Announcement Description

1. Background

1.1 CAPRED

The CAPRED Facility is Australia's flagship bilateral economic development program in Cambodia, focusing on economic recovery and resilience over the next five years, with a possible three-year extension. The Facility supports Cambodia in implementing a range of important economic reforms to support the country's economic transition. These interventions and reforms aim to encourage more productive and inclusive public and private investment, promoting a resilient, inclusive, and sustainable economy (RISE).

CAPRED interventions fall under three technical components including: Agriculture and Agro-processing; Trade, Investment and Enterprise Development and Infrastructure Development; and three Cross-Cutting components: Gender Equality, Disability and Social Inclusion (GEDSI); Climate Resilient initiatives, and policy support.

1.2 Project overview

To enhance infrastructure financing in Cambodia, CAPRED has collaborated with the Securities and Exchange Regulator of Cambodia (SERC) to develop the Prakas on the Offering of Infrastructure Debt Securities and Guideline on the Eligible Assets Used for the Offering of Infrastructure Debt Securities, approved in May 2025. This RFP seeks a qualified consultant to deliver a six-day, in- person training program for 20-25 SERC staff, covering:

• Structuring infrastructure bond transactions
• Regulatory review of bond issuance applications
• Balancing market regulation and competitiveness

Annex 1 provides detailed information on the topics of training modules to be covered in the capacity building program.

Bid Components

LOCATION: Phnom Penh

RFP Number: RFP25-0052

Project Name: Capacity building in infrastructure bond issuance regulation

Domain Name: Infrastructure Development

Assignment Duration: Oct - December 2025

2. Scope of work

CAPRED seeks to engage qualified consulting firms, or consortia to develop and deliver the capacity building program with training topics listed in Annex 1. The selected applicant will be expected to undertake the following key tasks:

• Review existing infrastructure bond regulations and market context in Cambodia.
• Assess the current capacity of SERC trainees
• Design and deliver training modules (see Annex 1)
• Define learning outcomes and assessment frameworks.
• Conduct pre- and post-training knowledge evaluations.
• Provide recommendations to address remaining knowledge gaps post-training

Bidder Eligibility

3. Qualifications, knowledge, and experience required

• Applications are open to all Cambodian/international-based companies that meet the following criteria.
• Technical qualifications:
  • Demonstrated experience in designing/structuring infrastructure bonds (e.g., revenue bonds, project bonds, green bonds).
  • Practical knowledge of:
    • Bond issuance mechanics (face value, tenor, coupon payment, covenants, security).
    • Special Purpose Vehicles (SPVs) and escrow structures.
  • Credit enhancement tools (guarantees, insurance, reserve funds).
  • Case studies of past infrastructure bond transactions (Cambodia or comparable markets preferred).
  • In-depth understanding of:
    • Cambodian securities regulations (e.g., SERC Prakas, disclosure requirements).
    • International standards (IOSCO principles, SEC rules).
  • Experience in:
    • Evaluating bond prospectuses, offering documents, and due diligence reports.
    • Assessing issuer creditworthiness (financial ratios, credit ratings).
    • Identifying red flags in applications (fraud, misrepresentation).
  • Knowledge of:
    • Market development strategies (liquidity, investor diversification).
    • Regulatory trade-offs (investor protection vs. ease of issuance).
  • Proven ability to:
    • Advise on risk-based supervision frameworks.
    • Align regulations with ASEAN/global best practices.
  • Other qualifications:
    • Demonstrating integrity and high ethical standards.
    • Displaying sensitivity and adaptability to cultural, gender, religious, racial, national, and age differences.
    • Treating all people fairly without favouritism.
    • Fulfilling obligations to GEDSI sensitivity and maintaining a zero-tolerance policy for sexual harassment.
    • Strictly comply with the DFAT and Cowater policies, guidelines, and regulation, including Child Protection Code of Conduct and policy, Code of Conducts, the PSEAH policies, Fraud and Corruption Control Policies (e.g., requiring all staff and engaged partners to report suspected non compliant behaviour), and considerations of the Value for Money for the works
    • Complying with Cambodia and DFAT's policies, including climate/environmental protection safeguards policies. • Teams with an appropriate gender balance are strongly encouraged to apply.

Submission Requirements

4. Evaluation criteria

CAPRED will use an objective and reliable process to evaluate each application. The applications will be evaluated on the following criteria (in no particular order):

• Compliance with this Request for Proposal.
• Understanding and ability to meet the qualifications, knowledge, and experience required.
• The applicant's business contributes to GEDSI (gender equality, disability, and social inclusion), sustainability, and/or the environment.

5. How to Apply

The proposals including the Technical and Financial Response Forms must be submitted no later than 5pm (Phnom Penh time) 30 August 2025 by email provided in the contact details with "RFP-25-052-Capacity building in infrastructure bond issuance regulation" in the subject line. Any proposals submitted after this time and date will not be considered. Shortlisted candidates will be invited for an interview to provide additional information deemed required be the evaluation panels for a complete evaluation of technical proposals.

CAPRED is available to answer questions or provide more details on the scope of work. Please sent to email with "RFP-25-052- Capacity building in infrastructure bond issuance regulation - Enquiry" in the subject line.

• RFP25-052- Capacity Building for SERC- Technical Response Form-FINAL
• RFP25-052- Capacity Building for SERC- Financial Response Form- FINAL
• RFP25-052- Capacity Building for SERC- Annex 1