Home GENERAL FSD Africa is Hiring Technical consultants
CALL FOR EXPRESSION OF INTEREST
CONSULTANTS FOR TECHNICAL ASSISTANCE TO BE PROVIDED BY FSD AFRICA TO ISSUERS OF SUSTAINABLE BONDS
1. Introduction
FSD Africa is looking to build its panel of specialist consultants whom it can call on for short-term consultancy assignments or draw-down (i.e. retained consultants) arrangements. This call for Expressions of Interest (EoI) is aimed at consultants with relevant skills and expertise in the following areas:
Capacity building on thematic bond issuances including training on various taxonomies issuance principles and standards, global trends on thematic bonds, impact monitoring and reporting, and assessing bond issuer preparedness
Asset portfolio assessment to determine compliance with international principles and standards for the issuance of green and social bonds, such as the ICMA principles, the Climate Bonds Standards and any other relevant taxonomies, principles or standards
Development of climate or sustainability-focused strategies to anchor thematic bond issues
Assessment of green, social and sustainability bond frameworks
External review/verification, provision of second party opinions (SPOs) and certifications;
Reviweing impact monitoring and reporting frameworks
Developing impact reports for thematic bonds post-issuance
FSD Africa is committed to the principle of competitive tendering: to ensure value for money, encourage innovation and help build local sustainability. This call for EoIs will allow FSD Africa to pre-qualify consultants, in order to facilitate procurement for assignments that are anticipated in the future. Terms of Reference for those assignments will be sent out at the appropriate time.
2. Background
2.1 Financial Sector Deepening Africa (FSD Africa)
FSD Africa is a specialist development agency working to reduce poverty by strengthening financial markets across sub-Saharan Africa. Based in Nairobi, FSD Africa’s team of financial sector experts work alongside governments, business leaders, regulators, and policymakers to design and build ambitious programmes that make financial markets work better for everyone. Established in 2012, FSD Africa is incorporated as a non-profit company limited by guarantee in Kenya. It is funded by UK aid from the UK government. More information on FSD Africa is available here.
2.2 FSD Africa’s Capital Markets Pillar
FSD Africa’s Capital Markets Pillar has driven capital markets innovation and development since 2015, leading over 60 initiatives in more than 35 countries in Africa and mobilising US$434 million through thematic bond issuances in Africa. The team works in close partnership with the public and private sectors on a range of flagship programmes – from product development in areas such as gender, green and carbon-linked sustainability bonds to regulatory support, policy development, institutional strengthening, new market infrastructure as well as engagement with institutional investors. These transactions include ground-breaking issuances in green mobility, sovereign green bonds, green Sukuk, green REIT and gender bonds across Africa. For more details on the Capital Markets Pillar’s transaction support work to date, please see its latest impact report which is available here.
As a consultant, you will work with the team to provide technical support to potential issuers of thematic bonds in the African region in the areas enumerated above.
3. Objective
The purpose of this EOI is, therefore, to enable FSD Africa to identify a pool of consultants who may be engaged as and when it initiates the procurement processes. Pre-qualification through this EoI will ensure that consultants are considered for shortlisting in these circumstances (although this is not a guarantee that they will be shortlisted).
Successful consultants under this call for EOIs will then be invited to submit bids based on specific terms of reference. Procurement will then take place on a project-by-project basis or a longer-term drawdown basis.
This call for EOI aims to identify consultants with expertise in any one or a combination of the following key areas:
Asset portfolio assessment to determine compatibility with relevant thematic bond issuance principles, standards or taxonomies
Review of thematic bond frameworks
Understanding and application of international taxonomies for climate-resilient and other sustainable projects
Understanding and application of international principles and standards such as the ICMA Principles and the Climate Bonds Standards
External verification/reviews
Provision of Second Party Opinions
Development of climate and sustainability-focused strategies
Review of monitoring and impact reporting mechanisms of the issuer
Development of impact reports post-issuance
Expressions of Interest
Procurement of the Services is subject to a full international tender. This requires a two-part process:
– In the first part, Expressions of Interest (EOI) are invited from qualifying firms in an open tender. This invitation is open for a minimum of 20 calendar days.
– In the second part, following a shortlisting process, FSD Africa will issue an Invitation to Tender to shortlisted firms.
A detailed Invitation to Tender document will be prepared by FSD Africa following the EOI phase.
At this point, FSD Africa is inviting EOIs from suitably qualified consultants in some, all, or a combination of areas specified under section 3.
Please note – a fully costed proposal and/or detailed work plan is not required at this stage.
Consultants wishing to be considered for short-listing will need to demonstrate the following:
• Undertaken at least 3 comparable assignments in the last 1 year in at least one public and/orprivate sector entity and have had at least 7 years experience in the identified area or expertise.
• The firm should not be blacklisted/barred/disqualified by any regulator/statutory body/or other organization as on date of submission of bid.
• Experience in similar work in Sub-Saharan Africa or other emerging economies or comparable markets.
• External verifiers/reviewers must be familiar with the ICMA Guidelines for External Reviewers or the Climate Bonds Standard and Certification Scheme.
Documentary evidence must be furnished against each of the above criteria.
Your EOI should contain:
– a short statement of why you believe your firm has the right experience and blend of expertise for this assignment
– a short portfolio of relevant work and outputs
– an outline of team structure, names and CVs of key individuals highlighting area of expertise
– a short description of anticipated risks and how you would expect to deal with these
– confirmation of your firm’s availability to carry out this work, giving details of any prior calls on your firm’s time.
– any other information that you believe should be considered in the shortlisting process
– The average daily fee rate for your team members (in GBP or USD), applicable for at least 12 months
Your EOI, which should not exceed 3 sides of A4 (font size 11), excluding CVs, company brochures etc., should be sent to FSD Africa at bids@fsdafrica.org by noon (EAT) 17 July 2023 12 noon EAT. under the subject line reading ‘Expression of Interest: Sustainable Bonds Issuance’
5. Contact
Questions or comments in respect of this request for Expressions of Interest should be directed to bids@fsdafrica.org. on or before 12 noon (EAT) 07 July 2023 and a response will be provided through the advertising platform on 12 noon (EAT) 11 July 2023.
1. Applicable Taxes
As per Kenya’s tax law, FSD Africa will pay the Consultant after withholding the appropriate taxes at the applicable rate between Kenya and the Consultant’s country of tax residence, considering any tax treaties in force. It is the responsibility of the Consultant to keep themselves apprised of these applicable taxes. The below table however provides guidance on the applicable rates as per tax regimes
WHT Rate per Country
a. Kenya – 5%
b. United Kingdom – 12.5%
c. Canada – 15%
d. Germany- 15%
e. India – 10%
f. Non-resident rate for citizens of EAC member countries – 15%
g. All other countries – 20%
