World Bank Bonds to Provide $360 Million in Catastrophe Protection for Mexico

Washington, DC, August 4, 2017 – The World Bank (International Bank for Reconstruction and Development, or IBRD) issued catastrophe bonds that will provide Mexico with financial protection of up to $360 million against losses from earthquakes and tropical cyclones. Mexico is one of the world’s most vulnerable countries to natural disasters. Nearly one third of its population lives in areas that are exposed to hurricanes, storms, floods, earthquakes, and volcanic eruptions. In economic terms, this translates into 71 percent of the country’s GDP considered to be at risk from two or more natural hazards. The bonds were issued in three different structures to provide coverage against three types of disasters: earthquakes, Atlantic tropical cyclones, and Pacific tropical cyclones. If a natural disaster occurs that is eligible for coverage, some or all of the bond proceeds will be made available to the Mexican Fund for Natural Disasters, or FONDEN. Payouts will be triggered when the earthquake or tropical cyclone meet the parametric criteria for location and severity set forth in the bond terms.  The payouts will be passed on by IBRD to FONDEN through the intermediation of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft (Munich Re), a German reinsurance company, and Agroasemex, S.A., a Mexican state-owned insurance company. GC Securities, a division of MMC Securities LLC is the sole book runner for the transaction.   GC Securities and Munich Re acted as joint structuring agents. GC Securities and Munich Re Capital Markets GmbH, a wholly owned affiliate of Munich Re, acted as joint managers. The bonds were issued under IBRD’s “capital at risk” notes program, created in 2014. One of the purposes of this program is to transfer risks related to natural disasters or pandemics from developing countries to the capital markets. Bonds issued under this program offer investors a different risk/return profile than regular IBRD bonds since investors may lose part or all of their investment. In 2006, Mexico became the first sovereign to issue catastrophe bonds. Mexico issued additional catastrophe bonds in 2009 and 2012 using the World Bank’s MultiCat Program. The MultiCat Program helps countries issue catastrophe bonds to insure themselves against the risk of natural disasters. In the framework of the MultiCat Program, the World Bank acts as arranger; assists in formulating disaster risk management policy; offers off-the-shelf documentation; supports preparation of legal and operational framework; and selects service providers. Arunma Oteh, the World Bank’s Vice President and Treasurer, said: “The World Bank bonds we have launched today are not only a financial innovation—but also a milestone in our partnership with Mexico, and in our joint pursuit of preventing the human and financial tolls of earthquakes and floods.  We are leveraging Mexico’s leadership in developing risk insurance mechanisms against natural disasters, and the World Bank’s innovative use of private-sector instruments to transfer risk to the capital markets, so that together we can deliver innovative financial solutions that help eradicate poverty and boost shared prosperity.” Gerardo Corrochano, the World Bank’s Country Director for Mexico and Colombia said: «Today’s transaction marks another step in the evolution of the relationship between Mexico and the World Bank in the area of catastrophe risk. Mexico is one of the most experienced governments in catastrophe risk management. An in depth understanding of the risks has allowed the Mexican government to successfully access international reinsurance and capital markets to transfer specific risks. Building disaster resilience is essential, not only for reducing the risks and impacts from natural hazards but for protecting the most vulnerable.» Oscar Vela, Head of Insurance, Pensions and Social Security at Mexico’s Ministry of Finance, said: “Over the past 10 years, Mexico has built and expanded a long term strategy for catastrophic risk management. This policy has the key objective of creating financial mechanisms to mitigate and stabilize the impact of natural disasters on fiscal accounts. The issuance of the catastrophe bonds—the result of a partnership among key public and private sector institutions—renews the solid financial shield to FONDEN, and helps to further strengthen the set of macroprudential policies used by our Ministry of Finance. The Mexican government remains committed to promoting policies that transfer risk to the capital markets, so that we can jointly create deeper markets and better diversification opportunities, foster better fiscal policy management, and support socially responsible initiatives.” The World Bank has accessed the capital markets for its member countries since it issued its first bond on July 15, 1947. The World Bank is also a leader in the catastrophe risk market: in the past ten years it has executed approximately $2.5 billion in catastrophe risk transactions. World Bank Catastrophe Bonds Investor Distribution Geographic distribution Investor type Class A notes       Asia Pacific 8% Ded. ILS 78% Bermuda 23% Reinsurer 2% North America 24% Asset Manager 19% Western Europe 45%             Class B Notes       Asia Pacific 9% Ded. ILS 69% Bermuda 16% Life Insurer 3% North America 38% Reinsurer 4% Western Europe 37% Asset Manager 24%         Class C Notes       Asia Pacific 7% Ded. ILS 60% Bermuda 22% Life Insurer 1% North America 25% Reinsurer 16% Western Europe 46% Asset Manager 23% World Bank Catastrophe Bonds Summary Terms and Conditions*Type of Note CAR 113 – Class A CAR 114 – Class B CAR 115 – Class C Issuer International Bank for Reconstruction and Development International Bank for Reconstruction and Development International Bank for Reconstruction and Development Trade Date July 24, 2017 July 24, 2017 July 24, 2017 Issue Size USD 150 million USD 100 million USD 110 million Settlement Date August 4, 2017 August 4, 2017 August 4, 2017         Scheduled Maturity Date August 11, 2020, subject to extension and to early mandatory redemption December 20, 2019, subject to extension and to early mandatory redemption December 20, 2019, subject to extension and to early mandatory redemption Issue Price 100% 100% 100% Bond Coupon (per annum) 6-Month USD Libor+4.12% (subject to a minimum rate of interest equal to the Risk Margin)   6-Month USD Libor+8.92% (subject to a minimum rate of interest equal to the Risk Margin)   6-Month USD Libor+5.52% (subject to a minimum rate of interest equal to the Risk Margin)   Risk Margin 4.50% 9.30% 5.90% Covered Perils Earthquake Event Atlantic Named Storm Event Pacific Named Storm Event Redemption Amount The Notes will not be fully repaid if an event occurs The Notes will not be fully repaid if an event occurs The Notes will not be fully repaid if an event occurs   (*) Any offer of the bonds described herein will solely take place on the basis of the relevant offering documentation including but not limited to the Prospectus, Supplemental Prospectus and Final Terms prepared by the World Bank or on behalf of the World Bank.  Any decision to invest in the bonds should be taken on the basis of the relevant offering documentation in which the risks, expenses and relevant offering restrictions with regard to the bonds are described.  In the event of any discrepancy between the information set forth herein and the information in the relevant offering documentation, the contents of the relevant offering documentation shall prevail. ________________________________________________________________________________ About the World Bank The World Bank (International Bank for Reconstruction and Development, IBRD), rated Aaa/AAA (Moody’s/S&P), is an international organization created in 1944 and the original member of the World Bank Group. It operates as a global development cooperative owned by 189 nations. It provides its members with financing, expertise and coordination services so they can achieve equitable and sustainable economic growth in their national economies and find effective solutions to pressing regional and global economic and environmental problems. The World Bank has two main goals: to end extreme poverty and promote shared prosperity. It seeks to achieve them primarily by providing loans, risk management products, and expertise on development-related disciplines to its borrowing member government clients in middle-income countries and other creditworthy countries, and by coordinating responses to regional and global challenges. It has been issuing sustainable development bonds in the international capital markets for 70 years to fund its activities that achieve a positive impact. Information on World Bank bonds for investors is available on the World Bank Treasury website:  www.worldbank.org/debtsecurities     

Etiquetado en
Seguir leyendo
  • Colombia: Deputy Director for Programs

    Organization: International Rescue Committee
    Country: Colombia
    Closing date: 01 Apr 2019

    BACKGROUND:

    The International Rescue Committee (IRC) responds to the world’s worst humanitarian crises and helps people whose lives and livelihoods are shattered by conflict and disaster to survive, recover, and gain control of their future. Founded in 1933 at the request of Albert Einstein, the IRC works with people forced to flee from war, conflict and disaster and the host communities which support them, as well as those who remain within their homes and communities. At work today in over 40 countries and 22 U.S. cities, we restore safety, dignity and hope to millions who are uprooted and struggling to endure. The IRC leads the way from harm to home.

    IRC COLOMBIA

    A combined two decades of economic mismanagement, a drop in oil prices, and the deterioration of democratic institutions has resulted in a humanitarian crisis inside Venezuela. Insecurity has manifested following protests in April 2017 against the president and his government, particularly for failing to address the growing inflation rate which lead to large-scale food insecurity. The demonstrations were initially peaceful but grew in severity of violence as time passed. Venezuela’s economic devastation worsened in the last half of 2017. This caused a massive migration of Venezuelans into neighboring Colombia in search of affordable food, medicine and work. The number of Venezuelans living in Colombia has increased to more than one million people.

    In response, the IRC has launched emergency programming in Colombia, focusing on an integrated response involving child protection, women’s protection and empowerment activities, primary and reproductive healthcare, and cash transfer programming. The IRC is in the process of delivering these and future activities directly in Colombia, and in partnership with local civil society organizations in Venezuela. In Colombia, IRC currently has operations in Cucuta, and Medellin, and is soon to expand to Bogota and Barranquilla.

    Length of Assignment: 2 years

    PLEASE SUBMIT AN ENGLISH CV.

    JOB OVERVIEW/SUMMARY:

    The position of Deputy Director of Programs (DDP) is a member of the Senior Management Team and is integral to the successful implementation of IRC’s programs in Colombia. Working under the direction of the Country Director (CD), the DDP is responsible for overall program direction and implementation within the program framework, government policies and strategies, and in compliance with donor regulations, specifically in the areas of a) grant management b) program development, quality and implementation c) day-to-day representation with donor agencies and local and international stakeholders, and d) Monitoring, evaluation, accountability, and learning.

    The DDP will spearhead the development and execution of the Country Strategic Plan and also be responsible for supervising the Health, Child Protection, Women’s Protection and Empowerment, Economic Recovery and Development and Grants Coordinator. This position will work closely and collaboratively with the different departments within the country program, the IRC technical advisors and the IRC Emergency Unit.

    The DDP will be based in Bogota, Colombia, with frequent travel to Cucuta, Medellin, Barranquilla, and any other national sites in Colombia where IRC designs and develops programming.

    MAJOR RESPONSIBILITIES:

    Program Strategy, Design and Fundraising

    • Lead the operationalization of the current IRC Colombia response strategy and actively engage in strategic planning processes for the longer term.
    • Ensure, with Coordinators, and HQ-based Technical Unit staff, that project design reflects IRC program quality standards and industry best practices.
    • Lead efforts for sustainable program growth, proactively identifying opportunities for new programming initiatives and emphasizing multi-year funding to support them.
    • Provide leadership support to the program and grants teams to develop competitive, evidence-based and cost-effective funding applications.
    • Provide guidance, strategies and tools to ensure that program choices are based on needs assessment findings (primary & secondary data) and analysis, input from communities, a thorough understanding of context, technical best practices, and operational viability.
    • Formulate integrated program initiatives so that technical sectors complement each other and promote mainstreaming of protection principles and gender-responsive approaches.

    Program Management – Implementation, Monitoring and Evaluation

    • Provide overall leadership and management of IRC Colombia program portfolio, ensuring strategically coherent program direction, well-managed growth, and compliance with IRC and donor regulations.
    • Continually seek out ways to build the capacities of the program team members, individually and collectively.
    • Ensure that detailed, realistic and feasible project implementation plans are developed, and modified as needed, in collaboration with the Program Coordinators and Operations team.
    • Coordinate with other members of the Senior Management Team on appropriate management, compliance and performance standards, as well as effective systems for budget management, knowledge management and risk management.
    • Support programming staff to collect, document and disseminate lessons learned and best practices, incorporating these into new project designs.
    • With program staff, develop effective and appropriate M&E plans, including methodologies and tools to strengthen the quality of data collection, analysis and reporting.
    • Review M&E and accountability data with program staff to identify and address areas for operational improvement.

    Grants Management

    • Provide strategic direction in terms of development of a funding strategy, widening and strengthening donor base, ensuring quality grants management, ensuring compliance with donor requirements, ensuring quality information management related to programs/ grants, and supporting directly in all aspects of the proposal development and reporting processes.
    • Supervise all internal, external and reporting with programs and finance, ensuring high-quality, well-written and timely reports meeting donor and IRC and partner requirements; conduct thorough reviews and/or revisions of all external reports compiled by the Grants Coordinator.
    • Ensure that Program Coordinators and Grants Senior Manager conduct routine monitoring visits to implementation sites to ensure donor compliance and quality program implementation.
    • Coordinate with the Program Coordinators and Grants and Finance teams to ensure sound budget management, expense control and timely contractual documentation.
    • Support the Grants Senior Manager to lead Grant Opening and Grant Closing Meetings with all relevant department and units and to ensure they take place on time. Also ensure that programming staff are well trained to properly manage project budgets.
    • Ensure that the program coordinators review BvAs on a regular basis; provide leadership and management support to ensure effective monthly grant review meetings.
    • Mitigate any potential risk by collaborating with the Finance Department to ensure that programming staff fully understand financial and administrative processes involved in project budget cycles.

    External Representation and Advocacy

    • Develop a sound understanding of the IRC’s programs to be able to professionally represent the IRC to implementing partners, the government and donors;
    • Assist the Country Director developing strong relationships with donors, assisting with visits and in the development of appropriate advocacy actions;
    • Forge and maintain solid cooperation with partner organizations through regular communication, cooperation and, where appropriate, joint decision-making.
    • Act as the focal point for program-related communication between IRC country programs in the region and worldwide offices.
    • Identify funding opportunities and track them in collaboration with the technical teams.
    • Oversee programmatic inputs to advocacy efforts both in-country and globally.

    Staff Management and Development

    • Provide guidance and supervision to the technical coordinators, M&E Manager, the grants senior manager, information officers; to discuss job expectations, set objectives and provide appropriate and timely feedback on performance of direct reports, including timely implementation of performance management system.
    • Create a supervisory environment focused on the achievement of team and individual results that emphasizes the importance of learning, productivity, accountability and openness
    • Adhere to IRC’s performance management system, providing regular, timely and thoughtful coaching, feedback, performance assessment, and professional development for all direct reports, while making sure that they do the same for their direct reports.
    • Build capacities of programming staff in key project management principles, tools and approaches and ensure that these new skills are utilized on the job.
    • Manage recruitment, hiring and development of high-performing national staff to assume greater levels of responsibility.
    • Provide leadership support for the successful implementation of and adherence to the IRC Global HR Operating Policies and Procedures.

    PROFESSIONAL STANDARDS

    The IRC and IRC staff must adhere to the values and principles outlined in IRC Way – Standards for Professional Conduct. These are Integrity, Service, and Accountability. In accordance with these values, the IRC operates and enforces policies on Beneficiary Protection from Exploitation and Abuse, Child Safeguarding, Anti Workplace Harassment, Fiscal Integrity, and Anti-Retaliation.

    As a leader you will be placed in a position of trust. To maintain that trust, you are expected to always:

    • Lead by example and be a positive role model to others.
    • Promote awareness of the IRC’s standards and make sure those you supervise are equipped with the knowledge and resources they need to comply with them.
    • Monitor conduct of those you supervise and take responsibility for activities that occur under your supervision.
    • Be responsive to anyone who raises an ethics or compliance concern and make sure matters are resolved in a fair and appropriate manner.

    KEY WORKING RELATIONSHIPS

    • Country Director, Colombia and Venezuela
    • Other Colombia-based staff, including operations, finance, and grants
    • Technical Advisors (based globally) and any roster staff required to support program staff inside Venezuela
    • Awards Management Unit to support all compliance and reporting for partners, as well as proposals
    • Global Supply Chain to procure goods and support partners to procure
    • Communications and Advocacy units to support any key messages at external meetings
    • Global Security to support any risk analysis and mitigation
    • Emergency Unit

    REQUIREMENTS

    Master’s degree in Development Studies, International Relations, Social Sciences or a similar field;

    Minimum eight years of management experience working in a humanitarian or development setting with a minimum of five years of INGO program management experience.

    Experience in managing protection, ERD and/or health, and experience working in partnership with local organizations, is strongly desired.

    Proven ability to develop winning proposals to public and private-sector donors;

    Familiarity and experience with US and European, donors;

    Previous experience managing programs financed by US government agencies, DFID, EU, foundations and private donors a must, with previous experience in competitive environments a plus.

    Proven ability to manage projects to completion on time, within budget, and with the anticipated results.

    Ability to respond to multiple priorities in a timely manner, producing high-quality outcomes.

    Demonstrated successful leadership experience with a multi-disciplinary team in a cross-cultural setting, including active mentoring and coaching. Strong leadership, motivational and team-building skills;

    Proven fluency in English and Spanish a must

    How to apply:

    https://rescue.csod.com/ats/careersite/jobdetails.aspx?site=1&c=rescue&id=3988

  • Colombia: Oficial Grants

    Organization: Save the Children
    Country: Colombia
    Closing date: 10 Mar 2019
    TITULO DEL PUESTO: Oficial Grants

    EQUIPO/PROGRAMA: Desarrollo de programas y Calidad

    UBICACION: Bogotá

    GRADO: 4 – oficiales

    Tipo de Contrato: Término Definido a 31 de dic…

  • Brazil: Corporate Alliances Acquisition Associate, GS-6, Brasília, Brazil post# 109567

    Organization: UN Children’s Fund
    Country: Brazil
    Closing date: 07 Mar 2019

    UNICEF works in some of the world’s toughest places, to reach the world’s most disadvantaged children. To save their lives. To defend their rights. To help them fulfill their potential.

    Across 190 countries and territories, we work for every child, everywhere, every day, to build a better world for everyone.

    And we never give up.

    For every child, make a difference

    The Corporate Partnerships team has ambitious fundraising targets and outcomes to be reached based on market potential and building on successful results of 2018. Our aim and vision are to develop, manage and enhance the fundraising potential of working with businesses in Brazil and a core part of achieving this vision is the Corporate Alliances (CA) acquisition team (new business).

    After review, additional resource is being created to support the Acquisition (new business team) to embrace the new fundraising challenges and to reach the extra income success. The Corporate Alliances Acquisition Associate will support the CA Acquisition (new business) team with a strategic focus on customer engagement and cause related marketing (CRM) alliance models. The role will have the objective to support the leverage of the flexible or non-fixed income fundraising potential to support both, the local and global UNICEF Programme.

    For further information, please visit www.unicef.org.br

    How can you make a difference?

    Under the supervision of the Corporate Fundraising Officer (Acquisition), the Acquisition Associate will undertake supporting tasks for new business such as:

  • Assist in specifying the pipeline and building corporate alliances focused on customer engagement and cause related marketing (CRM) models, but not exclusively in those formats.
  • Support in the initial preparation of proposals with the new business team.
  • Assist on the implementation of the alliances and on reaching planned results.
  • Join our team to be responsible for:

    1) Implementation of corporate alliances focused on customer engagement and cause related marketing (CRM) models and other acquisition campaigns:

  • Continuously map new corporate partnership opportunities, initiate contact with the companies’ focal points, and participate in the alliances’ prospecting processes;
  • Proceed with the Geneva clearance process on potential and current donor companies on a weekly basis;
  • Prepare and internally/externally approve the partnership contract; and keep corporate prospection planning documents update;
  • Follow up the delivering of annual reports to the partners and support in the negotiation of renewal focusing on the best results for UNICEF;
  • Support the planning and implementation processes of the corporate alliances campaigns by following up the milestones and results of it in collaboration with Market Services team;
  • Approach partners during emergency campaigns to explore additional fundraising opportunities;
  • Continuously research and test new and innovative ways of work to improve quality in results and to simplify procedures of processing the donations;
  • Monthly searching about competitors’ corporate alliances mechanisms and good practices, evaluating replicability;
  • Fortnightly, support plan and project pitches and campaigns with Marketing Services support and other related areas, including outsourced agencies.
  • 2) Suppliers relationship:

  • Assist and support in developing, drafting and maintaining contract information, monitoring reports and relationships with current and new providers involved in the corporate alliances through UNICEF;
  • Assist the development of new providers and follow up biding processes with Operations Sector / RM&P Associate as required;
  • Ensure that the providers’ payments are due and delivered on time.

  • 3) Monitoring and Evaluation:

  • Monitor and support the implementation of the corporate alliances campaigns to target audiences and participate in the evaluation of their impact. Monitor and evaluate the use and effectiveness of each campaign materials/channels;
  • Support and monitor the level of fulfilment and success in donations processing, by analyzing and studying the best way to improve it;
  • Conduct the target and results analysis and control. Continuously monitoring campaign goals and marketing metrics related to customer engagement;
  • Compile lessons learned and support the review of successful and unsuccessful campaigns.

  • 4) Assignments of additional administrative duties and responsibilities:

  • Map potential companies from different segments and support on organizing the list of priority companies to be reached and prospected on a monthly basis;
  • Research about the prospected companies and support the evaluation of fundraising opportunities;
  • Assist the preparation of periodical corporate alliances fundraising reports, monitor and maintain control of records and results;
  • Develop, organize and maintain up-to-date data, information, record documents and control plans for the monitoring of project implementation; maintains library of corporate alliances reference materials.

  • To qualify as an advocate for every child you will have…

  • Completion of secondary education preferably supplemented by technical or university courses related to the work of the organization. A University degree is desirable (Business Administration, International Relations, Economics or Marketing);
  • At least six years of professional experience related to corporate fundraising, clients’ engagement, partnership development, or marketing;
  • Experience in retail sales is an asset
  • Fluency in Portuguese and English. Knowledge of Spanish will be considered as an asset
  • For every Child, you demonstrate

    UNICEF’s core values of Commitment, Diversity and Integrity and core competencies in Communication, Working with People and Drive for Results.

    The technical competencies required for this post are Relating and networking (I), Persuading and influencing (II), Planning and organizing (I) and Following Instructions and Procedures (II)

    View our competency framework at

    http://www.unicef.org/about/employ/files/UNICEF_Competencies.pdf

    UNICEF is committed to diversity and inclusion within its workforce, and encourages all candidates, irrespective of gender, nationality, religious and ethnic backgrounds, including persons living with disabilities, to apply to become a part of the organization.

    UNICEF has a zero-tolerance policy on conduct that is incompatible with the aims and objectives of the United Nations and UNICEF, including sexual exploitation and abuse, sexual harassment, abuse of authority and discrimination. UNICEF also adheres to strict child safeguarding principles. All selected candidates will, therefore, undergo rigorous reference and background checks, and will be expected to adhere to these standards and principles.

    Remarks:

    Only shortlisted candidates will be contacted and advance to the next stage of the selection process.

    Candidates must be Brazilian citizens or have a valid work permit.

    All candidates who wish to apply to this Vacancy Announcement are requested to prepare and submit their application in English.

    How to apply:

    UNICEF is committed to diversity and inclusion within its workforce, and encourages qualified female and male candidates from all national, religious and ethnic backgrounds, including persons living with disabilities, to apply to become a part of our organization. To apply, click on the following link http://www.unicef.org/about/employ/?job=520028