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By September 6, 2023No Comments

Financing Agreement reference: GRANT No: 100000018

Project ID No. P-Z1-HB0-060


1. Background

The African Securities Exchanges Association (ASEA) has received financing from the African Development Bank Korea-Africa Economic Co-Operation (KOAFEC) Trust Fund, towards the cost of the African Exchanges Linkage Project (AELP) Phase 2 and intends to apply part of the agreed amount for this Grant to payments under the contract for Project Management Services.


2. Purpose of the Consultancy

The African Securities Exchanges Association now invites eligible individual consultants to indicate their interest in providing this service “Project Manager for the Africa Exchanges Linkage Project”.

Interested consultants must provide information indicating that they are qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, updated Curriculum Vitae, etc.). Eligibility criteria, establishment of the short-list and the selection procedure shall be in accordance with the African Development Bank’s “Procurement Framework for Bank Group Funded Operations,” dated October 2015, which is available on the Bank’s website at

The African Exchanges Linkage Project (AELP) is a co-initiative of the African Securities Exchanges Association (ASEA) and the African Development Bank (AfDB) aimed at enabling cross-border trading and settlement of securities across participating exchanges in Africa. The goal is to boost Pan-African investment flows, promote innovations that support diversification needs of investors in Africa, and help address the lack of depth and liquidity in Africa’s financial markets.

The AELP in its initial phase has created linkages among seven (7) African capital markets that represent over 85% of Africa’s market capitalization. The participating Exchanges are: i) Nigerian Stock Exchange (NSE); ii) Nairobi Securities Exchange (NSE); iii) Johannesburg Stock Exchange (JSE); iv) Casablanca Stock Exchange (CSE); v) Bourse Régionale des Valeurs Mobilières SA (BRVM); vi) Stock Exchange of Mauritius (SEM) and vii) Egyptian Exchange (EGX). Phase 2 of the project will expand participation by connecting Botswana Stock Exchange (BSE) and Ghana Stock Exchange (GSE) and other members potentially increasing the number of participations from 7 to 15 exchanges.  


3. Tasks and deliverables

The Project Manager will drive the AELP expansion and implementation in potentially eight participating markets in the Phase 2 markets. The Project Manager (PM) shall lead the implementation of the AELP and will be responsible for the planning, executing, monitoring, controlling and successful closure of the linkage project activities, and ensuring consistency with ASEA/ AfDB’s commitments and goals. The PM will organize stakeholder events in the different markets covered by the AELP and participate in workshops and conferences, as well as provide knowledge contributions in topics and events where the AELP is presented.

The Project Manager will also manage relationships and communication with the different stakeholders for the AELP; and lead and coordinate engagements with financial and capital market stakeholders in the participating markets of the AELP. The consultant will report to the Project Steering Committee, and work closely with the ASEA Secretariat and AELP Technical, Legal and Commercial committees.

The consultant will be responsible for the following:

  • Drive the African Exchanges Linkage Project (AELP), and be the focal point for the project.
  • Manage relationships and communication with the different stakeholders for the AELP.
  • Lead and coordinate engagements with financial and capital market stakeholders in the different markets and Stock Exchanges covered by the AELP.
  • Act as the focal point for the AELP Project and drive the planning of events, conferences and workshops related to the AELP.
  • Drive the process of building capacity across markets and lead the Project’s different communication events.
  • Work closely with stakeholders to finalize the AELP project execution plan including fine-tuning timelines and costing.
  • Manage the engagement of various service providers of the project.
  • Work closely with the different ASEA Technical Committees to harmonize the technical infrastructure between the markets.
  • Develop and implement a communication strategy for the AELP.
  • Develop and implement a risk matrix for the AELP.
  • Mobilize additional funds for the implementation of the different aspects of the AELP.
  • Coordinate in-country stakeholder consultations on the AELP implementation.
  • Work closely with the Technical Committee to develop the required technical specifications for the AELP infrastructure required.
  • Determine the objectives/ deliverables and measures upon which the AELP will be evaluated on completion.
  • Create and maintain comprehensive project documentation records, briefs and other reporting required by donor funds for the AELP.
  • Establish a communication schedule to update stakeholders on the progress of the project.
  • Review the quality of the work completed with the project team on a regular basis to ensure that project standards are met.


4. Consultant duration

The duration of assignment is twenty one (21) months, effective from the date of resumption. The Project Manager will be based at the ASEA Secretariat hosted by Nairobi Securities Exchange, Nairobi, Kenya.


5. Consultant qualifications and requirements

The Project Manager is expected to have a combination of skills including technical and business acumen, project management, and interpersonal skills, including:

  • At least a master degree in Finance, economics or a related subject. A professional finance qualification will be a distinct advantage;
  • At least 7 years of experience working directly on capital markets or on related subjects;
  • Strong recent experience in a leading complex projects related to capital markets;
  • Experience in financial services within product development or a technology discipline will be a distinct advantage.
  • Experience in managing projects funded by multilateral donors is highly desirable.
  • Good knowledge of the African capital market ecosystem, specifically the markets covered by the AELP.
  • Good knowledge and understanding of the capital market investment process, from mandate origination, trade execution, clearing and settlement processes.
  • Analytical and process oriented with ability to quickly assess weaknesses in business processes or solutions.
  • An understanding and knowledge of how to mitigate risk factors, from operational risks to financial risks.
  • Excellent interpersonal and communication skills.
  • Clear and excellent presentation skills.
  • Good stakeholder management skills.
  • Fluency in English or French with good command of the second language is required.

6. Interested consultants may obtain further information at the address below during office hours, between 8.30am and 5pm (East Africa Time).

7. Expressions of interest must be delivered via email to the address below by September 19, 2023 at 5.00pm (EAT) and mention “Project Manager for the AELP”.


Attn: ASEA Secretariat

The Exchange, 55 Westlands Road,

P O Box 43633, Nairobi 00100, Kenya

Tel: +254 20 2831000

Facsimile (fax): +254 20 2224200

E-mail: [email protected]

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