Division Manager, Capital Market Development at African Development Bank - AfDB

Reference: ADB/18/030
Location: Côte d’Ivoire
Grade: LP2
Position N°: 50092440

The Complex

• The African Development Bank (AfDB) is the premier multi-lateral development finance institution fostering economic growth and social progress in Africa
• The AfDB’s primary goal is to reduce poverty and improve living standards by deploying its resources in Africa, and providing financial and technical assistance for development projects and programs in Africa.
• The primary role of the Financial Sector Development (FSD) Department is to help the Regional Member Countries (RMCs) increase the reach, depth, and breadth of their financial systems, while safeguarding financial stability
• The Department has four long-term objectives:
  • Development of a vibrant private sector through an inclusive access by households and enterprises to financial services;
  • Strengthening markets participants;
  • Developing efficient capital markets, and
  • Deepening regional financial integration.

The Hiring Department

• Paired with other Industrialization, infrastructure and Private Sector complex departments, the FSD Department is responsible for implementing the Bank Group’s Financial Sector Development Policy and Strategy 2014–2019 (FSDPS) towards vibrant, innovative, robust and competitive financial systems, both national and regional, and in both the public and private sector levels of RMCs. FSD  plays a transversal role across the Bank’s five strategic priorities, applying its financial deepening and access tool kit to the High Five (H5) agenda
• Fundamentally, the scalability and policy momentum inherent in the H5 agenda create an important opportunity for expanded relevance of the FSD core skill-set: flexible financing instruments and delivery frameworks for financial inclusion, smart resource mobilization and capital markets development
• FSD leverages partnerships to bring about greater developmental impact in financial sector development.

The Position

• The Manager, Capital Markets Development is responsible for the Bank's vision for capital markets in Africa and its prospective areas of intervention in the sector
• The Manager, Capital Markets Development will be responsible for ensuring that all of the Bank’s operational Vice Presidencies have efficient and predictable access to expertise and instruments related to capital markets finance as well as development policies to grow the various RMCs’ capital markets sector.
• The broad objectives of Capital Market Development Division is to focus on providing expertise to operations on capital markets projects and programs aiming to create more efficient capital markets and institutions capable of mobilizing domestic savings and allocating scarce capital. The Capital Markets Development Division will endeavor to ensure that the capital markets in regional member countries are deepened, strengthened and developed to enable them to provide capital towards the achievement of the Bank’s High 5 priority areas
• The Manager, Capital Markets Developments Division leads a team of dedicated capital markets experts’ professionals.

Duties and Responsibilities
Under the overall supervision of the Financial Sector Director and in close collaboration with the Private Sector, Infrastructure and Industrialization (PIVP) Complex, the manager will perform the following:

• Lead Capital Markets Development in Africa and align it with institutional objectives within the High 5 priorities of the Bank, at the strategic and operational levels
• Duties/Responsibilities/tasks will focus on how AfDB can best support the deepening of domestic capital markets to mobilize long-term financing for needed investments critical to development in Africa

Capital Markets Development Policy & Strategy:

• Develop, maintain and revise the Capital markets development policy and strategy of the Bank in consultation with internal and external stakeholders (including Regional and non-Regional Member Countries) and taking into account of medium to long-term trends in capital markets and the development of the continent;
• Ensure the appropriate implementation of the policy and strategy in a one-bank approach  and define a monitoring and evaluation framework;
• Develop a cost-benefit perspective to pricing and build the logical and quantitative frameworks for addressing market failures.
• Lead the development of policy frameworks on Capital Markets products pricing.
• Drive capital markets development agenda on the basis of a regional capital markets integration.

Capital Markets Deal Structuring and Advisory:
Establish and lead as the focal point on the Bank’s Capital Markets Development Advisory offering a suite of the following services to RMCs (private and public sector):

• AfDB Affordable Housing Finance Advisory Services
• Advise and promote bond programs such as Municipal Bond, Green Bond and securitization programs
• Assist with reforms on Pension Funds, Insurance and Asset Management industry in Africa
• Advise on Capital Markets regulatory frameworks and reforms for broadening market participation
• Advise on financial stability and governance in capital markets sector
• Provide cutting edge advice on capital markets infrastructure solutions, securities and commodities exchange/regulator establishment, operations, and/or development;
• Provide direct support to Capital Markets Development operations staff in the field, particularly in order to improve the impact and the financial and economic analysis of projects;
• Advise operational staff on capital markets trends and the consequences they have for future project development and design
• Supervise African Financial Market Initiative Team
• Identify and structure transactions in local currency through new products (ETF's, ITF's, REITs, etc.) on exchanges
• Develop and raise fund for the African Domestic Bond Fund,
• Structure Capital Markets Risk Mitigation Products (Currency, Credit, Political)
• Assist with the introduction/development/ boosting of efficiency of companies to support the capital markets in Africa to thrive - ecosystem company providers such as investment ratings; digital company registries; fiduciary, investment and fund administration services providers.
• Establish framework, run pilot and promote the AfDB SME Fund for listing on selected exchanges.

Africa Capital Markets Knowledge/Thought Leadership:

• Coordinate and work alongside key partners, such as other MDBs and the World Economic Forum to design capital markets development-based programs and solutions for the economic and social development of Africa;
• Publish major studies and reports on capital markets development including bond Market, taking into account the comparative advantage that the Bank can bring to bear to any specific subject or theme
• Convene associated workshops and media events to solidify the learning across Africa;
• Develop and maintain, in collaboration with partners, a detailed database of statistics and economic models relating to capital markets development, both in Africa and global in nature, to support proper analysis of the impact of the sector for development and the relative state of capital markets development in Africa including but not limited to ABABI, BADBC, and BADBX
• Represent the Bank at global, regional and national conferences and workshops on capital markets development.

The Technical Oversight:

• Plan, organize and supervise the activities and staff of the Division;
• Build and maintain strong relationships, through a high-level dialogue, with capital markets regulators (including relevant government officials and ministries), stock exchanges, capital markets leaders, clients, global and regional private businesses, banking and multilateral partners and government officials to further develop the sector and to develop specific investment opportunities within the H5 priorities of the Bank
• Lead in implementing, processing and closing efficient capital markets and related transactions through offering ongoing guidance and sector knowledge and ensuring the consolidated Bank KPIs for capital markets development are achieved
• Monitor and analyse economic developments in regional member countries;
• Lead targeted resource mobilisation initiatives towards traditional development partners and donor and well as non-traditional donors, with the aim of mobilising concessional financings and grants to support the Bank’s work
• Provide advice to the Director on issues relating to Capital market development;
• Work closely with the Regional Operation Manager and his/her multi-disciplinary teams in identifying and designing projects, and support the appraisal and monitoring of projects;
• Coordinate the preparation of the Division’s budget;

People Management:

• Manage a team of professional level and support staff in providing efficient and high quality services that support the business. Set realistic performance goals and motivate team members to meet them, both for individual staff and for the team as whole;
• Be a collaborative member of the Management Team, contribute and share expertise and input and foster a collegial environment.
• Build strong relationship management and understand the business needs to assist in developing practical and effective solutions.

Leadership:

• Develop and direct the implementation of objectives, policies, procedures and work standards for the Division. Ensure compliance with Bank policies and regulations.
• Lead complex missions involving negotiations with government officials and private investors.
• Improve customer service orientation of staff of the Division and ensure provision of efficient services to clients.

Staff Engagement:

• Promote collaboration and facilitate teamwork across teams and across organizational units, particularly with the Regional Operations Manager Offices in the Directorate General Hubs;
• Maintain a high standard of professional integrity, treat individuals fairly and respectively and be sensitive to differences across culture, nationalities and gender;
• Provide on-the-job training and advice to relatively less experienced staff and supervise their work.

Selection Criteria
Including desirable skills, knowledge and experience

• A minimum of a Master's or its equivalent in Finance,  Development Economics, Business Administration or any other discipline that is relevant to the operations of the Capital Markets Development Division; strong knowledge of socio-economic development issues and policies of African countries.
• A minimum of 8 years of relevant professional experience in Infrastructure, Industrialization and Public Private Partnerships, preferably within the Financial Sector. 3 years of which should be in a management position or leadership role.
• Demonstrated knowledge of having previously worked in a capital markets environment, including a capital markets transactional environment or within a capital markets regulatory environment, or capital markets securities exchange exchange environment
• Proven track record in the structuring of a range of Bank instruments, such as loans, guarantee products and technical assistance, programs of reforms.Experience in managing the delivery of programmes.
• Leading and developing teams and managing projects and programmes
• Professional experience in Development Finance Institutions and the private sector is advantageous
• A proven track record for origination and in managing the delivery of projects in Capital Market.
• Demonstrated experience in project appraisal in a multilateral financial institution with special focus on at least one of the sectors in the assigned Division.
• Experience in and strong understanding of socio-economic and development issues and dynamics in Capital Market sector, preferably in Africa.
• Familiarity with strategies, policies, procedures and practices of multilateral development institutions
• Comprehensively understands projects structures, including project design, planning, risk management strategy, issue management strategy, communication management strategy, lessons learned and handover, and other critical success factors, strategies, policies, procedures and practices of multilateral development banks.
• Negotiation Skills - Highly developed negotiation skills proven to yield positive outcomes with senior counterparts, both internal and external, and understands when and how to apply diplomacy, influence, maintain a hard line, make or break contacts, understand unwritten lines of influence and conduct oneself accordingly
• Knowledgeable in the structuring and execution of debt and equity investments in the Capital Market sector projects and programmes
• Professional Expertise: Continuously expands understanding of relevant business products, practices and systems/technology
• Highly developed strategic thinking skills allied to an ability to translate strategic concepts and direction into the implementation of workable and sustainable projects and programs
• Ability to pull together all aspects of project origination and drive the process to deliver the lending program
• Excellent Professional written and verbal communications in English or French with a working knowledge of the other
• Competence in the use of standard MS office applications (Word, Excel, Access, and PowerPoint) and Financial Market software such as Blomberg.