Regional : Supporting Central Asia Regional Economic Cooperation Regional Capital Markets Regulators Forum

Sovereign Project | 56100-001

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
    Mogilevskii, Roman
    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
Project Status Active
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 6947-REG: Supporting CAREC Regional Capital Market Regulators Forum
Technical Assistance Special Fund US$ 700,000.00
Operational Priorities OP6: Strengthening governance and institutional capacity
OP7: Fostering regional cooperation and integration
Sector / Subsector

Finance / Finance sector development - Money and capital markets

Gender 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.

Impact

Regional macroeconomic stability, investment, and financial integration in CAREC region improved.

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 Mogilevskii, Roman
Responsible ADB Department Central and West Asia Department
Responsible ADB Division Regional Cooperation and Integration Unit, CWRD (CWRC)
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 23 Feb 2024 225,518.30

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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

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Related Publications

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Tenders

Tender Title Type Status Posting Date Deadline
Supporting Central Asia Regional Economic Cooperation Regional Capital Markets Regulators Forum_ TA Implementation Expert Individual - Consulting Closed
Supporting CAREC Regional Capital Markets Regulators Forum_Coordinator Individual - Consulting Closed
TA and Forum Coordinator Individual - Consulting Closed
Capital Market Expert Individual - Consulting Closed
Copy Editor Individual - Consulting Closed
Financial Economist Individual - Consulting Closed
Capital Market Expert Individual - Consulting Closed

Contracts Awarded

No contracts awarded for this project were found

Procurement Plan

None currently available.