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Diagnostic assessment of the underutilisation of the East African Community (EAC) regional bond issuance framework
Deadline: 10-Jun-26 @ 12:00pm (EAT)
The East African Securities Regulatory Authorities (EASRA) and FSD Africa seek to engage a qualified firm or consortium (the “Consultant”) to undertake a comprehensive diagnostic assessment of the underutilisation of the East African Community (EAC) Regional Bond Issuance Framework, established in 2015. Despite the framework’s aim of harmonising cross-border approval processes through a singlepassport mechanism, no regional bond has been issued under it since its enactment.
The objective of this assessment is to identify the various factors including regulatory, operational, institutional, market, and gender and youth-related barriers that have hindered utilisation of the framework and to provide actionable, evidence-based recommendations to strengthen regional capital markets integration and facilitate future cross-border bond issuance across EAC Partner States.


Created in 2012, FSD Africa is a £30 million financial sector development programme or ‘FSD’ based in Nairobi. It is funded by UK aid from the UK Government. FSD Africa aims to reduce poverty across sub-Saharan Africa by building financial markets that are efficient, robust and inclusive.
FSD Africa is a market facilitator or catalyst. It applies a combination of resources, expertise and research to address financial market failures and deliver a lasting impact. FSD Africa has a mandate to work across sub-Saharan Africa on issues that relate to both ‘financial inclusion’ and ‘finance for growth.’
FSD Africa is also a regional platform. It fosters collaboration, best practice transfer, economies of scale and coherence between development agencies, donors, financial institutions, practitioners and government entities with a role in financial market development in sub-Saharan Africa.
All FSD Africa opportunities are posted under FCDO
Supports initiatives that assess performance, measure results, and improve the effectiveness and accountability of projects and programs.
Covers initiatives that strengthen public institutions, improve service delivery, and support transparent, accountable, and effective governance systems.