MIGA Vice President and Chief Operating Officer

Multilateral Investment Guarantee Agency (MIGA) Washington, DC, United States

About MIGA

MIGA was established in 1988 to enhance the cross-border flow of capital to developing countries and executes its mandate by providing political risk insurance (“PRI”) guarantees and credit enhancement products against non-commercial risks for cross-border equity investors and lenders in its 181 member countries. For the fiscal year 2021, ended on June 30, MIGA issued $5.2 billion in guarantees and had a gross outstanding portfolio of over $22 billion.
In addition to its traditional political risk guarantees, MIGA offers credit enhancement products that protect lenders against losses from the failure of a sovereign, sub-sovereign or State-Owned Enterprise (“SOE”) to make a payment when due under an unconditional financial payment obligation or guarantee related to an eligible investment. MIGA has also recently launched a Trade Finance Guarantee in partnership with IFC for addressing trade finance constraints in emerging economies.
In alignment with the development mandate of the World Bank Group, MIGA focuses on deploying its guarantees in favor of developing member countries to secure quality private investment for priority projects that complement development goals. 
MIGA’s Strategic Business Plan for FY21-23 focuses on playing its part in delivering the World Bank Group’s twin goals and supporting the World Bank and IFC in meeting their capital package commitments.   The Agency will do so by expanding its addressable market while delivering more impact, particularly in IDA/FCS and climate change. Given the rapidly evolving situation with COVID-19, MIGA is also working closely with the World Bank and IFC to help address the global impact of the virus. 
MIGA has identified four strategic directions to help achieve its goals:
i. continuing to serve all client countries while deepening impact in IDA/Fragile and Conflict-affected countries; 
ii. continuing to complement market creation through the Cascade approach and the Financing for Development agenda;
iii. demonstrating leadership on applicable global issues such as climate change, gender and knowledge/advocacy on the power of guarantees;
iv. continuing to improve MIGA’s robust business model.

You can find further details on their website: https://www.miga.org/ 

Vice President and Chief Operating Officer Role Profile 
 Reporting to MIGA’s Executive Vice-President (EVP), MIGA’s Vice- President and Chief Operating Officer (VP & COO) is the Vice-President responsible for leading MIGA’s Operations Department (MIGOP) and is a member of MIGA’s Senior Management Team (MMT) comprising the EVP, VP & COO, VP & Chief Risk, Legal, Finance, and Sustainability Officer (CRFLSO), two MIGA Operations Directors for Energy, Climate and Finance/Capital Markets; Infrastructure, MAS, Trade Finance and Portfolio; and three Directors for Economics & Sustainability; Finance and Administration and Legal Affairs.  The two Operations Directors report to the VP and COO.
The incoming VP & COO must have a track record of business development, strong leadership, impeccable ethics and the professional integrity, project finance expertise, sound business judgement, energy, and drive. S/he would be expected to engage with private investors, financial institutions (public and private), the World Bank & IFC and other actors in the broader global development community to advance and enhance MIGA’s brand, originate and pursue meaningful project leads, build consensus to promote impactful projects,  and articulate MIGA’s strategic priorities and drive innovation.

Duties and Responsibilities
The VP & COO will be responsible for leading and inspiring the Operations team comprised of about 60 staff and managers, with some staff based in locations outside DC (Regional hubs/offices), to deliver on MIGA’s mandate of mobilizing private finance for development projects in Emerging Market Developing Economies (EMDEs).  The responsibilities are along the following lines:
a)    Co-leading with the VP and CRFLSO the implementation of MIGA’s Strategic Business Plan for the current cycle FY2021-23 and chart MIGA’s future course beyond 2023;
b)    Sustaining and strengthening the strong World Bank operational relationship for business development and project  execution;
c)    Providing inputs for strengthening the IFC operational relationship for business development and project execution;
d)    Growing the business pipeline via pro-active engagement with private and public sector clients, financial institutions, governments and other sovereign/sub-sovereign entities, the World Bank & IDA, IFC and other development finance institutions;
e)    Managing the MIGA portfolio of guarantees issued and assisting the pre-claims management work;
f)    Coaching, mentoring, guiding and enabling the professional and career development of MIGA staff;
A key part of the role is continuing the close collaborative partnership with the VP & Chief Risk, Legal, Finance and Sustainability Officer to advance a productive, positive and respectful culture in MIGA.  A culture that embraces challenges as opportunities, seeks creative, viable investment risk management solutions for its clients and promotes innovation in products, services and practice.  

Required Competencies
The Candidate is expected to have strong project finance or political risk insurance experience and a proven track record in business development and people management in a multicultural environment. She/he will be an excellent team player, an outstanding communicator, sensitive to cultural and gender diversity, and strongly committed to economic development and the alleviation of poverty in developing countries. S/he will possess outstanding intellect, leadership and analytical abilities as well as excellent interpersonal, communication and presentation skills.
In addition, the ideal candidate will possess many of the following professional and personal characteristics:
1.    Finance expertise: S/he will have credibility across public and private sectors alike, including demonstrated effectiveness in influencing views of diverse stakeholders. Commitment to the mission of the World Bank Group, translating broad strategies into specific objectives and action plans; aligning the organization to support strategic priorities
2.    Role expertise: S/he will have an advanced degree in a relevant discipline and substantial years of relevant applied professional experience, ideally both in the private sector and in development oriented institutions; and a demonstrated track record in thought leadership, business development and innovation. Relevant experience in the areas of project finance, investment protection, political risk insurance, complex commercial transactions and insurance and guarantees is highly desirable. Familiarity with the principles of economic development, business development, investment analysis and insurance portfolio management is an advantage.
3.    People leadership skills: S/he will have demonstrated excellent leadership skills and an ability to work as part of a team within the Agency, and with the senior management of the World Bank Group (World Bank and IFC). Ability and proven track record in working through teams, delivering high quality outcomes within deadlines, budget etc.  is a must. S/he should be capable of attracting high calibre people and nurturing skills and qualifications of the staff in Operations and cultivate an active network of relationships inside and outside the organization.
4.    Internal collaboration skills: S/he will have to demonstrate the ability to operate in matrixed, highly collaborative and global organizations. They will have functioned at a high level in a multi- cultural and diverse environment.
5.    The ideal candidate will have held a role in organizations with the following characteristics:
6.    Complexity: The ideal candidate will be savvy about influencing global organizations with multiple stakeholders and complex structures, this could be from directly working within or indirectly working with such organizations.
7.    Breadth: S/he will demonstrate the ability to work in organizations that operate globally and handle large and diverse portfolios of responsibilities. S/he will be intimately familiar with developing/emerging countries. .
8.    Culture: the Bank is characterized by a dynamic, multi-cultural and highly professional culture. The leadership team originates from all corners of the world and has a diverse set of backgrounds, from investment banking and strategy consulting to government and international development. The Bank expects the highest levels of integrity and is committed to building diverse leadership teams.

The ideal candidate will have an advanced degree in a relevant discipline.

Terms of Appointment 
Contract Terms: Four-year term appointment. 
Location: Washington DC

How to Apply & Key Steps in Process 
* SRI Executive is exclusively retained by MIGA to undertake this assignment.
· If you wish to be considered for this position, please forward a copy of your CV in Microsoft Word format, along with any relevant documentation to [email protected] on or before 22nd October 2021. All information will be treated in the strictest confidence as we pride ourselves on our professional service. We will revert to you as soon as possible when we have reviewed your application.
· During the recruitment process, should you demonstrate sufficient relevant experience, SRI Executive will require your cooperation in completing a Competency Profile. You will also need to participate in phone or video screening discussions with the SRI Executive team to ensure there is a clear understanding of the Terms of Reference and to ascertain if there is the appropriate “fit” (technical and behavioural) for you and MIGA.
· Based on the screening discussions, SRI Executive will provide a shortlist of recommended candidates to MIGA for further review. Suitable candidates to take forward for first-round interview will then be selected by the hiring committee. SRI Executive will contact suitable candidates and arrange interviews.
· More information about additional interview steps will be shared with the selected candidates. No face-to-face interview is anticipated at this stage due to the pandemic situation of COVID-19 to ensure the safety of candidates. Should the situation get significantly better and permit an in-person interview, further notice would be issued to the candidates. * Please note that this process may be subject to some change.

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