Request For Expression Of Interest For Consultancy Services To Assist The Ministry Of Economy And Ministry Of Finance In Undertaking Research For And Developing A Strategy For Development Finance

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18223351
SER SOFI QCBS CS 18 17
World Bank
Request For Expression Of Interest For Consultancy Services To Assist The Ministry Of Economy And Ministry Of Finance In Undertaking Research For And Developing A Strategy For Development Finance
ICB
Southern Europe
Balkans
28-01-2019

Work Detail

Request For Expression Of Interest For Consultancy Services To Assist The Ministry Of Economy And Ministry Of Finance In Undertaking Research For And Developing A Strategy For Development FinanceState Owned Financial Institutions Reform ProjectDetailed Information For AdvertisementRequest For Expressions Of InterestConsulting Services Firms Selection Republic Of SerbiaState Owned Financial Institutions Strengthening Project Sofi Project Id No P156837 Assignment Title Consultancy Services To Assist The Ministry Of Economy And Ministry Of Finance In Undertaking Research For And Developing A Strategy For Development Finance Reference No Ser Sofi Qcbs Cs 18 17 Characterization Of Market FailuresAn Appropriate Evidence Based Identification Of Market Failures Needs To Be Conducted The Consultant Will Identify Which Category Of Firms Is Subject To Market Failures And Establish The Mismatch Between Supply And Demand E G The Type Of Financial Instrument Or The Type Of Service For Instance Certain Categories Of Enterprises May Face A Gap With Regard To Equity Instruments While Other Categories May Face A Gap With Regard To Debt Instruments Beyond The Enterprise Sector The Study Will Assess Whether Are There Other Market Failures Outside Of Firm Financing That Development Finance Can Should Address The Examples Of This Could Be Infrastructure Projects Including On Municipal Level Energy Efficiency Renewable Energy Agricultural Finance Etc B The Underlying Reasons For The Market FailureThe Assessment Of Market Failures Should Analyze Its Underlying Reasons For Instance Such Reasons Can Stem From Asymmetric Information Resulting In Banks Providing Sub Optimal Amount Of Lending To Certain Categories Of Enterprises It Can Also Result From A Situation Where Banks Have Difficulties To Obtain Funding And Thus Limit Their Lending To Certain Categories Of Enterprises Possible Constraints In The Financial Sector Infrastructure Should Also Be Considered A Clear Distinction Needs To Be Made Between Market Inefficiencies Which Are The Reasons For A Market Failure And Well Functioning Markets Which Result For Instance In Financial Institutions Not Providing Financial Services To Certain Clients A Market Failure Cannot Result From A Situation Where Banks Are Not Willing To Invest Due To Sound Commercial Reasons E G Doubts On The Soundness Of The Company Non Profitable Or Non Viable Underlying Projects Finally The Analysis Should Assess Structural Vs Cyclical Crisis Related Market Failures To Separate Problems That Evolve Over Time Or May Even Disappear From Problems That Are Persistent C Quantification Of The Market GapMarket Failures Result In Difficulty For Certain Firms To Obtain Certain Financial Non Financial Services The Size Of This Market Gap Will Be Estimated The Assessment Will Cover The Supply And Demand Side Of The Market Gap Its Evaluation Is Based On The Analysis Of Both Elements And Will Extend Over A Period Of Three Years Importantly The Analysis Will Evaluate Current Resources Devoted To Development Finance And Their Sources As Well As The Existing Institutional Framework Specifically The Analysis Will Map Both The Current Direct Government Support Through The Budget And State Owned Financial Institutions As Well As Indirect Support Through International Financial Institutions Ifis With Government Guarantee And Assess The Complementarities With Market And Quasi Market Support

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