Coordinated by The UN ESCAP, a team of four experts from the PolyU CESEF Center has participated in a National workshop on Capital Market Development in Bhutan during December 18-19, 2019. As a part of ESCAP’s technical assistance to Bhutan, this national workshop aimed to engage with the Ministry of Finance, various Government agencies, and key stakeholders to help facilitate the issuance of Bhutan’s first sovereign bonds. The major objectives of this workshop were to discuss and assess the progress made following the 2018 Workshop on Supporting Asia-Pacific LLDCs and Bhutan in Mobilizing Resources for the SDGs with a focus on the following:
- The latest trends and issue in the development of domestic capital markets.
- Key progress and challenges on Bhutan’s efforts towards the issuances of sovereign bonds.
- Capacity building and engaging with the Ministry of Finance and various Government agencies, banks, institutional investors and key stakeholders to help facilitate an issuance of Bhutan’s first sovereign bonds.
- Inclusive feedback from relevant Government officials, policymakers and private sector.
This meeting included presentations given by government officials, experts, practitioners of Bhutan related development cooperation, along with the representatives of relevant international and/or regional organizations. Government officials and policymakers from the following institutions will be targeted: (I) Ministry of Finance, Economy and Planning; (II) National Development Banks and financial institutions; (III) Royal Securities Exchange of Bhutan Ministry of Foreign Affairs; (IV) Royal Monetary Authority of Bhutan; and (V) Ministry of Foreign Affairs
The workshop was successful and feedbacks from both Bhutan Government and UN ESCAP indicate that they are pleased with the advice from the PolyU CESEF team. It is indicated that CESEF will be invited to participate more in the Sovereign Green Bond issuing process, which is being considered by the Bhutanese Government.
Session 2 – Institutional Framework & Regulatory Aspects of Capital
Market Development and Session – 3 Desirable Policy Framework to Facilitate the Development of
Moderator – Louis Cheng: Louis_Bhutan S2&3 v3
Session 3 – Desirable Policy Framework to Facilitate the Development of
Speaker – Hauman Yeung: Hauman Bhutan S3 Edited v3
Speaker – C.S. Agnes Cheng Agnes_Bhutan S3 v3
Session 4 – Green Bond Market Development and Issuance:
Speaker – Louis Cheng: Louis_Bhutan S4 v3
Speaker – Hauman Yeung: Hauman Bhutan S4 Edited v5
Session 8 – Way Forward:
Speaker – David Broadstock: DCBroadstock_Bhutan_dec_2019 v2