Jobs at at African Development Bank

Under the supervision and guidance of the Division Manager Macroeconomic Policy, Debt Sustainability and forecasting, the Principal/Chief Research Economist will:

• Develop and lead research programs and projects focusing on macroeconomic issues of particular relevance to the Bank’s RMCs and its High 5 agenda. This involves:
• Initiate, oversee and contribute to research projects focusing on macroeconomics issues using established and proven quantitative techniques/methods.
• Lead the preparation of Flagship publications and knowledge products such as the African Economic Outlook; African Development Report; books, reports, etc.
• Lead the design and construction of a suite of structural macro-econometric models; Dynamic Stochastic General Equilibrium, Global Vector Autoregressive Analysis and other simpler Autoregressive Integrated Moving Average models.
• Provide senior management and regional member countries with comparative research analysis, socio-economic data and macroeconomic projections of the most widely used socio-economic parameters relating to Africa’s economies and Bank Group operations.
• Deliver inputs in collaborative research and knowledge management activities carried out jointly with regional and international organizations, research and capacity building institutions in Africa, development research centers and universities.

2. Provide technical and analytical inputs into the work of Operations Complexes. This involves:

• Provide support and input to regional, investment and technical assistance project teams on macro-economic issues related to country/regional context, macroeconomic trends, country, region or sector -specific analysis. This entails among others Providing input into Country Strategy Papers and budget support operations;
• Carry out simulations and forecasts based on the models developed and lead in the disseminating results and provide advice to the Bank’s senior management and regional member countries to strengthen policy dialogue.
• Represent the Division in country teams and interdepartmental working groups within the Bank; review operations documents.

3. Participate in the Bank’s dissemination efforts of its analytical and research products with the view to help build capacity of RMCs and position the Bank’s as a though leader.

• Support the dissemination of knowledge products such as African Economic Outlook; African Development Report; books, reports, etc.
• Organize internal Research Seminars and/or International Conferences such as the African Economic Conference on Development Policy Issues.
• Contribute to the training and capacity development activities in the Bank and in regional member countries.
• Publish research output in the Bank’s working paper series and reputable peer reviewed journals.
•  Organize and contribute to international and regional conferences, seminars and workshops.

4. Act as a mentor for junior staff and support management

• Write briefs for Senior Management on economic development issues  and review  policy documents.
• Prepare funding request proposals to mobilize research funds from other organizations and agencies.
• Assist in the management of the division’s HR and financial affairs and mentor more junior staff

Selection Criteria

• Hold a minimum of a Master’s degree in Economics, Economic modelling, Macroeconomics; Econometrics, Development Macroeconomics; Applied Statistics, or any relevant field. A PhD in economics is a strong advantage.
• Have a minimum of seven (7) years ((for PL3 position) and a minimum of six (6) years (for PL4 position) of professional experience in development policy research and analysis with focus on Africa or low-income countries.
• Working experience in macroeconomic modelling and macroeconomic research is a strong advantage.
• Strong publications record in reputable peer review journals.
• Having experience in international financial institutions, or private sector experience will be an added advantage.
• Extensive practical knowledge of advanced econometric methods and ability to handle, process and analyze large time series datasets using packages such as Matlab, R, Stata, and Eviews.
• Ability to lead the identification of appropriate methods and techniques to conduct cutting edge empirical research and present the results.
• Capacity to come up with innovative research ideas and techniques to improve research outcomes.
• Willingness to learn and take advice from the supervisor and peers.
• Capacity to work independently and meet tight deadlines.
• Communicate and write effectively in French or English, with a good working knowledge of the other language.
• Competence in the use of standard software: Word, Excel, PowerPoint, etc.

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Duties and responsibilities

Under the supervision and guidance of the Head of Unit (SNOU), the Chief Investment Officer will undertake the following:

• Monitor the financial and operational performance of impaired investments and effect execution and implementation of agreed workout strategies to ensure optimal recoveries whilst seeking to minimize any write-offs;
• Prepare regular reports and back-to-office reports as required on all investment resolution activities;
• Identify lessons learned to disseminate SNOU’s workout and recovery experience to other investment departments within the Bank to assist Portfolio Management to identify warning signs in projects at an earlier stage;
• Preparation of financial forecasts and perform and review cash flow analysis to determine the debt carrying capacity of project companies and the return potential for equity investments, participate in due diligence of companies and determine, document and present options for approaching investment resolutions (e.g. trade sale, restructuring, refinancing, turnaround, workout, enforcement and insolvency processes, debt for equity swaps or any other rescue approaches);
• Lead internal multi-disciplinary teams when conducting business reviews to understand the issues facing companies and offering practical solutions; interact with accountants, legal, financial and sectoral consultants; interact with senior management of investee companies; liaise with other co-investors and DFIs and construct and review complex financial and valuation models with sensitivities as required;
• Prepare detailed action plans and different resolution options for each non-performing or impaired investee company for the SNOU Head and other team members to present to the internal Credit Risk Committee and Management Committees including recommended strategies to resolve and optimize problem investments whilst understanding the need to protect the over-arching developmental mandate of the Bank and to minimize any reputational fall-out.
• To work on any specific ad-hoc project that is request for the Chief Investment Officer to be engaged in to add value to the Bank.

Selection Criteria

• A Master’s degree or equivalent in Economics, Business Administration, Finance or related discipline.
• Professional qualifications in Accounting, Legal or Banking are a strong advantage.
• A minimum of seven (7) years of relevant progressive experience.
• Demonstrable and extensive track record and professional experience of working either in a workout or recovery team for a bank or financial institution or having worked for a major accounting or consulting firm advising clients on workouts, restructurings, non-performing investments or loan portfolios.
• Ability to quickly understand the underlying issues and inherent risks of specific project investments under review and advising on the most appropriate course of action and the associated consequences, risks and costs of each action proposed;
• Diverse experience both geographically and sectorally, of investing and divesting across different types and sizes of businesses and projects. International investment and recovery experience is a must. Understanding cultural sensitivities is also key to this role;
• Ability to assess the effectiveness and efficiency of incumbent management teams, making recommendation on how to change or improve teams in investee companies;
• Knowledge and experience in valuation of listed and unlisted equities and ability to assess proposed exit strategies for problem projects. Experience with Private Equity Funds, adding value to investments and/or Project Finance would be an advantage;
• Strong analytical and modelling abilities and ability to lead transactions from inception to completion would be an advantage;
• Sound business judgment, with creative problem-solving skills and ability to think laterally in order to solve complex business and financial problems. Ability to build effective client and other relationships (both internally and externally);
• Advanced corporate negotiating and influencing skills in workout, restructuring and investment environments.
• Excellent written and verbal communications in English or French, with a working knowledge of the other language.
• Competence in the use of Bank standard software (Word, Excel, Access, PowerPoint). Ability to provide strategic advice to the Bank on emerging financial and development issues, as well as corporate issues.