Uzbekistan : Preparing the Financial Markets Development Program

Sovereign Project | 53161-002

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 Details

  • Project Officer
    Shah, Syed Ali-Mumtaz H.
    Central and West Asia Department
    Request for information
  • Country/Economy
    Uzbekistan
  • Sector
    • Finance

Related Projects

Project Name Preparing the Financial Markets Development Program
Project Number 53161-002
Country / Economy Uzbekistan
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 9770-UZB: Financial Markets Development Program
Technical Assistance Special Fund US$ 500,000.00
TA 9770-UZB: Preparing the Financial Markets Development Program (Supplementary)
Financial Sector Development Partnership Special Fund US$ 350,000.00
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Private sector development
Sector / Subsector

Finance / Finance sector development
Gender 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).
Impact
Project Outcome
Description of Outcome
Progress Toward Outcome
Implementation Progress
Description of Project Outputs
Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Business Opportunities
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 qualitycost 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
Executing Agencies
Ministry of Economy and Finance
Timetable
Concept Clearance -
Fact Finding -
MRM -
Approval 16 Jul 2019
Last Review Mission -
Last PDS Update 23 Jul 2019

TA 9770-UZB

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
16 Jul 2019 15 Aug 2019 15 Aug 2019 31 Aug 2020 30 Jun 2022 19 Jul 2022
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
850,000.00 0.00 0.00 0.00 0.00 0.00 850,000.00 03 Aug 2022 825,655.50

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Evaluation Documents See also: Independent Evaluation

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Related Publications

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Tenders

Tender Title Type Status Posting Date Deadline
Financial Markets Development Program Firm - Consulting Closed
Financial Markets Development Program Firm - Consulting Closed

Contracts Awarded

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 —

Procurement Plan

None currently available.