Introduction
Established in 1951, IOM is a Related Organization of the United Nations and the leading UN agency in the field of migration. Working closely with governmental, intergovernmental and non-governmental partners, IOM promotes humane and orderly migration for the benefit of all. It saves lives and protects people on the move, drives solutions to displacement, and facilitates pathways for regular migration, while providing services and advice to governments and migrants.
IOM is committed to fostering a respectful, inclusive and supportive workplace where all employees can thrive professionally and feel valued. By creating such an environment, IOM aims to better harness the full potential of migration and strengthen its support to people on the move.
Project Context and Scope
Access to finance remains one of the principal barriers to business growth and job creation in Iraq. While significant efforts have been undertaken by the Government of Iraq and the Central Bank of Iraq to increase access to financing for Micro, Small and Medium Enterprises (MSMEs), many entrepreneurs continue to face challenges related to collateral requirements, perceived credit risks, limited financial histories, high transaction costs, and restricted access to suitable financial products.
IOM Iraq supports livelihoods, economic recovery, and private sector development interventions aimed at fostering sustainable economic opportunities for vulnerable populations, including women, youth, returnees, internally displaced persons (IDPs), climate-affected communities, and small business owners.
As part of its efforts to promote financial inclusion and strengthen sustainable economic recovery, IOM intends to establish a blended finance mechanism that utilizes catalytic donor funding alongside commercial lending to enhance access to finance for underserved businesses and entrepreneurs. The blended finance approach will seek to mobilize capital, reduce lending risks, strengthen financial institutions’ engagement with target populations, and promote sustainable market development. The initiative will be developed in close coordination with the Central Bank of Iraq, partner banks, and other financial institutions to ensure alignment with national priorities, banking regulations, and sustainable financial sector development objectives.
The consultant will serve in an individual capacity and shall not be considered an IOM staff member. The consultancy contract does not establish an employer-employee relationship. The consultant shall have no authority to make commitments, representations, or decisions that bind IOM.
Organizational Department / Unit to which the Consultant is contributing
The consultant will be operating within the Peace and Recovery unit,
Under the overall supervision of the Deputy Chief of Mission and the direct supervision of the Senior Programme Coordinator, in close coordination with the National Livelihood Officer
The consultancy is open to international consultants and will be primarily based in Baghdad. However, field missions to the Kurdistan Region of Iraq will be required as part of the assignment.
Tasks to be performed under this contract
1. Lead the design, development, and operationalization of the blended finance facility, providing strategic and technical guidance throughout implementation.
2. Support the financial structuring process through financial modelling, analysis of financial, fiduciary, and operational risks associated with proposed financing arrangements, and review of concessional finance structures proposed by fund managers or financing partners, ensuring alignment with IOM's objectives, policies, and risk management requirements.
3. Provide technical support to IOM in its engagement with the Central Bank of Iraq, partner banks, and other stakeholders, and support the development of cooperation, governance, and accountability frameworks.
4. Establish the facility’s operational model, risk management framework, implementation procedures, and governance arrangements to ensure effective and sustainable delivery.
5. Design and deliver capacity-building initiatives for IOM and partner stakeholders while establishing monitoring, evaluation, learning, and reporting systems to measure performance and impact.
6. Develop a strategy for future partnerships, resource mobilization, and expansion of the facility, including a scale-up concept note and an engagement strategy for potential investors and donors.
Objectives of the Assignment
The overall objective of the consultancy is to support IOM Iraq in the assessment, design, development, and operationalization of an innovative blended finance facility, including providing technical advice during negotiations with financial institutions and development partners, following IOM’s Innovative Finance engagement models, capable of mobilizing concessional finance for underserved MSMEs and vulnerable entrepreneurs through strategic partnerships with the Central Bank of Iraq and participating financial institutions. The consultant will support the development of a practical, implementable, and scalable financing mechanism that combines donor resources, technical assistance, and private sector financing while ensuring financial sustainability, regulatory compliance, institutional ownership, and measurable development impact.
Tangible and measurable outputs of the work assignment
No.DeliverableIndicatorDate of Submission1.Assessment and Inception Package comprising the Inception Report, workplan, stakeholder mapping, and Banking Sector and Partner Bank Assessment Report, including institutional assessments, risk analysis, and readiness assessment and mapping and assessment of relevant Multilateral Development Banks (MDBs), Development Finance Institutions (DFIs), and foreign banks operating in Iraq as potential financing, risk-sharing, or technical assistance partners.Assessment package submitted to IOM for review and acceptance. End of Month 1 2.Blended Finance Facility Design and Institutional Framework Package comprising the blended finance facility design, financing structure, governance arrangements, regulatory assessment, partnership framework, engagement framework with MDBs and DFIs, and draft MoUs with relevant stakeholders in close coordination with the Legal and Finance Divisions.Design package submitted to IOM and relevant stakeholders for review and feedback. End of Month 2 3.Final Operationalization and Scale-Up Package comprising SOPs, risk management framework, monitoring and reporting framework, capacity-building materials, final engagement strategy, MDB and DFI partnership and resource mobilization strategy, implementation roadmap, donor investment concept note, and a final presentation to IOM and key stakeholdersFinal package completed, training delivered, and all outputs approved by IOM.End of Month 3
Performance indicators for the evaluation of results
• Development of comprehensive operational, governance, and risk management frameworks acceptable to IOM and key stakeholders.
• Effective engagement and coordination with the Central Bank of Iraq, participating financial institutions, and other relevant partners.
• Timely delivery of agreed outputs, including capacity-building activities, implementation frameworks, and the final scale-up concept note.
• Degree of stakeholder buy-in and validation of the proposed blended finance facility by the Central Bank of Iraq and participating financial institutions.
Education, Experience, and/or skills required.
- Advanced university degree in, Finance, Banking, Economics, Development Finance, Business Administration, Public Finance, or a related sector. A first-level university degree with an additional two years of relevant professional experience may be accepted in lieu of an advanced degree.
Travel required
Travel is required for this consultancy. This consultancy will be based in Iraq and will require travel to locations across Iraq where the program is implemented. All personal travel-related expenses, including airfare and subsistence, will be covered by the consultant. All work-related travel expenses within Iraq will be covered by IOM.
Languages
For this consultancy, English is required.
Knowledge of Arabic is considered an advantage.
Proficiency of language(s) required will be specifically evaluated during the selection process, which may include written and/or oral assessments.
Required Competencies
Notes
IOM covers Consultants against occupational accidents and illnesses under the Compensation Plan (CP), free of charge, for the duration of the consultancy. IOM does not provide evacuation or medical insurance for reasons related to non-occupational accidents and illnesses. Consultants are responsible for their own medical insurance for non-occupational accident or illness and will be required to provide written proof of such coverage before commencing work.
Any offer made to the candidate in relation to this vacancy notice is subject to funding confirmation.
Appointment will be subject to certification that the candidate is medically fit for appointment, accreditation, any residency or visa requirements, security clearances.
IOM has a zero-tolerance policy on conduct that is incompatible with the aims and objectives of the United Nations and IOM, including sexual exploitation and abuse, sexual harassment, abuse of authority and discrimination based on gender, nationality, age, race, sexual orientation, religious or ethnic background or disabilities.
IOM does not charge a fee at any stage of its recruitment process (application, interview, processing, training or other fee). IOM does not request any information related to bank accounts.
No late applications will be accepted. Only shortlisted candidates will be contacted.