Uzbekistan Financial Sector Reform Project (Узбекистан - Тендер #54011955)

NOTICE AT-A-GLANCE

• Project ID

P173619

• Project Title

Uzbekistan Financial Sector Reform Project

• Country

Uzbekistan

• Notice No

OP00289943

• Notice Type

Request for Expression of Interest

• Notice Status

Published

• Borrower Bid Reference

MEF-LEAD-CS-INDV

• Procurement Method

Individual Consultant Selection

• Language of Notice

English

• Submission Deadline Date/Time

May 30, 2024 18:00

• Published Date

May 15, 2024

• CONTACT INFORMATION
• Organization/Department

Ministry of Economy and Finance of the Republic of Uzbekistan

• Name

Jasur Karshibayev

• Address

29., Istiklol street, 100017 Tashkent

• City

• Province/State

Uzbekistan

• Postal Code

• Country

Uzbekistan

• Phone

998(71)2035050

• Email

jasur.karshibayev@imv.uz

• Website

info@imv.uz

REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL CONSULTANT SELECTION)

Uzbekistan

Uzbekistan Financial Sector Reform Project

Credit No. IDA 71150-UZ

Project ID No. P173619

Assignment Title: Lead consultant on the transformation of state-owned banks and preparing them for privatization in the Republic of Uzbekistan.

Reference No.: MEF-LEAD-CS-INDV

The Ministry of Economy and Finance of the Republic of Uzbekistan (MEF) has received financing from the World Bank toward the cost of the Uzbekistan Financial Sector Reform Project, and it intends to apply part of the proceeds for a Lead Consultant with relevant experience on the transformation of state-owned banks and preparing them for privatization (“Services”) for the Department for Transformation of Strategic Assets of the Ministry of Economy and Finance.

The objective of the Services is to support the implementation of the adopted banking sector reform strategy, including rationalizing state ownership in the banking sector to a point where the number, size, and reach of the state-owned banks is commensurate with the state policy objectives.

The Ministry of Economy and finance of the Republic of Uzbekistan now invites eligible Individual Consultants (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services (reference to similar services, experience in similar assignments, availability, etc.) submitting directly to the piu_mof@mail.ru.

Qualification requirements for the Consultant:

• Graduate/advanced degree in business, finance, law, economics, banking or other related discipline;
• Relevant professional experience for over 10 years with at least 5 projects in restructuring (transforming) commercial banks (including SOCBs), developing and implementing a strategy (action plan) for privatizing state-owned banks, deep knowledge and understanding of privatization methods and techniques;
• Relevant experience in corporate governance and risk management systems and practices in commercial banks, including relevant experience in dealing with credit underwriting procedures and dealing with non-performing loans and other impaired assets;
• Relevant experience in performing or analyzing due diligence reports for the purposes of bank privatization (acquisition);
• Proven track record of managing staff, including procuring consulting services, identifying technical consultants, defining scopes of work and contract terms;
• Relevant experience in dealing with liquidation (resolution) of problem banks is an advantage;
• Relevant experience in setting up and (or) supporting privatization agencies in different countries is an advantage;
• Experience in working in different emerging/transition economies is an advantage;
• Fluency in English. Russian skills will be an advantage;

The attention of interested Consultants is drawn to Section III of the World Bank’s “Procurement Regulations for IPF Borrowers” dated November 2020 (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. In addition, please refer to the following specific information on conflict of interest related to this assignment: Consultants shall not be hired for any assignment that would be in conflict with their prior or current obligations to other clients, or that may place them in a position of being unable to carry out the assignment in the best interests of the Ministry of Economy and finance of the Republic of Uzbekistan.

Further information can be obtained at the address below during office hours from 9:00 a.m. to 18:00 p.m. Tashkent time.

Expressions of interest must be delivered in a written form in English or Russian languages to the address below (in person, or by mail, or by e-mail) by 30 may, 2024.

Project Implementation Unit under the
Ministry of Economy and finance of the Republic of Uzbekistan

Attn: Sirojiddin Imanov, Manager of the Project

Uzbekistan, 100017, Tashkent city, 29, Istiklol St.

Tel: +998901741711

E-mail: piu_mof@mail.ru

Terms of Reference (TOR)
for Lead consultant on the transformation of state-owned banks and preparing them for privatization in the Republic of Uzbekistan

1. Project background

Uzbekistan embarked on an ambitious economic transformation that entails three major shifts: from central planning to a market economy, from state to private ownership, and from isolation to economic integration. It liberalized foreign exchange market controls, unified the official and shadow exchange rates, and undertook a wide range of reforms that inter alia liberalized most prices, removed heavy-handed regulations on businesses and trade, and overhauled the tax system. In 2020, the government approved a five-year (2020-2025) banking sector reform strategy and embarked on its implementation.

The project follows from the approval of the strategy prepared with assistance from the World Bank and aims to support its implementation. It will help keep the momentum in the pursuit of an ambitious program of market-oriented reforms launched in 2020, specifically supporting the implementation of the adopted banking sector reform strategy. The project will be the first financial sector project in Uzbekistan. The project is also expected to remain closely aligned with the government’s upcoming 2022-2026 Development Strategy.

The project development objective is to support the authorities in restructuring and/or privatizing state-owned banks (SOCBs), increasing financial resilience to disasters, and expanding finance for exporting Micro, small and medium enterprises. The project consists of the following four components:

Component 1. State-owned banks modernization, commercialization, and privatization.

Component 2. Financial preparedness to disasters and strengthening insurance sector stability.

Component 3. Export and import financing instruments.

Component 4. Project Management[I].

2. Objective of the Assignment:

The Ministry of Economy and Finance, for the purposes of implementing the above-referenced project (in particular Component 1, Sub-component 1.1 “Consultancy support and institutional capacity building for Ministry of Economy and Finance (MOEF) to support its ownership function across SOCBs), is looking for a Lead Consultant with relevant experience to support the implementation of the adopted banking sector reform strategy, including rationalizing state ownership in the banking sector to a point where the number, size, and reach of the state-owned banks is commensurate with the state policy objectives.

3. Scope of Work

The main responsibility of the Lead Consultant will be to provide overall guidance for the activities of the MOEF Strategic Assets Transformation Department and establish the necessary foundations for successful functioning of the Department. This will include but not be limited to practical assistance in:

3.1 Strengthening the MOEF’s ownership and oversight role over state-owned banks, including:

• support further operationalization of the MOEF Strategic Assets Transformation Department, ensure clear division of work among various units of the Department involved in dealing with SOBs, review and assist in reorganization of the Department where necessary;
• assist in establishing the sequence and priorities of tasks of the Department on an annual basis;
• develop a concept for the privatization of SOCBs;
• coordinate and support in the development of Terms of references for hiring other consultants for the Department, as needed, assist in attracting local and foreign professionals to effectively implement the activities outlined in the annual plans, provide overall coordination of their activities;
• coordinate and provide support in formulating key policies and methodological documents regarding state-owned bank issues, including a coherent and well-structured state-owned banks ownership policy and regulations, policies for nomination of SOCB fit and proper board members and executive management, remuneration policy for SOCB Boards, other governance related requirements for SOCBs, defining gap-filling roles for SOCBs, communication and public awareness policies about state-owned banks restructuring and privatization program, etc.;
• provide support in actual implementation of the above-mentioned policies;
• support in developing and improving an effective system for monitoring and evaluating performance of SOCBs against the targets established under the approved restructuring (transformation) plans;
• provide advice on dealing with loans to state-owned enterprises and problem loans on state-owned banks’ balance sheets ahead of privatization;
• provide capacity building for the staff and consultants of the MOEF Strategic Assets Transformation Department;
• support in preparing regular status reports on the progress achieved by the Department;
• Participation in the modification of the organizational structure of state-owned banks with the reviewing of international best practices and coordination of the transformation process;
• analysis of fiscal risks of state-owned banks
• study and analysis of reports/opinions of international publications and international financial institutions for analyses of potential investors;
• preparing, coordination and participation in the selection process of potential investors;
• provision of (advisory) support in strengthening corporate governance mechanisms in large state-owned banks, bringing it in line with international standards;
• provide other just-in-time advice.

3.2 Facilitating communication with SOCBs and other relevant parties, including:

• coordinate and provide support in creating effective relations with SOCBs and develop sound understanding of role and level of intervention of the Department in bank transformation processes;
• participate in and lead discussions with Supervisory Boards and key management officials of the SOCBs and IFIs working with state-owned banks on issues related with determining and implementing transformation plans;
• participate in and lead discussions with external auditors, rating agencies, Central bank and other relevant state agencies;
• coordinate and provide support in creating effective relations with other relevant state agencies, including concluding MOUs with them where needed;

3.3 Supporting privatization transactions, including:

• formulate recommendations for the privatization strategy and appropriate privatization mode, as well as sequencing of state-owned banks privatizations, preparing concept of privatization stages along with presentations (if necessary);
• develop procedural guidelines for various aspects of privatization;
• provide overall advice and guidance with regard to actual privatization transactions including with regard to preparation and bringing the approved privatization projects to the market; review and analysis of the valuation reports, prospectuses, and bidding documents; organization of tenders/biddings; evaluation of bids and selection of investors.

3.4 Consultancy services to support state-owned banks restructuring, through:

• provide support in developing procurement documentations for conducting diagnostic analyses for state-owned banks, including AQRs, due diligence assessments, ICT audits, special diagnostics, risks, market studies, feasibility studies for possible merger (acquisition) among banks by independent auditors, consulting firms and lawyers;
• review of business model and operations of state-owned banks and provide recommendations;
• coordinate and monitor preparation of state-owned bank transformation/restructuring plans based on the conducted diagnostic analyses and their implementation;
• preparing guidelines for banks for the first time of adaptation to the new structure and operational processes for the smooth operation of banks and a smooth transition of the privatization process

4. Experience and Qualifications

The Lead consultant suitable for this position should have the following qualifications:

• Graduate/advanced degree in business, finance, law, economics, banking or other related discipline;
• Relevant professional experience for over 10 years with at least 5 projects in restructuring (transforming) commercial banks (including SOCBs), developing and implementing a strategy (action plan) for privatizing state-owned banks, deep knowledge and understanding of privatization methods and techniques;
• Relevant experience in corporate governance and risk management systems and practices in commercial banks, including relevant experience in dealing with credit underwriting procedures and dealing with non-performing loans and other impaired assets;
• Relevant experience in performing or analyzing due diligence reports for the purposes of bank privatization (acquisition);
• Proven track record of managing staff, including procuring consulting services, identifying technical consultants, defining scopes of work and contract terms;
• Relevant experience in dealing with liquidation (resolution) of problem banks is an advantage;
• Relevant experience in setting up and (or) supporting privatization agencies in different countries is an advantage;
• Experience in working in different emerging/transition economies is an advantage;
• Fluency in English. Russian skills will be an advantage;

5. Duration of assignment

The Lead Consultant will be engaged on full time basis for the duration of the Project with a probation period of 3 months. The contract with the selected candidate to be hired under these ToRs will be subject to satisfactory performance of the candidate during the probation period of 3 months.

The candidate will be hired for the Project implementation period. The Expected Closing Date of the Project is June 30th, 2027.

The Lead Consultant will be required to spend at least 12 weeks on site per year.

6. Reporting Obligations

The Lead consultant advises the MOEF on issues related to effective transformation and privatization. The Lead consultant will submit to the MOEF the following deliverables:

1. Monthly progress reports outlining the work performed for the different tasks during each month – no later than 5 days after the end of each calendar month during the period of services;

2. A final report of the activities undertaken under this TOR in a format acceptable for the MOEF, no later than 2 months after completion of services.

3. Annual reports and plans.

All plans/reports will be provided in English or /and Russian.

7. Recourses to be provided by the MOEF

The MOEF will be responsible for provision of the following:

• Fully equipped office space, with access to Internet, local telephone line, printing, photocopying and document binding.
• Access to necessary data and documents and;
• Where the Lead consultant is required to travel, to site or elsewhere in accordance with the PIU instruction, all travel costs.

The Lead consultant’s work plan should include physical visit to the MOEF for around two weeks in every two-three months.

If there are travel restrictions or prohibitions on international flights, the required visits by the Lead consultant can be fulfilled through virtual meetings/consultations.

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