(Senior) Economist

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities. Our mission is to leverage the power of the private sector to end extreme poverty and boost shared prosperity on a livable planet. 

The Development Impact Measurement Department (CDI) is part of the Economics & Private Sector Development Vice Presidency (CED). It offers an “end-to-end” support and impact assessments for IFC investments and advisory services, engaging upstream and downstream throughout the project cycle. It is comprised of mainly sector economists and results measurement specialists assigned currently to fully integrated units organized along IFC industry groupings including CDI unit for Financial Institutions Group (CDIFI); CDI unit for Infrastructure and Natural Resources (CDIIN); CDI unit for Manufacturing, Agribusiness, and Services (CDIMA); and CDI unit for Funds and Disruptive Technology (CDIDF) as well as the central unit for Development Impact Reporting (CDIIR). CDI is responsible for developing methodologies and assessing the development impact of IFC investments. This includes implementing the ex-ante development impact framework (the Anticipated Impact Measurement and Monitoring system or AIMM); measuring development impact during the investment project life cycle; conducting ex-post empirical evaluations; and collaborating with and convening the global impact investing community.   

The Financial Institution Group team (CDIFI) in CDI is in charge of implementing CDI mandates and deliverables described above in relation to products including investment and advisory support for microfinance, insurance, loans to small and medium enterprises and women-owned businesses, and low- and medium-income mortgages. This includes fully developing and implementing the ex-ante project assessment framework for investment and advisory projects throughout the project cycle, monitoring and evaluating impact of both investments and advisory projects, help ensure high-quality economic support for IFC FIG teams on strategies and projects, and develop sector economic analyses with a focus on solutions for private sector development.  These activities will support operations done by FIG teams to deliver investments that support growing enterprises across emerging markets. Financial sector operations comprise a significant portion (over 40%) of IFC’s investment operations and make important contributions to financial sector development in client countries. These operations span commercial banking, including specialized product areas such as SME banking; insurance, microfinance, housing finance, trade finance, distressed assets, and capital markets development.  

The Department is looking for an Economist to join the team. The Economist will provide, on an ongoing basis, expert advice and operational support to operational teams and management to assess the impact of financial sector development while ensuring consistent application of standard impact measurement and monitoring frameworks, help generate relevant lessons learned and support staff incorporate such lessons into project design, and contribute to evaluative work beyond the project lifecycle. S/he will work in close collaboration with the Investment and Advisory Staff of the Financial Institutions Group (FIG), responsible for designing and structuring IFC’s financial sector operations, under the supervision of the CDIFI Manager. 

Role & Responsibilities

Duties of the Economist include:

• Lead the implementation of relevant frameworks for assessing the development impact of investment projects throughout the project cycle under IFC’s Anticipated Impact Measurement and Monitoring framework (AIMM). This includes supporting colleagues in execution of projects in relevant regions/sub-sectors, providing quality control as needed on team deliverables, and supporting portfolio AIMM monitoring for investment projects.
• Work with IFC’s Investment and Advisory Officers to collect and analyze project data, apply the appropriate frameworks based on data and research, create narratives that support the articulation of project impacts, and rate projects.
• Work in close collaboration with the FIG teams on Board submissions to ensure well-articulated and well-justified analysis of developmental impact outcomes of FIG’s engagements in private sector development citing documented evidence from academic research to support recommended interventions.
• Work with Investment and Advisory teams on the FIG portfolio to ensure consistent understanding and application of standard impact measurement and monitoring frameworks and methods throughout the project lifecycle.
• Lead and contribute to the development and updates of relevant frameworks used for assessing development impact of IFC investment project in key sub-sectors in FIG, grounded in a deep understanding of these areas and their economic underpinnings, and provide guidance to economists using these frameworks on an ongoing basis.
• Provide expert advice and support to operational teams and managers based on rigorous financial sector analysis of key trends, and risks during the project life cycle.
• Initiate, design, and lead strong impact evaluation studies and other analytical work based on rigorous applied economics in collaboration with FIG investment and advisory teams, WBG colleagues and external partners/clients to inform sector strategies and operational decisions. In sub-sectors of focus, provide thought leadership and guidance to team members to ensure that the analytical/evaluation program is relevant, rigorous, and meets operations needs and interests.
• Liaise with partners from across the World Bank Group and at country level to ensure that support to the regional industry group is well-coordinated and timely.
• Lead or provide peer review comments as relevant for the preparation of briefs, reports, and presentations to various stakeholders including FIG management, senior management, and the Board, as well as external stakeholders, on issues in financial sector development.

Selection Criteria

• A master’s degree in economics/finance/public policy or other relevant graduate degree. PhD in economics/finance is a plus.
• At least 8-10 years of experience demonstrating rigorous analytical skills in economics and private sector development work, with particular focus and expertise on financial sector issues.
• Previous experience in analyzing financial markets and evaluating the economic and development impact of projects in areas such as SME banking, housing finance, microfinance, digital financial services, climate finance, women in banking.
• Excellent understanding of investment and advisory projects. An understanding of IFC’s project cycle is a plus.
• Strong analytical and quantitative skills required. Proven capability to handle complex assignments and produce work to a high professional standard, often under pressure, and to handle sensitive discussions skillfully.
• Excellent written and verbal communication skills in English and ability to communicate effectively with different stakeholders at different levels and to train colleagues on complex concepts, and ability to work effectively within a diverse team, articulate ideas clearly and confidently, and recommend appropriate solutions.

Source: https://worldbankgroup.csod.com/ats/careersite/JobDetails.aspx?id=28172&site=1