The Aries Group Ltd. 
Financial Sector Consulting Services Worldwide

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Since its inception in 1984, The Aries Group has provided financial sector consulting services in more than 50 countries. During recent years, over 90 percent of all new projects have been awarded to the firm by previous clients, an affirmation of our continued dedication and commitment to providing high level professional services. The countries that we have recently served, and the projects that we have successfully conducted include:


  • SOE Privatization, Excess Land Privatization and Land Titling (EMG-USAID-SEGIR Privatization II AFP-I-00-03-00029-00)


  • Promotion of Small Business Governance and Activities (ARM-CFED-USAID)


  • Capacity Building of Securities and Exchange Commission and Stock Exchanges (ADB-BAN-TA2913)
  • Institutional Strengthening of the Securities and Exchange Commission (ADB-BAN-TA1943)
  • Strengthening the Securities and Exchange Commission (BAN-UNDP-175/1997)
  • Capacity Building of the Securities and Exchange Commission and Selected Capital Market Institutions (ADB-BAN-TA3533)
  • Preparing the Financial Markets Governance Program (ISC-ADB-BAN-TA4246)


  • Privatization: Divestiture of the Banana Plantations (BEL-CFP-USAID)
  • Financial System Assessment (BEL-AY-USAID)


  • Upgrading the financial sector capacity and Entrepreneurial Development (ADB-BHU-TA2902)
  • Financial Sector Capacity: Upgrading the Insurance Industry Restructuring the Government Employee Provident Fund and Introducing a Pension Scheme (PEDCA-ADB-BHU-TA3111)
  • Institutional Development of the National Pension and Provident Fund Bureau (PEDCA-ADB-BHU-TA3796)

China, People's Republic of

  • Regulation and Supervision of Securities Market (PRC-ADB-TA1887)


  • Privatization of State-owned Enterprises: Designing Approach and Methodology (EGY-CFP-USAID)
  • Divesting Input Distribution of Principal Bank for Development and Agricultural Credit (EGY- CFP-USAID).
  • Privatization of State-owned Enterprises: Preparing them for Sale (EGY-AA-USAID)
  • Debt-Equity Swap Survey (EGY-CFP-USAID)
  • Assessment of Housing Finance Reform (AMF Mission-GOE)


  • Development of the Domestic Capital Market: Legal and Institutional Framework (ADB-FIJ-TA2046)
  • Capital Market Institutional Development (ADB -FIJ-TA2860)


  • Developing an Environment for Investment (GUAT-CHAMB)


  • Reform of the Private Pension and Provident Fund (ADB-EMG-IND-TA3367)
  • Development of a Secondary Debt Market (ISC-ADB-TA3473)
  • State-Level Pension Reforms (PEDCA-ADB-IND-TA4548)


  • Development of the Money Market: Procedures and Practices (IND-DTT-USAID)
  • Financial Governance Reform Support Project: Capital Market Component. (DTT-ADB-INO-TA1620)


  • Private Sector Growth and Employment Generation (LBI-USAID-ECON II-267-C-00-04-00435-00)
  • Software Consultancy for the Iraq Stock Exchange (Joint Contracting Command, Iraq-ISX-W91GXQ-05-M-0070)


  • Reform of Insurance Laws and Regulations (JAM-IDB-5735)
  • Harmonization of the Caribbean Capital Market (REG-IDB)


  • Pension and Insurance Industry: Training in Asset Management (ADB-KAZ-ADB-TA2945)


  • Industrial Investment Identification Project (KEN-UNIDO)
  • Revolving Fund Loan: Evaluation of Economic and Social Impacts (MSI-USAID)

Kyrgyz Republic

  • Government Administration: Legal Structure (KYR-AA-USAID)


  • Restructuring of State-owned Commercial Banks (ADB-LAO-TA2642)
  • Privatization Policy Master-plan (Scientex-USAID)
  • Economic Reform Strategy: Round Table Exercise (LAO-UNDP)
  • Restructuring of Monetary and Banking System: Phase I & II (LAO-ADB-TA1115 & 1296)
  • Domestic Financing Mechanism for Privatization (ADB-LAO-1749)


  • Economic Stabilization Project (LIB-BRGR-USAID)


  • Capital Market Development and Development of Labuan Financial Center (PEDCA-ADB-MAL-TA1815)
  • Management Improvement of State Economic Development Corporation (CFED-ADB-MAL-TA2343)


  • Development of a Framework for Financial Sector Restructuring (ADB-MAL-TA2265)
  • Feasibility Study to Establish a Long-term Credit Bank (ADB-MAL-TA1673)

Marshall Islands, Republic of

  • Assessment of Public Sector Administration (MAR-GOV)

Micronesia, Federated State of

  • Privatization of Public Enterprises and Corporate Governance Reforms.(ADB-FMS-TA3201)


  • Development of a Regulatory Framework for Non-Bank Financial Institutions (ADB-MON-TA2797)


  • Insurance Sector Review (MOR-AMF-10/4-00/1280)


  • Feasibility Study for Establishing a Leasing Industry (ADB-NEP-TA1484)
  • Capital Market Institutional Development (ADB-NEP-TA1689)
  • Appointment of Management Team - Rasteriya Banijaya Bank (NEP-WB-DTT-2002)
  • Corporate and Financial Governance Project, Package I: Corporate Governance and Capital Markets (ADB-NEP-LN1811)


  • State Bank of Pakistan: Supervision and Examination of Banking System (PAK-AA-World Bank)
  • Restructuring and Privatization of Public Sector Mutual Funds (ADB-PAK-TA2865)
  • Reform of Pension and Provident Funds (ADB-PAK-TA2867)
  • Venture Capital Development Project (PAK-PVCL)
  • Organizing an Investment Promotion Conference (PAK-ADB)
  • Institutional Building of the Corporate Law Authority (PAK-ISC-ADB)
  • Capital Market Development: Stock Market, Mutual Fund Industry, Leasing Industry (PAK-NIMI-ADB-2393)
  • Feasibility Study for Establishing a Secondary Mortgage Entity in Pakistan (IFC)
  • Strengthening Regulation, Enforcement and Governance of Nonbank Financial Markets (ISC-ADB-PAK-LN1957)
  • Strengthening Pension, Insurance and Savings System, Contract Package A, Component I: Establishment of an Overall Framework for Pension Provision; Component II: Financial Assessment of Civil and Military Pension Schemes; Component V: Institutional Reform and Strengthening of Central Directorate of National Savings (CDNS) (ADB-PAK-LN1956)
  • Strengthening Pension, Insurance and Savings System, Contract Package B, Component III: Institutional Reforms and Strengthening of Employee’s Old Age Benefits Institution (EOBI) (ADB-PAK-LN1956)

Palau, Republic of

  • Reorganization of Public Sector Governance (PAL-GOV)


  • Philippine Stock Market: Institutional Development (ADB-PHI-TA1640)
  • Financial Rehabilitation of Private Development Bank of the Philippines (PHI-ADB)
  • Establishing a Clearing, Settlement and Depository System (PHI-USAID)
  • Capital Market Development: Reform of the Regulatory and Self-Regulatory Agencies (PHI-AA-USAID)
  • Revolving Fund Loan: Evaluation of Economic Impacts (MSI-USAID)
  • Strengthening Regulation and Market Governance, Governance and MIS Component (ISC-ADB-TA3773)


  • Financial Market Reform (ROMANIA-USAID-DTT-T.O. SEGIR-FS-02-01-01)
  • Privatization, Investment and Development of Energy Program, Phase I (EMG-USAID-PRIDE-PCE-I-00-97-00016-00, Task Order 811)


  • Operational Evaluation/Due Diligence of Mortgage/Housing Finance Bank (IFC)

Sri Lanka

  • Reforming and Consolidating Securities Market Regulatory Agencies (ADB-SRI-TA1419)


  • Developing Strategy for Privatization (Scientex-USAID)
  • Securities Market Regulation: Evaluation of Management Information Systems (PW-ADB-THA-TA1324)
  • Revolving Fund Loan: Evaluation of Economic and Social Impacts (MSI-USAID)
  • Strengthening Information Disclosure and Compliance (ADB-THA-TA2956)
  • Pension and Provident Fund Reform (DDT-ADB-THA-TA2955)
  • Corporate Governance for and Rationalization of Specialized Financial Institutions (ADB-THA-TA3355)

Trinidad and Tobago

  • Development of a Management Information System for the Securities Regulatory Agency (TRI-IDB-6-98)
  • Training for the Staff of the Securities and Exchange Commission (TRI-IDB-1-99)
  • Harmonization of Caribbean Capital Market (REG-IDB)


  • Financial Sector Reform and Development (PW-USAID)


  • Technical Assistance in the Preparation of Draft Banking Laws (VIE-ADB)
  • Capacity Building for the State Securities Commission in Policymaking and Regulatory Development and Linking the Equitization Process with Market Development (ISC-SSC-WB)



  • Asia-wide: A Survey of Securities Market Institutions in Nine Asian Countries (REG-ADB-5304)
  • Asia-wide: Study of Securities Market Regulation and Supervision in 7 Asian Countries (REG-ADB-5477)
  • Forum on Securities Market Regulation and Supervision in Asia (REG-ADB-5559)


  • Eastern Caribbean Central Bank and Financial System Assessment (ECS-RNA-USAID)
  • Harmonization of Capital Market in Five Caribbean Countries (CAR-NIMI-IDB)
  • Eastern Caribbean Capital Market Development: Developing a Regulatory Framework and Preparing Securities Law and Regulations.(ECCB-IDB-CDB-TA)

Former Soviet Republics and Eastern Europe

  • Economic Restructuring: Development of Capital and Financial Market (IQC-AA-USAID)
  • Economic Restructuring: Privatization Advisory and Training Services and Support (IQC-CFED-USAID)
  • Economic Restructuring: Transaction Support (IQC-AA-USAID)

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