INTRODUCTION

The Global Green Growth Institute (GGGI) is an intergovernmental organization founded to support and promote a model of economic growth known as green growth, which targets key aspects of economic performance such a poverty reduction, job creation, social inclusion, and environmental sustainability. GGGI works with countries around the world, building their capacity and working collaboratively on green growth policies that can impact the lives of millions. The organization partners with countries, multilateral institutions, government bodies, and the private sector to help build strong economies that are more efficient and sustainable in the use of natural resources, less carbon intensive, and more resilient to climate change. GGGI supports stakeholders through complementary and integrated workstreams that deliver comprehensive products designed to assist in developing, financing, and mainstreaming green growth in national economic development plans.

GGGI has a diverse portfolio of programs in developing countries around the world. These in-country programs, together with global products and services, focus on delivering results through an integrated approach of evidence-based green growth planning and implementation aligned to countries’ development priorities.

GGGI in collaboration with the Ministry of Finance and Public Credit of the Government of Nicaragua is rolling out a 24-month technical assistance program to the Government of Nicaragua titled “Mobilizing Climate Finance and Private Investments for Low-Carbon Development in Nicaragua”. The program, funded by the Green Climate Fund (GCF) Readiness and Preparatory Support Program, aims to enhance the institutional capacity, strategic frameworks, and project pipeline of the Government of Nicaragua to increase the mobilization of national and international climate finance and private investments for the implementation if the nationally determined contribution (NDC) and low carbon development

CONTEXT

Nicaragua’s Nationally Determined Contribution (NDC) was originally submitted to the United Nations Framework Convention on Climate Change (UNFCCC) in 2018, and updated in 2020. The development of the country’s NDC followed a highly participatory and consultative process, prioritizing engagement and validation with vulnerable groups, including native, afro-descendants and indigenous communities, women and youth. The resulting NDC is a highly ambitious plan inclusive of mitigation and adaptation measures.

Nicaragua relies on concessional international climate finance from development partners to finance its development and climate change objectives. However, the achievement of Nicaragua’s NDC targets requires a substantial increase in the volume of public and private, national and international climate finance invested in the country. The significant investment and efforts required for Nicaragua to implement its development and climate change plans risks being hampered by the impact of the 2018 attempted coup, COVID-19 pandemic and hurricanes Eta and Iota, which hit the country, almost simultaneously, after a prolonged period of high debt-financed public infrastructure investments, weakening the country’s economic outlook, shifting priorities towards economic recovery, and reducing fiscal and policy space to pursue priority climate change initiatives. Although international climate finance offers some relief to the country´s growing debt to GDP ratio, the decreasing level of international aid and limited private sector participation in the country’s development agenda undermines the long-term sustainability of this fiscal approach.

GGGI program aims to support the Government of Nicaragua’s climate finance efforts by delivering a set of complementary workstreams:

– Workstream 1: Development of a climate finance roadmap

– Workstream 2: Accessing the green bond market to raise affordable long-term finance earmarked to priority mitigation and adaptation projects

– Workstream 3: Development of Nicaragua’s debt for climate swap strategy to free fiscal space to pursue NDC priority programs and projects

– Workstream 4: Greening Nicaragua’s banking sector

Project Goal: The Government of Nicaragua has adequate strategic frameworks to access long-term international climate finance and promote private sector participation and investments in climate change mitigation and adaptation through enabling strategies and plans, innovative sustainable finance instruments, and increased sustainability of its banking sector.

Goal Statement: IF the Government of Nicaragua builds its institutional capacity and enabling environment for climate finance THEN Nicaragua will be on track to meet its NDC targets BECAUSE the development of enabling climate finance frameworks, innovative sustainable finance instruments and sustainable banking practices will promote increased flow of international finance and private investments to NDC priority actions

The intervention’s primary beneficiaries include:

• The Ministry of Economy and Public Credit (MHCP) and Nicaragua Central Bank (BCN): the proposed Readiness grant will strengthen the capacity and systems of the MHCP and BCN to raise affordable long-term climate finance to meet Nicaragua’s NDC targets without compromising the government’s fiscal balance. MHCP and BCN will receive capacity building and technical assistance to design, structure and implement innovative climate finance instruments, including, green bonds and debt for climate swaps.
• The Superintendency of Banks and Other Financial Institutions (SIBOIF): the proposed Readiness grant will strengthen the capacity of the SIBOIF to develop, implement and enforce sustainable banking regulations and practices, in alignment with international sustainable banking standards and frameworks. Local financial institutions will benefit from enhanced capacity to screen and mitigate the environmental and social risk of transaction, improving their financial performance and the overall resilience of the domestic banking sector against climate change risks, while increasing the volume of credit disbursed to low-carbon, resilient projects, and vulnerable groups.
• Climate Change Secretariat of the Presidency of Nicaragua (SCCP): the proposed Readiness further the mission of the SCCP of implementing the National Climate Change Policy by strengthening the government’s institutional capacity and systems to access long-term concessional climate finance to implement the priority climate change mitigation and adaptation measures.

PURPOSE

ENGAGEMENT

• Support the engagement with the Government of Nicaragua and GCF
• Build and maintain strong relationships with the Ministry of Finance, local financial institutions, national development banks, international financial institutions and international climate funds
• Engage with financial regulators to support the design of sustainable finance policies and regulations
• Organize and deliver consultation and validation workshops to validate products and activities
• Support the establishment of and periodic engagement with the program steering committee
• Support the engagement with potential donors and partner
• Participate to GGGI-wide events to create awareness about GGGI Nicaragua
• Represent GGGI Nicaragua in national, regional and international events

DELIVERY

Under the leadership of the Regional Investment Lead, the Senior Officer will be responsible for the delivery of the following tasks:

• Coordinate the development of the National Climate Finance Roadmap in collaboration with the Ministry of Finance
• Support the development of green, social and sustainability bond frameworks
• Support the development of concept notes and funding proposals for the Green Climate Fund, Global Environment Facility and Adaptation Fund;
• Deliver capacity building to local financial institutions for the development of environmental and social management systems, and adoption of the environmental, social and governance standards
• Deliver capacity building to the SCCP, MHCP, BCN, the Superintendency of Banks and LFIs to strengthen their knowledge of sustainable finance, and increase their capacity to design sustainable finance instruments and policies
• In collaboration with the Green Investment Senior Associate, prepare awareness raising material and presentation on the debt for climate swap mechanism and disseminating these among key government stakeholders via bilateral virtual meetings
• Develop content for knowledge, training, and communication materials on sustainable finance

REQUIREMENTS

QUALIFICATIONS

• Bachelor’s degree in Finance, Economics or other related fields;
• Preferably 10 years of relevant professional experience in the local financial sector, in banking or public finance institutions;
• Sustainable finance experience is an asset;
• Experience and familiarity with sustainable banking initiatives and standards is an asset;
• Verbal and written fluency in English and Spanish
• Prior experience working with the Ministry of Finance or Nicaragua Central Bank is a strong asset
• Must be a national of Nicaragua

FUNCTIONAL

• Leadership, teamwork and creative problem-solving abilities
• Ability to develop and maintain working relations with financial sector stakeholders
• Committed to learning about the growing field of sustainable finance
• Ability to multi-task and prioritize under stressful circumstances.
• Ability to interact and form relationships with high-level government officials and partners
• Knowledge of and experience in adhering to internationally agreed environmental and social safeguards (ESS) and gender-sensitive design requirements

CORPORATE

• Understand and actively supports GGGI’s mission, vision and values.
• Promote an organizational culture of trust, transparency, respect and partnership.
• Process and share information easily.
• Manage emotions and stress positively, builds rapport and resolves conflict easily.
• Promote creativity and innovation among staff.
• Be able to lead where needed and provide solutions to project-level challenge.

WORKING CONDITIONS

The Sustainable Finance Officer is a National Position at X9 grade level in GGGI’s national salary scale. The salary range for the position is USD 46,352—73,989 per annum depending on qualifications and experience. GGGI provides 15% of base salary towards retirement plan/long-term savings, 27 days of annual leave, and private health insurance that covers dental and vision. GGGI is committed to providing a work environment that is sufficiently flexible to accommodate diverse life-cycle challenges and assist Staff members to achieve a better balance between work and personal/family commitments, thus ensuring high performance, long-term productivity, and well-being of Staff members.

Child protection – GGGI is committed to child protection, irrespective of whether any specific area of work involves direct contact with children. GGGI’s Child Protection Policy is written in accordance with the Convention on the Rights of the Child.