Lead Underwriter

Lead Underwriter

Job #:
req32898

Organization:
MIGA

Sector:
Infrastructure

Grade:
GH

Term Duration:
4 years 0 months

Recruitment Type:
International Recruitment

Location:
Washington, DC,United States

Required Language(s):
English

Preferred Language(s):

Closing Date:
5/7/2025 (MM/DD/YYYY) at 11:59pm UTC

Description

The Multilateral Investment Guarantee Agency (MIGA or Agency) is a member of the World Bank Group, and our mission is to promote foreign direct investment into developing countries to help end extreme poverty and boost shared prosperity on a livable planet. We do that through the provision of political risk and credit enhancement guarantees to investors and lenders against losses caused by noncommercial risks. For more information, visit www.miga.org.

In July 2024, the World Bank Group launched the WBG Guarantee Platform (WB GP), a major upgrade to its guarantees business, that will deliver improved guarantee access through a unified team at MIGA as well as innovative new guarantee solutions. These new reforms will help position MIGA to achieve the goal of tripling annual guarantee issuance to $20 billion by 2030.

To meet this goal and maximize its development mandate, MIGA is focused on supporting the needs of the developing member countries, while complementing the activities of other public and private insurers. MIGA's operational priorities focus on: investments in IDA countries; investments in conflict-afflicted environments; support for complex and innovative deals, especially those involving project financing (including in infrastructure, extractive industries and climate change); and support for South-South investments. To strengthen the project equity and debt division, the Industries Unit seeks a Lead Underwriter with extensive technical and business experience in Project and Equity Finance and deep knowledge of political risk products, who will be responsible for driving business development, structuring complex transactions, expanding the deployment of political risk guarantee solutions to support private capital mobilization and support the Industry's manager in the newly re-organized Industries Team. The selected candidate will also play a critical role in engaging with relevant WBG technical peers, including the World Bank Global Practices (GPs) and IFC Industry teams, to develop scalable equity and debt solutions in alignment with institutional priorities (M300, ASCENT, DAREs), ensuring that MIGA's instruments effectively contribute to these initiatives.

This is a four-year renewable term appointment to be based in Washington, DC, and reports to the Manager, Industries.

Duties and Accountabilities

The Lead Underwriter for project equity and debt in Industries will lead engagements with the Regional, Execution team (Global Transaction Team - GTT), MIGIG, and Portfolio Head on matters pertaining to project equity and debt to achieve the specific business goals of the relevant sectors. S/he will play a key role in developing viable solutions to address complex client needs related to project equity and debt that directly support the new business development in the sector, closely monitoring the underwriting of guarantee projects related to project equity and debt, conducting outreach to clients and providing overall quality assurance for work produced by the team. This position reports to the MIGID Industries Manager and supports the Manager in all areas related to project equity and debt activities, including pipeline and portfolio management, new business development, and meeting overall business targets for MIGA. S/he will also support the Manager on policy, planning and strategy for the project equity and debt business line.

Responsibilities include:

Lead on innovation of new project equity and debt and applications to ensure the WB GP's continued relevance and growth in the critical IDA/FCS, and energy access focus areas;
Lead engagement with relevant technical counterparts on project equity and debt matters, and support Regional and MIGIG team as needed on engagement with WB Global Practices and IFC Industries units, thereby ensuring MIGA's meaningful participation and visibility on project equity and debt-related initiatives across the WBG. This includes active collaboration on the design and implementation of financing solutions that align with key institutional priorities (including M300, ASCENT, DAREs, etc.), ensuring that MIGA's instruments-political risk insurance, credit enhancement, and structured risk solutions-are effectively integrated into WBG-wide efforts to scale private capital mobilization in emerging markets;
Develop and maintain a strong network and collaboration with the technical team of the WB global practices / Industry units in the IFC;
Provide technical support and advice to the Industries Manager regarding trends affecting project equity and debt business line;
Develop, implement, and monitor in close coordination with the Regional Heads, and the Industries Manager, strategies to deploy debt & equity solutions on a programmatic basis that align with the WB GP's strategic priorities and broader WBG development themes. This includes working closely with WBG technical counterparts to structure programmatic approaches that support institutional flagship initiatives such as M300, ASCENT and DAREs, leveraging guarantees to enhance bankability and scale impact in priority sectors;
Co-develop with Regional Heads and MIGIG targeted business development and new client acquisition, strategies for the WB GP as it relates to the project equity and debt business line;
Technical oversight of political risk insurance (PRI) and other project equity and debt guarantee solutions delivery, underwriting advisory for the team, including quality control of all papers;
Ensure consistency of MIGA guarantees with WBG country partnership strategies as it relates to project equity and debt;
Oversee the structuring of complex transactions and assessing project risks as it relates to the project equity and debt business line;
Meet with prospective clients to market WB GP's products as well as with MIGA partners to better understand the market for project equity and debt products in priority areas;
Represent MIGA at high-level conferences or other events where MIGA desires to market its project equity and debt business line; overseeing sponsorship at such events where needed. This includes participating in WBG-led discussions and global forums focused on M300, ASCENT, DAREs, etc., reinforcing MIGA's role as a key provider of risk mitigation solutions in scaling private capital mobilization;
Advise on business development strategies for the project equity and debt business line as needed;
Frequent travel is required to attend events and follow up on opportunities that are likely to result in and promote new business for the project equity and debt business line.
Share knowledge, guide and mentor less experienced colleagues on project equity and debt operations to ensure attainment of the unit's goals and objectives;

Selection Criteria

Master's degree in international business, finance, economics or related field plus 12 years of directly relevant experience with project equity and debt (such as political risk underwriting, project finance, or private sector work in emerging markets);
Extensive knowledge of emerging markets finance and economic development as well as an understanding of issues related to foreign direct investments in emerging markets;
Sound financial analysis skills and business acumen, including experience analyzing and structuring complex project and equity finance solutions;
Demonstrated experience leading teams and a proven track record in delivering high quality work results;
Demonstrated ability to identify new business opportunities in project and equity;
Strong client orientation and diplomatic skills, as well as sensitivity to social and cultural issues as they affect multilateral risk mitigation and investors going into developing countries;
Ability to think strategically and strong implementation skills;
Excellent reputation, with proven track record for innovation and getting things done;
Substantive experience in guiding, mentoring and coaching staff on technical and business issues;
Experience in working across boundaries and in joint project ventures with key multilateral and bilateral institutions. Proven ability to engage with WBG technical counterparts-including WB Global Practices, IFC Industries teams, and WBG regional departments-to develop structured financing solutions that support institutional priorities such as M300.
Outstanding communication skills; able to make persuasive oral and written presentations;
Ability to make forward-looking and practical decisions with a bias towards a results and implementation culture; focuses on the big picture and overall strategic framework for development;
High degree of discretion, ethics, tack and sensitivity in handling confidential and sensitive information; ability to maintain high standard of personal integrity;
Language requirements: English (required) and French / Spanish / Portuguese (preferred)

This internal requisition is open to WBG and IMF staff only (including short-term and extended term consultants/ temporaries). External candidates are requested not to apply. In case an external candidate applies, their application will not be considered.

World Bank Group Competencies: World Bank Group Core Competencies at GH level for more details

World Bank Group Core Competencies

The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.

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.

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