Capacity Building for the Capital Markets Development Agency (CMDA)



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Corporate information

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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.

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


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