Job Description
Millennium International Consulting, LLC (see www.millennium-int.com and www.millenniumpartners.org) is a lead firm implementing the USAID funded Tijara program. Tijara supports small and medium enterprise development through advice and training as well as providing increased access to finance.
The Tijara SME Bank lending activity seeks to develop and implement private commercial bank lending programs for small and medium sized enterprises (SMEs) with 3-29 employees seeking bank credit in amounts that range from $5,000 to $250,000 to help their businesses grow and to provide sustainable employment opportunities for Iraqis.
USAID-Tijara’s institutional development support within the SME Banking Component includes grants to two non banking financial institutions—The Iraqi Company for Bank Guarantees JSC (“ICBG”) and the Iraqi Company for Financing SMEs, LLC (ICF-SME). Together, these two have facilitated 60% of the financing to Iraqi’s small and medium enterprises facilitated through the USAID-Tijara Program over the past 3 1/2 years, such loan financing in all cases is extended through partner private commercial banks.
ICBG has capital and reserves with a risk capacity very conservatively fixed at four times the sum of capital and guarantee reserves. It has underutilized capacity. With fifteen private bank shareholders each in a position to refer loans, ICBG still depends on four banks for over 80% of its business. Improving Marketing, New Product Development, Service Delivery, Risk Management, Internal Operations, and Governance will be the principal areas of concern for the Senior SME Bank Lending Advisor
S/he will in effect become the chief advisor of USAID-Tijara to the Iraqi Company for Loan Guarantees (ICBG), working closely with the ICBG Managing Director and senior management. He/she assumes responsibility for advancing the company to operational and financial sustainability, given projected growth in guarantees issued, claims processed, and portfolio value, as judged by international credit guarantee company standards.
Specific Tasks will include:
- Strengthen ICBG’s planning, budgeting, operations and corporate governance so that it can operate completely independently of USAID-Tijara by the end of 2012.
- Guide the Managing Director to structure ICBG to become a first-class guarantee company by international standards; and achieve full coverage of expenses from fees.
- Assist ICBG in the establishment of an MIS and an integrated accounting system;
- Support ICBG in training provided to participating banks;
- Assist ICBG capacity building through participating in the selection and training of new key staff members;
- Assist ICBG in the creation of a Legal Department and a Follow-up Department for the checking of high value loans and problem loans;
- Support ICBG in its marketing activities at various levels, including linkages with other Iraqi financial institutions, to include microfinance lenders.
- Introduce more flexible pricing to attract more partner banks and to improve risk profile of loan guarantee profile;
- Support ICBG in the development of new services and products, targeting specific economic target sectors;
- Propose and oversee adherence by ICBG to grant funding conditions in connection with the Iraqi Vulnerable Group Support Program (IVGSP);
- Assist ICBG in scaling up its risk management and ICT systems to handle a 20,000 loan portfolio; and
- Integrate ICBG to work in harmony with the SME lending platform’s holistic function.
The SME Bank Lending Advisor will perform any other relevant duties or activities as assigned by the Component Team Leader, project management and USAID.
Deliverables
- Demonstrable strengthening of management skills, staff operations and governance;
- A 3-5 year ICBG strategic plan, to include a capital increase during this time frame, during Q3 2012 for Board of Directors evaluation;
- Review and revision of policy and procedures regarding risk management, operations and personnel, service delivery and work flow, etc, specifically as regards credit assessment/approval, screening, fee invoicing and payment claims processing, client relations, and loan restructuring/workout strategies;
- Development of a product and client base that fully utilizes the risk capacity of ICBG
- Participation in events, reports, and other tasks as assigned; and
- Prepare weekly and monthly reports as well as other ad-hoc training reports called for by USAID and USAID-Tijara project management.
Qualifications for Position:
- An advanced degree in economics/finance/business management;
- Bank officer training experience in SME sector lending and credit risk management;
- At least ten years experience in banking or financial services, preferably in the small and medium enterprise segment in a developing economy context;
- Senior position dealing with core (ICBG) generic management and governance issues
- Familiarity with loan guarantee company products and services; and
- Fluency in Arabic and experience in SME finance development in the Middle Eastern region is highly desired.
This position is open to be filled immediately. Please send your curriculum vitae, cover letter including three references to Brian Hannon, Vice President Millennium International Consulting to brianhannon@me.com. Please put in the subject line of your e-mail “Iraq Tijara Senior SME Bank Lending Advisor.”
