Tenders Are Invited For Local Project Coordination For Establishing A Receivable E Invoice Trading Platform ...

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Tenders Are Invited For Local Project Coordination For Establishing A Receivable E Invoice Trading Platform To Strengthen Access To Finance For Smes The Technical Cooperation Tc Project Is Taking Place Under The European Bank For Reconstruction And Development The Ebrd Or The Bank Initiative On Local Currency And Capital Markets Development The Lc2 This Bank Wide Strategic Initiative Aims To Identify And Support Sequenced Reforms And Policies In The Economies Where The Ebrd Invests That Contribute To Local Currency And Local Capital Market Development One Of The Ways That The Bank Supports This Role Is In Producing Focused Studies And Providing Assistance To Develop The Local Capital Market Infrastructure Cmi Legal And Regulatory Framework Based On International Standards And Best Practices One Of The Focus Areas Of Lc2 Is Increasing The Access To Capital Market Financing For Small And Medium Sized Companies Smes In Croatia Smes Account For Over 99 7 Per Cent Of The Companies Represent 59 2 Per Cent Of The Gdp And Generate 71 1 Per Cent Of The Country S Employment In Line With The Eu Average Accordingly Smes Play A Key Role In Economic Growth Employment And Wealth Creation However Smes Face More Severe Conditions For Cash Flow Financing Than Larger Companies Such As Higher Borrowing Rates And Requirements Of Collateral Access To Long Term Capital Market Financing Is Also Limited In Croatia And Its Neighbouring Countries Despite Government Efforts To Improve Smes Access To Finance In Croatia Options Are Still Limited And Smes Financial Situation Remains Vulnerable On Average It Takes 51 67 Days For An Invoice To Be Paid Compared To 37 08 Days For The Eu Rendering A Significant Portion Of Companies Balance Sheets Illiquid Therefore Trade Credit And Factoring Represent Important Sources Of Cash Flow Financing For Smes In Addition The 2017 Bankruptcy Of A Large Firm Which Accounted For An Estimated 90 Per Cent Of The Factoring Market Share In Croatia Materially Impacted The Market For Receivables With Factoring Volume Dropping 53 Per Cent Y Y In 2017 Moreover In Line With The Directive On Electronic Invoicing In Public Procurement 2014 55 Eu And The Electronic Signatory Directive 1999 93 Ec An E Invoicing Network Was Put In Place Early 2016 By The Croatian Authorities To Enable Companies In Croatia To Issue Their Invoices To Government Entities In A Standardised Electronic Format Via The Eracun Platform This Platform Provides Efficient And Standardised E Invoicing Services For Bilateral Receivable Transactions And Offers The Possibility To Leverage Existing Financial Market Infrastructure For The Creation Of New Alternative Financing Products For Smes The Eracun Platform Is Operated By The Financial Agency Fina A State Owned Service Provider And Is Currently Used By Government Entities And Their Suppliers Of Goods And Services The Project Will Have To Analyse How Far This Platform Can Also Be Utilised For Receivables E Invoice Registration By Private Sector Companies The Ebrd Has Supported Development Efforts Of The Zagreb Stock Exchange The Zse To Enhance The Capital Market Infrastructure And The Capacity Of Financial Access For Smes In Croatia On A Previous Occasion When A Feasibility Study Was Conducted Regarding The Establishment Of An Sme Growth Market Segment Based On This Study The Zse Has Established A Regional Multilateral Trading Facility For Smes In Line With Its Aim To Increase Smes Access To Capital Market Financing The Zse Has Been Exploring The Establishment Of A New Market Category For E Invoices Receivables And Other Potential Alternative Cash Flow Financing Instruments For Smes The New Market Similar To Successful Examples Of Other Exchanges The Contraction Of The Factoring Market Creates An Immediate Demand For A New Framework And Products For Cash Flow Financing For Smes Based On Best Practices And International Experiences E G By Creating A Trading Platform For E Invoices Building On An Established Framework Thereby Enabling Multilateral Trading Of Receivables The Possibility Of The Zse To Become The Central Player In The Establishment Of The New Market Needs To Be Assessed This Proposed Assignment Aims To Fund The Work Of An Experienced Local Consultant The Local Project Coordinator To Coordinate The Day To Day Activities Of Internal And External Parties Involved In A Project Regarding The Receivables Trading Environment In Croatia Specifically The Local Project Coordinator Will Assist A Company Specialised In Cmi And Sme Financing The Fs Consultant To Conduct A Feasibility Study For Establishing A Receivable E Invoice Trading Platform At The Zse To Strengthen Access To Finance For Smes The Feasibility Study To Support The Zse In Its Efforts To Increase The Access To Capital Market Financing For Small And Medium Sized Companies The Local Project Coordinator Will I Work On The Feasibility Study With The Fs Consultant And Depending On The Outcome Ii Embark On A Project For Establishing The New Market Together With Related Stake Holders Following The Feasibility Study Assignment Description The Overall Objective Of The Local Project Coordinator Is To Support Activities Of Local Currency And Capital Market Development In Connection With Receivable E Invoice Trading Platform Assignment The Specific Objective Of The Assignment Is I To Coordinate The Day To Day Activities Of The Tc Project Related To The Feasibility Study In Connection With The Planned Receivable E Invoice Trading Platform And Ii To Support Following Implementation Projects For Establishing The Planned New Market In Order To Fulfil The Objective Outlined Above The Bank Intends To Select And Contract A Consulting Company To Provide The Following Services Activity Support The Implementation Of I The Feasibility Study For The Establishment Of A Receivables E Invoicing Trading Platform And Ii The Potential Implementation Project For Establishing The New MarketThe Local Project Coordinator Will Subject To The Direction Of The EbrdS Operation Leader I Coordinate The Day To Day Activities Of The Feasibility Study Implemented By The Fs Consultant Approximately First Five Months And Ii Support The Key Related Parties Including The Zse On The Implementation Of The New Market Following The Feasibility Study Approximately 11 Months The Full Terms Of Reference Are Available Through This Link Consultant Selection Procedure Single Stage Open Competitive Selection Interested Firms Are Invited To Submit A Technical And Financial Proposal Assignment Start Date And Duration The Assignment Is Expected To Start In February 2019 And Has An Estimated Overall Duration Of 16 Months Cost Estimate For The Assignment Eur 30 000 00 For The Overall Project Duration Based An Estimated Average Of 10 Working Days Per Month Exclusive Of Vat Subject To Availability Of Funding The Performance Of The Selected Consultant And The Business Needs The Assignment May Be Extended Beyond The Current Scope The Consultant Must Determine Whether Any Vat Would Be Chargeable On The Services And The Basis For That Determination Without Taking Into Consideration The Special Status Of The Bank As An International Financial Institution And State This To The Bank In Their Response To The Invitation For Expressions Of Interest To The Extent That A Consultant Incurs Input Vat On Goods And Services Purchased In Connection With The Provision Of Services For Example Vat On An Airline Ticket Which Is Not Otherwise Recoverable By The Consultant From The Local Tax Authority The Gross Cost To The Consultant Of Such Expenses Shall Be Treated As A Reimbursable Expense Funding Source It Is Expected That The Assignment Will Be Funded By EbrdS Shareholder Special Fund Please Note That Selection And Contracting Will Be Subject To The Availability Of Funding Eligibility There Are No Eligibility Restrictions Based On The Consultants Country Of Origin Consultant Profile The Local Project Coordinator Will Be An Individual Who Specialises In Project Management And Banking Business Focused On E Invoicing Receivables Sme Cash Flow Financing And Financial Instruments I E Securitisation The Local Project Coordinator Must Have A Proven Track Record Of Working With Banks Authorities And Participants On Similar Consulting Assignments In Depth Knowledge Of Market Design Especially For Banking Business Business Operations On E Invoicing Cash Flow Financing And Financial Instruments For Smes As Proven In Previous Assignments Is Required The Local Project Coordinator Has To Be Highly Specialised Expert Who Will Carry Out The Assignment The Provided Expertise Should Cover All Areas As Defined In The Scope Of Work The Local Project Coordinator Will Also Be Based In Zagreb As A Minimum The Local Project Coordinator Is Expected To Fulfil Following Requirements At Least Three Years Of Project Management Experience Including Acting As Team Leader On Similar Assignments At Least Five Years Of Experience Related To Banking Business Cash Flow Financing And Securitisation Excellent Knowledge Of Receivable Liquidation E Invoicing Factoring Digital Signature Sme Cash Flow Financing Securitization And Capital Market Infrastructure In Depth Knowledge Of Croatian Banking Business And The Financial Sector Good Understanding Of International Standards And Eu Directives Related To Capital Market Infrastructure E Invoicing Factoring Securitization And Digital Signature Proficiency In Written And Spoken English And Croatian Language Technical And Financial Proposal As Per The Standard Templates And Instructions Available At This Link Interested Consultants Should Make Themselves Familiar With These Standard Templates Standard Instructions And

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