On May 24, 2019, World Bank and Ministry of Finance of the Republic of Uzbekistan (MOF) have concluded an agreement on a World Bank loan program called “Institutional Capacity Building Project” (ICBP) for Uzbekistan.

The development objectives of ICBP are to strengthen public financial management (PFM) and enable the market operation of the corporate sector. This project has four components. 1) The first component, Improving PFM, aims to support improvements in areas fundamental to a functional PFM system that promotes achievement of public policy objectives, improved performance, and institutionalized accountability. 2) The second component, Improving Conditions for Market Operation of the Corporate Sector, aims to support the restructuring and rightsizing of the State-Owned Enterprise (SOE) sector in Uzbekistan. 3) The third component, Improving Support Mechanisms for Reforms, aims to provide support to the newly established Economic Council, key regulatory agencies and other public sector agencies expected to be identified as critical for implementing market reforms during project implementation. 4) The fourth component, Project Management, aims to provide support to the overall implementation arrangements for the project.

Sub-Component 2.3 of the ICBP is related to the development of the Public-Private Partnership (PPP) sphere and states that two Project Preparation Facilities (PPFs) for Government of Uzbekistan (GOU) institutional capacity upgrading is allocated to bring strategic investments (divestments and PPPs) to the market. The PPF for PPPs is meant to fund consultancy and advisory services to prepare and develop PPP projects, advisory support for analyzing constraints to development of PPPs (‘PPP Support Activities’) and other activities directed to the capacity building and development of PPP in Uzbekistan. Project Implementation Unit (PIU) under the Ministry of Finance of the Republic of Uzbekistan (MOF) was created to implement the ICBP project and lead the process for the procurement of Consultants.

By using the ICBP loans the PPP Department (PPPPD) is seeking to procure the services of an International PPP Consultant  (Consultant) to carry out the PPP transaction support,  advisory for improvement of the PPP framework and capacity building.

The Consultant will report to the PPPD Management and work alongside the staff and other consultants of the PPPD. The objective of this TOR is to set out the Profile and Scope of Work for the Consultant.

1. CONSULTANT PROFILE

MOEF is looking for a Consultant with the following profile:

• Bachelor or Master-level degree in finance, economics, or business administration or any related fields;
• CFA, CPA, ACCA, CIMA or equivalent professional qualification will be an advantage;
• Proven track record of a minimum of 10 years of recent, focused and relevant professional experience in at least any of:
  • Project finance with IFIs, international investment banks or management consulting firms with focus on the development and deep analysis of financial models and financial aspects of the projects;
  • Financial analysis/M&A with international investment banks or big-4 accounting firms;
  • Project Finance or infrastructure project finance at a top-class firm; and/or
  • Project level financial model development for government or strategic investors (PPP, project financing, privatization, divestments, unbundling, acquisition)
• Relevant project experience (PPP, project financing, privatization, divestment, unbundling, acquisition);
• Experience of working on projects with more than 100 million USD investment value;
• PPP modeling experience in multiple sectors (energy, transportation, communal services, healthcare, education) will be a distinct advantage;
• Deep practical knowledge of Cost-Benefit, Value for Money and other analysis;
• Experience in public finance management, including project identification, selection and prioritization mechanisms;
• Experience working directly with public sector institutions;
• Experience in coordination of multi-stakeholders of public investment management (PIM). Deep understanding of Public Investment Management, particularly formulating policies for public investments, designing elements of PIM will be a distinct advantage.

Other requirements:

• Motivated, reactive, responsible, proactive, diplomatic individual with a sense of team-work and ability to work offline and online with other team members;
• Fluency in English, both written and spoken, ability to convey complex issues to senior management/audiences;
• Advanced level of proficiency in the use of Microsoft Excel
• Fluency in Uzbek and/or Russian languages will be an advantage;
• This position requires the candidate's physical presence in Tashkent and is not a remote role. Intermittent and telework arrangements may be considered
• Candidate must be able to travel internationally.

1. SCOPE OF WORK

Throughout the process, the Consultant shall work under the supervision of the PPPD Management, working in cooperation with other advisors, staff and consultants of PPPD, and collaborate closely with other ministries, departments and agencies of the GOU.

1. Project work: The Consultant will provide comprehensive support to the PPPD in the identification, evaluation, and development of PPP projects. The specific responsibilities under this assignment are to:
   1. Assist in identifying potential projects that can be developed under the PPP framework and conduct initial screenings to assess their commercial viability.
   2. Evaluate areas suitable for PPP development and provide pre-analysis to determine whether a project is suitable for PPP delivery and meets the requirements of the PPP framework.
   3. Review financial models and Value or Money (VFM) for all projects submitted to PPPD.
   4. Evaluate pre-feasibility studies and feasibility studies for PPPs, bidding documents ensuring financial soundness and alignment with market practices.
   5. Review and provide feedback on unsolicited project proposals (USPs), focusing on their feasibility and alignment with the PPP framework.
   6. Support the structuring of PPP projects by applying scenario and sensitivity analysis to inform decisions on risk allocation; Propose strategies to optimize risk-sharing between public and private stakeholders to enhance project bankability. Contribute to project due diligence and structuring by providing market insight, in particular regarding financiers and potential investors, including inputs on market practices for project structuring and project finance.
   7. Identify potential additional revenue streams to enhance commercial viability of PPP projects Contribute to the development and implementation of possible financing structures for PPPs, including viability gap funding, support identification and application of de-risking instruments to improve bankability of the projects.
   8. Handle and oversee all financial aspects within the framework of the PPP projects. Keep up to date with the developments within the GOU which may impact projects from a financial point of view and report to the PPPD Management on relevant findings or issues.

1. PIM/PPP Framework establishment
   1. Closely work with various stakeholders, including departments of the Ministry of Economy and Finance, in establishing PIM procedures.

1. 1. Assist in developing PPP, PIM and other relevant processes, manuals, methodologies, etc.
   2. Assist the GOU to synchronize PPP processes with public financial management and budgetary calendar/processes.

1. Capacity building
   1. Design and conduct training sessions for PPPD staff on preparing and analyzing financial models and relevant financial tools within the framework of PPP.

1. 1. Contribute to introduction of best modern international practices/experience of project finance; applicability for various techniques for future projects.
   2. Prepare capacity building programs and assist PPPD Management with on-the-job training of the PPPD staff in Tashkent
2. Business Development and Client management work
   • Develop trustful relationships with public and private sector clients, multilateral development banks and within the GOU in line with relevant GOU and WB code of conduct;
   • Actively assist the PPPD with daily communication with public and private sectors, multilateral development banks and Government stakeholders – facilitate meetings, report and consult with PPPD Management on material issues, follow up on requests to and from the private sector partners, multilateral development banks and Government stakeholders, respond to questions on financial aspects of projects after checking with PPPD Management;
   • Participate in discussions, meetings (online and offline), hold meetings and workshops to discuss the implementation plans, bidding strategies, results of the PFSs, issues/progress of PPP projects, etc. among various stakeholders, including senior GOU officials, and prepare presentation and discussion materials as necessary;
   • Actively participate in project presentations of prospective investors/banks and in project meetings of the GOU; for roadshows as well as when investors approach the GoU with their products to understand the applicability of these products to UZB
   • Actively prepare and participate in market soundings, investors conferences in cooperation with the PPPD;

Perform other tasks that may be reasonably assigned by the PPPD Management in the context of this scope of work.

1. MAIN DELIVERABLES AND LANGUAGE
2. The Consultant will be expected to show exceptional domain expertise and financial skills during PPP transactions, especially in the development, reviewing, analysis, explanation of financial models, financial tools and other financial aspects of PPP projects. It is the responsibility of the Consultant to be proactive and identify and execute any additional tasks that would be required in order to ensure the successful and timely delivery of the GOU’s PPP projects.

The Consultant is required to produce a high-quality work product in accordance with best international practices. This means, among other things:

• All necessary documents, references, summaries etc. will be logically structured and clearly drafted in plain English language (or Russian - if one’s able to do and if required);
• All deliverables shall be checked for spelling, cross referenced, consistency before handing them over to the PPPD Management.
• The Consultant is expected to prepare and submit periodic assignment progress reports in writing to the PPPD Management.

Upon completion of the provision of consulting services, the Consultant must prepare a Final Progress Report.

1. PAYMENT, INDICATIVE TIMELINE AND OTHER DETAILS

The duration of this contract is 24-months, commencing from the date of signing, and will be executed between the Ministry of Economy and Finance of the Republic of Uzbekistan and the Consultant. The remuneration for the activities described in these TORs will be provided on a – time-based basis, subject to the acceptance of deliverables by the PPPD Management

The Consultant will be based in Tashkent, Uzbekistan, carrying out their responsibilities from the PPPD's office.