Project description

  The Government of Uzbekistan has confirmed that energy sector reforms should remain the main and most important development priority, taking into account its role and contribution to the country’s economy.

  In accordance with the decree of the President of the Republic of Uzbekistan dated 16.09.2017 № PD-3284 "On measures to implement the investment project MUTS "with the participation of the World Bank" the project "Modernization and upgrade of transmission substations"(MUTS), is being implemented by JSC National Electrical Grid of Uzbekistan (NEGU). The Government of Uzbekistan has requested the World Bank’s continued support to the energy sector, including institutional and market reforms.

  The Project is financed by own funds of JSC National Electrical Grid of Uzbekistan (NEGU) and The World Bank’s financial sources, such as credits IDA 59160, IDA 59170 and Loan IBRD 86640 and being implemented in accordance with Decree of the President of the Uzbekistan No. PD-3284 and PD-3981.

  In the transmission subsector in Uzbekistan, there are 75 HV (220–500 kV) electricity transmission substations. According to a technical audit conducted, 62 substations require modernization and replacement of electrical equipment because of obsolete technology and aging.

  In accordance with Presidential Decree No. PD-3981 dated 23.10.2018 “On measures for accelerating development and ensuring financial sustainability of the electric power industry” and Aide-memoire of the World Bank mission dated 13.02.2020 the project “Electricity Transmission System Modernization and Market Development” will be implemented by JSC National Electrical Grid of Uzbekistan (NEGU) with the participation of the World Bank.

  The Project will be financed by The World Bank’s financial sources and Trust Fund Grants such as ECAPDEV Grant No.TF0B4241 and PACT Grant No.TF0B3778.

  1. The first stage (called “Modernization and Upgrade of Transmission Substations”) of the current Project has been implemented since 2017 and will continue until the end of 2022. The first stage consists of two components:

  ♦ Electricity Transmission System Upgrade (This component will support rehabilitation and upgrade of 22 existing substations of 220 kV and higher voltage in Uzbekistan’s national grid.);

  ♦ Institutional Development and Technical Assistance (This component will cover activities designed to support institutional development of the JSC National Electric Grid of Uzbekistan, including but not limited to, corporate governance enhancement of the JSC National Electric Grid of Uzbekistan; International Financial Reporting Standards (IFRS) transition support and audits; key sector studies for further development of the energy sector; and capacity building and training).

  The project development objective (PDO) on this stage is to improve the technical efficiency and reliability of the power transmission networks in Uzbekistan.

2. The second stage (called “Electricity Sector Transformation and Resilient Transmission”(ESTART)) of the current Project has been started. This stage consists of four components:

  ♦ Component 1: Digitalization of the electricity transmission sector;

  ♦ Component 2: Power grid strengthening and modernization;

  ♦ Component 3: NES Institutional development and project implementation support; and

  ♦ Component 4: Electricity market development.

  The Project Development Objective on this stage is to improve the reliability of power transmission system and operations of the newly established transmission company in order to support electricity market creation in Uzbekistan.

 

The Financial Management Specialist

 

  A Financial Management Specialist (FMS) will join the Project Management Unit (PMU) under the JSC National Electrical Grid of Uzbekistan (NEGU) and will be responsible for ensuring the readiness of financial, accounting and internal control arrangements for new project start (effectiveness), manage, control and supervise the implementation of the Projects under the PMU (ongoing, new and prospective ones) including their respective closure. The Financial Management Specialist will be also responsible for implementing effective and efficient internal control system that should allow management and control over due utilization of the projects funds (borrowed funds, grants, government contribution, etc) ensure appropriate monitoring and giving recommendations to PMU management regarding availability and expenditure of financial resources of the World Bank, JSC National Electric Grid of Uzbekistan. Please also add that the FMS will manage the FM arrangements related ongoing projects and (any other prospective funding by the WB which would be managed by the PMU.

 

1. Tasks assigned for the position

 

  - The Financial Management Specialist will be appointed and dismissed by the order of the JSC NEGU;

  - The Financial Management Specialist will work under the supervision of the PMU Director/Manager;

  - The Financial Management Specialist shall in his/her activities be guided by:

  a. Terms and conditions of the related Financing Agreements, Loan Agreements, and Grant agreements concluded between the Republic of Uzbekistan and the World Bank Group (WBG);

  b. The WBG polices, procedures and rules as set up in the in the "World Bank General Conditions, Disbursement Guidelines, Loan handbook and other guiding manuals and guidelines.

  c. The related feasibility studies and the Procurement Plans agreed with the WBG.

  d. Legislative and regulatory acts of the Republic of Uzbekistan as well as the regulations concerning the implementation by the JSC NEGU of the projects, and activities budgeted and planned under the projects;

  e. The legislation of Republic of Uzbekistan and the internal regulations and procedures of the JSC NEGU as well as the job description below.

 

2. Job responsibilities

 

  - Ensure due and timely delivery of Project Operating Manual (POM) for the ESTART project and other internal guidelines and manuals related to the other Projects/Grants funded by the (or via the) WBG and which are managed by the PMU and NEGU on the terms of references acceptable to the  WBG;

  - Contribution to the preparation of the Feasibility Studies of the proposed projects, grants and etc. in fulfillment of the requirements of the local legislation (e.g. President’s Resolution #3857);

  - Setting up the financial, accounting and reporting cycles (including installation and/or upgrade of the existing functional accounting software) to ensure the readiness of the fiduciary financial, accounting and etc. arrangements for all projects and grants being implemented/to be implemented by the PMU;

  - Ensure subsequent compliance with the requirements of the POM, financial and accounting policies and procedures, project management guidelines, forms of financial reporting, budgeting and budgetary control, internal control, and audit requirements;

  - Develop and approve the projects’ expenditures budget, respective budget estimates, including the complete breakdown of expenditures for all projects and grants in accordance with the WBG requirements and the local legislation requirements;

  - Managing projects’/grants’ budgeting according to implementation and procurement plans, approved budget ceilings (cost estimates, etc.);

  - Organizing and ensuring budgetary control (execution of the budgets, utilization of funds, bottlenecks for overall budget performance, etc), provision of timely payments including salaries and other administrative expenses of PMU;

  - Preparation of annual financial statements for each project/grant managed by the PMU, ensure annual financial statements readiness and availability for the annual financial audits. Provide auditors with supporting and other documents requested in the course of audit, and submit audited project financial statements to the World Bank before due deadline; Provide due and agreed support to the NES responsible with respect to the preparation and submission of the NEGU Entity audit reports;

  - Opening and managing Designated/Special and other accounts of the for projects/grants, supervision of timely and due reconciliation of the accounting, bank, and other records (financial obligations, performance of contractual obligations, etc.) with projects/grants counterparts;

  - Ensuring compliance of the accounting of projects/grants expenditures  with the requirements of the WBG and legislation of the Republic of Uzbekistan;

  - Managing (verification, review, approval, etc.) of withdrawal applications (via e-Disbursement) for withdrawals to the Designated accounts upon their submission to the donor (e.g. WBG);

  - Due monitoring and reporting of the FM arrangements and internal controls to ensure regular and timely submission of projects/grants financial reports (Unaudited Interim Financial Report - IFR) and submission of relevant reports to the financing organizations, Ministry of Finance, Ministry of Energy (MOE), tax authorities and etc.;

  - Analyzing deviations of projects’/grants’ actual activities from planned/budgeted ones per projects’/grants’ components, categories, etc.;

  - Maintaining and updating the electronic database for project/grant financial management, transactions, documents, etc.;

  - Controlling the timely preparation of reconciliation statements for all bank accounts of the projects/grants and ensuring timely preparation and submission of necessary documents, reports and etc. required for stable flow of project/grant funds;

  - Managing financial aspects of the projects/grants, including review of:

  • procurement orders, ensuring their compliance with the budget;

  • financial activities and payment terms on all contracts prior to their signing;

  • invoices for payment after receiving of acknowledging documents on the terms of a contract;

  • ensuring timely audit of project/grant and project/grant accounts as per requirements acceptable to the WBG, following up with all audit recommendations and actions to resolve the issues raised in the Management Letter, ensuring timely submission of audit reports to the WBG, and other stakeholders;

  • managing financial department personnel and participation in staff selection and appraisal process;

  • ensuring coordination between the PMU and the JSC NEGU, Ministry of Finance, MOE and other state agencies and local authorities involved in the project, as well as with the World Bank Group and other financing international governmental and non-governmental organizations on all the issues of project financial management in agreement with the PMU Director/Manager;

  • supervising the annual inventory of goods and stock procured under the project/grant scope;

  • Participation in the workshops, seminars, conferences arranged by the World Bank and/or other partners;

  • Performance of other tasks required for project implementation, and required by the WBG guidelines/procedures and etc.

 

3. Rights

 

  The Financial Management Specialist will have the following rights:

  - Continuous reporting and informing of the PMU Manager/Director of his/her decisions, recommendations, assumptions, regarding his / her activities.

  - Presentation to the PMU Manager/Director, Management of the JSC NEGU the proposals for further improvement of the system of internal controls, attributable to the duties under this job description for their consideration.

  - Informing the PMU Director/Manager, the Management of the JSC NEGU about all operational shortcomings of contractors, risks to the implementation of projects/grants, related divisions of the JSC NES identified during the performance of his / her official duties and making suggestions for their elimination.

  - Request from PMU Manager/Director the required level of support and resources to ensure due performance of his/her tasks, responsibilities and duties.

  - Where necessary, involve specialists of other structural units of the JSC NEGU to the tasks assigned to him / her (if provided by the provisions of subdivisions, otherwise, with the permission of administration).

 

4. The Financial Management Specialist is responsible for:

 

  - Due follow-up and adherence with the local legislation and the WBG guidelines and procedures with respect to the responsibilities and tasks stated above, and ensuring timely delivery of financial management, financial accounting and reporting and other related to the position tasks;

  - Putting all efforts to prevent failures or improper performance of his / her official duties under this job description;

  - Putting all efforts to prevent offences committed in the course of activities carried out within the limits defined by current administrative, criminal and civil legislation of the Republic of Uzbekistan;

  - Recovery of any damage caused to NEGU property within the limits of the existing labor and civil legislation of the Republic of Uzbekistan.

 

5. Experience and qualifications requirements

 

  Education:  Higher Education in Economics, Accountancy, Finance, Business or equivalent.

  Experience: At least 5 years at a similar position/role in a public or private organization, 3 of which as a Financial Management Specialist or leading disbursement and/or reporting specialist. Prior work experience at organizations implementing investment projects financed by IFIs is preferable.

  Language:  Uzbek and\or Russian. Working knowledge of English language is a requirement.

  Skills: Knowledge of the National Accounting Standards, taxation regulation to the level attributable to the implementation of investment projects is required. Knowledge of International Financing Reporting Standards and Knowledge of IFIs projects implementation regulation are highly desirable.

  Computer literate: MS Office, IE, etc.

  1C accounting software experienced user (required).

 

6. Duration of assignment:

 

  The Social Specialist will be engaged on full time basis for the duration of the Project with a probation period of [3] months. The Expected Closing Date of the Project is 31 January 2027.

  The candidate will be hired for the Project and Grant(s) implementation period. The contract with the selected candidate to be hired under these ToRs will be subject to satisfactory performance of the candidate during the probation period of 6 months.

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