The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) REPORT NO.: RES50645 RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF SUSTAINABLE FISHERIES RESOURCES DEVELOPMENT PROJECT (FOURTH SOUTH WEST INDIAN OCEAN FISHERIES GOVERNANCE AND SHARED GROWTH PROJECT) APPROVED ON APRIL 11, 2017 TO REPUBLIC OF MALDIVES ENVIRONMENT, NATURAL RESOURCES & THE BLUE ECONOMY SOUTH ASIA Regional Vice President: Hartwig Schafer Country Director: Faris H. Hadad-Zervos Regional Director: John A. Roome Practice Manager/Manager: Christophe Crepin Task Team Leader(s): Tapas Paul The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) ABBREVIATIONS AND ACRONYMS COVID-19 “2019 Novel Coronavirus” Disease IOTC Indian Ocean Tuna Commission MoF Ministry of Finance, Government of Maldives MoFMRA Ministry of Fisheries, Marine Resources and Agriculture, Government of Maldives MCS Monitoring, Control and Surveillance MTR Mid-term Review NRR Plan for National Resilience and Recovery of the Government of Maldives (to address the challenges created for the country by the COVID-19 pandemic) PDO Project Development Objective SAP Strategic Action Plan 2019-23 of the Government of Maldives SoP Series of Projects SWIO South-West Indian Ocean The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) BASIC DATA Product Information Project ID Financing Instrument P157801 Investment Project Financing Original EA Category Current EA Category Partial Assessment (B) Partial Assessment (B) Approval Date Current Closing Date 11-Apr-2017 31-Dec-2022 Organizations Borrower Responsible Agency Ministry of Finance Ministry of Fisheries and Agriculture Project Development Objective (PDO) Original PDO To improve management of fisheries at regional and national levels including support to establish mariculture in targeted atolls inthe Maldives. OPS_TABLE_PDO_CURRENTPDO Summary Status of Financing (US$, Millions) Net Ln/Cr/Tf Approval Signing Effectiveness Closing Commitment Disbursed Undisbursed IDA-D1750 11-Apr-2017 14-Jun-2017 06-Jul-2017 31-Dec-2022 18.00 13.97 4.72 Policy Waiver(s) Does this restructuring trigger the need for any policy waiver(s)? No The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) I. PROJECT STATUS AND RATIONALE FOR RESTRUCTURING The Sustainable Fisheries Resources Development Series of Project (SoP) phase 1 supports the Government of Maldives in improving management of fisheries at regional and national levels including the support to establishing mariculture in targeted atolls in the Maldives. The US$18 million grant was approved on April 11th, 2017, and it has been effective since July 6th, 2017. Of the total grant amount, about 75 percent has been already disbursed and the remaining balance is expected to be fully disbursed in the next 9 months before project closure on December 31, 2022. The proposed restructuring responds to a request of the Ministry of Finance, Government of Maldives (MoF) (Letter Number 13-R1/WB/ 2020/30 dated April 19, 2022). The restructuring will adjust the results framework to enable the Project to achieve its outcomes by the end of the Project closing date taking into account lingering effects of the COVID-19 pandemic, and it will also take the opportunity to reinstate the original allocation for Component A to US$5.09 million. Overall implementation and progress towards the Project Development Objective (PDO) are rated Moderately Satisfactory reflecting moderate progress of its project outcomes. The implementation has progressed well in some areas, particularly on improving fisheries sector management and governance. Some of these include (a) supporting notification of a modern and comprehensive Fisheries Act of 2019, followed up by eight sequential regulations and seven relevant management plans, each of which required substantial stakeholder engagement; (b) long-term management studies including the tuna sampling program; the reef fishery stock assessment, and the grouper stock and health assessment; (c) starting installation of world-class vessel locating devices, electronic observation systems and improved fisheries sector information and reporting systems; (d) becoming one of few countries to successfully culture grouper fish at a commercial scale. While some project activities have demonstrated substantial achievement, the implementation pace and completion of other key deliverables have been severely affected by the disruptions caused by the COVID-19 pandemic since March 2020. Some effects of the pandemic are still lingering and is preventing accelerated implementation for some activities under Component A (Improvement of Institutional Capacity in Marine Fisheries Management) and most notably for major activities under Component B (“Support to Mariculture and Diversification of Fisheries Sector”). These include the inability of foreign suppliers to supply the required inputs and equipment, increased cost of critical imports, lack of interest from foreign/domestic investors to take up investment and expenditure, as well as increased cost of export that is preventing mariculture production. As a results, some of the project indicators’ targets are still behind. The Mid-Term Review (MTR) in June 2021 concluded that with a set of measures, project targets could be fully achievable despite the delays caused by COVID-19. However, by December 2021, the subsequent implementation support mission recognized that these measures to accelerate implementation could not be implemented given lingering effects of the pandemic. The project has lost about 18 months of core implementation and despite the efforts to bridge the implementation gaps caused by the pandemic, several project facilities will be completed in terms of construction or installation but will not have sufficient months of operation as originally planned during the remaining project implementation period. Key activities such as the repeated bidding for cornerstone multispecies hatchery, planned to be developed in a design-build-finance-operate-and transfer mode, has failed to attract bids in 2021 and even in January 2022 due to the prevailing uncertain investment scenario. The implementing agency is now adopting an alternative method of constructing the same hatchery and operating until there is interest from private sector to take this up. Under this scenario, the production volume targets will now be achieved only after a delay of more than 12-18 months, which goes beyond the current closing date of the Project. The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) This proposed restructuring will aim to adjust the result framework to calibrate outcomes and targets with the progress of implementation while ensuring the achievement of the PDO. These adjustments will make sure project outcomes on improved management of fisheries and established mariculture in targeted atolls are met and lay the foundations for expansion by the government including through the requested second phase of the SoP. The second phase of this SoP will expand and augment the current component activities, by focusing on (a) additional reforms and implementation of management plans and market mechanisms for enhanced competition and private sector development in the fisheries sector, (b) augmented diversification through mariculture and other relevant blue economy activities, decarbonization of the fisheries fleet and value chains, and establishing circular economy businesses, and (c) facilitating appropriate and enhanced skills and capacities for each of the foregoing. The proposed restructuring will also reinstate the original amount allocated to Component A (“Improvement of Institutional Capacity in Marine Fisheries Management”). The project finances a multispecies hatchery, where the prerequisite ancillary facilities were to be financed by a prior government budget allocation of US$2.5 million. On February 19, 2018, the MoF requested the Bank to restructure the project by allocating US$2.5 million to construct the ancillary facilities (included in Component B) by deferring implementation several activities in all components of the project, as the said budget of US$2.5 million was rescinded by the MoF due to the then prevailing fiscal situation in the country. The Bank agreed for such reallocation through a restructuring of the project on June 13, 2018. This restructuring reduced the allocation for Component A to US$3.77 million from the originally allocated US$5.09 million, for Component 3 (“Project Management, Monitoring and Evaluation”) to US$1.79 million from the originally allocated US$2.15 million, and adjusted activities worth 0.82 million within Component B. The restructuring clearly noted that the reallocation by deferment of other project activities was of a temporary nature; and a financing gap existed in the Project. The MoF committed that a sum of US$2.5 million would be included in the Government’s budget proposals in later years to be able to reinstate these deferred activities and to cover for contingencies. As committed, the budget allocations were reinstated by the MoF in FY2021 and were released to MoF in FY2021 and FY2022. Therefore, no financing gap exists in the project now, and the deferred activities in Component A could be fully taken up. The Project Development Objective (PDO) continues to be relevant. Improved management of fisheries including policy and regulatory transformations, and development and establishment of mariculture are expressly listed in the Government’s Strategic Action Plan 2019-23 (SAP). Several other deliverables listed in the SAP as responsibilities of the Ministry of Fisheries, Marine Resources and Agriculture (MoFMRA) are supported by the Project. To respond to the impacts of COVID-19 pandemic, the Government has also announced a plan for National Resilience and Recovery (NRR) in which the fisheries sector is determined to be a cornerstone for recovery. Overall, the COVID-19 pandemic reinforced the high priority accorded to the fisheries sector, given that fish products constitute almost all of Maldives’ physical export, and the only attractive income earning opportunity for people located in remote islands. The importance of improved management, diversification including establishment of mariculture had been underscored by several proclamations by the Hon. President of Maldives in the past two years. Moreover, The MoFMRA confirms that each outcome area will be pursued, and requisite budget provisions will be made to sustain the outputs and outcomes achieved. II. DESCRIPTION OF PROPOSED CHANGES Consistent with the Government request, the proposed level 2 restructuring seeks to address the lingering impacts of the COVID-19 causing implementation delays and to enable the project to achieve the PDO by the end of the Project closing date. The restructuring will primarily focus on revising the result framework to calibrate indicators and targets with the progress of implementation. This includes revision of end targets, addition or clarifications about The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) indicators’ definitions and replace (remove/add) some indicators (see details below). The adjustments in the results framework do not alter the project results chain, its objectives and key outcomes remain the same. The proposed restructuring will reinstate the original allocation for Component A to US$5.09 million, which was temporarily reduced to US$3.77 million through a restructuring approved on June 13, 2018. At that time the restructuring addressed the then rescinded parallel government budget for ancillary facilities for the multispecies hatchery. However, the government budget has now been reinstated in FY2021 and FY2022, and there is no need to restrict or continue to defer the expenditures in Component A. Table 1: Summary of Proposed Changes to Results Indicators Original indicators Changes Rationale PDO indicators Value of production Revised indicator – “Mariculture established and The indicator has been revised to take from mariculture operational (Y/N)” account of disruptions caused by the supported by the Added Definition of the Indicator as below: COVID-19 pandemic which over the past project (USD) Established and operational mariculture will two years prevented (i) import of mean all of the following: (i) all processes for fingerlings, fish feed and cages, (ii) setting commercial supply of inputs required for up of a large multispecies hatchery, and mariculture (cages, fingerlings, and fish feed) are (iii) transportation among islands. While established; (ii) to supply fingerlings to the out- all outputs will be in place and a part of grower farms, hatcheries are established, the originally targeted production will be operational, producing and supplying fingerlings, realized prior to closing date of the (ii) a quarantine facility is established and fully project, the actual increase in production operational to facilitate supplementary import of from the out-grower mariculture farms fingerlings; (iii) at least 50 out-grower farms have will take time and will materialize only initiated production; and (iv) at least 20 out- after closure of the project. grower farms have completed one batch of production and sold the harvested fish products at a profit. Direct project Revised target from ‘1,800’ to ‘3600 The target for the total number of beneficiaries (of beneficiaries has been revised upwards to which share of take account of an estimated higher number female beneficiaries) of beneficiaries than at appraisal. The target for share of female beneficiaries (20 percent) remains unchanged. Intermediate Results Indicators Key policy or legal Revised target from ‘2’ to ‘16’ The target for the number of policy and legal instruments updated instruments has been revised upwards to in Maldives (number) take account of the higher number of such policy and legal instruments that are adopted compared to the estimate at appraisal. Fishing trips covered Revised indicator – “On-Board Vessel Electronic This indicator has been revised to take with electronic Observation System established and operational account of logistical problems caused by the observation (Y/N)” COVID-19 pandemic due to which the (number) testing and full commissioning of the on- The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) Original indicators Changes Rationale Added in the Definition – ‘System established’ board electronic observer systems were would mean installation, testing and commissioning delayed by more than two years, even if the of the electronic observer systems with a capacity equipment was installed in early 2020 prior to report at least 5 percent of the total fishing trips. to the onset of the pandemic. The number This targeted capacity of reporting is to comply with of fishing trips in 2020 and 2021 varied the IOTC requirements of 5 percent of all fishing between low and near pre-pandemic levels trips are to be observed and reported each year. depending on the ongoing logistical challenges. Consequently, the targeted number of fishing trips could not be observed and reported. However, full commissioning will be achieved prior to the project closing date and will be sufficient to comply with the agreed IOTC norm of observation and reporting of 5 percent of the fishing trips starting calendar year 2023. This new target replaces the figure of 6,000 fishing trips considered at appraisal to be able to cover the same IOTC compliance requirements. Viability Deleted Although 115 farms were producing sea demonstrated for cucumbers prior to the COVID-19 pandemic, out-grower farms of the pandemic prevented sale or export. All sea cucumber (or expected out-grower farming stopped or did other species not materialize as the entrepreneurs tried to equivalent in value) avoid further losses. As there is no local (number) demand for sea cucumbers, production of sea cucumber is unlikely to resume until all export linkages are renewed and shipping cost comes down to a level comparable to the pre-pandemic years. Even if such disruptions are over prior to the close of the project, resumption and completion of a production and harvesting cycle will take no less than two more years. The stakeholders are currently discussing choice of other mariculture species in lieu of sea cucumber to pursue and be resilient to export market shocks. -New indicator Added an Indicator - “Mariculture Research and A major challenge in establishing Development Facility is completed and operational mariculture in any country without past (Y/N)” experience and record is the lack of adequate science, knowledge, and qualified Added Definition of the Indicator as below: researchers who are able to demonstrate The Mariculture Research and Development facility mariculture techniques. In the case of is completed and operational when: (i) all requisite Maldives, where the avoidance of exotic infrastructure and equipment for carrying the species is also a concern, an added challenge intended research and training of the target groups is to develop culture technology and The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) Original indicators Changes Rationale are in place; (ii) the research program is successful demonstration for native and endemic fish in establishment of at least two native or endemic species. Without creation of adequate fish species; (iii) the commercial hatching and facilities and capacities for scientific production processes for at least two fish species is research and experimentation, demonstrated; and (iv) the requisite number of demonstration of culture technologies to qualified and experienced staff are in place to add to the known technologies for one operate the science program, the operation of the species each of grouper and sea cucumber facility and conduct training program for the target (of which sea cucumber does not seem to be groups. profitable in the lingering pandemic scenario), and training of target groups, mariculture will not be established in Maldives. Viability Target revised from ‘200’ to ‘20’ The target for this indicator has been revised demonstrated for to take account of disruption of out-grower out-grower farms of farming caused by the COVID-19 pandemic groupers (or other for more than two years when the planned species equivalent in out-grower farming could not start. The value) (number) project will ensure all inputs are provided to at least 80 out-grower farms prior to closing date of the project, but actual production and harvest (that takes about 9 months) will be completed by all of such out-grower farms only after close of the project. Consequently, only those farms which start stocking prior to April 2022 will be able to prove viability (i.e., harvesting after the desired growth and selling at profit) before the close of the project. Production of Revised indicator - “Operational capacity for The definition of the indicator has been fingerlings by the production and supply of fingerlings in place (Y/N)” revised to take account of that the provision hatchery of fingerlings will include domestic (number) Added Definition of the Indicator as below: production and importation. Domestic Operational capacity for producing and supplying production has been affected significantly fingerlings is established when: (i) the quarantine due to disruptions due to the COVID-19 facility is capable of processing imports of at least pandemic such that construction and 20,000 fingerlings per month; (ii) construction of operation of a hatchery at Maniyafushi hatcheries with a capacity of producing a total of at Island was delayed by more than a year; and least 150,000 fingerlings per month are completed, due to uncertainties prevailing among and, (iii) at least 30 requisite operational staff with private sector investors that resulted in needed qualification and training are in place to repeated failure in attracting private sector operate the hatcheries. investment for a large multispecies hatchery at Maanaagalaa Island. As an alternative, the Government has now decided to construct this large hatchery and operate until private sector is willing to take up operation. The hatcheries will be set up and will start production prior to close of the The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) Original indicators Changes Rationale project. However, actual increase in production, which takes time, will be achieved after the close of the project. III. SUMMARY OF CHANGES Changed Not Changed Results Framework ✔ Components and Cost ✔ Implementing Agency ✔ DDO Status ✔ Project's Development Objectives ✔ PBCs ✔ Loan Closing Date(s) ✔ Cancellations Proposed ✔ Reallocation between Disbursement Categories ✔ Disbursements Arrangements ✔ Disbursement Estimates ✔ Overall Risk Rating ✔ Safeguard Policies Triggered ✔ EA category ✔ Legal Covenants ✔ Institutional Arrangements ✔ Financial Management ✔ Procurement ✔ Implementation Schedule ✔ Other Change(s) ✔ Economic and Financial Analysis ✔ Technical Analysis ✔ Social Analysis ✔ The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) Environmental Analysis ✔ IV. DETAILED CHANGE(S) OPS_DETAILEDCHANGES_COMPONENTS_TABLE COMPONENTS Current Current Proposed Proposed Cost Action Component Name Component Name Cost (US$M) (US$M) Augmentation of Institutional Augmentation of Institutional Capacity for Marine Fisheries 3.77 Revised Capacity for Marine Fisheries 5.09 Management Management Support to Mariculture and Support to Mariculture and 12.44 Revised 11.12 Diversification of Fisheries Diversification of Fisheries Project Management, Project Management, 1.79 No Change 1.79 Monitoring and Evaluation Monitoring and Evaluation TOTAL 18.00 18.00 . The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) . Results framework COUNTRY: Maldives Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) Project Development Objectives(s) To improve management of fisheries at regional and national levels including support to establish mariculture in targeted atolls inthe Maldives. Project Development Objective Indicators by Objectives/ Outcomes RESULT_FRAME_TBL_PDO Indicator Name PBC Baseline End Target To improve regional and national management of fisheries and support mariculture at targetted atolls SWIO countries comply with IOTC resolutions for management of 72.00 77.00 Tuna Fishery (Percentage) Compliance by Maldives to the IOTC regulations (Percentage) 78.00 83.00 Vessels complying with IOTC requirements on monitoring and 0.00 90.00 reporting (Percentage) Mariculture established and operational (Yes/No) No Yes Rationale: The indicator has been revised to take account of disruptions caused by the COVID-19 pandemic which over the past two years prevented (i) import of fingerlings, fish feed and cages, (ii) setting up of a large multispecies hatchery, and (iii) Action: This indicator has been Revised transportation among islands. While all outputs will be in place and a part of the originally targeted production will be realized prior to closing date of the project, the actual increase in production from the out-grower mariculture farms will take time and will materialize only after closure of the project. Direct project beneficiaries (Number) 0.00 3,600.00 Action: This indicator has been Revised Rationale: The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) RESULT_FRAME_TBL_PDO Indicator Name PBC Baseline End Target The target for the total number of beneficiaries has been revised upwards to take account of an estimated higher number of beneficiaries than at appraisal. The target for share of female beneficiaries (20 percent) remains unchanged. Female beneficiaries (Percentage) 0.00 20.00 Share of target beneficiaries with rating "Satisfied" or above on 0.00 80.00 project interventions (Percentage) PDO Table SPACE Intermediate Results Indicators by Components RESULT_FRAME_TBL_IO Indicator Name PBC Baseline End Target Augmentation of Institutional Capacity for Marine Fisheries Management Provision of support to the Island Countries to improve therir No Yes negotiation capacity within IOTC (Yes/No) IOTC Compliance Support Mission completed in Maldives 0.00 5.00 (cumulative) (Number) Key policy or legal instruments updated in Maldives (Number) 0.00 16.00 Rationale: The target for the number of policy and legal instruments has been revised upwards to take account of the higher number Action: This indicator has been Revised of such policy and legal instruments that are adopted compared to the estimate at appraisal. Vessels inspected under MCS (Number) 0.00 670.00 On-Board Vessel Electronic Observation System established and No Yes operational (Yes/No) The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline End Target Rationale: This indicator has been revised to take account of logistical problems caused by the COVID-19 pandemic due to which the testing and full commissioning of the on-board electronic observer systems were delayed by more than two years, even if the equipment was installed in early 2020 prior to the onset of the pandemic. The number of fishing trips in 2020 and 2021 varied between low and near pre-pandemic levels depending on the ongoing logistical challenges. Consequently, the Action: This indicator has been Revised targeted number of fishing trips could not be observed and reported. However, full commissioning will be achieved prior to the project closing date and will be sufficient to comply with the agreed IOTC norm of observation and reporting of 5 percent of the fishing trips starting calendar year 2023. This new target replaces the figure of 6,000 fishing trips considered at appraisal to be able to cover the same IOTC compliance requirements. Support to Mariculture and Diversification of Fisheries Viability demonstrated for out-grower farms of sea cucumber (or 100.00 250.00 other species equivalent in value) (Number) Rationale: Although 115 farms were producing sea cucumbers prior to the COVID-19 pandemic, the pandemic prevented sale or export. All expected out-grower farming stopped or did not materialize as the entrepreneurs tried to avoid further losses. As there is no local demand for sea cucumbers, production of sea cucumber is unlikely to resume until all export linkages Action: This indicator has been Marked for Deletion are renewed and shipping cost comes down to a level comparable to the pre-pandemic years. Even if such disruptions are over prior to the close of the project, resumption and completion of a production and harvesting cycle will take no less than two more years. The stakeholders are currently discussing choice of other mariculture species in lieu of sea cucumber to pursue and be resilient to export market shocks. Mariculture Research and Development Facility is completed and No Yes operational (Yes/No) Action: This indicator is New Rationale: The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline End Target A major challenge in establishing mariculture in any country without past experience and record is the lack of adequate science, knowledge, and qualified researchers who are able to demonstrate mariculture techniques. In the case of Maldives, where the avoidance of exotic species is also a concern, an added challenge is to develop culture technology and demonstration for native and endemic fish species. Without creation of adequate facilities and capacities for scientific research and experimentation, demonstration of culture technologies to add to the known technologies for one species each of grouper and sea cucumber (of which sea cucumber does not seem to be profitable in the lingering pandemic scenario), and training of target groups, mariculture will not be established in Maldives. Viability demonstrated for out-grower farms of groupers (or 0.00 20.00 other species equivalent in value) (Number) Rationale: The target for this indicator has been revised to take account of disruption of out-grower farming caused by the COVID-19 pandemic for more than two years when the planned out-grower farming could not start. The project will ensure all inputs are provided to at least 80 out-grower farms prior to closing date of the project, but actual production and harvest (that Action: This indicator has been Revised takes about 9 months) will be completed by all of such out-grower farms only after close of the project. Consequently, only those farms which start stocking prior to April 2022 will be able to prove viability (i.e., harvesting after the desired growth and selling at profit) before the close of the project. Operational capacity for production and supply of fingerlings in No Yes place (Yes/No) Rationale: The definition of the indicator has been revised to take account of that the provision of fingerlings will include domestic production and importation. Domestic production has been affected significantly due to disruptions due to the COVID-19 Action: This indicator has been Revised pandemic such that construction and operation of a hatchery at Maniyafushi Island was delayed by more than a year; and due to uncertainties prevailing among private sector investors that resulted in repeated failure in attracting private sector investment for a large multispecies hatchery at Maanaagalaa Island. As an alternative, the Government has now decided to construct this large hatchery and operate until private sector is willing to take up operation. The hatcheries will be set up The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline End Target and will start production prior to close of the project. However, actual increase in production, which takes time, will be achieved after the close of the project. Out-grower mariculture farms receiving extension services. 0.00 90.00 (Percentage) Project Management, Monitoring and Evaluation Financial management, accounting and procurement systems set No Yes up in the PMU (Yes/No) Financial reports and audit reports submitted without delay No Yes (Yes/No) IO Table SPACE The World Bank Sustainable Fisheries Resources Development Project (Fourth South West Indian Ocean Fisheries Governance and Shared Growth Project) (P157801)