Principal Financial Sector Specialist

IMPORTANT INFORMATION:

Close relatives¹ of ADB staff, except spouses of international staff, are not eligible for recruitment and appointment to staff positions. Applicants are expected to disclose if they have any relative/s by consanguinity/blood, by adoption and/or by affinity/marriage presently employed in ADB.

¹Close relatives refer to spouse, children, mother, father, brother and sister, niece, nephew, aunt and uncle

Staff on probation are not eligible to apply. Applicants for promotion must have served at their position for at least one year and must have normally served at their personal level for at least two years immediately preceding the date of the vacancy closing date. Applicants for lateral transfer must have served at their position and personal level for at least one year immediately preceding the date of the vacancy closing date (reference A.O. 2.03, paragraphs 5.8 and 5.9).

In the event that the staff appointed to a new category (i.e. from AS to NS, or from NS to IS) is rated at 2 or lower in the first two performance reviews after appointment at the new level, they will return to the level occupied immediately prior to their appointment in the new category.

Overview

Asian Development Bank (ADB) is an international development finance institution headquartered in Manila, Philippines and is composed of 68 members, 49 of which are from the Asia and Pacific region. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. ADB combines finance, knowledge, and partnerships to fulfill its expanded vision under its Strategy 2030.

ADB only hires nationals of its 68 members.

The position is assigned to the Finance and Public-Sector Management Division (SAPF) within the South Asia Department (SARD). SAPF is mandated to develop the financial sectors of and public-sector management in South Asia developing member countries (DMCs). SAPF aims to ensure the continuity of sustainable economic growth of the region and the significant reduction of poverty, income inequality and regional disparity. In addition, SAPF assists the member governments in strengthening its public services and institutional capacity.

To view ADB Organizational Chart, please click here.

Job Purpose

The Principal Financial Sector Specialist will oversee the formulation and articulation of financial sector policy and strategies, engaging developing member country (DMC) governments in policy dialogue, and conducting ADB’s activities to support sector policy and reforms. As leader of a team, the specialist will design innovative financial sector programs, assure the quality of program development, implementation, administration, and overall results for complex loans, Technical Assistance (TAs) projects, and non-lending products and services (NLPS) including knowledge products in the financial sector. The specialist will work within a framework of broad policies, principles and goals, applying a high degree of autonomy in selection of work methods. The incumbent will report to Director, SAPF and may supervise one or more national and administrative staff.

Responsibilities

• Oversees the development of strategies for the financial sector in South Asia DMCs, covering areas such as equity and bond markets, pensions, insurance, contractual savings, banking, non-bank financial intermediation, infrastructure finance, financial inclusion (small and medium enterprise lending), specialized finance (housing) and market infrastructure (including legal and regulatory environment, clearing and payments systems, governance, etc.), among others, in consultation with relevant government agencies and Resident Missions (RMs) in the region;
• Supports and promotes innovative instruments and approaches in the South Asia DMCs to leverage and mobilize complementary domestic and international financing to support development activities;
• Promotes new instruments in areas like climate finance, disaster risk financing to expand SAPF’s involvement through structured finance products, blending finance and guarantee instruments;
• Works with SARD DMCs to support their digital finance strategies, including providing support to implementation of fintech solutions for financial inclusion, strengthening related risk management practices and regulatory frameworks;
• Helps SAPF/SARD explore how financial intermediation in particular, and legal and regulatory environment in general, impinge on the overall investment climate in South Asia;
• Provides strategic support, as needed and appropriate, in other areas related to SAPF’s operations;
• Closely engage with Government and market participants (including the private sector) across our DMCs to develop the confidence and trust so that SAPF is the first port of call for finance ++;
• Reviews and assesses financial sector policies as well as legal and regulatory framework, and monitor progress towards achieving sustainable economic development and poverty reduction in South Asia DMCs;
• Oversees policy dialogue to assist governments in undertaking financial sector development and reform, ensure efficient use of resources, and encourage participation of the private sector in relevant sectors in close coordination with ADB’s Private Sector Operations Department and sector divisions;
• Oversees, guides, and supports SARD Financial Sector Specialists in their work with governments to identify investment opportunities in the financial sector;
• Oversees the development of regional strategies and initiates regional projects in consultation with national and regional organizations and international financial agencies including intra-regional exchange of experiences, best practices, and lessons;
• Oversees, guides and supports project implementation in line with project readiness filters;
• Contributes to SARD’s knowledge products including publications, seminars, etc.;
• Ensures proper coordination between Headquarters and RMs for consistency of approach, exchange of experiences, and continuous improvement of practices and integration of financial sector policy commitments to the management of projects;
• Oversees and ensures quality and compliance of financial sector lending and non-lending products and operations;
• Oversees and provides guidance, advice, and comment on financial sector issues in the initiation and development of loan and TA projects for the sector aimed at the development of market institutions, diversified forms of financial intermediation, new financial mechanisms and instruments, as well as expertise and skills of market participants;
• Oversees and supervises loan and TA projects in the financial sector, with high levels of risk and complexity, and possibly conflicting stakeholder interests;
• Oversees and facilitates effective liaison and coordination with development partners on program loans and investment projects;
• Ensures that key technical, economic, financial, and cross-cutting issues are incorporated into projects.
• Serves as the key focal point for coordination with other divisions/departments concerning the financial sector; and
• Undertakes and leads high level independent knowledge development activities including with respect to working papers, publications, conference proceedings etc

Qualifications

Relevant Experience & Requirements

• Master’s degree, or equivalent, in economics, finance, business administration or other related fields; University degree in economics, finance, business administration or other related fields and at least 5 years specialized experience relevant to the position may be considered in lieu of a master’s degree;
• At least 12 years of relevant professional experience in the financial sector and capital market development and reforms as well as in project administration;
• Ability to steer ideas and projects to improve linkages between finance sector development
• Excellent oral and written communication skills in English;
• Understanding of multilateral development bank’s policies and procedures;
• Excellent leadership qualities and interpersonal skills; ; and
• International experience working in several countries.
• Please refer to the link for ADB Competency Framework for International Staff Level 6.

General Considerations

The selected candidate, if new to ADB, is appointed for an initial term of 3 years.

ADB offers competitive remuneration and a comprehensive benefits package. Actual appointment salary will be based on ADB’s standards and computation, taking into account the selected individual’s qualifications and experience.

ADB seeks to ensure that everyone is treated with respect and given equal opportunities to work in an inclusive environment. ADB encourages all qualified candidates to apply regardless of their racial, ethnic, religious and cultural background, gender, sexual orientation or disabilities. Women are highly encouraged to apply.

Please note that the actual level and salary will be based on qualifications of the selected candidate.