Request for Proposals for Domestic Bond Guarantee Capacity Enhancement

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 until 2027, with a possible three-year extension. Funded by the Department of Foreign Affairs and Trade (DFAT) and implemented by Cowater International, CAPRED 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: 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 About Infrastructure Bond Guarantee Framework Consultancy

Cambodia's planned graduation from Least Developed Country (LDC) status by 2029 will reduce its access to concessional finance, making domestic capital markets increasingly important for funding critical infrastructure. While Cambodia's capital market has developed into a viable platform for raising capital, its growth is constrained by limited breadth and depth, with few annual issuances and an inactive secondary market. Bonds are typically held to maturity rather than actively traded.

With support from Australia, CAPRED is collaborating with the Credit Guarantee Corporation of Cambodia (CGCC) to enhance its domestic bond guarantee services.In this context, bond guarantees are essential for building investor confidence. CGCC was established to improve access to finance and promote the development of Cambodia's financial markets.

Expected Outputs

CAREER CATEGORY: Invitation for Bids

LOCATION: Phnom Penh

RFP Number RFP25-0058

Project Name Domestic Bond Guarantee Capacity Enhancement

Domain Name Infrastructure Development

Assignment Duration 12 months

2. Scope of work

Please click Attachemnt below for more information.

Eligibility

3. Qualifications, knowledge and experience required

• Component A
  • Applications are open to all Cambodian or international qualified firms, consortiums or individual(s) that meet the following criteria.
  • Proven track record in financial sector development, capital market advisory, or project finance.
  • Prior experience in designing or operationalizing credit guarantee mechanisms.
  • Demonstrated experience in working with governments, regulators, or development finance institutions (DFIs) in the region.
  • Evidence of similar assignments in Cambodia, ASEAN or comparable emerging markets (e.g., design of credit enhancement facility, infrastructure financing framework, or guarantee funds).
  • Strong understanding of Bond market development, including legal, regulatory, and institutional requirements for corporate or infrastructure bond issuance, particularly Cambodia securities regulations and other regulatory context.
  • In-depth expertise in credit risk assessment, pricing models, and guarantee structuring.
  • Familiarity with public-private partnership (PPP) frameworks, infrastructure project finance, and capital mobilization instruments.
  • Proven ability to advise on standard operating procedures, monitoring guidelines, and portfolio risk management. Knowledge of regional and/or comparable guarantee institutions.
• Component B
  • Proven experience in infrastructure finance, capital markets, or credit guarantee operations, particularly in emerging or developing economies.
  • Demonstrated experience in designing, implementing, or managing credit guarantee schemes, preferably in infrastructure or project finance sectors.
  • Successful track record providing transaction advisory or hands-on support for infrastructure bond issuance, project financing, or credit enhancement transactions.
  • In-depth expertise in:
    • Developing risk-based pricing models and market benchmarks;
    • Advanced financial modeling techniques, including scenario and sensitivity analysis; and
    • Analysis of revenue projections, offtake agreements, and cost structures.
  • Deep understanding of:
    • Infrastructure design, technology assessment and construction risk evaluation; and
    • Operational feasibility, O&M contactor capability and resource availability;
  • Proven ability to:
    • Review ESIAS and ESMPs, in compliance with international standards;
    • Address GEDSI, safeguard, and climate vulnerabilities; and
    • Review land acquisition procedures and consideration of displacement and resettlement.
    • Knowledge of domestic financial markets, local regulatory frameworks, and key sector stakeholders. Strong relationships with public and private institutions involved in infrastructure finance.
      
      

Submission Requirements

4. Evaluation criteria

CAPRED will use an objective and equitable process to evaluate each application. The applications will be evaluated on the following criteria:

• Compliance with this Request for Proposal.
• Understanding and ability to meet the eligibility criteria.
• The applicant's proposal positively contributes to GEDSI (gender equality, disability, and social inclusion), climate resilience, and/or the environmental protection.
• Expertise of individuals and overall team nominated to deliver the assignment. CAPRED reserves the right to reject any individual being proposed and to ask the supplier to provide an alternative.
• Past performance relevant to this RFP (as determined by referee checks)
• Relevant examples of previous work.
• Proposed financial plan for the services.

Note: Whilst price is a factor, it is more important that the applicant can demonstrate value for money. CAPRED reserves the right to contract more than one supplier for these services and may actively seek to contract more than one supplier to ensure the supply of technical services. CAPRED reserves the right to vary the contract terms, and to exercise the option period at its sole discretion.

Due diligence checks will be conducted on the organisation/s and individuals nominated in the RFP prior to awarding contract/s.

5. How to Apply

The proposals including the Technical and Financial Response Forms must be submitted no later than 5 pm (Phnom Penh time), 1 March 2026 by email with "Domestic Bond Guarantee Capacity Enhancement" in the subject line. Proposals should be clearly marked as for Component A, B or A and B. 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 email with "Domestic Bond Guarantee Capacity Enhancement- Enquiry" in the subject line.

ATTACHMENT:

• RFP26-0058- Domestic Bond Guarantee Capacity Enhancement- FINAL
• RFP26-058- Financial Response Form
• RFP26-058- Technical Response Form