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Finance Analyst

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About Directorate General Public Private Partnership (DG-PPP)

Afghanistan’s infrastructure is grossly inadequate in comparison with the world and even regional standards and is one of the critical reasons holding back economic growth. The existing infrastructure is largely inadequate to satisfy the needs of economic development as well as the demand arising from population growth. However, the large fiscal deficit and paucity of resources limit the Government’s capacity to meet growing infrastructure needs and has emerged as a major constraint to the country’s efforts to improve its investment climate.
Given the increasing demand for services and the need for significant level of investment, capacity and resource requirements, and the constrained fiscal situation and declining in international aid, among other factors, has led the government of Islamic republic of Afghanistan to start a PPP program in order to support the development and delivery of high-quality infrastructure services for the public.
Therefore the government has established PPP Unit at Ministry of Finance in 2014, the purpose of the unit was to develop legal and regulatory framework and as policy maker and serve as a coordinating body. According to the importance and need for this reform the Ministry of Finance has upgraded the Unit to Central Partnership Authority which is working under the direct supervision of the Minister of Finance.
The Central Partnership Authority is a technical board providing qualified assistance on all what related to PPP, to the political and administrative decision makers, for enhancing their planning, developing and implementing projects activities and protect the vested public interest and budget.

Given Afghanistan’s fluid environment, the First Public-Private Partnership Project of World Bank is intended to strengthen the enabling environment and undertake pilot that meet immediate needs and can provide demonstrable proof-of-concept evidence to scale-up in future projects.
The Public-Private Partnership Project objectives are to: create and enabling environment for public-private partnerships (PPPs) in Afghanistan; and supporting the generation of pipeline of structured and bankable PPP sub-projects that stimulate private sector developments.
The Public-Private Partnership Project consist of three major components along with sub components;
• Strengthen the enabling environment for PPP;
• PPP project implementation and crowd-in private sector participation; and
• Project management.
The project will selectively helping prepare a pipeline of PPP opportunities to work with private investors large, medium and small to crowd-in their participation in PPP opportunities. Furthermore, the project will provide technical assistance and capacity building to key GoIRA institutions, notable to MoF/CPA and selected sponsoring entities on PPPs.
The FA for MoF/CPA will be embedded at MoF, where he/she will work and providing Financial services for CPA on implementation of Public-Private Partnership (PPP) and relevant PPP issues.

Job Summary

1. Scope of work
The PPP Finance Specialist is expected to provide expert input into all PPP projects on the financial structuring and explicit and implicit financial costs to government. The Specialist will this be someone with solid project finance experience on a number of projects in a number of sectors from a private sector financing perspective as well as experience in understanding the project risks to both public and private sector participants. The Financial Analyst will closely work with DG-PPP to provide services in respect of analyzing PPP projects from various aspects, financial, value for money, economic, fiscal, and financial and economic risks assessment. Moreover, the financial analyst will determine the economic and financial benefits impact of PPP projects, and will provide appropriate recommendations to the top management and all stakeholders for decision making. The scope of work is as follows but not limited to:

Job Details

Date Posted: 03 Mar 2018 Reference: Finance Analyst-16/CPA/MoF-International
Closing Date: 17 Mar 2018 Work Type: Full Time
Number of Vacancies: 1 Gender: Any
Functional Area: Account/Finance Open Ended: NO
Nationality: Any Salary Range: As per company salary scale
Contract Type: Consultant Years of Experience: 7 Year(s)
Contract Duration: 1 Year(s) & 0 Month(s) Extension Possibility: Yes
Probation Period: 2 Months

Duties and Responsibilities

• Assisting the team in analyzing, understanding and acquainting with financial and economic models prepared by other parties like entities, private parties within the scope of project preparation and evaluation activities.
• Determine the nature and magnitude of a project’s economic benefit and determine the financial and economic impact for all stakeholders.
• Drawing conclusions from the risk and socio-economic analysis that can be used to affect project design and implementation.
• Conduct financial analysis to quantify the financial obligations of the government, and the affordability of these financial obligations. This will include direct payment obligations of government and potential contingent liabilities based on key project risks and robust sensitivity analysis, and the affordability of these potential contingent liabilities based on GoIRA’s fiscal position.
• Supporting and building the capacity of project review team in the area of financial and economic modeling, financial review, fiscal analysis of PPP projects, sensitivity analysis and risk assessments.
• Develop the risk valuation mechanism and financial benchmarks for PPP projects.
• Develop proper mechanism for assessing the fiscal impact of PPP Projects.
• Develop a proper mechanism for assessing the social discount factor and market discount factor.
• Determining pricing structures and subsidies required under the PPP arrangement to lessen impact on room tariffs, price of services, charges for commercial areas, as well as to keep within any guidelines/objectives
• Conducting project risk analysis (valuation, allocation and mitigation of risks) to determine, assess, allocate and manage risks (such as, but not limited to project, commercial, financial, political, economic, force majeure and legal risks) during all stages.
• Conduct sensitivity analysis using realistic assumptions to ensure the project viability and affordability.
• Assess risk management structures for potential efficiency gains through alternative structures or modifications.
• Advise on how to record the risks and contingent and non-contingetn liabilities of the government
• Advise on a financial (capital) structure for mobilizing debt.
• Developing and building project financial and economic models using PPP standards.
• Determining the appropriate conversion factors for linking the socio-economic and financial cash flows in the models.
• In certain cases, determining the appropriate statistical parameters for key project variables that are used to perform a multivariate Monte Carlo risk analysis of project outcomes.
• Ensure that the government’s explicit and implicit fiscal obligations and risks are determined and that these are communicated to the MoF risk and debt management unit and managed appropriately. This includes guarantees and other instruments.
• Develop proper mechanism for recording contingent and non-contingent liabilities in government accounts.
• Analyze the financial models of PPP project to ensure that the projects are affordable, financially sound and sustainable with appropriate risk allocation

2. Deliverables
Section 1: Risk valuation
a. Comprehensive risk valuation matrix for all project risks considering among others the following:
i. Market Risk (i.e., demand, cost of alternate sources);
ii. Political risk; Legal risks;
iii. Fiscal/macroeconomic risks;
iv. Regulatory risk; Environmental risks;
v. Force Majeure risks.)
b. identify the value of contingent and non-contingent liability of government occurred through risks that the Project would face;
c. Who among the stakeholders (governments, investors, IFIs and other financiers) would be negatively affected in the event of the risk materializing; and the ability of each stakeholder to bear the risk.
d. summary of the institution's retained and transferable risks;
e. The NPV of all risks (retained and transferable)
f. Assessing the fiscal impacts of project risks using IMF- PFRAM Analytical tool;
g. Develop risk valuation tools
h. The review should contain recommendations on the mitigation mechanisms for each of the identified risks to be implemented by the party identified to bear that risk. In doing so, assessment and applicability and economy of various risk mitigation mechanisms should be carried out, including but not limited to:
i. private mechanisms such as commercial insurance;
ii. specific country mechanisms such as export credit insurance and investment insurance available from national agencies;
iii. risk mitigation and insurance mechanisms from IFIs, including partial risk and partial credit guarantee mechanisms;
iv. the risk mitigation instruments available from World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) and African Development Bank Group; and
v. Any special mechanisms that have been developed/deployed around the world in a high risk contexts and their applicability and adaptation for the current context.
Risk-adjusted PPP-reference
i. Summary of results: NPV, key indicators
ii. Sensitivity analyses
iii. Statement of affordability
Section 2: Economic valuation, including
• Introduction and evaluation approach
• Assumptions
• Valuation results
• Macroeconomic Impact This should analyze the:
i. Revenues and costs that would accrue to the Government through
a. value added taxes;
b. other taxes and levies as contributions to specific funds (e.g Social Fund);
c. corporate taxes;
d. municipal taxes;
e. customs duties and excise levies on equipment and services imported/ purchased;
f. guarantee/on-lending margins charged by Government;
g. impact on Governments overall debt and debt service position; and
h. employment generation, increase access to energy, reduce dependency of imported energy, regional development, betterment of people directly affected etc;
Market Analysis – Economic aspects of the target markets: demand projections for the length of the project period (minimum 15 years); alternative options to meet the projected demand; the competitiveness of the Project vis-à-vis marginal cost of generation; the share of the Project in meeting the power capacity demand, and share of the Project in meeting energy demand; and
Project Level Analysis Project cost benefit analysis, including net present value (NPV), financial internal rate of return (FIRR) and economic internal rate of return (EIRR).
o Section 3- Fiscal Assessment
 Fiscal impact assessment mechanism;
 Implementing IMF-PFRAM analytical tools to assess the fiscal cost and risks;
 Develop mechanism for recording of PPP transaction in the accounts of government;
 Assess and advise on how to record the contingent and non-contingent liability of government;
 Develop financial Benchmarks for PPP projects;
 Develop proper mechanism for assessing social discount factor.

Travels to Provinces

Require Travels to Provinces

Qualifications

The PPP Finance Analyst (International) must be a mature, driven and a hands-on problem solver. Key qualifications required are listed below:
• Must have at least 7 - 10 years of successful, verifiable and relevant experience in a project finance environment, either as an equity sponsor or an investment bank
• A post graduate qualification in finance
• Must be a good manager who is driven and proactive
• Must be able to analyze and solve complex problems
• Must have a balanced personality with excellent communication and interpersonal skills
• Must be able to work independently as well as part of a team

Job Location

Afghanistan - Kabul: PROVINCIAL CENTER (KABUL)

Education:

Masters Degree, Account/Finance

Submission Guideline

• Qualified applicants are encouraged to submit their resumes with a detailed application letter and a contact details, no later than 17 March, 2018.
• Please clearly indicate “Finance Analyst-16/CPA/MoF-International”on your email subject line

Submission Email

cpppa@mof.gov.af

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