Director & Treasurer, FITR

THE BANK:

Established in 1964, the African Development Bank is the premier pan-African development institution, promoting economic growth and social progress across the continent. There are 81 member states, including 54 in Africa (Regional Member Countries).  The Bank’s development agenda is delivering financial and technical support for transformative projects that will significantly reduce poverty through inclusive and sustainable economic growth. In order to sharply focus the objectives of the Ten-Year Strategy (2013 – 2022) and ensure greater developmental impact, five major areas (High 5s), have been identified for scaling up, namely; to Light up and Power Africa, to Feed Africa, to Industrialize Africa, to Integrate Africa and to improve the Quality of Life for the People of Africa. This position is part of the Management team that will lead the successful implementation of this vision.

THE COMPLEX:

The Vice Presidency for Finance oversees the financial management of the Bank Group. This encompasses the Bank Group’s treasury activities including borrowings from the capital markets and investment activities; controllership functions including financial reporting and loan administration; strategic resource mobilization and the strengthening of the non-statutory financial resources and instruments; the overall asset/liability management for the Bank Group.

THE HIRING DEPARTMENT:

The Treasury Department (FITR) is responsible for the Bank Group’s treasury activities, including non-statutory resource mobilization, implementation of treasury assets and liabilities management activities, investment portfolio management and settlement as well as payment administration.

THE POSITION:

The Treasurer of the African Development Bank Group oversees the following critical functions: mobilizing resources from capital markets for the Bank’s activities; developing investment strategies and managing the liquidity of the Bank Group; managing the banking relationships and effect payments authorized; and developing new financial products and provide related services in support of the Bank Group’s operational activities. In addition, the Treasurer is expected to provide strategic direction, motivational leadership and operational oversight for the function and actively contribute to or provide leadership on several important Bank Group initiatives. 

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KEY FUNCTIONS:

Under the general supervision of the Vice President, the duties and responsibilities include the following:

1. Provide strategic leadership, guidance and vision to drive and realize the departments short, medium and long-term activities. This includes ensuring the smooth functioning of the department  and coordination of the department’s strategy, business plan, KPIs and milestones while ensuring the effective consolidation and alignment of the divisional activities as part of the department’s work program.
2. Ensure the effective management of the Banks borrowing programme to raise resources in a cost-effective manner by ensuring that the cost of funding is commensurate with the Banks AAA rating, cost of carry is mitigated, implement an effective investor outreach strategy and that the Banks financial policies and asset management guidelines are followed.
3. Promote the diversification of the Banks funding profile by deepening and widening its investor base, developing access to markets and ensuring that capital markets across the globe are effectively monitored and opportunities identified and seized.
4. Develop new and innovative financing instruments particularly for green and socially responsible bonds as well as work with other areas of the Bank to enhance local currency financing and support the development of African domestic capital markets.
5. Enhance the visibility and positioning of the Bank by participating in relevant capital markets discussions with global investors, the financial media and rating agencies. This includes showcasing the Banks operational and financial performance through the delivery of the annual financial presentation to key stakeholders as well as periodic investor presentations.
6. Oversee the management of the Bank Groups Liquidity and asset and liability management activities by providing guidance in the formulation, determination and implementation of investment strategies and optimum asset allocation and that portfolios are also managed within the Banks guidelines and risk parameters.
7. Develop risk monitoring process to ensure compliance with investment guidelines.
8. Advise senior management in shareholder discussions related to capital increases, African Development Fund (ADF) replenishments and compensation schemes as well as subscriptions and voting rights. This includes providing decision support by providing analysis, periodic reporting, explanations and other insights.
9. Implement an effective cash planning strategy ensuring availability of funds for payment and minimizing idle funds, maintain ongoing dialogue with other departments of the Bank in order to improve payment and accounting procedures.
10. Ensure the timely and successful settlement of Bank group operations and mitigating settlement failures.
11. Oversee the selection and management of correspondent banks and custodians ensuring that the Bank Group obtains a quality service as reasonable
12. Ensure that there is business continuity by ensuring all activities have appropriate backup and contingency plans in place, managing succession planning for the department and ensuring all documentation is appropriately backed up both physically and electronically.
13. Ensure that operational risks are mitigated, and relevant internal controls are in place through appropriate procedure manuals while also ensuring compliance with relevant guidelines and recommendations for both internal and external audit practices.
14. Identify risks due to exposure to foreign exchange rate fluctuations, profit rates, liquidity and other counterparts and taking diligent steps to reduce or neutralize these risks.
15. Review and implement all policies that pertain to borrowing and investment activities, and foreign exchange and interest risk management. Makes appropriate policy recommendation to the Asset-Liability Management Committee of the Bank (ALCO).
16. Ensure protection of capital and maximizing returns from all treasury activities within specified ALCO limits, risk parameters and local regulation. Managing cost of funds to maximize profitability.
17. Manage staff performance in line with Bank Guidelines, ensuring objectives are set and agreed upon with staff and that feedback on performance is given throughout the year including mid-year and annual review of performance in accordance with the Banks calendar and staff regulations.
18. Ensure the optimal performance of staff by providing coaching, a clear understanding of expectations, encouraging knowledge sharing and supportive training programmes.
19. Participate in the annual review meetings with the rating agencies.
20. In coordination with the IT team, lead identifying ways to enhance existing products and services by adding a layer of digitization and automation in order to improve performance, streamline work and improve productivity.
21. Maintain appropriate contacts with the financial community (investment banks, central banks, local regulators and investors), countries (including shareholders), rating agencies, external auditors, and other multilateral development banks (MDBs) and borrowers.
22. Develop the department’s budget and ensure divisional budgets are set in accordance with approved budgeting policies and processes.
23. Lead and direct the management of change through continuous improvement of departmental systems, processes and practices considering ‘international best practice’, changes in international standards and changes in the business environment which demand proactive action.
24. Evaluate, monitor and forecast the impact of Treasury policies on the Bank Groups liquidity position and recommend appropriate actions to Management.
25. All other related tasks as requested including representing the Vice President Finance when required.

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COMPETENCIES (skills, experience and knowledge):

1. A minimum of a Master’s degree in Economics, Finance and/or Business Administration or related quantitative disciplines.
2. A minimum of ten (10) years of professional experience in international capital markets and fixed income products with at least 5 years at managerial level/leading a team, and knowledge of financial working of MDBs will be an advantage.
3. Ability to produce well-structured, actionable business documents and reports in English and/or French
4. Excellent communication and presentation skills in French and/or English, with working knowledge of the other language. English language skills should allow candidate to effectively interact with international investors.
5. Excellent knowledge and understanding of financial instruments, particularly bonds, derivatives, structured products, and risk management concepts.
6. Strong awareness of the evolving regulatory environment
7. Excellent interpersonal skills and ability to work effectively with diverse individuals.
8. Demonstrated ability to cope with multiple demands and competing priorities under pressure
9. Team player with ability to lead people with complementary skills to ensure success.
10. Command of standard computer software applications (such as Word, Excel, PowerPoint), SAP and Bloomberg/Reuters.
11. Knowledge of Summit/Numerix would be an advantage.

 

THIS POSITION IS CLASSIFIED INTERNATIONAL STATUS AND ATTRACTS INTERNATIONAL TERMS AND CONDITIONS OF EMPLOYMENT.