Capacity Building for the Capital Markets Development Agency (CMDA)

Overview
Project Summary Document

TCRS 12300

Status Approved

Location

Uzbekistan

Business Sector

Corporate news

Notice Type

Public

PSD Disclosed

26 Nov 2019

Project Description

Uzbekistan’s capital markets sector is going through a critical and rapid reform period. The Capacity Building for the Capital Markets Development Agency (CMDA) is tasked with an ambitious goal to bring the largely inactive and volatile markets to a “frontier” status in the next 5 years, and to the “emerging” market in the subsequent 10 years.

To implement this, the CMDA is working on a new Capital Markets Development Strategy (CMDS) that will record the country’s commitment to bring its capital markets to the frontier stage in the next 5 years and lay out steps needed to achieve that. The EBRD’s Local Currency and Capital Markets (LC2) team has been helping the CMDA with a technical assistance project to perform a barriers/gap analysis and develop recommendations in connection with the strategy development, in part of equity markets. ADB is helping out with the debt component. The preliminary results of an LC2 project indicate lack of capacity in the CMDA as the single biggest challenge to the success of the reforms being planned or undertaken. The current CMDA team is committed to delivering the reform but technical capacity is lacking. In particular, most of current staff does not have international capital market experience.

The Uzbekistan Government has been undertaking efforts to step up capacity building, with bringing back foreign citizens into senior Government positions, launching scholarships programmes, and creating professional networks abroad. However, the effect of most of these efforts will only be seen in longer-term perspective, while the Government faces the pressure to deliver tangible and more immediate results.

This project (the Project) aims at addressing the capacity challenge in CMDA by providing a group of dedicated professional experts on a short-term basis whose mandate will be to support the design and implementation of reforms in the capital markets area, in particular focusing on the adoption of the CM Strategy, development of the CM law and supporting regulation, and identification of the capacity constraints.

In order to achieve the objectives of the Project, consultancy services are required. The consultancy services are to be provided by a group of individuals, led by a senior expert (Team Leader).

In particular, the consultancy services will support broadly the following:
1) Development and implementation plan in furtherance of the CMDS;
2) Development of legal framework to support the implementation of the CMDS;
3) Removal of selected obstacles to support implementation of the CMDS;
4) Development of capacity building programme for the CMDA.

Enquiries

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

TCRS 12300

Status Approved

Location

Uzbekistan

Business Sector

Corporate news

Notice Type

Public

PSD Disclosed

26 Nov 2019

Project Description

Any competitive selections for business opportunities relating to this project will be published on the EBRD's website: Consultancy Procurement Opportunities.

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.

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Capacity Building for the Capital Markets Development Agency (CMDA)

Project Description

Enquiries

Business opportunities

General enquiries

Project Description

General enquiries

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)