Kazakhstan: Advise on the design of an overarching privatisation programme via IPO and measures to achieve MSCI emerging market classification

Location:

Kazakhstan

TCRS Number:

9761

Business sector:

Local Currency and Capital Markets Development

Notice type:

Public

Status:

Approved

PSD disclosed:

06 Jun 2018

Project Description

This Technical Cooperation (TC) project is taking place within the European Bank for Reconstruction and Development (the EBRD or Bank) Initiative on Local Currency and Capital Market (LC2) Development. Moreover, Kazakhstan is one of the priority countries in the LC2 Strategic Initiative and this project aligns with the Strategic Initiative’s operational approach and main instruments.

In 2016, EBRD, the TheCityUK and Astana International Financial Centre (AIFC) formed a capital markets working group. The objective of the working group was to offer advice and input on the planned capital market integration aligned with best international practices. The results of the findings of the working group were presented to the interested stakeholders in 2017. The working group especially highlighted the importance of a well sequenced and timed privatization programme for SOEs, which can serve as a catalyst for capital market development in Kazakhstan.

According to the Decree of the President of Kazakhstan and decisions of the Government of Kazakhstan, the privatization of selected SOEs through initial public offerings (IPO) and their subsequent listing on the Astana International Exchange (AIX), is planned. It is assumed that this can significantly contribute to the local capital market development. Therefore, AIFC requested support from EBRD in form of a TC project for the design of an overarching privatization programme and advise how to achieve MSCI emerging market classification for Kazakhstan.
The TC was developed jointly with AIFC, and the project contributes to institutions, laws and policies that promotes market functioning and efficiency. Moreover, project supports the capital market development and reform efforts of the AIFC and the Government of Kazakhstan.

Individual assignments drawn from this project will primarily provide hands-on advisory assistance focusing on privatization of SOEs via IPO, improving existing or creating new IPO processes in line with best practice and international standards.

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)

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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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