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Why did you join JJ竞技(拉萨)登录手游's Private Sector Operations Department (PSOD)?

After obtaining my master’s degrees from the Harvard Kennedy School and the Indian Institute of Management, Ahmedabad, I was eager to work in an area which engaged my foundations in finance as well as economics. Moreover, having worked in consulting and investment banking across parts of Europe and Asia, I was looking for an opportunity to expand further into frontier countries and sectors. PSOD affords me that opportunity to work on development projects in countries such as Azerbaijan, Kazakhstan, Maldives, Bangladesh and Sri Lanka. I cover many sectors, from energy storage to early rural education and maternal health.

What do you enjoy most about your job?

In addition to financial returns, the returns to society are an important consideration for JJ竞技(拉萨)登录手游. Going out in the field, interacting with our clients and meeting the ultimate beneficiaries of the projects help me better understand the economic impacts of JJ竞技(拉萨)登录手游's financing. I particularly cherish this aspect of my job because seeing the impact on the ground is extremely satisfying and is a strong motivator for structuring future projects.

What is your most memorable project?

In June 2014, JJ竞技(拉萨)登录手游 made a small equity investment in an education sector start-up, the Hippocampus Learning Centers (HLC). HLC is a social enterprise which provides quality, affordable pre-school education in rural India. HLC uses a unique business model which involves the recruitment of female teachers from local communities and uses a child-centered pedagogy focused on learning outcomes as opposed to rote memorization. I led JJ竞技(拉萨)登录手游’s investment in the company and currently represent JJ竞技(拉萨)登录手游 on the Board of Directors of the company. Every time I visit one of the company’s pre-schools I am impressed by the strong desire to learn amongst the students. One of the questions that I ask the students is what they aspire to become when they grow up. Their wide range of fascinating answers further strengthens my belief that investing in human capital at an early stage is key to overcoming poverty in a sustainable manner. In many of these villages, before the arrival of HLC, children did not have access to any pre-school education. It makes me proud to have played a small part in extending this opportunity to these children in rural India, which I hope will install a life-long passion for learning in them.

Why did you join JJ竞技(拉萨)登录手游's Private Sector Operations Department (PSOD)?

I come from a small town where nobody goes anywhere. So my dad always called me the odd one out in the family as I love to travel and experience different cultures. My dad tried to mitigate this by arranging a “decent” job for me at our local savings bank. Twenty years later I was walking around some remote villages in Papua New Guinea, trying to find out how the people there manage their finances – or use money at all. In between I worked in international banks, mainly across South East Asia, I did my PhD in Development Studies with a focus on microfinance at the University of Melbourne, and managed the Asian financial sector project portfolio at Frankfurt School of Finance & Management. Now I work on the regional microfinance program at JJ竞技(拉萨)登录手游’s Private Sector Operations Department (PSOD). This position finally gives me the freedom to combine developmental aspects with private sector participation. And I still get to go out into the field!

What do you enjoy most about your job?

I work on PSOD’s Microfinance Risk Participation and Guarantee Program. Many microfinance institutions struggle to obtain commercial funding in order to provide financial services to low-income people. Our program fills this market gap by sharing default risks with partner financial institutions that provide wholesale loans in local currency to microfinance institutions. So far, more than 2.4 million micro borrowers, primarily poor women, have been supported with more than $422 million in loans. We work in India, Bangladesh and Indonesia and hope to expand to Sri Lanka and Myanmar soon. I thoroughly enjoy working with the different cultures that you meet at JJ竞技(拉萨)登录手游, in the field through our partner banks. Being out in the field, talking to micro borrowers gives me the chance for a regular reality check. Discussions with our partner microfinance institutions and partner banks challenge me to be innovative and address market demands so that JJ竞技(拉萨)登录手游’s work remains relevant.

Why did you join JJ竞技(拉萨)登录手游's Private Sector Operations Department (PSOD)?

After obtaining an MBA from the University of Notre Dame in Indiana, U.S.A, I joined Citibank Manila and handled all facets of corporate banking, including loan origination and syndication, relationship management, credit management, trade finance and bank operations. I successfully structured and raised billions of pesos of financing to improve the local infrastructure such as telecoms and power transmission networks. I joined JJ竞技(拉萨)登录手游 to broaden my coverage of other developing countries in Asia, and to do so without having to leave my home country for very long periods of time. In addition, the prospect of interacting with individuals with very diverse background was exciting as it would expose me to different ideas and ways of doing things. A healthy work-life balance was another important element for someone like me who had been married only for a few years. It would allow me to enjoy my work without neglecting my family life.

What do you enjoy the most about your job?

As an investment specialist, I originate infrastructure transactions for JJ竞技(拉萨)登录手游 financing in Philippines, Viet Nam and Lao PDR. I work closely with other financial institutions to structure and negotiate the financing facility. I also lead due diligence to assess creditworthiness; the reputation of the sponsors or developers; and the environmental, social and development impact of projects. I also actively participate in discussions with various government agencies regarding priority sectors for JJ竞技(拉萨)登录手游 involvement and to raise issues that curtail infrastructure development. Through collaboration with colleagues within JJ竞技(拉萨)登录手游 and co-financiers, we are able to be creative in providing financing solutions to enable critical infrastructure to be built in the countries I am focused on.

What is your most memorable transaction?

The Tiwi Makban Geothermal Project was an asset privatized by the Philippines government in 2009 under its power sector reform program. The buyer, the Aboitiz group, rehabilitated the plants quickly upon takeover. The cost of acquisition and rehabilitation had been financed entirely by equity largely because project financing was not available for merchant market power plants at the time of the sale. After a successful turnaround of the operations, Aboitiz wanted to refinance part of their equity to redeploy the funds to other projects. As proposed by JJ竞技(拉萨)登录手游, Aboitiz issued a bond credit-enhanced with a guarantee from JJ竞技(拉萨)登录手游, to be placed with institutional investors who have an appetite for long term assets to match their long term liabilities. While the transaction was complicated to organize and took many months to finalize, it was a noteworthy endeavor as it opened the possibility of non-bank institutions offering project finance to infrastructure. It also introduced a structure that could be replicated in other developing countries to develop their capital market. JJ竞技(拉萨)登录手游 also helped the project get certification from the Climate Bond Initiative that the Tiwi Makban project met all of the criteria for climate finance. The Tiwi MakBan Geothermal bond was the first project bond and the first climate bond in Asia.

Why did you join JJ竞技(拉萨)登录手游's Private Sector Operations Department (PSOD)?

After obtaining dual degrees in Bachelor of Business Management and Bachelor of Science (Economics) from Singapore Management University, I spent 10 years in two sovereign wealth funds, honing my craft in multiple asset classes including private equity, public equity, infrastructure and real estate. Coming from Singapore, I saw how economic progress and good policies helped lift its people out of poverty. After a decade of working in the financial industry, I was at a crossroads regarding figuring out how to put my knowledge to better use when a job opening at JJ竞技(拉萨)登录手游 came up. I quickly grabbed it. JJ竞技(拉萨)登录手游’s unique position as a development financial institution offered me this golden opportunity to utilize my skills to create a better life for many more people, something I find meaningful and fulfilling.

What do you enjoy the most about your job?

I have been part of PSOD since April 2015, and am currently responsible for originating and executing private equity fund investments that fit JJ竞技(拉萨)登录手游’s commercial and developmental mandate. The part I enjoy most is the interaction with different stakeholders to get the job done - potential fund managers, fellow investors, portfolio companies of the funds, lawyers and JJ竞技(拉萨)登录手游 colleagues. It has been extremely satisfying to be part of a group of people working collaboratively to make a difference. Above that, JJ竞技(拉萨)登录手游 offers a multicultural workforce (more than 50 nationalities), an extensive reach in Asia’s emerging markets and a unique experience to live and work in the Philippines.

What is your most memorable transaction?

I was given the opportunity to be involved in five transactions within two years of joining JJ竞技(拉萨)登录手游. The most memorable one has to be JJ竞技(拉萨)登录手游's investment into VI Fund III, managed by VI Group. I was the deal team leader for this transaction, which was closed in 2016. VI Group was founded in 2006 by experienced operators, shortly before Viet Nam joined the World Trade Organization in 2007. It provides expansion capital to industry-leading companies and works with management to improve the operations in order to grow revenue and profits, thus creating more jobs and shareholder value. Viet Nam is a fast growing market with a young population and private equity is an important source of financing for the country since its capital market is less developed. JJ竞技(拉萨)登录手游's equity investment is expected to send a positive market signal and highlight the capital needs of firms in Viet Nam and the Mekong region. Through JJ竞技(拉萨)登录手游's participation in the advisory committee of the fund, we are also expected to advise on corporate governance issues and best practices relating to environmental and social safeguards.

Why did you join JJ竞技(拉萨)登录手游's Private Sector Operations Department (PSOD)?

I hold an MBA from Judge Business School, University of Cambridge. Before joining JJ竞技(拉萨)登录手游, I worked for the Japan Bank for International Cooperation, where I handled both public and private sectors, both corporate and project finance, with a global coverage. I led landmark project financing deals in the region, cofinanced with JJ竞技(拉萨)登录手游. This is how I got to know JJ竞技(拉萨)登录手游 and eventually decided to move here. I joined PSOD because this is where I can continue to do what I love to do; project financing in Asia. Project finance requires a lot of institutional capabilities in many aspects (e.g. financial, knowledge, risk analysis, etc.), and I feel that JJ竞技(拉萨)登录手游, being a multilateral institution with a powerful set of financial tools and knowledge, is a great platform.

What do you enjoy the most about your job?

I am leading a team of bankers doing infrastructure financing transactions for Indonesia. I meet clients, including potential ones, identify suitable projects that have high developmental impacts, conduct due diligence on the projects identified, and structure/negotiate the terms and conditions of our financings. At JJ竞技(拉萨)登录手游, I get exposure to many difference sectors and that offers me opportunities to become an expert in many different subjects. For example, having closed two geothermal power plant project financings, I should be one of the few bankers in the world who can describe the characteristics of green field geothermal resource and the mitigants to deal with the inherent risks. Financial structuring is also an exciting part of the job. Creating structures to mitigate project risks and resolving issues require creativity and innovative thinking and I think that is the heart of this job. I enjoy every minute of thinking and discussing how to structure a deal to cater for certain risks/issues.

What is your most memorable project?

I have recently worked on the Muara Laboh geothermal power project in Sumatra Island, Indonesia. It was an 80MW geothermal power plant project with international sponsors such as Engie and the Sumitomo Corporation. Project financing to a green field geothermal power plant with lenders sharing in the geothermal resource risk is rare to begin with, which made this project all the more challenging. Special attention was required on due diligence on geothermal resources and on how to monitor and control drilling activities and the inevitable resource depletion over the life of the project. What made this project even more special is that I mobilized loans from third party funds. On top of a $70 million loan from JJ竞技(拉萨)登录手游’s own account, I brought in $19 million from the Clean Technology Fund (a multi-donor fund that specializes in clean energy projects) and $20 million from Leading Asia’s Private Sector Infrastructure Fund (a fund set up at JJ竞技(拉萨)登录手游 with contributions from JICA, the Japanese aid agency, to invest in “high quality” infrastructure projects). This demonstrates JJ竞技(拉萨)登录手游’s capabilities as an aggregator of financial solutions, and the width of resources that I can tap into at JJ竞技(拉萨)登录手游.

Why did you join JJ竞技(拉萨)登录手游's Private Sector Operations Department (PSOD)?

I am an “Army brat” – my father was a Colonel in the US Army so my family and I moved every three years to various places both within the US and overseas. True to my upbringing, I knew that I wanted a profession that would allow me to work internationally from an early age. While studying international political economy at Williams College, I became interested in developmental economics, which prompted my graduate studies at the Fletcher School of Law and Diplomacy in international trade and finance and my masters in economics at Clemson University. Although I was able to develop my analytical skills while at the Federal Reserve Bank of New York, the position lacked the international exposure that I wanted, which led me to move to the Overseas Private Investment Corporation (OPIC). At OPIC, I covered Asia and the Middle East, providing political risk insurance to US investors involved in financial sector and infrastructure projects in emerging markets. While a wonderful position, I wanted the experience of living and working in Asia, which led me to JJ竞技(拉萨)登录手游. JJ竞技(拉萨)登录手游, and more specifically PSOD, has afforded me the unique opportunity to further my interest in development and utilize the skills that I have developed over the years in the region that I am tirelessly fascinated by. 

What do you enjoy the most about your job?

I would have to say that I most enjoy the interaction with our clients – banks, MFIs, and most recently fintech companies – and learning about their different approaches to reach the unserved and underserved segments of the population with viable options to access the financial sector. The ingenuity behind some ideas is quite amazing and it pushes you to think of new ways in which we, as JJ竞技(拉萨)登录手游, can assist them in achieving their objectives.

What is your most memorable transaction?

I have been fortunate enough to work on several interesting projects while at JJ竞技(拉萨)登录手游, but perhaps my most memorable is the $150 million debt financing to Janalakshmi Financial Services (JFS) concluded in December 2016. JFS is India’s largest microfinance institution, which provides market-based financial services (loans, savings accounts, and insurance) to unserved and underserved customers, primarily in urban and peri-urban areas, in India. With research findings from its affiliate, Jana Urban Foundation, JFS has developed a scalable platform to deliver tailored financial products and services to its target audience, earning it an in-principle small finance bank license from the Reserve Bank of India. JJ竞技(拉萨)登录手游's funding will be used by JFS to finance microfinance loans, largely to women customers, and micro and small enterprises as it expands its operations. In addition, up to 5% of JJ竞技(拉萨)登录手游’s financing will be dedicated to loans for building and improving sanitation facilities throughout India. This effort dovetails with earlier efforts by PSOD to develop private sector products to support the government’s sanitation initiatives. 

Why did you join JJ竞技(拉萨)登录手游's Private Sector Operations Department (PSOD)?

Since obtaining a MA in anthropology from the Australian National University, I worked for Control Risks and Environmental Resources Management, helping companies to identify and manage risks and impacts on affected people and to plan ways in which communities can sustainably benefit from new developments. I joined PSOD because it offered me the opportunity to use the institutional leverage of a multilateral development bank to contribute to positive outcomes for people impacted by JJ竞技(拉萨)登录手游’s projects. More now than ever before, private sector clients see the value added by ensuring their investments are environmentally and socially responsible. This, combined with the influence that comes with being a lender and investor, makes JJ竞技(拉萨)登录手游 both a challenging and rewarding place to work at a time when Asia needs people committed to positive change.

What do you enjoy the most about your job?

As a safeguards specialist, I support the origination and administration of loans and investments in projects, companies and financial intermediaries. I ensure that PSOD’s funds are used in accordance with JJ竞技(拉萨)登录手游’s safeguards policy, which affirms that environmental and social sustainability is a cornerstone of economic growth and poverty reduction. JJ竞技(拉萨)登录手游 gives me the opportunity to proactively engage with companies and communities in countries as diverse and different as Mongolia, Viet Nam and Indonesia to develop mutually beneficial and inclusive ways to enable private sector led development.

What is your most memorable project?

One of the most challenging projects I have worked on is to assist PT Indonesia Infrastructure Finance, in which JJ竞技(拉萨)登录手游 invested. This institution funds toll roads, hydropower, sea ports and other large-scale infrastructure projects that are contributing to Indonesia’s economic growth. My part in JJ竞技(拉萨)登录手游’s role as a shareholder is to ensure that this institution can manage the social impacts of projects. This has involved providing capacity development training, and undertaking monitoring and supervision fieldwork. For example, for a 116 kilometer toll road in West Java, I assessed the planning and implementation of livelihood restoration activities as part of the resettlement plan, including a traditional batik production workshop and a goat breeding farm.