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World Bank HQ

Capital Markets Modernization Project

Last update: Aug 20, 2012 Last update: Aug 20, 2012

Details

Location:Azerbaijan
Azerbaijan
Category:Consulting services
Status:Awarded
Sectors:Fundraising & Grant management, ICT & Telecommunications, Organizational development, Private Sector & Trade, Financial Services & Audit
Contracting authority:
Funding Agency:
World Bank HQ
Eligibility:Unknown
Budget:N/A
Date posted: Oct 12, 2011

Attachments • 1

Associated Awards

Project cycle timeline

STAGES
EARLY INTELLIGENCE
PROCUREMENT
IMPLEMENTATION
Cancelled
Status
Programming
Formulation
Approval
Forecast
Open
Closed
Shortlisted
Awarded
Evaluation

Description

The Government of the Republic of Azerbaijan has received financing from the World Bank toward the cost of the Capital Markets Modernization Project, and intends to apply part of the proceeds for consultant services. The Project aims to increase the use of equity and corporate debt as financing and/or investment instruments through the adoption of an effective capital markets regulatory framework and infrastructure. The services of the consultant are categorized under the four project components below:

1. Streamlining and automating the market infrastructure – this component will include the following activities:
  • Establishing market participant advisory groups
  • Establishing a single location for all post-trade activities
  • Increasing the automation of the market- providing technical advice and documenting support for defining, acquiring and establishing new trade and post trade IT systems and business processes
  • Expanding access and functionality of the post trade facility
  • Establishing an appropriate market guarantee mechanism
  • Reducing off-market transactions

    2. Updating and strengthening the legal and regulatory framework – this component will include the following activities :
  • Technical assistance on improvement and adoption the new draft Law on Securities
  • Drafting implementing regulations
  • Providing technical advisory for recommendations on institutional structures (such as participation by banks and insurance companies in the securities market) and on incentive structures (such as supporting tax policies in the securities market).
  • Introducing minimum capital adequacy and risk assessment methods for market participants

    3. Stimulating supply – this component will include the following activities
  • Creating the appropriate environment for raising capital and Baku Stock Exchange listing
  • Supporting development of the government securities market
  • Encouraging development of the corporate debt market
  • Conducting corporate education
  • Developing other financial products
  • Technical advisory for (1) enhancing and promoting funding opportunities of the state-owned companies and infrastructure projects, and (2) enhancing and promoting government financial support to the private sector and small and medium enterprises through capital market instruments

    4. Capacity building – this component will include the following activities
  • Strengthening the State Committee for Securities' (SCS) regulatory capacity
  • Strengthening the SCS' systems and operations
  • Strengthening surveillance, enforcement, reporting and disclosure of public information systems
  • Promoting the Azeri market to international investors
  • Improving public awareness of the capital market
  • Creating a capital markets training center

    The consultant will provide the technical advisory services necessary to complete successfully the above activities, including but not limited to, conducting financial and feasibility studies, developing technical and business specifications and processes, drafting manuals and rulebooks, regulations, developing and providing educational materials, providing supporting materials and policy advice to the SCS concerning consultations with stakeholders and in general supplying all required policy and technical input throughout the Project implementation. The consultant services are not limited to those described above and are not necessarily performed in the order presented.

    Implementation period for above mentioned activities is beginning of 2012 through end of 2015.

    The State Committee for Securities of the Republic of Azerbaijan now invites eligible consultants to indicate their interest in providing the services. Interested consultants must provide information indicating that they are qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, availability of appropriate skills among staff, etc.). Consultants may associate to enhance their qualifications.

    A consultant will be selected in accordance with the Quality and Cost Based Selection (QCBS) procedures set out in the World Bank's Guidelines: Selection and Employment of Consultants by World Bank Borrowers (May 2004, revised October 2006 and May 2010). Consultants will be shortlisted according to their general qualifications, demonstrated track record of successful implementation of similar assignments, and experience in similar markets (in terms of size, location, socio-economic background).

    Interested consultants may obtain further information at the address below during office hours, Monday – Friday from 10:00 to 17:00.

    Expressions of interest shall not exceed 15 pages and must be delivered to the address below by October 31, 2011.
     
Contact: STATE COMMITTEE FOR SECURITIES.
Attn: Mr. Ilkin Aliyev.
Bul-Bul's avenue, 19..
AZ 1000 Baku, Azerbaijan.
Tel: (+994 12) 598 48 89.
E-mail: ilkin.aliyev@scs.gov.az.
Web site: www.scs.gov.az
Notice Number: WB4380-809/11
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About the Funding Agency

The World Bank (USA) is part of an international financial agency that makes loans and grants to governments in low- and middle-income countries to fund capital projects. The United States was a driving force behind the founding of the World Bank in 1944 and it is still the World Bank's largest shareholder today.

The United States contributes to tackling critical international development concerns through the World Bank Group and has a long history of generously supporting the objectives of the World Bank Group and has been a champion of the International Development Association (IDA) which provides low-interest loans and grants to the world's poorest countries. The key U.S. priorities at the World Bank include a multilateral health and economic response to COVID-19, debt sustainability and transparency, promoting governance and fighting corruption, ending energy poverty and supporting a strong emphasis on accountability, transparency and development impact.

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About the Sectors

Fundraising & Grant management

Incorporates activities related to mobilizing financial resources and managing grants throughout their lifecycle for projects and organizations.


Key areas:
  • Fundraising and resource mobilization
  • Grant writing and proposal development
  • Grant management and financial oversight
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ICT & Telecommunications

Features information and communication technologies, digital systems, and telecommunications infrastructure and services.


Key areas:
  • ICT systems, software, and digital solutions
  • Telecommunications networks and services
  • Digitalization, data, and communication tools
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Locations

Azerbaijan

Azerbaijan has used hydrocarbon revenues to modernise transport corridors, ports and energy infrastructure, positioning itself along the Middle Corridor linking Europe and Asia. Infrastructure investment supports export capacity and ambitions to diversify into logistics, manufacturing and renewables. State-led financing has driven much of this expansion, complemented by strategic partnerships. Reducing oil dependency and strengthening private sector participation remain key to sustainable development.

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