The World Bank Valorization of Investments in the Valley of the Logone (P168772) REPORT NO.: RES55549 DOCUMENT OF THE WORLD BANK RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF VALORIZATION OF INVESTMENTS IN THE VALLEY OF THE LOGONE APPROVED ON NOVEMBER 30, 2021 TO REPUBLIC OF CAMEROON WATER WESTERN AND CENTRAL AFRICA Regional Vice President: Ousmane Diagana Country Director: Elisabeth Huybens Regional Director: Simeon Kacou Ehui Practice Manager/Manager: Yitbarek Tessema Mammo Task Team Leader(s): Thierry Davy, Guyslain Kayembe Ngeleza, Jose Jorge Trevino Paredes The World Bank Valorization of Investments in the Valley of the Logone (P168772) I. BASIC DATA Product Information Project ID Financing Instrument P168772 Investment Project Financing Original EA Category Current EA Category Full Assessment (A) Full Assessment (A) Approval Date Current Closing Date 30-Nov-2021 30-Jun-2029 Organizations Borrower Responsible Agency Ministry of Agriculture and Rural Development Republic of Cameroon (MINADER),Société d’Expansion et Modernisation de la Riziculture de Yagoua (SEMRY) Project Development Objective (PDO) Original PDO To improve irrigation and drainage services and agricultural production in the irrigated areas of the Logone Valley Summary Status of Financing (US$, Millions) Net Ln/Cr/Tf Approval Signing Effectiveness Closing Commitment Disbursed Undisbursed IDA-70030 30-Nov-2021 26-Oct-2022 28-Nov-2022 30-Jun-2029 200.00 4.00 184.97 Policy Waiver(s) Does this restructuring trigger the need for any policy waiver(s)? No The World Bank Valorization of Investments in the Valley of the Logone (P168772) II. SUMMARY OF PROJECT STATUS AND PROPOSED CHANGES The project (loan) has been signed on October 26, 2022 and is effective since November 28, 2022 and is starting the planned activities, including the contracting process for works related to the rehabilitation of irrigation perimeters. The project had a Project Preparation Advance (PPA) signed 2020 for the execution of activities related to the preparation and different expenses were incurred. The PPA was signed for an amount of 5.737.200 USD. At the signature of the loan on October 26, 2022 the amount disbursed in the PPA in USD was 5.645.696,45. The Financing Agreement was signed in euro provided for the Refund of Preparation Advance an amount of 5 million euro (Category 8 of USD the FA). However due to the exchange rate fluctuation, the PPA expenses have disbursed an amount of 5. 193.831,84 euro at the date of the signature of the loan. This why we must propose a restructuring in order to increase Category 8 funds and thus be able to make the Refund of PPA effective. We have foreseen this by reducing Category 1, which goes from an amount of 24.4 million euro to an amount of 24 million euro. This adjustment does not jeopardize the achievement of the project objectives. III. DETAILED CHANGES REALLOCATION BETWEEN DISBURSEMENT CATEGORIES Current Current Actuals + Proposed Disbursement % Ln/Cr/TF Expenditure Allocation Committed Allocation (Type Total) Category Current Proposed IDA-70030- G,W,N/CS,T,OC 001 P1.1,1.2ii,1.3,ref 24,400,000.00 0.00 24,000,000.00 100.00 100.00 Currency: FA EUR Works P 1.2 of 122,300,000.00 0.00 122,300,000.00 100.00 100.00 the Project E-vouchers P 2.1 7,300,000.00 0.00 7,300,000.00 100.00 100.00 of the Project Matching grants 4,500,000.00 0.00 4,500,000.00 100.00 100.00 P2.2 (a) Sub-grants P 3.2 4,200,000.00 0.00 4,200,000.00 100.00 100.00 (a) G,N/CS,PBCs OC,T for PBCs P 5,200,000.00 0.00 5,200,000.00 100.00 100.00 3.1 The World Bank Valorization of Investments in the Valley of the Logone (P168772) Emergency exp 0.00 0.00 0.00 Part 4 Refund of PPA 5,000,000.00 0.00 5,400,000.00 Total 172,900,000.00 0.00 172,900,000.00