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EBRD recruiting Consultant to Conduct a Workshop on Capital Markets Instruments

Armenia, 11 September 2017

Project Description:

The European Bank for Reconstruction and Development ('EBRD' or the 'Bank') promotes economic transition, by both achieving enterprise change in viable small and medium enterprises ('SME' or 'SMEs') and developing sustainable infrastructures of local business advisory services in the countries of operations of the EBRD.

The Early Transition Countries (ETCs) SME Local Currency Programme Technical Cooperation (TC) Framework (the Framework) is being implemented by the EBRD within its key Local Currency and Capital Markets Development (LC2) Initiative and funded by the Japan-EBRD Cooperation Fund. The Framework supports necessary capital market reforms to (i) make ETCs more resilient, (ii) develop access to alternative sources in local currency for the domestic market participants, and (iii) facilitate local currency funding by the EBRD and others in ETCs under the EBRD's SME Local Currency Programme (LCYP).

Globally, according to the Organisation for Economic Co-operation and Development, SMEs represent the dominant form of business organizations, accounting for over 95% and up to 98% of enterprises, depending on the country. Especially in emerging economies, SMEs are the driving force behind economic growth, job creation, poverty alleviation and wealth creation. Yet, in terms of financing vast majority of SMEs tends to rely on bank lending. However, the global financial crisis has indicated that there is a need for a diversification of funding sources and not overlying on bank financing. The European Union has noted this, and started establishing the Capital Market Union, to mobilise funds via the financial markets.

Access to finance in Armenia is one of the major concerns for SME growth. The banks are the major players of the market while private equity activities are very limited. However, at the same time there are number of companies with large potential for growth, who are unable to attract financing from traditional sources of finance. Armenian capital market is nascent and still requires development. There are not many activities in the sphere of debt and equity financing. It is however important that the Armenian businesses have increased understanding of the capital market as a funding source, what are the requirements, tools, ways, risks and rewards.

In a continuing effort to contribute to the development of a sustainable infrastructure of local business advisory services, Advice for Small Businesses (ASB) Armenia team, in collaboration with SME LCY Programme Framework, seeks to improve enterprise performance through a tailor-made course on Capital Markets Instruments for SME Finance Consultants delivered by an international expert to local consultants.

Assignment Description

The main objective of the Assignment is to provide the Armenian finance consultants (that cooperate with local SMEs on almost daily basis) with a focused training in the area of capital market development, improving quality of business advice regarding preparation of SMEs for various stages of financial investment and increase shareholder value, pertaining to best international practices, and addressing topical issues relevant to SME debt and equity instruments in the capital markets. It is envisaged that such consultants will then transmit acquired knowledge to their SME clients which will help to increase the awareness about the topic and provide necessary skills.

In order to achieve the objective of the Assignment, the Consultant, in coordination with the EBRD, will prepare and conduct a workshop, which will feature discussions and presentations and reflect current industry trends and international best practices. The workshop will be devoted and specifically designed for consulting companies and individual consultants, who will be using these new skills in their projects with the SMEs in Armenia.

In particular, the Consultant will be required to carry out the following activities:

  • Activity 1: Design the necessary capacity building curricula;

  • Activity 2: Design the necessary presentation and distribution materials;

  • Activity 3: Conduct a tree-day workshop 'Capital market debt and equity instruments, including business valuation' in Yerevan, Armenia on 22-24 November 2017.

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