UNDP Jobs - 89650- Development Finance Consultant (IRH)

Development Finance Consultant (IRH)

Location :

Home based

Type of Contract :

Individual Contract

Starting Date :

Application Deadline :

31-Jan-20 (Midnight New York, USA)

Post Level :

International Consultant

Duration of Initial Contract :

estimated March 2020 - 31 January 2021

Languages Required :

English

Expected Duration of Assignment :

approx.220 days

UNDP is committed to achieving workforce diversity in terms of gender, nationality and culture. Individuals from minority groups, indigenous groups and persons with disabilities are equally encouraged to apply. All applications will be treated with the strictest confidence. UNDP does not tolerate sexual exploitation and abuse, any kind of harassment, including sexual harassment, and discrimination. All selected candidates will, therefore, undergo rigorous reference and background checks.

Background

As part of UNDP’s Finance Sector Hub, development finance has a central role to play in delivering support to our member-countries, in leveraging new sources of capital, offsetting high debt burdens, and in innovating for long term solutions to challenges around climate change, disaster resilience, and fragile ecosystems.

Bonds are a key part of the FSH strategy. Developing a service offering for our countries and in tandem, with our partners, is a part of this consultancy. Particular attention is paid to SIDS and coastal nations that can benefit from debt restructuring as well as issuing new debt instruments that are commercially attractive to investors and help meet development goals.

Impact investments can contribute to the fulfilment of all the SDGs especially in increasing access of SMEs to financial services as well as including them in value-chains and capital markets, however accessing the right structures to facilitate investment for these enterprises is difficult both because they venture into challenging low-income markets and are experimenting with new business models. Use of development finance and philanthropic funds to attract private capital and bringing together different stakeholders that partner in a fund or transaction through blended finance is one solution, which UNDP is interested in further exploring through this Consultancy.

Similarly, tools like blended finance, results based financing and innovative structures using insurance, can leverage needed capital for solving complex challenges—like fighting cholera in Haiti or protecting coral reefs—in creative ways. Importantly, this knowledge should be shared within the organization and capacitate UNDP internally, why building new partnerships externally. Underpinning these tools, the field of impact investing provides a conduit to identifying, scaling, and replicating solutions in financially, socially, and environmentally meaningful ways.

The Development Finance Consultant will support UNDP in developing and implementing these initiatives, including identifying green and blue bond opportunities, determining the feasibility, usefulness and positioning of impact investment opportunities including results based financing and blended finance initiatives. In addition to identifying existing opportunities and capacity in house, the Consultant will support the sharing and transfer of knowledge within the organization. The Consultant will work on innovative insurance initiatives like natural capital-based structures, and support translating these skills into finance instrument delivery at the country level.

Duties and Responsibilities

Developing the bond offering

As part of the Finance Hub strategy and working together with focal points in RBx, UNDP COs as well as FSH in New York roll out green and blue bonds as a service offering, as well as an offer on performance contracts, to our countries as well as private sector partners, the scope of the work will consist of leading this strategy and delivering services through at least three country offices.

Develop green bond pilot frameworks in shortlisted countries by advising countries on their specific need (green, blue, SDG linked use of proceeds);
Develop a training program to UNDP COs on SDG-linked Bonds and support the delivery from the duty station - work and the development of an SDG Bond Taxonomy together with CBI, and UNEP; develop a lessons learned paper on the Haiti cholera bond.
Identify viable results-based financing opportunities in-house and jointly develop pilots

Supporting the Implementation of UNDP Investment focused Priorities in particular for the Climate Promise and SIDS strategies as well as managing the Reefs to Resilience Initiative

Contribute in general to UNDP’s broad financing and investment work when required, in terms of networks, opportunities and partnerships, including supporting both global facing and country focal point activities;
Support UNDP’s work on the climate promise and SIDS offers of investment and financing;
Support the development of the Global Coral Reef Fund and the SDG Joint Fund application;
Enhance UNDP’s overall work on natural capital, risk and resilience, as part of this work, lead the Reef to Resilience initiative which integrates insurance, investment, natural capital and livelihoods as a first of its kind programme.
Work together with climate promise and SIDS teams on a workplan for 2020 to support UNDP deliver these strategies on the areas of investment and financing work;
Finalize the service offering to SIDS and engaging through RBx and COs with one or more of the SIDS on blue bonds, or debt restructuring, focusing on coastal resilience finance, including as part of the Global Coral Reef Fund and SDG Joint Fund;

As integral part of the FSH, providing support on related areas, including participation in SDG finance team meetings, providing inputs to FSH workplans and reporting, and supporting flagships such as the Integrated National Financing Framework initiative and Risk Insurance.

Provide specific contributions to FSH workplans and reports
Provide inputs to methodological guidance and support for FSH Flagships related to other deliverables in these terms of reference including bonds, financing the climate promise, SIDS support, etc.

Expected Outputs and Schedule of Payments

A workplan for 2020 is prepared together with climate promise and SIDS teams to support UNDP’s delivery of these strategies in terms of investment and financing work - 9% of total amount - deadline: 31 March 2020
A lessons learned paper is developed on the Haiti cholera bond - 9% of total amount - deadline: 30 April 2020
Service offering to SIDS is finalized - 11% of total amount - deadline: 31 May 2020
SDG Bond Taxonomy is developed in collaboration with CBI and UNEP - 9% of total amount - deadline: 30 June 2020
A training program on SDG-linked Bonds is developed and its delivery to UNDP COs is supported from the duty station - 9% of total amount - deadline: 31 July 2020
Green bond pilot frameworks in shortlisted countries are developed by advising countries on their specific need (green, blue, SDG linked use of proceeds) - 11% of total amount - deadline: 31 August 2020
Viable results-based financing opportunities are identified in-house, and respective pilots are jointly developed - 9% of total amount - deadline: 30 September 2020
Key private sector relationships are created and managed to drive the agenda forward on the climate promise and SIDS - 9% of total amount - deadline: 31 October 2020
Report on recommendations on reefs to Resilience Initiative, including partnerships, resource mobilization, and pilots - 95 of total amount - deadline: 30 November 2020
Specific contributions to FSH workplans and reports are provided - 5% of total amount - deadline: 31 December 2020
Expertise on blue bonds, or debt restructuring, focusing on coastal resilience finance, including as part of the Global Coral Reef Fund and SDG Joint Fund is provided to one or more of the SIDS through RBx and COs - 5% of total amount - deadline: 31 January 2021
Inputs to methodological guidance and support for FSH flagship Initiatives are provided, particularly in relations with other deliverables in these TOR including bonds, financing the climate promise, SIDS support, etc. - 5% of total amount - deadline: 28 February 2021

Institutional Arrangements

The assignment is home-based with minimum 4 missions of one week to New York;
Deliverables will be reviewed and approved and the consultant will be supervised by and report directly to the Director of the Finance Sector Hub
Payments will be made upon submission of a detailed time sheet and certification of payment form, and acceptance and confirmation by the Supervisor on days worked and outputs delivered;
The consultant will be given access to relevant information necessary for execution of the tasks under this assignment; and
The consultant will be responsible for providing her/his own working station (i.e. laptop, internet,
phone, scanner/printer, etc.)

Mission Travel

Any necessary missions must be approved in advance and in writing by the Supervisor;
The Advanced and Basic Security in the Field II courses must be successfully completed prior to commencement of travel;
The selected candidate is responsible for obtaining any visas needed in connection with travel with the necessary support from UNDP;

Competencies

Technical competencies:

Deep knowledge of impact investing and development finance: including an understanding of market
dynamics, landscape of actors, and factors driving the evolution of the strategy;
Data gathering and presentation: proven ability to monitor, measure, evaluate and report impacts and understand how to synthesize results for clear presentations to non-expert audiences;
Investment credentials, ideally having served in an investment advisory or portfolio management capacity;
Proven blended finance product structuring ability and experience in working on results-based financing instruments;
Experience developing blue and green bonds;
Delivering impactful results within the UN system, recognizing how to innovate and deliver based on the opportunities and confines of the UN;
Building and maintaining new and existing client/partner relationships effectively;
Strong track record in project management with UNDP or UN experience being an asset; and
Proven experience in the developing country context and working in different cultural settings.

Functional Competencies

Self-starter, proven ability to work independently and in an entrepreneurial setting;
Strong motivation and ability to work and deliver under pressure and short deadlines;
Good interpersonal skills and able to coordinate well with UNDP partner agencies;
Proficiency in Excel;
Strong presentation skills;
Promotes a knowledge sharing and learning culture in and outside UNDP; and
Respectful of the mandates and roles of different partners, particularly government supported institutions and is able to build and sustain productive and mutually beneficial partnerships.

Required Skills and Experience

Education

Master’s degree in finance, economics, development finance or closely related field.
Supplementary financial certifications (i.e. CFA, CAIA, CPA) required.

Experience

Minimum 9 years of progressive experience in investing, impact, environmental finance or structuring related work.
Proven track record in structuring blended finance instruments including blue and green bonds.
Experience working with complex projects and data sets and synthesizing them to build partnerships, present to Board level meetings, and mobilize resources.
Experience measuring, evaluating and reporting on impact.
Experience working in a development finance context in emerging markets.
Experience working with startups—in an advisory, incubation, or operational capacity.
Experience working with UN/UNDP or similar organisations

Languages

English is the working language for this assignment; therefore, excellent oral and written communications and presentation skills in English are required; and
Knowledge of another UN language is an asset.

Evaluation of Applicants

Individual consultants will be evaluated based on a cumulative analysis taking into consideration the combination of the applicants’ qualifications and financial proposal.

The award of the contract should be made to the individual consultant whose offer has been evaluated and determined as: responsive/compliant/acceptable, and having received the highest score out of a pre-determined set of weighted technical (P11/CV desk reviews and interviews) and financial criteria specific to the solicitation.

Only candidates who will get min. 70% of points in desk review (Criteria A-F) will be invited for interviews. Only candidates who get min. 70% of points in technical evaluation (includes desk review and interview; Criteria A-K) will be scored in financial evaluation

Technical evaluation - Total 70% (70 points):

Criterion A. Master’s degree in finance, economics, development finance or closely related field (Desk review - max 10 points);
Criterion B. Supplementary financial certifications (i.e. CFA, CAIA, CPA) (Desk review – max 5 points);
Criterion C. Minimum 9 years of progressive experience in investing, impact, environmental finance or structuring related work (Desk Review – max 10 points)
Criterion D. Proven track record in structuring blended finance instruments including blue and green bonds (Desk review – max 5 points)
Criterion E. Experience working with UN/UNDP or similar organizations (Desk review – max 5 points)
Criterion F - Methodology – (Desk review – max 10 points)
Criterion G. Experience working with complex projects and data sets and synthesizing them to build partnerships, present to Board level meetings, and mobilize resources (Interview - max 5 points)
Criterion H. Experience measuring, evaluating and reporting on impact (Interview – max 5 points)
Criterion I. Experience working in a development finance context in emerging markets (Interview – max 5 points)
Criterion J. Experience working with startups—in an advisory, incubation, or operational capacity (Interview – max 5 points)
Criterion K. Fluency in English (Interview – max 5 points)

Financial evaluation - Total 30% (30 points).

Application procedures

The application submission is a two-step process. Failing to comply with the submission process may result in disqualifying the applications

Step 1: Interested candidates must include the following documents when submitting the applications (Please group all your documents into one (1) single PDF attachment as the system only allows upload of one document):

Cover letter explaining why you are the most suitable candidate for the advertised position. Please paste the letter into the "Resume and Motivation" section of the electronic application.
Brief methodology (maximum 500 words) on how you will approach and conduct the work
Filled P11/CV form including past experience in similar projects and contact details of referees (blank form can be downloaded from http://www.eurasia.undp.org/content/dam/rbec/docs/P11_modified_for_SCs_and_ICs.doc);

Step 2: Submission of Financial Proposal - Only shortlisted candidates will be contacted and requested to provide a financial offer.

Individual Consultants are responsible for ensuring they have vaccinations/inoculations when travelling to certain countries, as designated by the UN Medical Director. Consultants are also required to comply with the UN security directives set forth under dss.un.org

General Terms and conditions as well as other related documents can be found under: https://www.eurasia.undp.org/content/dam/rbec/docs/UNDP%20General%20Conditions%20for%20Individual%20Contracts.pdf

Qualified women and members of minorities are encouraged to apply.

Due to large number of applications we receive, we are able to inform only the successful candidates about the outcome or status of the selection process.