Call for tenders: Romania’s roadmap for a greener financial system

The deadline for submitting project offers is November 13, 2022.


The UK Embassy in Bucharest is calling for project proposals to produce a report (White Paper) on sustainable finance in Romania. The report must:

  • analyze the current financial market
  • inform about the challenges related to the management of climate-related financial risks
  • highlight potential areas for reform and further policy design

The report will inform the debate at the Embassy Conference on Sustainable Finance, to be held in the first quarter of 2023.

This project is part of a wider portfolio of projects across Europe that aim to advance UK expertise in green finance and support the international transition to a net zero financial system. Overall, our regional effort calls for raising awareness of greenwashing practices, advancing the sovereign green bond regulatory framework, and ultimately building industry-wide capacity.

Complementing other regional activities, this white paper will help inform UK experts on specific areas of cooperation and sharing of international best practice in Romania.


The White Paper aims to:

  • carry out a market analysis of the financial sector in Romania

  • describe industry challenges (e.g. lack of standardized criteria, methodological challenges, data availability, lack of capacity and human resources) of local commercial banks, pension funds, insurers, mutual funds investment and non-banking financial institutions, to meet requirements for the transition to a net zero financial system (e.g. regulation, financial disclosure, corporate governance)

  • identify what the Romanian financial services market needs in terms of international best practice and how UK expertise can help meet those needs

It aims to foster transparency and establish a common understanding between market players and policy makers.


Adapted to the national context of Romania, the White Paper (which should not exceed 20 pages) aims to:

  • identify the main drivers of sustainable investing and determine the risks that market players face due to environmental and social trends in Romania;

  • inform about UK best practice in measuring and managing climate-related risks (physical risks and net zero transition risks)

  • provide key recommendations to policy makers on how to mitigate greenwashing practices

  • define common practices and recommendations on strengthening corporate governance principles

This list is not exhaustive and the British Embassy remains open to other suggestions that support the realization of the project.

Work’s extent

The target audience for the white paper will be policymakers, regulators, representatives of banks and listed companies, asset managers, insurers, investment analysts, risk management specialists, academics.

Project approach

Bidders must submit a project proposal which will be approved by the British Embassy in Bucharest and will form the basis for project planning. The proposal should outline how the Implementing Partner will carry out activities to support the objectives stated above with an implementation plan and activity-based budget.

How to bid

Our process will consist of a complete one-step submission proposal.

Tenders must be completed in English. You will need to complete and submit the following documents:

Email these documents to and The subject of the email should be: Implementing organization name and project title.

Project promoters reserve the right to request additional information from bidders before making a decision.

Activity-based budgets should list the activities needed to produce the effects (results) of the project.

All costs must be in New Romanian Lei (RON).

The deadline for submitting project offers is November 13, 2022.


The reports to be produced during this project must be delivered in English:

  • an inception note detailing the approach and proposed activities. This should also define the key stakeholders that will be engaged, a proposed schedule of activities, risks, safeguarding approach and any additional details including a communication plan

  • a mid-term interim progress report by December 16, 2022

  • monthly financial reports

  • after a facilitated comment process, the final report by January 13, 2023

Composition of project teams

The British Embassy in Bucharest will appoint a Project Director (Goran Mandic, 1st Secretary) and a Project Manager (Corina Petrea, Principal Economics Officer) to oversee the execution of the project.

Project proposals must demonstrate that the implementing partner’s staffing is appropriate to achieve the project’s objectives and that staff have relevant financial expertise and experience.

Timing and scope of contribution

The tender is an open and competitive process, evaluated by the British Embassy in Bucharest. The results will be published within 10 working days. Once a bid is approved and due diligence procedures are completed, a grant agreement will be signed with the successful bidder.

Your organization will be required to sign the contract within one week of the award of funds. Otherwise, the funds could be reallocated. The implementing organization will be required to submit updates to the report and a final evaluation of the project. .

The British Embassy expects the project to be delivered by January 13, 2023.


Grant applications should include an estimated budget of up to RON 58,285.

Depending on the quality of the proposals, the UK Embassy in Bucharest reserves the right not to award all or part of the funds available. The Embassy also reserves the right to grant a grant lower than the amount requested by the applicants. In this case, applicants will be asked to increase the amount they co-finance, to propose other means of co-financing or to reduce the total costs without altering the substance of the proposal.

Note that there are no prepayments. Refunds will be issued once activities have taken place and all receipts have been submitted. Implementing organizations will request reimbursements using an invoice (including receipts and a financial report of expenses) and reimbursements will be made on the dates agreed in the respective contract.

The budget must be presented in new Romanian lei (RON). All payments will be made in RON to a bank account held in Romania.

Please send any queries regarding the tender to

Source link

Don F. Davis