Resident Representative International Finance Corporation Honiara, Solomon Islands

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets.  In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities — all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org. 


IFC is expanding its investment and advisory operations in the Pacific – covering Papua New Guinea, Timor-Leste, and the Pacific Islands. IFC Advisory Services is structured into four business lines – Access to Finance, Investment Climate, Sustainable Business Advisory and Public-Private Partnerships.  IFC Investment Services is structured as three industry clusters – Financial Markets, Infrastructure & Natural Resources, and Manufacturing, Agribusiness & Services.  Managers for each cluster and business line are located in East Asia & Pacific.
IFC is seeking to recruit a Resident Representative for the Solomon Island to continue supporting the expansion of our activities in the country.  


This position will focus on supporting IFC’s current advisory and investment work in the Solomon Islands, as well as identify new opportunities for IFC engagement.  Though IFC’s current investment portfolio in the Pacific Islands is relatively small, we are committed to its growth, and this will mean a commensurate increase in opportunities to build our profile in the Pacific. 


The person appointed to the position will be responsible for coordinating all aspects of IFC’s engagement in the Solomon Islands, including liasing with relevant government institutions and officials, donor partners, and current and prospective clients.  The role also includes supervising and mentoring of local staff, managing office logistics, HR and financial oversight, in addition to maintaining a close working relationship with the respective Project Leaders (PLs), Regional Business Line Managers, Industry Cluster Managers as well as with the World Bank and Donor teams. He/She will have a dual reporting line to the Country Manager, Pacific Islands and the Regional Business Line Manager, Investment Climate (IC), EAP region. 


The position is an international 2 to 3-year term appointment based in Honiara, with possible renewable extension subject to ongoing business need and satisfactory performance.


COUNTRY CONTEXT

Solomon Islands consist of close to 1000 islands, of which about 90 are inhabited.  The economy is based on agriculture and natural resources.  Eighty five percent of the population lives in rural areas, often in remote geographical locations away from the main urban centers.  In late 1998 the country was plunged into civil strife associated with ethnic tensions.  By mid-2003 the administration was in a state of near-collapse, and the economy had lost 24% of GDP.

In July 2003 the Regional Assistance Mission to Solomon Islands (RAMSI), under the auspices of the Pacific Islands Forum, was deployed at the invitation of the Solomon Islands Government.  Staffed and funded predominantly by Australia, RAMSI provides a police presence to help maintain order and rebuild the Royal Solomon Islands Police, TA to support capacity building in core state functions, notably finance, and support for the justice system to underpin peace-building and reconciliation. 

Since 2003, Solomon Islands has enjoyed a relatively successful post-conflict period, including improved growth, and the restoration of service delivery and rule of law.  However the country remains vulnerable to conflict, MDGs are off track in several areas, and Solomon Islands is one of the poorest countries in the Pacific. Growth is predicted to remain low; this low growth, combined with continued dependency on the international security presence and unresolved tensions, could exacerbate the country’s vulnerability to renewed conflict.

Improved fiscal discipline, policy reform, and macro-economic stability will be central to renewed growth and stemming vulnerability to conflict.  Increased political stability will also be important to maintaining the current path of reform and fostering growth.  Intense dialogue between Government and donors, as well as improved coordination among donors provides an important means for supporting policy reform and effective medium-term development efforts. 

The Interim Strategy Note for Solomon Islands (FY10-11), which was prepared jointly by IDA and IFC, is designed to support efforts to promote durable peace and sustained medium-term development through support to three strategic areas: (i) addressing surmountable barriers to growth; (ii) enhancing benefits of global and regional engagement; and (iii) supporting improved public administration and management. A new Country Partnership Strategy (CPS) is being developed and is scheduled for Board presentation in early 2013.


Anticipated IFC work program in Solomon Islands

•    Solomon Islands Business Taxation Reform Project 
The Business Taxation Reform Project’s objectives are to: (i) support the Solomon Islands’ integration into the wider regional and global economies by assisting the Ministry of Finance to introduce and implement an appropriate transfer pricing framework and (ii) reduce compliance costs and promote an inclusive business environment (and increase formalization) for small businesses by investigating and implementing a simplified tax regime for small businesses, within the context of a wider review of the tax system.

•    Pacific Tuna Sector Program
Solomons’ tuna resources are one of the country’s potential sources of sustainable economic growth, with the seas around the Solomon Islands harbouring a globally significant tuna stock.  At present, the benefit to Solomon Islands from use of its tuna resource is limited to the direct and indirect gains from single domestic fishing and processing operations.  Potential benefits to Solomon Islands of increased onshore processing are estimated to be substantial, with projected export revenues of around $50 m and 2,000 new jobs by 2013 if the current domestic operator increases production to plan and a new operator establishes.

In this context, a responsible private sector can also play an important role in helping the country realize its full economic potential, for example, through increasing its local economic footprint with the integration of more local companies into its supply chain.  IFC expects to work closely with major fisheries operators in the Solomons, as well as Government and civil society, to offer guidance and support to the sustainable management of the fisheries resources, and that those benefits are also felt at the local level.  

•    Tina River Hydro Power Development Project
The Tina River Hydropower Development Project (TRHDP) was commenced with the aim of diversifying away from diesel generation by tapping into cheaper indigenous fuel sources such as hydro.  The World Bank is coordinating donor funding to the project, including from Australia (through the Pacific Region Infrastructure Facility) and the European Investment Bank. 

In October 2009, the Solomon Islands Government (SIG) appointed the IFC as Transaction Advisor to help SIG select a private sector developer via a competitive bid process, thereby building capacity and establishing a model framework for future Public-Private Partnerships (PPP).  A competitive tender for the selection of the developer is expected to be launched in 2013.  The PPP process supplements the sector capacity and institutional building efforts of the World Bank and donor agencies.

•    Financial Infrastructure – Payment Systems Legislation and Credit Bureau
Weak or lack of financial infrastructure has been identified as a key constraint inhibiting access to finance in the Pacific region. IFC is in the process of developing regional infrastructure and expertise to establish credit information bureaus in the Pacific countries which do not have access to this facility. Solomon Islands is among the initial countries identified for implementation of the credit bureau program in the region. 

•    Payments Remittances and Securities Settlement Systems Study 
The Payment Systems Development Group, a joint World Bank/IFC, initiative has undertaken a Payments Remittances and Securities Settlement Systems study in Solomon Islands and discussions have been initiated to work towards undertaking a payments systems reform program in the country as part of the regional Pacific Payments and Remittances Initiative.

•    SME Access to Finance and Advisory Services Project
Access to finance has been identified as a key constraint inhibiting growth of local small and medium enterprises in the country. A joint World Bank/IFC program is being developed to improve access to finance for SMEs in the Pacific and Solomon Islands has been identified as one of the priority countries in this regional initiative. Given capacity limitations on the part of the SMEs to present bankable business proposals and information and lack of internal capacity among banks to respond to the SME segment’s business needs, the program will in addition to a credit enhancement facility also include a comprehensive technical assistance program to support banks and SMEs. 
 

DUTIES AND ACCOUNTABILITIES:

Resident Representative’s overall responsibilities will include but are not limited to following tasks:
•    Under the direction of the Country Manager (Pacific Islands) and the Regional Business Line Leader (IC), define strategy, build and manage a portfolio of advisory and investment activities consistent with IFC’s broader strategy and resourcing for East Asia & Pacific.  
•    Develop knowledge of IFC’s range of service offerings (investment and advisory), with a particular focus on investment climate products, and communicate
•    Lead the implementation of this strategy including designing programs, supervising their implementation and assessing results and impacts.
•    Act as project manager of one or more advisory projects in Solomon Islands or a neighboring country, by applying best practice; rigorous quality control; benchmarking and knowledge sharing with other IFC facilities and similar programs. 
•    Ensure IFC’s strategies and projects reflect global best-practice and are adequately coordinated. 
•    Act as IFC’s Country Coordinator in Solomon Islands and ensure outreach to key stakeholders in Solomon Islands.
•    Manage IFC country operations, including budget and staff. 
•    Provide guidance and mentor new and junior staff.
•    Work closely with other parts of the IFC, the World Bank and other development partners in the field, including AusAID, New Zealand Aid Programme, RAMSI, ADB and the EU. 
•    Act as co-TTL working alongside the WB on the Country Assistance Strategy (CAS) formulation for FY12 and beyond. Work with government and WB teams to identify and resolve cross-cutting and systemic implementation issues.
•    Provide ongoing updates, guidance, advice and support on local political, social, economic and other relevant developments to the Regional Management Team and country team members, including visiting missions as needed.


SELECTION CRITERIA:
Desired Background and Expertise
•    Post-graduate qualifications (business, economics, international finance, law, development or related discipline). 
•    Minimum of 8 years relevant experience associated with private sector operations with specific technical expertise in one of the focus areas outlined in the background section above and demonstrated capacity to become rapidly familiar with the others.  Experience in public policy or the tourism, agribusiness, natural resources or infrastructure sectors will be viewed favourably.      
•    Proven track record in designing and implementing advisory services and capacity building programs. 
•    Experience managing and mentoring staff and/or consultants.
•    Initiative, enterprise and a willingness to recognise opportunities for the provision of IFC assistance in ways which will create favourable outcomes for recipient countries.
•    Strong analytical skills and ability to assess technical and market issues of commercial investments and operations in developing countries (experience in Pacific Islands an advantage).
•    Ability to establish strong credibility with the senior management of clients. 
•    Familiarity with legal/ regulatory issues relevant to private sector operations in emerging markets.
•    Strong client-orientation coupled with excellent problem-solving and consultant skills.
•    Experience of program and project level budgeting, including pricing of services to clients.
•    Strong interpersonal skills and excellent written and oral communication skills in English. Knowledge of local language is an asset.
•    Willingness and ability to travel frequently, and work across time zones on a daily basis.    
•    Good interpersonal skills and team spirit, as well as strong intellectual capacity;
•    Ability to communicate ideas clearly, confidently and respectfully;
•    Experience living and working in different cultures;
•    Familiarity with IFC systems and processes is strongly preferred;
•    As an employee of the World Bank Group, all professional activities are expected to be consistent with our Core Values: personal honesty, integrity, commitment, working together in teams – with openness and trust; empowering others and respecting differences; encouraging risk-taking and responsibility; enjoying our work and our families.


To submit an application, please visit www.ifc.org/careers  and refer to Vacancy number 122833.