2019 IMPACT REPORT INVESTOR RELATIONS Capital Markets Department The World Bank Treasury 1818 H St NW Washington, DC 20433 USA E debtsecurities@worldbank.org T +1 (202) 477-2880 W treasury.worldbank.org/capitalmarkets World Bank Bonds for Sustainable Development: 2019 Impact Report Cover photos (from left to right): © Marco Antonio Teixeira, Chhor Sokunthea, Curt Carnemark, Arne Hoel/ World Bank May 2020 ACKNOWLEDGEMENTS The report benefitted from consultation with technical experts in World Bank Global Practices and thematic areas including Geeta Sethi and Simmy Jain in Agriculture; Monique Vledder, Sneha Kanneganti, Maria Gracheva, Meera Shekar, Kyoko Okamura, and Alethea Dopart in Health, Nutrition and Population; Karin Kemper, Xavier Vincent, Delphine Arri, Charlotte de Fontaubert, Sue Pleming and Morgan Graham in Environment, Natural Resources, and Blue Economy; Sameh Wahba, Roland White, Marc Forni, Kristyn Shrader-King, and Yousra Abdelrahman in Urban Development; and Jennifer Sara, Chloe Oliver Viola, and Meriem Gray in Water, and Genevieve Connors, Adeel Abbas Syed, Samuel Fargher, and Janak Shrestha in Climate Change and Caren Grown, Andrea Kucey, Malcolm Ehrenpreis, and Farida Aboulmagd in Gender. The team also received support from and wish to thank the following task team leaders for providing additional insight on projects: Paul Baringanire, Massimiliano Cali, Debabrata Chattopadhyay, Ibrahim Saeed Chowdhury, Simon Davies, John Gabriel Goddard, Surbhi Goyal, Demet Kaya, Ashish Khanna, Martha Lawrence, and Eduardo Olaberria. Finally, we would like to thank the World Bank’s Office of the Managing Director and Chief Financial Officer and Finance Partners for guidance and support in finalizing the report, particularly Samuel Maimbo, Serene Jweied, and Otilia Ciotau. The report was designed by Jonelle Karinne Agurs. Table of Contents Table of Contents ABOUT THE REPORT | 5 INTRODUCTION About the World Bank | 5 Foreword | 6 Foreword | 8 Message from World Bank Treasurer | 7 Bank | 8 from World Bank Treasurer | 9 About the WorldMessage Introduction World Bank’s Response | 10 to COVID-19 | 11 OVERVIEW Impact Highlights | 12 The World Bank’s Approach: Engaging with Investors on the SDGs | 12 Report Summary | 14 World Bank Bond Timeline FY18 and FY19 | 14 Featured Issuance and Lending for| FY19 Projects Summary 20 | 16 1: World Annex and Portfolio Commitments | 18 Development Bond Process | 55 Bank Sustainable Disbursements Annex 2: Impact Reporting Approach | 56 IMPACT HIGHLIGHTS Looking Back: Achieved Impact Highlights | 22 Annex 3: World Bank Project Cycle | 57 Looking Forward: Projected Impact Highlights | 24 | 26 4: World Bank Exclusion List | 58 Annex Featured Projects FRAMEWORK Annex 5: List of Abbreviations | 59 Sustainable Development Bond Process | 30 Determining Project Eligibility | 31 Assessing and Mitigating Environmental and Social Risks | 32 World Bank Exclusion List | 33 PROJECT-BY-PROJECT REPORTING | 35 ANNEX Annex 1: Impact Reporting Approach | 71 Annex 2: World Bank Project Cycle | 72 Annex 3: Accountability Mechanisms | 73 Annex 4: World Bank Sustainability Reporting Resources | 74 LIST OF ABBREVIATIONS | 75 DISCLAIMER | 75 Photo credit: © Stephan Gladieu / World Bank 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 5 About the Report This World Bank Sustainable Development Bond Impact Report is the first impact report covering all World Bank (International Bank for Reconstruction and Development, IBRD) bond issuance and the entire portfolio of IBRD’s development activities. The report is intended primarily for World Page 18 describes the stock of the entire existing Bank bond investors and other capital market lending portfolio, including funds that IBRD has stakeholders to explain how all World Bank bond committed and disbursed for projects active proceeds support sustainable development and during FY19, organized by sector and region. the Sustainable Development Goals (SDGs). The report provides an overview of the World The IMPACT HIGHLIGHTS section looks both Bank’s issuance as well as detailed information back at what was achieved and to the future, on operational processes and safeguards and using the SDGs as a framework to illustrate alignment with market frameworks. We used results. It presents a set of aggregated actual the World Bank Green Bond Impact Report1, results for projects completed in FY19 (pp. 19- which we have been publishing since 2015, as a 20) and shows aggregated expected results for model for this report. We solicited feedback from the active IBRD portfolio of projects approved investors, underwriters, capital market service starting in FY18 when we introduced IBRD’s providers, thought leaders, in addition to input expanded use of proceeds language (pp. 22-23) from our own technical and financial experts and more systematically engaged with investors and management on an early draft of the impact on the SDGs. We also featured several projects, report. The feedback helped us provide greater highlighting SDGs that they support. clarity on our reporting approach and prompted The FRAMEWORK section includes elements us to include more forward-looking information. of the World Bank’s operational policies and It also provided important recommendations that processes that we thought were most relevant will help to improve the report as it will continue for bond investors for assessing sustainable to evolve over time. bonds. The INTRODUCTION includes a foreword from The PROJECT-BY-PROJECT information, our Managing Director and Chief Financial organized by sector, shows all projects in the Officer, Anshula Kant, as well as a message from World Bank’s portfolio that were active during World Bank Treasurer, Jingdong Hua. It also FY19, with select expected results and project includes an overview of the World Bank Group identification numbers to easily access more strategy and goals for context, and information detailed project documentation on the World about how the World Bank is supporting member Bank’s project portal. countries in their response to COVID-19. The ANNEX has additional supporting In the OVERVIEW, we share how the World information that may be of interest to investors, Bank engages investors on the SDGs including a list of various World Bank reports while issuing green bonds and sustainable that may be helpful resources when assessing development bonds, highlighting SDGs and sustainability. themes that investors were most interested in during the reporting period, and providing a The preparation of the report was managed timeline with transaction examples for FY18 and by Colleen Keenan, with key input from Atiyah FY19. We also provide an issuance and lending Curmally, Scott Cantor, and other colleagues summary, starting on page 16, where you will from the World Bank Treasury’s capital markets find information about the volume of IBRD department, support from Zoe Russo for project bonds issued in FY19 and new commitments data collection and analysis, and guidance from made during FY19 to support lending in member Heike Reichelt. countries. Notes: /1 http://pubdocs.worldbank.org/en/790081576615720375/IBRD-Green-Bond- Impact-Report-FY-2019.pdf 6 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Foreword T he World Bank plays a fundamental role in convening and supporting middle-income developing countries – through IBRD – to make a difference in the lives and livelihoods of hundreds of millions of people around the world. The strength of the World Bank is demonstrated by the breadth and the depth of our portfolio, which is reflected in this inaugural Sustainable Development Bond impact report for investors. Together with our country partners, we work to create jobs, develop human capital, promote and protect global public goods, drive environmental sustainability, facilitate access to finance, and build social safety nets. We have helped countries implement complex reform agendas, encouraging initiatives that pave the way for successful and sustainable growth, effective project implementation, and private investment. The World Bank’s lending, technical support, and expertise support countries in making decisions that are critical for lasting growth, which benefits not only their citizens, but the global community. Our IBRD operations, which span 59 countries, are aligned to help countries achieve the World Bank Group’s twin goals of ending extreme poverty and boosting shared prosperity, as well as the Sustainable ANSHULA KANT Development Goals. Managing Director and World Bank Group With the COVID-19 pandemic, we are all facing a new and Chief Financial Officer severe global challenge, especially the poorest and most vulnerable people in the countries we serve. The World Bank Group’s response has been swift and robust. We expect to provide up to US$160 billion over 15 months, with about one-third of resources coming from IBRD to support middle-income countries and one-third from IDA in the form of grants and highly concessional loans to support low-income and vulnerable countries. This covers a range of interventions to strengthen primary health care, expand disease monitoring and reporting, train frontline health workers, encourage community engagement to maintain public trust, and improve access to treatment for patients. The World Bank is also preparing for the macroeconomic impact of the COVID-19 crisis on countries. With the backing of our capital increase, concluded in 2018, we are in a strong position to meet the increased demand from our member governments. We will help countries strengthen social safety nets, support the private sector, and counter financial market disruption. Bolstered by the capital increase and a robust financial sustainability framework, our issuance of Sustainable Development Bonds, including the recent US$15 billion raised in benchmark bonds across four currencies in April 2020, supports a range of development programs and projects. Programs include the activities that are essential to helping countries withstand the health impacts of the pandemic as well as speed up their economic and social recovery. I am delighted to share the development impact that the World Bank-financed projects achieved in fiscal year 2019 and provide a sense of what we expect to achieve in the future. These results are not possible without the commitment of a large, diverse, and global set of investors supporting sustainable development. I thank our investors for their trust in our institution and our global development mission, and I thank the World Bank Treasury and operational teams for their commitment to strengthening development outcomes around the world. This strong partnership is more essential today than ever before. And I am confident that together we can build a resilient and sustainable future. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 7 A Message from the Treasurer O ne of the core roles of the World Bank Treasury is to raise funds from the capital markets to support the financing that the World Bank provides to its member governments. This enables them to implement sustainable development projects and programs that address some of the most challenging development issues, including in crisis times like these as we face the COVID-19 pandemic. We also work to promote and grow capital markets that support regular, sustainable finance flows to where they are needed most. A Annex 4 Annex 3 n Annex As a pioneering issuer of green and sustainable bonds, A n Featured Rep we have led transformative change in capital markets – n e Impact In n Message x by issuing the first labeled green bond, as a founding Forewor e About th t 5 r member and architect of the Green Bond Principles, o Tab x o : List of A 2 r in our role as an executive committee member of the : d 1 : t W : : u Green Bond and Social Bond Principles, and through W S World Ba Im H c o u our partnerships with asset owners like the Government o P tion | 10 ig r m p r Pension Investment Fund of Japan. These efforts are r ld d|8 ld o h a e f mary | 14 l r helping to expand sustainable investment infrastructure je li ct Repor o B e W Bank Pro g and build awareness about approaches that incorporate b m c ank Exc hts | 12 o b ts | 20 ESG factors into fixed-income investment. W r r n o ld e k World Bank bonds offer investors the opportunity to earn orld Ban v JINGDONG HUA f a financial return while contributing to the betterment of S Bank | 5 ia World Bank Vice President & Treasurer t u society. Our Sustainable Development Bonds also help t in lu ions | 59 s C je investors manage ESG risks and achieve development g t s ainable D c impact goals. With our bonds, we are communicating the environmental and social impacts of all the products, io A t o in various sectors, through which we lend to member governments. We want investors to understand the value n C p k p and benefit of what the entire balance sheet finances—how it contributes to development and the SDGs, not y L n T cle | 57 r ist | 58 r only select environmental aspects such as our green bond portfolio. o e t a a In June 2019, we celebrated the display of over 200 IBRD green and sustainability bonds on the Luxembourg ch | 56 s e e Green and Sustainable Exchange. This event marked a major milestone in our efforts to communicate the ESG urer | 9 v credentials of IBRD’s issuance program. It also signaled our commitment to apply the same disclosure and e n lo standards that we use for green bonds to all the bonds IBRD issues. t p We are pleased to present this first impact report on the entire portfolio of IBRD bonds. We ment Bo s remain committed to improving the quality and depth of our reporting and to paving new pathways for issuers and investors to join together and build the financial markets we need to tackle global development challenges and achieve the SDGs by 2030. We can collectively contribute to improving living conditions, protecting the planet, creating better jobs, improving health care and education, n and reducing inequality around the world for future generations. A d sustainable future requires us to focus on every aspect of our Pr society. ocess | 55 8 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 ABOUT THE WORLD BANK: Mission & Strategy The International Bank for Reconstruction and Development was established in 1944 and is the original member of the World Bank Group. IBRD is an international organization and global development institution owned by 189 member countries. As the largest development bank in the world, it supports the mission of the World Bank Group (WBG)2 by providing loans, guarantees, risk management products, and advisory services to middle-income and creditworthy low-income countries. Today, IBRD and the International Development Association (IDA), which was established in 1960 and lends to low-income countries, are known collectively as the World Bank and share the same leadership and staff. Both IBRD and IDA issue bonds in the international capital markets to support the development mission. This report focuses on IBRD bond issuance. At the heart of the World Bank Group’s This overarching strategic framework strategy are two goals endorsed by its Board rests on four pillars: (1) serving all clients of Governors in 2013: in low- and middle-income countries; (2) • END EXTREME POVERTY: reduce the creating markets, mobilizing finance for percentage of people living on less development, and expanding the use of than US$1.90 a day to three percent private sector solutions; (3) leading on by 2030. global issues; and (4) improving the ways we do business to be agile, efficient, and • PROMOTE SHARED PROSPERITY: closer to clients. foster income growth for the bottom 40 percent of the population in every The WBG is committed to bringing developing country. together the international community in the urgent task of achieving the goals by To deliver on the twin goals as well as 2030. They can be reached only through support the Sustainable Development the collaboration of all partners, including Goals, the WBG’s management and countries, other institutions, civil society, shareholders have agreed on three main and the private sector. priorities for our work with developing Notes: countries, including those affected by /2 For the purpose of this report, “World Bank” or the “Bank” refers to IBRD. The fragility, conflict, and violence: accelerate World Bank Group consists of five organizations: International Bank for Reconstruction and Development, International Development Association, International Finance sustainable and inclusive growth, invest in Corporation, Multilateral Investment Guarantee Agency and International Centre for Settlement of Investment Disputes. human capital, and strengthen resilience. Photo credit: © Heather Elliott / World Bank Photo credit: © Henitsoa Rafalia / World Bank 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 11 SUPPORTING MEMBERS THROUGH A CRISIS: The World Bank’s Response to COVID-19 COVID-19 has become a global pandemic affecting virtually all countries. The extraordinary public health measures taken by governments around the world – from social distancing to partial and complete lockdowns – are resulting in a significant contraction of the world economy. Governments are taking far-reaching health, social, and economic measures. Their actions are being matched by actions of the multilateral institutions. The World Bank Group (WBG) is implementing a strong response to support its members with an initial focus on emergency health support. In an immediate second phase the WBG is supporting countries to cope with the economic and social crisis. The WBG, across its financing institutions, IBRD, IDA, ARGENTINA IFC, and MIGA, is prepared to deploy up to US$160 US$35 million to support the country to identify, billion over the next 15 months to support COVID-19 isolate, and provide care to patients and prepare measures that will help countries respond to and strengthen its health system. immediate health consequences of the pandemic and bolster economic recovery. The broader DOMINICAN REPUBLIC economic program will aim to shorten the time to US$150 million to implement emergency measures recovery, create conditions for growth, support to contain the spread and manage the impact of small and medium enterprises, and help protect the the pandemic by tapping contingency financing poor and vulnerable. There will be a strong poverty that was put in place in 2017 to respond to natural focus in these operations, with an emphasis on disasters and health emergencies. policy-based financing, and protecting the poorest households and the environment. ECUADOR US$20 million to support the national plan with a The first US$12 billion WBG package of fast-track project that focuses on prevention and providing financing to assist countries and companies in their adequate medical care and strengthening the efforts to prevent, detect and respond to COVID-19 national public health system. was approved initially on March 3 and was increased to US$14 billion on March 17, 2020. The INDIA IBRD share of this new financing was US$2.7 billion US$1 billion to purchase testing kits, personal to strengthen national systems for public health protective equipment, ventilators, and medicines, preparedness, including for disease containment, set up new isolation wards, increase infection diagnosis, and treatment. The first set of these prevention and control measures. emergency support operations was approved by the World Bank Board of Directors on April 2, 2020. LEBANON In parallel, the World Bank is redeploying resources US$40 million to restructure existing 2017 health in existing projects, including through restructuring, program to finance procurement of medical goods use of emergency components of existing projects and equipment and train health workers and and triggering contingent financing. frontline responders. As of early May 2020, the World Bank has financed, and staff are implementing, COVID-19 programs in nearly 100 countries. These programs build on decades of work and the existing portfolio of programs to support developing countries strengthen health systems. This enables the World Bank to act with speed and precision at this critical time. Among Learn more: the initial IBRD projects include the following: worldbank.org/COVID19 12 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 THE WORLD BANK’S APPROACH: Engaging with Investors on the SDGs T he World Bank (IBRD) issues bonds with two types of labels: World Bank Green Bonds and World Bank Sustainable Development Bonds. All World Bank development operations are designed to achieve positive environmental and social impacts and outcomes consistent with the World Bank Group’s twin goals of ending extreme poverty and advancing shared prosperity. Operations are approved by the World Bank Board of Executive Directors after an extensive internal review process, which integrates sustainability policies and environmental and social requirements. We take a portfolio approach to issuing sustainable bonds, which means we support a variety of sustainable development sectors and the range of SDGs and do not earmark bond proceeds for individual sectors or projects. Over FY18-19, we used our issuance program to engage investors on the Bank’s development mandate, explain how the use of bond proceeds supports the financing of development activities, and to describe how these activities contribute to the SDGs. For the World Bank this has been an opportunity to draw attention to the institution’s work to respond to key development challenges while supporting the financing of a broad range of development sectors in line with our mission. For investors, it has been an opportunity to align their investments to the SDGs, implement ESG strategies, and communicate sustainable investment priorities to their stakeholders. The timeline on the following pages illustrates key transactions that were part of our awareness raising activities. HEALTH AND NUTRITION OF WOMEN AND CHILDREN Ensuring that every woman and child has access to health care is pivotal for strengthening human capital, building robust economies, and ending poverty. Multi-stakeholder partnerships such as the Global Financing Facility (GFF) work alongside the World Bank to accelerate improved health outcomes. Pairing GFF funding with World Bank lending helps to buy down the cost of financing for eligible projects, so that governments can expand their investments in human capital. The GFF is currently providing US$46 million together with IBRD financing for projects in Indonesia, Guatemala, and Vietnam in support of country-led efforts to improve the health and nutrition of women, children, and adolescents. The IBRD health and nutrition portfolio currently includes 29 projects with total commitment of US$6.5 billion. GENDER EQUALITY The World Bank takes as its starting point that no country, community, or economy can achieve its potential or meet the challenges of the twenty-first century without the full and equal participation of women and men, girls and boys. World Bank diagnostic assessments, country strategies, and project design consider gender gaps and solutions in four key areas for the greatest impact: (1) reducing gaps in health, education, and social protection; (2) removing constraints for more and better jobs; (3) removing barriers to women’s ownership and control of assets; and (4) enhancing women’s voice and agency and engaging men and boys. WATER The World Bank is the world’s largest multilateral source of financing for water in developing countries with US$37.4 billion in water-related investments. In 2019, the World Bank published its first Strategic Action Plan for Water aligning the Bank’s investments across three pillars: Sustain Water Resources; Deliver Services (including water supply, sanitation, and irrigation services); and Build Resilience. The Global Water Security & Sanitation Partnership, launched in 2017 and housed at the World Bank, complements the Bank’s efforts and supports countries in meeting SDG targets, particularly those of Goal 6: “ensure availability and sustainable management of water and sanitation for all”. IBRD’s Water portfolio is currently comprised of 69 projects with total commitments of around US$14.9 billion. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 13 OCEANS, FISHERIES & COASTAL ECONOMIES The World Bank’s Blue Economy program supports economic growth, social inclusion, and livelihoods while also supporting the sustainable and integrated development of marine and coastal resources in healthy oceans. Projects range from large regional fisheries programs in Africa and the Pacific, to reducing water and marine pollution from all sources including by improving sanitation, and supporting sustainable coastal development, with a focus on climate change impacts such as erosion. This includes PROBLUE, a multi-donor trust fund that supports the sustainable and integrated development of economic sectors in healthy oceans. Activities are focused on: improving the management of fisheries and aquaculture; addressing marine pollution, including litter and plastics; sustainably developing key sectors such as tourism, maritime transport, and off-shore renewable energy; and building government capacity to manage marine and coastal resources. The World Bank’s oceans program currently includes US$5.6 billion in active IBRD and IDA projects. SUSTAINABLE CITIES The World Bank Group is working with the private sector, governments, and civil society to manage fragility risks by engaging early to build clean and efficient cities and communities that are more resilient to climate change and natural disasters. This includes confronting barriers that prevent marginalized groups from fully participating in political, economic, and social life. The Bank has invested on average about US$6 billion annually in urban development and resilience projects (FY17–19), excluding investments in sustainable urban transport and water. IBRD’s annual disaster risk management investment, of which urban investments are a central pillar, has increased steadily over the past seven years – from US$1.9 billion in FY12 to US$2.3 billion in FY19. Our City Resilience Program works with cities to strengthen resilience and access a range of financing options. Since June 2017, it has worked with 57 cities in 39 countries for a combined US$2.3 billion (of which, US$975 million is for IBRD countries). FOOD LOSS & WASTE The environmental impacts of food that is produced, but ultimately lost or wasted, are massive – accounting for 8% of global annual GHG emissions. The World Bank is working to understand the economic drivers and the impacts of policy and financial levers and developing food smart diagnostics to inform country-specific action and financing needs. World Bank projects are working to improve post-harvest technologies for food storage, handling and processing, develop cold chain infrastructure and biogas energy facilities, and create cooperatives and access to markets. IBRD’s Food Loss and Waste portfolio is currently comprised of 25 projects across regions with total commitments of around US$4.6 billion. CLIMATE RESILIENCE The WBG Climate Change Action Plan (2016-2020) lays out ambitious targets to be met by 2020, including increasing the climate-related share of the WBG’s lending to 28% - reached in 2018, helping client countries add 30 gigawatts of renewable energy, put in place early warning systems for 100 million people, and develop climate-smart agriculture investment plans for at least 40 countries, among other priorities. Every World Bank project is screened for climate co- benefits and the World Bank reports annually on the GHG emissions reductions achieved across its lending operations³. In FY19, IBRD projects had projected net GHG emissions reductions of 71.5 million tCO2eq/year. Notes: /3 GHG accounting is undertaken by IBRD investment projects where World Bank approved GHG accounting methodologies are available. World Bank GHG emissions data is subject to change according to the portfolio and lending-instrument mix reported. IBRD emissions data represents a subset of the net emissions data reported for the World Bank (IDA and IBRD) under the Bank’s corporate scorecard. The World Bank has committed to report GHG emissions for the World Bank portfolio (i.e., IDA and IBRD combined) and the disaggregation of the two may not always be available. Net proceeds of a specific World Bank bond are not committed or earmarked for lending to, or financing of, any particular projects or programs, and returns on a specific World Bank bond are not linked to the performance of any particular project or program. 14 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 World Bank Bond Timeline The World Bank issued the first labeled green bond for mainstream institutional investors. FY18 & FY19 As an innovator and leading issuer in capital markets for over seventy years the World Bank plays an important role pioneering financial tools 2018 that deepen and expand markets and provide the financing needed to tackle the world’s most difficult development challenges. JULY AUGUST SEPTEMBER OCTOBER NOVEMBER World Bank The World Bank World Bank CAD 1 billion issues US dollar- marks the denominated 10-year benchmark sustainable anniversary bond highlights development notes of the the benefits that provide investors green bond of investing in return exposure to market with women and the ESG performance a landmark young people of UN Global USD 1.3 billion Compact signatories issuance through the Global bringing its World Bank Sustainability World Bank green bond issues a SEK Signatories Index joins forces with program to 1 billion 7-year 7.5% VC ER working Skandia, SEB USD 13 billion bond, the first with UBS Life & Investment in a series of Management, Sustainable Handelsbanken Development Fonder, and Bonds issued to Church of raise awareness Sweden to raise for the critical awareness for role that water Sustainable and ocean Development resources play Goal 11: in development Sustainable Cities around the world and Communities Net proceeds of a specific World Bank bond are not committed or earmarked for lending to, or financing of, any particular projects or programs, and returns on a specific World Bank bond are not linked to the performance of any particular project or program. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 15 2019 DECEMBER JANUARY MARCH MAY JUNE Sustainable World Bank Luxembourg Stock Development launches the Exchange began Bonds linked to the first Sustainable displaying all World Solactive Human Development Bank bonds on the Capital World MV Bond to raise Luxembourg Green Index which selects awareness Exchange or LGX, companies for fair for food loss the exchange’s work practices and waste, platform dedicated and contribution to focusing on to green, social and societal development the challenges sustainable financial outlined by instruments. The Sustainable World Bank lists event was marked World Bank issues with a ceremony a CAD 1.5 billion Development its first bond on Goal 12.3. The Euronext Dublin, at the Sustainable Sustainable Finance Forum in Development Folksam Group a 10-year global was the sole sustainable Luxembourg. bond, the largest bond issued by an investor in the development SSA (sovereign, three-year, USD bond, raising supranational 300 million bond EUR 1.5 billion agency) in the from dedicated Canadian market, sustainability to raise awareness investors. for the long- lasting benefits of investing in the health and nutrition of women, children, and adolescents 16 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 12 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Issuance and Lending Report SummarySummary for FY19 ISSUANCE HIGHLIGHTS: In fiscal year 2019 (FY19: July 1 - June 30), the World Bank (IBRD) issued US$54 billion in bonds in 27 different currencies through 440 transactions to support the financing of sustainable development projects and programs. This includes US$2.7 billion in green bonds.74 Breakdown by FY19 Breakdown FY19 Currency by Currency Other SEK 7% CAD 2% 3% AUD 4% EUR 9% USD 64% GBP 11% Annual Issuance Annual Issuance 70 60 50 US$ billion 40 30 20 10 - FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 Benchmark/Global Bonds Other Plain Vanilla Bonds Structured/Risk Transfer Notes Notes: /4 For more information, please see the 2019 World Bank Green Bond Impact Report: http://pubdocs.worldbank.org/en/790081576615720375/IBRD-Green-Bond-Impact- Report-FY-2019.pdf. Notes: /7 For more information, please see the 2019 World Bank Green Bond Impact Report: http://pubdocs.worldbank.org/en/790081576615720375/IBRD-Green-Bond-Impact- Report-FY-2019.pdf. 4 4 WORLD BANK BONDS WORLD BANK FOR SUSTAINABLE BONDS FOR SUSTAINABLEDEVELOPMENT DEVELOPMENT | | IMPACT REPORT IMPACTREPORT 2019 2019 17 13 COMMITMENTS: NEW COMMITMENTS: In FY19, IBRD committed US$23.2 billion through 100 new projects to fund sustainable development activities in middle-income countries. IBRD LENDING COMMITMENTS SUPPORT CRITICAL AREAS 23 billion 54% for lower middle- income countries 57% have a gender focus* 31% have climate co-benefits *As a percentage of total new projects committed FY19 Loan FY19 Commitments by Loan commitments byRegion region Africa 4% South Asia 17% East Asia & Pacific 17% Middle East & North Africa 21% Europe & Central Asia 16% Latin America & Caribbean 25% 14 18 BONDS FOR WORLD BANK BONDS SUSTAINABLEDEVELOPMENT FOR SUSTAINABLE IMPACTREPORT DEVELOPMENT | | IMPACT REPORT2019 2019 Commitments Portfolio Commitments &&Disbursements Disbursements By Sector: Committed/a Allocated & Outstanding/b US$eq. billion Agriculture, Fishing & Forestry 7.7 2.9 Education 5.7 2.5 Energy & Extractives 21.6 11.6 Financial Sector 5.5 4.3 Health 5.1 1.9 Industry Trade & Services 9.5 4.8 Information & Communications 0.2 0.1 Public Administration 11.8 8.2 Social Protection 6.4 4.5 Transportation 26.1 13.1 Water, Sanitation & Waste Management 16.3 7.2 Total 115.9 61.3 Notes: 6% Amounts may not add up due to rounding. Social Protection 22% /a The committed amount is the World Bank loan net of cancellations reported in equivalent US 10% Public Administration Transportation $ billions Loans denominated in other currencies are converted to US$ equivalents using the spot exchange rate on the report date (June 30, 2019). 8% Industry, Trade & /b The allocated Services amount is the amount of World Bank bond proceeds allocated to 4% 14% support the financing of disbursements to the project reported in Health equivalent US$ billions. Water & Sanitation 5% Loans denominated in other currencies are converted to US$ equivalents using the Financial Sector spot exchange rate on 7% the report date (June 30, 2019) 19% Energy & Extractives 5% Agriculture, Fishing & Forestry Education 4 4 WORLD BANK BONDS WORLD BANK BONDS FOR FOR SUSTAINABLE SUSTAINABLEDEVELOPMENT IMPACTREPORT DEVELOPMENT | | IMPACT REPORT 2019 2019 19 15 By Region: Committed/a Allocated & Outstanding/b Notes: Amounts may not add up due to rounding. US$eq. billion /a The committed amount Africa (AFR) 7.4 3.7 is the World Bank loan net of cancellations reported in East Asia & Pacific (EAP) 23.8 12.6 equivalent US$ billions. Loans denominated in other currencies Europe & Central Asia (ECA) 20.8 10.7 are converted to US$ equivalents using the spot exchange rate on Latin America & Caribbean (LAC) 25.3 15.2 the report date (June 30, 2019) Middle East & North & Africa (MNA) 18.3 10.8 /b The allocated amount is the South Asia (SAR) 20.3 8.3 amount of World Bank bond proceeds allocated to support Total 115.9 61.3 the financing of disbursements to the project reported in equivalent US$ billions. Loans denominated in other currencies are converted to US$ equivalents using the spot exchange rate on the report date (June 30, 2019). ECA 18% MNA 16% EAP 21% AFR 6% LAC SAR 22% 17% Photo credit: © Curt Carnemark / World Bank Impact Highlights WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 11 4 22 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT WORLD BANK | IMPACT BONDS FOR REPORT SUSTAINABLE 2019 DEVELOPMENT | IMPACT REPORT 2019 11 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 11 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 11 71 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 11 71 4 LOOKING BACK: completedHighlights Total projectsImpact Achieved WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 11 84 71 Total projects completed 71 71 in FY19 Projects approved & disbursing 4 Total projects completed WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 11 71 in FY19 Total Total projects in in FY18-FY19 FY19 completed Projects projects completed in FY19 completed 84 in HUMAN CAPITAL HUMAN in CAPITAL FY19 FY19Total projects completed Projects approved & disbursing HUMAN CAPITAL HUMAN CAPITAL HUMAN CAPITAL in FY19 4,421,791 in FY18-FY19 4,421,791 People 4,421,791 4,421,791 People HUMAN CAPITAL HUMAN CAPITAL benefiting 1,210,000 from social benefiting from social safety HUMAN CAPITAL benefiting safety net People benefiting from net programs programs People social from social safety net net safety People programs programs in SDG target 1.3 – implement nationally appropriate social protection systems and measures for all, including floors, and by 2030 achieve substantial coverage of the poor and benefiting from social safety net programs 4,421,791 the vulnerable Iraq and North Macedonia 4,421,791 in Brazil HUMAN CAPITAL 4,421,791 158,471 People 26,935,000 People 158,471 benefiting from social safety net programs People SDG target 2.2 – end all forms of malnutrition, including achieving by 2025 the internationally 1,210,000 People 158,471 People benefiting from social People safety net programs People People benefiting from social safety net programs agreed SDG 1.3 on targets target stunting and – implement wasting in nationally children appropriateunder 5 years social of age, protection and address systems and the provided with essential who received providedhealth, essential with nutrition, health, essential and health, People population nutrition, andand nutrition, services population population provided with essential health, nutrition, and population services services nutritional and lactating needs of women, adolescent measures for all, including floors, and older andpregnant girls, by 2030 services infrom benefiting Angola, Egypt, and Indonesia achieve substantial coverage of persons the poor and and population services in social safety Eswatini net programs in the vulnerable provided with essential Iraq health, and North nutrition, and population services Macedonia 158,471 158,471 1,274,805 158,471 1,274,805 8,941,098 People 26,935,000 People People People People People SDG target 3.8 – achieve universal health SDG target coverage end all forms 2.2 –including (UHC), of malnutrition, financial risk 1,274,805 People providedhealth, with essential health, nutrition, and population including achieving by 2025 the internationally People provided with essential provided nutrition, and population servicesservices protection, People access to quality essential health provided withwith access access to improved to improved water water sources sources in agreed targetsand care services, on stunting access toand wasting safe, in effective, provided with essential access tohealth, improved nutrition, water and population sources services children under of age, and 5 years essential addressandthe provided with access who to improved received Brazil, China, essential India, water health, Indonesia, sources nutrition, and Iraq and population quality, and affordable medicines 2,950,548 nutritional needs of adolescent girls, pregnant vaccines for all services in Angola, Egypt, and Indonesia and lactating women, and older persons 1,882,000 1,274,805 2,950,548 provided with access to improved water sources 1,274,805 People People People 1,274,805 provided with access to improved sanitation services SDG target 6.1 – achieve universal and 8,941,098 2,950,548 People People provided provided access withwith to improved access sanitation to improved services in water sources equitable access to safe and affordable SDG target 3.8 – achieve universal health provided provided withPeople withChina, access access to improved to improved Indonesia, Iraq, andsanitation sanitation services Turkey services water sources People drinking water for all coverage (UHC), including financial risk People 2,950,548 protection, access to quality essential health provided in with Argentina, access with Azerbaijan, provided to improved accessChina, Brazil, water sources to improved water sources in 1,305,681 care services, and access to safe, effective, provided with access to improved sanitation services 2,950,548 Colombia and India Brazil, China, India, Indonesia, People and Iraq quality, and affordable essential medicines and SDG for6.2 target vaccines all – achieve access to adequate 2,950,548 People 1,882,000 provided with access to improved sanitation services and equitable sanitation and hygiene for all 1,305,681 PeoplePeople and end open defecation, paying special provided with improved urban living conditions attention to the needs of women and girls and People provided with access to improved sanitation People services those in vulnerable SDG target situations 6.1 – achieve universal and 1,305,681 People provided withprovided access with access to improved to improved sanitation sanitation services services in equitable access to safe and affordable 1,305,681 drinking water for all provided provided with with improved China, improved urban Indonesia, urban living Iraq, conditions and Turkey living conditions People in Azerbaijan, Brazil, China, Egypt and Paraguay People RESILIENCE provided urban provided with improved living conditions 1,305,681 with improved urban living conditions SDG target 6.2 – achieve access to adequate 1,305,681 People SDG and target 11.1 equitable – By 2030, sanitation andensure access hygiene for all for all and endto adequate, safe and open defecation, affordable paying special RESILIENCE housing and basic services and upgrade attention to the needs of women and girls and People 69,797 USD slums in vulnerable situations those provided with improved urban living conditions in India provided with improved urban living conditions SDG target 7.3 – double the global rate of improvement in energy efficiency ESILIENCE ESILIENCE RESILIENCE RESILIENCE RESILIENCE 3,330,267 MWh projected lifetime energy or fuel savings 15,265,288 tCO eq. of annual energy/fuel savings SDG target 9.4 – upgrade infrastructure and retrofit industries to make them sustainable, 3,330,267 1,705,913 with increased resource-use efficiency and 69,797 3,330,267 2 greater adoption of clean and environmentally net GHG emissions reduced annually ESILIENCE MWh USD tCO eq. SDG sound target 7.3 – double technologies the global and industrial rate of processes, 3,330,267 MWh ESILIENCE MWh MWh projected net GHG emissions reduced annually lifetime energy or fuel savings 2 improvement in energy with all countries taking efficiency action in accordance with their respective capabilities of annual of annual energy/fuel savings of annual energy/fuel energy/fuel savings savings in China 1,705,913 15,265,288 1,705,913 of annual energy/fuel savings 3,330,267 SDG target 9.4 – upgrade infrastructure and 3,330,267 Notes: tCO tCO eq. eq. retrofit industries to make them sustainable, tCO eq. 1,705,913 tCO eq. with increased resource-use and efficiencyin MWh tCO eq. /5 The projected impact highlights have been aggregated where possible and represent a subset net net GHGGHG emissions emissions reduced reduced 2 2 2annually annually 2 of results from projects that were approved and began disbursing FY18- greater adoption of clean and environmentally FY19 (fiscal years include July 1 - June 30). and therefore not allofnet net GHG GHG annual regions MWh emissions emissions Projects energy/fuel or sectors are added reduced reduced savings may be represented to the report in annually annually once disbursements have begun. Not all projects sound the highlights. See “Projects by Sector” for target project level are represented results with technologies for the set all countries in the and taking results presented industrial of 84 completed above processes, projects. For action in accordance in annual of definitions of the indicators energy/fuel used above China, see World Indonesia and savings Bank Corporate Scorecard Tier 2 indicator definitions: http://pubdocs.worldbank.org/en/404971580918297358/World-Bank- Mexico 2 with their respective capabilities Group-Scorecard-2019-definitions.pdf net GHG emissions reduced annually Notes: 1,705,913 tCO eq. mpact mpact Highlights Highlights Impact Highlights SUSTAINABLE & INCLUSIVE GROWTH 5 5 5 for for 5 projects completed in FY19 projects completed projects in FY19 mpact Highlights SUSTAINABLE & INCLUSIVE GROWTH for 5 for projects for projects completed completed completed in in in FY19 FY19 FY19 Projected Impact Highlights 4 BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT WORLD BANK BONDSREPORT 2019 FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 5 23 for projects completed in FY19 SUSTAINABLE & INCLUSIVE GROWTH SUSTAINABLE USTAINABLE 10 WORLD& SUSTAINABLE & INCLUSIVE INCLUSIVE BANK BONDS FOR SUSTAINABLE & INCLUSIVE 37,172 GROWTH INCLUSIVE & GROWTH GROWTH Farmers Farmers SUSTAINABLEGROWTH DEVELOPMENT | IMPACT REPORT 2019 for active projects mpact Highlights adopting improved agricultural technology adopting improved agricultural technology 10 SUSTAINABLE WORLD BANK BONDS FOR SUSTAINABLE & INCLUSIVE GROWTH & INCLUSIVE GROWTH SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 5 919,817 37,172 37,172 Projected Impact Highlights 37,172 1,876,951 Farmers 5 FY19 for projects completed in 37,172 Impact Highlights adopting Farmers Hectares SDG target 2.4 – ensure sustainable Projected Farmers Hectares Farmers provided adopting with new/improved improved Farmers improved Farmers agricultural agricultural technology irrigation and technology drainage food production systems and implement 5 resilient agricultural practices that increase 37,172 adopting improved agricultural technology in Angola, Brazil, provided adopting adopting with new/improved adoptingimproved improved improved agricultural agricultural agricultural India, and irrigation technology Pakistan technology and drainage technology in Brazil productivity and production, that help for active projects 919,817 maintain ecosystems, that strengthen adopting improved agricultural technology Farmers Hectares capacity for adaptation to climate change, 1,178,400 35,693 919,817 extreme weather, drought, flooding and SUSTAINABLE & INCLUSIVE GROWTH for active projects 919,817 other disasters, and that progressively adopting improved agricultural technologyHectares 919,817 improve land and soil quality SUSTAINABLE & INCLUSIVE provided with Teachers new/improved irrigation GROWTH Hectares Teachers provided with new/improved and drainage irrigation and drainage in certified or provided trained with new/improved Angola, Hectares Hectares Hectares irrigation India, Indonesia, and drainage and Tunisia 919,817 SUSTAINABLE & INCLUSIVE GROWTH 35,693 1,876,951 certified with provided provided or trained with new/improved irrigation drainage anddrainage new/improved in Argentina, China, Indonesiairrigation provided with new/improved irrigation and and and the Philippinesdrainage 37,172 provided with new/improved irrigation and drainage 2,947,173 targets SDG target 4.3,– 4.4 – ensure equal Teachers Hectares Farmers SDG 2.4 ensure sustainable 1,876,951 access for all women andand men to 35,693 food production systems implement 2,451 certifiedimproved or trainedagricultural technology in Angola, Brazil, affordable quality technical, vocational and Students resilient agricultural practices that increase 35,693 provided with adopting and Farmers new/improved irrigation and drainage tertiary SDG education, target 2.4 – including ensure university; sustainable Farmers productivity and production, that help 35,693 India, Pakistan adopting improved benefitting Medium agriculturalTeachers from direct interventions and technology Small to enhance learning in Enterprises and foodsubstantially maintain of production youth agricultural resilient and increase thatand systems ecosystems, adults who the implement strengthen have practices number relevant that increase adopting Teachers improved agricultural Teachers technology in Angola, Brazil, capacity for adaptation to climate change, 1,178,400 Medium and Small Enterprises Brazil and China 2,451 skills, including productivity extreme technical and production, weather, and vocational that help drought, flooding and certified or trained Teachers 35,693 India, and Pakistan benefitting from financial services skills, for employment, decent jobs and 74,800 maintain ecosystems, that strengthen other disasters, and that progressively ortrained certifiedor certified certified benefittingor trained trained from in El Salvador financial services Hectares and the Philippines entrepreneurship capacity landfor adaptation to climate change, 1,178,400 Medium and Small Enterprises improve and soil quality 919,817 certified or trained extreme weather, drought, flooding and Teachers Teachers provided with new/improved irrigation and drainage in 3,460 benefitting from financial services other disasters, and that progressively Hectares 2,451 Angola, India, recruited Indonesia, or trained and Jordan, in China, Tunisia and Tunisia improve land and soil quality Hectares certified or trained 2,451 3,460 provided with new/improved irrigation and drainage in MW SDG target SDG target 8.5, 8.10 –– achieve full and 2,451 7.1, 7.2 By 2030, ensure MW 2,947,173 SDG targets 4.4 4.3, to – ensure equal Medium and Small Enterprises provided with new/improved irrigation Angola, India, Indonesia, and drainage and Tunisia productive employment and decent work 605 universal access affordable, reliable access women for allenergy and to for young menincrease Medium Mediumand andSmall SmallEnterprises of expanded power generation capacity Enterprises of expanded power generation MW (conventional/ capacity (conventional/ for and all women modern affordable and men, quality including services; technical, vocational and Medium and Small Enterprises benefitting fromoffinancial services Students people and persons with disabilities, 2,451 substantially the share of equal energy renewable 2,947,173 SDG targets 4.3, 4.4 – ensure renewable) benefitting benefitting benefitting constructed from from from expanded financial financial financial or Medium rehabilitated power services services services and generation Small capacity Enterprises (conventional/ tertiary and in the education, equal pay global for energy including workmix of university; equal value; 35,693 access and for all women substantially and men increase to renewable) constructed benefitting renewable) or from rehabilitated direct interventions constructed or in to enhance Egypt rehabilitated and learning in Indonesia Strengthen the capacity of the number domestic benefitting from financial benefitting services from financial services in Belarus, Republic of Congo, Students affordable of youth and quality adults technical, who have vocational relevant and 3,460 19,837 Medium and Small Enterprises Brazil and China Jamaica, and Turkey financial tertiary skills, institutions education, including to encourage including technical and and to university; vocational 3,46019,837 expand access to banking, insurance and Teachers and substantially skills, for employment,increase number the jobs alldecent and 74,800 benefitting from direct interventions to enhance learning in financial of youth services forwho 3,460 benefitting from financial services and adults entrepreneurship have relevant MW 2,761,000 People Brazil and China People certified or trained People skills, including technical and vocational MW MW Teachers skills, for employment, decent jobs and 74,800 MW of withpower expanded generation capacity (conventional/ Farmers 3,460 provided new/improved provided recruited or with new/improved trained electricity in China, service electricity Jordan, service in Colombia and Tunisia entrepreneurship of expanded provided of ofexpanded expanded renewable)with power new/improved power power constructed generation generation generation or capacity electricity capacity capacity rehabilitated (conventional/ service (conventional/ (conventional/ of expanded renewable) reached with power generation constructed agricultural or Teachers assets capacity (conventional/ rehabilitated or services in Angola, China, SDG target 8.5, 8.10 – achieve full and MW renewable) renewable) constructed constructed or or rehabilitated rehabilitated 2,451 Cote D’Ivoire, India, Montenegro, Pakistan, and Tunisia 9.1 – develop SDG targetemployment productive andquality, decentreliable, work recruited or trained in China, Jordan, and Tunisia 605 19,837 renewable) constructed or rehabilitated sustainable for all women andand resilient infrastructure, men, including for young 579,584 including regional and trans- border 19,837 of expanded power generation capacity (conventional/ SDG target 8.5, 8.10with – achieve full and 579,584 people and persons disabilities, Medium and Small Enterprises renewable) constructed orMedium and Small Enterprises infrastructure, to support economic 1,500,000 19,837 productive employment and decent work 605 and equal pay for work of equal value; People rehabilitated People development for all women Strengthen theand and human well-being, men, including capacity of domestic with a for young People People People benefitting benefitting fromwith People provided with financialfrom enhanced new/improved financial services Medium access services in to India electricity and in and Belarus, service Turkey People Small transportation Republic of Congo, Enterprises services focus people financial for all on affordable and personsto institutions and withequitable disabilities, encourage access and to 19,837 People provided provided provided with with with with enhanced Jamaica, and Turkey new/improved new/improved new/improved with enhanced access benefitting toaccess from electricity electricity electricity to transportation transportation financial services service service service servicesservices in Belarus, in India Republic of Congo, and equal expand Strengthen financial pay for access services work of equal to banking, the capacity value; insurance for all of domestic and 3,460 2,761,000 financial institutions to encourage and to provided withJamaica, with enhanced new/improved access to electricity service transportation services People and Turkey expand access to banking, insurance and 3,428,277 5,000,000 financial services for all MW Farmers 2,761,000 provided with new/improved electricity service 579,584 SDG target 14.5 – conserve at least 10 m3in Angola, China, 3,428,277 reached with agricultural assets or services per cent of coastal and marine areas, Hectares 579,584 power of expanded Cote generation dredged material D’Ivoire, capacity removed from India, Montenegro, (conventional/ Farmers waterways Pakistan, and Tunisia consistent SDG target with 9.1 –national develop and international quality, reliable, 579,584 People of sustainableoruse marine-protected areas in Africa law and based sustainable andon the best resilient available infrastructure, renewable) constructed rehabilitated m People People m reached with agricultural Cote D’Ivoire, India, assets or3 3 services in Angola, China, Pakistan, and Tunisia Montenegro, services scientific information including SDG target 9.1 regional and trans- border infrastructure, to–support develop quality, reliable, economic People with enhanced access to transportation 1,500,000 579,584 19,837 dredged material removed from waterways sustainable and humaninfrastructure, resilient 61,986 development and well-being, with a 345,595 with with with enhanced enhanced enhanced dredged access access access material totransportation to to removed transportation transportation from waterways services services services including regional and focus on affordable and equitabletrans- border access with enhanced access to transportation services People infrastructure, for all to support economic 1,500,000 People in China and Eswatini Hectares People Hectares with enhanced access to transportation services in India development and human well-being, with a 3,428,277 on affordable focustarget SDG the access and equitable 15.2 – promote of forest reforested or rehabilitated People 61,986 of forest with enhanced accessreforested, rehabilitated to transportation or brought services under provided with new/improved electricity service 3,428,277 for all implementation of sustainable management plans in China, India, and Mexico 3,428,277 management of all types of forests, halt 5,000,000 with enhanced access 3 services in India to transportation m deforestation, restore degraded forests 222,510 Hectares 3 SDG target 14.5 target conserve at least 10 mm 33 SDG and 11.5 – substantially By 2030, increase significantly afforestation Hectares m dredged material removed from waterways 3 Hectares per cent reduce of coastal the number and marineand of deaths areas, 3,428,277 and reforestation globally 5,000,000 Hectares consistent with national and international of forest reforested dredged dredged dredged material material material or rehabilitated removed removed removed waterways fromwaterways use from from waterways the number of people affected and 579,584 People of sustainable marine-protected areas in Africa SDG law andtarget based 14.5 on conserve –the best at least available 10 of forest reforested or area under from of landremoved dredged material rehabilitated waterways in Indonesia substantially per cent of decrease coastal the direct and marine economic areas, m sustainable management 3 Hectares practices in scientific losses consistent information relative product caused to global with national gross domestic and international by disasters, including India of and Mexico sustainable use marine-protected areas in Africa law and baseddisasters, on the best available 61,986 water-related with a focus 345,595 dredged material removed from waterways SDG target scientific 15.2 information promote –poor the 61,986 on protecting the and people in implementation of sustainable with enhanced access to transportation services vulnerable situations 61,986 management of all types of forests, halt Hectares Hectares 345,595 deforestation, restore degraded forests Hectares Hectares of forest reforested, rehabilitated or brought under SDG target 15.2 – and substantially implementation promote increase sustainable ofglobally the afforestation Hectaresof forest reforested or rehabilitated 61,986 of forest management reforested plans in China, India, and Mexico rehabilitated orrehabilitated Hectares and reforestation management of all types of forests, halt 3,428,277 offorest of forestreforested reforested or or rehabilitated SDG target 15.2 deforestation, – promote restore degraded the forests 222,510 of forest reforested, of forest reforested or rehabilitatedrehabilitated or brought under implementation substantiallyof and sustainable increase afforestation Hectaresm management plans in China, India,3and Mexico management of all and reforestation globally types of forests, halt of forest reforested or rehabilitated inHectares deforestation, restore degraded forests 222,510 Hectares China and substantially increase afforestation of land removed dredged material area under from waterways sustainable management practices in and reforestation globally India and Mexico of land area under sustainable management practices in SDG target 15.2 – promote the Notes: implementation of sustainable India and Mexico management of all types of forests, halt 61,986 Hectares Corresponding project tables can be found on the World Bank Treasury website: https://treasury.worldbank.org/ under Sustainable SDGDevelopment target 15.2 – promote the forests deforestation, restore degraded implementation and substantiallyof sustainable increase afforestation management and of all reforestation types of forests, halt globally deforestation, restore degraded forests WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 11 84 24 WORLD BANK BONDS WORLD BANK BONDS FOR SUSTAINABLE FOR SUSTAINABLE DEVELOPMENT DEVELOPMENT | IMPACT REPORT 2019 | IMPACT REPORT 2019 11 4 Projects approved & disbursing WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 11 84 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 11 LOOKING FORWARD: in FY18-FY19 Projected Impact Highlights Projects approved & disbursing 5 84 Projects approved & disbursing 84 in Projects approved & disbursing FY18-FY19 in FY18-FY19 84 HUMAN CAPITAL Projects approved in Projects FY18-FY19 in FY18-FY19 approved& disbursing disbursing in FY18-FY19 and HUMAN CAPITAL HUMAN CAPITAL HUMAN CAPITAL 1,210,000 People benefiting from social safety net programs in SDG target 1.3 – implement nationally appropriate social protection systems and measures for all, including floors, and by 2030 achieve substantial coverage of the poor and 1,210,000 the vulnerable Iraq and North Macedonia 1,210,000 1,210,000 SDG target 1.3 – implement nationally HUMAN CAPITAL People SDG target appropriate SDG target appropriate social 1.3 –1.3 – implement protection implement nationally systems nationally and People measures appropriate for all,social protection including floors, systems and by and 2030 People social protection measures for all, including floors, and and systems by 2030 26,935,000 benefiting from social safety net programs in achieve measures SDG target substantial achieve for 2.2 all, coverage including – end all substantial floors, forms of coverage of the and poor the poor2030 by of malnutrition, and and benefiting from social safety net programs in the vulnerable benefiting from social safety net programs in achieve the substantial vulnerable coverage of internationally the poor and 1,210,000 People Iraq and North Macedonia Iraq and North Macedonia including achieving by 2025 the People Iraq and North Macedonia the vulnerable agreed SDG target children appropriate targets under 1.3 on social stunting and – implement 5 years of age,systems protection wasting in nationally and address and the who received essential health, nutrition, and population nutritional needs of adolescent girls, pregnant 26,935,000 26,935,000 measures SDG for target all,2.2 including – end floors, all forms and of by 2030 malnutrition, services Angola, in from Egypt, and Indonesia SDG and lactating achieve target 2.2 substantial – end women, all forms and coverage older of of malnutrition, persons the poor and 26,935,000 People benefiting social safety net programs in SDG including including target achievingachieving by by all 20252025 the the internationally internationally People the agreed 2.2 vulnerable – end targets forms on stunting and of malnutrition, wasting in People Iraq and North Macedonia who received essential health, nutrition, and population agreed including children agreed targets children achieving underneeds targets nutritional on stunting under 5 on 5 by years years stunting 2025ofand of age, of adolescent the age, andand wasting girls, in the internationally and wasting address address in the pregnant essential who receivedservices nutrition, health,Egypt, and and population 8,941,098 PeoplePeople in Angola, Indonesia nutritional childrenandunder needs lactating of adolescent years 5 women, of age, and older girls, and pregnant address persons the who received essential and nutrition, health, and population 26,935,000 services in Angola, Egypt, Indonesia and nutritional SDG lactating targetneeds 3.8 women, – achieve older girls, and universal of adolescent persons pregnant health SDG target and lactating coverage (UHC),2.2 – women, end including all forms and financial of older persons malnutrition, risk services in Angola, Egypt, and Indonesia including achieving by the internationally 2025essential protection, access to quality health 8,941,098 provided with access to improved water sources in agreed targets care services, andon stunting access and to safe, wasting effective,in 8,941,098 children SDG target under 5 3.8 years – achieve of age, universal and health the address who received essential health,and nutrition, Iraq and population quality, and affordable essential medicines and Brazil, People China, India, Indonesia, coverage (UHC), including financial risk 8,941,098 nutritional SDG target vaccines for needs 3.8 –of all access adolescent achieve universal girls, health pregnant protection, to quality essential health services in Angola, Egypt, and Indonesia and lactating women, and older persons 1,882,000People Peopleprovided with access to improved water sources in Brazil, China, India, Indonesia, and Iraq coverage SDG target protection, coveragequality, 3.8 –including (UHC), care services, access achieve and to quality and affordable (UHC), including access financial universal essential essential financial risk health to safe, effective, health medicines risk and provided with access to improved water sources in care vaccines services, for all and access safe, effective, to essential People protection, access to quality health 1,882,000 provided access withIndia, to improved and water Iraq sources in quality, care target SDG and 6.1 services, affordable – achieve and accessessential universal to safe, medicines and effective, and 8,941,098 Brazil, China, Indonesia, vaccines for all to safe provided access with India, Brazil, China, to improved Indonesia, andsanitation Iraq services in equitable quality, and accessaffordable and affordable essential medicines and People 1,882,000 SDG drinkingtarget vaccines water for 3.8 all – for achieve all universal health China, Indonesia, Iraq, and Turkey SDG target 6.1 – achieve universal and People coverage (UHC), including financial risk 1,882,000 People provided with access to improved sanitation services in equitable access to safe and affordable protection, access drinking water for all to quality essential health provided with China, access Indonesia, Iraq, and to improved Turkey water sources in care SDGservices, target 6.1 and to safe, effective, access universal – achieve and provided Brazil, People with China, access India, to improved Indonesia, sanitation services in and Iraq quality, equitable SDGtarget SDG vaccines and target affordable access for 6.1 – 6.2 – achieve all for to safe achieve essential and affordable universal access medicines toandadequate and provided with access drinking equitable water access allsafeand to andhygieneaffordable Iraq,to Turkey sanitation services in improved 1,882,000 People China, Indonesia, and and equitable SDG target sanitation 6.2 – achieve access to adequate for all drinking and end water for all China, Indonesia, Iraq, and Turkey andopenequitable defecation, sanitation paying and hygiene special for all attention to the needs and end open defecation, of women paying and girls and special those in vulnerable attention to the situations needs SDG target 6.1 – achieve universal and of women and girls and SDG target equitablethose in6.2 access –to achieve vulnerable safe situations andaccessaffordableto adequate provided with access to improved sanitation services in SDGequitable and target 6.2sanitation achieve – all and hygiene access for all to adequate drinking water for China, Indonesia, Iraq, and Turkey and end equitable defecation, open sanitation andpaying hygiene special for all attention and end open needs of women to thedefecation, payingand girls and special those attention in vulnerable to the needs situations of women and girls and RESILIENCE RESILIENCE those in vulnerable situations SDG target 6.2 – achieve access to adequate and equitable sanitation and hygiene for all and end open defecation, paying special attention to the needs of women and girls and 69,797 RESILIENCE 69,797 those in vulnerable situations RESILIENCE SDG target 7.3 – double the global rate of USD USD SDG target 7.3 – double improvement the in energy global rate of efficiency improvement in energy efficiency projected lifetime energy or fuel savings projected lifetime energy or fuel savings 69,797 RESILIENCE 69,797 15,265,288 SDG target SDG target 7.3 – double 9.4 – upgrade the global rate of infrastructure and USD 15,265,288 tCO eq. improvement SDG target 7.3 energy in – retrofit industries double efficiency to make thethemglobal rate of sustainable, USD projected lifetime tCO eq. energy or fuel savings 2 SDG target 9.4 with increased improvement – upgrade resource-use in energy infrastructure efficiency efficiency andand net GHG emissions reduced annually retrofit industries greater to make adoption of clean them andsustainable, environmentally projected lifetime energy or fuel savings with increased resource-use efficiency and 69,797 sound technologies and industrial processes, 2 greater with all countries adoption taking of clean andaction in accordance environmentally net GHG emissions reduced annually 15,265,288 SDG target sound with their 7.3 technologies andcapabilities respective – double the global industrial rate of processes, USD 15,265,288 tCO SDG improvement with alltarget countries9.4 – upgrade in energy taking efficiency action infrastructure in accordance and retrofit SDG 9.4 –to industries target make upgrade them sustainable, infrastructure and eq. projected lifetime energy or fuel savings with with their respective increased retrofit industries capabilities resource-use to make them efficiency and sustainable, Notes: Notes: tCO eq. net GHG emissions reduced annually 2 2 greater with increasedadoption of clean and resource-use environmentally efficiency and sound greater technologies and industrial processes, net GHG emissions reduced annually that adoption of clean and disbursing environmentally 15,265,288 tCO eq. /5 The projected impact highlights have been aggregated where possible and represent a subset of results from projects were approved and began in FY18- all technologies with that countries and action taking in accordance FY19 (fiscal years include July 1 - June 30). Projects are added to the report once disbursements have begun. Not all sound and industrial processes, /5 The projected impact highlights have been aggregated where possible and represent a subset of results from projects were approved began disbursing in FY18- FY19 (fiscal years include July 1 - June 30). Projects are added to the report once disbursements have begun. Not all SDG target upgrade 9.4 – taking infrastructure and projects are represented in the results presented above tes: with their all projects countries are respective represented capabilities in action the results in accordance presented above and therefore not all regions or sectors may be represented in the highlights. See “Projects by Sector” for target project and therefore not all regions or sectors may be represented in the highlights. See “Projects by Sector” for target projectretrofit with level level industries their results results for the for the setcapabilities respectiveto make set of 84 them sustainable, completed projects. For of 84 completed projects. For The projected impact definitions of the indicators used above see World Bank Corporate Scorecard Tier 2 indicator definitions: http://pubdocs.worldbank.org/en/404971580918297358/World-Bank- definitions of the highlights indicators have been used above see aggregated World where Bank Corporate possible Scorecard and represent aTier 2 indicator subset 2 definitions: of results with increased resource-use efficiencyin http://pubdocs.worldbank.org/en/404971580918297358/World-Bank- from projects that were approved and began disbursing andFY18- Group-Scorecard-2019-definitions.pdf net GHG Group-Scorecard-2019-definitions.pdf emissions reduced annually greater adoption of clean and environmentally 19 (fiscal years include July 1 - June 30). Projects are added to the report once disbursements have begun. Not all projects are represented in the results sound technologies and industrial processes, presented above d therefore not all regions or sectors may be represented in the highlights. See “Projects by Sector” for target project level results with for the set all countries of 84 completed taking projects. For action in accordance otes: finitions of the indicators used above see World Bank Corporate Scorecard Tier 2 indicator definitions: http://pubdocs.worldbank.org/en/404971580918297358/World-Bank- with their respective capabilities Projected rojected Projected 10 4 Impact Impact WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Highlights Highlights 5 5 5 5 5 Projected Impact Highlights WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 25 10 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 5 for for active for active projects projects active projects Projected Impact Highlights for active active forfor active projects 5 projects projects Projected Impact Highlights SUSTAINABLE SUSTAINABLE&& INCLUSIVE &INCLUSIVE GROWTH GROWTH INCLUSIVEGROWTH SUSTAINABLE 5 SUSTAINABLE & INCLUSIVE GROWTH SUSTAINABLE & INCLUSIVE SUSTAINABLE GROWTHGROWTH & INCLUSIVE for active projects 1,876,951Farmers 1,876,951 1,876,951 Farmers SUSTAINABLE & INCLUSIVE GROWTH for active projects SDG target 2.4 – ensure sustainable 1,876,951 SDG target2.4 2.4– – sustainable ensuresustainable 1,876,951 Farmers Farmers Farmers adopting improved agricultural technology in Angola, Brazil, foodtarget SDG food SDG food production production target production resilient SDG 2.4 – target ensure systems systems ensure systems agricultural 2.4 – sustainable practices ensure and andimplement and implement implement that sustainableincrease adoptingimproved adopting Farmers agriculturaltechnology improvedagricultural technologyin Angola,Brazil, inAngola, Brazil, resilient SDG food target production resilient agricultural productivity food agricultural 2.4 – practices ensure andsystems production practices production, systems that sustainable and that that and increase implement increase help implement 1,876,951 Farmers India, and SUSTAINABLE adopting &Pakistan INCLUSIVE improved GROWTH agricultural technology in Angola,inBrazil, productivity food production resilient maintain and agricultural productivity and production, systems production, ecosystems, resilient practices agriculturalthat and practices that implement that that strengthen help increase help that increase and India,and India, Pakistan adopting Pakistan improved agricultural technology Angola, Brazil, maintain resilient agricultural productivity ecosystems, and that practices production, strengthen thatthat increase help adopting maintain ecosystems, thatto strengthen India, agricultural andimproved and Pakistan technology in Angola, Brazil, productivity capacity for and– adaptationproduction, climate that help change, 1,178,400 SDG target 2.4 ensure sustainable India, Pakistan capacity productivity maintain capacity for maintain for adaptation and production, ecosystems, ecosystems, adaptation thatto climate that strengthen to climate change, help thatimplement strengthen change, 1,178,400 extremefood weather, production drought, systems flooding and and India, and Pakistan extreme weather, drought, flooding and 1,876,951 othercapacity for adaptation to climate change, 1,178,400 maintain capacity extreme ecosystems, for weather, resilientadaptation that drought, agricultural to strengthen climate flooding practices change, that and increase 1,178,400 adopting improved agricultural technology in Angola, Brazil, disasters, and that progressively Hectares other capacityextreme disasters,weather, productivity for and and adaptation drought, that production, to flooding progressively climate that and help change, 1,178,400 Hectares extreme other weather, disasters, drought, and that flooding progressively and Hectares Hectares India, and Pakistan Farmers Hectares improve improve extreme other improve other SDG land maintaindisasters, target land weather, disasters, land and and and 2.4 and soil and – soil soil quality that ensure ecosystems,quality drought, that that progressively quality progressively sustainable strengthen flooding and Hectares provided with new/improved irrigation and drainage in improve food land and production capacity soil systems for adaptation quality toand implement climate change, 1,178,400 withnew/improved providedwith new/improved irrigation and drainage in other disasters, improve andand land agricultural soilthat progressively quality provided Angola, India, adopting provided Indonesia, improved with and irrigation and agricultural new/improved Tunisia drainage irrigation in technology and in Angola, drainage inBrazil, improve resilient extreme land weather, and soil practices drought, quality that increase flooding and provided with new/improved irrigation and drainage in productivity other and disasters, production, and that help that progressively Angola, Angola, India, India, Indonesia, India, Angola,and Indonesia, and Pakistan and India, Tunisia Tunisia Indonesia, and Hectares Tunisia maintain and soil that ecosystems, improve land strengthen quality provided Angola, new/improved with Indonesia, India, and irrigation Tunisia and drainage in capacity for adaptation to climate change, 1,178,400 provided with new/improved irrigation and drainage in 2,947,173 Angola, India, Indonesia, and Tunisia targets SDG extreme 4.3,4.3, weather,4.44.4– ensure drought, equal flooding and 2,947,173 SDG SDG targetstargets4.3, 4.4– – – ensure ensure equal equal 2,947,173 Angola, India, Indonesia, and Tunisia SDG access targets fordisasters, other access 4.3, all for all 4.4 womenwomenand ensure and that and men men equal to progressively to Hectares access for all women and men to 2,947,173 SDG access targets affordable for all improve 4.3, women quality land 4.4 and – andensure technical, soil men vocational quality equal to and Students Students affordable affordable quality quality technical, technical, vocational vocational and and 2,947,173 SDG access targets for all 4.3, women 4.4 – andensure –men equal to Students Students provided with new/improved irrigation and drainage in affordable tertiary tertiaryquality education, technical, education, including includingvocational equal and university; university; 2,947,173 tertiary SDG targets education, 4.3, 4.4 including ensure university; access affordable tertiary education, and substantially and women allfor forsubstantially quality and all technical, including increase increasemen to vocational university; the the number number and Students benefitting from benefittingfrom from direct benefitting Angola, direct interventions from India, direct interventions Indonesia, interventions to enhance and Tunisiato enhance toenhance enhance learninglearning learningin in in in and substantially affordable tertiary and of youth access of quality education, substantially youth and and women increase technical, adults including increase adultswho and who men the the have have to number relevantand vocational university; number relevant benefitting Students Brazil and from benefitting Braziland andChina Brazil China China direct Students andinterventions China to learning direct interventions to enhance learning in of youth tertiary and of substantially youth skills, affordable and skills, including education, including tertiary quality adults increase adults andeducation, technical technical, who technical including who have the have and includingand vocational relevant vocational university; number relevant vocational university; and Brazil skills, including skills, for technical employment, and decent vocational jobs and 74,800 2,947,173 and of substantially youth skills, skills, SDG andand including for targets substantially adults technical employment, increase 4.3, 4.4 – increase have whodecent ensure andthevocational thenumber equal number relevant jobs and 74,800 benefitting Brazil from and China direct interventions benefitting to enhance from direct interventions to learning in enhance learning in skills, entrepreneurship for access of employment, youth for all adults and women decent and who men have jobs and to and relevant of youth skills, and including for adults technical employment, who have and decent relevant vocational jobs 74,800 Brazil and China entrepreneurship Brazil and China Teachers affordable skills, entrepreneurship quality including technical, technical and vocational vocationaland Students skills, including for employment, entrepreneurship technical and decent vocational jobs and 74,800 Teachers tertiary skills, foreducation, employment, including decent university; jobs and 74,800 skills, for employment, decent jobs and 74,800 entrepreneurship Teachers Teachers recruited orfrom benefitting trained in China, direct and Jordan,to interventions Tunisialearning in enhance and substantially increase entrepreneurship entrepreneurship of youth and adults who have relevant the number Teachers recruited or trained recruitedor in China, Teachers Brazil and ortrained trained China Jordan, China, inChina, and Tunisia andTunisia Jordan,and Tunisia SDG target skills, 8.5, including 8.10 – achieve technical full and and vocational recruited Teachers in Jordan, productive SDG skills, employment for employment, and decent decent jobs andwork 74,800 605 recruited or trained in China, recruited Jordan, or trained and in China, Tunisia Jordan, and Tunisia target for 8.5, all women entrepreneurship and – 8.10 men,achieve fullfor including andyoung SDG SDG target target 8.5,8.10 8.5, 8.10 –– achieve achieve fulland full and recruited or trained in China, Jordan, and Tunisia productive employment and decent work 605 people productive SDG and target persons employment 8.5, 8.10 with – disabilities, anddecent decent achieve full work and MediumTeachers and Small Enterprises SDG target productive for all women 8.5,and8.10 employment – men, achieve and including full and for work young 605 and equal pay productive for work of employment equal and value; decent work for all women and men, including for young 605 SDG productive for alltarget women 8.5, all employment and 8.10 men, – achieve and ofdecent including full and for work young 605 people for and Strengthen persons women the with capacity and men, disabilities, domestic including for young Medium and Small Enterprises recruited or benefitting trained from in China, financial Jordan, services and Tunisia in Belarus, Republic of Congo, for people productive allequal women people and and persons employment and persons men, with with and disabilities, includingdecent disabilities,for work young 6052,761,000 and financial pay for work people and persons with disabilities, to institutions toof equal encourage value; and andSmall MediumMedium Medium and Small Enterprises andEnterprises Small Enterprises Jamaica, and Turkey and for people and allequal women equal Strengthen the capacity of domestic and expand SDG andand pay pay target equal for and persons for access pay work men, work 8.5, to forwith 8.10 including of workof – equal value; disabilities, banking,equal of for value; insurance achieve equal full young and value; Medium and Small Enterprises benefitting from financial services in Belarus, Republic of Congo, Strengthen people and financial equal Strengthen pay productive Strengthen financial and the the capacity services persons for the institutions work capacity forencourage with employment to of capacityall ofof domestic disabilities, equal domestic and of value; decent domesticand work to 605 benefitting from financial services in Belarus, Republic of Congo, Medium and Small Enterprises benefitting Jamaica, and benefitting Jamaica,and from from financial services in Belarus, Republic of Congo, benefitting Turkey financial andTurkey Turkey from financial services Jamaica, and Turkey in services Belarus, in Belarus, Republic Republic of Congo, of Congo, financial and for equal Strengthen financial expand expand institutions all pay financial people expand women the access access for and towork institutions institutions and capacity accessto to banking, banking, persons to to encourage men, of to including equal ofencourage with domestic encourage banking, insurance insurance and for value; and and disabilities, insurance toto young to and and and Jamaica, Strengthen financial expand financial access the institutions services capacity to to for of domestic encourage banking, insurance and all all of equal value; to and benefitting Medium and Small from financial Enterprises Farmers services in Belarus, Republic of Congo, and equal financial financial pay services services for for work for all 2,761,000 Jamaica, and Turkey expand financial institutions access services to banking, for to allencourageinsurance and to domestic and 2,761,000 Strengthen the capacity of 2,761,000 Jamaica, and Turkey benefitting reached from with financial assets agricultural services or in inRepublic Belarus, services of Congo, financial Angola, China, expand access services financial toforbanking, institutions insurance all to encourage andandto 2,761,000 financial services fortoall Farmers Jamaica, Cote and Turkey Farmers D’Ivoire, India, Montenegro, Pakistan, and Tunisia expand SDG access target 9.1 – banking, develop insurance quality, and reliable, 2,761,000 Farmers Farmers financial sustainable services for all infrastructure, and resilient 2,761,000 Farmers agricultural reached withassets reached with agricultural services assets orin or services Angola, in Angola, China, China, including regional and trans- border withagricultural reachedwith agricultural assets servicesin orservices inAngola, Angola, China, infrastructure, to – support economic reached Farmers assets or China, 1,500,000Farmers Cote D’Ivoire, India, Montenegro, Pakistan, and Tunisia SDG target SDG developmenttarget 9.1 – 9.1 developdevelop quality,reliable, quality, reliable, Cote D’Ivoire, reached with India, Montenegro, agricultural assets or Pakistan, services and in Tunisia Angola, China, SDG target9.1 sustainable9.1– –andand develop human resilient well-being, quality, reliable, infrastructure, with a Cote Cote D’Ivoire, D’Ivoire, India, India, Montenegro, Montenegro, Pakistan, Pakistan, and and Tunisia Tunisia SDG target sustainable focus includingonand develop resilient affordable regional and quality, infrastructure, equitable trans- border and infrastructure, reliable, access reached Cote with agricultural D’Ivoire, India, reached assets People Montenegro, with or Pakistan, agriculturalservices inservices and assets or Angola, TunisiainChina, Angola, China, sustainable SDG target sustainable including for all and 9.1 and infrastructure,– regional resilient develop resilient toand quality, infrastructure, trans- support border economic reliable, 1,500,000 including SDG target sustainable including regional 9.1 to and regional – and develop resilient and trans- trans- quality,border infrastructure, border reliable, Cote D’Ivoire, India, Montenegro, Pakistan, and Tunisia infrastructure, support economic 1,500,000 Cote with D’Ivoire, enhanced India, accessMontenegro, Pakistan, to transportation and Tunisia services in India SDG target development 9.1 – develop and human quality, well-being, reliable, with a infrastructure, sustainable including infrastructure, development and regionaltoto and support resilient and support human infrastructure, trans- economic economicborder access well-being, with a 1,500,000 sustainable focus on and affordable resilient and infrastructure, equitable People development including infrastructure, development focusincluding onall for regionaland to and affordable human and support human regional and trans- and well-being, economic well-being, trans- equitableborder border with aa with access 1,500,000 People focus affordable onaffordable for allinfrastructure, infrastructure, development focus on and toand to support human equitable andequitable support economic economic well-being, access with a access 5,000,000 1,500,000 1,500,000 People Hectares People with enhanced access to transportation services in India People forall development focus for allon development SDG and affordable target and human 14.5 –human and well-being, equitable conserve well-being, at least with a with access 10 a withenhanced with PeoplePeople with enhanced access to transportation services in India accessto enhancedaccess transportationservices totransportation servicesin inIndia India focus for all focus per affordable on cent for all affordable on of coastal and andmarine and equitable equitable access access areas, 5,000,000 Hectares for all consistent with national and international access with enhanced with of to transportation sustainable enhanced use access services marine-protected areas to transportationin India in Africa services in India law SDG and based target 14.5 on – the best available conserve at least 10 with enhanced access to transportation services in India 5,000,000 scientific per cent of information coastal and marine areas, 5,000,000 consistent with national SDG target 14.5 – conserve at least 10 and international 5,000,000 5,000,000 SDG target law and 14.5 based –conserve conserve on the best at least10 available 10 345,595 of sustainable use marine-protected areas in Africa SDG target per cent of 14.5 coastal – and marine at least areas, Hectares 5,000,000 per cent SDG of coastal target 14.5 and marine – conserve areas, at least 10 Hectares Hectares Hectares SDG per SDG scientific target cent consistent per consistent of targetcent 14.5 coastal with with information of 14.5 – conserve and national coastal national – conserve marine and and and at marine areas, international at least areas, international least 10 10 Hectares Hectares of sustainable use marine-protected areas in Africa sustainableuse ofsustainable use marine-protected areasin Africa inAfrica per lawcent consistent law and and of with based consistent based coastalon with and national on the the marine and best national best areas, international available and international available 345,595 Hectares per cent of coastal and marine areas, of of Hectares marine-protected of sustainable of sustainable use forest use marine-protected reforested, marine-protected areas rehabilitated areas inor areas in under brought Africa Africa consistent law scientific scientific consistent law and and SDG law scientific based and based with target with implementation scientific national on information based information on information the 15.2 on national the information best – the promote of best andbest and sustainable international available the available international available management plans in China, India, of sustainable use marine-protected areas in Africa and Mexico law and scientific based information management on of the typesavailable all best of forests, halt 345,595 deforestation, scientific information restore degraded the forests 222,510 SDG target 15.2 – promote 345,595 345,595 of forest reforested, rehabilitated or brought under and substantially implementation ofincrease sustainable afforestation 345,595 and reforestation globally Hectares management plans in China, India, and Mexico Hectares management of all types of forests, halt 345,595 Hectares Hectares deforestation, restore degraded forests 222,510 SDG SDGtarget 15.2 target – promote 15.2 – promote thethe Hectares land rehabilitated of forest reforested, offorest of forest reforested, forestreforested, area under sustainable reforested, rehabilitated or brought brought orbrought orunder management rehabilitated under practices in brought under SDG SDG and target substantially target15.2 implementation 15.2of implementation and reforestation – increase promote –promote sustainable sustainable ofglobally the afforestation the of management of management Hectares India and plans management forest reforested,Hectares plansin rehabilitated in Mexico China, India, plans rehabilitated inor China,India, India, inChina, and China, orand brought and India,under Mexico Mexico and Mexico under implementation SDG target implementation management management management 15.2of of ofof –all of all sustainable promote sustainable types all types types ofthe of forests,halt forests, offorests, forests, halt halt management plans Mexico SDG target SDG target implementation management 15.2 of deforestation, deforestation, of– 15.2 all sustainable restorepromote – promote types restore of degraded degraded the the forests halt forests 222,510 222,510 of forest reforested, management of land plans rehabilitated in area under China, sustainable India, or brought and under practices in management Mexico deforestation, implementation and implementation management deforestation, of restore substantially of restore of degraded sustainable increase sustainable types allincrease of afforestation degraded afforestation forests, forests halt forests and substantially 222,510 Hectares management plans India and Mexico in China, India, and Mexico and management substantially and management deforestation,reforestation of all restoreof all increase types types globally of degraded of forests, afforestation forests, halt halt forests andsubstantially and reforestation increase globally afforestation 222,510 Hectares Hectares and deforestation, reforestation SDG deforestation, and target substantially reforestation restore restore globally 15.2 – increase globally degraded promote degraded the afforestation forests forests 222,510 Hectares Hectares of land area under of land area under sustainable management practices in sustainable and substantially implementation substantially and reforestation and reforestation management of increase increase globally of all sustainable globally afforestation afforestation types of forests, halt landarea ofland India and under areaunder Mexico management sustainable practices in practicesin managementpractices in and reforestation deforestation,globallyrestore degraded forests of India of land Hectares and Indiaand Mexico area under andMexico Mexico sustainable sustainable management management practices in SDG target 15.2 – and substantially promote increase the afforestation India of land area under sustainable management practices in SDG implementation and targetreforestation 15.2 – promoteofglobally sustainable the India and Mexico SDG SDG target15.2 management target implementation 15.2of – – of promote all types of promote sustainable the the forests, halt India and Mexico deforestation, implementation of restore sustainabledegraded forests SDG target implementation management and 15.2ofof– substantiallyallpromote sustainable types increase ofthe forests, afforestationhalt management SDG target implementation management deforestation, 15.2 ofofof–all all types promote sustainable restore types of forests, offorests, degraded the halt halt forests and reforestation globally deforestation, implementation management deforestation, ofrestore restore and substantiallyof sustainable typesdegraded allincrease forests of afforestation forests, degraded halt forests and management deforestation, and andsubstantially substantially of reforestationallincrease restore types increase of degraded globally afforestation forests, halt forests afforestation reforestation andsubstantially deforestation, and restore reforestation globally degraded increase globally forests afforestation globally afforestation substantially increase and reforestation and reforestation globally 26 18 WORLD BANK BONDS WORLD BANK BONDS FOR SUSTAINABLEDEVELOPMENT FOR SUSTAINABLE DEVELOPMENT | | IMPACT IMPACTREPORT REPORT 2019 2019 FEATURED PROJECT: Reducing the Gender Gap in Bogota's Transport Sector Women constitute only 14.5% of employees in Bogota’s transportation sector, so the Support to Bogota’s Metro Line 1 Project ($70m) project embeds mechanisms to hire more women, with a target least of at 20% of metro employees. The project also incorporates a reporting mechanism for victims of sexual harassment and an action protocol for metro police and staff to intervene. IBRD Commitment Amount: US$ 70 million Total Project Cost: US$ 4400.00 million Approval Date: August 2, 2018 Project Status: Active (closing December 31, 2023) Sector: Urban Transportation, Public Administration The transportation sector is a key area of engagement for the Bank in reducing gaps in jobs and mobility between men and women. This project carries “gender” tag because it includes analysis to identify project-relevant gaps between males and females, identifies specific action(s) to address the gender gaps identified and/or to improve women or men's empowerment, and include indicators in the project’s results framework to monitor outcomes from actions. Photo credit: © Dominic Chavez / World Bank Photo credit: © Dominic Chavez/ World Bank 4 4 WORLD BANK BONDS WORLD BANK FOR SUSTAINABLE BONDS FOR SUSTAINABLEDEVELOPMENT DEVELOPMENT | | IMPACT REPORT IMPACTREPORT 2019 2019 27 19 FEATURED PROJECT: Blue Economy: Reducing Marine Pollution in Waterways in Romania Romania is home to one-third of Europe’s farms. A majority of these farms keep animals without adequate storage facilities for animal waste collection. This contributes to pollution of groundwater with nitrates and bacteria, posing threats to the rural population that uses the groundwater for drinking. Romania has committed to comply with the EU Nitrates Directive requirements by reducing nutrient discharges to water bodies leading to the Danube River and Black Sea through integrated land and water management. Protecting the Black Sea from harmful pollution will result in a more productive, healthy, resilient, and sustainable blue economy. IBRD Commitment Amount: US$52.39 million Total Project Cost: US$54.58 million Approval Date: March 28, 2016 Project Status: Active (closing March 31, 2022) Sector: Sanitation, Waste Management, Other Agriculture (Fishing/Forestry) Over 100 communes have benefited from support under the first phase of the Integrated Nutrient Pollution Control Project, 11 sewerage systems and communal wastewater treatment plants were built, seedlings were planted on 182 hectares in 57 communities, and laboratory equipment were secured for water quality testing; a first Romanian pilot plant for biogas production from manure was also built. Over the past decade, the water quality and ecosystem of the Danube River and Black Sea basin have improved, benefiting marine and coastal ecosystems. Nitrogen and phosphorus emissions have also decreased by 20 percent and 50 percent respectively over the years. Photo credit: © Victor Neagu / World Bank 4 28 BANK BONDS FOR WORLDDEVELOPMENT WORLD BANK BONDS FOR SUSTAINABLE SUSTAINABLE | IMPACT REPORTDEVELOPMENT 2019 | IMPACT REPORT 2019 19 FEATURED PROJECT: FEATURED PROJECT: Blue Economy: Providing Reducing Affordable Clean Marine Energyin Pollution in Egypt Waterways in Romania Reliant on fossil fuels for electricity, with an underdeveloped market for low-cost renewable energy, Egypt lacked clear business models and practices for reliable and more affordable energy. Fuel subsidies Romaniaexacerbated the problem is home to one-third at seven of Europe’s percent farms. of gross A majority domestic of these farms keep animals product—more than government spending on social protection, without adequate storage facilities for animal waste collection. This contributes to pollution health and of groundwater education—and with nitrates were and bacteria, not threats posing targeted at rural to the the population poorest. that uses the Underinvestment in energy also moved Egypt from groundwater for drinking. Romania has committed to comply with the an energy EU Nitrates Directive exporter to an energy importer. Severe power shortages requirements by reducing nutrient discharges to water bodies leading to from 2012 the Danube River to 2014 contributed to a sharp economic downturn. and Black Sea through integrated land and water management. Protecting the Black Sea from harmful pollution will result in a more productive, healthy, resilient, and sustainable blue economy. IBRD Commitment Amount: US$52.39 million Total Project Cost: US$54.58 million Approval Date: March 28, 2016 Project Status: Active (closing March 31, 2022) Sector: Sanitation, Waste Management, Other Agriculture (Fishing/Forestry) Over 100 communes have benefited from support under the first phase of the Integrated Nutrient Pollution Control Project, 11 sewerage systems and communal wastewater treatment plants were built, seedlings were planted on 182 hectares in 57 communities, and laboratory equipment were secured for water quality testing; a first Romanian pilot plant for biogas production from manure was also built. Over the past decade, the water quality and ecosystem of the Danube River and Black Sea basin have improved, benefiting marine and coastal ecosystems. Nitrogen and phosphorus emissions have also decreased by 20 percent and 50 percent respectively over the years. Photo credit: © Dominic Chavez / World Bank Photo credit: © Victor Neagu / World Bank WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 29 IBRD Commitment Amount: US$1150.00 million Total Project Cost: US$1150.00 million Approval Date: December 5, 2017 Project Status: Completed Sector: Energy & Extractives, Other Industry, Trade, and Services The Fiscal Consolidation, Sustainable Energy & Competitiveness Programmatic Development Policy Financing series helped reduce energy subsidies as a percentage of GDP to 2.0% in FY2019, increase revenue collection, and enhance the business environment through a modern investment law and easing industrial license requirements. The World Bank Group provided technical and financial support that strengthened investor confidence and mobilized US$2 billion of private investment in renewable energy in line with its Maximizing Finance for Development approach to leverage private sector finance to bolster scarce public resources. 30 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 53 Sustainable ANNEX 1: Development Sustainable Bond Development Process Bond Process World Bank Sustainable Development Bonds are consistent with the Sustainability Bond Guidelines6, coordinated by the International Capital Market Association. USE OF PROCEEDS The net proceeds from PROCESS FOR EVALUATION & SELECTION the sale of bonds are used by IBRD to support the OF ELIGIBLE OPERATIONS All projects financing of sustainable development projects and supported by the World Bank go through a rigorous programs in the World Bank’s member review and approval process to ensure that they align countries (without being committed or earmarked with the World Bank’s mission and meet countries’ for lending to, or financing of, particular projects development priorities. The process includes: (i) or programs; the returns on the bonds are not screening to identify potential environmental or linked to the performance of any particular social impacts and designing policies and concrete project or program). Prior to use, the net actions to mitigate any such impacts; (ii) approval proceeds will be invested by IBRD’s Treasury in by the Board of Executive Directors; and (iii) regular accordance with IBRD’s liquid asset monitoring and evaluation. See Annex 2: management investment policies. IBRD’s World Bank Project Cycle, for more detailed administrative and operating expenses are information on this process. covered entirely by IBRD's various sources of revenue (net income); these consist primarily of MANAGEMENT OF PROCESS The proceeds interest margin, equity contribution, and of all World Bank bonds are invested in accordance investment income (as more fully described in with the World Bank’s conservative liquidity policy the Information Statement). until they are used to support the financing of sustainable development projects and programs. IBRD’s financing is made available solely to middle- Disbursement requests for eligible operations income and creditworthy lower-income member take place in accordance with IBRD’s established countries who are working in partnership with IBRD policies and procedures. Disbursements are often to eliminate extreme poverty and boost made over a period of several years, depending on shared prosperity, so that they can achieve when each project/program milestone is reached. equitable and sustainable economic growth in their national economies and find sustainable REPORTING The World Bank is committed to solutions to pressing regional and global transparent reporting of its financing to support economic and environmental problems. Projects sustainable development projects and programs and programs supported by IBRD are designed in member countries on an annual basis. This to achieve a positive social impact and impact report follows market best practice and undergo a rigorous review and internal describes the operations supported by the approval process aimed at safeguarding financing generated b y World B ank b onds issued equitable and sustainable economic growth. IBRD during the previous fiscal year. This report provides integrates the following five global themes into its information on allocation of bond proceeds and lending activities helping its borrowing members aggregates results for closed projects on a portfolio create sustainable development solutions: basis across a range of measurable outcomes. The climate change; gender; infrastructure, public- report also outlines individual project details such private partnerships and guarantees; as amount of financing, project o bjectives, and knowledge management, and fragility, conflict and development indicators for closed projects. violence. /6 https://www.icmagroup.org/green-social-andsustainability-bonds/sustainability-bond-guidelines-sbg/ Notes: HUMAN CAPITAL 4 4,421,791 People WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 31 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 17 benefiting from social safety net programs Determining Determining Project Eligibility Project Eligibility 158,471 People A provided with essential health, nutrition, and population services ll World Bank operations are designed to Bank Sustainable Worldachieve Development Bonds positive environmental are and social consistent the Sustainability withand Bond Guidelines 8 , TARGET POPULATIONS: TARGET POPULATIONS 1,274,805 impacts outcomes consistent with the coordinated World International by the twin Bank Group’s goals and the Market Capital SDGs. Association. Operations World Bank Allapproved are operations after are designed an extensive internal People Target Bank World populations: projects World Bank aim to projects aim protect provided with access to improved water sources to achieve review positivewhich process, environmental and social integrates impacts sustainability to protect and empower and empower vulnerable groups, groups, vulnerable including women and girls, the poor, disabled and outcomes consistent with the World Bank Group’s 2,950,548 policies and environmental and social requirements. including women and girls, the poor, people, and youth and reduce poverty, twin goals and the SDGs. Operations are approved disabled people, and youth andand reduce afterisan extensive internal review process, which People improve living standards, poverty, improve living raise standards, incomes and This complemented by comprehensive project and productivity provided with access to improved sanitation services in line with the World Bank’s integrates sustainability disclosure, policies and environmental portfolio management and review raise incomes development and productivity mandate and mission.in line and social requirements. processes that are designed to provide timely with the World Bank’s development mandate and mission. 1,305,681 feedback to enhance, improve, and, if necessary, This is complemented by comprehensive project disclosure, portfolio management and review processes adjust operations to achieve positive impacts in line that are designed to provide timely feedback to enhance, with desired outcomes. People improve, and, if necessary, adjust operations to achieve positive impacts in line with desired provided outcomes. with improved urban living conditions The Thelist belowprovides below list examples of providesexamples of projects that meet projects that theeligibility eligibility meetthe criteria criteria toto bebe supported supported by by thethe World World Bank’s Sustainable Development. Such eligible projects and activities include, but are not limited to, Bank’s Sustainable Development. Such eligible projects and activities include, but are not limited to, those those which aim to: which aim to: Eligible Project Examples: RESILIENCE ELIGIBLE PROJECTS 3,330,267 Improve health care, nutrition, and Improve the effectiveness of formal technical childhood development and vocational training, short-term skills MWh development, and apprenticeship programs of annual Improve equitable access energy/fuel savings to education, raise students’ retention and completion Provide financial, technical and advisory support 1,705,913 tCO eq. rates, improve learning conditions in for countries that have decided to transition from schools, train teachers and improve their coal to cleaner sources of energy foundational skills 2 net GHG emissions reduced annually Help resource-rich developing countries benefit Advance climate-smart agriculture, improve from the increasing demand for minerals and agricultural infrastructure and support metals, while ensuring mining is managed to services, strengthen food value chains, and minimize the environmental and climate footprint increase market access for smallholder farmers Address biodiversity conservation or challenges of pollution and natural resource degradation Advance food security Prepare national plans and legislation to protect Strengthen social security, pension, and the environment and manage disaster risk, legal systems including pandemics Improve access for individuals and Contribute to climate mitigation (solar and wind businesses to affordable financial products installations, new technologies that reduce GHG and services such as transactions, emissions, rehabilitation of power plants and payments, savings, credit, and insurance transmission facilities to reduce emissions, clean transportation, sustainable waste management, Support and improve access to affordable carbon reduction through reforestation and housing through regulatory and policy prevention of deforestation) and climate reform and improving access to finance adaptation (protection against flooding; improvements in food security, climate-resilient Create more and higher-quality jobs, and agriculture, sustainable forest management, and connect disadvantaged people to jobs by prevention of deforestation). eliminating barriers and building skills Additional Additional examples examples of eligible of eligible Notes: projects projects and activities and can be activities canfound at be found at /8 https://www.icmagroup.org/green-social-and- sustainability-bonds/sustainability-bond-guidelines-sbg/ https://www.worldbank.org/en/topic. https://www.worldbank.org/en/topic 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 21 32 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 A CLOSER LOOK: Assessing and Assessing and Mitigating Environmental Mitigating Environmental Social Risks and Social and Risks WorldBank The World Bankis is committed to supporting committed client to supporting countries client in thein countries development and implementation the development of projects and implementation of projects that that are environmentally are environmentally and and socially socially sustainable sustainable and to enhancing and to enhancing theof the capacity capacity of developing developing countries’ countries’ environmental environmental and social frameworks and social frameworks to assess andto assess manage themanage and the environmental environmental andand and social risks social risks impacts and of impacts of projects. projects. World Bank The World The Bank Environmental Environmental and and Social Social Framework (ESF) sets Framework (ESF) out the sets out the World World Bank’s Bank’s commitment commitment to to sustainable development, through a World Bank policy and a set of environmental and social standards sustainable development, through a World Bank policy and a set of environmental and social standards for for Investment Project Investment Project Financing Financingthat are (IPF) designed that to support are designed borrowers’ to support projects, borrowers’ with thewith projects, aim of theending aim ofextreme ending poverty and promoting shared prosperity. extreme poverty and promoting shared prosperity. This framework This framework comprises: comprises: • A Vision • forfor Vision Sustainable Development, Sustainable which which Development, sets outsets the World out Bank’s aspirations the World Bank’s regarding environmental aspirations regarding and social sustainability; environmentaland social sustainability; • The • The World Bank Environmental World Bank Environmentaland Social andSocial forfor Policy Policy Investment Investment Project Project Financing, Financing, which which setssets out out the themandatory requirements that apply to the World mandatory requirements that apply to the World Bank; and Bank; and • The Environmental and Social Standards, together with their Annexes, which set out the • The Environmental and that mandatoryrequirements Social Standards, apply together to the borrower and with their Annexes, which set out the mandatory projects. requirements that apply to the borrower and projects. World Bank The World The alsoundertakes Bankalso undertakes Program-for-Results Program-for-Results and Development (P-for-R) PolicyPolicy and Development Financing which Financing have (DPF) their which own rigorous environmental and social standards designed specifically for those lending operations have their own rigorous environmental and social standards designed specifically for those lending operations which are consistent which with the are consistent ESF. with the ESF. 58 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 33 ANNEX 4: Bank Exclusion World Bank Exclusion List The World Bank does not support the financing of UN Security Council taken under Chapter operations that involve: VII of the Charter of the United Nations, with • Alcoholic beverages respect to which the World Bank determines • Tobacco or tobacco processing machinery that corrupt, fraudulent, collusive, or coercive • Unworked or worked pearls, precious and practices were engaged in by representatives semiprecious stones of the member country or other recipient of the • Jewelry made of gold, silver or platinum group financing made available by the World Bank, metals (except watches and watch cases) and without the member country (or other such goldsmiths’ or silversmiths’ wares (including set recipient) having taken timely and appropriate gems) action satisfactory to the World Bank to • Gold, non-monetary (excluding gold ores and address such practices when they occur. concentrates) • Radioactive and associated materials FOSSIL FUELS: • Nuclear reactors, and parts thereof; fuel elements The World Bank is not financing coal-fired power (cartridges), non-irradiated, for nuclear reactors generation and has not financed a new coal- fired power plant since 2010. The Bank will OTHER EXCLUDED AREAS INCLUDE: support countries transitioning away from coal • Goods intended for a military or paramilitary by helping close coal mines and ensure a just purpose or for luxury consumption transition for affected communities. The World • Environmentally hazardous goods, whose Bank will no longer finance upstream oil and gas manufacture, use, or import is prohibited under after 2019, with consideration only in exceptional the laws of the member country or international circumstances. The Bank will continue to provide agreements to which the borrower government technical assistance to help countries strengthen is a party; or any other goods designated as the transparency, governance, institutional capacity, environmentally hazardous by agreement and regulatory environment of their energy sectors between the member country and the World Bank. – including in oil and gas. • Any payment prohibited by a decision of the Photo credit: © A’Melody Lee / World Bank Photo credit: © Danilo Pinzon / World Bank 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 35 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 23 Project-by-Project Reporting Projects Completed in FY19 by Sector Results & Committed & Allocated Amounts for Results Projects Committed &Approved & Allocated and Amounts Disbursing in FY18 & FY19 Agriculture, Fishing & Forestry Education Energy & Extractives Financial Sector Health Industry, Trade & Services Information & Communications Public Administration Social Protection Transportation Water, Sanitation & Waste Management Results should be read in conjunction with Annex 1, which describes the reporting approach. Results should be read in conjunction with Annex 2, which describes the reporting approach. Net proceeds of a specific World Bank bond are not committed or earmarked for lending to, or financing of, any particular projects or programs, and returns on a specific World Bank bond are not linked to the performance of any particular project or program. 24 WORLD BANK BONDS WORLD BANK BONDS FOR SUSTAINABLEDEVELOPMENT FOR SUSTAINABLE DEVELOPMENT | | IMPACT REPORT IMPACTREPORT 2019 2019 Agriculture, Fishing & Forestry Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 1 Third South West Indian Ocean Fisheries Governance and Shared Growth FY18 Africa 20 Project (SWIOFish3) (P155642 | FY18): improve management of marine areas and fisheries in targeted zones and strengthen fisheries value chains in the Seychelles. 2 Hunan Integrated Management of Agricultural Land Pollution Project FY18 China 26 (P153115 | FY18): demonstrate a risk-based integrated approach to managing heavy metal pollution in agricultural lands for safety of agricultural production areas in selected counties. 3 Zhejiang Qiandao Lake and Xin'an River Basin Water Resources and FY18 China 25 Ecological Environment Protection Project (P159870 | FY18): strengthen integrated pollution and watershed management and increase access to improved water supply in selected landscapes in support of Zhejiang's program for the protection of Qiandao Lake and Xin’an River Basin. 4 Guangxi Poverty Reduction Program for Results (P163138 | FY18): FY18 China 26 enhance the impact and efficiency of the Guangxi Consolidated Poverty Reduction Program (CPRP) in the Targeted Counties. 5 Maharashtra Project on Climate Resilient Agriculture (P160408 | FY18): FY18 India 24 enhance climate-resilience and profitability of smallholder farming systems in selected districts of Maharashtra. 6 National Agricultural Higher Education Project (P151072 | FY18): support FY18 India 19 Participating Agricultural Universities and ICAR in providing more relevant and higher quality education to Agricultural University students. 7 Meghalaya Community-led Landscapes Management Project (P157836 FY18 India 15 | FY18): strengthen community-led landscapes management in selected landscapes in the state of Meghalaya. 4 4 WORLD BANK BONDS WORLD BANK BONDS FOR SUSTAINABLEDEVELOPMENT FOR SUSTAINABLE IMPACTREPORT DEVELOPMENT | | IMPACT REPORT 2019 2019 37 25 IBRD IBRD IBRD Net IBRD Total Total Project Target Resultsa, Original Disbursement IBRD%d Commitmentb Disbursement Financing Commitment FY19c • 5,000,000 ha of sustainable-use marine protected areas $5,000,000 $5,000,000 $579,683 $1,237,898 $15,292,110 33% • 44% increase in key demersal indicator species stable or rebuilding in the Mahé Plateau fisheries • 40% increase in by-catch landed and sold in the Seychelles resulting in expansion of value chains, job creation and increased revenues in the country • 8,000 ha of agricultural lands managed under the project $100,000,000 $100,000,000 $3,000,000 $3,250,000 $111,940,000 89% • 218,100 people provided with access to improved water $150,000,000 $150,000,000 $15,000,000 $15,375,000 $293,460,000 51% sources • Pesticide consumption reduced by 92 tons per year in project areas • 10,470 ha of degraded monoculture plantations converted to mixed stands with multiple species • 2,260 ha of denuded forests fully planted with multiple tree and shrub species • 3,959 RMB increase in production income of registered poor $400,000,000 $400,000,000 $100,000,000 $101,697,556 $400,000,000 100% households in targeted counties • 114,600 registered poor persons with new piped drinking water connections • 28 additional targeted counties with newly accredited poverty countries with poverty reduction leading enterprises • 100,000 farmers reached with agricultural assets or services, 30,000 of which are female • 20% increase in water productivity at farm level: from 0.23 to $420,000,000 $420,000,000 $2,624,466 $4,160,100 $599,550,000 70% 0.276 kg per m³ • Annual reduction of 5,502,523 tCO2eq (1.9tCO2eq. per year per ha) • 1,320,000 farmers reached with agricultural assets or services • 1,272,800 farmers adopting improved agricultural technology • 624,000 ha provided with new/improved irrigation or drainage services • Improved availability for 83,900,000 m³ of surface water storage capacity for agriculture • 90,000 project beneficiaries, 50% of which are female $82,500,000 $82,500,000 $14,721,788 $14,928,038 $165,000,000 50% • 18 accredited agricultural universities with revised norms and standards • Increase by 51.5% in agricultural universities revenue generation • 31,510 ha of land area under sustainable management $48,000,000 $48,000,000 $207,148 $327,148 $60,000,000 80% practices • 12,585 ha of forest area brought under management plans • 400 villages supported with capacity-building package in Natural Resource Management • 100,000 ultimate project beneficiaries 38 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Agriculture, Fishing & Forestry Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 8 Tamil Nadu Irrigated Agriculture Modernization Project (P158522 | FY18): FY18 India 22 enhance productivity and climate resilience of irrigated agriculture, improve water management, and increase market opportunities for farmers and agro-entrepreneurs in selected sub-basin areas of Tamil Nadu. 9 Integrated Irrigation & Agriculture Transformation Project (P160463 | FY19 India 24 FY19): enhance agricultural productivity, profitability and climate resilience of smallholder farmers in selected districts of Andhra Pradesh. 10 Strategic Irrigation Modernization and Urgent Rehabilitation Project FY18 Indonesia 16 (P157585 | FY18): improve irrigation services and strengthen accountability of irrigation schemes management in selected areas. 11 Program to Accelerate Agrarian Reform (P160661 | FY19): establish FY19 Indonesia 13 clarity on actual land rights and land use at the village level in the target areas. 12 Second Institutional Development and Agriculture Strengthening Project FY18 Montenegro 25 (P164424 | FY18): improve the competitiveness of agriculture and fisheries in Montenegro through enhanced delivery of government support in alignment with EU accession requirements. 13 Irrigated Agriculture Intensification Project (P160245 | FY18): improve FY18 Tunisia 28 the reliability and efficiency of the irrigation and drainage services and strengthen market linkages for irrigated products in selected irrigation schemes. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 39 IBRD IBRD IBRD Net IBRD Total Total Project Target Resultsa, Original Disbursement IBRD%d Commitmentb Disbursement Financing Commitment FY19c • 160,000 ha provided with improved irrigation or drainage $318,000,000 $318,000,000 $42,978,085 $48,854,391 $455,800,000 70% services • 75,000 ha under climate-resilient technologies • 500,000 project beneficiaries • 100,000 ha under improved agronomic practices • 25,100 ha under improved fish production • 4,741 tank irrigation systems modernized • 284,000 tCO2eq. avoided annually • 200,000 farmers reached with agricultural assets or $172,200,000 $172,200,000 $28,000,000 $28,430,500 $245,800,000 70% services, 50,000 of which are female • Farmer's income increased by 3,931 INR • 90,000 ha provided with new/improved irrigation or drainage services • 276,000 area provided with new/improved irrigation or $250,000,000 $250,000,000 $5,988,873 $5,988,873 $578,000,000 43% drainage services • Reduced net annual average emissions by 439,743 tons of CO2 eq • Crop intensity increased by 20% • 300,000 farmer households provided with improved irrigation services • 15.6% increase in the share of project target area land $200,000,000 $200,000,000 $3,744,948 $3,744,948 $240,000,000 83% parcels mapped in a parcel map (equivalent to 4,300 land parcels mapped) • 1,200 project beneficiaries (landholders, concessionaires, government agencies, community members) in the project target areas with their land parcels mapped • 43% increase in the share of target areas with available and accessible geospatial data • 14% increase in the share of project target area land rights registered to the land register • 20% increase in sales per productive unit supported by $34,890,000 $34,890,000 $2,319,200 $2,407,460 $34,890,000 100% the project • 1,500 farmers reached with agricultural assets or services, 150 of which are female • 5,000 days of training provided • Volume of fish produced within Montenegro quotas increased by 500 metric tons per year • 50% reduction in water service disruption $140,000,000 $140,000,000 $3,361,200 $3,681,637 $170,500,000 82% • 15% increase in irrigation system efficiency • 25,900 ha provided with new/improved irrigation or drainage services • 1,000 farmers reached with agricultural assets or services, 200 of which are female • 3,500 farmers provided with new or improved irrigation and drainage services 40 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Education Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 14 Support to Upper Secondary Reform in Brazil Operation FY18 Brazil 21 (P163868 | FY18): strengthen the capacity of the state secretariats of education to implement the upper secondary reform, prioritizing vulnerable schools, and to increase the Index of Basic Education Development in targeted full-time upper secondary schools in Brazil’s territory. 15 Strengthening of State Universities in Chile (P163437 | FY18 Chile 12 FY18): improve quality and equity within State Universities and to strengthen their institutional capacity to address regional and national development challenges. 16 Guangdong Compulsory Education Project (P154621 | FY18 China 26 FY18): improve learning facilities and teaching quality in selected public primary and junior secondary schools in project counties. 17 Supporting Egypt Education Reform Project (P157809 | FY18 Egypt, Arab 35 FY18): improve teaching and learning conditions in public Republic of schools. 18 Odisha Higher Education Program for Excellence and Equity FY18 India 18 (P160331 | FY18): improve the quality of and students' equitable access to selected institutions and enhance governance of the higher education system in Odisha. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 41 IBRD IBRD IBRD Net IBRD Total Total Project Target Resultsa, Original Disbursement IBRD%d Commitmentb Disbursement Financing Commitment FY19c • 27 States where at least 50 percent of vulnerable $250,000,000 $250,000,000 $43,000,000 $43,625,000 $250,000,000 100% schools have implemented the New Curriculum • 18% increase in the Basic Education Development Index (IDEB) in targeted FTS (Full-time School) • 27 States where the average absolute gender gap of enrollment in formative itineraries is less than 5% • 2,400,000 students benefiting from direct interventions to enhance learning • Decrease by 1% in dropout rate of 3rd year vulnerable $50,126,000 $50,126,000 $10,000,000 $10,125,315 $375,126,000 13% students • 1,048 Peer reviewed publications at State Universities • 7 institutions that improve their accreditation level • 20% of last year students who have received quality career services • 22,800 additional teachers trained $120,000,000 $120,000,000 $5,000,000 $5,300,000 $279,400,000 43% • 532,000 students benefiting from direct interventions to enhance learning • 15,200 classrooms with ICT installed • 50% increase in kindergartens that reach higher quality $500,000,000 $500,000,000 $125,000,000 $126,250,000 $2,000,000,000 25% standards according to the Quality Assurance System • 35% increase in teachers demonstrating improved teaching practices • First cohort of students graduates from secondary education under the new GPA based assessment and certification system • Education Technology entity established and fully operational • 90% of existing classroom spaces refurbished and equipped • 15% increase in the number of selected colleges that $119,000,000 $119,000,000 $27,325,746 $39,808,937 $1,724,000,000 7% have improved their NAAC (National Assessment and Accreditation Council) grade from the previous cycle of accreditation • 10% increase in on-time graduation rate of students in undergraduate degree programs in selected institutions • 165,500 students beneficiaries, 83,400 of which are female 42 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Education Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 19 Uttarakhand Workforce Development Project (P154525 FY18 India 17 | FY18): improve the quality and relevance of training at priority Industrial Training Institutes (ITIs) and to increase the number of labor-market-relevant workers through short-term training in Uttarakhand. 20 Education Reform Support Program (P162407 | FY18): FY18 Jordan 35 expand access to early childhood education, and to improve student assessment and teaching and learning conditions for Jordanian children and Syrian refugee children. 21 Supporting the economic inclusion of youth (P151169 | FY19 Morocco 25 FY19): increase access to economic opportunities for youth in the project area. 22 Strengthening Foundations for Learning Project (P162297 | FY18 Tunisia 28 FY18): improve learning conditions in public preschools and primary schools, and to increase access to public preschool education in selected districts. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 43 IBRD IBRD IBRD Net IBRD Total Total Project Target Resultsa, Original Disbursement IBRD%d Commitmentb Disbursement Financing Commitment FY19c • 11% increase in job placement rate among graduates of $74,000,000 $74,000,000 $800,000 $985,000 $92,500,000 80% priority ITIs within six months of training completion • 2,035 additional students enrolled in labor market relevant trades in priority ITIs • 32,000 of target trainees who obtain certification from a short term training course • 64,000 project beneficiaries, 40,000 of which are short- term training students • 18 communication and awareness campaigns conducted • 24,000 ITI students • 30,000 Jordanian children and Syrian refugee children $147,700,000 $147,700,000 $738,500 $57,824,550 $200,000,000 74% enrolled in kindergarten level 2 • 5% point reduction in the dropout rate of Syrian refugees • 70% of schools with high proportion of Syrian refugees implemeting the socioemotional learning program • 400 public and private kindergartens that have developed and implemented quality improvement plan • 50,000 K-12 grade teachers trained and certified • 9,500 beneficiaries of training activities (apprenticeship $55,000,000 $55,000,000 $10,724,670 $10,859,660 $110,100,000 50% and qualification/retraining) who are inserted after project intervention, 41% of which are women and 30% are inhabitants of rural areas • 1,500 formal enterprises created by project beneficiaries • 16,000 beneficiaries of youth employment centers services who are inserted after project intervention • 4,984 additional children enrolled in public preschools in $100,000,000 $100,000,000 $8,910,899 $9,141,050 $130,000,000 77% targeted districts • 2,000 preschool teachers trained on the core professional development program for early childhood education • 3,000 school directors and deputy directors that have completed the new leadership program • 250 preschool classrooms built in selected districts 44 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Energy & Extractives Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 23 Jharkhand Power System Improvement Project (P162086 FY19 India 25 | FY19): increase the transmission capacity of electricity network in the state of Jharkhand and strengthen the institutional capacity of state-owned power transmission and distribution utilities. 24 Energy Efficiency Scale-up Program (P162849 | FY18 India 19 FY18): scale up energy savings in residential and public sectors, strengthen Energy Efficiency Services Limited's institutional capacity, and enhance its access to commercial financing. 25 Second Equitable Growth & Job Creation Programmatic FY19 Jordan 34 Development Policy Financing (P168130 | FY19): support Jordan to set foundations to reduce business costs and improve market accessibility, create more flexible and integrated labor markets and provide better and more efficient social assistance, and improve fiscal sustainability and take more informed decisions regarding risk. 26 Second Energy Efficiency Project (P165509 | FY18): FY18 Montenegro 15 improve energy efficiency in health sector buildings, and to develop and demonstrate a sustainable financing model. 27 National Transmission Modernization Project (P154987 FY18 Pakistan 25 | FY18): increase the capacity and reliability of selected segments of the national transmission system in Pakistan and modernize key business processes of the National Transmission and Dispatch Company. 28 Gas Storage Expansion Project (P162727 | FY18): FY18 Turkey 23 increase the reliability and security of gas supply in Turkey by expanding underground gas storage capacity in the country. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 45 IBRD IBRD Original IBRD Net IBRD Total Total Project Target Resultsa, Disbursement IBRD%d Commitment Commitmentb Disbursement Financing FY19c • 10,200 GWh of electricity wheeled through $310,000,000 $310,000,000 $10,603,384 $11,378,384 $465,200,000 67% Jharkhand Urja Sancharan Nigam Limited network for supply to consumers in the State • 90% increase in consumers serviced through upgraded commercial system • 2,400,000 KVA of increased transformation capacity of the power transmission network in the state under the project • 2,000 km of transmission lines constructed • 25 transmission substations constructed • 205,500 GWh of projected lifetime energy savings $220,000,000 $220,000,000 $83,959,716 $84,509,716 $1,348,000,000 16% from LED bulbs, tube lights, energy efficient ceiling fans and LED street lights sold via Energy Efficiency Services Limited (EESL) programs • USD200,000,000 of commercial financing leveraged by the IBRD guarantee • Sustainable Development Unit and report on implementation of updated manual covering all EESL programs under implementation • 166,100,000 metric tons of avoided CO2 emissions associated with projected lifetime savings from products sold through EESL programs • 2.5% increase in FDI in services as a percent of $1,450,000,000 $1,450,000,000 $725,000,000 $728,625,000 $1,450,000,000 100% total investments facilitated by Jordan Investment Commission • Guaranteed exports as a percentage of total exports more than doubled • 100% of government entities prepare annual procurement plans at least one month before the end of the fiscal year • 3% increase in female labor force participation rate • 85,000 additional households covered by the National Aid Fund • 15,000 households provided with electricity support benefits • 3,981 MWh of annual energy savings $7,390,000 $7,390,000 $402,483 $419,982 $8,997,800 82% • 37,333 tons of CO2 eq. of emissions reduced annually • 18 buildings retrofitted annually • 1,200,000 USD captured energy cost savings annually • 220,000 potential patients and 2,000 staff benefiting • 50% reduction in frequency of forced outages per $425,000,000 $425,000,000 $136,787 $1,199,287 $536,330,000 79% substation • Duration of forced outages per substation reduced by 60% (equivalent to 1,013 minutes) • 12,516,000 KVA of substation capacity of the system added • 2 tons of GHG emissions reduced annually • 131 km of transmission lines constructed or rehabilitated • Reduction of gas supply curtailments due to $600,000,000 $600,000,000 $55,197,917 $56,697,917 $2,735,000,000 22% available gas storage at the Tuz Golu Expansion Plant from 1,500,000 m³ to 0 m³ • 67% reduction of spot liquefied natural gas purchases due to available gas storage at the Tuz Golu Expansion Plant • Increased gas storage capacity through the Tuz Golu Gas Storage Expansion Plant by 4,000,000 m³ • 4,000,000 Turkish gas consumers benefitting from gas supply 46 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Financial Sector Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 29 MSME Access to Finance Project (P152276 | FY18): FY18 Belarus 16 improve access to finance for private MSMEs and enhance governance and the institutional capacity of the Development Bank of the Republic of Belarus. 30 Access to Finance for MSMEs (P152307 | FY18): improve FY18 Jamaica 30 access to finance for micro, small, and medium enterprises. 31 Financial Inclusion and Digital Economy Project (P168587 FY19 Morocco 25 | FY19): foster financial inclusion and contribute to digital transformation for individuals, enterprises, and entrepreneurs. 32 State Owned Financial Institutions Reform Project FY18 Serbia 15 (P156837 | FY18): improve the performance of Banka Postanska Stedionica AD Beograd and promote the reform of development finance institutions and other state-owned financial institutions. 33 Inclusive Access to Finance (P163225 | FY18): improve FY18 Turkey 29 access to longer-term finance for women-inclusive enterprises and enterprises in less developed sub-regions affected by the influx of Syrians under temporary protection. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 47 IBRD IBRD Original IBRD Net IBRD Total Total Project Target Resultsa, Disbursement IBRD%d Commitment Commitmentb Disbursement Financing FY19c • Governance and business model of Development $60,000,000 $60,000,000 $7,243,488 $7,243,488 $60,000,000 100% Bank of the Republic of Belarus (DBRB) strengthened • 170% increase in DBRB MSME loan portfolio provided through participating financial institutions • 150 MSME beneficiaries that obtained credit • US$56,000,000 of loans disbursed • 15 SMEs getting access to risk capital through the $15,000,000 $15,000,000 $2,375,205 $2,412,705 $15,000,000 100% SME Fund • 1,100 guarantees issued for MSME loans through the improved Credit Enhancement Facility • US$10,000,000 of private capital mobilized." • 0.8% increase in gross loan portfolio for the $700,000,000 $700,000,000 $683,523,643 $685,248,044 $700,000,000 100% microfinance sector • Moroccan dirham (MAD) 0.6 billion increase in cumulative Tamwil El Fellah (agriculture development financing corporation) loans disbursed • 75% of payment companies reporting gender- disaggregated performance data to Central Bank of Morocco • 50,000 independent professionals, selfemployed individuals, and non-salary individuals with health insurance coverage • MAD 2 billion of Sukuk certificate issuances (Sharia compliant bond) • 3 insurance companies issuing Takaful products (Sharia compliant insurance) • 20,000 mobile/"m"-wallets issued • 2.6% increase in fixed broadband penetration as a percentage of households • 3% increase in rural households with Internet access • The new electronic portal is operational • 2 business angel networks that have been certified by the Central Guarantee Agency • 30 start-up projects submitted to business angels for financing • 60% decrease in Banka Postanska Stedionica gross $50,000,000 $50,000,000 $5,115,793 $5,232,003 $56,000,000 89% amount of performing credit exposures to medium and large private sector enterprises compared to end-2016 • 70% reduction in state-owned non-performing loans compared to end-2016 • Adopted a strategy for development finance • Increased from 0 to >1 the ratio of the average $400,000,000 $400,000,000 $75,000,000 $76,000,000 $400,000,000 100% maturity of SME sub-financing under the project, over the average maturity of the participating financial institution's SME portfolio not financed under the project • Increased from 0 to >1 the ratio of the average maturity of large enterprise sub-financing under the project, over the average maturity of the borrower's large enterprise portfolio not financed under the project • 240 SME beneficiaries financed under the project • 40 large enterprise beneficiaries financed under the project 48 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Health Project Name (Number | Year/s Loans Link to More Year/ Project Life* # Approved) Country Information FY Approved (Years) and Description 34 Health System Performance Strengthening FY18 Angola 30 Project (HSPSP) (P160948 | FY18): increase the utilization and the quality of health care services in target provinces and municipalities. 35 Health Service Delivery Network Project FY18 Bolivia 24 (P164453 | FY18): improve access to, and quality of, health service delivery in selected health networks. 36 Transforming Egypt's Healthcare System Project FY18 Egypt, Arab Republic 35 (P167000 | FY18): improve the quality of primary of and secondary health care services, enhance demand for health and family planning services, and support the prevention and control of Hepatitis C. 37 Supporting Primary Health Care Reform FY18 Indonesia 14 (P164277 | FY18): strenghten the performance of Indonesia’s primary health care system. 38 Primary Health Care System Strengthening FY18 Sri Lanka 33 Project (P163721 | FY18): increase the utilization and quality of primary health care services, with an emphasis on detection and management of non-communicable diseases in high-risk population groups, in selected areas of the country. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 49 IBRD IBRD IBRD Net IBRD Total Total Project Target Resultsa, Original Disbursement IBRD%d Commitmentb Disbursement Financing Commitment FY19c • 558,000 child health consultations in the 13 Child Health $110,000,000 $110,000,000 $12,325,890 $12,600,890 $110,000,000 100% Expansion municipalities • 60 health units implementing the minimum package of maternal and child health services • 22 health facilities that provide TB diagnosis • 160,000 people who have received essential health, nutrition, and population services • 113,895 female adolescents (12-15) and women (ages 15-49) who had a family planning consultation • 110,000 children immunized • 10,000 women and children who have received basic nutrition services • 159,000 children receiving first dose of Measles and Rubella • 7 network referral centers operational with at least $252,000,000 $252,000,000 $4,000,000 $4,630,000 $300,000,000 84% 60% of the required medical staff and providing health services • 75% of health facilities supported in the targeted networks fulfill the licensing standards • 20 clinical guidelines updated or developed. • 35,000,000 people screened for Viral Hepatitis C $530,000,000 $530,000,000 $163,893,167 $165,218,167 $992,500,000 53% • 7% increase in contraceptive prevalence rate • 20,000,000 targeted people screened for non- communicable diseases • 3,400,000 women and children who have received basic nutrition services • Increase by 12% in women delivering at a health care $150,000,000 $150,000,000 $37,500,000 $37,500,000 $93,007,000,000 0% facility • 23,375,000 People who have received essential health, nutrition, and population services • 600 special health worker teams deployed • 105,449 women at age 35 and at age 45 years who are $200,000,000 $200,000,000 $24,269,622 $24,769,622 $4,419,000,000 5% screened for cervical cancer at a network of public health facilities • 550 primary medical care institutions that have the required capabilities for providing comprehensive and quality care • Increase by 25% in screened adults with high risk for non-communicable diseases who are registered and actively followed-up at primary medical care institutions 50 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Industry, Trade & Services Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 39 Commercial Agriculture Development Project (P159052 | FY18 Angola 30 FY18): increase productivity and market access for selected beneficiaries in the project areas. 40 First Inclusive Growth Programmatic Development Policy FY19 Argentina 33 Financing (P167889 | FY19): strenghten the foundations for private sector-led growth, and the social safety net and enhancing fiscal equity. 41 Paraiba Sustainable Rural Development Project (P147158 FY18 Brazil 18 | FY18): improve access to water, reduce agro-climatic vulnerability and increase access to markets of Paraiba's rural inhabitants. 42 Jiangxi Farm Produce Distribution System Development FY18 China 24 Project (P147009 | FY18): improve the distribution systems of selected farm products in participating counties of Jiangxi. 43 Support to Enterprise Development and Competitiveness FY18 Congo, Republic of 22 Project (P161590|FY18): foster MSME competitiveness in the targeted sectors and targeted geographic areas of the Republic of Congo's territory. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 51 IBRD IBRD Original IBRD Net IBRD Total Total Project Target Resultsa, Disbursement IBRD%d Commitment Commitmentb Disbursement Financing FY19c • 12% increase in average gross sales by crop/non-crop $130,000,000 $130,000,000 $2,274,264 $2,574,649 $230,000,000 57% activities of beneficiary farmers and SMEs • 11,500 farmers reached with agricultural assets or services • 5,000 farmers adopting improved agricultural technology • 2,500 ha provided with new/improved irrigation or drainage services • 175 electricity connections supported by the project • 8 anti-competitive practices resolved through $500,000,000 $500,000,000 $498,750,000 $500,000,000 $500,000,000 100% sanctions or corrective measures by the new competition authority • 10% increase in intermediate and capital goods imports, by value, subject to reduced tariffs or automatic licenses • 45% increase in commercial companies registered as simplified corporations • 59% increase in firms that issue securities that are using the streamlined multiple issuance pre- authorization • 80 integrity plans registered in the government procurement platforms for goods, services, and public works • 5% increase in beneficiaries of social programs that receive social tariffs • 6% decrease in sales tax (Ingresos Brutos) in total provincial own revenue • 10 social programs included in the Single Window system • 20 provinces actively implementing the new Universal Health Coverage system • 41,400 people in urban areas provided with access to $50,000,000 $50,000,000 $1,301,202 $1,426,202 $80,000,000 63% improved water sources • 64,151 clients who have adopted an improved agricultural technology promoted by the project, 19,254 of which are women • Increase by 20% in the average gross value of sales of producers under productive alliances • 8,500 producers benefited with productive alliance subprojects • 165,012 project beneficiaries • 225,000 farmers reached with agricultural assets or $150,000,000 $150,000,000 $3,000,000 $3,598,414 $198,280,000 76% services, 37,300 of which are female • 186 farmer cooperatives supported • 88,600 farmers receiving training • 8 markets/distribution centers constructed or rehabilitated and connected to provincial market information platform • 12 investment climate reforms implemented $25,000,000 $25,000,000 $2,685,326 $2,742,095 $25,000,000 100% • 20% of beneficiary firms under the Support to Enterprise Development grants demonstrating a sustained increase in annual turnover • 50% of new firms supported under the Business Plan Competition that are still operating 24 months after receiving financial and non-financial assistance • 100 business plans successfully launched • 200 MSME receiving technical support and 500 benefiting from private sector initiatives 52 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Industry, Trade & Services Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 44 Cashew Value Chain Competitiveness Project (P158810 FY18 Cote d'Ivoire 30 | FY18): increase cashew productivity, quality and added value, benefiting smallholder farmers and the cashew processing industry in the Republic of Côte d’Ivoire. 45 Tamil Nadu Rural Transformation Project (P157702 | FY18 India 30 FY18): promote rural enterprises, access to finance, and employment opportunities in selected blocks of Tamil Nadu. 46 Assam Agribusiness and Rural Transformation Project FY18 India 17 (P155617 | FY18): add value and improve resilience of selected agriculture value chains, focusing on smallholder farmers and agro-entrepreneurs in targeted districts of Assam. 47 Integrated Infrastructure Development for National Tourism FY18 Indonesia 14 Strategic Areas Project (P157599 | FY18): improve the quality of, and access to, tourism-relevant basic infrastructure and services, strengthen local economy linkages to tourism, and attract private investment in selected tourism destinations in Indonesia. 48 Strengthening Entrepreneurship in Productive Forest FY18 Mexico 15 Landscapes (P164661 | FY18): strengthen sustainable forest management and increase economic opportunities for forest-dependent people and enterprises in selected forest landscapes in Mexico. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 53 IBRD IBRD Original IBRD Net IBRD Total Total Project Target Resultsa, Disbursement IBRD%d Commitment Commitmentb Disbursement Financing FY19c • Cashew productivity in the project area increased by $200,000,000 $200,000,000 $22,892,617 $23,366,447 $285,250,000 70% 0.13 metric tons • 110,374 metric tons of increased Raw Cashew Nut processed domestically each year • 225,000 farmers reached with agricultural assets or services • 190,000 metric tons of storage capacity of warehouses built and/or rehabilitated • 12,000 jobs created within the cashew processing industrial platforms • 411,620 project beneficiaries, 65% of which are female $100,000,000 $100,000,000 $520,967 $770,967 $142,800,000 70% • 60% of individual and collective enterprises with ongoing operations after two years of project support • 75% of individual and collective enterprises supported by the project leveraging funds from financial institutions • 40,000 beneficiaries accessing convergence training programs • 7,670 individual and collective enterprises receiving funds from financial institutions • 25% increase in price premium of commodities sold by $200,000,000 $200,000,000 $7,148,967 $8,554,585 $262,400,000 76% beneficiaries in the selected value chains • 500,000 farmers reached with agricultural assets or services • 25% increase in selected commodities sold through new marketing channels • 360,000 farmers adopting improved agricultural technology • 25 climate resilient technologies demonstrated in the project areas • US$388,800,000 of increased private investment in $300,000,000 $300,000,000 $3,310,679 $3,310,679 $772,900,000 39% the tourism sector • 2,849,500 beneficiaries of improvements to tourism- relevant basic infrastructure and services (546,000 people provided with access to improved water sources, 858,000 provided with access to sustainable solid waste collection service and 624,000 provided with access to improved sanitation services) • 45,000 trainees and tourism professionals completing competency based certification • 191,000 ha under sustainable landscape management $56,000,000 $56,000,000 $9,887,738 $10,027,738 $185,000,000 30% practices • 330,750 ha of forest area brought under management plans • 70% increase in target beneficiaries that increase their Index of forest entrepreneurship by at least one range • 370,015 beneficiaries implementing sustainable forest management schemes • 3,688,424 tCO2 eq. reduced 54 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Industry, Trade & Services Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 49 Strengthening Agri-Food Value Chains (P158346 | FY18 Morocco 25 FY18): increase the volume of added-value products commercialized in selected agri-food value chains in the Program area. 50 Punjab Agriculture and Rural Transformation P4R Program FY18 Pakistan 25 (P162446 | FY18): increase the productivity of crop and livestock farmers, improve their climate resilience, and foster agribusiness development in Punjab. 51 Youth Economic Inclusion Project (P158138 | FY18): FY18 Tunisia 30 improve economic opportunities for targeted disadvantaged youth in the selected governorates of the borrower. 52 Investment, Competitiveness and Inclusion Project FY18 Tunisia 28 (P161483 | FY18): help Tunisia boost job creation and inclusive growth. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 55 IBRD IBRD Original IBRD Net IBRD Total Total Project Target Resultsa, Disbursement IBRD%d Commitment Commitmentb Disbursement Financing FY19c • 193,200 tons of conditioned and exported citrus $200,000,000 $200,000,000 $42,960,000 $93,460,000 $200,000,000 100% annually • 24,871 tons of conditioned and exported olives annually • 10,000 tons of high quality olive oil commercialized annually • 1,000 small and/or medium enterprises agri-food authorized by ONSSA (National Food Safety Agency) • 50 small- and/or medium-size producers and/or enterprises assisted by the Agri-food Innovation Center • 175,000 farmers reached with agricultural assets or $300,000,000 $300,000,000 $19,650,000 $63,325,000 $300,000,000 100% services • 240 beneficiaries reached with financial services • 5 private markets and collection centers established • 165,000 farmers adopting climate-smart agriculture packages • 500,000 farmers covered by agricultural insurance • 400,000 ha under high-value agriculture • 20% increase in share of supported youth with wage $60,000,000 $60,000,000 $10,055 $4,783,318 $60,000,000 100% or self-employment • 40% increase in share of supported youth with a job at intake who increased their monthly earnings by at least 20% • 750 full-time equivalent (FTE) direct jobs created among businesses supported by the project • 10,500 beneficiaries of job-focused interventions • 7,000 youths who completed internships or training, 3,000 of which are female • Reduction in number of days required to issue the $500,000,000 $500,000,000 $483,314,156 $484,523,506 $500,000,000 100% “Foreign Trade Certificate” (from 7 to 3 days) • Reduction in electricity and gas subsidies (from 1.20% to 1.00% of GDP) • Reduction in transmission and distribution losses of the power utility (from 16% to 12.5% of generated power) • Increase in volume of microcredits disbursed towards income generating activities from 1103 to 1775 • Cash transfer program for children’s human capital formation established 56 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Information and Communication Technology Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 53 Improving Service Delivery to Citizens and Businesses FY18 Uruguay 18 through E-Government Project (P161989 | FY18): improve the quality of selected e-government services for citizens, businesses and the borrower's public entities, and facilitate their access. Public Administration Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 54 Private Sector Development for Inclusive Growth FY19 Egypt, Arab Republic 35 Development Policy Financing (P168630 | FY19): enable of financial inclusion, private sector development and strengthening fiscal management for inclusive growth in Egypt. 55 Second Fiscal Consolidation and Inclusive Growth FY19 Gabon 20 Development Policy Financing (P164201 | FY19): support Government’s efforts in strengthening fiscal sustainability and efficiency in public sector management; enhancing competitiveness; and protecting the poor. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 57 IBRD IBRD Original IBRD Net IBRD Total Total Project Target Resultsa, Disbursement IBRD%d Commitment Commitmentb Disbursement Financing FY19c • 35% reduction in processing time of foreign trade $12,000,000 $12,000,000 $1,829,995 $2,850,917 $12,000,000 100% related administrative requirements by VUCE (Single Window for Foreign Trade) (equivalent to 17.4 hours) • 300 additional distance learning materials delivered to targeted schools • 15,000 citizens' administrative processes attended to by the Mobile Citizens Access Point • 243 additional government executing units managing electronic invoices received from their providers IBRD IBRD Original IBRD Net IBRD Total Total Project Target Resultsa, Disbursement IBRD%d Commitment Commitmentb Disbursement Financing FY19c • 600,000 microfinance beneficiaries using mobile $1,000,000,000 $1,000,000,000 $997,500,000 $1,000,000,000 $1,000,000,000 100% payment or e-payment • 20,000 published collateral registrations used by MSME, corporate, individual debtors and syndicated loans • 73% decrease in days needed to start a busines (from 11 to 3 days) • 20 average firm registrations per month at the new Investor Service Centers • 50% increase in non-government financing as percentage of total financing under Fekretak Sherketak/Egypt Ventures initiative • 20% increase in the number of SMEs participating in public tenders and/or being awarded contracts • 10% of property registration offices in the “new urban communities” implementing the more transparent procedures for deed registration • 100,000 ride-sharing driver licenses issued • 30,000 companies filing annual income tax returns electronically • Reduction in energy subsidies as a percentage of GDP from 3.8% to 2.5% • An updated expanded medium-term debt management strategy will be published • All 27 governorates and 188 districts preparing their capital investment plans in accordance with the formula-based system • Reduction in non-oil revenue (as a percentage of $200,000,000 $200,000,000 $198,410,451 $198,906,862 $200,000,000 100% non-oil GDP) • Reduction in number of days necessary for business registration • Increased access to internet services 58 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Public Administration Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 56 Uttar Pradesh Pro-Poor Tourism Development Project (P146936 | FY18 India 19 FY18): increase tourism-related benefits for local communities in targeted destinations. 57 Strengthening Public Financial Management in Rajasthan (P156869 FY18 India 14 | FY18): contribute to improved budget execution, enhanced accountability, and greater efficiency in revenue administration in Government of Rajasthan. 58 Chhattisgarh Public Financial Management and Accountability FY19 India 11 Program (P166578 | FY19): improve accountability in the management of public finances; strengthen revenue administration; and improve efficiency in delivery of benefits in selected schemes, in the state of Chhattisgarh. 59 Third Fiscal Reform Development Policy Financing (P167297 | FY19 Indonesia 14 FY19): support fiscal sector reforms that will assist the Government of Indonesia in achieving its medium-term economic development and poverty reduction goals. 60 Revenue Administration Reform Project (P149743 | FY18): improve FY18 Montenegro 25 the effectiveness of operational functions of Montenegro’s tax administration and to reduce the compliance costs for corporate taxpayers. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 59 IBRD IBRD Original IBRD Net IBRD Total Total Project Target Resultsa, Disbursement IBRD%d Commitment Commitmentb Disbursement Financing FY19c • 500 additional people provided with improved urban $40,000,000 $40,000,000 $3,341,531 $4,585,584 $57,140,000 70% living conditions • 300 individuals, professionals and small businesses in the project destinations with increased annual income • Average duration of stay of tourists in project areas doubled • 3,700,000 additional domestic visitors and 100,000 international visitors in project destinations • Strengthened budget execution by increasing the use $21,700,000 $21,700,000 $2,341,009 $2,395,259 $31,000,000 70% of Commitment Control System in 20 departments covering 90% of their capital expenditure above threshold as established by the policy • Strengthened public procurement framework and capacity by developing database of debarred firms, enhancing procurement capacity of the officials and publishing/notifying Standard Bidding Documents • Improving effectiveness of Tax Audit in the Commercial Taxes Department by improving by 20% audit hit • District level planning under strengthened framework mainstreamed in Rural Development and Panchayati Raj Department and Department of Planning • Complete and timely state financial reports available In $25,200,000 $25,200,000 $2,000,000 $2,063,000 $36,036,000 70% public domain • Audits completed in at least 10,500 units • Increase in property tax collected over the baseline in the selected urban local bodies by 20% • Use of direct benefit transfer in 90% of validated baseline of beneficiaries in the shortlisted schemes • Decrease in time taken for central government $1,000,000,000 $1,000,000,000 $1,020,070,896 $1,020,070,896 $1,000,000,000 100% monthly budget realization data to be made public from 2 months to 15 days • Proportion of Ministry of Public Works and Housing budget (total) delivered through multi-year contracts increased by 10% • 6% increase in ministries and agencies covered by disaster risk insurance (out of 87) • 5% increase in the share of ministries and agencies undertaking budget tagging for climate change adaptation (out of 87) • 20% increase in the proportion of the value of contractual package for the budget year being procured by the Ministry of Public Works and Housing in the first semester • 90% increase in the share of monthly value-added tax (VAT) returns filed electronically • Respectively 20% and 55% increase in the share of annual individual and corporate income tax income tax returns filed electronically • Decrease in average time taken to receive land asset and access financial information requested for audit from 5 to 1 day • The income tax regime is revised to reduce tax base erosion and broaden the tax base • 6% reduction in tax gap for VAT compared to 2020 $15,700,000 $15,700,000 $124,879 $778,509 $15,700,000 100% • 10% and 7% increase in tax returns filed on time (respectively for VAT and corporate income tax • Decrease by 114 hours in the time it takes to pay taxes and social contributions 60 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Public Administration Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 61 Casablanca Municipal Support Program (P149995 | FY18): increase FY18 Morocco 23 the investment capacity of the Municipality of Casablanca, improve the business environment and enhance access to basic services. 62 Third Programmatic Shared Prosperity Development Policy FY18 Panama 20 Financing (P166159 | FY18): support the Government of Panama's efforts to strengthen the frameworks for international tax transparency, financial integrity, and fiscal management; strengthen institutional arrangements to support social assistance and education; and enhance the regulatory and financial sustainability framework of service delivery in the energy sector. 63 Improving Fiscal Management (P167651 | FY19): support the high- FY19 Philippines 19 level objective of the Government of the Philippines to improve fiscal management. 64 Framework Development and Infrastructure Financing to Support FY19 Sri Lanka 20 Public-Private Partnerships Project (P163864 | FY19): support the preparation of public-private partnerships that will enable the Government of Sri Lanka to facilitate private sector financing for the development of its priority infrastructure and services. 65 Sustainable Cities Project 2 (P161915 | FY18): improve the access FY18 Turkey 30 to targeted municipal services in participating municipalities and utilities. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 61 IBRD IBRD Original IBRD Net IBRD Total Total Project Target Resultsa, Disbursement IBRD%d Commitment Commitmentb Disbursement Financing FY19c • 40% increase in municipal revenues excluding $200,000,000 $200,000,000 $24,173,223 $95,540,854 $550,000,000 36% transfers • 40% decrease in the average number of days required for issuance of a building permit at the municipality (equivalent to 20 days) • 10,000 households in disadvantaged neighborhoods provided with improved access to basic services • By 2019 Panama has started sending and receiving $100,000,000 $100,000,000 $100,000,000 $100,000,000 $100,000,000 100% confidential financial information for tax purposes on automatic basis • 55 banks supervised on-site on "Anti-Money Laundering"/"Combating the Financing of Terrorism" matters • 90% of central government and decentralized agencies expenditure payments • 100% of central government debt that is paid electronically • 23% increase in extreme poor population benefiting from at least one social assistance program • 70% of investments by local governments that follow National Planning and Public Investment System norms and procedures • Revenue from the petroleum excise tax increased $450,000,000 $450,000,000 $200,000,000 $200,000,000 $450,000,000 100% from 0.2% to 0.5% of GDP • Revenue from VAT increased from 4.3% to 4.6% of GDP • Increase by 10% in payments processed through the Budget and Treasury Management System • At least 5 departments/agencies (DepEd; DOH; DPWH; NIA; and DSWD) will have data captured in the National Asset Registry by end-2019 • Feasibility studies or project designs completed for at $25,000,000 $25,000,000 $3,387,276 $3,449,776 $25,643,087 97% least 5 public-private partnership (PPP) transactions with the assistance of the project • Transaction advisory services provided for at least 4 PPP transactions with the assistance of the project • Commercial closure of at least 3 PPP with the assistance of the project • 268,000 urban people provided with access to $652,140,000 $652,140,000 $22,456,000 $22,671,015 $92,540,000 705% improved sanitation services • 225,000 m³ of additional water capacity provided • 36 km of water pipes laid • 333 km of sewerage pipes laid • 1 deep sea discharge line constructed • 414,000 project beneficiaries 62 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Social Protection Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 66 Salvador Social Multi-Sector Service Delivery Project (P162033 FY18 Brazil 31 | FY18): improve social service delivery in the Municipality of Salvador, emphasizing improvements in health care system efficiency, education quality, and social assistance effectiveness. 67 First Inclusive and Sustainable Growth Development Policy FY19 Ecuador 30 Financing (P169822 | FY19): promote a more efficient mobilization and allocation of government resources; reduce barriers for private sector development; protect and include vulnerable segments of the population. 68 Social Fund for Development (P163108 | FY18): improve FY18 Iraq 15 access to basic services and; to increase short-term employment opportunities, in targeted communities. 69 Emergency Social Stabilization and Resilience Project FY18 Iraq 15 (P165114 | FY18): increase livelihood opportunities in liberated areas; increase access to psychosocial services in liberated areas; and strengthen the systems to expand the provision of social safety nets. 70 First Equitable Growth & Job Creation Programmatic FY18 Jordan 35 Development Policy Financing (P166360 | FY18): support Jordan to set foundations to reduce business costs and improve market accessibility, create more flexible and integrated labor markets and provide better and more efficient social assistance, and improve fiscal sustainability and take more informed decisions regarding risk. 71 Social Services Improvement Project (P162246 | FY19): expand FY19 North Macedonia 15 access to and improve the quality of social services, including preschool services, for vulnerable groups. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 63 IBRD IBRD IBRD Net IBRD Total Total Project Target Resultsa, Original Disbursement IBRD%d Commitmentb Disbursement Financing Commitment FY19c • 45% increase in students at adequate level of literacy and $125,000,000 $125,000,000 $55,200,000 $55,512,500 $250,000,000 50% numeracy at the end of the second grade in municipal schools • 28,500 families supported by the Integrated Family Support Program at the Social Assistance Reference Center • 78 additional health units with health services provision available within the Municipal Regulation System • 15,173 students benefiting from direct interventions to enhance learning • 106 municipal primary care units with financial management system installed • 6% decrease in the difference between approved and actual $500,000,000 $500,000,000 $500,000,000 $500,000,000 $500,000,000 100% budget • 1% decrease in spending in goods and services and personnel in the non-financial public sector as a share of GDP • 1% decrease in energy subsidies as a share of oil revenues • 1.4% increase in tax revenues as a share of GDP • At least 3 new government contracts for amounts higher than US$50 million, including public-private partnership contracts in the tender process, that allow for international arbitration • 2,590 new commercial companies registered and 12% decrease in average days to import • 80% of households in the bottom 40 percent of the consumption distribution receiving compensation mechanisms for the subsidy reforms • Regulatory framework of the reform, approved • 24 million of debit card transactions associated to consumption • 1,500,000 households benefitting from improved access to $300,000,000 $300,000,000 $5,000,000 $5,750,000 $300,000,000 100% basic services, 750,000 of which are women • 150,000 beneficiaries of short term employment, 50,000 of which are women • 1,350 targeted government staff trained in participatory decision-making • 150,000 beneficiary households receiving Cash for Work $200,000,000 $200,000,000 $10,000,000 $10,500,000 $200,000,000 100% support, 75,000 of which are female headed households • 150,000 beneficiaries receiving direct counseling • 12,000 beneficiaries receiving livelihood support • 1,200,000 beneficiaries of social safety net programs • Aggregate business compliance costs reduced by 30% $389,000,000 $389,000,000 $388,027,500 $389,000,000 $500,000,000 78% • Guaranteed exports as a percentage of total exports doubled • 10% increase in average annual growth of formal, private, part-time work for youths • 1,919 additional manufacturing and services work permits issued to Syrian workers • 85,000 households covered by National Aid Fund • Increase by 10.8% in national preschool enrollment rates for $33,400,000 $33,400,000 $1,125,790 $1,207,639 $33,400,000 100% children ages 3 to 6 years old • 60% increase in cash benefit recipients and social services recipients recertified and recorded in the new information system • 40% of preschools with improved process quality as measured by the quality assessment tool • 3,000 beneficiaries receiving non-institutional social services (alternative/non-residential forms of care) from licensed providers • 10,000 beneficiaries of social safety net programs 64 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Transportation Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 72 Regional and Local Roads Connectivity (P163239 | FY18): FY18 Albania 30 improve access to selected agricultural and tourism centers, and to strengthen their municipalities’ capacity to manage their road assets. 73 Northwestern Road Development Corridor Project (P163115 FY18 Argentina 32 | FY18): improve connectivity and road safety along targeted road sections of the Northwestern Corridor and to support corridor development in the Northwest of Argentina. 74 Republika Srpska Railways Restructuring Project (P161122 FY18 Bosnia and 32 | FY18): improve transport connectivity of the country along Herzegovina priority transport links and to support improvements in transport operations and asset management practices. 75 Hubei Inland Waterway Improvement Project (P158717 | FY18): FY18 China 25 improve inland waterway transport capacity and reliability along the Han River in support of low carbon development. 76 Madhya Pradesh Rural Connectivity Project (P157054 | FY18): FY18 India 25 improve durability and enhance resilience to climate changes of the gravel surfaced rural roads in Madhya Pradesh while building the capacity of the state to manage its rural road network and road safety. 77 Enhancing Infrastructure Efficiency and Sustainability (P163760 FY18 Serbia 20 | FY18): improve the management and sustainability of select public infrastructure by strengthening government capacity and systems, upgrading assets, and increasing expenditure efficiency. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 65 IBRD IBRD IBRD Net IBRD Total Total Project Target Resultsa, Original Disbursement IBRD%d Commitmentb Disbursement Financing Commitment FY19c • Travel time on project roads reduced by 35% $50,000,000 $50,000,000 $1,136,250 $1,261,250 $50,000,000 100% • Improved municipalities’ road asset management capacity as demonstrated through the adoption of Municipal Rehabilitation and Maintenance Plan • 9 agricultural and tourism centers connected by improved project roads • 55 km of rural roads rehabilitated • 20% average travel time saved (25% for cars and 17% $300,000,000 $300,000,000 $27,000,000 $27,750,000 $311,000,000 96% for trucks) • Flow of passenger vehicles increased by 1,266 vehicles per day (additional 1,224 cars and 42 buses per day) • Freight volume transported along targeted road sections of the Northwestern Development Corridor increased by 1.24 millions tons per year • 30% decrease in traffic-related deaths per hundred million vehicle-kilometers travelled along targeted road sections of the Northwestern Development Corridor • 41% decrease in Railway Company of Republika $60,598,000 $60,598,000 $40,241,225 $40,390,841 $149,191,750 41% Srpska working ratio • Public Service Obligations Contract for passenger services implemented and fully covering passenger operations deficit • Multi-annual infrastructure contract implemented, fully covering infrastructure investments • 3,390,000 tons of traffic passing through the Yakou $150,000,000 $150,000,000 $26,348,054 $26,723,054 $515,130,000 29% Complex annually • 340 days of navigability of 1000 DWT (Dead Weight Tonnage) vessels annually • 13,689 tons of CO2 emission reduction annually • 6 additional powerhouses in operation • 246,000,000 KWh of renewable energy provided • 340 staff trained • 25% decrease in annual maintenance cost (equivalent $210,000,000 $210,000,000 $74,820,097 $75,345,097 $502,000,000 42% to US$250 per km) • Maintenance network investment plan prioritized • 100% of state highway network covered under Road Accident Data Management System • 10,510 km of rural roads constructed • 1,500,000 rural population connected by all weather paved roads • 7,000 km of roads with better pavement condition by IRI $118,600,000 $118,600,000 $3,379,200 $33,476,888 $763,960,000 16% (International Roughness Index) < 2.5 • 1,100,000 MWh of projected lifetime energy savings (in renovated public buildings) • 195 renovated buildings that meet Class C (or 2 classes higher) energy performance certificate • 19,000 metric tons of CO2 emissions reduction from energy saved in renovated buildings • 8,000 km of national roads maintained • 1,381,000 estimated direct project beneficiaries 66 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Water, Sanitation & Waste Management Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 78 Hezhou Urban Water Infrastructure and Environment FY18 China 32 Improvement Project (P158622 | FY18): improve flood risk management and reduce discharge of water pollutants in Hezhou Municipality. 79 Jiangxi Integrated Rural and Urban Water Supply and FY19 China 29 Wastewater Management Project (P158760 | FY19): increase access to and improve operating efficiency of water supply services, and to pilot provision of improved wastewater management, in selected counties in Jiangxi Province. 80 Uttarakhand Water Supply Program for Peri Urban Areas FY18 India 17 (P158146 | FY18): increase access to improved water supply services in peri-urban areas in Uttarakhand. 81 Shimla Water Supply and Sewerage Service Delivery FY19 India 16 Reform Programmatic Development Policy Financing (P167246 | FY19): support the Government of Himachal Pradesh in its policy and institutional development program for improving water supply and sewerage services that are financially sustainable and managed by an accountable institution responsive to its customers. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 67 IBRD IBRD IBRD Net IBRD Total Total Project Target Resultsa, Original Disbursement IBRD%d Commitmentb Disbursement Financing Commitment FY19c • 105,600 people protected by improved flood mitigation $150,000,000 $150,000,000 $8,000,000 $8,448,371 $359,400,000 42% infrastructure • 100,000 people provided with access to improved sewerage systems • Flood risk management system developed and implemented • 1,073 metric tons of Biological Oxygen Demand (BOD) pollution loads removed by the completion of sewer system annually • 68 km of river rehabilitated to improve flood risk management and prevent water pollution • 16 km of sewer pipeline constructed • 4 water quality monitoring stations constructed and operational • 584,198 people with new access to piped water supply $200,000,000 $200,000,000 $2,000,000 $2,500,000 $366,730,000 55% • Non-revenue water decrease by 10% • Operation and Maintenance unit cost of water supply system decreased by 22% (equivalent to 0.141 RMB/m³) • 28,000 people with new connections to sewerage systems • 16 km of sewerage pipelines completed or rehabilitated • 83% decrease in BOD in pilot wastewater treatment plant (equivalent to 73 tons) • 1,880 km of water supply pipelines newly constructed and rehabilitated • 436,800 people receiving improved water supply services $120,000,000 $120,000,000 $1,000,000 $1,300,000 $150,000,000 80% in peri-urban areas, 218,400 of which are female • 30 peri-urban areas with improved policy, planning and M&E systems implemented • 87,757 water connections providing improved water supply services in peri-urban areas • Annual report on water services performance in peri-urban areas prepared and published • 0.5 hours per day per (female) household saved due to water connection • 2 urban local bodies as customers of the Shimla Jal $40,000,000 $40,000,000 $39,900,000 $40,000,000 $40,000,000 100% Prabandhan Nigam Limited • Collection efficiency increased by 20% • Increase in Operations and Maintenance cost recovery for bulk water & distribution, water distribution and sewage by, respectively, 20%, 50% and 70% • 2-% decrease in energy consumption of water production from existing sources • 20% reduction in non-revenue water 68 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 Water, Sanitation & Waste Management Link to More Project Name (Number | Year/s Loans Approved) Year/ Project Life* # Country Information and Description FY Approved (Years) 82 National Urban Water Supply Project (P156125 | FY19): FY19 Indonesia 14 provide access to improved water sources for the population and strengthen the operational performance of water service providers in selected urban areas. 83 Baghdad Water Supply and Sewerage Improvement FY18 Iraq 15 Project (P162094 | FY18): improve the quality of drinking water supply and wastewater services in Baghdad. 84 Metro Manila Flood Management Project (P153814 | FY18 Philippines 25 FY18): improve flood management in selected areas of Metro Manila. Notes: Amounts may not add up due to rounding. Indicates project included in World Bank Green Bond portfolio. Indicates projects specifically designed to address the challenges of fragility, conflict, and violence. *Project Life generally indicates the period of time between the project approval date and the last repayment date of the project. /a Target results are expected results based on estimates developed at the time of project approval and expected to materialize at the end of the project implementation period (5 years in most cases). The indicators shown are normally a subset of the development impacts contained in project documentation available in the World Bank project website (http:// www.worldbank.org/projects). Results reported are based on the entire project, with the percent shown next to the loan amount corresponding to the proportion of the total financing that is financed by World Bank loans. Actual impacts may be different from these estimates and do not represent the actual results in a specific year. Quantitative estimates are intended to be indicative of the scale of impacts and qualitative results aim to inform about the nature of changes that will be achieved as a result of projects once they are completed and at full capacity. /b The committed amount is the World Bank loan net of cancellations reported in equivalent US$ billions. Loans denominated in other currencies are converted to US$ equivalents using the spot exchange rate on the report date (June 30, 2019). /c The disbursement amount is the amount of World Bank bond proceeds allocated to support the financing of disbursements to the project reported in equivalent US$ millions. Loans denominated in other currencies are converted to US$ equivalents using the spot exchange rate on the report date (June 30, 2019). /d The percentage shows the share of the total financing that is provided by World Bank loans. When a project is co-financed, this share could be used to apportion total results to the World Bank. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 69 IBRD IBRD IBRD Net IBRD Total Total Project Target Resultsa, Original Disbursement IBRD%d Commitmentb Disbursement Financing Commitment FY19c • 6,000,000 people provided with access to improved water $100,000,000 $100,000,000 $1,000,000 $1,000,000 $602,600,000 17% sources, 3,000,000 of which are women • 1,200,000 new piped household water connections • 200 local governments and local government-owned utilities (Perusahaan Daerah Air Minum) participate in technical assistance and capacity building programs • The National Urban Water Supply Framework operationalized • 1,000,000 people provided with access to improved water $210,000,000 $210,000,000 $5,000,000 $5,525,000 $210,000,000 100% sources • 1,000 people benefiting from access to improved drinking water supply • 4,000 people benefiting from access to improved sanitation • Increased by three times the duration of water supply at a minimum pressure (10m) in Shaab and Rasheed municipalities (equivalent to 16 additional hours) • 135,000 m³ of additional reservoir capacity constructed • 97 m³ of additional wastewater collected and safely disposed annually • 4,900 ha of flood-prone areas that are free of water within $207,603,205 $207,603,205 $4,478,489 $4,997,497 $500,000,000 42% 24 hours after a major rainfall event • 1,700,000 direct project beneficiaries, 850,000 of which are female • 8,500 m³ of decreased solid wastes collected at targeted existing pumping stations • 36 existing pumping stations rehabilitated and 20 new pumping stations constructed and operational • 104 km of drainage waterways cleaned Annex 4 54 WORLD DEVELOPMENT WORLD BANK BONDS FOR SUSTAINABLE | IMPACT BANK BONDS FOR REPORT DEVELOPMENT SUSTAINABLE 2019 | IMPACT REPORT 2019 71 ANNEX 1: 2: ANNEX Impact Reporting Approach The intention of impact reporting is to help investors develop a more detailed understanding of the results from World Bank projects. Several key results indicators have been selected and, where possible, quantified, but it is important to appreciate the inherent limitations of data reported. The main considerations to adequately interpret results are: RESULTS INDICATORS The indicators used in the PERIOD OF INCLUSION IN REPORT Projects projects tables of this report have been selected from are added to the impact report in the fiscal year that among other expected development results and are the project is approved after loan disbursements have intended to illustrate the type and scale of expected begun. results in a variety of sectors and country contexts. REPORTING FOR CO-FINANCED PROJECTS SCOPE OF RESULTS Unless otherwise indicated, The World Bank often co-finances projects with the reporting is based on ex ante estimates of impacts client country and/or other lenders. The results for at the time of project appraisal and mostly for direct the individual project are based on the total project project effects. The Project Impact Highlights of this including all financiers. The World Bank’s share of the report includes selected results that are aggregated total financing is included for each project. where possible and do not represent all countries or regions where the World Bank supports the financing AGGREGATIONS OF GHG ESTIMATES When of projects. Project Impact Highlights should not be reported in the “Project Appraisal”, “Implementation considered a comprehensive accounting of results. Status and Results”, and/or “Implementation Additional project results are presented in the Projects Completion and Results” reports, the GHG emission by Sector section of the report and the full set of project reductions for projects are reported in tons of CO2 results can be found at http://projects.worldbank.org. equivalent. The World Bank, in conjunction with other International Finance Institutions, developed a UNCERTAINTY An important consideration in harmonized approach for GHG accounting.7 At the estimating impact indicators and projecting results is that same time, the World Bank developed internally they are based on assumptions. While technical experts consistent GHG accounting methodologies in order aim to make sound and conservative assumptions that to track ex-ante gross and net emissions in are reasonable based on the information available at investment projects across relevant sectors and over the time, the actual impact of the projects generally their economic lifetime. Starting in FY19, the WBG is diverge from initial projections. In general, behavioral reporting aggregated annual net GHG emissions changes or shifts in baseline conditions can cause reductions in the 2019 Corporate Scorecard.8 Given deviations from projections. these recent developments in GHG accounting, the basis for estimating CO2 equivalent emission COMPARABILITY Caution should be taken in reductions for projects approved prior to FY19 may comparing projects, sectors, or whole portfolios because vary. baselines (and base years) and calculation methods may vary significantly. In addition, the cost structures ALL REPORTED RESULTS ARE FROM PUBLICLY between countries will also vary, so that developing AVAILABLE SOURCES Reporting is based on cost-efficiency calculations (such as results per dollar publicly available impacts for the projects disclosed in invested) could, for example, place smaller countries “Project Appraisal”, “Implementation Status and with limited economies of scale at a disadvantage and Results”, and “Implementation Completion and Results” will not take into consideration country-specific context. reports. To facilitate comparability of the reported results, the reporting units have been converted OMISSIONS AND QUALITATIVE RESULTS where such conversion is based on a standard Because the selected projects aim to provide social conversion factor. For a broader country context on and developmental benefits as well as climate and developmental impacts of projects, view the full set of environmental ones, they will have impacts across project documentation available on the World Bank a much wider range of indicators than captured in website at http://projects. worldbank.org. the previous section. Therefore, exclusively Notes: focusing on the reported indicators will leave out /7 For more information on the harmonization framework, see http://documents. other important development impacts. Where worldbank.org/curated/en/758831468197412195/pdf/101532-WP-P143154-PUBLIC- quantitative data is unavailable, qualitative Box394816B-Joint-IFI-RE-GHG-Accounting-Approach-clean-final-11-30.pdf indicators have been included to illustrate other /8 https://scorecard.worldbank.org/tier1-development-context beneficial impacts. 4 72 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT WORLD BANK | IMPACT BONDS FOR REPORT SUSTAINABLE 2019 DEVELOPMENT | IMPACT REPORT 2019 55 ANNEX 2:3: ANNEX World Bank Project Cycle All projects that the World Bank chooses to finance and to which it applies bond proceeds go through the Project Cycle. 11 PROJECT IDENTIFICATION The World Bank works with a borrowing country’s government on a Country Partnership Framework that identifies the country’s priorities for reducing poverty and improving living standards. Within those priorities, the World Bank and the government agree on a project concept, which is outlined in a Project Concept Note. The Project Information Document outlines the project’s scope, and the Integrated Safeguards Data Sheet identifies potential environmental and social issues. 2 2 PROJECT PREPARATION The borrower leads project preparation, with the World Bank generally taking an advisory role. If necessary, the borrower prepares an Environmental Assessment Report that describes the project’s likely environmental impact and steps to mitigate possible harm. If there are major issues, the borrower prepares an Environmental Action Plan. An analysis of a project’s potentially adverse effects on indigenous peoples may also be undertaken, and any issues are addressed in the Indigenous Peoples Plan. 3 3 PROJECT APPRAISAL The government and the World Bank review the identification and preparation documents and confirm the expected project outcomes, intended beneficiaries and evaluation tools, as well as the project’s readiness for implementation. The Project Information Document is updated and released when the project is approved for funding. 4 4 PROJECT APPROVAL The project team prepares the Project Appraisal Document (for Investment Project Financing) or the Program Document (for development policy financing), along with other financial and legal documents, for submission to the World Bank’s Board of Executive Directors for approval. When approval is obtained and the legal documents are signed, the implementation phase begins. 5 5 PROJECT IMPLEMENTATION The borrower implements the project with technical assistance and support from the World 01 Bank as needed. Twice a year, the government and the World Bank prepare a review of project progress, the Implementation Status and Results Report. 6 6 Identification PROJECT COMPLETION & EVALUATION 06 02 ati n & Pre When a project is completed and closed, a World on Bank operations team prepares an Implementation alu tio pa Ev ple Completion and Results Report. The final outcomes ra tio are compared to expected results. The team also m Co n assesses how well the project complied with the World Bank’s operations policies, and accounts for Im the use of World Bank resources. The World Bank’s ple al Independent Evaluation Group (IEG) assesses the ais m performance of roughly one project out of four pr en projects a year, measuring outcomes against the Ap tat original objectives, sustainability of results and 05 03 ion institutional development impact. IEG may produce Approval Impact Evaluation Reports to assess the economic worth of projects and the long-term effects on people and the environment. 04 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 73 ANNEX 3: Accountability Mechanisms Four key groups hold the Bank accountable to its clients and shareholders, ensure the highest performance standards in development effectiveness, protect the integrity of the projects financed, and constantly improve the efficacy of its internal operations: 1 The INSPECTION PANEL, established by the Bank’s Board of Directors as the first independent accountability mechanism at an international financial institution, provides people and communities who believe that they have been or are likely to be harmed by a project funded by IBRD or IDA access to an independent body, where they can express their concerns and seek recourse. The Inspection Panel’s annual reports are available online at inspectionpanel.org. 2 The INDEPENDENT EVALUATION GROUP (IEG) aims to strengthen the Bank Group’s development effectiveness through evaluations that assess results and performance and provide recommendations for improvements. IEG’s evaluations contribute to accountability and learning, helping inform the Bank Group’s directions, policies and procedures, and country partnership frameworks. IEG reports are available online at ieg.worldbankgroup.org. 3 The INTEGRITY VICE PRESIDENCY (INT) investigates allegations of fraud, corruption, collusion, coercion, and obstruction in Bank Group-financed projects, including those involving Bank Group staff and corporate vendors. INT’s annual report is available online at worldbank.org/en/about/unit/integrity-vice-presidency. 4 The GROUP INTERNAL AUDIT (GIA) provides independent, objective, and insightful risk- based assurance and advice to protect and enhance the value of the World Bank Group. GIA provides senior management and the Board with an independent view and reasonable assurance that processes for managing and controlling risks—as well as their overall governance—are adequately designed and functioning effectively. GIA’s annual and quarterly reports are available online at worldbank.org/internalaudit. The World Bank monitors IBRD’s operational performance through the World Bank Corporate Scorecard and provides regular opportunities to discuss progress on operations with the Bank’s Executive Directors. The World Bank Corporate Scorecard is available online at scorecard. worldbank.org. Boards of Directors’ Work Programs, Calendars, and Meeting minutes are available at worldbank.org/en/about/leadership/directors. 74 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 ANNEX 4: World Bank Sustainability Reporting Resources The Sustainability Review 2019 provides insights into World Bank activities undertaken between July 1, 2017, and June 30, 2019, to manage the environmental, social, and economic impacts of internal business operations. The content and data in this document relate to IBRD and IDA, together, the World Bank. This Review complements the World Bank GRI Index 2019. The GRI Index 2019 provides an overview of sustainability considerations within the World Bank’s lending and analytical services as well as its corporate activities. This index of sustainability indicators has been prepared in accordance with the internationally recognized standard for sustainability reporting, the GRI Standards: Core option (https://www. globalreporting.org). The GRI Index covers activities from fiscal year 2019, July 1, 2018, through June 30, 2019. The World Bank Corporate Responsibility Strategic Plan, approved in 2016, reviews mandates and progress on corporate responsibility at the World Bank; evaluates the current corporate responsibility landscape and trends; engages stakeholders for input on corporate responsibility issues; identifies implementation priorities; and establishes a rolling three-year implementation plan for corporate responsibility. Find out more on the World Bank’s progress on sustainability in our reporting to the CDP, formerly known as the Carbon Disclosure Project. The Corporate Scorecards provide an overarching view of the results and performance indicators of the World Bank Group’s three institutions: the World Bank (IBRD and IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). The Scorecards are critical tools for monitoring the WBG’s performance in key global and institutional priority areas. The Annual Report provides insights and financial data on the World Bank’s activities and contributions to development progress for the fiscal year. Information and results are presented thematically and by region. Fiscal year data is presented separately for IBRD and IDA. 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 59 4 WORLD BANK BONDS FOR SUSTAINABLE DEVELOPMENT | IMPACT REPORT 2019 75 ANNEX 5: List of Abbreviations BOD BOD oxygen demand Biological oxygen Biological demand CIT CO eq Computer Information Technology Carbon dioxide equivalent 2 CO ESG2 eq Carbon dioxidesocial, Environmental, equivalent and governance DPL/DPO FDI Development Policy Loan/Operation Foreign direct investment EOE GWh Export hour enterprises oriented Gigawatt ESG ha Environmental, Hectare social, and governance IBRD IBRD World Bank World (International Bank Bank (International for Reconstruction Bank for Reconstruction and and Development) Development) ha IDA Hectare International Development Association ICT ICT Information, Communication, Information, and Technology Communication, and Technology IFI Kg International Financial Institution Kilogram Km Km Kilometer Kilometer kVA kVA Kilo-volt-ampere Kilo-volt-ampere KWh KWh Kilowatt-hour Kilowatt-hour LIBOR LED London Light Interbank emitting Offered Rate diode MSME LIBOR Micro, small and medium London Interbank Offered enterprises Rate MVA m3 Cubic volt Mega ampere meters MWh M&E Megawatt-hour Monitoring and evaluation NOx MSME Oxides of nitrogen Micro, small and medium enterprises PFI MWh Participating Megawatt-hour financial institution PforR RMB World ChineseBank Program for Results renminbi POS SDGs Point-of-sale Sustainable Development Goals SDGs SME Sustainable Development Small and medium Goals enterprises SME SSA Small and medium Sovereign, enterprises supranational and agency SSA TB Sovereign, supranational and agency Tuberculosis TB tCO2eq. Tuberculosis Tons of carbon dioxide equivalent tce USDeq. Tons US of coal dollar equivalent equivalent TEU VAT Twenty-foot equivalent Value-added tax unit USDeq. US dollar equivalent DISCLAIMER This document has been prepared by the World Bank (International Bank for Reconstruction and Development, IBRD) for information purposes only, and the World Bank makes no representation, warranty or assurance of any kind, express or implied, as to the accuracy or completeness of any of the information contained herein. It is prepared by staff based on reviews of the underlying project documentation. In the event of a discrepancy between the report and the underlying source (project or bond documentation, or other source) the latter prevails. DISCLAIMER This document is not an offer for sale of securities of the World Bank (International Bank for Reconstruction and Development, IBRD). Any This document offering has been of World prepared Bank by the will securities World Bankplace take (International solely Bank for Reconstruction on the basis of the and Development, relevant IBRD) offering for information purposes documentation only, and including, butthe World not Bankto, limited makes no representation, the prospectus, warranty term assurance or sheet kind, express of any final and/or terms, orasimplied, as to the applicable, completeness accuracy orby prepared the World any of or ofBank information theon behalf contained herein.Bank, of the World It is prepared and isby staff based subject to on reviews of the underlying project documentation. In the event of a discrepancy between the report and the underlying source (project or bond documentation, or other source) the latter restrictions under the laws of several countries. World Bank securities may not be offered or sold except in compliance with all such laws. prevails. This document is not an offer for sale of securities of the World Bank (International Bank for Reconstruction and Development, IBRD). Any offering of World Bank securities will take place solely on the basis of the relevant offering documentation including, but not limited to, the prospectus, term sheet and/or final terms, as applicable, prepared by the World Any Bank orexamples provided on behalf of in this the World Bank, and is subject toare document provided restrictions under theillustrative for countries. only purposes laws of several World and Bank no assurance securities may notcan be provided be offered thatin or sold except disbursements compliance with all for projects with such laws. Any these specific examples provided in this document arewill characteristics be made provided by the for illustrative World Bank purposes during only and the term no assurance of provided can be a specificthatWorld Bank bond. disbursements for projects with these specific characteristics will be made by the World Bank during the term of a specific World Bank bond.Net proceeds of a specific World Bank bond are not committed or earmarked for lending Net to, or proceeds of a financing of, any specific particular World projects or Bank programs,bond and are not returns oncommitted orBank a specific World earmarked forlinked bond are not lending to, to the or financing performance of, of any any particular particular projects or recipient project or program.Each programs, of and report is deemed thisreturns to acknowledge on a specific that thisbond World Bank is a proprietary are notdocument linked to the World of the Bank and byof performance any hereof receipt agrees particular not to disclose project it, or permit disclosure of it, to third parties or program. without attributing the source or the prior written consent of the World Bank. Each recipient of this report is deemed to acknowledge that this is a proprietary document of the World Bank and by receipt hereof agrees not All photos, graphics and content © World Bank. to disclose it, or permit disclosure of it, to third parties without attributing the source or the prior written consent of the World Bank. All contents are the property of the World Bank. All photos, graphics and content © World Bank. INVESTOR RELATIONS Capital Markets Department The World Bank Treasury 1818 H St NW Washington, DC 20433 USA E debtsecurities@worldbank.org T +1 (202) 477-2880 W treasury.worldbank.org/capitalmarkets