REQUEST FOR EXPRESSIONS OF INTEREST
AFRICAN DEVELOPMENT BANK
Capital Markets Development Division (PIFD2)
Avenue Jean-Paul II – 01 BP 1387 Abidjan 01 Côte d’Ivoire
E-mail : afmi@afdb.org .Telephone: +22520263813
The African Development Bank (AfDB) hereby invites individual consultants to indicate their interest in the following assignment : Capital market development advisor for Ethiopia.
Background :
The African Development Bank (the Bank) desires to develop deep and liquid financial markets in Africa for effective mobilization of financial resources towards the continents’ key sectors, including infrastructure. Effective capital markets play an important intermediary role in the mobilization and deployment of long term savings and investments for the financing of the continent’s Sustainable Development Goals (SDGs) as well as the Bank’ s High 5 priorities.
In 2014, the Bank scaled-up its role in Africa’s capital markets by establishing the Capital Markets Division (PIFD2) to specifically spearhead innovative operations which develop deeper and more effective capital markets in Africa. The Bank’s approach tackles the challenges under 3 Pillars to assist in building effective capital markets within Regional Member Countries (RMCs). The Pillars aim to (i) create an enabling regulatory environment and stronger capital market institutions by strengthening the financial markets regulatory framework and architecture in each RMC; (ii) broaden market participants through sponsoring or investing in operations designed to increase the number of issuers, broaden the investor base and improve product offerings; and (iii) collect, manage and disseminate capital markets data to assist in the development of transparent capital market pricing mechanisms as well assist in capacity building within capital markets stakeholders in RMCs.
Ethiopia has embarked on bold reforms to open key sectors to competition and attract private investments and finance in state-owned enterprises, particularly telecommunications, air transport, railway, maritime, electricity and logistics. A robust financial sector is a major enabler of these reforms. Consequently, Ethiopia has prioritised the development of a capital market by 2020.
In this context, the Capital Markets Development Division of the Bank is seeking an experienced expert to work as Capital Markets Development Advisor at the National Bank of Ethiopia (NBE) located in Addis Ababa, Ethiopia.
The duration of the assignment is 3 to 6 months assignment, with a commencement date of April 2019. The place of the assignment is Addis Ababa, Ethiopia and the consultant is expected to commit an effort equivalent to 3 person months within a 6-month period, and an in-country presence of at least 60 days.
The advisor will support the Ethiopian second Growth and Transformation Plan (GTP II 2016-20) which envisages high real GDP growth driven by public infrastructure investment, private sector development, foreign direct investment, improved competitiveness, and export-oriented industrialization. Achieving.
these objectives requires a modernized financial system with effective tools and capacity to deliver key functions that support economic and financial transformation.
Duties and Responsibilities :
This appointment supports the NBE Governor’s Office (OG) in building capacity at the NBE, through advising the capital markets Working Group, management and staff, helping in the preparation of relevant documents and development of training materials, and strengthening the capacity of the NBE staff in the establishment of a capital market. In addition, the advisor will work closely with the Ministry of Finance (MOF) and development partners on work streams related to capital markets development.
The main tasks of the advisor will include the following :
- Advising, drafting relevant documents, and training staff on (i) the development of sovereign bond markets and appropriate instruments for the successful development and implementation of these markets; and (ii) the establishment of a stock exchange ;
- Advising, drafting relevant documents, and training the authorities (NBE, MOF and the relevant banking system staff) on the enabling environment (including the legal, regulatory, and institutional framework) in support of capital markets development ;
- In consultation with NBE and other relevant stakeholders, document potential candidates for secondary (money, bond and securities) markets ;
- Preparing, in coordination with AfDB, NBE and other relevant stakeholders, a road map for the establishment of a capital market in Ethiopia.
Qualifications :
Academic qualification :
At least a Master’s degree or its equivalent in finance, banking, economics or a related field.
Experience :
- Experienced capital market development expert with at least ten years’ experience in capital markets development operations ;
- Demonstrated experience and expertise in providing advisory, policy and analytical support in capital market development, particularly in developing countries ;
- Excellent diplomatic and partnership skills and ability to build/maintain relationships with private and public stakeholders ;
- Excellent ability to communicate concise and persuasive economic analysis and policy advice in writing and orally ;
- Strong oral and written communication skills in English ;
- Adequate knowledge of the macro and socioeconomic landscape and current dynamics of the Ethiopian economy in terms of policy environment, opportunities, weaknesses and challenges ;
The Bank is committed to achieving a diverse staff, including gender, nationality, culture and educational background.
Eligibility criteria, establishment of the short-list and the selection procedure shall be in accordance with the African Development Bank’s “Rules and Procedures for the use of Consultants” which is available on the Bank’s website at here
- Interested Applicants may obtain further information at the address below during the Bank’s working hours: 09:00 AM – 17.00 PM
- Expressions of interest must be received at the address below no later than 05th April 2019 at 5:00 pm local time and specifically mentioning : Capital market development advisor for Ethiopia.
For the attention of :
African Development Bank
Capital markets Development Division
Immeuble du Centre de commerce International d’Abidjan CCIA – 19 N
Avenue Jean-Paul II
Abidjan 01, Côte d’Ivoire P.O. Box : 01 BP 1387
Town : Abidjan
Country : Côte d’Ivoire
Tel: +22520263813
E-mail : afmi@afdb.org
Enclosed :