Supporting Egypt Education Reform Project Financial Audit from July 1, 2022 to June 30, 2023 8 Financial Audit of the Supporting Egypt Education Reform (SEER) Project Loan Number 8852-EG Implemented by Ministry of Education and Technical Education (MOETE) Financed through International Bank for Re-construction and Development (IBRD) Fund Accountability Statement - Total Project Eligible Expenditures For the period from July 1, 2022 to June 30, 2023 Total Budget Actual Expenditures Questioned Costs Description Finding No. Total Project EGY Cost IBRD Prior Periods Current Period IBRD Finance Total Eligible Exp. Share Finance From Inception From1/7/2022 Ineligible Unsupported as of 30/6/2023 % to 30/6/2022 to 30/6/2023 IBRD/Egypt Fund Received Funds Received $272,346,715 $8,552,844 $280,899,559 Front End Fee 1,250,000 0 1,250,000 Interest 0 0 0 Total Funds Received $273,596,715 $8,552,844 $282,149,559 Cash Outflow Elements Component 1 $400,000,000 $80,000,000 $320,000,000 20% $518,645,615 $96,223,261 $614,868,876 Component 2 350,000,000 120,000,000 230,000,000 34% 291,602,845 $55,302,247 $346,905,091 Component 3 330,000,000 110,000,000 220,000,000 33% 185,691,760 $34,166,329 $219,858,089 Component 4 900,000,000 170,000,000 730,000,000 19% 427,677,281 $68,603,195 $496,280,476 Component 5 18,750,000 18,750,000 0 100% 898,678 $493,792 $1,392,470 Front End Fee 1,250,000 1,250,000 0 100% 1,250,000 $1,250,000 Total Cash Outflow $2,000,000,000 $500,000,000 $1,500,000,000 25% $1,425,766,178 $254,788,824 $1,680,555,002 $0 $0 * The accompanying notes are integral part of the Fund Accountability Statement . Bakertilly for Financial and Management Services S.A.E Bakertilly for Financial & Management Services is a member of the global network of Baker Tilly International Ltd. Baker Tilly International and the member firms are not a worldwide partnership the members of which are separate and independent legal entities Supporting Egypt Education Reform Project Financial Audit from July 1, 2022 to June 30, 2023 10 Notes to the Financial Statements Note 1- Scope of statements: The Financial Statements are the representation and the responsibility of MOETE/SEER's management. The financial statements are compromised of two statements as follows: - Fund Accountability Statement - Total Project Eligible Expenditures The “Budget” columns for US$ Millions 2,000 represent the total budget amounts approved for entire project amounts according under Loan Number 8852-EG as of June 30, 2023 including IBRD budgeted finance of US$ Millions 500 as well as Government of Egypt budgeted finance of US$ Millions 1,500. The main budget categories are presented for reporting purposes only. The “Actual Expenditures” columns identify the total eligible costs incurred by the project cumulatively and by two different audited periods. The “From Inception to 30/6/2022” column presents the project eligible costs incurred during the previous audit periods The “From 01/07/2022 to 30/6/2023” column presents the project costs incurred during the period under this audit. The “As of 30/6/2023” column presents the cumulative project eligible costs incurred up to June 30, 2023. These columns are presented for reporting purposes only. The “Questioned Costs” columns represent audit results and are included in the financial statements for presentation purposes only. Fund Accountability Statement - IBRD Financed Eligible Expenditures The “Budget” columns identify the total budget amounts approved for entire project according under Loan Number 8852-EG as of June 30, 2023 and by two different categories. The “IBRD finance” column represents the approved budget for finance by IBRD share “The Loan” in total project budget against Disbursement Link Indicators (DLIs) in the amount of 500 US$ Millions. The “EGY finance” column represents the approved budget for finance by Government of Egypt share in total project costs in the amount of 1,500 US$ Millions. The main budget categories are presented for reporting purposes only. The “Actual Expenditures” columns identify the portion of total project eligible costs incurred by the project for achieved Completed Disbursement Link Indicators (DLIs) and financed by IBRD Loan cumulatively and by two different audited periods. The “From Inception to 30/6/2022” column presents the IBRD finance for costs incurred against DLIs achieved during the previous audit periods. The “From 01/07/2022 to 30/6/2023” column presents the IBRD finance for costs incurred against DLIs achieved during the period under this audit. The “As of 30/6/2023” column presents the cumulative IBRD finance for costs incurred against DLIs (Except component 5 not against DLIs) achieved up to June 30, 2023. These columns are presented for reporting purposes only. Bakertilly for Financial and Management Services S.A.E Bakertilly for Financial & Management Services is a member of the global network of Baker Tilly International Ltd. Baker Tilly International and the member firms are not a worldwide partnership the members of which are separate and independent legal entities