Senior Associate, Green Investment (extended)

INTRODUCTION TO GGGI

The Global Green Growth Institute (GGGI) is a treaty-based international, inter-governmental organization dedicated to supporting and promoting strong, inclusive and sustainable economic growth in developing countries and emerging economies. To learn more please visit about GGGI web page. 

GGGI in collaboration with the Ministry of Finance and Public Credit of the Government of Nicaragua is rolling out a 24-month technical assistance program to the Government of Nicaragua titled “Mobilizing Climate Finance and Private Investments for Low-Carbon Development in Nicaragua”. The program, funded by the Green Climate Fund (GCF) Readiness and Preparatory Support Program, aims to enhance the institutional capacity, strategic frameworks, and project pipeline of the Government of Nicaragua to increase the mobilization of national and international climate finance and private investments for the implementation if the nationally determined contribution (NDC) and low carbon development.

CONTEXT

Nicaragua’s Nationally Determined Contribution (NDC) was originally submitted to the United Nations Framework Convention on Climate Change (UNFCCC) in 2018 and updated in 2020. The development of the country’s NDC followed a highly participatory and consultative process, prioritizing engagement and validation with vulnerable groups, including native, afro-descendants and indigenous communities, women and youth. The resulting NDC is a highly ambitious plan inclusive of mitigation and adaptation measures. Nicaragua relies on concessional international climate finance from development partners to finance its development and climate change objectives. 

However, the achievement of Nicaragua’s NDC targets requires a substantial increase in the volume of public and private, national and international climate finance invested in the country. The significant investment and efforts required for Nicaragua to implement its development and climate change plans risks being hampered by the impact of the 2018 attempted coup, COVID-19 pandemic and hurricanes Eta and Iota, which hit the country, almost simultaneously, after a prolonged period of high debt-financed public infrastructure investments, weakening the country’s economic outlook, shifting priorities towards economic recovery, and reducing fiscal and policy space to pursue priority climate change initiatives. Although international climate finance offers some relief to the country´s growing debt to GDP ratio, the decreasing level of international aid and limited private sector participation in the country’s development agenda undermines the long-term sustainability of this fiscal approach. GGGI program aims to support the Government of Nicaragua’s climate finance efforts by delivering a set of complementary workstreams: 

• Workstream 1: Development of a climate finance roadmap  
• Workstream 2: Accessing the green bond market to raise affordable long-term finance earmarked to priority mitigation and adaptation projects.  
• Workstream 3: Development of Nicaragua’s debt for climate swap strategy to free fiscal space to pursue NDC priority programs and projects.  
• Workstream 4: Greening Nicaragua’s banking sector. 

Project Goal: The Government of Nicaragua has adequate strategic frameworks to access long-term international climate finance and promote private sector participation and investments in climate change mitigation and adaptation through enabling strategies and plans, innovative sustainable finance instruments, and increased sustainability of its banking sector.  

Goal Statement: IF the Government of Nicaragua builds its institutional capacity and enabling environment for climate finance then Nicaragua will be on track to meet its NDC targets BECAUSE the development of enabling climate finance frameworks, innovative sustainable finance instruments and sustainable banking practices will promote increased flow of international finance and private investments to NDC priority actions. 

The intervention’s primary beneficiaries include:  

1.The Ministry of Economy and Public Credit (MHCP) and Nicaragua Central Bank (BCN): the proposed Readiness grant will strengthen the capacity and systems of the MHCP and BCN to raise affordable long-term climate finance to meet Nicaragua’s NDC targets without compromising the government’s fiscal balance. MHCP and BCN will receive capacity building and technical assistance to design, structure and implement innovative climate finance instruments, including, green bonds and debt for climate swaps.  

2. The Superintendency of Banks and Other Financial Institutions (SIBOIF): the proposed Readiness grant will strengthen the capacity of the SIBOIF to develop, implement and enforce sustainable banking regulations and practices, in alignment with international sustainable banking standards and frameworks. Local financial institutions will benefit from enhanced capacity to screen and mitigate the environmental and social risk of transaction, improving their financial performance and the overall resilience of the domestic banking sector against climate change risks, while increasing the volume of credit disbursed to low-carbon, resilient projects, and vulnerable groups. 

3. Climate Change Secretariat of the Presidency of Nicaragua (SCCP): the proposed Readiness further the mission of the SCCP of implementing the National Climate Change Policy by strengthening the government’s institutional capacity and systems to access long-term concessional climate finance to implement the priority climate change mitigation and adaptation measures.

Based in Managua, the Senior Associate, Green Investment will coordinate the GGGI-led GCF Readiness program and lead the delivery of technical assistance to public and private financial sector actors to strengthen their capacity to design and structure sustainable and climate finance instruments. The Senior Associate is expected to support the implementation of the program’s sustainable finance workstreams, including the development of a National Climate Finance Roadmap and National Green Bond Strategy, and delivery of capacity building to public and private financial sector actors.

PURPOSE

Based in Managua, the Senior Associate will coordinate the GGGI-led GCF Readiness program and support the delivery of technical assistance to public and private financial sector actors to strengthen their capacity to design and structure sustainable and climate finance instruments.

The Senior Associate is expected to support in the development of the program’s sustainable finance workstreams, including the development of a National Climate Finance Roadmap and National Green Bond Strategy, and delivery of capacity building to public and private financial sector actors [AC1] Report to the Senior Sustainable Finance Officer(Project Manager)

ENGAGEMENT

• Support the Government of Nicaragua in development of GSS Bond Framework in alignment with ICMA’s GSS Bond Principles
• Support the financial advisory to the Government of Nicaragua to define the debt for climate swap the transaction conditions, amount to be converted, redemption rate, timeline of reimbursement, monitoring, and reporting arrangements.
• Engage and maintain strong relationships with the Ministry of Finance, local financial institutions, national development banks, international financial institutions, and international climate funds.
• Engage with focal points, accredited entities and executing entities of international climate funds, including the Green Climate Fund, Adaptation Fund and Global Environment Facility
• Support the Senior Officer with go to market engagement activities, including mapping, engagement, and negotiation with investors.
• Support investments projects cycle, including origination, evaluation, structuring, negotiating, and financial advisory until financial close of transactions.

DELIVERY

Under the leadership of the GGGI Sustainable Finance Senior Officer (Project Manager), the Senior Associate will:

• Support the development of investment plans for prioritized sectors providing actionable short-term recommendations for the implementation of the National Climate Finance Roadmap across prioritized sectors and projects.
• Support development of concept notes and funding proposals to raise finance from national and international, private, and public investors and finance providers.
• Develop deal documentation, including financial models, investment teasers, investor pitch decks and information memorandums.
• Prepare awareness raising material and presentation on the debt for climate swap mechanism and disseminating these among key government stakeholders via bilateral virtual meetings.
• Support sustainable banking efforts, including capacity building and technical assistance to local financial institutions to promote the adoption of environmental, social and governance standards.
• Support the development of the Nicaragua’s National Climate Finance Roadmap.
• Support the delivery of technical assistants to public and private finance sector actors for the design of thematic bonds (green, social and sustainability).
• Support the organization and delivery of capacity building and technical assistance to public and private financial sector actors to promote the adoption of environmental, social and governance standards and access international climate finance.
• Organize and deliver consultation and validation workshops to validate products and activities.

REQUIREMENTS

QUALIFICATIONS

• Bachelor’s degree in finance, economics, or other related fields. A master’s degree is preferred.
• At least 7 years of relevant professional experience in the local financial sector, preferably for financial institutions or development agencies.Pulic Sector Economy Ministery
• Sustainable finance experience is an asset.
• Experience and familiarity with sustainable banking initiatives and standards is an asset.
• Verbal and written fluency in English and Spanish
• Prior experience working with the Ministry of Finance or Nicaragua Central Bank is a strong asset.
• Must be a national of Nicaragua.

FUNCTIONAL

• Teamwork, and creative problem-solving abilities
• Ability to develop and maintain working relations with financial sector stakeholders.
• Committed to learning about the growing field of sustainable finance.
• Ability to multi-task and prioritize under stressful circumstances.
• Ability to interact and form relationships with high-level government officials and partners.
• Knowledge of and experience in adhering to internationally agreed environmental and social safeguards (ESS) and gender-sensitive design requirements.

CORPORATE

• Understand and actively support GGGI’s mission, vision, and values.
• Promote an organizational culture of trust, transparency, respect, and partnership.
• Process and share information easily.
• Manage emotions and stress positively, builds rapport and resolves conflict easily.
• Promote creativity and innovation among staff.
• Be able to lead where needed and provide solutions to project-level challenge.

WORKING CONDITIONS

The Senior Associate, Green Investment is a National Position at X7 grade level in GGGI’s national salary scale. GGGI provides 15% of base salary towards retirement plan/long-term savings, 27 days of annual leave, and private health insurance. GGGI is committed to providing a work environment that is sufficiently flexible to accommodate diverse life-cycle challenges and assist Staff members to achieve a better balance between work and personal/family commitments, thus ensuring high performance, long-term productivity, and well-being of Staff members.