NICARAGUA: TECHNICAL ASSISTANCE – GOVERNMENT OF NICARAGUA GSS BOND FRAMEWORK

INTRODUCTION TO GGGI

The Global Green Growth Institute (GGGI) is a treaty-based international, inter-governmental organization dedicated to supporting and promoting strong, inclusive and sustainable economic growth in developing countries and emerging economies. To learn more please visit about GGGI web page. 

• Project: NI01-E1 (100%)
• Duty Station: Managua, Nicaragua, with a flexible arrangement (working from home + attending in person to the office when required)
• Contract Duration: 4 months (01 July– 31 Oct 2024)
• Number of Workdays Estimated (internal purpose only): 40 days
• Consultant Level: Level 4
• Total Fees: up to USD 15,000.00

GGGI has a diverse portfolio of programs in developing countries around the world. These in-country programs, together with global products and services, focus on delivering results through an integrated approach of evidence-based green growth planning and implementation aligned to “countries” development priorities. The organization also focuses on knowledge development and management activities, which build a solid theoretical and empirical basis for green growth, while providing concrete options and guidance for policymakers, as well as creating the conditions for public and private green infrastructure investments.

Nicaragua’s National Determined Contribution (NDC) was originally submitted to the United Nations Framework Convention on Climate Change (UNFCCC) in 2018 and updated in 2020. The development of the country’s NDC followed a highly participatory and consultative process with vulnerable groups, including native, Afro-descendant, and Indigenous communities, women and youth. The resulting NDC is a very ambitious plan that includes climate change mitigation and adaptation measures.

The Green Climate Fund (GCF) is the financial mechanism created within the framework of this Convention (UNFCCC) and seeks to support countries in complying with their National Contributions (NDC) and, in this way, contribute to the final objective of keeping the increase in global average temperature below 2°C above pre-industrial levels, recognizing that this would significantly reduce the risks and effects of climate change.

The Global Green Growth Institute (GGGI), in collaboration with the Secretariat of Climate Change, the Ministry of the Environment and Natural Resources and the Ministry of Finance and Public Credit, is implementing a 24-month technical assistance program for the Government of Nicaragua entitled “Mobilization of climate finance and private investments for low carbon development in Nicaragua”. The program, funded by the Green Climate Fund (GCF) Preparatory and Readiness Support Program, aims to improve the institutional capacity, strategic frameworks, and project portfolio of the Government of Nicaragua to increase the mobilization of national and international climate finance and private investments for the implementation of national determined contribution (NDC) and low-carbon development.

Developing the Government of Nicaragua GSS Bond Framework in alignment with ICMA’s GSS Bond Principles, defining the GSS bond, use of proceeds, process for projects identification and selection, management of proceeds, and monitoring and reporting processes.

1. Prepare the GSS Bond Framework for the Government of Nicaragua based on the International Capital Markets Association (ICMA) and applicable standards and principles for thematic bonds and obtain internal approvals according to the Ministry’s procedures.

2. Support in developing and delivering capacity-building workshops to primary beneficiaries focused on increasing awareness of thematic bonds and strengthening local knowledge of the sustainable finance market.

3. Coordinate the Second Party Opinion process of the GSS Bond Framework, including providing support in the selection process to ensure compliance with local regulations and acting as the focal point during the review process to provide timely responses and feedback.

4. Prepare the Government of Nicaragua for post-issuance reporting and the independent review process through capacity building for use of proceeds and impact reporting, and development of a reporting template and structure with respective guidelines.

5. Supporting to Government of Nicaragua to mapping potential investors to explore the cost- benefit of a private placement of GSS bonds

During the first week of appointment, the consultant will be expected to present a work plan for the implementation of these deliverables for review and approval of the GGGI team in Nicaragua.

Payment	Deliverables	Target Completion	Amount (% over total fee)
1	Detailed workplan	12-Jul	10%
2	Workshop completed aimed to primary beneficiaries focused on thematic bonds, sustainable finance market, use of proceeds and impact reporting, post-issuance reporting, development of a reporting template and structure with respective guidelines.	14-Aug	20%
3	Completed the Second Party Opinion process, this deliverable include support in the selection process of the SPO to ensure compliance with local regulations and acting as a focal point during the review process.	06-Sep	20%
4	Report on GSS Bond Framework for the Government of Nicaragua based on the International Capital Markets Association (ICMA) and the applicable standards and principles for thematic bonds and obtain internal approvals in accordance with the procedures of the Ministry of Finance.	20-Sep	30%
5	Report mapping potential capital markets investors so that the Nicaraguan government can explore the cost-benefit of a private placement of GSS bonds.	27-Sep	20%

REPORTING ARRANGEMENTS

The Consultant will be supervised by the Nicaragua’s GGGI Project Manager who will be assisted by GGGI’s technical staff. The consultant’s work progress will be monitored primarily through periodic review meetings.  These review meetings will tackle subjects such as the overview of the contractual objectives, the development of activities, detailed information milestones, actual achievements made against the timeline initially set, and any other relevant progress details.

Deliverable 1 – 5 must be written in English and Spanish, in accordance with GGGI’s formatting requirements, and submitted with proof of editable file back-up (e.g., .docx, .pptx) in the GGGI SharePoint system. Where relevant, the Consultant shall also provide sets of raw data, research materials, and meeting notes related to the contractual objectives.

The total fees specified in these TOR include other related expenses e.g. travel, accommodation, food, among others.

The Global Green Growth Institute (“GGGI”) is committed to transparency, accountability, and openness in the organization. In case of any doubt, please refer to our Whistleblower policy in the link:

http://gggi.org/site/assets/uploads/2017/11/Whistleblower-Policy_02072015.pdf

 The consultant should demonstrate the credentials described below.

• Must be a Nicaraguan citizen or foreigner who can reside and work in Nicaragua with a valid work permit.

• Master’s degree in financial or similar, economics, banking and finance, specialization studies in climate finance, sustainability applied to business, companies, banks, national financial institutions, development banking. Experience in capital markets, financial models and fiscal policies.

• Relevant and demonstrable general work experience of 8 years, in the financial sector or development banking, desirable experience in formulation, design and implementation of projects in the public and private financial sector, financial innovation projects, climate finance.

• Experience in public financial institutions, multilateral banks, fiscal policy management, public spending, capital markets, Design of innovative financial products, Climate finance, Financial Models, Investment Prospecting

• Preferably, at least two years of consulting experience in international financial organizations, multilateral banking.

• Experience in climate finance, two to three years, preferably with GCF funds or similar organizations.

• Experience in Climate Change and sustainable development issues.

• Preferably, proven track record of involvement in the development, issuance, or management of green, social, and sustainability (GSS) bonds, or similar financial instruments, structuring or advising on debt-for-climate swap arrangements, including negotiation with creditors and stakeholders.

• Language required, Spanish and English, excellent writing skills and clear transmission of ideas.

GGGI, as an institution, abides by its project-level Sustainability and Safeguards Rules (SSR) for all projects aligned with international standards for Environmental and Social Safeguards. The SSR is aligned with commonly recognized international standards for Environmental and Social Safeguards (ESS), i.e., the WB Performance Standard, which ensures project level safeguarding of communities and people impacted by GGGI activities. GGGI has integrated project level Environmental and Social Safeguards into its Project Cycle Management (PCM) with mandatory Preliminary Gender and Social Assessments and ESS Screening of all projects to identify and manage risks.

GGGI’s Child Protection Rules and GGGI Rules on Sexual Exploitation ensure safeguarding of children impacted by GGGI activities or in contact with GGGI contracted personnel, with GGGI taking a zero-tolerance approach to child exploitation. GGGI is committed to child protection, irrespective of whether any specific area of work involves direct contact with children. GGGI’s Child Protection Policy is written in accordance with the Convention on the Rights of the Child. All procedures mentioned above are accompanied by guidelines and capacity building efforts. GGGI also provides a work environment that reflects the values of gender equality, teamwork, embracing diversity in all its forms, integrity, and a healthy balance of work and life. We are committed to maintaining our balanced gender distribution and therefore encourage women to apply. GGGI promotes equal opportunities for all, including persons with disabilities.

All GGGI’s policies are available for open consultation under the following link: https://gggi.org/policy-documents/  

GGGI is committed to applying transparency and accountability in its decisions and actions and practicing integrity in all operations. GGGI’s anti-corruption policy establishes zero tolerance for corruption and fraudulent, coercive, and collusive practices in GGGI’s operations. The whistleblowing policy is available at the following link https://gggi.org/site/assets/uploads/2017/11/Whistleblower-Policy_02072015.pdf

In addition, all GGGI’s policies are available for open consultation under the following link: https://gggi.org/policy-documents/

Child protection – GGGI is committed to child protection, irrespective of whether any specific area of work involves direct contact with children. GGGI’s Child Protection Policy is written in accordance with the Convention on the Rights of the Child.