Uzbekistan: Preparing the Financial Markets Development Program
The transaction technical assistance (TRTA) will support the diagnostic studies, policy dialogue and assist in the preparation of the proposed Uzbekistan: Financial Markets Development Program. The program will facilitate increase in the capacity and size of the financial markets (program outcome) and support the emergence of a well-functioning financial system that supports basic capital and investment needs as well as the country's longer-term economic objectives (in line with the country's Roadmap for Reforms, 2019-2021).
Shah, Syed Ali-Mumtaz H.
Central and West Asia Department
Request for information
|Project Name||Preparing the Financial Markets Development Program|
|Country / Economy||Uzbekistan
|Project Type / Modality of Assistance||Technical Assistance
|Source of Funding / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Governance and capacity development
Private sector development
|Sector / Subsector||
Finance / Finance sector development
|Gender Equity and Mainstreaming||No gender elements|
|Description||The transaction technical assistance (TRTA) will support the diagnostic studies, policy dialogue and assist in the preparation of the proposed Uzbekistan: Financial Markets Development Program. The program will facilitate increase in the capacity and size of the financial markets (program outcome) and support the emergence of a well-functioning financial system that supports basic capital and investment needs as well as the country's longer-term economic objectives (in line with the country's Roadmap for Reforms, 2019-2021).|
|Project Rationale and Linkage to Country/Regional Strategy||
The Government of Uzbekistan has accelerated its transition toward a market economy with the adoption of a Strategy on Actions for Further Development of Uzbekistan (2017-2021) and follow-on Roadmap of Reforms (2019-2021). Each of these recognizes the central role played by banking and capital markets in fostering this transition. The Roadmap of Reforms in particular, tasks the Government with modernizing and developing financial market infrastructure and services to better address the needs of the real economy. The introduction of market-based financial instruments will mobilize private sector financing to alleviate the infrastructure deficit and maintain high rates of economic growth as the state's economic contribution is gradually reduced. In addition, commercial and risk-based banking and financial sector practices are required to exert credit discipline on business performance in the wake of continued government privatization efforts (also prioritized by the roadmap).
ADB's Strategy 2030 prioritizes the development of the financial sector and capital markets to support the development of the private sector and enhance financial stability. Private sector investment is identified as a key driver of economic growth and source of employment generation in the course of Uzbekistan's economic transition, and a strategic area for ADB support, in the draft Country Partnership Strategy for Uzbekistan (2019-2023).
|Description of Outcome|
|Progress Toward Outcome|
|Description of Project Outputs|
|Status of Implementation Progress (Outputs, Activities, and Issues)|
|Summary of Environmental and Social Aspects|
|Stakeholder Communication, Participation, and Consultation|
|During Project Design|
|During Project Implementation|
|Consulting Services||ADB will engage a consulting firm to implement the TA. It is estimated that 25 person-months of international and 14 person-months of national consultants' services will be required; the proposing entities may propose some adjustments with justification. Given the highly specialized expertise needed, the consulting firm will be engaged through quality and cost-based selection method using a standard quality cost ratio of 90:10. ADB will select the consulting firm based on a simplified technical proposal. The team of consultants will have expertise in capital market development and facilitation across diverse technical facets (including institutional, legal and regulatory, infrastructure) and development of alternative financing platforms and instruments.|
|Responsible ADB Officer||Shah, Syed Ali-Mumtaz H.|
|Responsible ADB Department||Central and West Asia Department|
|Responsible ADB Division||Public Management, Financial Sector and Trade Division, CWRD|
Ministry of Finance
5 Mustaqiliik Square
Republic of Uzbekistan
|Approval||16 Jul 2019|
|Last Review Mission||-|
|Last PDS Update||23 Jul 2019|
|Approval||Signing Date||Effectivity Date||Closing|
|16 Jul 2019||15 Aug 2019||15 Aug 2019||31 Aug 2020||30 Jun 2022||19 Jul 2022|
|Financing Plan/TA Utilization||Cumulative Disbursements|
|850,000.00||0.00||0.00||0.00||0.00||0.00||850,000.00||03 Aug 2022||825,655.50|
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.
The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.
In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.
|Title||Document Type||Document Date|
|Preparing the Financial Markets Development Program: Final Technical Assistance Consultant’s Report||Consultants' Reports||Jun 2022|
|Preparing the Financial Markets Development Program: Technical Assistance Consultant’s Report||Consultants' Reports||Oct 2021|
|Preparing the Financial Markets Development Program: Technical Assistance Report||Technical Assistance Reports||Jul 2019|
|Financial Markets Development Program: Initial Poverty and Social Analysis||Initial Poverty and Social Analysis||Jul 2019|
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
Evaluation Documents See also: Independent Evaluation
None currently available.
None currently available.
The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.
Requests for information may also be directed to the InfoUnit.
|Contract Title||Approval Number||Contract Date||Contractor | Address||Executing Agency||Total Contract Amount (US$)||Contract Amount Financed by ADB (US$)|
|Project Preparatory||Technical Assistance 9770||26 Aug 2019||INTL. SECURITIES CONSULTANCY LTD._THE (HONG KONG, CHINA) | Office 1601, 16th Floor, No. 6 Wilmer St Hong Kong, Hong Kong, China tel: +852 2877 3417||Ministry of Finance||500,000.00||—|
None currently available.