nternational Finance Corporation (IFC), the private sector investment arm of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Present in more than 100 countries, the mission of IFC is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives.
IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to businesses. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. Visit www.ifc.org IFC has embarked on an ambitious new strategy to stimulate more investment activity by Creating Markets, including in Low Income Countries (LICs) and Fragile and Conflict Situations (FCS). This new strategy requires a shift in our approach to proactively create, deepen and expand markets and projects rather than waiting for clients to propose projects for IFC to finance. This strategy also relies on upstream work with Governments and World Bank colleagues to enable private sector solutions and financing. We call this approach the “Cascade.” Working with clients, we will first seek private sector solutions to address development challenges, where such solutions are advisable and can be effective, and reserve public financing for projects only when other options are suboptimal.
The Financial Institution Group (FIG) is one of IFC’s key Departments responsible for a significant portion of IFC’s business volume, profitability and development reach, approximately 40%. FIG engages in a wide range of sub-sectors including Microfinance, SME, Gender, Climate, Insurance, Capital Markets, Housing, Distressed Assets, and other areas, with both investment and advisory services delivered globally to IFC’s clients through IFC’s global network. FIG has three main objectives: 1) financial inclusion; 2) servicing the real economy and 3) mobilizing third-party resources. The goal is to develop efficient financial systems that will increase financial inclusion and fuel economic growth in client countries and enhance IFC’s developmental impact.
FIG is recruiting a Business Intern (BI) as Short-Term Temporary (STT) staff for a period of 12 months to provide support to the investment team for the development, execution, and monitoring of investments in the West and Central Africa region. This position provides a unique opportunity to gain exposure to the financial sector in the region and develop skills in financial analysis, modeling, credit and risk evaluation in a fast-paced and international environment.
The Position is based in Dakar, Senegal. Given existing Covid-19 travel restrictions, the BI may work remotely from his/her home country in the initial months of the assignment.
Duties and Accountabilities
The responsibilities of the BI include but are not limited to:
Integrity Due Diligence
Support for Business Research and Presentations
Support for Portfolio Management