Established in 1944, the WBG is one of the world's largest sources of funding and knowledge for development solutions. In fiscal year 2017, the WBG committed $59 billion in loans, grants, equity investments and guarantees to its members and private businesses, of which $19 billion was concessional finance to its poorest members. It is governed by 188 member countries and delivers services out of 120 offices with nearly 15,000 staff located globally. For more information, please visit www.worldbank.org
The WBG consists of five specialized institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID).
The global development community is at an auspicious turning point in history. Thanks to the success of the past few decades and favorable economic growth, developing countries now have an unprecedented opportunity to end extreme poverty within a generation. This is the vision of the WBG: to eradicate extreme poverty by reducing the number of people living on less than $1.90 a day to 3 percent by 2030, and promote shared prosperity by fostering the income growth of the bottom 40 percent in every country.
To achieve this vision, the WBG Board of Governors approved a strategy for the organization in 2013. This strategy leverages, for the first time, the combined strength of the WBG institutions and their unique ability to partner with the public and private sectors to deliver customized development solutions backed by finance, world class knowledge and convening services. The strategy has three components: (1) maximizing development impact by engaging country clients in identifying and tackling the most difficult development challenges; (2) promoting scaled-up partnerships that are strategically aligned with the goals; and (3) crowding in public and private resources, expertise and ideas.
The architecture underpinning the strategy and instrumental to its success is an operating model introduced in July 2014 based on fourteen Global Practices (GPs) five Cross-Cutting Solution Areas (CCSAs). Since July 1, 2015 these 14 GPs are organized under 3 Practice Group Vice Presidencies: Sustainable Development (SD); Economics, Finance and Institutions (EFI); and Human Development (HD).
THE ROLE OF THE GLOBAL PRACTICE FOR FINANCE, COMPETITIVENESS AND INNOVATION (FCI) IN THE WBG
As of January 1, 2018, EFI created the Finance, Competitiveness and Innovation (FCI) Global Practice, bringing together Finance and Markets (F&M) and Trade and Competitiveness' (T&C's) private sector development specialists. Finance, Competitiveness and Innovation is comprised of about 700 staff working across more than 120 countries. The new Global Practice will capitalize on the synergies between F&M and T&C in fostering private-sector led growth. It will work toward creating an enabling environment in which financial stability, efficiency and firm-level solutions are provided in an integrated way to crowd in the private sector, support the creation of markets, and accelerate equitable growth. FCI also houses the IFC Implementation Units focused on implementing public sector advisory work in support of the finance and entrepreneurship agenda across all six regions.
About one third of FCI professional staff are decentralized to the field working closely with the CMUs and in proximity to clients. FCI professionals also lead or participate in a wide variety of ASA and client advisory work that add to the core expertise delivered to client countries. Knowledge and learning is a central part of the FCI agenda, with work focused on the following thematic areas: (a) Financial Stability and Integrity; (b) Long Term Finance; (c) Financial Inclusion and Infrastructure; (d) Industry Solutions; (e) Firm Capabilities and Innovation; and (f) Climate and Risk Management. FCI will work closely with the other newly formed Global Practice for Macroeconomics, Trade and Investment (MTI) on systematic country diagnostics, country strategies, policy lending and other private sector diagnostics, ASA and lending activities.
Roles & Responsibility :
FCI's portfolio in Zambia spans financial and private sector development interventions and comprises a mix of lending and analytical and advisory work (AAA), including the Zambia Agribusiness and Trade Project, the Women Entrepreneurship and Finance Initiative, the Zambia Financial Inclusion Support Framework and the Zambia FIRST Initiative.
The Zambia Agribusiness and Trade Project (ZATP ) is a $40m, 5-year, lending operation that commenced in July 2017. The Project is implemented by the Ministry of Commerce, Trade and Industry (MCTI) and aims to increase market linkages and firm growth in the agribusiness sector. The key success measures of the Project include increase in sales realized by SMEs and farmers benefiting from the project, along with mobilization of private sector capital. Core project activities include provision of technical assistance and finance at the firm-level, and strengthening of Zambia's standards, competition and business regulatory review agencies. The ZATP is complemented by trust funded activities that aim to build capacity in Zambia's agribusiness entrepreneurship eco-system. ZATP is the first World Bank project managed by MCTI.
Zambia Financial Inclusion Support Framework (FISF-CSP) is a technical assistance program designed to support the Government Republic of Zambia (GRZ) with accelerating and increasing the effectiveness of reforms and actions designed to achieve Zambia's financial inclusion targets. Specifically, the World Bank is supporting the Financial Inclusion Development Unit of the Ministry of Finance with the implementation of the recently adopted National Financial Inclusion Strategy (NFIS), the design and implementation of financial infrastructure reform, and development of regulatory frameworks that affect the emergence of diversified financial services for individuals and enterprises and financial consumer protection. The program was launched in November 2015 and will end in December 2019.
Zambia FIRST Initiative is a technical assistance program focused on promoting MSMEs' access to credit through the implementation of legislation related to corporate insolvency and secured transactions. Specifically, the project provides support to the Ministry of Finance on the (i) implementation of the new Insolvency Bill, (ii) development and implementation of an insolvency regulator, and (iii) design and delivery of a training program on the insolvency legal framework targeting judges and insolvency administrators. The program was launched in December 2017 and will end in December 2019.
Women Entrepreneurship and Finance Initiative (We-Fi) is an analytical and advisory project that aims to expand financial services for women entrepreneurs. It is thus positioned as a follow-on activity to the NFIS. We-Fi will be initiated in the 2018 calendar year and will include 1) supporting local financial institutions with exploring fintech alternatives to collateral as well as savings and digital insurance products; and 2) increasing local capacity to support women-owned businesses with analysis of profitability, cashflow and financing options. The program is expected to be launched in September 2018 and will continue until end 2022.
Job by The World Bank
Job Board Zambia
11 months ago