The Islamic Development Bank (IsDB) is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation) with the support of the king of Saudi Arabia at the time (Faisal), and began its activities on 20 October 1975. There are 56 shareholding member states. On the 22 May 2013, IDB tripled its authorized capital to $150 billion to better serve Muslims in member and non-member countries. The Bank has received credit ratings of AAA from Standard & Poor’s, Moody’s, and Fitch. Saudi Arabia holds about one quarter of the bank’s paid up capital. The IDB is an observer at the United Nations General Assembly.
Field Disbursement Officer
Job Type Full Time
Experience 5 Years
Job Field Finance
- Review and verify operational disbursement requests and documentation in regional hub in coordination with project management unit or equivalent agency.
- Determine whether the disbursement request should be approved, reduced or rejected in accordance with Bank’s policies and procedures.
- Allocate disbursement commitments to relevant contract and ensure timely completion of the disbursement.
- Maintain accurate and complete records relating to regional hub’s project accounting activities, coordinate with respective parties for resolution of disbursement related problems.
- Provide support to negotiations, mission preparation, and disbursement workshops.
Key Accountabilities (not exhaustive list)
Dues and Disbursement Management:
- Process disbursement requests from project management unit or equivalent agency in the regional hub to verify and determine the appropriateness of requests and supporting documents for the disbursement in accordance with Bank’s policies and procedures
- Liaise with regional hub management and executing agencies and borrowers, in the resolution of disbursement related problems
- Draft clear and concise correspondence to project management unit or operational staff regarding disbursement related issues
- Monitor utilization of Special Accounts, ensuring that the funds are properly accounted for and used in accordance with Bank procedures
- Participate in project missions to verify use of project finances and resolve disbursement issues
- Participate in technical discussions and new project negotiations to ensure that disbursement arrangements are compliant with Bank’s disbursement policies
- Prepare periodic reports on disbursement activities and disbursement projections for the regional hub for management
- Maintain reliable and timely financial records for project accounting and reporting on the performance of the portfolio with special focus on approval, disbursements, cancellations and recoveries in the regional hub
- Participate in reconciliation of project balances and issuance of project statements to Member Countries (i.e. reconciling borrowers’ and the bank’s records)
- Prepare and update repayment schedules, prepare billing statements and track the repayment of amounts due and overdue in the regional hub
- Perform specific analyses of financial or operating data and submit recommendations for consideration of management
- Analyze the current projects status and identify any problem areas that warrant attention of the concerned departments
- Participate in standard and ad hoc analyses to meet variety of management objectives
Policies, Processes & Procedures:
- Participate in drafting policies and procedures as per management instructions
- Provide guidance on interpretation of IDB policies and procedures, and regulations applicable to operations financing in regional hub
- Analyze and identify gaps and suggest improvements to policies or procedures for more effective operations
Reporting & Communication:
- Prepare ad-hoc reports as and when required by management
- Bachelor’s Degree in Accounting, Finance, Economics, Business Administration or related field is required
- Aptitude for figures and attention to detail
- CPA, ACCA, CMA or an equivalent certification is preferred
Minimum number of years and nature of experience:
- At least 5 years of direct relevant experience in finance and accounting
- ERP and procurement experience is preferred
- Audit experience would be an advantage
- Building Relationships
- Client Centricity and Responsiveness
- Motivation to Learn and Share
- Passion for Excellence
- Analytical Thinking
- Communication Effectiveness
- Drive for Results
- Knowledge, Learning and Communication
- Problem Solving
- Stakeholder Management / Client Orientation
- Bank Knowledge
- Financial Analysis
- Financial Management
- Financial Reporting
- Project Management
- Project Documentation
- English (mandatory)
- French (mandatory)
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