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Senior Investment specialist - National Financing Vehicle (NFV)

GGGI Royaume du Maroc
Senior Investment specialist - National Financing Vehicle (NFV)
INTRODUCTION

Based in Seoul, 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. In the newly approved Strategy 2030, GGGI is driven by the vision of “a low-carbon, resilient world of strong, inclusive, and sustainable growth”. 

Project background

Although Morocco is globally ranked fourth among developing country recipients for public climate finance, financing for Morocco’s Nationally Determined Contribution (NDC) is falling short in the regions, provinces, and communes. In fact, most public climate finance has been in the form of concessional loans for utility-scale projects by large entities in wind and solar power which, despite their importance, do not directly reflect locally determined priorities or gender considerations. Moroccan public sector entities are interfacing with a multitude of climate finance providers with often different investment criteria and project approval procedures.

For the period 2020-2030, Morocco’s NDC estimates climate adaptation financing needs for the water, forestry and agriculture sectors at around USD 35 billion. Unconditional mitigation actions focusing on rural areas will require an estimated investment of more than USD 20 billion. At the same time, the National Sustainable Development Strategy (NSDS) emphasizes the pivotal role of territories (regions, provinces, and communes) and the private sector in the successful transition of the country towards a green and inclusive development path.

In fact, it is necessary to increase micro, small and medium-sized enterprises (MSMEs) access to international climate finance, as MSMEs constitute 98% of Morocco’s private sector, generate approximately 40% of Morocco’s Gross Domestic Product (GDP), and are a catalyst for job creation and economic development. Also, there is currently no blended finance mechanism to support the projects pipeline of the GCF Country Programme and Regional Development Plans (PDRs) from each of the country’s 12 regions.

On May 15, 2018, GoM validated the NSDS sectoral sustainable development plans, which specifies the measures and indicators to implement the NSDS under the advanced regionalization framework with a focus on transport/mobility, energy, waste, water, and agriculture. The NSDS also requires that a national fund for the environment and climate be established, which includes a national authority mandated by the government to approve proposed projects and programs, as well as a guaranty mechanism to support the financing of green value chains.

In order to support local and regional governments in accessing climate finance and in structuring bankable projects, this Project is based on 2 Components, that will be conducted in parallel:

  1. Component 1 that will be developed by the individual consultant : Design a blended finance mechanism, multi-sector National Financing Vehicle (NFV) to help territories (regions, provinces, and municipalities) access climate finance to support the implementation of Morocco’s National Sustainable Development Strategy (NSDS), NDC and Sustainable Development Goals (SDGs);
  1. Component 2 that will be developed by a consulting firm, contracted separately : Design a Regional Climate Finance Pipeline Development Capacity Building Program for the Climate Change Competency Center (4C) using a train-the-trainer approach so it can accompany the national and regional stakeholders in prioritizing and preparing bankable, sustainable and inclusive climate finance projects that will create a pipeline for financing in support of the GCF Country Programme.

By contributing to the development of inclusive green territories, this project aims to support the Government of the Kingdom of Morocco (GoM) in achieving the NDC 2030 targets of a national overall GHG emission reductions of 42 percent below business-as-usual (BAU) emissions, and the closing of the green investment gap of USD24 billion in conditional investments.

Objectives/Purpose of the Assignment:

The consultant shall support the design of the multi-sector National Financing Vehicle (NFV) to help territories (regions, provinces, and municipalities) access climate finance that will support the implementation of Morocco’s National Sustainable Development Strategy (NSDS), NDC and Sustainable Development Goals (SDGs).  


Scope of Work:

Working closely with GGGI, the NDA and the consulting firm during the project development process to ensure the alignment with both GCF and GGGI’s strategies and policies, the scope of work to be carried out will include, but not limited to the following tasks:

-   Help to establish the NFV Steering Committee (SC) to ensure wide engagement of key partners

-   Conduct stakeholder consultations with key government entities, and national and international financing institutions.

-   Conduct market study to map products offered by financial institutions and identify gaps and synergies

-    Conduct NFV benchmark study of successful NFV models in other countries

-   Develop NFV design recommendations

-   Identify potential national host institutions and assess their ability to manage the NFV;

-   Draft an MoU between NDA and selected entity/ies

-   Conduct assessment of selected entity/ies and design NFV Offering Memorandum and internal procedures;

-   Contribute to the development of a training-of-trainer capacity building program to deliver to 4C, for the public and private sector on national and subnational levels;

-   Contribute to the private sector consultation workshop that will be organized to attract private sector interest and investments.  

-   Other tasks as required to ensure the quality of the deliverables in conformity with the GCF proposal, including close collaboration with the project lead for component 2, to ensure coherent deliverables.

Output/Reporting Requirements/Deliverables:

- Workplan and methodology presented to the project management team;

- NFV steering committee established with meeting minutes from the first SC meeting;

- Stakeholder consultations report, market study, and NFV benchmarking study, and recommendations for the design of the NFV delivered and validated by the SC. Recommendations report include but are not limited to NFV governance, legal form, operating model, sector focus, capitalization amount, eligibility criteria, source of funds capitalized, etc.

- A national financing institution is selected as Fund manager by the SC; MoU established between the NDA and the selected entity/ies;

- Entity upgrading requirements assessed and NFV design and procedures proposed;

- Assessment report of the selected entity and NFV Offering Memorandum and internal procedures submitted;

- Inputs provided for the training manual on climate finance;

- Presentations developed on climate finance - NFV and delivered during the workshop for trainers, and the private sector consultation workshop.

Qualifications/Experience/Expertise:

- Master’s Degree or equivalent in public finance, law, business, International Development/Affairs;

-  Minimum 8 years relevant professional experience related to international finance sector with experience in project design and implementation; Demonstrated past working experience in investment banking, private equity, commercial banking, public finance institution, legal house, or a top tier consulting firm;

- Priority will be given to candidates with experience in the development of funds

- Experience in fund management and fund auditing is a plus

- Experience in conceptualizing, appraising and supervising climate finance strategies is a plus

- Local knowledge of Moroccan financial market, regulatory/legal framework is a strong plus

- Experience in stakeholder engagement and ability to provide technical advice to public and private sector stakeholders;

- Excellent written and verbal English/French is a must and Arabic communication skills is a plus

- Ability to work effectively with people from diverse cultural and professional backgrounds.

Deliverables

Deadline

Estimated days of work

Payment

Inception Report that covers at a minimum:

  • Detailed methodology to accomplish the project
  • Detailed Project work plan
  • Identified stakeholders to be involved in the NFV steering committee

By 1 month from start date

-         

Submission of documents related to the establishment NFV steering committee with:

  • ToRs of the Steering Committee
  • Meeting minutes from the first SC meeting

Inputs provided for the private sector consultation workshop

By 3 months from start date

9

10%

Stakeholder consultation conducted

NFV benchmarking study report delivered, that covers:

  • Market study, NFV benchmarking study
  • Recommendations for the design of the NFV delivered and validated by the SC.
  • NFV governance, legal form, operating model, sector focus, capitalization amount, eligibility criteria, source of funds capitalized, etc.

Presentation of the NFV concept, benchmarking, knowledge sharing and the validated proposed scenario during the first NFV presentation event

National financing institution selected by the SC, an MoU established between the NDA and the selected entity/ies;

-        Presentation of the assessment and the selected entity to host the NFV, during the second NFV event

Inputs provided for the training manual on climate finance pipeline development capacity building program

By 9 months from start date

54

60%

Entity upgrading requirements assessed and NFV design and procedures proposed

Assessment report and NFV Offering Memorandum and internal procedures submitted

Presentation and discussion of the NFV recommendations including operating procedures

Presentation delivered during the two national and subnational workshops that will be organized by the consulting firm

By 15 months from start date

27

30%

SELECTION PROCESS

Applications submitted after the deadline will not be considered.

GGGI evaluates applications based on eligibility requirements, relevance of academic study, work experience and the level of interest and motivation to contribute to GGGI's goals. 

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.

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