Application close date

12/01/2026

Title

Senior Consultant - Special Funds Review

1. Project Background

The Asian Infrastructure Investment Bank (AIIB) has established and managed a range of Special Funds to provide grants and technical assistance supporting its operations. These include internally established Special Funds as well as arrangements through which AIIB accesses external partnership facilities. As AIIB's operations have expanded and its use of Special Funds has evolved, Special Funds have become an increasingly important instrument for project preparation, implementation support, capacity building, concessional financing and other forms of support. Recent experience has also highlighted broader strategic issues relating to the allocation and utilization of Special Fund resources, governance and approval arrangements, its ability to offer concessional financing instruments, and the appropriate structure of AIIB's Special Funds architecture. AIIB has therefore decided to undertake a comprehensive review of its Special Funds framework in 2027. The review will build on the original establishment documents of the Special Funds and earlier work undertaken by AIIB, including the comprehensive review of the Project Preparation Special Fund (PPSF). The comprehensive review is expected to take a forward-looking perspective and consider how AIIB's Special Funds should evolve to support the Bank's future business needs, scaling-up ambitions and institutional priorities, whilst taking into consideration of the wider donor environment.

2. Objectives of the Assignment

The objective of the assignment is to provide senior-level analytical and strategic support to AIIB in undertaking a comprehensive review of its Special Funds framework and developing recommendations for its future direction. The consultant is expected to: Assess the effectiveness and continued relevance of the existing Special Funds framework against AIIB’s Corporate Strategy and Scale-up ambitions; Identify structural, policy, governance and operational issues that may constrain its effectiveness including issues that may affect the Bank’s ability to raise funds; Benchmark AIIB’s approach against relevant MDBs and international financial institutions; Formulate strategic options for the future architecture and use of Special Funds, including options to strengthen their attractiveness to donors and support sustainable resource mobilization; and Support the preparation and consultation of recommendations with Management and the Board.

3. Scope of Services

A. Review of the Existing Special Funds Framework Conduct a comprehensive review of AIIB’s existing Special Funds, with particular focus on the Bank’s Internal Special Funds, that is the Project Preparation Special Fund, Special Fund Window for Less Developed Members, and Project Specific Window. The review should assess the: Objectives, relevance and utilization of the Special Funds; Alignment with AIIB’s Corporate Strategy and evolving business needs; Complementarity, overlaps and gaps across Special Funds and other sources of technical assistance and grants; Resource allocation and prioritization; Governance, policies and operational arrangements; and Attractiveness and alignment with donor/contributor evolving demands and priorities and monitoring, reporting and results. The review should identify both fund-specific and overall Special Fund Framework issues. The review will also consider AIIB’s External Special Funds—funds received from external partnership facilities—and how they complement the Internal Special Funds established by the Bank. This assessment will not include a detailed review of the individual external partnership facilities. B. Assessment of Effectiveness and Lessons Learned Assess the overall effectiveness of the Special Funds and identify lessons from implementation, including: Relevance and effectiveness in meeting operational needs; Efficiency and administrative burden; Utilization and flexibility in responding to demand; Relevance to potential donor interests and impact on fundraising efforts; Sustainability of funding arrangements; and Effectiveness of governance and oversight. C. MDB Benchmarking Undertake targeted benchmarking of relevant MDBs and international financial institutions to identify practices and lessons applicable to AIIB, including: Institutional architecture for special funds and equivalent or analogous mechanisms; Resource allocation and prioritization of technical assistance and grant resources; Governance and policy arrangements; Linkages between technical assistance /grants and investment operations; Approaches to earmarking and balancing contributor and institutional priorities; and Monitoring of results and portfolio performance. D. Future Strategic Options Based on the review and benchmarking, develop practical recommendations for the future direction and architecture of AIIB’s Special Funds. Recommendations should take into account AIIB's institutional arrangements, operational experience and strategic direction. E. Stakeholder Consultation Conduct consultations with relevant internal and external stakeholders, including, as appropriate, AIIB management, operational and corporate departments, the Board of Directors, contributors, development partners, experts and peer institutions. Prepare consultation materials, facilitate selected discussions, synthesize feedback and incorporate relevant findings into the review. F. Management and Board Engagement Present the analysis and recommendations in concise, decision-oriented materials for Management and Board consideration, including discussion papers, presentations, responses to comments, and final recommendations. Support senior-level discussions on the implications and trade-offs of the proposed options.

3. Scope of Services (Continued)

(No Value)

4. Consultancy Output / Deliverables

February 2027 : Review plan agreed with AIIB team including the proposed analytical framework and methodology, key questions to be addressed, proposed benchmarking framework, stakeholder consultation approach, etc. March 2027 : Board presentation on the review outline April – June 2027 : Stakeholder engagement and conduct the review based on the agreed outline July 2027 : Draft review report including preliminary recommendations and benchmark analysis August 2027 : Final review report and recommendations agreed with AIIB team and Senior Management September 2027 : Presentation of final review report to the Board October – December 2027 : Advice on follow-up changes as appropriate.

4. Consultancy Output / Deliverables (Continued)

(No Value)

5. Implementation Arrangement

Location: The assignment may largely be undertaken remotely, with regular meetings by videoconference. The consultant is expected to make [2] trips to AIIB headquarters in Beijing to participate in selected in-person meetings, workshops, and Management or Board engagements. Travel expenses will be added separately depending on the exact trip requirement. Coordination with AIIB Team The Consultant will work in close coordination with the core AIIB team comprising staff from OPR and the Operational Partnership Department (OPD). AIIB team will provide relevant data required for the review, such as fund establishment documents, existing policies, fund data, operational documents, and contributor information. AIIB team will coordinate and facilitate access to all AIIB-related stakeholders for consultation. The Consultant may leverage external expertise or peer institution contacts as relevant. Preliminary findings and reports prepared by the Consultant will be reviewed by AIIB team for accuracy and strategic / operational relevance.

5. Implementation Arrangement (Continued)

(No Value)

6. Support to the Consultant by the Bank

N/A

7. Knowledge Transfer and Training

The Consultant will work closely with the core AIIB team throughout the assignment. The work should be conducted collaboratively so that the analysis, methodology and institutional knowledge developed through the review are transferred to Bank staff. The consultant may also be requested to conduct internal workshops or knowledge-sharing sessions.

Qualification Requirement

The Senior Consultant should have: An advanced university degree in economics, finance, public policy, policial science, international development or other relevant discipline;At least 20 years of relevant professional experience, preferably including substantial experience in a multilateral development bank or international financial institution; Senior-level experience with trust funds, special funds, concessional finance, technical assistance or development finance instruments; Strong understanding of MDB governance, operational policies and institutional decision-making; Demonstrated experience undertaking institutional, policy or strategic reviews; Knowledge of donor-funded facilities, fundraising and resource allocation arrangements; Demonstrated ability to benchmark institutional models and translate findings into practical recommendations; Experience engaging with senior Management, Boards and other senior stakeholders; Excellent analytical and drafting skills in English; and Ability to work independently while collaborating effectively with a multidisciplinary Bank team.

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