Organizational Setting
This Call for Interest is for a Temporary Professional Officer (TPO) position, which is a short-term contract. The appointment of a short-term staff member carries no expectation of continuous employment or conversion to any other type of appointment with IFAD.
The International Fund for Agricultural Development (IFAD) is an international financial institution, and a specialized United Nations agency dedicated to eradicating rural poverty and hunger. It does so by investing in rural people. IFAD finances programmes and projects that increase agricultural productivity and raise rural incomes, and advocates at the local, national and international level for policies that contribute to rural transformation. The International Fund for Agricultural Development (IFAD) is one of the largest sources of development financing for agriculture and rural development in many developing countries. IFAD acknowledges climate-related risks as some of the factors affecting rural poverty and among the challenges it needs to address. While climate change is a global phenomenon, its negative impacts are more severely felt by poor rural people in developing countries who rely heavily on the natural resource base for their livelihoods.
The Financial Operations Department (FOD) is a dynamic financial, strategic and responsive business partner and service provider fully supporting IFAD in developing its financial strategy and managing its financial, investments and material resources. FOD ensures that these resources are efficiently, economically and effectively used to achieve IFAD's objectives in the long-term and deliver on its development commitments. The Financial Operations Department is composed of the following three divisions: (a) Financial Controller's Division (FCD), (b) Procurement and Financial Management Division (FMD), (c) Treasury Services Division (TRE).
The IFAD Financial Controller's Division (FCD) is a specialized finance Division providing solutions to IFAD in the field, in headquarters and to its partners globally. FCD's Financial Reporting and Corporate Finance function ensures clean audit opinions per IFRS, reporting of borrowings, debt servicing, donor and statutory reporting to protect IFAD's credit rating. FCD's Disbursement function ensures approval of over $1 billion of resources annually. FCD's Financial Crime function protects IFAD and its data from sanctions, money laundering, terrorism financing, fraud and related risks. FCD supports development results through its Controllership function which improves the stewardship of resources globally.
FCD's Financial Reporting and Corporate Finance function ensures clean audit opinions per IFRS, donor and statutory reporting to protect IFAD's credit rating. It provides corporate financial services on supplementary funds, focuses on capacity building such as the IFAD-CIPFA corporate finance qualification programme. It is also the functional Secretariat to the IFAD Audit Committee.
The ARCAFIM Programme
The Africa Rural Climate Adaptation Finance Mechanism (ARCAFIM) is a regional initiative covering Kenya, Uganda, Tanzania and Rwanda, aiming to promote climate adaptation among smallholder farmers and Micro, Small and Medium-Sized Enterprises (MSMEs) through improved access to and use of green finance. The programme duration is 12 years and consists of a loan facility (line of credit) to Equity Bank (Kenya) Limited (EBK) combined with complementary Technical Assistance (TA) to: (i) EBK and its sister banks in Rwanda, Tanzania and Uganda; (ii) other Participating Financial Institutions (PFIs) consisting of microfinance institutions and Savings and Credit Cooperative Societies (SACCOs) taking wholesale funding from EBK or the Sister Banks; and (iii) borrowing MSMEs, cooperatives and smallholders.
Overseen by an IFAD coordination unit under the Private Sector Operations Division (PSD), ARCAFIM is financed with US$90 million to be provided to IFAD as returnable contributions and with US$20 million to be provided as a TA grant. This funding is comprised of: (i) US$45 million returnable contribution and US$10 million grant from the Green Climate Fund (GCF); (ii) US$30 million returnable contribution from the Ministry of Foreign Affairs of the Government of Finland (MFA); (iii) US$15 million returnable contribution from the Nordic Development Fund (NDF); (iv) US$5 million grant from the Government of Denmark (GoD); and (v) US$5 million grant from the IFAD-managed and EU-financed Investing in Livelihood Resilience and Soil Health in African, Caribbean and Pacific Countries (ILSA) programme.
The US$90 million loan funds from the GCF, MFA and NDF channelled through IFAD will be matched with US$90 million of EBK's own resources and will be partially on-lent to its sister banks in Uganda, Tanzania and Rwanda to be channelled as a line of credit for wholesale lending to PFIs and direct lending to MSMEs and smallholder producers to be used as green financing. Of the US$20m in grant funding, US$14.5 million will be channelled to EBK for the TA activities pursuant to the TA Grant Agreement, while US$5.5 million will be managed and used by IFAD for project coordination and the execution of part of the TA activities.
Key Functions and Results
The Financial Reporting Analyst supports the fiduciary administration of the Programme and works under the direct supervision of the Senior Finance Specialist, Supplementary Funds, (FCD) and in close collaboration with ARCAFIM Programme Coordinator and the Procurement and Financial Management Division (PFM). The position is located in the Financial Reporting Corporate Finance function. The incumbent works under direct supervision of the Senior Finance Specialist.
In this context, the Financial Reporting Analyst core duties/responsibilities will include the following:
Support with the design and implementation of the risk sharing mechanism tracking, reports, and corresponding accounting entries
Ensure that risk sharing transactions and accounting entries are adequately reflected in IFAD corporate systems such as PeopleSoft GL and Flex cube
Prepare on regular basis the risk sharing mechanism reports for distribution to donors and internal stakeholder
Review EBK's chart of accounts relevant to ARCAFIM and the financial reports generated by EBK to ensure full compliance with IFAD and donors' requirements
In close collaboration with PFM, support EBK to ensure that all financial reporting requirements are fully understood, and support EBK in the preparation of the semi-annual and annual financial reports to be submitted by IFAD to donors
Adjust (aggregate/disaggregate) semi-annual and annual financial reports to meet different donor requirements
Liaise with PFM and EBK for the timely production of the EBK unaudited and audited annual financial reports
Prepare sections of semi-annual financial reports on contribution received (for ARCAFIM and other Climate related projects), the investment income, interest and commitment fees, reflows, use of fees, IFAD direct costs, among others.
Prepare Request for Disbursements to donors as applicable
Prepare notices of payments for reflows to donors
Further develop and update the ARCAFIM Accounting Manual (internal -IFAD) and the ARCAFIM Operational Manual (for EBK)
Support with EC verifications, GCF checks, and enquiries coming from auditors and donors
Prepare ad-hoc reports for donors and IFAD stakeholders
Liaise with POB for proper monitoring and reporting of the management fee
Participate to Supervision Mission to EBK if required
Perform other duties relating to climate and environmental finance
Working Relationships
The work relationships of the incumbent involves both written and verbal communications to obtain and provide information regarding financial matters. Internal Fund contacts extend to supervisors and staff throughout the Fund to promote understanding of finance regulations, technical financial matters, and procedures pertaining to finance matters within the incumbent's area of assignment. This requires skill in building constructive, effective relationships. External contacts are predominantly with Borrowers/Recipients, donors and institutions and are for the purpose of exchanging information, data, and documentation.
Job Profile Requirements
Education:
Level - Advanced university degree from an accredited institution in a technical relevant area.
Areas - Business Administration, Finance, Banking and other relevant areas.
Degree must be an accredited institution listed on https://www.whed.net/home.php
Experience:
At least two (2) years' of progressively relevant sound international professional experience in private or public sector financial management in rural development programme (accounting, auditing, finance, economics, financial analysis, business administration and in project administration).
Perfect mastery of procedures in terms of fiduciary management, and specifically in terms of internal control and audit, procurement, request for withdrawal of funds and budget monitoring.
Proven experience in reviewing projects financial reports
Knowledge of the computer tools and software: Flexcube, Word/Excel/PowerPoint.
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Experience with an international financial institution, audit firm, NGO with global outreach or other relevant institution would be an asset.
Languages and other skills:
Required - English (4 - Excellent)
Other Information
This call is advertised as a short-term assignment with a duration of initially 11 months and expected to start shortly after selection. Should an external candidate (including consultants and staff members not meeting IFAD HR Implementing Procedures' definition of 'internal') be selected, the contract type would be that of a short-term professional (TPO). In the event an IFAD staff member, holding a Fixed Term contract be selected, the movement would be implemented as a Temporary Assignment through the applicable provisions. The temporary assignment is expected to start shortly after selection and applicants should verify and obtain their supervisors' support to be released in the event they are selected, noting that the temporary assignment with a duration of initially 11 months is expected to start shortly after selection.
Applicants should note that IFAD staff members are international civil servants subject to the authority of the President of IFAD. In accordance with IFAD's Human Resources Policy, the President can decide to assign them to any of the activities of the Fund. All International Professional staff members are required to be geographically mobile and positions in the professional category are subject to changes in location at any time in line with strategic priorities and reform initiatives in IFAD.
IFAD is an Equal Opportunity Employer and does not discriminate based on ethnic, social, or political background, colour, nationality, religion, age, gender, disability, marital status, family size, or sexual orientation. This is in line with our and our . Persons with disabilities are encouraged to apply. For more information, please refer to the UN disability-inclusive language guidelines.
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