnership with Global Industry and Regional leadership, help inform decision making in IFC Operations by monitoring Emerging Market economies, performing industry research and market analysis, and producing and disseminating economic analysis, forecast and country economic risk rating (in partnership with WB).
  • Maintain and further improve the AIMM system to systematically measure impact of IFC projects ex ante and ex post.
  • Contribute sound economic input to Corporate Operations Committee (OC) decisions. (The OC is IFC committee reviewing and approving investment and advisory projects meeting high materiality thresholds).
  • Interface with WB, IMF and other IFIs on all issues related to private sector development economics.
  • Build a strong network with Chief Economists across investment banks and international financial institutions.
  • Strengthen connections with academic institutions working on private sector development issues, including business schools.
  • Be IFC's economic voice and advocate for IFC's role and positions with various stakeholders.
Blended Finance

  • In close collaboration with Operations, scale up the use of blended finance to de-risk projects and to attract private sector investment to the most difficult and fragile markets.
  • Ensure strong economic rationale and transparency in IFC's decision-making process regarding the use of concessional funds.
  • Ensure consistent application of core blended concessional finance principles of additionality, minimum concessionality, reinforcing markets and minimizing the risk of market distortion, commercial sustainability, and promoting high standards.
  • Maintain and strengthen IFC's leadership in blended concessional finance.
Strategic Work

  • In partnership with Operations, shape the strategic direction of the Corporation.
  • Facilitate inclusive and transparent strategic planning process and promote accountability across all departments for carrying out the strategy.
  • In close collaboration with Director, Corporate Portfolio Management, support active and strategic portfolio management by helping to assess areas of vulnerability in IFC's portfolio overall, and within regional and industry portfolios, recommending optimal asset allocation at the corporate level.
  • In close collaboration with Global Industry and Regional leadership, oversee Country Private Sector Diagnostics (CPSD) - the analytical underpinning of IFC country strategies; support the development of IFC country strategies, sector deep dives and IFC's contribution to WBG country/sector strategies.
  • Jointly with Operations and Operations support departments, catalyze new ideas, business models, partnerships and innovation in IFC's response to client, country and global development challenges.
Knowledge Management and Thought Leadership

  • Draw on findings from economic research to support setting clear vision for operations and to inform IFC Investment, Advisory and Upstream engagements, as well as the WB policy work to enable market creation and private sector development, and establish a feedback loop to foster innovation.
  • Develop applied research and thought leadership agenda on a range of topics related to private sector development, social inclusion, climate, gender, including a portfolio of flagship reports.
  • In collaboration with Operations Management Director, ensure WBG's knowledge and experience of private sector development policy and economics are captured, curated and disseminated across IFC operations and in the WBG.
  • Be the interface with the knowledge units across the WBG on private sector development economics and develop synergies to deepen WBG's knowledge base.
People and Resource Management

  • Provide overall leadership and people management, including hiring and developing diverse talent to support IFC Operations.
  • Manage overall budget for the Vice Presidency with a goal to increasing efficiency and effectiveness.
Other Duties

  • As needed, represent IFC in internal and external events and strengthen IFC's global brand.
  • Interact with the members of IFC's Board and actively participate in the Board Meetings, as well as chairing technical briefings and seminars.
Selection Criteria

The VP, Economics and PSD will be recognized and respected widely through her/his intellectual leadership and accomplishments in an area of economics relevant to the IFC and WBG's development agenda. S/he will be viewed as a thoughtful and experienced leader who is able to relate easily to non-economists; s/he will have the agility and flexibility of mind to effectively apply lessons of economic research to IFC operations.

In addition to the WBG managerial selection criteria*, the following qualifications are sought:
  • Integrity and values: Unquestionable integrity, alignment with the WBG core values, strong work ethics.
  • Commitment to development: Commitment to development and a proven track record showing alignment with the WBG and IFC's mission and strategy.
  • Role expertise: A PhD or Master in Economics with a minimum 20 years of relevant applied professional experience; a demonstrated track record in thought leadership and innovation; a strong background and understanding of macroeconomics, microeconomics, and development economics and demonstrated ability to apply the economic expertise to business strategy formulation; ability to clearly communicate the main findings of research papers and a talent for explaining economics to non-economists.
  • People leadership skills: Demonstrated ability to lead and develop teams of economists. Ability and willingness to make decisions, take accountability and hold others accountable for delivery; strong track record of producing quality results in an environment of teamwork and accountability.
  • Communication skills: Effective and persuasive oral and written communication skills to work successfully with external stakeholders, clients, as well as with WBG senior management and IFC's Board of Directors. Ability to cultivate an active network of relationships inside and outside the organization and to represent publicly the IFC and World Bank Group's viewpoints in global forums.
  • Collaboration and innovation: Demonstrated ability to operate in a collaborative manner in a matrixed, highly complex and global organization. Willingness to engage in policy debates concerning economic and social development, and to mobilize WB, IMF and other research resources to that end. Interest in and ability to drive innovation and change, and to bring together groups that are used to working autonomously to solve problems and make decisions.
  • Organizational experience: Savviness about influencing global organizations with multiple stakeholders and complex structures (could be from directly working within or indirectly working with such organizations).
* World Bank Group-wide managerial selection criteria include: (i) Courage of your convictions; (ii) leading the team for impact; (iii) influencing across boundaries; (iv) fostering openness to new ideas; and (v) building talent for the future. Poverty has no borders, neither does excellence. We succeed because of our differences and we continuously search for qualified individuals with diverse backgrounds from around the globe.
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