Public Disclosure Copy The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663) Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663) AFRICA | Africa | Trade & Competitiveness Global Practice | IBRD/IDA | Technical Assistance Loan | FY 2012 | Seq No: 9 | ARCHIVED on 05-Apr-2017 | ISR27360 | Implementing Agencies: Key Dates Key Project Dates Bank Approval Date:26-Jun-2012 Effectiveness Date:13-Nov-2012 Planned Mid Term Review Date:15-Jan-2016 Actual Mid-Term Review Date:15-Feb-2016 Original Closing Date:30-Jun-2017 Revised Closing Date:30-Jun-2017 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 Objective? No PHRPDODEL Components Name Component 1: Institutional Strengthening of the OHADA Permanent Secretariat and Project Implementation Support.:(Cost $4.50 M) Component 2: Institutional Strengthening the capacity of the Joint Court of Justice and Arbitration (CCJA) and Regional Superior Sch ool for the Magistracy (ERSUMA):(Cost $3.60 M) Component 3: Improving Corporate Financial Reporting:(Cost $6.40 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Moderately Satisfactory  Moderately Satisfactory Overall Implementation Progress (IP)  Satisfactory  Satisfactory Overall Risk Rating  Moderate  Moderate 4/5/2017 Page 1 of 11 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663) Implementation Status and Key Decisions Overview. Currently, implementation progress is rated satisfactory and progress towards meeting the Project’s development objective is rated moderately satisfactory. Progress towards meeting the Project Development Objective, which is to “strengthen OHADA’s institutional capacity to support, in its member countries, selected aspects of the investment climate reforms, including improving corporate financial report” is moderately satisfactory. OHADA’s institutional capacity has significantly been strengthened as reflected in the fact that the institution has developed and approved 4 different Laws, known as Uniform Acts, which have helped improve the investment climate. The performance indicators in terms of new uniform acts target at the end of the project is 5. Given that two additional uniform Acts, one of Arbitration and the other on commercial mediation have been completed and are going through the consultative process before being submitted for approval later this year, the Project is likely to meet and exceed this important target this year, reflecting an enhanced leadership in formulating legislation. The progress in improving the investment climate within OHADA is acknowledged independently by the Doing Business (DB) Report 2017, which notes that “Substantial regulatory efforts have been undertaken by the 17 member states of the Organization for the Organization for the Harmonization of Business Law in Africa, known by its French acronym, OHADA…. The OHADA Uniform Act also introduced provisions in cross border insolvency that were implemented in all 17 OHADA member States.” Prior to that, the DB Report 2016 had also acknowledged the importance of the OHADA investment climate reform in stating that the “members of the Organization for the Harmonization of Business Law in Africa (OHADA) were particularly active during the past year.” The Report added that, “out of 69 reforms in 35 economies in sub-Sahara Africa, 14 of the OHADA’s 17 member countries implemented 29 reforms.” Additionally, the OHADA Council of Ministers approved the Uniform Act on accounting standards January 2017. This text establishes International Financial Reporting Standards (IFRS) for public traded companies across all 17 OHADA member countries while setting new accounting standards in line with international good practice. This Uniform Act on accounting has created the conditions for improving corporate financial reporting across tens of thousands of corporations in the 17 OHADA member countries. The project’s key indicators have been met or are being met. The number of commercial disputes referred to alternative resolution mechanisms within OHADA has exceeded the 120 cases target. In addition, 5 out of the 6 targeted accountancy organizations have been admitted as members of IFAC. Regarding the other key performance indicator, the number of newly registered company has exceeded 10,000 firms thanks to the approval of the Uniform Act on Commercial Companies, which made it optional to use public notaries and reduced the minimum capital requirement, thus reducing the time and cost to start up a business. The information such as bye laws, changes to capital, ownership, collateral regarding these firms is not yet accessible in the regional Commercial Registry. The data will start being accessible this year, as the software to integrate and interconnect the 17 registries has been finalized, approved and is being deployed. Component 1: Strengthening the OHADA Secretariat and Project Implementation (US$ 4.5 million) Overview. Activities under this component have been either implemented or are being finalized. As such, OHADA’s capacity has been strengthened, resulting in OHADA becoming the key driver for investment climate reforms in OHADA member countries and a better coordinated and more effective organization. The project was effective in enhancing OHADA’s leadership in formulating legislation and disseminating its reforms be it through the internet or in country, as envisaged under the Project. OHADA’s capacity has clearly been strengthened. Improved organizational effectiveness and knowledge sharing. As planned in the project appraisal document, the project helped improve OHADA’s organizational effectiveness and developed knowledge sharing across OHADA institutions and the 17 OHADA national Commissions. Today, OHADA’s budget is developed jointly by the three institutions and reflects its strategic objective. Moreover, financial management and procurement procedures and practices have been developed, based on good practice. The three institutions now have regular coordination meetings and the ability to communicate daily at a low cost through either the internal telephone system or the video conference system, which links the three OHADA institutions located in Cameroun, Côte d’Ivoire and Benin. Knowledge sharing and outreached across the organizations and the OHADA national commissions is also being done through regular face to face and virtual communication. This is complemented by an updated website, which contains all the Uniform Acts, and other relevant information. The project has also helped develop a digital library which helps share knowledge on OHADA. Moreover, OHADA now has a weekly digital newsletter, which is targeted at private entrepreneurs, business lawyers, and policy makers. This newsletter has 4,000 subscribers and should have 5,000 subscribers by December 2017.In addition, OHADA also uses social media tools, including Facebook, Tweeter, and YouTube to keep different audiences up to date regarding its work. Another aspect that the project successfully achieved under this component is the enhancing of OHADA’s leadership in formulating legislation. Capacity has been strengthened and helped improve the investment climate: This is most visible in the enhanced leadership in formulating legislation. Since the project started, OHADA has approved four Uniform Acts and developed two more that are completed and will be submitted for approval in 2017. The performance indicator by the Project closing date is the approval of 5 Uniform Acts. By the end of 2017, this target will be 4/5/2017 Page 2 of 11 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663) surpassed since 6 Uniform Acts are expected to have been approved. In fact, by June 2017, the target is expected to be met since new legislations enacting new auditing standards, a Code of Ethics and a Quality Assurance system in accounting is expected to be approved. It is worth noting that the enhancement of OHADA’s leadership in formulating legislation has been done by giving OHADA full ownership of the process to develop capacity. Moreover, the legislation developed has been recognized as excellent by member countries, experts within OHADA and the World Bank. With support from the Project, OHADA has developed legislation, which are recognized as good practice. OHADA has also accelerated the pace at which it develops and gets legislation approved. While it took OHADA 5 years to finalize and adopt some legislation 3 years ago, it just took OHADA 18 months to finalize the two uniform acts it is working on now. For the first time in its history, during 2016, OHADA was finalizing the Uniform Act on Accounting Standards while developing both the Uniform Act on Arbitration and the Uniform Act on Commercial Mediation. This concomitant development of legislation requires a high level of technical sophistication, commitment and a high capacity to bring about consensus. To support OHADA’s capacity building efforts, the project has also financed the development of a human resources management and training strategy, which has helped OHADA strengthen its hiring procedures, resulting in a better recruitment of staff, including senior staff such as the Director of the Regional School of Magistrate. Under this component, one critical factor has been the success of the project implementation support. The Project design limited the number of in house specialists to be financed under the Project to two staff: (i) the financial management and (ii) the procurement specialist. Both have carried out their roles and responsibilities extremely well, resulting in all financial management and audit reports being submitted on time and assessed as satisfactory by the World Bank. Moreover, the Project had only unqualified audit reports. More significantly, as the Project Coordinator is the OHADA Permanent Secretary, and the OHADA staff execute the Project’s activities, the procurement and financial management specialists interact with all the OHADA staff on the daily basis. As a result, good practices in financial management and procurement have been adopted by OHADA for its own budget and resources. The remaining aspect which needs is to be addressed is to further strengthen OHADA’s financial sustainability. While a mechanism for financing for the eight WAEMU countries exists, the payment made by individual countries for the other nine countries has had mixed results. These payments, as contribution to OHADA’s budget, from the other 9 other countries risk delays caused by a significant reduction of fiscal revenues due to the dependence of many countries on commodities and lack of economic diversification. Component 2: Strengthening the capacity of the Regional Joint Court of Justice and Arbitration (CCJA) and Regional Superior Magistrate School (ERSUMA) (US$3.6 million) The Center for Arbitration’s capacity was strengthened through a combination of actions. The first action was for the staff from the Center and the Court to go through training at the International Arbitration Court. Subsequently, an arbitration guide was developed and is available electronically and hard copy to help standardize procedures so that all parties understand it better. Furthermore, the project financed the delivery of training and awareness activities on best practices on arbitration and commercial mediation through regional training in Abidjan, Ouagadougou, Dakar, among others. These trainings have benefited over 600 beneficiaries, including business lawyers, business executives, policy makers, and members of academia, although the PAD envisaged reaching 500 professional for both arbitration and mediation. In addition, the Center for Arbitration’s web site was revamped and better integrated with the OHADA web site to allow better promotion of arbitration as a means to resolving commercial disputes. Under this component, one of two key activities was financing the drafting of (i) the Uniform Act of Arbitration and (ii) the Uniform Act of Commercial Mediation. Both Uniform Acts have been drafted and are undergoing the OHADA review process prior to being submitted to the OHADA Council of Ministers for approval in 2017. The revision of these Uniform acts is meant to make the use of alternative dispute mechanisms more prevalent as the training and awareness need to be complemented by greater standardization of the process, increased transparency and faster decisions. The other key activity financed under this component is the design and review of the customized software, which will run and interconnect the 17 commercial and collateral registries. Developing the software proved to be labor intensive, time consuming, and complex activity, as it required a review and approval of the various, processes, forms and templates, which underpin the system, which will be used by the 17 OHADA member countries. The software which operationalizes the regional registries is now being deployed, in the OHADA member countries. It is worth noting that the data from the commercial and collateral registries will be made available worldwide through a web. It is the first time in the World that 17 commercial and collateral registries will be both interconnected and make the data available electronically to anyone in the world. Besides having basic information such as the companies’ bye-laws, changes in ownership structure, the RCCM will also have information about securities, which allow third parties, such as commercial banks to be informed about the respective status of securities for each firm. The registry is thus playing a pivotal role in ensuring legal security to investors and third parties. As for the Court itself, the project supported the revision of its rule of procedures, including revising article 28 section 3, which provided that the parties to a commercial conflict must elect a domicile in the city where the Court has its seat, in Abidjan. This rule has been changed and lawyers across all OHADA 17 member countries can petition the Court electronically from anywhere within the 17 OHADA countries. 4/5/2017 Page 3 of 11 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663) For the regional school of magistrates, ERSUMA, the Project has financed the editing of the school’s curriculum and courses so as to make it more demand driven and start establishing the basis for a training system, which is fee based. Additionally, the Project helped develop and deliver selected training, as planned under the Project Appraisal Document. These activities were complemented by the development of a digital library, as well as the strengthening of the research and documentation center with the acquisition of research equipment, including computers, books and journals. Component 3: Improving Corporate Financial reporting (US$ 6.4 million) This component 3 aims to improve the quality of financial reporting by raising the quality standards and providing the tools, norms and training. Sub component 3.1: Improving accounting standards. All the activities under this sub component are completed and/or being finalized. They mainly relate to (i) the recruitment of a technical expert; (ii) the review and update of the OHADA accounting standards, which has been completed and approved in January 2017 during the OHADA’s Council of Ministers; (iii) the diagnosis of the institutional arrangements of the national accounting council, and (iv) the development of website for the OHADA accounting commission. The key change under this sub component has been the approval of the new accounting standards. The new accounting norms for the 17 countries improves the reliability and credibility of financial information so as to foster investor confidence, ensure sound economic and corporate governance. By increasing the attractiveness of OHADA countries investment climate, the revised Uniform Act promotes investment and growth. In addition, improved financial reporting will facilitate the access of Small and Medium Enterprises to finance from banks. Furthermore, the new accounting standards will improve transparency in the financial reporting practice, hence the predictability of the corporate taxation base. Sub component 3.2: Improving professional standards. The new legislation enacting the international auditing standards, the code of ethics and the quality assurance scheme has been finalized and is scheduled to be submitted to the OHADA Council of Ministers in June 2017. Currently, the new legislation enacting the international auditing standards, the Code of Ethics and the Quality assurance scheme are undergoing consultations, including inside the World Bank to ensure that it reflects good practice, before being submitted to the OHADA Council of Ministers in June 2017. Sub component 3.3: Developing a regional professional qualification curriculum. The key activity under this sub component for the development of a regional professional qualification curriculum in accounting has not progressed well as a result of the failure of the consulting firm to deliver the work. It has been re-started with new consultants and is expected to deliver a new regional professional qualification curriculum during the proposed extension period. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  Substantial  Substantial Macroeconomic  --  Moderate  Moderate Sector Strategies and Policies  --  Moderate  Moderate Technical Design of Project or Program  --  Moderate  Moderate Institutional Capacity for Implementation and Sustainability  --  Moderate  Moderate Fiduciary  --  Moderate  Moderate Environment and Social  --  Low  Low Stakeholders  --  Moderate  Moderate Other  --  --  -- Overall  --  Moderate  Moderate Results 4/5/2017 Page 4 of 11 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663) Project Development Objective Indicators PHINDPDOTBL  PDO - Indicator 1: Number of commercial disputes referred to alternative dispute resolution mechanisms within OHADA; of which are resolved (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 110.00 130.00 120.00 Date 26-Jun-2012 27-Jun-2016 01-Mar-2017 30-Jun-2017 PHINDPDOTBL  PDO - Indicator 2: Number of newly registered companies within OHADA member countries accessible in the regional RCCM (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 18,500.00 10,000.00 Date 26-Jun-2013 02-Jun-2016 01-Mar-2017 30-Jun-2017 Comments The target for this indicator has been surpassed thanks to the adoption of the Uniform Act for Commercial entities (Acte Uniforme relatif au Droit des Societés Commerciales), which took two critical measures in fostering the creation of new firms. Firstly, the Uniform Act makes it optional to use notary, thus reducing the cost and time to create a firm. Secondly, the Uniform Act reduced the minimum capital requirements when establishing a limited liability firm, making it less costly to create a firm. As example, in Senegal the minimum capital requirement is 5000 Francs CFA, or some US$8 compared to the US$1,700 minimum capital requirement. PHINDPDOTBL  PDO - Indicator 3: Number of Professional Accountancy Organizations admitted as members of IFAC (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 3.00 4.00 5.00 6.00 Date 26-Jun-2012 27-Jun-2016 01-Mar-2017 30-Jun-2017 Comments This experience from the actual implementation of this project, this indicator has proven to be quite difficult to track. Moreover, the Project has no activity, which can actually make a well articulated claim that it can influence the number of female beneficiary. As such, this indicator will be removed during the restructuring of the OHADA Project. What the Project can do and has is help ensure that none of the Uniform Acts adopted by OHADA has a bias against women. 4/5/2017 Page 5 of 11 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663) PHINDPDOTBL  Direct Project Beneficiaries, of which female (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 13,145.00 Overall Comments Experience from implementation has shown that this indicator is a bit out of the Project's influence and control. What the Project has been able to do is to ensure that OHADA Uniform Act are not a constraint to women, but instead help support women. However, quantifying how much the Project has helped across 17 countries on aspects, which are also depend on many other factors and for which the Project is claiming credit is something that the task team is hesitant to do. For example, while the number of users of the digital library reaches 42,000 per year now, and a portion of these users are women, it is difficult to know, the exact number of women users of the library. So, women are benefiting from the Project but, for library users it is not possible to quantify how many are benefiting. With this understanding, the task team proposes to monitor the number of firms created and owned by a women during the Project restructuring. The target of 13,145 women could be maintained as there is an expectation that the number of firms created with increase significantly given ho much OHADA has reduced the time and cost to create a business. Intermediate Results Indicators PHINDIRITBL  Indicator 1 - Component 1 Number of Registered Users of the Digital Library (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,360.00 42,000.00 2,000.00 Date 26-Jun-2012 27-Jun-2016 01-Mar-2017 30-Jun-2017 Comments Once the library was made available and well marketed, using social media tools, including Facebook, Twiter, Linkedl, Google+ and the internet, the number of people who used the OHADA digital library skyrocketed to an average of 1,400 people per day. This represents an average of 42,000 visit per month and exceeds substantially the end target. This end target is now seen as quite modest. In 2012 when this project was being prepared one could not envisage this type of fast evolution since the digital library did not even exist and it was difficult to 4/5/2017 Page 6 of 11 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663) estimate how well it would be used. The data from Google analytics, which OHADA shared with the task team shows that the used of the digital library and also the web site is quite high. PHINDIRITBL  Indicator 2 Component 1: Number of Uniform Acts Revised or Newly Adopted (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3.00 4.00 5.00 Date 26-Jun-2012 27-Jun-2016 01-Mar-2017 30-Jun-2017 Comments The performance indicator by the Project closing date is the approval of 5 Uniform Acts. By the end of 2017, this target will be surpassed since 6 Uniform Acts are expected to have been approved thanks to the approval of (I) the Uniform Act on Arbitration and (ii) the Uniform Act on Commercial Mediation. In fact, by June 2017, the target is expected to be met since new legislations enacting new auditing standards, a Code of Ethics and a Quality Assurance system in accounting is expected to be approved. PHINDIRITBL  Indicator 3 Component 1: Percentage of Governements that contributes to the OHADA oprerational budget on a regular basis (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 40.00 66.00 66.00 75.00 Date 26-Jun-2012 27-Jun-2016 01-Mar-2017 30-Jun-2017 Comments Progress towards meeting this performance indicator has stalled as countries in the CEMAC region have not been able to give their respective contribution to the OHADA budget due to fiscal constraints. This fiscal constraint result from an over reliance by these countries on commodities to generate fiscal revenues. With the fall of commodity prices, particularly oil price, and in the context of limited economic diversification, meeting this target may prove difficult. However, the task team will maintain this indicator as it is critical to supporting OHADA's efforts in become a well financed institution, which depends progressively on its own revenues generation and that of its member states. 4/5/2017 Page 7 of 11 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663) PHINDIRITBL  Indicator 1 Component 2: The Uniform Act on Abitration is updated (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Yes, technically Yes, technically Value NO YES completed completed Date 26-Jun-2012 27-Jun-2016 01-Mar-2017 30-Jun-2017 Comments Both the Uniform Act on Arbitration and the Uniform At on Commercial Mediation have been completely drafted and are currently undergoing the OHADA review process prior to being submitted to the OHADA council of Ministers for approval in 2017. They are expected to be approved this year. PHINDIRITBL  Indicator 2 Component 2: The regional RCCM is operational and connected to several computerized national registries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 9.00 Date 26-Jun-2012 27-Jun-2016 01-Mar-2017 30-Jun-2017 Comments Although there has been progress towards meeting this performance indicator, it is late. Developing the software to interconnect the several registries proved to be labor intensive, time consuming, and complex activity, as it required a review and approval of the various, processes, forms and templates, which underpin the system, which will be used by the 17 OHADA member countries. The software which operationalizes the regional registries is now ready and being deployed, in the OHADA member countries. As soon the software is installed in the computers in the OHADA countries and the interconnection made, the number of interconnected registries will quickly increase and could be reached by mid 2018. PHINDIRITBL  Indicator 3 Component 2: Number of Professionals trained by ERSUMA (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 798.00 2,500.00 3,000.00 2,900.00 Date 26-Jun-2012 27-Jun-2016 01-Mar-2017 30-Jun-2017 4/5/2017 Page 8 of 11 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663) PHINDIRITBL  Indicator 1 -Component 3:Percentage of audited financial statements Public Interest Entities (PIEs) compliant International Financial Reporting Standards (IFRS) & International Standards Auditing ISA (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 20.00 20.00 75.00 Date 26-Jun-2012 27-Jun-2016 01-Mar-2017 30-Jun-2017 Comments OHADA has approved the Uniform Act on Accounting Standards, which requires Public Interest Entities (PIEs) to be compliant with International Financial Reporting Standards (IFRS) and International Standards Auditing (ISA). This new requirement is expected to lead to an significant increase in the percentage of PIEs compliant with IFRS and ISA. PHINDIRITBL  Indicator 2 - Component 3:The IFRS, the ISA, and the IFAC's code of ethics have been adopted (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Partially met. The IFRS has been adopted for Public Interest Entities with the adoption of the In Progress. The code Uniform Act on Value NO of Ethic has been Accounting. Both the YES drafted. Code of Ethics and IFAC Code has been drafted and is expected to be approved by June 30, 2017. Date 26-Jun-2012 27-Jun-2016 01-Mar-2017 30-Jun-2017 Comments Partially met. The IFRS has been adopted for Public Interest Entities with the adoption of the Uniform Act on Accounting. Both the Code of Ethics and IFAC Code has been drafted and is expected to be approved by June 30, 2017. 4/5/2017 Page 9 of 11 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663) PHINDIRITBL  Indicator 3 - Component 3: Professional accountants are qualified through the new regional curriculum (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 35.00 Date 26-Jun-2012 27-Jun-2016 27-Jun-2016 30-Jun-2017 Comments This performance indicator has not been met. In fact, meeting this performance indicator requires factors outside of the project's control to play out favorably (personal commitment of candidates to a strenuous training, satisfactory performance by training institutions, etc.) As such, the task team will propose the replacement of this performance indicator with another one which reads "A regional curriculum has been adopted for the 17 countries". Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P126663 IDA-H7990 Effective XDR 9.70 9.70 0.00 6.79 2.91 70% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P126663 IDA-H7990 Effective 26-Jun-2012 25-Oct-2012 13-Nov-2012 30-Jun-2017 30-Jun-2017 Cumulative Disbursements 4/5/2017 Page 10 of 11 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 4/5/2017 Page 11 of 11 Public Disclosure Copy