Description

Do you want to build a career that is truly worthwhile? Working at the World Bank provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank consists of two entities – the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). It is a global development cooperative owned by 189 member countries. As the largest development bank in the world, the World Bank provides loans, guarantees, risk management products, and advisory services to middle-income and creditworthy low-income countries, and coordinates responses to regional and global challenges. For more information, please visit www.worldbank.org.

The Finance, Competitiveness and Investment (FCI) Global Practice combines expertise in the financial sector with expertise in private sector development to foster private sector led growth and help create markets in client countries.  FCI’s core lines of business are: (a) Financial Stability & Integrity; (b) Financial Inclusion, Infrastructure & Access; (c) Firm Capabilities & Innovation; (d) Long-Term Finance; (e) Climate & Risk Management; (f) Markets and Technology; and (g) Investment and Competition. For more information, please visit https://www.worldbank.org/en/about/unit/fci

Eastern and Southern Africa: Home to about half a billion of Africa’s people, Eastern and Southern Africa is a geographically, culturally and economically diverse region of 26 countries stretching from the Red Sea in the North to the Cape of Good Hope in the South. Children under 18 make up almost half of the total population. The subregion boasts of some of the world’s richest human and natural resources and, apart from South Africa, the countries are predominantly raw material exporters.

The World Bank’s Eastern and Southern Africa Region, comprised of approximately 1,300 staff, mostly based in 26 country offices, has been helping countries realize their considerable development potential by focusing on the following priorities: Creating Jobs and Transforming Economies, Building the Digital Economy, Institutions more Efficient and Accountable, Investing in People, Supporting Climate Change Mitigation and Adaption, addressing the Drivers of Fragility, Conflict, and Violence, Building Partnerships and Working across the African Continent. The World Bank is a dedicated partner for Eastern and Southern African countries, helping them deliver strong development outcomes for their people.

This position is based in Addis Ababa with a primary focus on Ethiopia. This position offers an opportunity to be an integral part of the Bank’s important engagement in Ethiopia and represent FCI in a key role in this engagement with significant professional exposure in an important IDA country.

Country Context:

The Ethiopian government has embarked on significant economic and financial reforms to tackle long-standing structural issues, including debt, inflation, unemployment, and low productivity. The Home-Grown Economic Reform Program (HGER), launched in 2019 has successfully addressed these challenges, resulting in significant economic growth, with an average GDP growth rate of 7.1% from 2019 to 2023. The recently approved second phase of the Homegrown Economic Reform Program (HGER 20) focuses on four main pillars: establishing a robust macroeconomic framework, enhancing investment and trade competitiveness, increasing productive capacity, and improving public sector efficiency. The overarching aim is to foster private sector-led growth and job creation while achieving high economic growth and maintaining low inflation.

The reform measures in Ethiopia are designed to address foreign exchange distortions, strengthen the financial sector, control inflation, and improve tax revenue, government investment efficiency, and debt sustainability. These efforts aim to create a modern, competitive economic system while enhancing the business environment. Significant development cooperation and negotiations have been undertaken to implement the Home-Grown Economic Reform program, aligning with national interests and improving citizens' livelihoods. Supported by the International Monetary Fund and the World Bank, the program focuses on correcting foreign exchange issues, modernizing monetary policy, increasing domestic income, and fostering a stable and inclusive financial sector. The initiative also emphasizes climate change adaptation and food sovereignty. By strengthening local institutions and engaging stakeholders, the reform program seeks to leverage new development finance opportunities and bolster private sector development, with the objective of delivering substantial economic benefits.

FCI has a deep and robust engagement in Ethiopia, covering both private and financial sector development aspects. The Bank has recently approved a large IPF operation in the amount of $700 million that anchors the financial sector dialogue and is designed to support the modernization and development of the Banking sector in Ethiopia. Moreover, the Bank has been providing technical assistance on a wide variety of areas ranging from financial stability, financial inclusion and the depth and diversification of the financial sector. The work program covers inter alia the following areas: risk-based supervision, Basle II/III implementation, deposit insurance, bank resolution, SME access to finance, payment and credit infrastructure, capital markets development, insurance supervision and market development FCI’s engagement in Ethiopia is cross cutting and there is strong collaboration across PG’s, including with Economic Policy, Agriculture, Environment, SPJ, Transport and Poverty GPs.

This is a local recruitment for a Financial Sector Specialist in Addis Ababa to be part of the Ethiopia FCI program and focus on supporting the financial sector lending and ASA program in the East Africa unit (EAEF1). The Financial Sector Specialist reports to the Regional Practice Manager (EAEF1) for Finance, Competitiveness and Investment and the chosen candidate will be expected to work independently and support lending, Analytical and Advisory Services (ASAs) and other technical assistance activities.

Job Duties and Responsibilities:

• Work closely and under the guidance of the Senior Financial Sector specialist based in Addis.
• Contribute to the policy dialogue on financial sector development, task manage and support the implementation of ongoing FCI lending projects, ASA’s with a focus on strong project performance and contribution to country outcomes.
• Working with the FCI staff, country economists and the CMU to ensure the integration of relevant finance, competitiveness, and innovation sector issues in country strategies, the CPF and work programs and overall country policy dialogue and engagement.
• Develop effective coordination mechanisms with our key counterparts in Ethiopia, including government (NBE and MoF, EIH, CMA), State Owned banks and the private banks.
• Contribute to the policy dialogue and ASA dissemination with the Practice Groups and the IFC and contribute on behalf of FCI to activities/projects led by other PG’s/units.
• Cultivate strategic relationships with country clients and the CMU and contribute to building the FCI engagement further in line with the CPF and country priorities.
• Working independently in the preparation of briefing material on country program/sector and project issues and follows up on portfolio issues.  
• Produce technical notes, briefings, presentations, etc. as requested by Management.
• Donor Collaboration: Support the partnership with the donor community and facilitate/participate in formal and informal meetings with key development partners, civil society and other stakeholders.

Selection Criteria

This position requires a Financial Sector Specialist with broad experience on financial stability, financial inclusion and financial sector deepening and a sound understanding of the Ethiopian context. The position also requires excellent client relationship experience. He/she will also have demonstrated experience delivering results on the ground with prior work experience with international organizations or donors. 

The following qualifications are required:

• Masters level or equivalent qualification with minimum 5 years of relevant professional experience in the areas of finance, business, management, economics or related discipline.
• The ideal candidate should have solid experience in financial stability and broad knowledge of other areas related to financial inclusion and financial deepening and the important contribution of the financial sector to SME development and growth. 
• Experience in designing and implementing lending operations and leading core analytical ASAs focused on financial sector development is desired.
• Familiarity with World Bank Group products, policies and procedures, as well as Trust Funds.
• Proven capacity to engage and influence policy discussions at the country level on financial sector development.
• Possess strong internal and external client engagement skills and ability to collaborate and work across boundaries.
• Ability to work collaboratively with IFC, development partners and across the Prosperity vertical on key analytical and lending operations.
• Work experience in Ethiopia and the broader Africa region would be an added advantage. 
• Excellent writing and presentation skills in English. 

WBG Culture Attributes:

1. Sense of urgency: Anticipate and quickly respond to the needs of internal and external stakeholders.
2. Thoughtful risk-taking: Challenge the status quo and push boundaries to achieve greater impact.
3. Empowerment and accountability: Empower yourself and others to act and hold each other accountable for results.

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.

Learn more about working at the World Bank and IFC, including our values and inspiring stories.