Financial Management Specialist Full Time

Request for Expression of Interest

(Consulting Services – Individual Consultant Selection)

Country: The Federal Democratic Republic of Ethiopia

NAME OF PROJECT: Financial Sector Strengthening Project

Project ID: ______________________

CONSULTING SERVICES: Financial Management Specialist – Individual Consultant

Credit No.: IDA V3780

The Federal Democratic Republic of Ethiopia has received financing from the World Bank toward Financial Sector Strengthening Project and it intends to apply part of the proceeds for consulting services.

The consulting services (“the Services”) include carrying out procurement activities as per the World Bank Procurement Regulations for an efficient implementation of The financial Sector Strengthening Project. The assignment will be initially for a period of one year, including 3-month probation period. At the end of one year, the assignment may be extended annually, depending on satisfactory performance.

The National Bank of Ethiopia now invites eligible Individual Consultants to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the services. The short-listing criteria are as indicated in the Terms of Reference below.

The attention of interested Consultants is drawn to Section III, paragraphs, 3.14, 3.16, and 3.17 of the World Bank’s “Procurement Regulations for IPF Borrowers” Sixth Edition, February 2025 (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest.

A Consultant will be selected in accordance with the Selection of Individual Consultant method set out in the Procurement Regulations, Time Based Contract.

Interested and qualified consultants may obtain further information at the address below during office hours 08:00 to 12:00 & 14:30 to 17:00, Mondays to Thursdays; and 08:00 to 11:00 & 14:30 to 17:00 on Fridays.

Expressions of interest (CV, Cover letter and documentary evidence for fulfilling the qualifications) must be delivered in a written form to the address below in person, by _________________, 16:00 local time.

Address

________________________________________

Address….

Contact phone No: _______________________________

Email: ______________________________

Terms of Reference (TOR) for the Selection of Financial Management Specialist

Contract Title: Financial Management Specialist (Individual Consultant)
Agency: National Bank of Ethiopia
Name of the Project: Financial Sector Strengthening Project (FSSP)
Location: Addis Ababa

1. Background

The Financial Sector Strengthening Project (FSSP) is a USD 700 million project with the objective to enhance financial sector stability through strengthening key state-owned financial institutions and the banking sector supervisory and regulatory framework. The FSSP has four components: (i) Strengthening the Banking Sector Supervisory and Regulatory Framework and the institutional capacity of the National Bank of Ethiopia (NBE); (ii) Reform, Restructuring, and Recapitalization of the Commercial Bank of Ethiopia (CBE); (iii) Reform, Recapitalization and Institutional Strengthening of the Development Bank of Ethiopia (DBE); and (iv) Component 4: Implementation Support. The project uses a combination of Investment Project Financing with Performance-Based Conditions (IPF-PBC) and regular IPF financing instruments. NBE, CBE and DBE are the implementing entities of the project while NBE will assume the role of a lead implementing agency. A Project Implementation Unit (PIU) at NBE has primary accountability role to coordinate M&E and operational workflow between the implementing agencies and is the designated as the lead implementing agency under the auspices of NBE.

The project is supported by the World Bank. As part of its execution, the NBE intends to establish a Project Implementation Unit (PIU) to coordinate, manage, and oversee the day-to-day implementation of the project.

The PIU will act as the focal point for all matters related to the project, ensuring effective communication and collaboration between NBE, CBE, DBE, development partners, and other stakeholders. To manage the overall financial management arrangements of this initiative, the NBE seeks to recruit an experienced and qualified Financial Management Specialist (FMS).

2. Objective

The objective of this ToR is to recruit a Financial Management Specialist (FMS) to support the implementation of the FSSP. The FMS will be posted in the PIU under NBE and will provide support to the PIU team. The FMS will work closely with corporate finance directorate of NBE and relevant departments in CBE and DBE as the Leads on the subject matter. She/he reports directly to the PIU Manager.

3. Scope of the work/assignment

The FMS will be responsible for the day-to-day accounting transaction and manage the overall financial management arrangements of the FSSP. S/he will ensure that robust financial management practices are maintained throughout the life of the project’s duration, in accordance with agreements, manuals, and project documents. S/he will coordinate with relevant implementing entities including CBE and DBE to establish and maintain financial management arrangements including budgeting, accounting, internal control, funds flow, reporting, and auditing.

4. Duties and responsibilities

Specific tasks to be carried out by the Financial Management Specialist include but are not limited to, the following:

Budgeting and Planning

• She/he supports Implementing agencies in preparation of the project annual work plan and budget (AWPB)
• Ensure that the project budget is included as part of the entities budget and approved by their respective board of directors
• Ensure that project’ AWPB is submitted to the World Bank and No objection is secured within the timeframe stated in the Financing Agreement
• Ensure that budgets are disseminated to all relevant stakeholders timely
• Maintain budget discipline, track budget utilization, report to management on variances from the established budget, and the reasons for those variances
• Assist PIU management in the formulation of its overall strategic direction
• Review the budget and plans of CBE and DBE and produce a consolidated plan

   

Accounting and Reporting

• Design and implement adequate Financial Management systems and procedures to govern implementation of the project
• Ensure that books of accounts are maintained; Maintain up to date and documented accounting system and policies and procedures
• Ensure the existence of adequate and capable FM staffing
• Produce periodic financial reports for World Bank as well as for the government as per reporting requirements and formats including by consolidating reports from CBE and DBE. Follow up on the preparation of acceptable financial reports from implementing entities; Ensure that unaudited financial reports are sent to the financiers on time and up to standard
• Ensure that audited financial statements of the project are sent to all stakeholders on time

Funds Management

• Ensure that sufficient funds are available to meet ongoing project and operational requirements; Ensure that resources are available to implementing entities; Forecast cash flow positions
• Mitigate financial risks and maintain close liaison with CBE, DBE and other key Government counterparts involved in the project
• Understand and implement World Bank disbursement procedures for the Project as per agreements/requirements; Follow up on disbursement issues timely; Ensure fund requests are made as per procedures and agreements
• Manage project bank accounts, Conduct bank reconciliations on time

   

Internal controls

• Ensure internal control arrangements are maintained consistently throughout the life of the project including proper controls regarding approval and authorization; segregation of duties; cash and bank management; safeguarding of assets and properties (including fixed assets and inventories); payroll management; taxes obligations; contract management; advances and prepayments; payables are in place; reconciliations, etc.

   

External and internal Audit

• Ensure that internal and external audits are arranged as per the agreements; Ensure relevant accounting information is made available to them; Address their queries

Financial Analysis

• Review financial performance of the project and report on key issues to the respective management body and project stakeholders
• Review administrative bottlenecks and recommend changes to improve efficiency. Create additional analyses and reports as requested by management.

5. Reporting

• The Financial Management Specialist will be directly reporting to the PIU Manager/, FSSP Project and to the Corporate Finance Directorate director.

6. Remuneration and mode of payment

• The Financial Management Specialist remuneration and benefits will be competitive and negotiable, based on qualifications and experience.

7. Services and Facilities Provided by the Client

The National Bank of Ethiopia will provide the following:

• Office space, furniture, and necessary equipment.
• Access to project-related data and resources.
• Support from assigned NBE staff and technical teams.

8. Duration of Services

The assignment is expected to commence immediately upon contract signing. The contract will be for one year with the possibility of extension based on performance and project requirements.

9. Place of Work

1. The Specialist will be stationed in NBE PIU (Addis Ababa) and provide support to all implementing agencies as required.

The qualification and experience required for applicant who would like to apply for the service should possess the following minimum criteria:

• The candidate should have a bachelor’s degree (master’s or above is preferred) in finance or accounting, and related fields
• Minimum of 6+ years of progressively responsible experience for a major Company, government or non-government institution
• The candidates should have prior experience in implementing World Bank funded project/programs for at least 4 years, sufficient knowledge on managing the Client Connection system of the World Bank
• Preference will be given to candidates with the Chartered Certified Public Accountant or Association of Chartered Certified Accountants or Certified Management Accountant designations, .
• Excellent communication skills are essential, particularly regarding presenting results of analyses to management,
• Specific technical knowledge related to World Bank related projects,
• Proficient use and knowledge of electronic spreadsheets and database
• Fluency in English and Amharic languages
• The candidate must have the highest levels of personal integrity, and a reputation for a transparent and systematic work style; and
• The candidate must be able to work under pressure situations, to meet demanding deadlines.