Regional : Supporting Central Asia Regional Economic Cooperation Regional Capital Markets Regulators Forum
The knowledge and support technical assistance (TA) will help the Central Asia Regional Economic Cooperation (CAREC) Program and its members complete the groundwork for the formal establishment of the nascent CAREC Capital Markets Regulators Forum (CMRF) and launch its activities. The forum is designed to enhance regional cooperation and integration (RCI) efforts to develop the capital markets of CAREC developing member countries (DMCs) by promoting knowledge exchange, building capacity, and piloting regional initiatives such as the harmonization of legal and regulatory frameworks. The CMRF will deepen, diversify, and help stabilize the region's financial system. This, in turn, will enable it to function more efficiently as an important source of long-term financing needs, especially for infrastructure development.
Project Details
-
Project Officer
Lee, Seung Min
Central and West Asia Department
Request for information -
Country/Economy
Regional -
Sector
- Finance
| Project Name | Supporting Central Asia Regional Economic Cooperation Regional Capital Markets Regulators Forum | ||||
| Project Number | 56100-001 | ||||
| Country / Economy | Regional Azerbaijan Georgia Kazakhstan Kyrgyz Republic Mongolia Pakistan China, People's Republic of Tajikistan Turkmenistan Uzbekistan |
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| Project Status | Active | ||||
| Project Type / Modality of Assistance | Technical Assistance |
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| Source of Funding / Amount |
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| Operational Priorities | OP6: Strengthening governance and institutional capacity OP7: Fostering regional cooperation and integration |
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| Strategic Agendas | Inclusive economic growth Regional integration |
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| Drivers of Change | Governance and capacity development Knowledge solutions Partnerships |
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| Sector / Subsector | Finance / Finance sector development - Money and capital markets |
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| Gender Equity and Mainstreaming | No gender elements | ||||
| Description | The knowledge and support technical assistance (TA) will help the Central Asia Regional Economic Cooperation (CAREC) Program and its members complete the groundwork for the formal establishment of the nascent CAREC Capital Markets Regulators Forum (CMRF) and launch its activities. The forum is designed to enhance regional cooperation and integration (RCI) efforts to develop the capital markets of CAREC developing member countries (DMCs) by promoting knowledge exchange, building capacity, and piloting regional initiatives such as the harmonization of legal and regulatory frameworks. The CMRF will deepen, diversify, and help stabilize the region's financial system. This, in turn, will enable it to function more efficiently as an important source of long-term financing needs, especially for infrastructure development. The TA will support the CAREC program's operational priorities under CAREC 2030 to strengthen economic and financial stability, investment, and financial integration in the region by promoting policy dialogue and regional learning. It is also aligned with two operational priorities of Strategy 2030 of the Asian Development Bank (ADB): (i) strengthening governance and institutional capacity by promoting knowledge exchange (OP6), and (ii) fostering RCI by institutionalizing the regional CMRF (OP7). | ||||
| Project Rationale and Linkage to Country/Regional Strategy | Lagging development in capital markets is a drag on socioeconomic progress in many CAREC DMCs. Traditional financial institutions, e.g., banks, dominate the finance sector of most CAREC program members, and the 2018 Global Competitiveness Report found the levels of market capitalization low in many member countries. Very low levels of savings in most of the population groups6 and the rising inequality in CAREC DMCs7 have also fundamentally constrained the efficient mobilization of financial resources through the finance sector. This deprives CAREC economies of the efficient resource allocation, risk-sharing, and unlocked financial investment that strengthened capital markets can provide as well as the essential role they can play in financing growth and sustainable development. Stronger RCI of CAREC DMCs to harmonize capital market regulation and standards can also make crossborder trade and investment more productive and efficient. |
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| Impact | Regional macroeconomic stability, investment, and financial integration in CAREC region improved. |
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| Project Outcome | |
|---|---|
| Description of Outcome | Regional cooperation and integration efforts to promote regional capital markets development institutionalized |
| Progress Toward Outcome | |
| Implementation Progress | |
| Description of Project Outputs | CAREC Regional Capital Market Regulators' Forum institutionalized and formalized |
| Status of Implementation Progress (Outputs, Activities, and Issues) | |
| Geographical Location | Azerbaijan - Nation-wide; China - Nation-wide; Georgia - Nation-wide; Kazakhstan - Nation-wide; Kyrgyz Republic - Nation-wide; Mongolia - Nation-wide; Pakistan - Nation-wide; Tajikistan - Nation-wide; Turkmenistan - Nation-wide; Uzbekistan - Nation-wide |
| 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 | A consulting firm using fixed budget selection method shall be engaged to develop the CAREC Capital Markets Development Portal. In addition, ADB will engage individual international and national consultants via individual selection of up to 12 and 20 person-months plus engagement as resource persons individually in compliance with and carry out procurement following ADB's Procurement Policy (2017, as amended from time to time) and its associated project administration instructions and/or procurement staff instructions. |
| Procurement | Service agreements entered with web developer or a firm via direct contracting to be procured as non-consulting services will be in accordance with ADB's procurement policy (2017) as amended from time to time. |
| Responsible ADB Officer | Lee, Seung Min |
| Responsible ADB Department | Central and West Asia Department |
| Responsible ADB Division | Regional Cooperation and Operations Coordination Div, CWRD |
| Executing Agencies |
Asian Development Bank |
| Timetable | |
|---|---|
| Concept Clearance | 26 May 2022 |
| Fact Finding | - |
| MRM | - |
| Approval | 17 Aug 2022 |
| Last Review Mission | - |
| Last PDS Update | 19 Aug 2022 |
TA 6947-REG
| Milestones | |||||
|---|---|---|---|---|---|
| Approval | Signing Date | Effectivity Date | Closing | ||
| Original | Revised | Actual | |||
| 17 Aug 2022 | - | 17 Aug 2022 | 31 Dec 2025 | - | - |
| Financing Plan/TA Utilization | Cumulative Disbursements | |||||||
|---|---|---|---|---|---|---|---|---|
| ADB | Cofinancing | Counterpart | Total | Date | Amount | |||
| Gov | Beneficiaries | Project Sponsor | Others | |||||
| 700,000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 700,000.00 | 07 Mar 2023 | 11,878.21 |
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.
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| Title | Document Type | Document Date |
|---|---|---|
| Supporting Central Asia Regional Economic Cooperation Regional Capital Markets Regulators Forum: Technical Assistance Report | Technical Assistance Reports | Aug 2022 |
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.
Related Publications
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Tenders
| Tender Title | Type | Status | Posting Date | Deadline |
|---|---|---|---|---|
| TA and Forum Coordinator | Individual - Consulting | Closed | ||
| Capital Market Expert | Individual - Consulting | Closed | ||
| Copy Editor | Individual - Consulting | Closed | ||
| Capital Market Expert | Individual - Consulting | Closed | ||
| Financial Economist | Individual - Consulting | Closed |
Contracts Awarded
Procurement Plan
None currently available.