The World Bank Report No: ISR8673 Implementation Status & Results Egypt, Arab Republic of EG-Ain Sokhna Power Project (P100047) Public Disclosure Copy Operation Name: EG-Ain Sokhna Power Project (P100047) Project Stage: Implementation Seq.No: 8 Status: ARCHIVED Archive Date: 23-Dec-2012 Country: Egypt, Arab Republic of Approval FY: 2009 Product Line: IBRD/IDA Region: MIDDLE EAST AND NORTH AFRICA Lending Instrument: Specific Investment Loan Implementing Agency(ies): Key Dates Board Approval Date 29-Jan-2009 Original Closing Date 31-Dec-2015 Planned Mid Term Review Date 15-Sep-2013 Last Archived ISR Date 24-Jun-2012 Effectiveness Date 13-Aug-2009 Revised Closing Date 31-Dec-2015 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objectives are to (i) assist the Government of Egypt to ensure continuous electricity supply to meet demand in a sustainable manner through investment in new generation capacity; and (ii) improve the sector's financial sustainability by providing assistance to the Egyptian Electricity Holding Company (EEHC) to support sector revenue improvements. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Construction of Ain Sokhna Power Plant 2139.60 Technical Assistance 1.47 Overall Ratings Previous Rating Current Rating Public Disclosure Copy Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Implementation Status Overview The overall construction work is progressing well. Early delays discussed in the previous ISR have almost been recovered, nevertheless slight delays have been observed due to strikes on site and in Ain Sokhna and Alexandria Ports. The overall progress in the physical implementation of the project was at 83% in November 2012, while planned progress was 86.5. Locations Page 1 of 4 The World Bank Report No: ISR8673 Country First Administrative Division Location Planned Actual Egypt Not Entered Ain Sokhna Power Plant Public Disclosure Copy Results Project Development Objective Indicators Indicator Name Core Unit of Measure Baseline Current End Target Increase in installed generation capacity Text Value 0 MW 0 1,300 MW Date 30-Jun-2008 11-Dec-2012 30-Jan-2015 Comments Project is not yet in operation. Increase in electricity supply Text Value 0 GWh/year 0 6,000,000 kWh/year Date 30-Jun-2008 11-Dec-2012 30-Jan-2015 Comments Project not yet in operation. Electricity tariffs Text Value Electricity tariff structure to reflect prices that are better aligned with its long-run marginal cost and aimed at reducing demanding peak periods. Date 11-Dec-2012 15-Jun-2015 Comments Tariff was low Starting January 2012 cost of electricity to heavy industry has increased by 15-30%. Further reforms are still being discussed. Intermediate Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target Progress in construction of Ain Sokhna power Text Value 0 86.5 100% Public Disclosure Copy plant Date 30-Jun-2008 11-Dec-2012 30-Jan-2015 Comments Satisfactory and almost meeting planned target. EEHC Current Ratio Text Value 0.59 0.5 (FY2011) 1.0 or higher Date 30-Jun-2007 11-Dec-2012 15-Jun-2015 Comments Increase by 15-30% in industrial tariff and plans for tariff reform. Page 2 of 4 The World Bank Report No: ISR8673 EEHC Devt Service Coverage Ratio Text Value 1.52 1.1 (FY2011) 1.4 or higher Date 30-Jun-2007 11-Dec-2012 15-Jun-2015 Comments Tariff reform underway. Public Disclosure Copy Data on Financial Performance (as of 11-Dec-2012) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P100047 IBRD-76330 Effective 29-Jan-2009 15-Mar-2009 13-Aug-2009 31-Dec-2015 31-Dec-2015 Disbursements (in Millions) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P100047 IBRD-76330 Effective USD 600.00 600.00 0.00 223.66 376.34 37.00 Disbursement Graph Public Disclosure Copy Key Decisions Regarding Implementation Project implementation is progressing satisfactorily in relation to the power plant construction. Technical Assistance studies have progressed well, but recommendations have been implemented only partially so far. Restructuring History Page 3 of 4 The World Bank Report No: ISR8673 There has been no restructuring to date. Related Projects Public Disclosure Copy There are no related projects. Public Disclosure Copy Page 4 of 4