The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Laws in Africa (OHADA) (P126663) Improved Investment Climate within the Organization for the Harmonization of Business Laws in Africa (OHADA) (P126663) WESTERN AND CENTRAL AFRICA | Western and Central Africa | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2012 | Seq No: 19 | ARCHIVED on 23-Dec-2022 | ISR54644 | Implementing Agencies: Organization for the Harmonization of Business Law in Africa, Organization for the harmonization of Business Law in Africa Key Dates Key Project Dates Bank Approval Date: 26-Jun-2012 Effectiveness Date: 13-Nov-2012 Planned Mid Term Review Date: 15-Jan-2016 Actual Mid-Term Review Date: 15-Feb-2016 Original Closing Date: 30-Jun-2017 Revised Closing Date: 30-Dec-2022 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to strengthen OHADA’s institutional capacity to support, in its member countries, selected aspects of investment climate reforms, including improved corporate financial reporting. Has the Project Development Objective been changed since Board Approval of the Project Objective? Yes Board Approved Revised Project Development Objective (If project is formally restructured) To strengthen OHADA’s institutional capacity and sustainability to support, in its member countries, selected aspects of investment climate reforms. The reason for the change is to include sustainability of the organization as a result of Project activities. The assumption is that strengthened OHADA institutions with additional capacity to elaborate, adopt and disseminate a new generation of investment climate reform regulations, enforce contracts, and provide fee based services to the private sector will contribute to improved investment climate in OHADA member countries and make the organization more sustainable. The assumption is also that the elaboration of norms, provision of tools and training will contribute to improved corporate financial reporting. Components Table Name Component 1: Building institutional capacity and sustainability of OHADA and Project Implementation:(Cost $6.98 M) Component 2: Capacity building for the Common Court of Justice and Arbitration (CCJA) and Regional Superior Sch ool for the Magistracy (ERSUMA):(Cost $5.20 M) Component 3: Improving Corporate Financial Reporting:(Cost $2.70 M) Unallocated:(Cost $0.12 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Unsatisfactory Moderately Unsatisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial 12/23/2022 Page 1 of 6 The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Laws in Africa (OHADA) (P126663) Implementation Status and Key Decisions This is the closing implementation progress for the project which provides a brief summary of the OHADA Parent and Additional Financing Despite the challenges faced by the project over the last 2 years, it is important to see the impact of the project as a whole over the last ten years (both parent and additional financing) and recognize the transformational effects it had in improving the credibility and capacity of OHADA. In the first eight years, the project achieved satisfactory results which included: improved arbitration (from 0 to 110 arbitration decisions), over 70,000 newly registered companies as a result of regulatory simplification reforms, four new uniform acts which improved the business environment and put OHADA member countries in the list of top reforming countries in the now discontinued Doing Business report, ownership of member countries to OHADA regularly and more than 1000 professionals and OHADA staff benefited from capacity building activities. In the past two years, the following reflects the achievements: COMPONENT 1 Strengthening the OHADA Secretariat and Project Implementation The drafting process of the uniform acts on Electronic transactions, Accounting systems for non-profit institutions, Conflict of laws, Conflict of jurisdictions and circulation of public documents and Simplified recovery and enforcement procedures has been completed. Draft regulations are now at different stages of consultation and validation by the OHADA authorities. COMPONENT 2: Strengthening the capacity of the Regional Joint Court of Justice and Arbitration (CCJA) and Regional Superior Magistrate School (ERSUMA) Activities under implementation by the CCJA are progressing well: the implementation of the company registry system (RCCM) in OHADA member countries as well as Court Case Management system is well underway. Analytics on the future of arbitration have been completed. IT and case management systems have been implemented in CCJA. COMPONENT 3: Improving Corporate Financial reporting A technical expert was recruited and an action plan to improve accounting and auditing practices in the OHADA was adopted. Audit practitioners in the region are now equipped with tools and methods to go digital, an accounting and financial reporting law for the nonprofit organizations is ready for adoption by OHADA members countries. The uniform act on accounting practices of nonprofits associations was approved by the Comité Ministériel and the regulation on the Normalization of the Accounting Commission and the OHADA Financial Management Manual were approved by the Comité Ministériel on December 20, 2022. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Substantial Substantial Macroeconomic -- Substantial Substantial Sector Strategies and Policies -- Moderate Moderate Technical Design of Project or Program -- Moderate Moderate Institutional Capacity for Implementation and -- Substantial Substantial Sustainability Fiduciary -- Moderate Moderate Environment and Social -- Low Low Stakeholders -- Substantial Substantial Other -- Low Low Overall -- Substantial Substantial 12/23/2022 Page 2 of 6 The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Laws in Africa (OHADA) (P126663) Results PDO Indicators by Objectives / Outcomes Strengthen OHADA’s institutional capacity and sustainability to support, in its member countries IN01238570 ►PDO - Indicator 1: Number of commercial disputes referred to alternative dispute resolution mechanisms within OHADA; of which are resolved (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 110.00 110.00 188.00 300.00 Date 26-Jun-2012 28-Sep-2022 20-Dec-2022 30-Dec-2022 IN01238606 ►PDO - Indicator 3: Number of IFAC SMOs met by OHADA legal instruments on accounting and auditing (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 5.00 7.00 Date 31-Mar-2017 28-Sep-2022 20-Dec-2022 30-Dec-2022 IN01238607 ►PDO - Indicator 4: Number of new uniform acts adopted (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 1.00 2.00 Date 06-Apr-2018 28-Sep-2022 20-Dec-2022 30-Dec-2022 IN01238608 ►PDO - Indicator 5: Percentage of Governments paying their dues on a regular basis (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 60.00 66.00 63.00 80.00 Date 05-Feb-2021 28-Sep-2022 20-Dec-2022 30-Dec-2022 Intermediate Results Indicators by Components Component 1: Institutional Strengthening of the OHADA Permanent Secretariat and Project Implementation Support. IN01238609 ►Number of uniform acts submitted to the Council of Ministers for adoption (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.00 3.00 4.00 12/23/2022 Page 3 of 6 The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Laws in Africa (OHADA) (P126663) Date 30-Mar-2018 28-Sep-2022 20-Dec-2022 30-Dec-2022 Component 2: Institutional Strengthening the capacity of the Joint Court of Justice and Arbitration (CCJA) and Regional Superior Sch ool for the Magistracy (ERSUMA) IN01238610 ►Indicator 2 Component 2: The Regional RCCM is operational and connected to several computerized national registries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 2.00 13.00 13.00 17.00 Date 26-Jun-2012 28-Sep-2022 20-Dec-2022 30-Dec-2022 IN01238612 ►Indicator 3 Component 2: Number of Professionals trained by ERSUMA (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 798.00 5,618.00 5,618.00 5,600.00 Date 26-Jun-2012 28-Sep-2022 20-Dec-2022 30-Dec-2022 IN01238615 Of which female (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 30.00 30.00 20.00 IN01238616 ►Regional (OHADA) accounting curriculum is adopted (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Mar-2018 28-Sep-2022 20-Dec-2022 30-Dec-2022 Component 3: Improving Corporate Financial Reporting IN01238611 ►Number of professional accountants trained on the revised uniform act on accounting law (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 30-Mar-2018 28-Sep-2022 20-Dec-2022 30-Dec-2022 IN01238613 Of which Female (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 20.00 IN01238614 12/23/2022 Page 4 of 6 The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Laws in Africa (OHADA) (P126663) ►Indicator 2 - Component 3: The ISA, the IFAC and the IFRS code of ethics have been adopted (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 26-Jun-2012 28-Sep-2022 20-Dec-2022 30-Dec-2020 IN01238617 ►Indicator 3 – Component 3: A regional curriculum has been adopted for the 17 countries (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Mar-2017 28-Sep-2022 20-Dec-2022 31-Dec-2018 IN01238618 ►Citizen Engagement - Beneficiaries involved in planning/ implementation/ evaluation of development programs (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No Yes Yes Date 30-Mar-2018 28-Sep-2022 20-Dec-2022 30-Dec-2022 Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P126663 IDA-D3340 Effective USD 15.00 15.00 0.00 7.43 6.75 52% P126663 IDA-H7990 Closed USD 15.00 15.00 0.00 13.72 0.00 100% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P126663 IDA-D3340 Effective 08-Jun-2018 13-Jul-2018 04-Oct-2018 30-Dec-2022 30-Dec-2022 P126663 IDA-H7990 Closed 26-Jun-2012 25-Oct-2012 13-Nov-2012 30-Jun-2017 30-May-2019 Cumulative Disbursements 12/23/2022 Page 5 of 6 The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Laws in Africa (OHADA) (P126663) Restructuring History Level 2 Approved on 27-May-2017 ,Level 2 Approved on 21-Dec-2018 Related Project(s) P164728-Africa Region - Improved Investment Climate within the Organization for the Harmonization of Business Laws in Africa (OHADA) 12/23/2022 Page 6 of 6