OSHC "BARQI TOJIK" NUREK HYDROPOWER REHABILITATION PROJECT, PHASE I IDA CREDIT NUMBER 6024-TJ, IDA CREDIT NUMBER 6025-TJ, IDA GRANT NUMBER D179-TJ, LOAN AIIB C1470, EADB INVESTMENT LOAN No7 SPECIAL PURPOSE FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT For the year ended 31 December 2021 DUSHANBE August 2022 NUREK HYDROPOWER REHABILITATION PROJECT, PHASE I IDA CREDIT NUMBER 6024-TJ, IDA CREDIT NUMBER 6025-TJ, IDA GRANT NUMBER D179- TJ, LOAN AIIB C1470, EADB INVESTMENT LOAN No7 TABLE OF CONTENTS Page STATEMENT OF MANAGEMENT'S RESPONSIBILITIES FOR THE PREPARATION OF THE SPECIAL PURPOSE FINANCIAL STATEMENTS 3 INDEPENDENT AUDITOR'S REPORT 4-5 SPECIAL PURPOSE FINANCIAL STATEMENTS For the year ended 31 December 2021 Statement of cash receipts and payments 6 Statement of expenditures per components 7 Notes to the special purpose financial statements 8-16 2 STATEMENT OF MANAGEMENT'S RESPONSIBILITIES FOR THE PREPARATION OF THE SPECIAL PURPOSE FINANCIAL STATEMENTS The management of the Project Realization Group under OSHC "Barqi Tojik" ("PRG BT") is responsible for the preparation of the special purpose financial statements for the year ended 31 December 2021 of "Nurek Hydropower Rehabilitation Project, Phase I" ("Project") financed by Financing Agreement: IDA Credit Number 6024-TJ, IDA Credit Number 6025-TJ and IDA Grant Number D179-TJ dated 2 June 2017, Loan AIIB C1470 dated 1 August 2017, and EaDB Investment loan No7 dated 4 July 2019, in accordance with the International Public Sector Accounting Standard, Financial Reporting under the Cash Basis of Accounting, ("IPSAS-Cash Basis") issued by the International Public Sector Accounting Standards Board ("IPSASB") and the World Bank's Financial Management Sector Board's "Guidelines: Annual Financial Reporting and Auditing for World Bank Financed Activities" ("WB Guidelines"). In preparing the special purpose financial statements, PRG BT's management is responsible for: *Property selecting and applying accounting policies; *Presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; *Providing additional required disclosures for the year ended 31 December 2021. PRG BT's Management is also responsible for: * Designing, implementing and maintaining an effective and sound system of internal controls, throughout the Project; * Maintaining adequate accounting records that are sufficient to show and explain the Project's transactions, and which enable them to ensure that the special purpose financial statements comply with IPSAS - Cash Basis and the WB Guidelines; * Taking such steps that are reasonably available to them to safeguard the assets of the Project and to affirm that funds received have been used in accordance with the Financing Agreement IDA CREDIT NUMBER 6024-TJ, IDA CREDIT NUMBER 6025-TJ, IDA GRANT NUMBER D179-TJ, LOAN AIIB C1470, EADB INVESTMENT LOAN N07, and World Bank related guidelines, with due attention to economy and efficiency, and only for the purposes for which the financing was provided; * Maintaining supporting documents, records and accounts to support claims for reimbursement of expenditures incurred; * Procuring Goods and Services financed in accordance with the Financing Agreement and provisions of the World Bank Procurement Guidelines; and * Preventing and detecting fraud and other errors. The special purpse financial statements for the year ended 31 December 2021 were signed on 23 August 2022tbhe PRG BT'sManagement. On be f the PRG BT's a nt: Agzoia M. stmukhamedov A. Hab!ov U. Maxudov D Chair an, BT Chief Accountant, BT Head of PRG BT Chief Ac untant, PRG BT 3 INDEPENDENT AUDITOR'S REPORT To the management of the OSHC "Barqi Tojik" ("BT") Opinion We have audited the special purpose financial statements of "Nurek Hydropower Rehabilitation Project, Phase I" ("Project") financed by Financing Agreement dated 2 June 2017 on IDA Credit Number 6024-TJ, IDA Credit Number 6025-TJ and IDA Grant Number D179-TJ, and Loan AlIB C1470 and EaDB Investment loan No7, which comprise the statement of cash proceeds and disbursements, and the statement of uses of funds by project components for the year ended 31 December 2021, and notes to the special purpose financial statements, including a summary of significant accounting policies ("special purpose financial statements"). In our opinion, the accompanying special purpose financial statements for the year ended 31 December 2021 are prepared, in all material resect, with International Public Sector Accounting Standard: Financial Reporting Under the Cash Basis of Accounting, ("IPSAS- Cash Basis") and World Bank's Financial Management Sector Board's "Guidelines: Annual Financial Reporting and Auditing for World Bank Financed Activities" ("WB Guidelines"). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing ("ISAs") as issued by International Auditing and Assurance Standards Board ("IAASB"). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Project and of the BT in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants ("IESBA Code"), and we have fulfilled out other ethical requirements in accordance with IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of Matter- Cash Oasis of Accounting Without modifying our opinion, we draw attention to Note 2 to the special purpose financial statements, which describes that financial statements are prepared in accordance with cash basis framework, as a result, they may not be suitable for another purposes. Responsibilities of the Management for the Financial Statements Management of the PRG BT is responsible for the preparation of the special purpose financial statements in accordance with IPSAS-Cash Basis issued by the International Public Sector Accounting Standards Board ("IPSASB") and World Bank's Financial Management Sector Board's "Guidelines: Annual Financial Reporting and Auditing for World Bank Financed Activities" ("WB Guidelines"), and for such internal control as management determines is necessary to enable the preparation of special purpose financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility for the Audit of the Special Purpose Financial Statements Our objectives are to obtain reasonable assurance about whether the special purpose financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is high level of assurance, but is not a guaranty that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements arise from fraud and error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these special purpose financial statements. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: * Identify and assess the risks of material misstatement of the special purpose financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. We communicate with management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on Other Legal Requirements To comply with the terms of the Financing Agreement, the BT management shall insure that: 1. funds have been used in accordance with the conditions of the Financing Agreement concluded between the International Development Association ("IDA") and the Republic of Tajikistan, and World Bank related guidelines, with due attention to economy and efficiency, and only for the purposes for which the financing was provided; 2. supporting documents, records and accounts have been maintained to support claims for reimbursement of expenditures incurred. Expenditures included in the withdrawal applications and reimbursed against are eligible for financing under the Financing Agreement. Interim Unaudited Financial Statements ("IFSs") issued by PRG BT during the year ended 31 Dec 2021 are in agreement with the underlying books of account; 3. Goods and Services financed have been procured in accordance with the Financing Agreement and provisions of the World Bank Procurement Guidelines. In our opinion, the BT management has complied with the above requirements for the year ended 31 December 2021. "BDO Armenia" CJSC 23 August 2022 Gnel Khachatryan, FCCA Engagement Partner IBDO � � � Р О t� �•t N ст M1 в и дц �- N o d и N cw N o�o rn W � И N�О� N т и 4 ш а9 �у. � ю � fT О и м и � N aCf в в г � �� N�,., .ио N О Г� W й С�7 О fV О r й +о ю и h � У м и iм й °а° м и ю � и о '� '� г � ; v м i � °о • о`tв т н � оа оо о • �� v Й � � � м tл а� .а т �� � .о v� � � р � N � и т м м С� 'ьt рр Н � N ч� '�г!' б д�й! � м� д �р Р О б1 ; С N f V � О+ м д N V' О д' Е � � е'1 М � :� } в R а+ е 7 � л > � .а в v лr а. аа r. е м � � � Q �'�`м oи.nM1i � rnй воо м� � у у м iл с� �t �t N „р Р.�� рр о й� и ,� ю� � у N � N Fь� ��es м � f� � V� С� с0 � � U Ё q о °� °� а ; � юю и � и�� Р �и � Р°� . 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'с с ,� �.� . _ �.. - �Е" р с 'С7 = �+ fй f4 а ч., � у'�- V н Е� а ю� v� J qn � а т. N О 3` � т Сц г. � � и v v � т> �' йз w v с к� � � �.. '- ,'"л, N - � i а � аэ � г й � v � � с . � ` � °л а ° ° о ��+ � z • �а � ai о �V � ��о � �ии� �� ==и ^ �xw3u� F © � � е а и °." '... in t м� �� О : О� О й а Ди^ �✓ ш О С7 л`. �- w:"'. `� `�. Q й �q Q г�J т/�и_� аta ro�F� �. � � Nurek Hydropower Rehabilitation Project, Phase I IDA Credit Number 6024-TJ, IDA Credit Number 6025-TJ, IDA Grant Number D179-TJ, Loan AIIB C1470, EaDB Investment loan No7 Statement of expenditures per components For the year ended 31 December 2021 (Amounts am shown in US dollars) Cumulative Cumulative Year ended as at Year ended 31 as at Project components 31 Dec 2021 31 Dec 2021 Dec 2020 3 1 Dec 2020 Part I . Rehabilitation of three generating units and key infrastructural components 31,635,819 $4,431,395 23,959,776 52,795,576 (a) Design and model testing of three power generating units 902,322 9,441,403 3,539,080 8,539,081 (b) Supply of three power generating units 30,733,497 74,989,992 15,420,696 44,256,495 (c) Installation of three power generating units - - - - (d) Provision of spare parts and operations and maintenance equipment - - Part 2. Enhancement of dam safety 834,347 4,915,012 4,080,665 4,080,665 (a) Rehabilitation of spittwaytunnets 3,990,665 3,990,665 3,990,665 (b) Implementation of measure to enhance safety against seismic hazards - (c) Introduction of an advance flood forecasting system 834,347 924,347 90,000 90,000 (d) Refurbishment and upgrade of monitoring instruments - (e) Update of Nurek HIPP Emergency Preparedness plan, Dam operations - Part 3. Technical Assistance 1,712,423 5,111,867 1,967,785 3,399,444 (a) Provision of technical assistance 1,241,387 3,460,946 1,308,179 2,219,559 (b) Strengthening capacity of Nurek HIPP and BT, Project management 471,036 1,650,921 659,606 1,179,885 34,182,589 94,458,274 30,008,226 60,275,685 (2) Refund rf Preparation Advance 5,048,527 5,048,527 (3) F'ront-end Fee 150,000 400,000 250,000 34 332 5 9 906,801" 30,008,226 65,574,212 =-.89.- 99 '4 91 a' M, 6 t ;ukhamedov A. HabWov U. Maxudg /D. m an, B T Chie f Accountant, BT Head of PRG BT ChieOccountant, PRG BT 23 Au O'st 2022 - The noies on pages 8-16 form an integral. part of these special purpose financial statements. 7 Nurek Hydropower Rehabilitation Project, Phase I IDA Credit Number 6024-TJ, IDA Credit Number 6025-TJ, IDA Grant Number D179-TJ, Loan AIlB C1470, EaDB Investment loan No7 Notes to the special purpose financial statements For the year ended 31 December 2021 (Amounts are shown in US dollars) 1. General information 1.1. The Project According to the Financing Agreement between the Republic of Tajikistan and the International Development Association (IDA) on 2 June 2018, IDA provided following financing: / IDA Grant Number D179-TJ in the amount of Special Drawing Rights 41,800,000 (SDR) / IDA Credit Number 6024-TJ in the amount of US Dollars 69,135,000 (USD) / IDA Credit Number 6025-TJ in the amount of USD 100,000,000. The financing is provided for implementation of "Nurek Hydropower Rehabilitation Project, Phase I" (the Project). The Financing Agreement became effective on 27 April 2018. The Closing date of IDA Credit Number 6024-TJ, IDA Credit Number 6025-TJ, IDA Grant Number D1 79-TJ is set 31 Dec 2023. The Grace Period for submitting withdrawal application for expenditures incurred before the Closing date is four months following the Closing dates: 30 April 2024. According to the Agreement between the Republic of Tajikistan and Asian Infrastructure Investment Bank (AIIB) dated 1 Aug 2017, the AIIB provided loan in the amount of USD 60,000,000. The Financing Agreement became effective on 30 April 2018. The Closing date is set 31 Dec 2023, and Grace Period: 30 April 2024. According to the Agreement between the Republic of Tajikistan and Eurasian Development Bank (EaDB) dated July 4, 2019 the EaDB provided loan in the amount of USD 40,000,000. The Financing Agreement became effective on May 21, 2020. The Closing date is set January 30, 2024 and Grace Period: 7 years. 1.2. The Project objectives The objectives of the Project are to rehabilitate and restore the generating capacity of three power generating units of Nurek HPP, improve their efficiency, and strengthen the safety of the Nurek dam. The Project comprises of the following parts: Part 1: Rehabilitation of three generating units and key infrastructural components of Nurek HPP (a) Design and model testing of three power generating units; (b) Supply of three power generating units; (c) Installation of three power generating units; (d) Provision of spare parts and operations and maintenance equipment. Part 2: Enhancement of dam safety (a) Rehabilitation of spillway tunnels; (b) Implementation of measure to enhance safety against seismic hazards; (c) Introduction of an advance flood forecasting system; (d) Refurbishment and upgrade of monitoring instruments; (e) Update of the Nurek HPP Emergency Preparedness Plan, Dam Operation and Maintenance Plan. Part 3: Technical Assistance (a) Provision of technical assistance; (b) Strengthening capacity of Nurek HPP and BT in dam safety, operation and management of hydro facilities, Project management. - ~ ~ ~ ~ 7 m F. .- 11 rm Nurek Hydropower Rehabilitation Project, Phase I IDA Credit Number 6024-TJ, IDA Credit Number 6025-TJ, IDA Grant Number D179-TJ, Loan AIIS C1470, EaDB Investment loan No7 Notes to the special purpose financial statements For the year ended 31 December 2021 (Amounts are shown in US dollars) 1.3. Budget The total budget, as at 31 Dec 2021 consist as follows: IDA CREDIT IDA CREDIT IDA GRANT NUMBER 179- LOAN AIIB EADB Total Percentage of NUMBER NUMBER TJ C1470 INVESTMENT Expenditures to 6024-TJ 6025-TJ LOAN N07 be financed (exclusive of VAT and customs taxes) USD USD SDR USD USD USD USD % equivalent Category (a) (1) Goods and Works under Parts 1 (b) and (d) 40,886,473 99,750,000 40,000,000 56,375,349 44,850,000 40,000,000 281,861,822 100% (2) Refund of Preparation Advance 5,048,527 - - - - - 5,048,527 100% (3) Front-end Fee 250,000 - - 150,000 400,000 100% (4) Works under Part 2 50% (from both 15,000,000 - - - 15,000,0000 30,000,000 related loan) (5) Consulting service, non-consulting services, Training and Incremental Operating Costs 8,200,000 - 1,800,000 2,541,924 - - 10,741,924 100% Total 69,135,000 100,000,000 41,800,000 59273 609000,000 40,000,000 32 273 (a) The budget USD equivalent for IDA Grant D179-TJ, with underling currency of SDR, is calculated based on cumulative funds received in USD plus, if any, USD equivalent of undisbursed funds in 5DR as at reporting date. SDR/USD rate as at 31.12.2021 is set at 1.39959 (31.12.2020: 1.44027). (b) Budget allocation regarding to IDA Credit Number 6024-TJ, IDA Credit Number 6025-TJ and IDA Grant Number D179-TJ was conformed by IDA Letter date 29 November 2018; while budget allocation regarding to Loan AIIB C1470 was updated by conformed by AIIB Letter dated 7 Nov 2018. 1.4. Project implementation The Project is implemented by the Project Realization Group under OSHC "Barqi Tojik" (the PRG BT). The address of the PRG BT is Ismoili Somoni Ave 64, 734026, Dushanbe, Republic of Tajikistan. 9 Nurek Hydropower Rehabilitation Project, Phase 1 IDA Credit Number 6024-TJ, IDA Credit Number 6025-TJ, IDA Grant Number D179-TJ, Loan AIIB C1470, EaDB Investment loan No7 Notes to the special purpose financial statements For the year ended 31 December 2021 (Amounts are shown in US dollars) 2. Summary of significant accounting policies 2.1. Preparation and presentation of financial statements The special purpose financial statements are prepared in accordance with the International Public Sector Accounting Standard: Financial Reporting Under the Cash Basis of Accounting (IPSAS-Cash Basis), issued by the International Public Sector Accounting Standards Board (IPSASB), and presented in accordance with the World Bank's Financial Management Sector Board's "Guidelines: Annual Financial Reporting and Auditing for World Bank Financed Activities" (WB Guidelines). The principal accounting policies applied in the preparation of these special purpose financial statements are set out below. 2.2 Cash basis of accounting Project financing is recognised as a source of project funds when the cash is received. Project expenditures are recognised as a use of project funds when the payments are made. 2.3 Reporting currency Financial reports are presented in United States dollars ("USD"). The payments made in local currency, Tajik Somoni ("TJS") as well as other currencies different of USD, are converted into USD at the official exchange rate defined by the National Bank of Tajikistan ("NBT"). The exchange rate defined by the NBT as at 31 December 2020 is USD 1 = 11.3000 TJS. The exchange rate defined by the NBT as at 31 December 2021 is USD 1 = 11.3000 TJS. 2.4. Taxes In accordance with the Financing Agreements between the Republic of Tajikistan and the International Development Association, Asian Infrastructure Investment Bank and Eurasian Development Bank the Project is exempt from value added tax. 10 Nurek Hydropower Rehabilitation Project, Phase I IDA Credit Number 6024-TJ, IDA Credit Number 6025-TJ, IDA Grant Number D179-TJ, Loan AIIB C1470, EaDB Investment loan No7 Notes to the special purpose financial statements For the year ended 31 December 2021 (Amounts are shown in US dollars) 3. Withdrawal applications Withdrawal applications for the year ended 31 December 2021 comprise: 3.1. IDA Credit Number 6024-TJ Application # Value Date Direct payment Reimbursement Total USD or equivalent USD or equivalent USD or equivalent BT 6024 010 26-Feb-2021 74,083.18 - 74,083.18 BT 6024 012 12-Mar-2021 160,615.00 - 160,615,00 BT 6024 013 17-Mar-2021 - 28,426.94 28,426.94 BT 6024 014 22-Jul-2021 663,672.50 - 663,672.50 BT 6024 015 05-May-2021 - 59,008.76 59,008.76 BT 6024 016 25-May-2021 74,355.00 - 74,355.00 BT 6024 017 01-Jun-2021 168,873.20 - 168,873.20 BT 6024 018 25-May-2021 95,536.69 - 95,536.69 BT 6024 020 08-Jun-2021 45,480.00 - 45,480.00 BT 6024 021 20-Jul-2021 84,581.58 - 84,581.58 BT 6024 022 22-Jul-2021 28,717.01 - 28,717.01 BT 6024 023 05-Aug-2021 70,342.68 - 70,342.68 BT 6024 024 27-Jul-2021 11,869.00 - 11,869.00 BT 6024 025 27-Jul-2021 76,129.23 - 76,129.23 BT 6024 026 23-Aug-2021 - 15,075.00 15,075.00 BT 6024 027 23-Aug-2021 58,120.00 - 58,120.00 BT 6024 028 16-Sep-2021 109,921.46 - 109,921.46 BT 6024 029 23-Aug-2021 68,220.00 68,220.00 BT 6024 030 28-Oct-2021 62,633.18 62,633.18 BT 6024 031 10-Dec-2021 4,355,772.39 - 4,355,772.39 BT 6024 032 04-Nov-2021 - 36,090.07 36,090.07 BT 6024 033 17-Dec-2021 52,467.94 - 52,467.94 BT 6024 034 17-Dec-2021 51,611.49 - 51,611.49 BT 6024 035 30-Dec-2021 33,766.50 - 33,766.50 Total 6,346,768.03 .138,600.77 6,485,368.80 3.2. IDA Credit Number 6025-TJ There were no disbursement applications submitted and approved during the year ended 31 Dec 2021. 3.3. IDA Grant Number D179-TJ Application # Value Date Direct payment Reimbursement Total USD or equivalent USD or equivalent USD or equivalent BTD1790038 22-Mar-2021 1,387,089.03 - 1,387,089.03 BT D1790 039 06-May-2021 5,200,279.52 - 5,200,279.52 BT 01790 040 18-Aug-2021 7,769,183.69 - 7,769,183.69 BT 01790 041 08-Dec-2021 8,192,314.76 - 8,192,314.76 Total 22,548,867.00 - 22,548,867.00 11 Nurek Hydropower Rehabilitation Project, Phase I IDA Credit Number 6024-TJ, IDA Credit Number 6025-TJ, IDA Grant Number D179-TJ, Loan AIIB C1470, EaDB Investment loan No7 Notes to the special purpose financial statements For the year ended 31 December 2021 (Amounts are shown in US dollars) 3.4. Loan AIIB C1470 Application # Value Date Direct payment Reimbursement Front-end fee Total USD or equivalent USD or USD or USD or equivalent equivalent equivalent 1 30-Apr-2018* - - 150,000.00 150,000.00 BT C1470 021 19-Mar-2021 1,319,893.92 - - 1,319,893.92 BT C1470 022 19-Mar-2021 28,280.03 - - 28,280.03 BT C1470 023 11-May-2021 805,799.49 - - 805,799.49 BT C1470 024 12-May-2021 34,039.39 - - 34,039.39 BT C1470 025 26-May-2021 95,536.69 - - 95,536.69 BT C1470 026 22-Jul-2021 84,581.58 - - 84,581.58 BT C1470 027 30-Jul-2021 70,342.68 - - 70,342.68 BT C1470 028 18-Aug-2021 901,110.79 - - 901,110.79 RTC1470029 18-Aug-2021 68,121iq7 - - 68,121.97 BT C1470 030 08-Nov-2021 62,633.19 - - 62,633.19 BT C1470 031 09-Dec-2021 1,024,719.89 - - 1,024,719.89 BT C1470 032 14-Dec-2021 62,558.44 - - 62,558.44 BT C1470 033 27-Dec-2021 52,467.94 - - 52,467.94 BT C1470 034 27-Dec-2021 51,611.49 - - 51,611.49 Total 4,661,697.49 - 150,000.00 4,811,697.49 (*) Front-end fee information was provided to BT only on 7 May 2021, thus accounted during the year 2021. 3.5. EaDB Investment loan No 7 Application # Value Date Direct payment Total USD USD WA 002 22-Dec-2021 486,655.00 486,655.00 Total 486,655.00 486,655.00 12 Nurek Hydropower Rehabilitation Project, Phase I IDA Credit Number 6024-TJ, IDA Credit Number 6025-TJ, IDA Grant Number D179-TJ, Loan AIIB C1470, EaDB Investment loan No7 Notes to the special purpose financial statements For the year ended 31 December 2021 (Amounts are shown in US dollars) 4. Funds received The funds received were presented by the following reimbursement methods: Year ended Cumulative Cumulative 31 Dec as at Year ended as at 2021 31 Dec 2021 31 Dec 2020 31 Dec 2020 Sources of Funds IDA Credit Number 6024-TJ Direct payment 6,346,768 8,958,068 2,611,300 2,611,300 Refund of preparation . 58,050 . 58,050 Reimbursement 138,601 138,601 -- PPFI - IDA Project - 4,990,477 - 4,990,477 6,485,369 14,145,196 2,611,300 7,659,827 Funding Budget 69,135,000 69,135,000 Disbursement % 20.5% 11.1% IDA Credit Number 6025-TJ Front-end fee - 250,000 - 250,000 - 250,000 - 250,000 Funding Budget 100,000,000 100,000,000 Disbursement % 0.3% 0.3% IDA Grant Number D179-TJ Direct payment 22,548,867 58,350,044 14,410,542 35,801,177 Reimbursement - 224,330 72,442 224,330 22,548,867 58,574,374 14,482,984 36,025,507 Funding Budget 58,917,273 59,148,366 Disbursement % 99.4% 60.9% Loan AIIB C1470 Direct payment 4,661,698 22,361,608 8,978,642 17,699,910 Front-end fee 150,000 150,000 - - Reimbursement - 53,344 53,344 53,344 4,811,698 22,564,952 9,031,986 17,753,254 Funding Budget 60,000,000 60,000,000 Disbursement % 37.6% 29.6% EaDB Investment loan No7 Direct payment 486,655 4,372,279 3,885,624 3,885,624 486,655 4,372,279 3,885,624 3,885,624 Funding Budget 40,000,000 40,000,000 Disbursement % 10.9% 9.7% Total Funding 34,332,589 99,906,801 30,011,894 65,574,212 other - 05HC "Barqi Tojik" Incurred expenditures 138,601 362,931 68,774 224,330 Reimbursement to BT (138,601) (362,931) (72,442) (224,330) Net - (3,668) - 13 Nurek Hydropower Rehabilitation Project, Phase I IDA Credit Number 6024-TJ, IDA Credit Number 6025-TJ, IDA Grant Number D179-TJ, Loan AIiB C1470, EaDB Investment loan No7 Notes to the special purpose financial statements For the year ended 31 December 2021 (Amounts are shown in US dollars) 5. Project expenditure Project expenditures by nature and by funding sources is as follows: Cumulative as at 31 Dec 2021 IDA CREDIT IDA CREDIT IDA GRANT LOAN AIIB EADB NUMBER 6024- NUMBER NUMBER C1470 INVESTMENT Expenditure nature TJ 6025-TJ D179-TJ LOAN N07 Total Works 549,947 - - 321,637 - 871,584 Goods 4,361,600 22,548,867 41340,061 486,655 31,737,183 Non-Consulting Services (including audit) 274,3- - - - 274,315 Consultants' Services 1,299,507 - - - - 1,299,507 Training - - - - -- Refund of Preparation Advance - - - - - Front-end Fee _ - 150,000- 150,000 Total 6,485,369 22,548,867 4,811,698 486,655 34,332,589 For the year ended 31 Dec 2021 IDA CREDIT IDA CREDIT IDA GRANT LOAN AIIB EADB Total NUMBER 6024- NUMBER NUMBER C1470 INVESTMEN Expenditure nature TJ 6025-TJ D179-TJ T LOAN No7 Works 549,94 15,981,215 16,531,162 Goods 6401,933- 55,897,377 6,380,393 4372,279 73,051,982 Non-Consulting Services (including audit) 402,730 - 561,284 964,014 Consultants' Services 1,742,059 - 2,115,713 53,344 - 3,911,116 Training - - - - - Refund of Preparation Advance 5,048,527 - - - - 5,048,527 Front-end Fee - 250,000 150,000 - 400,000 Total 14,145,196 250,000 58,574,374 22,564,952 4372279 99,906,801 14 Nurek Hydropower Rehabilitation Project, Phase I IDA Credit Number 6024-TJ, IDA Credit Number 6025-TJ, IDA Grant Number D179-TJ, Loan AIIB C1470, EaDB Investment loan No7 Notes to the special purpose financial statements For the year ended 31 December 2021 (Amounts are shown in US dollars) 6. Statement of Financial Position 31 Dec 2021 31 Dec 2020 ASSETS USD USD Cumulative project expenditures IDA Credit Number 6024-TJ 14,145,196 7,659,827 IDA Credit Number 6025-TJ 250,000 250,000 IDA Grant Number D179-TJ 58,574,374 36,025,507 Loan AIIB C1470 22,564,952 17,753,254 EaDB Investment Loan No7 4,372,279 3,885,624 OSHC "Barqi Tojik" - - Total assets and expenditures 99,906,801 65,574,212 FINANCING IDA Credit Number 6024-TJ 14,145,196 7,659,827 IDA Credit Number 6025-TJ 250,000 250,000 IDA Grant Number D179-TJ 58,574,374 36,025,507 Loan AIIB C1470 22,564,952 17,753,254 EaDB Investment loan No7 4,372,279 3,885,624 OSHC "Barqi Tojik" - - Total financing 99,906,801 65,574,212 Total net assets - - 7. Litigations There are no pending litigations related to the Project as at reporting date and as at approval date of these financial statements. 15 Nurek Hydropower Rehabilitation Project, Phase I IDA Credit Number 6024-TJ, IDA Credit Number 6025-TJ, IDA Grant Number D179-TJ, Loan ALIB C1470, EaDB Investment loan No7 Notes to the special purpose financial statements For the year ended 31 December 2021 (Amounts are shown in US dollars) 8. COMMITMENTS In the normal course of activities, the Project concludes agreements with suppliers of goods and services in accordance with the established budget and procurement plan. The contract obligations as at 31 December 2021 is as follows: Counterparty Date of contract Date of contract Currency Contract total Cumulative Cumulative Payable balance completion unit amount invoiced paid as at as at as at 31 Dec 2021 31 Dec 2021 31 Dec 2021 "Multiple Contractor Andritz EUR 125,563,264.00 74,403,903.35 66,054,441.35 8,349,462.00 Hydro" July 12, 2018 December 17, 2022 TJS 40,902,033.00 12,800,214.38 12,047,967.38 752,247.00 Lji[jana Spasic-Gril October 15, 2016 December 31, 2023 USD 115,000.00 101,031.00 101,031.00 - Pavlos Marinos October 15, 2016 December 31, 2023 USD 115,000.00 52,586.93 52,586.93 - Giuseppe Grilli October 15, 2016 December 31, 2023 USD 130,000.00 101,044.96 101,044.96 - Igor Ziderer September 3, 2019 December 31, 2023 USD 14,400.00 6,388.00 6,388,00 - Mirzo Zargarov August 22, 2019 December 31,2021 USD 47,544.00 36,176.00 36,176.00 - ER2M LLC August 3, 2020 March 3, 2021 USD 123,925.00 79,312.00 79,312.00 - Poweren Consulting December 1, 2020 March 1, 2021 USD 66,480.00 6 9648 000 6,648.00 - Sinohydro Co. Ltd June 8, 2020 June 8, 2023 USD 19,953,326.05 3,990,665.00 3,990,665.00 - March 10, 2020 May 28, 2024 USD 2,904,799.60 924z347.13 924,347.13 JSC TojikgidroeLectromontaj April 14, 2020 September 30, 2022 USD 19,428,120.00 4,372,278.80 4,372,278.80 CHF 6,017,772.91 3,807,391.89 3,807,391.89 - Stucky LTD December 12, 2016 December 12, 2021 TJS 675,256.00 16,341.00 16,341.00 - GRUNER STUCKY LTD April 2, 2021 September 2, 2023 USD 934,060.00 168,873.20 168,873.20- TETRA TECH ES, IN. March 15, 2020 January 15, 2022 USD 179,596.00 140,559.48 140,559.48 _ 16