Skip to content

Call for proposal

19 August 2022

Ethiopian Securities Exchange (ESX) Project Financial Advisory Services

Closing date

12.09.2022 12:00 pm

Ethiopia is in the process of establishing a securities exchange, the Ethiopian Securities Exchange (ESX), in line with the Capital Markets Proclamation (No. 1248/2021). Article 31 of the Proclamation provides that the Ethiopian Securities Exchange shall be established as a share company by the government in partnership with the private sector, including foreign investors.

Towards this goal, the Ethiopian Investment Holdings (EIH) has established a dedicated project team (“Project Team”) with the support of Financial Sector Deepening Africa (FSD Africa). The Project Team is expected to lead the task of developing the ESX business plan, organisational, management and ownership structures, and designing and setting its market segments. Additionally, the team 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 realize the operationalization and launching of ESX.

The Project team is supported by the Capital market Project Implementation Team (CMPIT) and expert advisors and with guidance from a Project Steering Committee (PSC), which will have an oversight role over the operations of the Project.

In collaboration with Ethiopian Investment Holdings (EIH), we wish to engage a consultant to support the preparation of a comprehensive investor information memorandum. The Services will require that the consultant:

  • Develop a financing plan and finance model, including a 10-year financial projection of ESX financial results.
  • Review of the business plan and financial model developed by the project team.
  • Design an Information Memorandum
  • Develop a detailed stakeholder management plan
  • Together with the ESX Project team conduct investor roadshows
  • Complete a successful capital raise
For more information and details on how to submit proposals, please download the full terms of reference document.

Proposals should not exceed 10 pages excluding annexes. Your proposal should be sent by email to FSD Africa at  under a subject line reading ‘Invitation to tender: ESX Financial Advisor on or before 12pm (noon) (EAT) on 12 September 2022.

Questions or comments in respect of these terms of reference should be directed by email to: and must be received before 12 noon EAT 31 August 2022 and responses will be provide on 2 September 2022.