The World Bank Report No: ISR7329 Implementation Status & Results Africa Economic & Monetary Community of Central Africa Financial Institutions (P099833) Public Disclosure Copy Operation Name: Economic & Monetary Community of Central Africa Financial Project Stage: Implementation Seq.No: 6 Status: ARCHIVED Archive Date: 10-Jul-2012 Institutions (P099833) Country: Africa Approval FY: 2009 Product Line: IBRD/IDA Region: AFRICA Lending Instrument: Specific Investment Loan Implementing Agency(ies): Banque des Etats de l'Afrique Centrale Key Dates Board Approval Date 04-Dec-2008 Original Closing Date 30-Jun-2014 Planned Mid Term Review Date 15-Oct-2012 Last Archived ISR Date 10-Dec-2011 Effectiveness Date 27-Apr-2009 Revised Closing Date 30-Jun-2014 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from Project Appraisal Document) The project aims to strengthen Central African regional institutions so that they can fulfill their mandates to encourage an expanded, better governed regional market, and a more transparent, better regulated and more competitive financial system. This will facilitate the re-utilization of oil revenues for investment in Central Africa. The project supports programs approved by the member governments designed to improve the efficiency of regional institutions. This will be accomplished by strengthening regional institutions. Project outcome indicators are given in Annex 3 and include increases in the percentage of foreign reserves managed regionally byBEAC, growth of investment in regional projects (primarily infrastructure investments), and increases in the percentage of banks meeting key prudential norms. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Strengthening the BEAC 14.50 Encouraging Regional Investment Financing 15.00 Improving Regional Economic Policy Coordination, Financial Sector Supervision and Financial 14.00 Public Disclosure Copy Integrity Support for Project Implementation 3.00 Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Moderately Unsatisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Unsatisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial Page 1 of 5 The World Bank Report No: ISR7329 Implementation Status Overview The progress towards meeting the Project Development Objective is upgraded to moderately satisfactory in light of the implementation progress, which contributes towards achieving the PDO. Public Disclosure Copy Following the project's initial slow implementation, the project has significantly improved its implementation pace over the last 8 months. As envisaged in the previous ISR, the increase implementation pace has resulted in the implementation of over 30 activities and the launching of the procurement of an additional 30 activities, which will come into implementation during the next few months. Over the next six months, it is thus expected that the number of activities implemented will further increase, which, in turn, will broaden the foundations for the project to have an impact and meet its development objective. Provided the faster implementation pace is maintained over the next 6 months, the rating for component is likely to be satisfactory and there might be a basis for upgrading the progress towards achieving the PDO as satisfactory, depending on other factors. Locations Country First Administrative Division Location Planned Actual Central Afr.Rep Not Entered Central African Republic Cameroon Not Entered Republic of Cameroon Congo Not Entered Republic of the Congo Chad Not Entered Republic of Chad Results Project Development Objective Indicators Indicator Name Core Unit of Measure Baseline Current End Target Growth of BDEAC financing of regional Number Value 8.20 15.70 15.00 projects. Date 31-Dec-2007 30-Mar-2011 30-Jun-2014 Comments CFA 8.2 billion for CY 2007 The level of BEAC's investment has surpassed the target of CFA 15 billion. The Public Disclosure Copy task team does not feel that this indicator is suitable to measure the project's assistance to BEAC. Banks accounting for percentage increase of Percentage Value 80.00 sector assets complying with agreed prudential Date 31-Mar-2010 30-Jun-2014 norms by end of project. Comments Not updated. This percentage Banks representing 80% of is not tracked by the banking sector assets. commission (COBAC). As such, it is not available. The Page 2 of 5 The World Bank Report No: ISR7329 task team feels that it is not the mosts suitable indicator to measure the impact of the project's assistance to Public Disclosure Copy COBAC. As such, the Results Frameworkis being reviewed by the beneficiries. Increase in percentage of foreign reserves Percentage Value 35.00 48.00 50.00 managed regionally by BEAC Date 11-Nov-2007 31-Mar-2010 30-Jun-2014 Comments BEAC manages 50% of its foreign reserves. However, this achievement cannot be attributed to the project since the percentage of reserve managed by BEAC was determine in an agreement between BEAC and the French authorities. The Results Framework is being revised by the stakeholders and a proposition will be made to the Bank. Intermediate Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target Plan for application of microfinance regulatory Text Value Not applied The plan is not yet in place, In place and applied by mid- framework and supervision system in place although an application is term review and applied by mid-term review being put in place to help the regulator have better oversight of micro finance institution. Date 30-Jun-2008 11-Jun-2012 31-Oct-2012 Public Disclosure Copy Comments Updated accounting plan for banks in place Text Value Outdated accounting plan Update accounting plan is not In place and used by banks and used by banks by Y3 yet being prepared. by Y3 Date 30-Jun-2008 04-Jun-2012 30-Oct-2012 Comments New BDEAC's MIS, including accounting Text Value Lack of MIS The MIS is being put in place In place by mid-term and system, substantially in place by mid-term and through an ongoing generating financial reports in generating financial reports in line with consultancy. line with international international standards by Y5 standards by Y5 Page 3 of 5 The World Bank Report No: ISR7329 Date 30-Jun-2008 30-Mar-2012 31-Dec-2013 Comments Improved portfolio performance of BDEAC, as Text Value 43% in 2007 70% by Y3 Public Disclosure Copy measured by increased ratio of annual Date 31-Dec-2007 31-Dec-2008 31-Dec-2011 disbursements/commitments in the preceding Comments Not updated. Once M&E year from 43% in 2007 to 70% by Y3 expert on-board, the Results Framework will be reviewed. All projects evaluated by BDEAC according to Text Value Non-standard policies All projects evaluated new policies by Y3. Date 30-Jun-2008 31-May-2010 31-Dec-2011 Comments Not updated. Once M&E expert on-board, the Results Framework will be reviewed. Revised and applied BDEAC's policies, Text Value Outdated policies and Revised and applied by Y3 procedures and internal controls by Y3 procedures Date 30-Sep-2008 31-May-2010 31-Dec-2011 Comments Not updated. Once M&E expert on-board, the Results Framework will be reviewed. Cross-border electronic payments transactions Text Value (SYGMA and SYSTAC) (SYGMA and SYSTAC) in wholesale and retail systems (SYGMA and cumulative increase of 33% cumulative increase of 61% SYSTAC) cumulative increase of 33% by Y3 by Y3 by Y5. and 61% by Y5. Date 31-Dec-2011 30-Sep-2009 31-Dec-2013 Comments Not updated. Once M&E expert on-board, the Results Framework will be reviewed. Central Bank/Government paper issued by Y3 Text Value None issued now Central Bank/Government (none issued now) paper issued by Y3 Date 31-Dec-2007 31-Mar-2010 31-Dec-2011 Comments Not updated. Once M&E Public Disclosure Copy expert on-board, the Results Framework will be reviewed. Monetary programming conducted at regional Text Value At national level At regional (CEMAC) level level by Y4 Date 30-Jun-2008 30-Jun-2014 Comments Monetary programming only Not updated. Once M&E at national level expert on-board, the Results Framework will be reviewed. Data on Financial Performance (as of 14-Jun-2012) Page 4 of 5 The World Bank Report No: ISR7329 Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P099833 IDA-45290 Effective 04-Dec-2008 27-Jan-2009 27-Apr-2009 30-Jun-2014 30-Jun-2014 Public Disclosure Copy P099833 IDA-H4340 Effective 04-Dec-2008 27-Jan-2009 27-Apr-2009 30-Jun-2014 30-Jun-2014 Disbursements (in Millions) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P099833 IDA-45290 Effective XDR 20.40 20.40 0.00 5.32 15.08 26.00 P099833 IDA-H4340 Effective XDR 11.50 11.50 0.00 3.17 8.33 28.00 Disbursement Graph Public Disclosure Copy Key Decisions Regarding Implementation There are no key decisions for public disclosure. Restructuring History There has been no restructuring to date. Related Projects There are no related projects. Page 5 of 5