The State Bank for Foreign Economic Affairs of Turkmenistan

Partnership for development!

The State Bank for Foreign Economic Affairs of Turkmenistan announces the extension of the international open tender (announcement in the newspaper "Neutral Turkmenistan" from August 15, 2017) for the selection of a consultant to conduct a detailed feasibility study for the establishment of an Open Joint Investment Fund in Turkmenistan.

Interested consultants may obtain further information at the address below during office hours from Monday to Friday, from 09:00 to 17:00 hours local time.

Proposals must be delivered to the address below at 12:00 by 25.09.2017.

32, Garashsyzlyk Avenue, Ashgabat

744036 Turkmenistan

Phone:             +993 12 40 65 10 / 40 63 35 / 40 63 31

Fax:                 +993 12 40 65 63

Mail:                This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it.



Proposed Term of Reference (“TOR”)

The State Bank for Foreign Economic Affairs of Turkmenistan (“TFEB”) requires the service of a reputable local, regional or international Consulting agency to conduct a detailed feasibility study on establishing an Open Joint Investment Fund in Turkmenistan, hereinafter will be referred to as “the Project”.

The following sections illustrate the introduction of the sponsoring institution, objectives of the TOR, the scope of the assignment, the modalities for communication, and the details about the associated fees.


The State Bank for Foreign Economic Affairs of Turkmenistan was established on 27 January 1992 as a state commercial bank by the Decree of the President of Turkmenistan. The principal activities of TFEB include foreign borrowings, operations on deposit taking and the maintenance of customer accounts, lending and issuing guarantees, cash and settlement operations and operations with securities and foreign exchange, and other commercial banking activities. The activities of TFEB are regulated by the Central Bank of Turkmenistan.  The Bank is entirely owned by the Government of Turkmenistan.

2.Objectives of the TOR

Under the above circumstances, TFEB is looking to recruit a Consulting agency to conduct a detailed feasibility study for establishing an Investment Fund in Turkmenistan.

Under the requested assignment, the Consultant(s), will assess the economic and investment climate of Turkmenistan, identified key developmental drivers, review the financial and legal structure, review the impediments, evaluate the technical and commercial parameters, and make a clear recommendation to TFEB on the feasibility of the Project and how to move forward for establishing the Investment holding company in Turkmenistan.

The following objectives should also be taken into consideration by the Consultant;

  1. Insight into Turkmenistan and regional investment opportunities from a market perspective;
  1. Understanding of the correct approach to the legal and regulatory issues surrounding key industries and sectors wherein the Investment company will be involved/ investing in;
  1. The current profile of similar companies in Turkmenistan such as private equity companies, investment funds, investment companies etc;
  1. The best approach in setting up the company;
  1. Establishment of a clear plan for the new Investment company’s strategy and business (business model and financial model); and
  1. Awareness of the financial implications of the venture.


The Assignment

The report required should include, but not limited to, the following information:

  • The Profile, Economic and Investment Climate in Turkmenistan. The Consultant will have to conduct a detailed market study of the economic and investment climate in Turkmenistan. Under this component of assignment, the Consultant will have to undertake a survey of the existing and future economic indicators, government structure and legal system, and attractiveness of the country in terms of the investment.

    The Consultant will also have to assess the size and structure of the key growth industries, which includes but not limited to, financial, agricultural, logistics, construction, services, oil and gas, services and manufacturing industries, its growth, the demand and supply side parameters, the state of competitiveness of the market players compared to the international standard, nature of entry barriers, the overall status of the markets, etc.

         The country assessment would also include but not limited to:-

  1. Foreign Investment
  2. Banking System and Capital Markets
  3. Trends in customs policy
  4. Tax System
  5. Labor and social security

In addition, a high level market study for the region is also to be included as part of the report.

  • The Legal Structure. The Consultant is required to conduct a detailed study on the legal requirement of establishing a new Investment company vis-à-vis all the current laws and regulation in Turkmenistan. The consultant will also have to assess the extent the Legal environment is conducive to launch Investment company and this would include but not limited to:-
  • Legal structure of the new Investment company
  • Licensing requirements / regulatory regime of the new Investment company
  • Any incentives, tax or otherwise, provided by the government
  • Review of the Land / Property laws, in particular on:-
    • Transfer / assignment of title
    • Recourse of property and its process
  • Review of banking laws


The Consultant will also need to recommend the best approach in setting up the new Investment Company, including but not limited to the method of capital injection and tax implications.

  • The Company. A recommendation on the structure of the new company is required. The issues to be discussed include, but not limited to, the new organization structure, the composition of Board, Committees to monitor the activities, the Departments, Relationship with the Government, Corporate Governance issues, structure of deal flow, etc.

The consultant will also have to provide a detailed roadmap that illustrates key action plans and resources required to establish the investment company. Regulatory requirements on establishing the company should also be included in the report.

  • The Total Investment Cost. The Consultant will provide an estimate of total investment cost required to establish the project as well as a detailed breakdown of cost components, including the working capital and the liquidity requirement.
  • Human Resources. The Consultant will carry out an assessment of staffing needs (including competences & leadership) of the new organization. A detailed organization chart will also be required.
  • Training Needs. The Consultant will assess the technical skills of the available human resources to operate a new company and evaluate the training needs (if any) of the key officials.
  • Business and Marketing Strategy. The Consultant is required to suggest a suitable and well laid-out business structure and marketing strategy that would enable the company to penetrate the market at ease. The strategy should also include the business & operating model, marketing requirement, location of office (if required), and detailed analysis of the areas/sectors of investment in Turkmenistan etc.
  • Projected Profitability of the new Company. The Consultant will have to estimate the cost and revenue structure of the new company and give projections on expected profitability under three scenarios, the Base Case, the Best Case, and the Worst Case. The consultant will have to make various realistic assumptions under each scenario and calculate expected profitability of the new company.

The report will also include the investment portfolio (asset class & industry) to be undertaken, taken into consideration of the market condition of the sector in country/ region.

  • Final Recommendation. The Consultant view as regards to the suitability of the Project.


Project Milestones

The interaction with the Consultant will take place according to the following Project Milestones:

  • The Consultant will commence the work as soon as Consultancy Service Agreement it receives the appointment letter from TFEB.
  • The Consultant has to submit the draft detailed report, in English, within 8 weeks from the date of appointment.
  • Within ten days after the receipt of the draft final report, the TFEB would either clear it or request for modifications to be incorporated in the final report. TFEB reserves the right to set the new deadline, depending on the size of required modifications.
  • Two original copies of the final report, including soft copies of financials in excel format and presentations in power-point format, shall be delivered by courier to the address of TFEB, and accompanied by soft copies (CD-Rom) of all related documents.



The Consultant must submit to TFEB:

(a) Technical Proposal (Corporate Profile, the CVs of proposed team, outlining relevant experiences): one (1) original and (3) copies;

(b) Financial Proposal (Lump Sum proposal with the detailed breakdown for cost items including professional fees, and related expenses): one (1) original and (3) copies.

Consultants shall not present their proposals in soft version.

Proposals shall be submitted in the English language.

All correspondence exchange shall be in the English language.

Proposals must remain valid for 60 calendar days after the proposal submission deadline (i.e., until 24.11.2017).

Clarifications may be requested no later than 7 days prior to the submission deadline.

The contact information for requesting clarifications is: Turkmenistan, 744036 Ashgabat, Garashsyzlyk Avenue, 32, The State Bank for Foreign Economic Affairs of Turkmenistan

Phone: (+993 12)  40-65-10 Facsimile: (+993 12)  40-65-63   E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The Proposals must be submitted no later than   25.09.2017

Time: 12:00 local (Ashgabat) time

The Proposal submission address is: Turkmenistan, 744036 Ashgabat, Garashsyzlyk av., 32.

The opening shall take place at Turkmenistan, 744036 Ashgabat, Garashsyzlyk av., 32.

Date: 25.09.2017  Time: 15:00 local (Ashgabat) time

Notes:  The Consultant may, at its own cost and expense, engage such legal, accounting and/or other advisers such as it may reasonably require in connection with the matters referred to in the scope of work above, and that the substance of all material advice relating to any of such matters received will be made known to TFEB. It is important that the firm delegated the task of undertaking are competent and have the necessary expertise to carry out the task properly.

Schedule of payment of Consultant’s remuneration will be stipulated in the Consultancy Service Agreement and final payment by TFEB will be made upon acceptance of the final detailed report.

The single currency for the conversion of all prices expressed in various currencies into a single one is US dollar. The official source of the selling (exchange) rate is Central Bank of Turkmenistan (for the exchange of Turkmen manats into US dollars). The date of the exchange rate is bid opening date.

Selection criteria

Consultant will be selected under selection procedure based on quality and costs as per the Law of Turkmenistan “On tender’s competitions for the delivery of goods, execution of works, providing of services for the State needs” dated 20 December 2014.

The Bid considers won if the proposal meets the requirements of the tender’s competition and qualifying documentation and is economically the most favorable, including on set of criteria of a choice (qualification, to the price, the schedule of works, quality and another) has advantages over other offers participating in the tender’s competition.