CENTRAL BANK OF SOMALILAND
Somali Core Economic Institutions and Opportunities Program
REQUEST FOR EXPRESSIONS OF INTEREST
Consulting Services- Firm Selection
Project ID: P152241
Assignment Title: Consulting Services for the Strengthening of Financial Institutions Regulation and Supervision
Funding Sources: TF#0A1698
Reference No.: P152241/C1A/016
The Central Bank of Somaliland intends to procure the Services below under the Somali Core Economic Institutions and Opportunities (SCORE) Program, a World Bank Program supported by the Multi-Partner Fund (MPF), a multi-donor trust fund. The objectives of SCORE are to: (i) improve the enabling environment for private and financial sector development; and (ii) catalyze private investment and job creation in key productive and service sectors.
The financial services sector in Somaliland remains largely unregulated and unsupervised with informal provision of financial services still the dominant norm. Financial market integrity drawbacks, legal and regulatory limitations and gaps in financial market infrastructure continue to impose transaction costs and constrain contribution of the financial sector to reconstruction efforts.
The Services for this consultancy will comprise technical assistance, knowledge, and capacity building focused on policy and regulatory reforms addressing specific institutional and governance capacity deficiencies related to financial sector development and financial institution regulation and supervision.
The firm's areas of focus would, amongst others, include the following five thematic areas:
1) Diagnostics of the legal, regulatory and institutional setting;
2) Legal drafting and adjunct regulatory reform support;
3) Business process re-engineering and systems development;
4) Capacity building and supervision training; and
5) Stakeholder engagement and policy dialogue.
The expected period of this consultancy is approximately two (2) years.
The Central Bank of Somaliland now invites eligible consulting firms ("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.
The short listing criteria include:
i) The Consultants should exhibit proven experience in conducting similar projects and business within a small, developing country context;
ii) The Consultants should include team members with good knowledge of financial sector development and financial institutions regulation and supervision issues from an institutional development and legal point of view, and understanding of the relevant laws of Somaliland; and
iii) The Consultants should demonstrate financial strength/capability.
MODE OF SUBMISSION OF APPLICATIONS AND SELECTION
The attention of interested Consultants is drawn to paragraph 1.9 of the World Bank's Guidelines: Selection and Employment of Consultants under IBRD Loans and IDA Credits & Grants by World Bank Borrowers (January 2011 and revised July 2014) ("Consultant Guidelines"), setting forth the World Bank's policy on conflict of interest. Please visit www.worldbank.org for more details. In addition, please refer to specific information on conflict of interest related to this assignment as per paragraph 1.9 of Consultant Guidelines.
Consultants may associate with other firms in the form of a joint venture or a sub-consultancy to enhance their qualifications.
A Consultant will be selected in accordance with the Quality and Cost Based Selection (QCBS) method set out in the Consultant Guidelines.
Further information can be obtained by sending email requests at the email address below. Interested Consultants may submit hard copies or email expressions of interest to the address below at or before 4.00 pm Somaliland time on Wednesday the 27th of July, 2016.
Project Implementation Unit Office,
Ministry of National Planning and Development,
Sha'ab Area, Road No. 1,