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EBRD recruiting Team Co-ordinator for International Advisory for Pre-listing Support

Jordan, 25 April 2019

Project Description:

Local Currency and Capital Markets Development (LC2) is one of the key strategic initiatives of the European Bank for Reconstruction and Development (the "EBRD" or the "Bank"). The strategic objectives agreed for LC2 are to achieve more efficient and self-sustaining financial intermediation in the countries where the Bank operates through broader use of local currency instruments and the development of local capital markets, thereby contributing to economic progress and fostering a more stable financial environment. Technical cooperation is one of the most important mechanisms used to achieve the desired transition impact.

Subsequent to the G-8 Finance Ministers' Meeting in Marseille in September 2011, the International Financial Institutions concerned jointly agreed on eight focus areas of activity under the Deauville Partnership to support countries in the Arab world engaged in transitions toward "free, democratic and tolerant societies". The EBRD and the Arab Monetary Fund were tasked with leading the module on the development of capital markets in Egypt, Jordan, Morocco, and Tunisia. It was agreed that they will provide technical assistance support in a coordinated manner, according to each institution's mandate and expertise to help these countries deepen local capital market development. Within this context the Jordan Securities Commission (the "JSC") approached the EBRD, requesting the Bank's technical assistance to prepare a five-year Strategy and Roadmap (the "Roadmap") with a view to further reform Jordanian capital markets. The Roadmap was presented to and discussed with local stakeholders during a December 2016 event in Amman organised under the patronage of H.E. the Prime Minister of Jordan.

The JSC approved the Roadmap in January 2017 (available at www.lc2-reports.com/JordanCM-Roadmap.pdf) and sent a further request to the EBRD through the Ministry of Planning and International Cooperation of Jordan for continued support in the phased implementation of the Roadmap. Demonstrating Jordan's commitment to the Roadmap, H.E. the Prime Minister ordered the creation of a Capital Market Working Group (the "CMWG") in April 2017, a high level committee that will steer the implementation of the Roadmap across different stakeholders in the coming years. The CMWG brings together the following stakeholders: the JSC, Amman Stock Exchange (the "ASE"), Securities Depository Centre, Companies Controller, Financial Services Companies Association, Central Bank of Jordan, Social Security Investment Fund, and the Income and Sales Tax Department of the Ministry of Finance.

To support the CMWG in carrying out the reforms outlined in the Roadmap, the EBRD is funding the Capital Market Development Project (the "CMDP") which is being managed by the EBRD Local Currency and Capital Markets Development. The project commenced April 2018 and has a three-year time-frame. The Project consists of five work streams, one of which provides assistance to the ASE.

Within this latter work stream, the Project will be providing support to increase issuer activity and the number of listed securities on the ASE.
The CMDP's Issuer Outreach Programme (the "IOP") aims to increase access to capital market financing for Jordanian companies of all sizes (including Small and Medium sized Enterprises (SMEs)) and to provide support services to up to three companies which would like to conduct either an Initial Public Offering of equity securities or a corporate bond listing on the ASE.

The IOP is structured along a three-tiered approach: (i) selection of a longlist of up to ten companies through awareness raising activities and an expression of interest to be published through the ASE, (ii) selection of a shortlist of up to three companies based on workshops on accessing capital market financing (organised and executed by the CMDP) and on-site screening of longlisted enterprises and (iii) implementation of technical advisory assistance to shortlisted companies both in the area of value creation, corporate governance, financial management as well as technical preparation for IPO or corporate bond issuance, in line with the EBRD's methodology of International Advisory projects.

The prerequisites of the IOP is the readiness of the capital market infrastructure – regulatory background, intermediaries and wide range of potential investors – and also the sufficient pipeline of companies who can be good candidates for inclusion in the programme.

Assignment Description:

Against this background, the EBRD is now launching a public call for the position of Team Co-ordinator (the "Team Co-ordinator" or the "Consultant") who will play a central role in the Project's effort. This is a consultancy contract, and the contracting entity will be the Bank.
The Team Co-ordinator will facilitate the operation of the IOP to manage the preparatory phase (tier (i)) of the IOP and lead the screening process to find the selection of long listed companies that can be good candidates for the IOP. The Team Coordinator will work under the guidance of the EBRD Operation Leader and Project's Technical Team Lead. The engagement period under this assignment is expected to be six months.

The selected Consultant is expected to provide the following services:

Enterprise selection

  • Advise on the content and method for the awareness raising activities to be directed towards candidate companies, and to be conducted through the ASE.

  • Manage the screening process of the local companies and contact the potential candidates proactively.

  • Advise on the selection of a longlist of up to ten companies.

Project administration

  • Attend and prepare minutes for relevant Steering Committee Meetings as required and ensure appropriate levels of information sharing with other key stakeholders including the JSC, the ASE and the CMWG.

Programme representation and liaison

  • Fully keep the CMDP team in the headquarters, the EBRD Resident Offices and other stakeholders abreast of developments in the corporate sector including SMEs.

  • Liaise between candidate enterprises and CMDP.

  • Participate in relevant market development activities and/or sector dissemination seminars as required.

  • Participate in donor and CMDP IOP visibility activities as required.

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