Underwriter

Overview

Underwriter – Job #: req34406
Organization: MIGA
Sector: Operations
Grade: GF
Term Duration: 3 years 0 months
Recruitment Type: Local Recruitment
Location: Sao Paulo, Brazil
Required Language(s): English, Portuguese, Spanish
Preferred Language(s):
Closing Date: 10/11/2025 (MM/DD/YYYY) at 11:59pm UTC

The Multilateral Investment Guarantee Agency (MIGA) is a member of the World Bank Group with a mission to promote foreign direct investment into developing countries to help end extreme poverty and boost shared prosperity on a livable planet. MIGA houses the World Bank Group guarantee platform which brings together products and experts from the World Bank, International Finance Corporation (IFC), and MIGA for simplicity, efficiency, and speed. MIGA serves as a one-stop shop for all WBG guarantee business, providing the best guarantee solutions for clients to meet project needs and development priorities. The platform provides three types of coverages: credit guarantees for loans to the public or private sector; trade finance guarantees for trade finance projects involving public entities; and political risk insurance against non-commercial risks for private sector projects or public-private partnerships. For more information, visit

In February 2024, the World Bank Group announced a major upgrade to its guarantees business, by establishing as of July 1 2024, the Guarantee Platform (Platform) housed at MIGA. The Platform will deliver improved guarantee access through a unified team of guarantee specialists as well as innovative new guarantee solutions. These new reforms will help position the Platform/MIGA to achieve the goal of tripling annual guarantee issuance to $20 billion by 2030.

MIGA’s Operations Department (MIGOP) leads MIGA’s guarantee business development and origination activities, structures transactions, leads projects through the underwriting and approval process, and manages guarantees portfolio. Within MIGOP, the Global Transaction Team (GTT) is a dedicated team of Analysts, Underwriters, and Senior Underwriters with a focus on underwriting MIGA’s guarantee transactions.

MIGOP is seeking a highly experienced, motivated, and proactive Underwriter with strong project finance, public sector finance, political risk insurance, trade finance and/or structured finance underwriting skills, as well as client and new business origination skills, preferably gained in the energy and general infrastructure or financial sectors.

While reporting to the Manager for GTT, the day to day activities of the Underwriter will focus mainly on leading transaction teams (comprising individuals from across the Agency/Platform) and underwriting guarantee transactions as the transaction lead. Depending on experience, the activities may also include supporting business origination and transaction structuring activities. Through this role, the underwriter will develop a broad knowledge of the Platform’s guarantee activities by working on transactions across the Platform’s full product line and across regions and sectors (energy and extractives industries, infrastructure, financial institutions, capital markets, manufacturing, agriculture, services, etc.).

Duties and Responsibilities:

• Lead a multi-disciplinary transaction team (sector, legal, environment and social, climate finance, reinsurance, gender, integrity, risk, development impact, etc.) through the transaction underwriting and approval process, which includes the organization and coordination of due diligence meetings and missions.
• Conduct sector and project risk assessments, including contractual risk allocation and the technical and commercial viability of the investment project.
• Prepare and use complex financial models to analyze the financial viability of the investment project or support credit analysis for credit enhancement transactions.
• Work with risk management officers to analyze country/sub-sovereign project risks and mitigants and with the credit risk officers to support analysis of state-owned enterprises (credit profile, institutional capacity, legal status and relationship with the government).
• Collaborate with risk management officers and the transaction team to conduct development impact analyses of investment projects, including assessing the contribution to the host country's development, the broader impact on the industry and the private sector, and the benefits delivered to both direct and indirect stakeholders.
• Develop, together with the transaction team, recommendations for the contract of guarantee terms and conditions, including recommendations on appropriate guarantee structures and risk mitigants.
• Lead the negotiation of new contracts of guarantee with prospective guarantee holders and/or their advisors, in close coordination with the relevant Team Lead/Sector Manager and MIGA’s Legal Department.
• Engage closely with MIGA’s clients, conduct in-country and virtual due diligence meetings with host country government officials, and collaborate with partners (e.g., World Bank, IFC, and other development finance partners).
• Prepare high quality guarantee proposal documents and present them for consideration to MIGA’s Senior Management and Board of Executive Directors.
• In close coordination with MIGA Senior/Sector Underwriters, Sector Managers, and Regional Heads, support MIGA’s new business origination and client management efforts aimed at generating a robust pipeline of business.
• As required, create and deliver new business origination-focused presentations to sponsors, government officials, state-owned enterprises, financial institutions, specialist industry groups, and forums.

Selection Criteria

• Must have a Master’s degree (e.g., in Finance, Economics, International Business, or related field) and at least 5 years’ relevant experience or an equivalent combination of education and experience.
• Relevant experience includes (i) analyzing and executing limited non-recourse project financings, commercial or public sector investments, trade finance, or other structured financial transactions, and (ii) financial analysis with a focus on complex transactions in the emerging markets (including in general infrastructure and energy sectors). Such experience ideally gained with a reputable and well known global financial institution (e.g., multi-lateral development bank, consulting firm, private sector sponsor, investment or commercial bank, or other private sector entities).
• Solid work experience related to negotiating complex financial and guarantee contracts.
• Extensive knowledge of emerging markets finance and economic development and an understanding of issues related to project finance, credit guarantees, trade finance, investment insurance, structured finance, and/or foreign direct investment in emerging markets.
• Demonstrated high-level understanding of political, sovereign risk guarantee products, and their application in the project and export finance banking fields.
• Demonstrated technical underwriting skills, and proven track record in complex project risk underwriting, project finance, corporate finance, trade finance and/or structured finance.
• Excellent analytical and communication skills (both written and oral).
• Effective interpersonal skills and ability to interact and lead effectively with clients and colleagues from various cultural backgrounds under pressure.
• Ability to work independently and as a Transaction Lead.
• Fluency in spoken and written English required, and fluency in Portuguese and/or Spanish required.

1. Sense of urgency: Anticipate and quickly respond to the needs of internal and external stakeholders.
2. Thoughtful risk-taking: Challenge the status quo and push boundaries to achieve greater impact.
3. Empowerment and accountability: Empower yourself and others to act and hold each other accountable for results.

World Bank Group Core Competencies

The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.

We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.

Learn more about working at the World Bank and IFC, including our values and inspiring stories.