Chief Executive Officer – InfraZamin Pakistan
Report to: Board of Directors / Chairperson
Application deadline for the position is August 31, 2019
InfraZamin Pakistan (“IZP”) is a new Private Infrastructure Development Group (“PIDG) initiative developed by its guarantee arm, GuarantCo, a highly rated Financial Guarantor (rated: Fitch AA- international / Moody’s A1 and / local PACRA AAA local) specialised in developing capital markets with further sponsorship from Karandaaz Pakistan (a DfID and Bill and Melinda Gates Foundation funded entity). The creation of IZP follows on from GuarantCo’s key role as Sponsor in the successful creation and operationalisation of InfraCredit Nigeria (infracredit.ng).
IZP is a for-profit credit enhancement facility domiciled in Karachi with a PKR capital base of PKR 15.00 billion. It is regulated by SECP as a NBFC and will have a sole line of business to issue credit guarantees for infrastructure related debt instruments. IZP will guarantee lenders the timely repayment of scheduled interest and principal based on its triple-A rating from PACRA.
In addition, to PIDG, GuarantCo and Karandaaz as capital providers, there will be local private shareholders representing approximately 50% of the funded capital Core Capital.
The primary development Impact is for IZP to act as a catalyst to build missing pieces of the financial infrastructure in Pakistan that will encourage the crowding in of underused pockets of liquidity in the Pakistani financial markets to fund infrastructure projects. It should however be noted that a further goal is to create a sustainable entity whereby, further private capital can be mobilised to support the future growth of IZP. Therefore, the developmental impact, ongoing viability and profitability of IZP will be key to the ongoing success of the entity, especially, to achieve a key goal of an “IPO” at or around Year 7 of operations.
IZP is expected to start operations in early 2020 based on a fully committed capital structure. These commitments are based on a 15-year business plan approved by all capital providers which was developed by IZP’s advisors, who have also materially completed both the regulatory and rating processes. Therefore, IZP is now seeking a CEO to be a key participant in establishing the company in its initial 3-year start-up phase with the possibility of an extension for a further three years.
Position Summary, Duties and Responsibilities:
The Chief Executive Officer will be responsible for building and managing a team which will deliver the operationalisation of IZP during the initial start-up phase over the next three years, as per the business plan against which the capital providers have committed. Given the start-up nature of the business, this role will require the CEO to be very “hands-on” and will include the following duties and responsibilities:
- Implementing and communicating the organization’s vision, mission, and overall strategy
- Soliciting advice and guidance, when appropriate, from the Board of Directors and pro-actively recommending changes required to the overall direction, policies and strategy of the organization, if and when required
- Delivering a detailed 3 year business plan (to include timeline of deliverables) working with shareholders and board members based on the initial 15 year investment business plan already agreed
- Building a team and a working environment / culture that is inclusive and reflective of Pakistan’s diversity including gender equality whilst working closely with the board to ensure appropriate staffing levels are in place to deliver the business plan. Staffing the organization as per the requirements of the business plan whilst working closely with the board to ensure appropriate headcount is maintained (i.e. avoiding both over- or under-staffing).
- Initially leading and remaining materially involved in both transaction origination and execution alongside transaction staff (thus ensuring proper processes etc.) – these activities will include:
- deal structuring
- term sheet negotiations
- presentation to new business and credit committees
- negotiating final documentation
- Aiding in the securing, if appointment is prior to commencement of operations, of all necessary regulatory approvals and licenses required for IZP to commence operations (process is already underway)
- Delivering the appropriate operating manuals based on agreed first drafts and systems to ensure that IZP maintains the highest level of credit underwriting and a comprehensive risk control environment. Furthermore, deliver a comprehensive risk management and capital adequacy framework alongside a pricing policy. These will be agreed by the board with both GuarantCo’s and other third-party inputs as required from time to time.
- Developing close relations with GuarantCo, thus ensuring that there is an ongoing transfer of skills between IZP and GuarantCo
- Liasing with the SECP as required under NBFC rules
- Liasing with PACRA as required by their ongoing reporting requirements
- Delivering the necessary IT systems
- Delivering the necessary governance structure and policies (to include Operating Procedures that follow PIDG’s requirements and that of other shareholders if required)
- Other duties involved in the set-up of new company including:
- Office set up
Direct Reports (to be hired as per business plan):
- Chief Risk Officer
- Chief Financial Officer
- Chief Human Resource Officer / Chief Operating Officer
- Head of Origination / Chief Investment Officer
- Portfolio Manager
Heads of Department as set up over time
- External Auditors
- Issuers / Borrowers
Knowledge and Experience:
- Masters degree in Economics, Finance, Business Administration and/or any other relevant degree. CFA, CA or other relevant professional certification.
- 15 Years plus within financial institutions with specific experience in originating, structuring and closing infrastructure projects (or project finance) in Pakistan.
- Have experience in structuring and marketing Capital Market transactions within a Pakistani context
- Have experience / understanding of risk management / back office controls
- Have experience building and managing effective teams
- Have a strong relationship with project developers in Pakistan
- Have experience working out defaulted credits
- Have experience working on restructuring of stressed credits
- Have experience working closely with a board
- Have experience working closely with the SECP, SBP and PACRA
- Have previously passed or be confident to meet the SECP’s requirements for Fit and Proper to as a CEO of a NBFC
- Experience and/or knowledge of strategic planning, budgeting, monitoring, financial reporting, compliance and risk management, treasury and fundraising
- Have experience in working at a financial institution start up or in the creation of a new division within a financial institution
- Have previous experience working with international DFIs and in particular Guarantors
- Relevant international experience
- Have the right to live and work in Pakistan
Behavioral Skills and competencies:
- Strong credit skills
- Strong origination and structuring skills
- Leadership skills whilst also be willing to work on transactions
- Strategic Orientation especially with regards to a start-up
- Diversity and cross-cultural management
- Coaching and mentoring
- Decision making and Problem Solving
- Stakeholder identification and networking
- Effective communication and negotiation
Key Performance Indicators:
- Build and maintain an engaged team (Employee satisfaction index, turnover rate among top performers)
- Profitability and achievement of expectations set out in Business Plan both short-term and medium term
- Strength (diversity / quality / quantity) of pipeline and conversion ratio
- Involvement in deal origination and execution
- Development of a strong credit culture within IZP through standard operating procedures, training programs and exchanges with GuarantCo
- No material operational or control issues over the tenure as CEO
- Below industry average credit losses in the portfolio over the tenure as CEO
- Capacity building amongst borrowers and lenders of infrastructure projects
Compensation: Commensurate with market and experience
Candidates are requested to submit their resumes and cover letters to firstname.lastname@example.org by August 31st, 2019. IZP is an equal-opportunity employer. Female candidates are encouraged to apply.