The World Bank Report No: ISR13240 Implementation Status & Results Africa Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663) Public Disclosure Copy Operation Name: Improved Investment Climate within the Organization for the Project Stage: Implementation Seq.No: 3 Status: ARCHIVED Archive Date: 03-Jan-2014 Harmonization of Business Law in Africa (OHADA) (P126663) Country: Africa Approval FY: 2012 Product Line: IBRD/IDA Region: AFRICA Lending Instrument: Technical Assistance Loan Implementing Agency(ies): Key Dates Board Approval Date 26-Jun-2012 Original Closing Date 30-Jun-2017 Planned Mid Term Review Date 11-Nov-2014 Last Archived ISR Date 29-Jun-2013 Effectiveness Date 13-Nov-2012 Revised Closing Date 30-Jun-2017 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to strengthen OHADA’s institutional capacity to support, in its member countries, selected aspects of investment climate reforms, including improved corporate financial reporting. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Component 1: Institutional Strengthening of the OHADA Permanent Secretariat and Project 4.50 Implementation Support. Component 2: Institutional Strengthening the capacity of the Joint Court of Justice and Arbitration 3.60 (CCJA) and Regional Superior Sch ool for the Magistracy (ERSUMA) Component 3: Improving Corporate Financial Reporting 6.40 Public Disclosure Copy Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Implementation Status Overview The OHADA Investment Climate Assessment Project, which was prepared - thanks to an excellent collaboration between the Bank, IFC, the AfDB and the OHADA Permanent Page 1 of 5 The World Bank Report No: ISR13240 Secretariat - has started its implementation in a satisfactory manner. This ISR is prepared based on a desk reviewed coupled with two one day working sessions at the OHADA Permanent Secretariat in Cameroon on December 2013. Both the PDO and IP continue to be rated Satisfactory two of the project indicators, which are scheduled to be met in 2014 have already been met. Public Disclosure Copy Overall, the project activities are being implemented as planned. OHADA, using its own resources, has started strengthening its institutional capacity by deploying required personnel. The project is complementing the Institution's own effort by recruiting additional personnel to strengthen OHADA’s ability to identify and formulate new business laws and manage this project. There is a strong buy-in by the participating Governments as exemplified by the amount of OHADA’s operational budget covered – the project has surpassed the target of 40% of operational budget to be financed by the participating Governments. The project also supported the adoption of the revised Commercial Uniform Act (Acte Uniforme relatif au Droit des Societies Commerciales). When implemented, this reform is going to have a truly transformative impact in the OHADA countries, since it would help substantially increased the number of firms created in Sub-Sahara Africa, which is the lowest across the World at 0.09 per 1,000 inhabitants. The project has initiated the process of the upgrading and computerization of the regional RCCM. The terms of reference for the development of regional registry software and the process to do so have been developed through consultation with all 17 OHADA member countries. In addition, the project has supported the revision of the Uniform Act on accounting and financial reporting; the strengthening of the capacity of the OHADA accounting council; and the development and operationalization of a web site for the OHADA accounting council. Locations Country First Administrative Division Location Planned Actual Cameroon Centre Region Yaounde ✔ Results Project Development Objective Indicators Indicator Name Core Unit of Measure Baseline Current End Target PDO - Indicator 1: Number of commercial Number Value 0.00 0.00 120.00 disputes referred to alternative dispute Date 26-Jun-2012 12-Dec-2013 30-Apr-2017 resolution mechanisms within OHADA; of Comments which are resolved Public Disclosure Copy PDO - Indicator 2: Number of newly registered Number Value 0.00 0.00 10000.00 companies within OHADA member countries Date 26-Jun-2013 12-Dec-2013 30-Apr-2017 accessible in the regional RCCM Comments PDO - Indicator 3: Number of Professional Number Value 3.00 3.00 6.00 Accountancy Organizations admitted as Date 26-Jun-2012 12-Dec-2013 30-Apr-2017 members of IFAC Comments Direct Project Beneficiaries, of which female Number Value 0.00 0.00 13145.00 Page 2 of 5 The World Bank Report No: ISR13240 Sub Type Supplemental Public Disclosure Copy Intermediate Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target Indicator 1 - Component 1 Number of Number Value 0.00 0.00 2000.00 Registered Users of the Digital Library Date 26-Jun-2012 12-Dec-2013 30-Apr-2017 Comments Indicator 2 Component 1: Number of Uniform Number Value 0.00 1.00 5.00 Acts Revised or Newly Adopted Date 26-Jun-2012 12-Dec-2013 30-Apr-2017 Comments Another Uniform Act has been prepared and may be approved at the Council of Ministers on December 19, 2013 Indicator 3 Component 1: Percentage of Percentage Value 40.00 60.00 75.00 Governements that contributes to the OHADA Date 26-Jun-2012 12-Dec-2013 30-Apr-2017 oprerational budget on a regular basis Comments This may increase and would be confirmed at the end of the OHADA council of Ministers meeting, which is ending on June 14 Indicator 1 Component 2: The Uniform Act on Text Value NO YES Abitration is updated Date 26-Jun-2012 18-Dec-2012 30-Apr-2017 Comments Indicator 2 Component 2: The regional RCCM Number Value 0.00 0.00 9.00 is operational and connected to several Date 26-Jun-2012 18-Dec-2012 30-Apr-2017 computerized national registries Comments Public Disclosure Copy Indicator 3 Component 2: Number of Number Value 798.00 798.00 2900.00 Professionals trained by ERSUMA Date 26-Jun-2012 18-Dec-2012 30-Apr-2017 Comments Indicator 1 -Component 3:Percentage of Percentage Value 0.00 0.00 75.00 audited financial statements Public Interest Date 26-Jun-2012 18-Dec-2012 30-Apr-2017 Entities (PIEs) compliant International Financial Comments Reporting Standards (IFRS) & International Standards Auditing ISA Page 3 of 5 The World Bank Report No: ISR13240 Indicator 2 - Component 3:The IFRS, the ISA, Text Value NO YES and the IFAC's code of ethics have been Date 26-Jun-2012 18-Dec-2012 30-Apr-2017 adopted Comments Public Disclosure Copy Indicator 3 - Component 3: Professional Number Value 0.00 0.00 35.00 accountants are qualified through the new Date 26-Jun-2012 18-Dec-2012 30-Apr-2017 regional curriculum Comments Data on Financial Performance (as of 15-Nov-2013) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P126663 IDA-H7990 Effective 26-Jun-2012 25-Oct-2012 13-Nov-2012 30-Jun-2017 30-Jun-2017 Disbursements (in Millions) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P126663 IDA-H7990 Effective XDR 9.70 9.70 0.00 0.84 8.86 9.00 Disbursement Graph Public Disclosure Copy Key Decisions Regarding Implementation There are no key decisions for disclosure. Page 4 of 5 The World Bank Report No: ISR13240 Restructuring History There has been no restructuring to date. Public Disclosure Copy Related Projects There are no related projects. Public Disclosure Copy Page 5 of 5