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Call for proposal

10 August 2021

Development of the Policy and Regulatory Framework for the Licensing and Regulation of Capital Market Service Providers in Ethiopia

Closing date

26.08.2021 12:00 pm

 Ethiopia is in the process of establishing a capital market in line with the recent enactment of the Capital Markets Proclamation. This requires putting in place the necessary institutions, policies, legal instruments (directives and regulations), and market infrastructure required to operationalise the Proclamation. 

The Ethiopia Capital Markets Project Implementation Team (CMPIT) has been established by the National Bank of Ethiopia (NBE) with a mandate to operationalise the Capital Markets Proclamation. The CMPIT reports to the Governor of the NBE until a Director-General for the Capital Markets Authority is appointed by the Prime Minister. 

The NBE, with the support of FSD Africa, is therefore seeking the services of a consultant to develop the rules and regulations for the licensing and supervision of capital market service providers in Ethiopia. These service providers are required to operationalise the capital market by providing the capital market intermediation and market infrastructure services in the country. 

The main objective of the assignment is to develop a robust policy and regulatory framework for the licensing and supervision of capital market service providers in Ethiopia. It will also entail the development of an operational manual to be used by the Capital Market Authority, Ethiopia, in review and approval of licensing applications as well as supervision and monitoring of licensed intermediaries. 

For more information and details on how to submit proposals, please download the full terms of reference document.

Proposals should be sent by email to by 1200hrs (EAT) on 26 August 2021 under a subject line reading ‘Invitation to tender: Licensing Regulatory Framework Development for Ethiopia.’ 

Questions or comments in respect of these terms of reference should be directed by email to:, on or before 12 noon EAT, 16 August 2021 and feedback will be provided by 5 pm (EAT) 18 August 2021.