The RIFF project is an Investment Financing Project with funding from the World Bank to the Common Market for Eastern and Southern Africa (COMESA) and the Trade and Development Bank (TDB) . The TDB component will focus on provision of long-term credit to infrastructure projects in the region while the COMESA component is a grant component which will support the enabling environment for private infrastructure finance with a focus on building a regional off-grid energy market. It will allow the COMESA Secretariat to support: (i) the harmonization of policies and regulations for cross-border infrastructure trade and investment; (ii) regional integration activities on the off-grid energy sector and (iii) market development activities in the off-grid energy sector in Fragile, Conflict and Violence (FCV) countries.
The activities in support of the enabling environment for infrastructure finance are expected to include: (i) issuance of guidance notes and model documents for PPP in infrastructure sectors other than energy, such as transport and water; (ii) customization and dissemination of PPP screening tools to help countries improve their screening of projects that may be suited to be structured as PPP; (iii) policies, guidance and platforms to facilitate digital infrastructure and digital trading in the COMESA region.
To implement the project, the COMESA secretariat will set up a Project Implementation Unit to be based in the Infrastructure and Logistics Division.
SCOPE OF WORK
The Project Finance Expert will be expected to provide support for the financial aspects of the project PIU through the support of the other Project team members to ensure implementation, efficient performance and delivery of the expected results. He/she will work closely with the Division of Budget and Finance, in the development of annual budgets in consultation with other Stakeholders for the the benefit of all Member States and the Secretariat. He/She will coordinate and implement the project financial issues, in the sense that he/she will prepare financial reports for the project and will attend to day-to-day activities relating to the finance and ensure the following outputs:
- a) Approved Work Plan and budgets
- b) Approved decisions on Approved project action plans
- c) Approved updated project Accounts;
- d) An up to date accounts data management system;
- e) Completed accounts services provided in the World Bank formats; and
- f) Standard periodical Accounts reports.
- e) Monthly, quarterly and annual management reports including the IFRs and annual financial statements in form and agreed form and content.
The reporting line with be in line with the project Project Operations Manual (POM) and COMESA’s finance and accounting framework.
- SPECIFIC TASKS/KEY RESPONSIBILITIES
The Finance Expert will be based at the COMESA Budget and Finance Division, Lusaka, Zambia and will perform the following main functions in order to ensure overall delivery of the project:
- Ensure adequate FM arrangements for the project including budgeting, funds flows, accounting, internal controls, financial reporting and audit arrangements as per the Finance Manual
- Ensure compliance with all project FM documents including the Financial Agreement (FA), Disbursement and Financial Information Letter (DFIL), Financial Management Procedures Manual (FMPM), Project Appraisal Document (PAD) and Project Operations Manual (POM)
- Be the focal point for project staff in the interpretation, operation and implementation of the project’s financial management matters;
- Maintenance of credible books of accounts; requisitions and justifications of project funds as per World Bank’s guidelines;
- Preparation of the Annual Project Work Plans and Budgets;
- Ensure proper coding of the project budget and posting of transactions in line COMESA’s chart of accounts;
- Ensure adequate annual budgetary allocation with proper budget classification in all budgetary periods;
- Ensure proper management of the budget and prepare monthly and quarterly reports to meet deadlines;
- Prepare payment vouchers after careful verification of the supporting documents
- Effect timely payments and resolve accounting related issues;
- Ensure COMESA’s internal control procedures are adhered with;
- Continuously monitor and analyse the cash flow requirements of the project;
- Timely preparation and submission of the quarterly Interim Financial Reports (IFR) and annual audited financial statements to the World Bank.
- Processes accurately and promptly all accounting transactions, including payroll, operating expenses, travel, consultant payments vendor payments, charge backs and other office running expenses.
- Maintain reconciled accounts at any given point in the project and regularly reviews the open item accounts and resolves any outstanding items;
- Keep relevant documents and invoices systematically to fully support the accounts;
- Maintain proper files and records of the project;
- Preparation of requisite annual financial reports in time for submission to external audit;
- Facilitate the audit of the project accounts and other financial reports;
- Follow up and promptly resolve all FM and audit issues on the project;
- Facilitate the submission of the RIFF’s audited annual project specific financial statements to the World Bank within the required timelines.
- Perform other duties as may be assigned by the immediate supervisor.
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Post expires at 6:00pm on Monday November 16th, 2020