AFRICA Nigeria Finance & Markets Global Practice IBRD/IDA Adaptable Program Loan FY 2011 Seq No: 11 ARCHIVED on 03-Jan-2017 ISR25243 Implementing Agencies: Ministry of Finance Key Dates Key Project Dates Bank Approval Date:17-Mar-2011 Planned Mid Term Review Date:21-Oct-2015 Original Closing Date:29-Dec-2017 Project Development Objectives Effectiveness Date:15-Dec-2011 Actual Mid-Term Review Date:11-Dec-2015 Revised Closing Date:29-Dec-2017 Project Development Objective (from Project Appraisal Document) The overall development objective (PDO) for this APL Program is to increase private investment in the Nigeria PPP infrastructure market and specifically the core infrastructure sectors. The development objective for Phase I is to establish effective institutionaland technical mechanisms and instruments for origination and development of PPP projects. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name 1. Capacity Building and Legal/Regulatory Reform:(Cost $4.15 M) 2. PPP Preparation and Transaction Advisory Support:(Cost $9.00 M) 3. Project Implementation and Monitoring and Evaluation:(Cost $1.38 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Unsatisfactory Moderately Satisfactory Overall Implementation Progress (IP) Unsatisfactory Moderately Satisfactory Overall Risk Rating High High 1/3/2017 Page 1 of 5
Implementation Status and Key Decisions In June 2016, the World Bank received a request from the Federal Ministry of Finance to cancel US$85 million from the project funding and to use the balance of the funding for transaction advisory services, capacity building for PPPs and related issues. The cancellation was completed in November 2016. As of December 2016, the undisbursed balance is $0.4 million. The Project is now focusing on three PPP transactions, already supported by the Project: Kiri Kiri Lighter Terminal II (KLT II), Onitsha River Port and the 33 silo complexes. The project focus is on ensuring that these three PPP transactions are completed by the closing date of the project, in December 2017. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Substantial Substantial Macroeconomic -- High High Sector Strategies and Policies -- High High Technical Design of Project or Program -- High High Institutional Capacity for Implementation and Sustainability -- High High Fiduciary -- Substantial Substantial Environment and Social -- Substantial Substantial Stakeholders -- Substantial Substantial Other -- -- -- Overall -- High High Results Project Development Objective Indicators PHINDPDOTBL One transaction meets commercial closure (revised indicator post restructuring) (Number, Custom) Value 0.00 0.00 0.00 1.00 1/3/2017 Page 2 of 5
PHINDIRITBL PHINDIRITBL Out of the three remaining transactions in the project, two transactions have recently resumed (KLT II and Onitsha River Port). The FMOF PPP Unit is confident that these transactions can be completed by project closing date. The FMOF PPP Unit is also working on resolving the stumbling block for the concession of the silo complexes, after strong progress in early 2016. Overall Intermediate Results Indicators Establishment of PPP ProjectTeams/Units in each of the Sponsoring Ministries to effectively manage PPP development work in line with approved Long-List Pipeline (Number, Custom) Value 0.00 2.00 3.00 2.00 For the three ongoing transactions, Project Delivery Teams (PDT) have been constituted and are driving the PPP process at the technical level. Presidential approval of detailed PPP regulations and evidence of the active application of these regulations to the PPP business activities (Yes/No, Custom) Value N N N Y No regulation approved. However, following a meeting in July 2016 between the Federal Ministry of Finance and the Infrastructure Concession Regulatory Commission (ICRC), a modus operandi has been agreed upon. Following this meeting, the ICRC issued Certificate of Compliance for 2 transactions (KLT II and Onitsha River Port), which is allowing the transactions to proceed. 1/3/2017 Page 3 of 5
PHINDIRITBL Completion of up to 4 Outline Business Case (OBC) proposals and related safeguards assessments submitted to Minister of Finance for clearance in line with National PPP Policy Guidelines (revised indic (Number, Custom) Value 0.00 3.00 4.00 4.00 4 OBC (Outline Business Case) have been completed: (i) Kuje Water Supply, Abuja, Federal Capital Territory, FCT (but FCT decided not to move forward with this transaction), (ii) Kiri Kiri Lighter Terminal, (iii) Onitsha River Port and (iv) silo complexes. The project has also completed 3 FBC (Full Business Case) for (i) Kiri Kiri Lighter Terminal, (ii) Onitsha River Port and (iii) silo complexes. The related safeguards instruments for Kiri Kiri Lighter Terminal, Onitsha River Port and silo complexes are being procured. Overall Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P115386 IDA-48810 Effective XDR 73.70 12.37 61.33 12.07 0.30 98% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P115386 IDA-48810 Effective 17-Mar-2011 25-Sep-2011 15-Dec-2011 29-Dec-2017 29-Dec-2017 Cumulative Disbursements 1/3/2017 Page 4 of 5
Restructuring History Level 2 Approved on 25-Aug-2016 Related Project(s) There are no related projects. 1/3/2017 Page 5 of 5