Infrastructure Concession Regulatory Commission (ICRC)
The Public Private Partnership (PPP) Project
Financial Modeller
Request for Expressions of Interest
Introduction
The Federal Government of Nigeria (FGN) has applied for a credit from the international Development Association (IDA). The credit will be used primarily for infrastructure up-scaling in the different sectors of the country through PPPs by providing technical assistance, capacity building and long-term financing and intends to” apply part of the proceeds of this credit to payments for the services of highly qualified consultants as financial modeler through Public Private Partnership (PPP).
There is currently a lack of financial assessment and modeling capacity in the public sector to undertake and implement financial modelling and viability assessment of PPP procurement of infrastructure projects. This knowledge gap begins with a lack of clarity regarding the basis and methods for financial modeling and financial structuring/variables that drive PPP procurement. In an effort to address these weakness ICRC, as the implementing agency of the proposed PPP Program, seeks the service qualified consultant to serve as a Financial Modeller to provide financial analysis/modeling support to the ICRC and other key Ministries, Departments and Agencies (MDAs) participating in this program.
Objective of the Assignment
The key objective of this assignment is to enable the ICRC to proactively contribute to preparation of robust Outline Business Case (OBC) assessments through the recruitment of appropriate financial analysis/modeling skills and expertise. The financial modeler will be responsible for:
(i) developing and/or identifying appropriate financial analysis/models to be used to carry out investment appraisal and value for money (VFM);
(ii) undertaking, with the application of these analysis/models, financial and proposed PPP transactions including providing optimal financial structuring incorporated into draft OBCs so as to provide a sound basis for PPP concessions.
Scope of Work:
The financial modeller will work with the ICRC and MDAs in preparing key financial and economic viability analysis/modelling that will incorporate a range of key policy and fiscal variables including tariffs, up front public sector investments or viability gap funding (where necessary), and possible annuity/availability payment arrangements.
Furthermore, the consultant will be required to work with relevant agencies and institutions in the financial sector in carrying out best OBC and FBC stage financial analysis/modelling of PPP financing risks.
The scope of work will also require the consultant to ensure that financial analysts/models developed address/incorporate the following factors,
Preparation, development and manipulation of financial spreadsheet analysis/models that address all the key areas of estimation including income statements, traffic projections, revenue projection, tariff projections, investment costs, operational cost, debt financing costs, and depreciation in developing financial model;
Carrying out long and short term stochastic financial/sensitivity analysis;
Examination of fixed/variable hardware costs including potential concession operations/maintenance costs and calibrated forecasting of potential concession revenues over time to determine financial viability;
financing assessment ratios e.g. Debt Service Coverage Ration (DSCR). Loan Life Coverage Ratio (LLCR), Return on Investment (Rol), Asset (ROA) and Equity (ROE) and time to achieve break even and profitable,
Operations as a systematic approach to deriving PPP concession contract duration Amongst the transactions covered in the scope of work, the following PPP transactions will be treated as priority;
a) Shagamu to Benin to Asaba expressway rehabilitation and upgrade OBC- See Annex 2 for more details ,
b) Abuja to Kaduna to Kano expressway rehabilitation and upgrade OBC – See Annex 2 for more detail
Additionally analysis/modeling assignment will be assigned to the consultant by the Executive Director, P3RC.
Submission of Expression of Interest (EOIs)
Prospective consultants should submit an Expression of Interest detailing the following information as basis for pre-qualification:
Competency and Expertise Requirements:
The financial Modeller required should be a highly technically accomplished professional, well organized with excellent communication skills, superior financial analysis/modeling, research, analytical/quantitative accounting/finance background with broad computing skills. The consultant should have additionally: Minimum of 15 years professional experience in financial analysis/modeling econometrics, and strategic accounting /, planning and management skills preferably obtained in an international investment bank, involved in financing PPPs.
- Experience working with public sector employees
- Experience working with multilateral and bilateral financial (DFI) and development agencies particularly on infrastructure and PPP activities
- Familiarity with the National and World Bank fiscal assessment procedures
- Ability to prepare economic and financial assessment policy briefs and analytical reports Strong motivation, team player and result oriented
- Strategic thinking and planning and
- Sound knowledge of PPPs
The Consultant will be selected in accordance with the procedures set out in the World Bank Guidelines: selection and Employment of Consultants by World Bank Borrowers, January 1997, January-1999, May 2002, May 2004, October 2006 and May 2010).
Expressions of interest must be submitted in three (3) copies (one original and two . envelope clearly marked “Expressions of Interest for Financial Modeller”. A CD-ROM version should also be include.
The expression of interest should be addressed and delivered on or before July 19th 2011 by 5.00pm at the office as addressed below:
Engr. Mansur Ahmed
Director General
Infrastructure Concession Regulatory Commission
No. 13, Suleiman Barau Crescent
Aso Villa, Asokoro Abuja
Tel: 234-803-3143403
Email: Mansur.ahmed@yahoo.com
Interested applicants may obtain further information at the address above from 8.00 am to 5.00pm Monday through Friday (except public holidays)
Only shortlisted Consultants will be contacted
Expression of interest through email or fax will not be entertained.
