Finance Management Specialist

REQUEST FOR EXPRESSION OF INTEREST (INDIVIDUAL CONSULTANTS)

COUNTRY: MALAWI
NAME OF PROJECT: ACCELERATING SUSTAINABLE AND CLEAN ENERGY ACCESS TRANSFORMATION IN MALAWI (ASCENT MALAWI) PROJECT
PROJECT ID: P502464
ASSIGNMENT TITLE: FINANCE MANAGEMENT SPECIALIST
DATE OF ISSUE: 8th May, 2025

1.0 Introduction

The Government of Malawi is currently implementing the Accelerating Sustainable and Clean Energy Access Transformation in Malawi (ASCENT Malawi) Project with funding from the World Bank. The project development objective is to increase clean and sustainable energy access in Malawi, aligning with ASCENT’s Program Development Objective of increasing clean and sustainable energy access in Eastern and Southern Africa. There are five main components to be implemented under ASCENT.

Three components will be implemented by the Ministry of Energy while two components will be implemented by ESCOM. The two components under ESCOM, as described below, are Last Mile Grid
Connection and Technical Assistance and Capacity Building.

2.0 The Position

The Finance Management Specialist (FMS) will be responsible for ensuring compliance with financial management requirements for the project as outlined in the World Bank’s guidelines and regulations and ensure timely implementation of the project. The FMS will maintain liaison with the World Bank on project financial matters and operate under the general direction of the Project Manager.

The FMS will be a competitively recruited individual consultant who will be working within the Project Implementation Unit and will be reporting directly to the Project Manager. The Specialist will, at a minimum, on a monthly basis present a financial progress report to the Project Manager, highlighting a synthesis of progress against planned actions, key challenges, and proposed management decisions related to financial matters of the Project.

The FMS, working in liaison with the Chief Projects Accountant in ESCOM, will also provide direct supervision to the Project Accountant who shall be part of the PIU for ASCENT.

3.0 The Objective of this Assignment:

The objective of the assignment is to provide implementation oversight in ensuring efficiency in the processing of finance management documents under the ASCENT project as well as to provide all the necessary support through the provision of highly qualified and skilled financial management services to the Project Implementing Unit, in strict compliance with the legislation in force, combined with the management standards defined in the World Bank’s finance management practices, regulations and
guidelines. The FMS shall ensure that project funds and other resources are used for the purposes intended in an efficient and economical manner.

4.0 Scope of the Assignment
4.1 Duties and Responsibilities

The Finance Management Specialist will be responsible for the planning, implementation and reporting on all accounting process and the management of finances for the project including providing leadership and managing all finance/accounts staff under the project. In achieving this the FMS shall execute, but not limited to, the following specific tasks:

4.2 Specific Tasks

a) Ensure adequate FM arrangements for the project including budgeting, funds flows, accounting, internal controls, financial reporting and audit arrangements as per ESCOM Finance Manual and Project
Implementation Manual; are in place
b) Ensure and achieve compliances with all project FM documents including the Financing Agreement
(FA), Disbursement and Financial Information Letter (DFIL), Financial Management Manual (FMM),
Project Appraisal Document (PAD) and Project Implementation Manual (PIM),
c) Be the focal point for project staff in the interpretation, operation and implementation of the project’s financial matters;
d) Maintenance of credible books of accounts; requisitions and justifications of project funds expenditures as per World Bank’s guidelines;
e) Preparation of the Annual Project Work Plans and Budgets;
f) Ensure adequate annual budgetary allocation with proper budget classification in all budgetary periods;
g) Ensure proper management of the budget and prepare monthly and quarterly reports to meet deadlines;
h) Facilitate timely payments in compliance with all tax regulations and resolve accounting related issues;

i) Continuously monitor and analyze the cash flow requirements of the project;
j) Timely preparation and submission of the Interim Financial Reports (IFR) and the pipeline of the
projected activities to the World Bank for accounting and replenishment based on the projected cash flows;
k) Ensure timely and accurate processing of all accounting transactions, including payroll, operating expenses, travel, consultant payments, vendor payments, charge backs and other office running expenses;
l) Maintain reconciled accounts at any given point in the project and regularly review the open item accounts and resolves any outstanding items;
m) Keep relevant documents and invoices systematically to fully support the accounts;
n) Ensure proper files and records of the project are maintained;
o) Preparation of requisite annual financial reports in time for submission to external audit and facilitate the audit of the project accounts and other financial reports;
p) Follow up and promptly resolve all FM and audit issues on the project and ensure adherence to internal
controls;
q) Facilitate the submission of audited annual project specific financial statements to the World Bank within the required timelines.
r) Perform other duties as may be assigned by the Project Manager.

1. Reporting Arrangements

The Finance Management Specialist will report to the Project Manager and will also be responsible for supervision of the other finance/accounts officers in the PIU including the Project Accountant.

Apart from the Bank, the FMS will maintain liaison with ESCOM on project financial matters through the Chief Projects Accountant domiciled at the Director of Finance’s Office.

2. Qualifications and Experience for the assignment

The ideal candidate should meet the following minimum qualifications:

a. Bachelor’s Degree in any of the relevant disciplines, including Commerce, Accounting, Finance, or business from a recognized university or an equivalent qualification.
b. Master’s Degree in Accounting; Business Administration (MBA), or any other equivalent degree / and or Certified Accountant (ACCA) or equivalent.
c. A minimum of five (5) years of continuous work experience in finance and accounting, minimum 3 years of which must have working responsibilities in audit or financial management environment.
d. Specific work experience in projects funded by World Bank Group and or similar International Cooperating Partner would be required;
e. A proficient working knowledge of MS Office applications (Word, Excel, PowerPoint etc) and relevant accounting computer packages are required;
f. High level of personal and professional integrity with strong analytical skills and ability to function well in a multi-cultural environment
g. Strong interpersonal skills and orientation both as a team leader and team member;
h. Ability to deal sensitively and build effective working relations with clients, suppliers, financing partners and colleagues;
i. Strong communication skill with ability to prepare, present and discuss findings in written and oral form;
j. A proficient working knowledge of Windows-based computing programs, and electronic communication with a specific focus on World Bank Client Connection environment

3. Required Competences

• Understanding of the assignment objectives, effective planning of activities and ability to adjust to changing circumstances.
• Ability to build capacity and train various stakeholders;
• Should have demonstrated leadership skills in working effectively with Clients, contractors and consultants in implementing World Bank related finance management activities.
• Ability to work in a team, develop synergies and establish effective working relations with various stakeholders;
• Full and fluent command of English, including the ability to set out a coherent argument in English report writing, presentations and group interactions.
• Strong interpersonal and communications skills, resourcefulness, initiative, tact and ability to cope with any situation;
• Strong attention to detail and thoroughness in work product.
• Ability to multi-task.
• Ability to work in a team and independently with minimal supervision.
• Ability to work with tight deadlines and deliver exceptional results.
• Openness to change and ability to receive/integrate feedback;

4. Expected Deliverables

The following are some of the required reports and other documents that the Finance Management Specialist will be expected to prepare:

a. Approved Work Plans and Budgets;
b. Approved project action plans;
c. Updated project Expenditure and Accounts;
d. An up to date accounts data management system;
e. Monthly, quarterly and annual management reports including the IFRs and annual financial statements in time and agreed form and content.

5. Performance Criteria

The following performance criteria will be used to assess the performance of the FMS annually, and based upon these assessments, the contract with the Project may be continued or terminated:

a) Quality and timeliness of work plans, action plans and budgets
b) Status of project expenditures, accounts and data management system
c) Quality of filing and records related to project’s finance management documents
d) Quality and timeliness of required reports including minutes of meetings
e) Timely availability to sanctioned meetings

6. Location of Employment

The FMS will be based at the PIU Office in Blantyre but will be required to travel regularly to project sites as necessary.

7. Duration of Assignment

The assignment is for a period of Five (5) years subject to annual renewal based on satisfactory performance.

8. Selection Methods

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” of November 2020 (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest.

A consultant will be selected in accordance with individual Consultant (INDV) selection methods set out in the Procurement Regulations

9. Facilities to be provided by the Client

The following shall be provided by the client:

• Office space,
• Furniture and office equipment,
• Communication and internet facilities, and
• For all field related assignments, the Project shall provide PPE, transport and other expenses (per diems etc.) related to the field work.

10. METHOD OF APPLICATION

Expression of interest with detailed Curriculum Vitae (CV) and copies of supporting qualification documents, including names of three traceable referees must be delivered in written form to the
address below (in person, or by email, or by mail) NOT later than 16th May, 2025

Address for submission by email is info@escom.mw

The Chairperson-Internal Procurement and Disposal of Assets Committee
Attn: The IPDC Chairperson
ESCOM House, Annex Building, 1st Floor,
Haile Selassie
P. O. Box 2047
Blantyre
MALAWI.