ALBERT ZEUFACK
Country Director
AFEVP, AECC2
26-Apr-2024
Date: _____________
H.E. Ginésio Valentim Afonso da Mata
Minister of Planning and Finance
Ministry of Planning and Finance
Sao Tome
Democratic Republic of São Tome e Principe
Re: IDA Grant E298-ST - (Coastal Resilience and Sustainable Tourism Project)
Additional Instructions: Disbursement and Financial Information Letter
Excellency:
I refer to the Financing Agreement between the Democratic Republic of Sao Tome and Principe
(“Recipient”) and the International Development Association (“Association”) for the above-referenced
Project. The General Conditions, as defined in the Financing Agreement, provide that the Recipient may
from time to time request withdrawals of Grant Financing amounts from the Grant Financing Account in
accordance with the Disbursement and Financial Information Letter (“DFIL”), and such additional
instructions as the Association may specify from time to time by notice to the Recipient. The General
Conditions also provide that the Disbursement and Financial Information Letter may set out Project specific
financial reporting requirements. This letter constitutes such Disbursement and Financial Information Letter
and may be revised from time to time.
I. Disbursement Arrangements, Withdrawal of Grant Financing Funds, and Reporting of Uses
of Grant Financing Funds
The Disbursement Guidelines for Investment Project Financing, dated February 2017
(“Disbursement Guidelines”), are available on the Association’s public website at
https://www.worldbank.org and its secure website “Client Connection” at
https://clientconnection.worldbank.org. The Disbursement Guidelines are an integral part of the DFIL, and
the manner in which the provisions in the Disbursement Guidelines apply to the Grant Financing is specified
below.
(i) Disbursement Arrangements
General Provisions (Schedule 1). The table in Schedule 1 sets out the disbursement methods which
may be used by the Recipient, and conditions, information on registration of authorized signatories,
processing of Withdrawal Applications (including the minimum value of applications and processing
of advances), instructions on supporting documentation, and frequency of reporting on the Designated
Account(s).
Special Provision. Projects in situations of urgent need of assistance or capacity constraints:
Disbursements under contracts for goods, works, non-consulting services, and consulting services
procured or selected through international open or limited competition or Direct Selection, as set out in
the procurement plan for the project, must be made only through Direct Payment and/or Special
Commitment disbursement methods.
2
(ii) Withdrawal Applications (Electronic Delivery) 1
The Recipient shall deliver Withdrawal Applications (with supporting documents, “Applications”)
electronically through the Association’s web-based portal “Client Connection” at
https://clientconnection.worldbank.org. This option will be effective after the officials designated in writing
by the Recipient, who are authorized to sign and deliver Applications, have registered as users of “Client
Connection.” The designated officials shall deliver Applications electronically by completing Form 2380,
which is accessible through “Client Connection.” By signing the Authorized Signatory Letter, which can
be delivered manually or electronically, the Recipient confirms that it is authorizing such persons to accept
Secure Identification Credentials (SIDC) and to deliver the Applications and supporting documents to the
Association by these means. The Recipient may exercise the option of preparing and delivering
Applications in paper form on exceptional cases (including those where the Recipient encounters legal
limitations) and which were previously agreed with the Association. By designating officials to use SIDC
and deliver the Applications electronically, the Recipient confirms through the Authorized Signatory Letter
its agreement to (a) abide by the Terms and Conditions of Use of Secure Identification Credentials in
connection with the Use of Electronic Means to Process Applications and Supporting Documentation,
available in the Association's public website at https://www.worldbank.org and “Client Connection” at
https://clientconnection.worldbank.org; and (b) to cause such officials to abide by those terms and
conditions.
II. Financial Reports and Audits 2
(i) Financial Reports
The Recipient shall through AFAP prepare and furnish to the Association not later than forty-five
(45) days after the end of each calendar quarter interim unaudited financial reports (“IFRs”) for the Project
covering the quarter.
Audits
Each audit of the Financial Statements shall cover the period of one (1) fiscal year of the Recipient,
commencing with the fiscal year in which the first withdrawal was made. The audited Financial Statements
for each such period shall be furnished to the Association by the Recipient through AFAP not later than six
(6) months after the end of such period.
III. Other Important Information
For additional information on disbursement arrangements, please refer to the Loan Handbook
available on the Association’s public website at https://www.worldbank.org and “Client Connection” at
https://clientconnection.worldbank.org, the Bank recommends that you register as a user of “Client
Connection.” From this website, you will be able to prepare and deliver Authorized Signatory Letters and
Withdrawal Applications, monitor the near real-time status of the financing and retrieve related policy,
financial, and procurement information. For more information about the website and registration
1
Section 10.01 (c) of the General Conditions
2
Section 5.09 of the General Conditions
3
arrangements, or if you have any queries in relation to the above, please contact the Association by email
at askloans@worldbank.org using the above reference.
Yours sincerely,
____________________________
Albert G. Zeufack
Country Director for Angola, Burundi, D.R. Congo and Sao Tome and Principe
Africa Region
Attachments
1. Form of Authorized Signatory Letter
2. Interim unaudited Financial Report (IFR)
With copies: General Director
Agência Fiduciária de Administração de Projectos
Prédio da Afriland First Bank – 2 º Andar
Avenida Kwame Nkrumah
CP 1029 São Tomé
São Tomé e Príncipe
4
Schedule 1: Disbursement Provisions
Basic Information
Country Democratic Republic of São Tome e
Section III.B.2 of Schedule 2 to the
Principe Closing Date
IDA Grant Financing Agreement.
E298-ST Recipient Ministry of Planning and Finance
No. Coastal Resilience and Disbursement Four (4) months after the closing
Name of the Project Deadline Date
Sustainable Tourism Project date
Disbursement Methods and Supporting Documentation
Disbursement Methods Methods Supporting Documentation
Direct Payment Yes Copy of records (e.g., invoices and receipts)
Reimbursement Yes Interim unaudited Financial Report (IFR) in the format provided in Attachment 2 of the DFIL
Advance (into a Designated
Yes Interim unaudited Financial Report (IFR) in the format provided in Attachment 2 of the DFIL
Account)
Special Commitments Yes Copy of Letter of Credit (including pro forma invoice(s), if cited in the Letter of Credit)
Designated Account
Type Segregated Account Ceiling Variable
Financial Institution - DA-AA To be established at a financial institution acceptable to
Currency EUR
Name the Association
6 months forecast as included in the
Frequency of Reporting At least Quarterly Amount
Interim Financial Report
Minimum Value of Applications (subsection 3.5)
The minimum value of applications for Reimbursement, Direct Payment and Special Commitment is USD $10,000.00[equivalent].
Authorized Signatures
Withdrawal and Documentation Applications
The form for Authorized Signatories Letter is provided in Attachment 1 of this letter
The form for Authorized Signatory Letter is provided in Attachment 1 of this letter.
The ASL and all Withdrawal Applications with their supporting documentation will be submitted electronically via the Association’s “Client Connection”
system.
Applications for this Financing will be signed by the officials authorized to sign Applications as indicated in your letter of March 24th, 2021, signed by the
Minister of Planning and Finance, H.E. Osvaldo Tavares dos Santos Vaz, and as amended in your letter of March 09, 2023, signed by the
Minister of Planning and Finance, H.E. Ginésio Valentim Afonso da Mata
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Additional Information
Eligible expenditure of the table under Schedule 2 Section III. A (“Withdrawal Table”) of the Grant Agreement, payments to UN Agencies (if any) may
be made through UN Advances (with or without a UN Commitment) disbursement mechanism. In case of a contract with a UN Agency requiring a UN
Commitment, an application for issuance of UN Commitment is to be submitted by the Borrower. Subsequent payments and documentation of
expenditures under the contract must be made in accordance with the Commitment letter to be issued by the Association and the contract between the
Borrower and the UN agency. In case of a UN Advance (without UN Commitment), documentation of expenditure should be made once the final invoice
is issued and based on the UN Financial Report.
Other
DA-AA will be handled by AFAP, and funds may be transferred to a local currency account open at a financial institution acceptable to the Association for
implementation purposes.
** Sections and subsections indicated relate to the Disbursement Guidelines for Investment Project Financing dated February 2017.
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[Attachment 1 – Form of Authorized Signatory Letter]
[Letterhead]
Ministry of Finance
[Street address]
[City] [Country]
[DATE]
International Development Association
1818 H Street, N.W.
Washington, D.C. 20433
United States of America
Attention: [Country Director] 3
Dear [Country Director]:
Re: IDA Grant E298-ST - (Coastal Resilience and Sustainable Tourism Project)
I refer to the [Credit] [Grant] Agreement (“Agreement”) between the International Development
Association (“Association”) [, acting as implementing of the] 4 and [name of recipient] (“Recipient”),
providing the above [Credit] [Grant]. For the purposes of Section 2.03 of the General Conditions as defined
in the Agreement, any 5[one] of the persons whose authenticated specimen signatures appear below is
authorized on behalf of the Recipient to sign Withdrawal Applications (“Application”) [and applications
for a special commitment] under this [Credit] [Grant].
For the purpose of delivering Applications to the Association, including by electronic means,
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[each] of the persons whose authenticated specimen signatures appears below is authorized on behalf of
the Recipient, acting 7[individually] 8[jointly], to deliver Applications and evidence in support thereof on
the terms and conditions specified by the Association.
This confirms that the Recipient is authorizing such persons to accept Secure Identification
Credentials (SIDC) and to deliver the Applications and supporting documents to the Association by
3
Instruction to Association staff: please forward this letter to the Country Lawyer for further processing (Recipient:
please do not delete this note).
4
Instruction to the Recipient: add text in line with the Grant Agreement if applicable, if not applicable delete it. Please
delete this footnote in the final letter that is sent to the Associations.
5
Instruction to the Recipient: stipulate if more than one person needs to sign Applications, and how many or which
positions, and if any thresholds apply. Please delete this footnote in the final letter that is sent to the Association.
6
Instruction to the Recipient: stipulate if more than one person needs to jointly sign Applications, if so, please indicate
the actual number. Please delete this footnote in the final letter that is sent to the Association.
7
Instruction to the Recipient: use this bracket if any one of the authorized persons may sign; if this is not applicable,
please delete it. Please delete this footnote in the final letter that is sent to the Association.
8
Instruction to the Recipient: use this bracket only if several individuals must jointly sign each Application; if this is
not applicable, please delete it. Please delete this footnote in the final letter that is sent to the Association.
7
electronic means. In full recognition that the Association shall rely upon such representations and
warranties, including without limitation, the representations and warranties contained in the Terms and
Conditions of Use of Secure Identification Credentials in connection with Use of Electronic Means to
Process Applications and Supporting Documentation (“Terms and Conditions of Use of SIDC”), the
Recipient represents and warrants to the Association that it will cause such persons to abide by those terms
and conditions.
This Authorization replaces and supersedes any Authorization currently in the Association records
with respect to this Agreement.
[Name], [position] Specimen Signature: ____________________
[Name], [position] Specimen Signature: ____________________
[Name], [position] Specimen Signature: ____________________
Yours truly,
/ signed /
______________
[Position]9
9
Instruction to Association staff: please forward this letter to the Country Lawyer for further processing (Borrower:
please do not delete this note).
8
Attachment 2 - Interim unaudited Financial Statements
STP COASTAL AREAS RESILIENCE AND SUSTAINABLE TOURISM PROJECT
IDA Grant:
Interim Unaudited Financial Report (IFR)
First the quarter ended ……….
1 Notes to the IFR-Discussion on Financial performance, Notes and Explanations
2 Statement of Sources and Uses of Fund
3 Use of Funds by Components
4 Designated Account Activity Statement
5 Payments Made during Reporting Period Against Contracts Subject to the Bank's
Prior Review
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TABLE 1
STP COASTAL AREAS RESILIENCE AND SUSTAINABLE TOURISM PROJECT
SOURCES AND USES OF FUNDS STATEMENT
IDA Grant Number___________________STP
From To
PART I Quarter Cumulative
Opening Cash Balances
- Cash on hand
- IDA Designated Account
- Local Currency bank account
- Total opening cash
Add: Sources of Funds
IDA - advance to Designated Account
- IDA - Direct Payments
Total Financing
Cash available
Less: Uses of Funds by Categories
(1) Enabling environment for trade, finance, and investment
(2) Catalytic investments in productive infrastructure
(3) Strengthening firm capabilities and access to finance
(4) Project Management and M&E
Total Expenditures
Cash Available Less Expenditures
Foreign Exchange difference
Net Cash available IDA Grant
Closing Cash balances
Cash on hand
IDA Designated AccountTotal
Local Currency bank account
Total Closing Cash balances
São Tomé and Príncipe, ___________________ 20____
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Table 2
STP COASTAL AREAS RESILIENCE AND SUSTAINABLE TOURISM PROJECT
World Bank - IDA Grant Number…............
Uses of Funds by Components
For the Quarter ended…............
From To
Quarter Cumulative
Componente / Actividades Cash Forcast
Planned Actual Variance Planned Actual Variance
(1) Enabling environment for trade, finance, and
investment
-
-
-
-
(2) Catalytic investments in productive infrastructure
-
-
-
-
(3) Strengthening firm capabilities and access to
finance
-
-
-
-
(4) Project Management and M&E
-
-
-
-
Total Projects Expenditures
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Table 3
Democratic Republic of São Tomé and Príncipe
STP COASTAL AREAS RESILIENCE AND SUSTAINABLE TOURISM PROJECT
Projectxxxxxxxxxxxxxxxxxxxxxxxx
Project IDA Grant Number:
Bank: Bank Account Number:
PART I Quarter
1- Cumulative advances to end of current reporting period
2 - Cumulative expenditures to end of last reporting period
3 - Outstanding advance to be accounted (line 1 minus line 2)
PART II Quarter
4 - Opening DA balance at beginning of reporting periods Total provincial sub-accounts balances
5 - Add/Subtract: Cumulative adjustments (if any)
6 - Advances from World Bank during reporting period
7 - Add line 5 and line 6
8 - Outstanding advances to be accounted for (add line 4 and 7)
9 - Closing SA balances at end of current reporting period Total provincial sub-accounts balances
(Please see anex A)
10 - Add/Subtract: Cumulative adjustments (if any)
11 - Expenditures for the reporting period
12 - Add line
10 and line 11
13 - Add line 9 and line 12
14 - Difference (if any) (line 8 minus line 13)
PART III Quarter
15A - Total forecast amount to be paid by World Bank
15B - WA n.º submitted but not yet received from the World Bank
15C - Estimated total amount adjusted to be paid by the World Bank (line 15A minus line 15B)
16 - Less closing DA balance after adjustments
Total provincial sub-accounts balances (Please see anex A)
17 - Direct Payments/SC payments
18 - Add line 16 and 17
19 - Cash requeriments from World Bank for next two reporting periods (line 15C minus 18)
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Table 4
STP COASTAL AREAS RESILIENCE AND SUSTAINABLE TOURISM PROJECT
IDA Grant NUMBER: ………………………..
Payments made for the period mentioned above against Contracts Subject to the Bank’s Prior Review
WB’s Share of
Date of WB’s Amount Paid
Contract Contract Amt Paid to
Supplier Contract Date Non Objection to Supplier
Number Amount Supplier during
to Contract during Period
Period