Avis de recrutement d’un consultant individuel pour le projet “SEYCHELLES : prestation de services financiers innovants pour une croissance et une diversification durables dans l’ère post-COVID”, Kenya
REQUEST FOR EXPRESSIONS OF INTEREST
AFRICAN DEVELOPMENT BANK
Eastern Africa Regional Development and Business Delivery Office (RDGE)
Longonot Road Plot 11, Upper Hill, P.O Box 4861 -00200, Nairobi – Kenya
Email : b.wanjira@afdb.org
- The African Development Bank hereby invites International Individual Consultants to indicate their interest in the following assignment: SEYCHELLES: Innovative financial services delivery for sustainable growth and diversification in post-COVID era :
- Context : Seychelles, officially known as the Republic of Seychelles, is an archipelago of 115 islands in the Indian Ocean. The largest island, Mahe, with the country’s capital, Victoria lies some 1,500 kilometers (932 mi) east of mainland Africa. The country has made impressive economic progress over the past decades, with the country’s GNI per capita increasing from USD 2,080 in 1980 to USD 13,710 in 2015, thereby reaching high-income status. By 2018 the country GNI per capita reached USD 19,276, ranking Seychelles among the highest in Sub-Saharan Africa. The country’s economic growth has continued to be robust in recent years, but with COVID 19 pandemic, it is anticipated to be much lower than previously projected. GDP growth averaged 5.6% during 2011-15, and 4.2% over the 2016-2019 period. But the trend was completely reversed due to the global COVID 19 pandemic ;
- Various assessments illustrate that being a tourism dependent economy, Seychelles is severely impacted by the pandemic. Due to reductions in tourism by more than 60%, real GDP contracted by 9.9% in 2020 and Seychelles experienced a recession. However, economic activities started to rebound, and GDP growth is estimated at 7.1% in 2021 ;
- Authorities also took several complementary policy measures to reduce the socio-economic impacts of the pandemic. Development partners including the AfDB have supported the country to shield its economic and social gains from the pandemic. These were not sufficient to meet all the Government’s financial needs in its bid to re-establish the economy on its long-term development trajectory. Cognizant of the need for economic diversification and the key role by banking services sector, the Government has put in place a policy and strategy to develop the financial sector ;
- The Bank approved a new CSP for the Seychelles that covers the period 2021-25 with a proposed strategic thrust focusing on “Enhancing resilience in support of structural transformation in Seychelles”. This strategic thrust will be achieved through a unique priority area, “Fostering the country’ resilience to ensure economic and environmental sustainability”. This strategy will be achieved through two focus areas: achieving economic sustainability to spur higher value addition in key economic sectors and sound resilience to external economic shock; and achieving environmental sustainability. The objective and focus areas are aligned with the Government’s NDS 2019-23, Vision 2033 and the Blue Economy Framework. Successful implementation of the new Seychelles CSP will depend on how clearly it continues to capture the changing dynamics and emerging realities in a post-COVID economic environment ;
- Against this background, and cognizant of the severity of the COVID 19 pandemic’s socio-economic impact on Seychelles, the financial sector can play a leading role in creating resilience. The development of innovative financial services will enhance investments in green energy and environmental sustainability while enhancing economic diversification. To this end, the Bank is planning to undertake a study that will critically assess the status and dynamics of the financial services sector opportunities in innovative financing and its role to facilitate post pandemic sustainable growth in Seychelles.
- Assignment : Under the supervision of the Lead Economist and the management of the Chief Regional Economist, the Consultant will perform the following tasks :
- Exhaustively examine the economic and social effects of the status of financial sector services in economic growth, its historical dynamics and its role to date, and at different times before. This assessment will illustrate how it can be used to mitigate the medium and long terms effects of the COVID-19 pandemic, and the potential growth effects of the current Russia-Ukraine crisis on Seychelles ;
- Assess the strength or lack thereof the financial services sector (both Banking and non-Banking), its ability in providing innovative financing, its evolving roles, as well as scale and dimensions of the sector’s effects on other sectors, using a multisectoral approach ;
- Assess the economic, gender and social effects of the sector’s performance highlighting the vulnerabilities and weaknesses of the financial systems; governance structure and capacity, as well as other policies and institutional factors that affect responses and coping mechanisms of challenges in the sector; This will include reviewing various options financial products that can catalyze increased financing to private sector, address in some cases prevalence of high liquidity with limited lending by the banks due to perceived or real risks, notably to the MSMEs ;
- Undertake a succinct impact assessment of fiscal measures and other programs implemented under the existing government response plan to COVID 19, and measures taken during the 2008 global financial crisis to articulate policy relevant lessons. The impact evaluation will also be carried out from gender sensitive, entrepreneurship, international/regional payments facilitation and job creation for the youth perspectives ;
- Suggest the medium-term and long-term policy options and complementary activities to be carried out by the Government and its development partners to enhance innovative financing towards a diversified economy and sustainable growth ;
- Examine the impacts of Bank supported relevant operations that support strengthening of financial sector development, including the Technical Assistance on support to strengthen the Seychelles financial institutions. This examination should also identify the extent to which financial intermediaries channeled the Bank’s support to micro, small, and medium enterprises (MSMEs) as planned and potential linkages to the ongoing knowledge work on the preparation of the Seychelles CPSP ;
- Carry out simulations of policy options and analysis of the potential impacts of the aforesaid policies to guide policy dialogue in the sector and sustainable growth at large ;
- Explore innovative financing sources and models for financing environmental and climate change actions including level of access to international environment and climate change funds; the players involved (government, non-governmental and private sector) and focus sectors; successes realized in terms of flows of such finances to the country; constraints to accessing such funds and possible strategies to enhance Seychelles’ access to international environmental and climate change funds. Also explore possibility of development in-country financing options and models to finance environmental and climate actions ;
- Assess the financial sustainability of the power sector and propose innovative financing mechanisms to ensure sustainability and mobilize resources to implement the short and medium terms sector development plan ;
- Based on the results of the analysis and impact assessment, provide advisory support and recommendations to guide the development of appropriate policies in the financial sector for the post recovery and long-term growth in Seychelles.
- Qualifications and Experience: The consultant must be fluent in English and should have the following qualifications :
- A PhD degree in Finance, Economics, Public Finance, Public Policy or related disciplines ;
- A minimum of 20 (twenty) years relevant professional experience related to similar assignment of evidence-based policy relevant knowledge work focused on economic research in the areas of financial sector development and growth ;
- Knowledge of the workings of shocks and policy responses in the context of an insufficiently diversified economy, particularly in a small island economy, preferably knowledge of the Seychelles financial sector, will be an additional advantage ;
- Excellent communication and writing skills in English and competence in the use of Bank standard software (Word, Excel, Access, PowerPoint) and economic software such as STATA and Eviews ;
- Strong analytical skills, including in-depth understanding of econometrics and identification of data needs with sources, a demonstrated knowledge of deriving policy recommendations from such products is required. Samples of such work can be attached with applications ;
- Ability to work in a multi-cultural environment to build effective working relations with government entities or different stakeholder types (Bank colleagues, private sector, Development Finance Institutions, academia, etc.) ;
- Demonstrated experience of data collection, processing, analysis and report writing, and communication with documentary evidence of previous work on issues of financial sector assessment and sustainable growth or economic recovery ;
- Prior experience in an international or regional development institutions including the AfDB or a similar multi-lateral development bank will be an advantage ;
- Knowledge of the context and of the development issues of the private sector and financial sector in Seychelles, at institutional, legislative and regulatory levels, would be an asset ;
- Ability to multitask and meet tight deadlines, with interpersonal skills and strong ability to promote teamwork ;
- Knowledge of financial sector linkages with gender mainstreaming in development interventions, skills development, job creation and entrepreneurship would be an advantage.
- Eligibility, deliverables and duration of the assignment :
- The eligibility criteria, the establishment of a shortlist and the selection procedure must comply with the Bank’s rules and procedures for the recruitment of consultants. Please note that the interest expressed by a consultant does not imply any obligation on the part of the Bank to include the consultant in the shortlist ;
- The service, under this assignment, will involve consultancy services for a period of forty days, over a period of six months. Remuneration will be in accordance with Bank rates and the qualification and experience of the consultant. The successful consultant is expected to start the work as soon as the selection process is completed and the contract signed ;
- As part of his assignment, the consultant will provide the following deliverables: i) Inception report presenting the conceptual framework, detailed methodology, and the proposed Table of Contents ii) Draft complete report accepted by the Bank and the Ministry; iii) Proposed options for the recovery framework and policy; and iv) A final report of the study incorporating the comments received and approved by the Bank (max. 45 pages excluding annexes) ;
- Interested individual consultants can obtain further information at the address below during Bank working hours: 8:00 am to 5:00 pm.
- Expressions of interest accompanied by an updated Curriculum Vitae (CV) must be received only by email to the addresses provided below no later than April 18, 2022 at 5:00 m. (Nairobi time) and specifically mentioning: Individual Consultant for the ‘SEYCHELLES: Innovative financial services delivery for sustainable growth and diversification in post-COVID era.
For the attention of :
Ms. Brenda Wanjira,
African Development Bank
East Africa Regional Development and Business Delivery Office (RDGE)
Khushee Towers Longonot Road Plot 11, Upper Hill
P.O. Box 4861-00200 Nairobi, Kenya
Email : b.wanjira@afdb.org
- Establishment of the shortlist : A shortlist of three to six individual consultants will be established once the expressions of interest and the updated CV have been received. The shortlisted consultants will be evaluated on the following criteria based on their updated CVs. Shortlisted candidates will be invited to send in proposals and comments on the assignment.
| a) | Level of education in general ………………………………………………………….. | 30 |
| (Have a Doctorate in Economics or similar fields) | ||
| b) | Relevant experience related to the assignment …………………………………….. | 60 |
(20 years of relevant professional experience in carrying out a socio-economic study, with 10 years of related/similar assignment in economic research; experience in using the relevant econometric methods and relevant software, knowledge of the context and issue of financial sector development in Seychelles, including the institutional, legal and regulatory environment.
Language proficiency ………………………………………………………………………
(Excellent command of written and oral of English.