The World Bank Report No: ISR2160 Implementation Status & Results Africa Public Disclosure Copy Economic & Monetary Community of Central Africa Financial Institutions (P099833) Operation Name: Economic & Monetary Community of Central Africa Financial Project Stage: Implementation Seq.No: 4 Status: ARCHIVED Last Modified Date: 14-Mar-2011 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 Last Archived ISR Date 29-Jun-2010 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 by BEAC, 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 Public Disclosure Copy Strengthening the Central Bank-BEAC 14.50 Encouraging Regional Investment Financing 15.00 Improving Regional Economic Policy Coordination, Financial Sector Supervision and Financial 14.00 Integrity Support for Project Implementation 3.00 Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Page 1 of 6 The World Bank Report No: ISR2160 Implementation Status Overview The progress towards meeting the Project Development Objective is rated moderately satisfactory ­ as it was in June of 2010 - due to delays in setting up project implementation unit Public Disclosure Copy (PIU) and in the designation of coordinators in each of the six participating institutions that has taken longer than anticipated. Important efforts have been made by the Project implementation Unit, which is now fully operational, to accelerate the implementation of this regional complex project. The Project disbursement rate is consistent with the estimates indicated at project preparation (FY10, USD 5 million; FY11: USD 10 million). Several calls for expressions of interest have been launched during the summer 2010 and will enable the acceleration of planned activities in the first trimester of 2011. 2011 will effectively launch critical activities for this project, provide focus and accelerate disbursement. Results Project Development Objective Indicators Indicator Baseline Current End Target Indicator Name Value Value Value Increase in percentage of foreign reserves managed regionally by 35.00 48.00 50.00 BEAC Date Date Date 11-Nov-2007 31-Mar-2010 30-Jun-2014 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Not updated. projects' overall Results framework is being reviewed and updated by the team. Indicator Baseline Current End Target Indicator Name Value Value Value Banks accounting for percentage increase of sector assets complying 0.00 80.00 with agreed prudential norms by end of project. Date Date Date 31-Mar-2010 30-Jun-2014 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage being reviewed and updated by the Banks representing 80% of sector Public Disclosure Copy team. assets. Indicator Baseline Current End Target Indicator Name Value Value Value Growth of BDEAC financing of regional projects. 8.20 15.70 15.00 Date Date Date 31-Dec-2007 31-Dec-2008 30-Jun-2014 Type Unit of Measure Comment Comment Comment Custom Indicator Number CFA 8.2 billion for CY 2007 being reviewed and updated by the team. Page 2 of 6 The World Bank Report No: ISR2160 Intermediate Results Indicators Public Disclosure Copy Indicator Baseline Current End Target Indicator Name Value Value Value Monetary programming conducted at regional level by Y4 At national level At regional (CEMAC) level Date Date Date 30-Jun-2008 30-Jun-2014 Type Unit of Measure Comment Comment Comment Custom Indicator Text Monetary programming only at being reviewed and updated by the national level team. Indicator Baseline Current End Target Indicator Name Value Value Value Central Bank/Government paper issued by Y3 (none issued now) None issued now Central Bank/Government paper Date Date issued by Y3 31-Dec-2007 31-Mar-2010 Date Type Unit of Measure Comment Comment 31-Dec-2011 Custom Indicator Text being reviewed and updated by the Comment team. Indicator Baseline Current End Target Indicator Name Value Value Value Cross-border electronic payments transactions in wholesale and retail (SYGMA and SYSTAC) cumulative 28% (SYGMA and SYSTAC) cumulative systems (SYGMA and SYSTAC) cumulative increase of 33% by Y3 increase of 33% by Y3 increase of 61% by Y5. Date and 61% by Y5. Date 30-Sep-2009 Date Type Unit of Measure 31-Dec-2011 Comment 31-Dec-2013 Custom Indicator Text Comment being reviewed and updated by the Comment team. Public Disclosure Copy Indicator Baseline Current End Target Indicator Name Value Value Value Revised and applied BDEAC's policies, procedures and internal Outdated policies and procedures Revised and applied by Y3 controls by Y3 Date Date Date 30-Sep-2008 31-May-2010 31-Dec-2011 Type Unit of Measure Comment Comment Comment Custom Indicator Text being reviewed and updated by the team. Page 3 of 6 The World Bank Report No: ISR2160 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value All projects evaluated by BDEAC according to new policies by Y3. Non-standard policies All projects evaluated Date Date Date 30-Jun-2008 31-May-2010 31-Dec-2011 Type Unit of Measure Comment Comment Comment Custom Indicator Text being reviewed and updated by the team. Indicator Baseline Current End Target Indicator Name Value Value Value Improved portfolio performance of BDEAC, as measured by increased 43% in 2007 54% 70% by Y3 ratio of annual disbursements/commitments in the preceding year from Date Date Date 43% in 2007 to 70% by Y3 31-Dec-2007 31-Dec-2008 31-Dec-2011 Type Unit of Measure Comment Comment Comment Custom Indicator Text being reviewed and updated by the team. Indicator Baseline Current End Target Indicator Name Value Value Value New BDEAC's MIS, including accounting system, substantially in place Lack of MIS In place by mid-term and by mid-term and generating financial reports in line with international generating financial reports in line Date Date standards by Y5 with international standards by Y5 30-Jun-2008 31-Mar-2010 Date Type Unit of Measure Comment Comment 31-Dec-2013 Custom Indicator Text being reviewed and updated by the team. Comment Public Disclosure Copy Indicator Baseline Current End Target Indicator Name Value Value Value Updated accounting plan for banks in place and used by banks by Y3 Outdated accounting plan In place and used by banks by Y3 Date Date Date 30-Jun-2008 31-Dec-2011 Type Unit of Measure Comment Comment Comment Custom Indicator Text being reviewed and updated by the team. Page 4 of 6 The World Bank Report No: ISR2160 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value Plan for application of microfinance regulatory framework and Not applied In place and applied by mid-term supervision system in place and applied by mid-term review review Date Date 30-Jun-2008 Date Type Unit of Measure Comment Comment 01-Apr-2011 Custom Indicator Text being reviewed and updated by the Comment team. Data on Financial Performance (as of 23-Feb-2011) Financial Agreement(s) Key Dates Project Loan No. Status Approval Date Signing Date Effectiveness Date Closing Date P099833 IDA-45290 Effective 04-Dec-2008 27-Jan-2009 27-Apr-2009 30-Jun-2014 P099833 IDA-H4340 Effective 04-Dec-2008 27-Jan-2009 27-Apr-2009 30-Jun-2014 Disbursements (in Millions) Project Loan No. Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P099833 IDA-45290 Effective XDR 20.40 20.40 0.00 3.88 16.52 19.00 P099833 IDA-H4340 Effective XDR 11.50 11.50 0.00 2.28 9.22 20.00 Disbursement Graph Public Disclosure Copy Page 5 of 6 The World Bank Report No: ISR2160 Public Disclosure Copy Key Decisions Regarding Implementation For enhanced supervision and project performance, the bank team is taking action to improve the existing M&E framework. Restructuring History There has been no restructuring to date. Related Projects There are no related projects. Public Disclosure Copy Page 6 of 6