IDA16 IDA FINANCIAL ASSISTANCE IN FY12: PROGRESS REPORT ON COMMITMENTS AND DISBURSEMENTS

Transcription

1 16 FINANCIAL ASSISTANCE IN FY12: PROGRESS REPORT ON COMMITMENTS AND DISBURSEMENTS International Development Association Resource Mobilization Department (CFPIR) April 2014

2 ACRONYMS AFR CRW DPO DSF ECA EAP GNI LCR MDRI MNA PBA PforR SAR Africa Region Crisis Response Window Development Policy Operation Debt Sustainability Framework Eastern Europe and Central Asia Region East Asia and Pacific Region International Development Association Gross National Income Latin America and the Caribbean Region Multilateral Debt Relief Initiative Middle East and North Africa Region Performance-Based Allocation Program for Results South Asia Region

3 TABLE OF CONTENTS EXECUTIVE SUMMARY... I I. INTRODUCTION... 1 II. COMMITMENTS... 1 A. OVERALL TRENDS B. COMMITMENTS BY REGION AND COUNTRY... 1 C. COMMITMENTS BY TYPE OF LENDING INSTRUMENT D. COMMITMENTS BY FINANCING TERMS E. SECTORAL COMPOSITION AND THEMATIC FOCUS OF COMMITMENTS III. DISBURSEMENTS... 5 A. OVERALL TRENDS B. REGIONAL DISTRIBUTION C. SECTORAL DISTRIBUTION AND THEMATIC FOCUS OF DISBURSEMENTS D. UNDISBURSED BALANCES... 8 E. DISBURSEMENT RATIO List of Figures Figure 1: FY12 Commitments by Region... 3 Figure 2: Long-Term Trends in Commitments by Lending Instrument... 4 Figure 3: FY12 Commitments by Major Sector and Theme... 5 Figure 4: Portfolio Size by Region in FY Figure 5: Long-Term Trends in Disbursements by Lending Instrument Figure 6: FY12 Disbursements by Region... 7 Figure 7: FY12 Disbursements by Major Sector and Theme... 8 Figure 8: Undisbursed Balances as Percentage of Project Portfolio... 8 Figure 9: Investment Disbursements and Disbursement Ratio... 9 List of Annexes Annex 1: List of -Eligible Countries in FY Annex 2: FY12 Commitments Annex 3: Long-Term Trends in Commitments (FY03-FY12) Annex 4: Portfolio by Region and Country at end-fy Annex 5: Disbursements... 26

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5 - i - EXECUTIVE SUMMARY i. This paper presents a summary of commitments for new projects in FY12 and disbursements for projects under implementation. ii. Commitments. s new financial commitments for FY12 remained strong, at US$14.8 billion, and comprised 160 new operations. -only countries received US$9.2 billion (62 percent), and IBRD/ blend countries received US$5.5 billion (38 percent). The ten largest country recipients accounted for 70 percent of total commitments in FY12. Other major developments in the structure of commitments in FY12 included: By region. Africa region (AFR) continued to receive the largest share of commitments (50 percent). South Asia (SAR) remained the second largest region, at 36 percent. East Asia and Pacific region (EAP) followed with 8 percent of total FY12 commitments. Latin America and the Caribbean region (LCR), Europe and Central Asia (ECA), and Middle East and North Africa (MNA) received 3 percent, 2 percent and 1 percent of total commitments, respectively. By lending instrument. Commitments to investment operations, development policy operations (DPOs), and programs for results (PforR) accounted for 87 percent, 12 percent, and 0.4 percent of total FY12 commitments, respectively. The commitments for investment operations (US$12.9 billion) mainly supported infrastructure (37 percent) and social sectors (25 percent). The DPOs (US$1.8 billion) were focused on support to law, justice, and public administration (50 percent). DPOs also supported industry and trade (14 percent), energy and mining (13 percent), and social sectors (10 percent). By financing terms. Commitments for credits totaled US$12.1 billion, or 82 percent of total commitments in FY12. Commitments for grants amounted to US$2.2 billion (15 percent). has also financed three partial risk guarantees worth US$0.4 billion, or 3 percent of total commitments. By sector. Commitments to infrastructure projects remained strong in FY12, representing 34 percent of total commitments. commitments in sectors that support private sector growth (including infrastructure) accounted for 41 percent. The support for social sectors amounted to 23 percent. The remainder of total commitments in FY12 went to Law and Public Administration (23 percent), and Agriculture, Fishing and Forestry (13 percent). By theme. continued to provide substantial support to private sector growth and economic development, which accounted for 14 percent of total commitments. The remaining commitments went to other thematic areas, mainly to Rural Development (24 percent), Human Development (16 percent) and Urban Development (13 percent).

6 - ii - iii. Disbursements. Total disbursements for projects under implementation amounted to US$11.1 billion in FY12. The majority of disbursements went to the top ten borrowers (60 percent). Other key developments in disbursements were as follows: By region. AFR accounted for the majority of disbursements in FY12, at 52 percent. SAR received the second largest share (26 percent). EAP s share amounted to 13 percent. ECA, LCR, and MNA accounted for 4 percent, 3 percent, and 1 percent of total disbursements in FY12, respectively. By lending instrument. Disbursements for investment operations and for DPOs amounted to US$9.0 billion and US$2.1 billion, respectively. By sector. The sectoral distribution of disbursements reflected strong support to infrastructure, as well as continuous emphasis on human and social development (both of which accounted for close to one-third of total disbursements in FY12). By theme. FY12 disbursements reflected s support to human development (21 percent), rural development (16 percent), financial and private sector development (15 percent), public sector governance (14 percent), social protection and development (8 percent), and urban development (8 percent). Undisbursed balances. Total undisbursed balances decreased to US$43.0 billion at the end of FY12, down from US$44.3 billion at the end of FY11. The undisbursed balances as percentage of total project portfolio have also decreased and stood at 63 percent in FY12, compared with 64 percent in FY11. Disbursement ratio. In FY12, s disbursement ratio remained at about the same level as in FY11 (22 percent).

7 - 1 - I. INTRODUCTION 1. This paper presents a summary of commitments and disbursements made by International Development Association () in FY12. 1 The paper is organized as follows. Section II describes the key trends in the composition of commitments and section III discusses the performance of the portfolio in terms of disbursements. II. COMMITMENTS A. Overall Trends. 2. Total FY12 commitments amounted to US$14.8 billion. This included US$12.1 billion in credits, US$2.2 billion in grants, and US$0.4 billion in guarantees, 2 and comprised 160 new operations. 3 Of the 81 countries eligible for resources in FY12, 4 61 received new commitments (Annex 2). -only countries received US$9.2 billion, with a 62 percent share of total commitments. Blend countries received US$5.5 billion, or 38 percent of total commitments. Twenty countries did not receive any commitments in FY12. These countries fell into one or more of the following categories: (i) countries with credits in non-accrual status; 5 (ii) small, mainly island economies that tend to not have new operations every year; and (iii) countries where country dialogue did not lead to any commitments in FY The ten largest country recipients accounted for 70 percent of the total FY12 commitments. Of these, India received US$2.7 billion, followed by Nigeria, Pakistan, and Vietnam with US$1.0 billion or more each in FY12. The remaining six largest recipients were Ethiopia (US$0.9 billion), Kenya (US$0.9 billion), Bangladesh (US$0.9 billion), Ghana (US$0.5 billion), Tanzania (US$0.4 billion), and Cote d Ivoire (US$0.4 billion). B. Commitments by Region and Country Africa Region: The Africa region (AFR) continued to receive the largest share of commitments during FY12 (Figure 1). Commitments to AFR reached US$7.4 billion, accounting The sources of data on s financial assistance in this paper are Business Warehouse, SAP, Loan Kiosk, Resource Mobilization Department (CFPIR) databases, and CFPIR staff calculations. The sum of these three components does not equal the total commitments due to rounding. The same rounding issue may apply to other totals and their components that are presented in this paper. Total commitments include commitments for all operations that are financed either fully or partially out of resources. On the total number of s new operations, this paper follows the OPCS definition of a standalone project. This definition excludes from the total count of operations the following operations that are financed either partially or fully out of resources: (i) IBRD/ blend operations, (ii) supplemental DPOs, and (iii) additional financing of investment projects related to cost overruns and restructuring. For the list of -eligible countries in FY12, please refer to Annex 1. Credits to five countries Eritrea, Myanmar, Somalia, Sudan, and Zimbabwe were in non-accrual status at the end of FY12. At June 30, 2012, the credits in non-accrual status stood at US$3.5 billion. See The World Bank Monthly Financial Report: June 2012, page 10. The amounts for country commitments presented in this section include countries commitments for regional projects.

8 - 2 - for 50 percent of total commitments (Annex 2). By country, Nigeria (US$1.3 billion), Ethiopia (US$0.9 billion), Kenya (US$0.9 billion), and Ghana (US$0.5 billion) were the largest recipients of commitments in FY12. These four countries together accounted for almost half of Africa s FY12 commitments (49 percent). 5. South Asia Region: The South Asia region (SAR) remained the second largest region. Commitments to SAR amounted to US$5.3 billion, representing 36 percent of total committed resources in FY12. By country, India received the largest commitments in the region (US$2.7 billion). Pakistan and Bangladesh followed with US$1.3 billion and US$0.9 billion, respectively. These three countries accounted for 92 percent of s total commitments in the region in FY East Asia and the Pacific Region: The East Asia and the Pacific region (EAP) followed with US$1.2 billion, accounting for 8 percent of total commitments in FY12. By country, Vietnam continued to be the largest recipient in the region (US$1.0 billion), representing 88 percent of the total EAP commitments in FY Latin America and the Caribbean Region: commitments in the Latin America and the Caribbean region (LCR) amounted to US$448 million in FY12, accounting for 3 percent of total commitments. By country, Haiti received the largest share of commitments in the region (US$170 million). Honduras followed with US$104 million. Together, these two countries accounted for 61 percent of the region s total commitments in FY Europe and Central Asia Region: The Europe and Central Asia region (ECA) received US$362 million of s committed resources, accounting for 2 percent of total FY12 commitments. By country, Georgia was the largest recipient of commitments (US$123 million), followed by Armenia (US$61 million) and the Kyrgyz Republic (US$59 million). Together, these three countries accounted for 67 percent of the region s FY12 commitments. 9. Middle East and North Africa Region: commitments in the Middle East and North Africa region (MNA) amounted to US$80 million, or 1 percent of total commitments in FY12. By country, the Republic of Yemen (US$61 million) remained MNA s largest recipient (the only other recipient being Djibouti), accounting for 76 percent of the total commitments to the region.

9 - 3 - Figure 1: FY12 Commitments by Region LCR 3% ECA 2% MNA 1% EAP 8% SAR 36% AFR 50% C. Commitments by Type of Lending Instrument. 10. commitments for investment lending accounted for 87 percent of FY12 commitments (Annex 2, Table A2.2). The share of investment lending in total commitments was down slightly from 88 percent in FY11 but still substantially above the level for previous fiscal years (Figure 2). Development policy operations (DPOs) accounted for 12 percent, maintaining the trend of relatively lower shares of DPO lending since FY05. A new type of lending instrument, the Program for Results (PforR) was introduced in FY12. The PforR operation, the Nepal Bridges Improvement and Maintenance Program, was approved on June 28, 2012 and amounted to US$60 million, or 0.4 percent of total FY12 commitments. 11. In terms of economic sectors supported through the different types of lending instruments, the committed funds for investment operations (US$12.9 billion) mainly supported infrastructure and social sectors 7 (37 percent and 25 percent, respectively) (Annex 2, Table A2.3). The DPOs (US$1.8 billion) were focused on support to law, justice, and public administration (50 percent), industry and trade (14 percent), energy and mining (13 percent), and social sectors (10 percent). The PforR operation mainly supported the transportation sector (95 percent), with the remainder of funds (5 percent) directed to the law, justice, and public administration. 7 The infrastructure grouping is comprised of the following four major sectors in the Bank s sector classification system: Energy and Mining; Information and Communication; Transportation; and Water, Sanitation and Flood Protection. The social sectors are comprised of two major sectors: Education; and Health and Social Services. For more details on sectoral composition of commitments, see section E.

10 - 4 - Figure 2: Long-Term trends in Commitments by Lending Instrument Million US$ 18, % 81% 74% 78% 80% 84% 88% 16,000 90% 76% 87% 14,000 73% 80% 75% 70% 12,000 10,000 60% 50% 8,000 40% 6,000 30% 25% 27% 26% 4,000 22% 24% 19% 20% 20% 16% 2,000 12% 12% 10% 0 0% FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 Investment Operations (IOs) Development Policy Operations (DPOs) share of DPOs (%) share of IOs (%) D. Commitments by Financing Terms. 12. By financing terms, credits totaled US$12.1 billion, accounting for 82 percent of the total commitments in FY12. Commitments on grant terms amounted to US$2.2 billion, accounting for 15 percent of total FY12 commitments. In addition to its traditional credit and grant products, has also financed three partial risk guarantees worth US$448 million, which accounted for 3 percent of total FY12 commitments. The guarantee recipients were Nigeria (US$200 million), Kenya (US$166 million), and Cameroon (US$82 million). E. Sectoral Composition and Thematic Focus of Commitments By broader sector groupings, support for infrastructure remained strong at 34 percent of total commitments in FY12 (Figure 3). Within infrastructure, Energy and Mining accounted for the largest share (15 percent), followed by Water, Sanitation and Flood Protection (12 percent), Transportation (7 percent), and Information and Communication (0.4 percent). The support to infrastructure also accounted for a bulk of s commitments in sectors that directly or indirectly support private sector growth, defined as including infrastructure, Industry and Trade, and Finance. Overall, s support to private sector development through financial commitments in these sectors accounted for 41 percent of total commitments in FY12. The social sectors, which include Health and Other Social Services, and Education, accounted for 23 percent. The remainder of total s commitments in FY12 went to Law and Public Administration (23 percent), and Agriculture, Fishing and Forestry (13 percent). 8 All Bank projects are classified into up to five sector and thematic categories, to which commitments are pro-rated based on their percentage shares. In FY12 there were 73 sector codes and 82 theme codes in the Bank that are used for project classification. These sector and theme codes, in turn, are grouped into 10 major sectors and 11 major themes.

11 By theme, continued to provide substantial support to private sector development as the key to economic growth, job creation, and poverty reduction. s thematic support for private sector growth and economic development which consists of support to Financial and Private Sector Development, Trade and Integration, and Economic Management accounted for 14 percent of total commitments in FY12 (Figure 3). Within this theme grouping, Financial and Private Sector Development accounted for 10 percent, followed by Trade and Integration (3 percent), and Economic Management (1 percent). The remainder of s support in FY12 went to other thematic areas, such as Rural Development (24 percent), Human Development (16 percent), Urban Development (13 percent), Social Protection and Risk Management (9 percent), Public Sector Governance (9 percent), Environment and Natural Resources Management (11 percent), Social Development, Gender and Inclusion (6 percent), and Rule of Law (0.2 percent). Figure 3: FY12 Commitments by Major Sector and Theme Sectors Themes Transportation 7% Water, Sanitation and Flood Protection 12% Agriculture, Fishing and Forestry 13% Education 11% Urban Development 13% Trade and Integration 3% Social Protection and Risk Management 9% Economic Management 1% Environment and Natural Resources Management 11% Financial and Private Sector Development 10% Law and Public Administration 23% Energy and Mining 15% Social Development, Gender and Inclusion 6% Human Development 16% Industry and Trade Water, Sanitation and 4% Flood Protection 11% Finance 2% Health and Social Services 12% Rural Development 19% Public Sector Governance 9% Rule of Law 0.2% III. DISBURSEMENTS A. Overall Trends. 15. s total portfolio stood at US$68.6 billion at the end of FY12. This included new commitments for FY12 and comprised all active projects under implementation. The number of projects in the portfolio totaled 833 (Annex 4). Almost half (50 percent in terms of net commitments, and 49 percent in terms of number of operations) of the portfolio was concentrated in the Sub-Saharan Africa region at the end of FY12 (Figure 4). South Asia accounted for 30 percent of commitments in the portfolio and the East Asia and Pacific region for about 12 percent.

12 - 6 - Figure 4: Portfolio Size by Region in FY12 AFR 407 AFR 34,120 SAR 140 SAR 20,881 Region EAP ECA Region EAP ECA 2,438 8,134 LCR 64 LCR 1,716 MNA 28 MNA 1, # of Projects 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Net Comm Amt, USD Million 16. s disbursements continued to increase in FY12. The US$11.1 billion was disbursed by countries in FY12, including US$9.0 billion in disbursements for investment operations and US$2.1 billion in disbursements for DPOs. As shown in Figure 5, the FY12 total disbursements followed the long-term upward trend in s disbursements. 17. The majority of disbursements in FY12 went to the top ten borrowers (60 percent). India (US$1,333 million) was the largest recipient, followed by Vietnam (US$1,281 million), Ethiopia (US$724 million), Nigeria (US$710 million), Pakistan (US$565 million), Bangladesh (US$492 million), Tanzania (US$483 million), Democratic Republic of Congo (US$330 million), Ghana (US$310 million), and Cote d Ivoire (US$258 million). Figure 5: Long-Term Trends in Disbursements by Lending Instrument Million US$ 14,000 12,000 10,000 8,000 6,000 4,000 2, % 90% 76% 73% 81% 72% 72% 81% 80% 70% 69% 70% 58% 60% 50% 42% 40% 30% 31% 27% 28% 28% 30% 24% 20% 19% 19% 20% 10% 0% FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 Investment Operations (IOs) Development Policy Operations (DPOs) share of DPOs (%) share of IOs (%) B. Regional Distribution. 18. Africa Region: AFR accounted for the majority of disbursements in FY12, representing more than half (52 percent) the total disbursements (Figure 6). Of this,

13 - 7 - disbursements for investment operations amounted to US$4.3 billion and disbursements for DPOs totaled US$1.4 billion. By country, Ethiopia (US$724 million), Nigeria (US$710 million), Tanzania (US$483 million), and Democratic Republic of Congo (US$330 million) accounted for the largest share of disbursements in the region (Annex 5, Tables A5.1-A5.2). 19. South Asia Region: SAR accounted for the second largest share of disbursements in FY12, at 26 percent. By country, India represented the largest disbursements of US$1.3 billion in the region in FY12, followed by Pakistan (US$565 million) and Bangladesh (US$491 million). 20. East Asia and the Pacific Region: EAP s share of total disbursements in FY12 was 13 percent. By country, Vietnam continued to account for the largest share of disbursements in the region (US$1.3 billion), or 86 percent of total EAP disbursements in FY12. The Lao PDR followed with disbursements of US$49 million. 21. ECA, LCR, and MNA accounted for 4 percent, 3 percent, and 1 percent of total disbursements in FY12, respectively. Figure 6: FY12 Disbursements by Region ECA 4% LCR 3% MNA 1% EAP 13% AFR 52% SAR 26% C. Sectoral Distribution and Thematic Focus of Disbursements. 22. By broader sector groupings, disbursements reflected s strong support to infrastructure (which accounted for almost a third of FY12 disbursements) and continuous emphasis on human and social development (which also accounted for close to one-third). About a quarter of FY12 disbursements supported law and public administration. The support to agriculture accounted for about one-tenth of total disbursements (Figure 7; and Annex 5, Table A5.3). 23. By theme, FY12 disbursements reflected s focus on the human development (21 percent), rural development (16 percent), financial and private sector development (15 percent), public sector governance (14 percent), social protection and development (8 percent), and urban development (8 percent) (Annex 5, Table A5.4).

14 - 8 - Figure 7: FY12 Disbursements by Major Sector and Theme Sectors Themes Urban Development 8% Transportation 12% Water, Sanitation and Flood Protection 9% Agriculture, Fishing and Forestry 9% Education 13% Trade and Integration 5% Social Protection and Risk Management 8% Social Development, Gender and Inclusion 5% Economic Management 2% Environment and Natural Resources Management 6% Financial and Private Sector Development 15% Energy and Mining 9% Law and Public Administration 24% Finance 3% Rural Development 19% Human Development 21% Industry and Trade 5% Water, Sanitation and Flood Protection 11% Health and Social Services 15% Rule of Law 0.6% Public Sector Governance 14% D. Undisbursed Balances. 24. Total undisbursed balances decreased to US$43.0 billion at the end of FY12, down from US$44.3 billion at the end of FY11. The ratio of undisbursed balances to total project portfolio has also decreased to 63 percent in FY12, compared with 64 percent in FY11 (Figure 8), reflecting, in part, continued progress in the implementation of s projects. Figure 8: Undisbursed Balanced as Percentage of Project Portfolio Total Unddisbursed Balances, USD billion % 66.3% 65.2% 65.5% 65.8% 67.5% 63.8% 62.8% 62.6% 59.1% $44.3 $43.0 $35.1 $36.7 $32.5 $26.4 $28.8 $23.7 $25.4 $ Undisbursed Balances as % of Project Portfolio 0 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 0 E. Disbursement Ratio. 25. In FY12, the disbursement ratio for investment operations 9 remained at about the same level (22 percent) as in FY11 (Figure 9). disbursements for investment operations remained strong at US$9.0 billion in FY12, up from US$8.3 billion in FY11. 9 The disbursement ratio for investment operations is defined as the ratio of investment disbursements in a fiscal year to undisbursed investment balance at the start of the fiscal year.

15 - 9 - Figure 9: Investment Disbursements and Disbursement Ratio Investment Disbursements, USD billion % $ % $ % 25.3% 24.7% 21.4% $6.3 $6.5 $6.2 $ % 21.5% $8.2 $8.3 $9.0 $ Disbursement Ratio, % 0 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 0

16 Annex 1: List of -Eligible Countries in FY12 This Annex presents a list of countries eligible for financing in FY12 a/. Eligibility for financing is based on a country s relative poverty, and lack of creditworthiness for market-based borrowing. The relative poverty is measured by a country s gross national income (GNI) per capita against the operational cutoff for eligibility that is updated annually (US$1,175 in FY12). Creditworthiness is measured by a country s access to IBRD lending and other commercial sources of capital. Africa Africa (continued) Europe and Central Asia (continued) Angola Senegal Kosovo Benin Sierra Leone Kyrgyz Republic Burkina Faso Somalia c/ Moldova Burundi Sudan c/ Tajikistan Cape Verde b/ Tanzania Uzbekistan b/ Cameroon Togo Central African Republic Uganda Latin America and the Caribbean Chad Zambia Bolivia b/ Comoros Zimbabwe b/, c/ Dominica b/ Congo, Dem. Rep. Grenada b/ Congo, Republic East Asia and the Pacific Guyana Côte d Ivoire Cambodia Haiti Ethiopia Kiribati Honduras Eritrea c/ h/ Laos, People's Democratic Republic Nicaragua Gambia Marshall Islands St Lucia b/ Ghana d/ Micronesia, Fed. Sts. Of St Vincent and the Grenadines b/ Guinea Mongolia b/ g/ Guinea-Bissau Myanmar c/ Middle East and North Africa Kenya Papua New Guinea b/ 4-c Djibouti Lesotho Samoa 6-b Yemen, Republic Liberia Solomon Islands Madagascar Timor-Leste 5-c South Asia Malawi Tonga Afghanistan Mali Tuvalu f/ Bangladesh Mauritania Vanuatu Bhutan Mozambique Vietnam b/ India b/ Niger 6-c, 2-d Maldives Nigeria Europe and Central Asia 7-c, 3-d Nepal Rwanda Armenia b/ 8-c, 1-d Pakistan b/ Sao Tome and Principe Bosnia-Herzegovina b/ 9-c, 4-d Sri Lanka b/ e/ Georgia b/ a/ There are 81 countries on this list. Of these, 64 are -only countries and 17 are blend countries. b/ Blend Countries. c/ Non-accrual status. d/ As per the Ghana Non-Concessional Borrowing Policy Paper (/SecM , May 7, 2008), credits to Ghana starting on July 1, 2008 are on blend terms. e/ Sri Lanka changed from -only borrower to Blend borrower status, effective July 18, f/ Tuvalu was granted access to resources on -only terms, effective FY2012. g/ Mongolia changed from -only borrower to Blend borrower status, effective May 17, h/ Eritrea was classified as a nonaccrual country effective March 15, 2012.

17 Region Annex 2: FY12 Commitments Table A2.1: List of New Projects and Commitments in FY12 a/ Country Project ID Project Name Number of Projects Commitment Amount (US$m) AFR Africa Regional Projects P WAPP APL4 (Phase 1) CSLG P A-Abidjan-Lagos Trade and Transp- APL P ZM:Regional Transmiss Line Reinforcement 1 60 P A -Afr Power Market - 2nd Add. Fin P Improved Invest Climate within OHADA 1 15 P A-Horn of AFR Emerg Nutr&Bas Hlth (FY P Burundi Public Health Laboratory Project 1 15 P West Africa Agric. Productivity Prog. 2A Subtotal Burkina Faso P BF-Reproductive Health Project (FY12) 1 29 P BF:Local Government Support Project 1 60 P BF-PRSC 11 - DPL (last of series) P First Growth and Competitiveness Credit 1 90 Subtotal Burundi P BI-ERSG V 1 35 P BI:AF Public Works and Urban Management 1 15 Subtotal 2 50 Benin P BJ-Decentralized Community Driven Servic 1 46 P BJ-PRSC 7-Seventh Poverty Reduction Supp 1 30 P Benin Add'l fin. hlth sys.performance 1 10 Subtotal 3 86 Central African Republic P CF-Health System Support Project (FY12) 1 17 Subtotal 1 17 Congo, Republic of P CG:Transparency & Governance repeat Proj 1 5 P Congo Forest Sector 1 10 Subtotal 2 15 Cote d'ivoire P CI - Emerg. Youth Empl & Skills Dev. Pro 1 50 P CI-Post-conflict Reconst. & Recov. Grant P CI Emergency Infrastructure Renewal Subtotal Cameroon P CM - Kribi Gas Power Project * 1 82 P CM - Lom Pangar Hydropower Proj. (FY12) P Cameroon Mining Sector TA 1 30 Subtotal Cape Verde P CV-DPL 3-PRSC VII 0 12 Subtotal 0 12

18 Region Table A2.1: List of New Projects and Commitments in FY12 a/ (continued) Country Project ID Project Name Number of Projects Commitment Amount (US$m) Ethiopia P Elect. Network Reinforcement & Expansion P ET:Women Entrepreneurship Development 1 50 P ET- Urban Local Govt Devpmt Prj Add Fin P ET:PSNP (APL III) Additional Financing P ET-Urban WSS Additional Financing Subtotal Ghana P Ghana Commercial Agriculture P GH-Statistics Development Program (FY11) 1 30 P GH Fourth Agriculture DPO 1 50 P GH-West Africa Regional Fisheries 1 50 P Ghana - PPP Project 1 30 P GH-PRSG P GH-Urban Water Add'l Financing (FY12) 1 50 Subtotal Gambia P GM-Budget Support -DPL 1 6 Subtotal 1 6 Guinea P GN Productive Social Safety Net Project 1 25 P GN: Economic Governance Technical Assist 1 10 P GN - Electricity Sect Effic - Addit Fin Subtotal 2 53 Kenya P KE-Nairobi Metropolitan Services P Private Sector Power Generation Project * P KE- Water & Sanitation Srv - Addl Fin P Kenya - KTCIP -Additional Financing 1 55 P KE-Adl. Financing Health SWAP (FY12) 1 57 Subtotal Liberia P LR Smallholder Tree Crop Project 1 15 P LR-RRSP4 Budget Support 1 5 P LR-Integrated PFM Reform 1 5 P LR-LESEP Add'l Financing (FY12) 1 22 Subtotal 4 47 Lesotho P LS - Smallholder Agriculture Dev Project 1 10 P LS-Water Supplemental 0 13 Subtotal 1 23 Madagascar P MG:2nd Mult.STi/HIV/AIDS Prev II Add Fin 1 6 Subtotal 1 6 Mali P ML Trans Sec SIL 2 Additional Financing 1 23 P ML-Strengthening Reprod Health (FY12) 1 30 Subtotal 2 53

19 Region Table A2.1: List of New Projects and Commitments in FY12 a/ (continued) Country Project ID Project Name Number of Projects Commitment Amount (US$m) Malawi P Shire River Basin Management Program P MW-Nutrition & HIV/AIDS Project (FY12) 1 80 P MW-Add Fin to Ag Dev Prg Support Project 1 30 Subtotal Mozambique P MZ-Water Resources Dev I SIL 1 70 P MZ- Cities & Climate Change P MZ-AFto Education Sector Support Project 1 40 P MZ:Technical & Vocational Educ Ad. Fin 0 37 P Moz PRSC VI,VII & VIII ICR Subtotal Niger P NIGER - Shared Growth Credit I 1 50 P Competitiveness & Growth Support 1 50 P NIGER - GPRC-2 Supplemental Financing 1 15 Subtotal Nigeria P NG-NatlUrbWaterSecRefSIM2AddFin P NG-States Health Prog. Invest. (FY12) P NG-State Employment and Expenditure P NG-Edo State DPO I 1 75 P NG:Erosion & Watershed Mgt Project(FY12) P Add Fin: NG Electricity and Gas Imp Proj P Add Fin: NG Electricity and Gas Imp Proj * Subtotal 5 1,345 Rwanda P Rwanda PRSF P RW: Third Rural Sector Support Project 1 80 P RW-Support to Social Protection System P Governance & Competitiveness TA Proj 1 5 Subtotal Sierra Leone P SL:Decentralized Service Delivery Prog P SL-DPL 5 - Budget Support 1 24 P SL-Public Sector Pay & Performance(FY12) 1 17 Subtotal 3 67 Senegal P SN-Stormwater Mgt & Climate Change 1 56 P SN-Additional Financing PRN Subtotal 2 66 Sao Tome and Principe P STP DPO PROGRAMMATIC 1 4 Subtotal 1 4 Chad P CD-Ag. Production Support Project 1 25 Subtotal 1 25

20 Region Table A2.1: List of New Projects and Commitments in FY12 a/ (continued) Number Commitment Project of Country Project Name ID Amount Projects (US$m) Togo P TG-Economic Recovery & Gov. Credit P TG Community Development and Safety Nets 1 14 Subtotal 2 28 Tanzania P TZ PRSC-9 (1st in a 3rd series) P TZ: Productive Social Safety Net P TZ - Basic Health Services Project Subtotal Uganda P UG PRSC P UG-Water Mgmt & Dev. Project Subtotal Zambia P ZM:Livestock Develop & Animal Health Prj 1 50 P Zambia PRSC Subtotal 2 80 Subtotal 88 7,379 EAP EAP Regional P M Mekong Int. Water Resources MGMT 1 26 Projects P Pacific Regional Connectivity Program 1 17 Subtotal 2 43 Kiribati P Pacific Aviation Investment - Kiribati 1 23 Subtotal 1 23 Lao People's Dem. Rep. P Khammouane Development - AF Project 1 9 Subtotal 1 9 Mongolia P MN-Ulaanbaatar Clean Air 1 15 Subtotal 1 15 Solomon Islands P Solomon Islands Dev Policy Operation Subtotal 1 2 Tonga P Economic Recovery Operation 1 9 P Pacific Aviation Investment - Tonga 1 27 Subtotal 2 36 Tuvalu P Pacific Aviation Investment - Tuvalu 1 12 Subtotal 1 12 Vietnam P VN - PRSC P VN-3rd Rural Transport-Add Fin 0 97 P Mekong Delta Region Urban Upgrading Proj P Medium Cities Development Project P VN-Coastal Resources for Sustainable Dev P VN-Vietnam Climate Change DPL 1 70 P VN-Power Sector Reform DPO P Forest Sector Development Project AF 1 30 Subtotal 6 1,049

21 Region Table A2.1: List of New Projects and Commitments in FY12 a/ (continued) Country Project ID Project Name Number of Projects Commitment Amount (US$m) Samoa P Samoa Agriculture Competitiveness Enhanc 1 8 Subtotal 1 8 Subtotal 16 1,197 SAR Afghanistan P Financial Sector Rapid Response Project 1 19 P AF: Afghanistan Rural Access Project Subtotal Bangladesh P BD: Primary Education Dev. Program III P BD: Northern Areas Reduction-of-Poverty 1 29 P BD: Rural Water Supply Project 1 75 P BD: Local Governance Support Project II P BD: RERED-AF II Subtotal India P IN: CBldg for Urban Development 1 60 P IN: UP Health Sys Strengthening Project P IN: North East Rural Livelihoods Project P IN: National Rural Livelihoods Project 1 1,000 P IN: WB Minor Irrigation Project P National Dairy Support Project P IN: Secondary Education Program P IN: Kerala RWSSP II P IN: Rajasthan ACP P IN: Assam Agr Comp AF 1 50 P Bihar Rural Livelihoods Project Add Fin Subtotal 10 2,733 Sri Lanka P LK: Transforming School Education P SL: E-Srilanka Development Project-AF 1 11 Subtotal Nepal P NP: Rani Jamara Kulariya Irrigation Proj 1 43 P NP:Community Actionfor Nutrition Project 1 40 P NP: Bridges Program Support 1 60 Subtotal Pakistan P PK:Tarbela 4th Extension Hydropower Proj P PK: Natural Gas Efficiency Project P PK: Social Safety Net Technical Asst. AF P PK: Punjab Education Sector II P PK:Punjab Irrigated Agriculture Producti Subtotal 3 1,290 Subtotal 25 5,288

22 Region Table A2.1: List of New Projects and Commitments in FY12 a/ (continued) Country Project ID Project Name Number of Projects Commitment Amount (US$m) ECA Armenia P AM-DPO P SIF3 ADD'L FIN Subtotal 1 61 Bosnia and Herzegovina P IRRIG DEVT 1 40 Subtotal 1 40 Georgia P GEORGIA DPO P SLRP II 0 40 P AF-EAST WEST HWY IMPRVMT Subtotal Kyrgyz Republic P AF - BISHKEK &OSH URBAN 1 16 P Economic Recovery Support Operation 1 30 P KG Financial Sector Development Project 1 13 Subtotal 3 59 Moldova P AG COMP 1 18 P HEALTH AF 1 10 P Quality Education in Rural Moldova AF 1 1 Subtotal 3 29 Tajikistan P AF ENERGY LOSS REDUCTION 1 18 P AF-MUNICIPAL INFRASTRUCTURE 1 12 P LAND REGIS & CADASTRE - AF 1 10 P PVT SECTR COMP 1 10 Subtotal 4 50 Subtotal MNA Djibouti P Strengthening Institutional Capacity and 1 6 P DJ Crisis Response-SSN project 1 5 P DJ-Power Access & Diversification AF II 1 5 P DJ-Rural CDD & Water Mobilization AF 1 3 Subtotal 4 19 Yemen, Republic of P RY-Labor Intensive Public Works Project 1 61 Subtotal 1 61 Subtotal 5 80 LCR LCR Regional P R (APL1A) Communication Infrastructure 1 25 Projects Subtotal 1 25 Bolivia P BO Agricultural Innovation and Services 1 39 P BO PICAR Comm. Investment in Rural Areas 1 40 Subtotal 2 79

23 Region Table A2.1: List of New Projects and Commitments in FY12 a/ (continued) Number Commitment Project of Country Project Name ID Amount Projects (US$m) Grenada P GD Safety Net Advancement 1 5 Subtotal 1 5 Honduras P HN Improving Public Sector Performance 1 18 P HN 1st Progr. Reduc. Vulner. Growth DPC 1 86 Subtotal Haiti P HT Education for All Project - Phase II 1 70 P HT Disaster Risk Mngmt & Reconstruction 1 60 P HT Relaunching Agriculture: RESEPAG II 1 40 Subtotal Nicaragua P NI Rural Roads Infrastructure Imp P I 2nd Support to the Education Sector 1 25 P NI (AF) Rural Telecom 1 5 Subtotal 3 65 Subtotal Total ,753 * Guarantee a/ commitments for regional projects reflect both national and regional components of these projects.

24 Table A2.2: Commitments by Region, Country, and Lending Instrument in FY12 Number of Projects Amount (US$ million) Region Country DPOs Investmenment Invest- PforR Total DPOs PforR Total Africa Regional Projects Burkina Faso Burundi Benin Central African Congo, Republic Cote d'ivoire Cameroon Cape Verde Ethiopia Ghana Gambia, The Guinea Kenya Liberia AFR Lesotho Madagascar Mali Malawi Mozambique Niger Nigeria , ,345 Rwanda Sierra Leone Senegal Sao Tome and Principe Chad Togo Tanzania Uganda Zambia Subtotal ,290 6, ,379 EAP Regional Projects Kiribati EAP Lao People's Democratic Rep Mongolia Solomon Islands Tonga Tuvalu Vietnam ,049 Samoa Subtotal ,197

25 Table A2.2: Commitments by Region, Country, and Lending Instrument in FY12 (continued) Number of Projects Amount (US$ million) Region Country DPOs Investmenment Invest- PforR Total DPOs PforR Total Afghanistan Bangladesh India , ,733 SAR Sri Lanka Nepal Pakistan , ,290 Subtotal , ,288 Armenia Bosnia and Herz Georgia ECA Kyrgyz Republic Moldova Tajikistan Subtotal Djibouti MNA Yemen, Republic Subtotal LCR Regional Projects Bolivia Grenada LCR Honduras Haiti Nicaragua Subtotal Total ,827 12, ,753 Memo Item: Total FY12 Commitments by Lending Instrument (percentage share) Number of Projects Amount (US$ million) Investmenment Invest- DPOs PforR Total DPOs PforR Total Percentage share 17.5% 81.9% 0.6% 100% 12.4% 87.2% 0.4% 100%

26 Table A2.3: Sectoral Composition of Commitments by Type of Lending Instrument in FY12 US$ million Percent Share * Development Policy Operations (DPOs) Agriculture % Education % Energy & mining % Finance % Health & social serv % Industry and trade % Info & communication 2 0.1% Public admin, Law % Transportation % Water/sanit/fld prot % Total 1, % Investment Operations Agriculture 1, % Education 1, % Energy & mining 1, % Finance % Health & social serv 1, % Industry and trade % Info & communication % Public admin, Law 2, % Transportation % Water/sanit/fld prot 1, % Total 12, % Programs for Results (PforR) Public admin, Law 3 5.0% Transportation % Total % Total Commitments Agriculture 1, % Education 1, % Energy & mining 2, % Finance % Health & social serv 1, % Industry and trade % Info & communication % Public admin, Law 3, % Transportation 1, % Water/sanit/fld prot 1, % Total 14, % * Percent shares are calculated within each of the lending instrument groups.

27 Table A2.4: Thematic Focus of Commitments by Type of Lending Instrument in FY12 US$ million Percent Share * Development Policy Operations (DPOs) Economic management % Envir & natural res % Fin & pvt sector dev % Human development % Public sector govern % Rule of law % Rural development 2 7.1% Social dev/gender % Social prot & risk % Trade & integration % Total 1, % Investment Operations Economic management % Envir & natural res 1, % Fin & pvt sector dev % Human development 2, % Public sector govern % Rule of law % Rural development 3, % Social dev/gender % Social prot & risk 1, % Trade & integration % Urban development 1, % Total 12, % Programs for Results (PforR) Fin & pvt sector dev % Human development % Rural development % Social dev/gender % Total % Total Commitments Economic management % Envir & natural res 1, % Fin & pvt sector dev 1, % Human development 2, % Public sector govern 1, % Rule of law % Rural development 3, % Social dev/gender % Social prot & risk 1, % Trade & integration % Urban development 1, % Total 14, % * Percent shares are calculated within each of the lending instrument groups.

28 Annex 3: Long-Term Trends in Commitments (FY03-FY12) Table A3.1: Commitments by Region and Type of Lending Instrument (US$ million) Region Lend. Instr. Type FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 Dev Pol Lend ,115 1, ,750 1,505 1,444 1,348 1,290 AFR Investment 2,933 3,261 2,773 3,420 4,827 3,907 6,336 5,735 5,656 6,089 Subtotal 3,722 4,186 3,888 4,747 5,759 5,656 7,841 7,179 7,004 7,379 Dev Pol Lend EAP Investment , ,325 1, Subtotal ,074 1,057 1,237 1,791 1,247 1,652 1,627 1,197 Dev Pol Lend ECA Investment Subtotal Dev Pol Lend LCR Investment Subtotal Dev Pol Lend MNA Investment Subtotal Dev Pol Lend , SAR Investment 1,468 2,612 2,077 1,681 2,770 2,121 3,462 4,332 6,375 5,228 PROG4RESLT Subtotal 2,083 2,982 2,897 2,566 4,032 2,756 4,148 4,645 6,400 5,288 Dev Pol Lend 1,831 1,698 2,331 2,425 2,645 2,672 2,820 2,370 2,032 1,827 -wide Investment 5,526 7,407 6,365 7,082 9,222 8,563 11,175 12,180 14,237 12,866 PROG4RESLT Total 7,358 9,105 8,696 9,506 11,867 11,235 13,995 14,550 16,269 14,753

29 Table A3.2: Sectoral Composition of Commitments (US$ million) FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 Agriculture, Fishing, and Forestry ,871 1,214 1,341 1,971 Social Sectors 2,402 2,406 2,197 1,968 3,466 2,156 3,646 4,192 3,251 3,364 Education 1,023 1, ,601 1,246 1,647 2,083 1,057 1,663 Health & social serv 1,379 1,246 1,312 1,026 1, ,999 2,110 2,193 1,701 Infrastructure 2,236 2,862 2,696 2,772 3,954 4,326 4,910 5,340 6,855 5,078 Energy & mining ,232 1,420 2,508 1,249 1,164 2,151 Info & communication Transportation 1,031 1,268 1,066 1,094 1,412 1,849 1,347 2,308 3,553 1,066 Water/sanit/fld prot ,164 1, ,703 1,724 1,798 Finance, and Industry and Trade ,160 1, ,147 1, Finance Industry and trade Law and Public Administration 1,370 2,260 2,174 2,757 2,738 2,876 2,627 2,656 3,706 3,347 Total 7,358 9,105 8,696 9,506 11,867 11,235 13,995 14,550 16,269 14,753 Table A3.3: Thematic Focus of Commitments (US$ million) FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 Economic management Envir & natural res ,071 1,568 Fin & pvt sector dev 931 1,700 1,396 1,763 1,671 1,658 2,519 2,144 2,417 1,430 Human development 1,519 1,502 1,636 1,399 2,565 1,600 2,739 2,852 1,964 2,289 Public sector govern 902 1,701 1,387 1,840 1,815 2,262 1,719 1,116 1,851 1,281 Rule of law Rural development ,507 1,333 1,722 1,654 3,184 2,603 3,020 3,521 Social dev/gender 700 1, Social prot & risk ,702 1,763 1,258 Trade & integration , Urban development ,074 1,023 1,736 1,995 1,967 Total 7,358 9,105 8,696 9,506 11,867 11,235 13,995 14,550 16,269 14,753

30 Annex 4: Portfolio by Region and Country at end-fy12 Region Country Number of Projects Net Commitment Amount (US$ million) Undisbursed Balance AFR Africa Regional Projects 42 4,772 3,402 Angola Benin Burkina Faso Burundi Cameroon Cape Verde Central African Republic Chad Comoros Congo, Dem. Republic 14 1, Congo, Republic of Cote d'ivoire Ethiopia 23 4,571 2,192 Gambia, The Ghana 21 1,596 1,191 Guinea Guinea-Bissau Kenya 18 2,912 2,110 Lesotho Liberia Madagascar Malawi Mali Mauritania Mozambique 18 1, Niger Nigeria 22 4,440 3,097 Rwanda Sao Tome and Principe Senegal Sierra Leone Tanzania 22 2,681 1,390 Togo Uganda 17 1,462 1,038 Zambia Subtotal ,120 21,175 EAP EAP Regional Projects Cambodia Indonesia Kiribati Lao People's Dem. Rep Mongolia Papua New Guinea Samoa

31 Annex 4: Portfolio by Region and Country at end-fy12 (continued) Region Country Number of Projects Net Commitment Amount (US$ million) Undisbursed Balance Solomon Islands Timor-Leste Tonga Vietnam 44 6,611 4,285 Subtotal 111 8,134 4,925 ECA Albania Armenia Azerbaijan Bosnia and Herzegovina Central Asia Georgia Kosovo Kyrgyz Republic Moldova Montenegro Serbia Tajikistan Uzbekistan Subtotal 83 2,438 1,358 LCR LCR Regional Projects Bolivia Grenada Guyana Haiti Honduras Nicaragua St. Lucia St. Vincent & the Grenadines Subtotal 64 1,716 1,028 MNA Djibouti Egypt, Arab Republic of Iraq Yemen, Republic of Subtotal 28 1, SAR SAR Regional Projects Afghanistan 20 1, Bangladesh 27 4,004 2,832 Bhutan India 37 10,168 6,986 Maldives Nepal 18 1, Pakistan 16 3,046 1,933 Sri Lanka 13 1, Subtotal ,881 13,676 Total ,569 43,041

32 Region Annex 5: Disbursements Table A5.1: Disbursements by Region, Country, and Lending Instrument in FY12 (US$ million) Country Development Policy Operations Investment Operations Total AFR Africa Regional Projects Angola Benin Burkina Faso Burundi Cameroon Cape Verde Central African Republic Chad Comoros Congo, Dem. Rep Congo, Republic of Cote d'ivoire Eritrea Ethiopia Gambia, The Ghana Guinea Guinea-Bissau Kenya Lesotho Liberia Madagascar Malawi Mali Mauritania Mozambique Niger Nigeria Rwanda Sao Tome and Principe Senegal Sierra Leone Tanzania Togo Uganda Zambia Subtotal 1,398 4,348 5,746 EAP EAP Regional Projects Cambodia Indonesia Kiribati Lao People's Dem. Rep Mongolia Papua New Guinea

33 Region Table A5.1: Disbursements by Region, Country, and Lending Instrument in FY12 (US$ million) (continued) Country Development Policy Operations Investment Operations Total EAP Samoa Timor-Leste Tonga Vietnam ,280.8 Subtotal 474 1,010 1,484 SAR South Asia Regional Projects Afghanistan Bangladesh Bhutan India 0.0 1, ,333.1 Maldives Nepal Pakistan Sri Lanka Subtotal 0 2,904 2,904 ECA ECA Regional Projects Albania Armenia Azerbaijan Bosnia and Herzegovina Georgia Kosovo Kyrgyz Republic Moldova Montenegro Serbia Tajikistan Uzbekistan Subtotal MNA Djibouti Egypt, Arab Republic of Iraq Yemen, Republic of Subtotal LCR LCR Regional Projects Bolivia Grenada Guyana Haiti Honduras Nicaragua St. Lucia St. Vincent & the Grenadines Subtotal Total 2,092 8,969 11,061