Result of Service

The final outputs of service are the followings:
– One (1) Inception Report
– One (1) comprehensive, high-quality 10-year Strategic Document for ESX

Work Location

Remote

Expected duration

10 months(100WD)

Duties and Responsibilities

BACKGROUND:

Capital markets development is one of the key elements of the Government of Ethiopia (GoE)’s Home-Grown Economic Reform Program and 10-Year Development Plan (2021-2031). In line with this commitment, the Capital Markets Proclamation (No. 1248/2021) was adopted by the House of Peoples Representatives in June 2021, which included the establishment of the Ethiopian Securities Exchange (ESX). ESX will be a key part of a broader ecosystem of institutions, markets, and participants that make up a functioning Ethiopian capital market ecosystem. Putting in place a successful securities exchange heavily depends on the involvement and participation of several other market participants including issuers, investors, intermediaries/service providers, and policy makers.

Towards this goal, the Ethiopian Investment Holdings (EIH), a wholly state-owned holding company established under Proclamation No. 1263/2021 and Regulation No. 487/2022 as a strategic investment entity of Ethiopia, has established a dedicated Project Office (“Project Office”) with the support of Financial Sector Deepening Africa (FSD Africa). The Project Office is expected to lead the task of formulating the ESX business plan, developing organizational, management, and ownership structures, and designing and setting its market segments. Additionally, the Project Office 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 operationalization and launching of ESX.

As the development of these stakeholders in Ethiopia is at its early stage, ESX is required to play a significant role in market development tasks including active effort to deepen and diversify ESX’s product/services offerings, awareness creation efforts, increasing investor interest, ensuring markets are attractive for issuers, and various other public awareness/sensitization and capacity development activities targeted at the public and potential capital markets participants.

Against this backdrop, the United Nations Economic Commission for Africa (ECA), through the Innovative Finance and Capital Markets Section (IFCMS) of Private Sector Development and Finance Division (PSDFD) and Ethiopian Investment Holdings (EIH) are considering recruiting a consultant to assist the Ethiopian Securities Exchange (ESX) Project Office in formulating a long-term development strategy.

DUTIES AND RESPONSIBILITIES:

Under the supervision of the Chief, Innovative Finance and Capital Markets Section (IFCMS), of Private Sector Development and Finance Division (PSDFD), the consultant will be responsible for the following tasks:

-Collect reliable data and information from government entities, businesses in various sectors, and other stakeholders in Ethiopia, and from existing research, studies, reports, and other open-source information
-Adopt methodologies that are validated by internal and external partners for the development of the strategy
-Carry out high-quality, in-depth desk research and analysis within the planned timeline, and draft the long-term Strategic Document for ESX
-Benchmark the Strategic Document to similar outputs done by other countries in terms of format and quality
-Define a Performance Management Framework and a Project Implementation Plan within the 10-year Strategic Document for ESX.
-Present the Strategic Document to ECA, the Project Office and other stakeholders with satisfactory feedbacks and finalize the Strategic Document
-Carry out initial sensitization and ownership-building workshops with ESX Office

Qualifications/special skills

Advanced university degree (at least a master’s degree, MBA or equivalent) in statistics, finance, economics, or a relevant field is highly desirable. A first level university degree in a combination of additional ten years of qualifying experience in financial markets and corporate finance such as CFA, CPA may be accepted in lieu of the master’s degree.
Experience in capital market / stock exchange market development, with sound technical knowledge in regulatory frameworks on capital markets and securities exchanges
Experience of working with securities exchange and/or capital market authority
Previous hands-on experience of securities listing and trading and experience of working with international organizations and African countries

Languages

English and French are the working languages of the United Nations Secretariat. Fluency in spoken and written English is required for this consultancy. Knowledge of another UN official language is an advantage.

No Fee

THE UNITED NATIONS DOES NOT CHARGE A FEE AT ANY STAGE OF THE RECRUITMENT PROCESS (APPLICATION, INTERVIEW MEETING, PROCESSING, OR TRAINING). THE UNITED NATIONS DOES NOT CONCERN ITSELF WITH INFORMATION ON APPLICANTS’ BANK ACCOUNTS.