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  Organization Details:
Organization Name: Ethiopian Investment Holdings / FSD Africa
Address: Ethiopia

Contact Person: -
Notice Details:
GT Ref ID: 027349
Notice Type: Request for Proposal
Bidding Type: International
Tender Notice No: -
Description: INTERNATIONAL CALL FOR PROPOSALS

TERMS OF REFERENCE
ETHIOPIAN SECURITIES EXCHANGE (ESX) PROJECT FINANCIAL ADVISORY SERVICES

1. Introduction

Ethiopia is in the process of establishing a securities exchange, the Ethiopian Securities Exchange (ESX), in line with the Capital Markets Proclamation (No. 1248/2021). Article 31 of the Proclamation provides that the Ethiopian Securities Exchange shall be established as a share company by the government in partnership with the private sector, including foreign investors.

Towards this goal, the Ethiopian Investment Holdings (EIH) has established a dedicated project team ("Project Team") with the support of Financial Sector Deepening Africa (FSD Africa). The Project Team is expected to lead the task of developing the ESX business plan, organisational, management and ownership structures, and designing and setting its market segments. Additionally, the team will lead the development of the ESX trading rules, policies and procedures, the development of the ESX trading and operating systems and other ICT infrastructure and realize the operationalization and launching of ESX.

The Project team is supported by the Capital market Project Implementation Team (CMPIT) and expert advisors and with guidance from a Project Steering Committee (PSC), which will have an oversight role over the operations of the Project.

2. Project Background

2.1. About EIH

EIH is a wholly state-owned holding company established under Proclamation No. 1263/2021 and Regulation No. 487/2022 as a strategic investment entity of Ethiopia to serve the strategic needs of its economy and build multi-generational wealth. EIH aims to achieve its purposes by bringing together public assets under a professional management and investing judiciously on a wide range of resilient investment portfolios.

EIH is operating and run as a private business organization with a view to driving performance of public assets using modern management practice and corporate governance standards and systemic mechanisms to ensure the protection of shareholder's interests.

2.2. About FSD Africa
FSD Africa is a specialist development agency working to reduce poverty by strengthening financial markets across sub-Saharan Africa. Based in Nairobi, FSD Africa's team of financial sector experts work alongside governments, business leaders, regulators and policy makers to design and build ambitious programmes that make financial markets work better for everyone. Established in 2012, FSD Africa is incorporated as a non-profit company limited by guarantee in Kenya. It is funded by UK aid from the UK government.

2.3. Project Context
The ESX project team has drawn its implementation plan, which aims to setup ESX within the next one year and half. A priority workstream of the project team is the development of the ESX business plan. The business plan will analyse and articulate;

- the goals, objectives, and strategies of ESX

- the state of macroeconomic and industry specific contexts and background that are relevant for the successful operation of the exchange

- a market analysis highlighting the demand and supply for each market segment of the ESX

- the determination of ESX's market segments (dedicated markets)

- highlight other services that can be provided by ESX such as data products, advisory, training as well as other incidental services

- ESX's trading technology infrastructure model, including the use of conventional trading technologies as well as digital

- The corporate structure, governance model and organizational/management structure of ESX.

- The financial model and strategy of ESX including a presentation of ESX's 10 year financial plan and capital budget

- Strengths, weaknesses, opportunities, and threats (SWOT) analysis, etc.

The business plan includes a financial model, which has to be reviewed and stress tested as part of this assignment. In parallel to the capital raise, the project team will be preparing a memorandum on corporate ownership and governance of ESX with the support of an independent legal advisor that will advise and support the project team with the licensing application to the CMA which would require coordination/compliment with this assignment.

More details of the International Call for Proposal

Deadline: 12 September 2022; 12pm (noon) (EAT)
Updates:  Response to Bid Clarification Queries

Soft Copy:  Original Document

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