Land Registration and Property Valuation Project (P161238) PROJECT FINANCIAL STATEMENTS IDA Credit 6306-MD FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS: PAGE: INDEPENDENT AUDITOR'S REPORT 1-2 STATEMENT OF FINANCIAL POSITION 3 SUMMARY OF SOURCES AND USES OF FUNDS 4 STATEMENT OF DESIGNATED ACCOUNTS 5 NOTES TO THE PROJECT FINANCIAL STATEMENTS 6-16 GrantThornton Grant Thornton Audit S.R.L. 29, Sfatul Tarii str. Chisinau, Moldova MD-2012 T +373 22 86 05 71 F +373 22 24 74 64 Independent Auditor's Report To the Management of the Land Registration and Property Valuation Project Opinion 1. We have audited the Special Purpose Project Financial Statements of the Land Registration and Property Valuation Project (hereinafter the "LRPVP"), implemented by the principal recipient, Republic of Moldova , and managed by Public Services Agency (hereinafter the "PSA"), for the year ended as at 31 December 2023 comprising the Statement of Financial Position as of December 31, 2023, the Summary of Sources of Uses of Funds, Statements of Designated Accounts for the year then ended and notes to the Special Purpose Project Financial Statements, including a summary of significant accounting policies. 2. In our opinion, the accompanying Special Purpose Project Financial Statements are prepared in all material respect, in accordance with International Public Sector Accounting Standards and the financial reporting provision of Financing Agreement 6306-MD signed between the Republic of Moldova and the International Development Association effective from September 17, 2018, which became effective on 14 January 2019. On April 26, 2022, Financing Agreement 6306-MD was restructured, the budget being revised at the request of the Government of the Republic of Moldova on March 4, 2022. Basis for opinion 3. We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibility for the audit of financial statements section of our report. We are independent of the PSA and LRPVP in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in the Republic of Moldova, including the law and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of matter - Basis of accounting and restriction on use 4. We draw attention to Note 2 to the Special Purpose Project Financial Statements, which describes the basis of accounting. The financial statements are prepared to assist the PSA and LRPVP in complying with the financial reporting provisions of the contract referred to above. As a result, the project financial statements may not be suitable for another purpose. Our report is intended solely for the PSA, LRPVP, Public Institution Real Estate Cadastre (or PICRE) and for the World Bank and should not be distributed to or use by parties other than the PSA, LRPVP, Public Institution Real Estate Cadastre (or PICRE) and the World Bank. Our opinion is not modified in respect of this matter. 5. We draw attention to Note 6 to the Special Purpose Project Financial Statements, whereby the implementation of the Land Registration and Property Valuation Project (LRPVP) has been transferred to the responsibility of another institution - the Public Institution Real Estate Cadastre (or PICRE) as a result of the modification of the Financing Agreement 6306-MD signed between the Republic of Moldova and the International Development Association, effective from August 16, 2024. Grant Thornton Audit SR L is a member firn of Grant Thornton Internationd Ltd (Grant Thornton Internationa). References to grantthornton.md 'Grant Thornton' are to the brand under wNch the Grant Thornton member firms operate and refer to one or more member firms, as the context requires. Grant Thornton Intenational and the member firms are not a woldAde partnership. Services are delivered independenty by memberlirms, Mtich are not responsible for the services or adivities of one another. Grant Thornton Internatonal does not provide services to clients. Responsibilities of management and those charged with governance for the financial statements 6. Management is responsible for the preparation and fair presentation of the special purpose project financial statements in accordance with the cash basis of accounting described in Note 2, this includes determining that the cash basis of accounting is an acceptable basis for the preparation of the special purpose project financial statements in the circumstances, and for such internal control as management determines is necessary to enable the preparation of a special purpose project financial statements that is free from material misstatement, whether due to fraud or error. 7. In preparing the special purpose project financial statements, management is responsible for assessing LRPVP's ability to continue as going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate LRPVP or to cease operations, or has no realistic alternative but to do so. 8. Those charged with governance are responsible for overseeing the Project's financial reporting process. Auditors' responsibility for the audit of Financial Statements 9. The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 10. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the PSA and LRPVP internal control. - Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the PSA and LRPVP ability to continue as going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause PSA and LRPVP to cease to continue as going concern. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates, if any, and related disclosures made by management. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Grant Thornton Audit S.R.L. ilia Pop Chisinau, Republic of Moldova ertificatio ber: 07 October 2024 AG000117 @ 2024 Gant Thomton Audit SLA rights rserVed 2 Land Registration and Property Valuation Project STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 (all amounts are expressed in EUR, unless otherwise mentioned) December 31, December 31, Notes 2022 2023 ASSETS Cash and cash equivalents Designated account IDA Credit 6306-MD 19,499 135,365 Total cash and cash equivalents 19,499 135,365 Undisbursed balance Designated account IDA Credit 6306-MD 20,100,249 15,800,248 Total undisbursed balance 20,100,249 15,800,248 Cumulative project expenses Spent IDA Credit 6306-MD 3,531,166 7,715,300 Total cumulative project expenses 3,531,166 7,715,300 TOTAL ASSETS 23,650,913 23,650,913 FUNDS AND LIABILITIES Funding Financing agreement IDA 6306-MD 23,650,913 23,650,913 Total funds 23,650,913 23,650,913 TOTAL FUNDS AND LIABILITIES 23,650,913 23,650,913 The financial statements atta ed were signed roved on behalf of the Project's management on 30 August 20 4 by: Radu CHILA R e Director Public Institution Real Estate Cadastre -ion Public Services Agency luliana PALADE Financial Management Specialist Land Registration and Property Valuation Project 3 Land Registration and Property Valuation Project SUMMARY OF SOURCES AND USES OF FUNDS FOR THE YEAR ENDED 31 DECEMBER 2023 (all amounts are expressed in EUR, unless otherwise mentioned) Notes For the year For the year ended 31 ended 31 December December Cumulative 31.12.2022 2023 to date Opening cash balances Designated account IDA Credit 6306-MD 16,687 19,499 Total opening cash balances 16,687 19,499 - Add: Sources of funds IDA Credit 6306-MD 2,320,000 4,300,000 7,850,665 Total Sources of Funds 2,320,000 4,300,000 7,850,665 Less: Uses of Funds IDA Credit 6306-MD (1) Goods, works, non- consulting services, consultants' services, training and operating costs of the project 2,317,188 4,184,134 7,715,300 TOTAL USES OF FUNDS 2,317,188 4,184,134 7,715,300 Closing cash balances Designated account IDA Credit 6306 MD 19,499 135,365 135,365 TOTAL CLOSING CASH BALANCES 19,499 135,365 135,365 The financial statements att 6he were signed \'a ed on behalf of the Project's management on 30 August 2024' y: Radu CHILARV i I Director Di Public Institution Real Estate Cadastre P 1 Von Public Services Agency luliana PALADE Financial Management Specialist Land Registration and Property Valuation Project 4 Land Registration and Property Valuation Project STATEMENT OF DESIGNATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (all amounts are expressed in EUR, unless otherwise mentioned) For the year ended: 31 December 2023 Account no.: 32616978151 Depository Bank: Ministry of Finance - State Treasury SWIFT code: TREZMD2X Source IDA Credit 6306-MD Notes For the year For the year ended ended 31 December 2022 31 December 2023 Opening balance - 01 January 2023 16,687 19,499 Add: Sources of funds (excluding direct payments) 2,320,000 4,300,000 Deduct: Uses of funds 2,317,188 4,184,134 Exchange rate difference - - Closing balance - 31 December 2023 19,499 135,365 The financial statements attach d ere signed and approved on behalf of the Project's management on 30 August 2024 y: Radu CHILARU r Director p Public Institution Real Estate adastre I Ii it Public Services Agency luliana PALADE Financial Management Specialist Land Registration and Property Valuation Project 5 Land Registration and Property Valuation Project NOTES TO THE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (all amounts are expressed in EUR, unless otherwise mentioned) GENERAL INFORMATION Introduction The Government of the Republic of Moldova and International Development Association (IDA) on 17 September 2018 signed a Financing Agreement (FA) which became effective on 14 January 2019 for the Land Registration and Property Valuation Project (hereinafter the Project) with the budget of 30,1 million EUR. The Project aims to improve the quality of the land administration and property valuation systems and to enhance transparency of the property taxation system. In April 2022 the project went through a restructuring phase, the budget being reduced by 6,4 million EUR. The revised LRPVP budget is of 23,7 million EUR. The project consists of four components: (A) First Property Registration; (B) Property Valuation; (C) Land Administration System Strengthening; and (D) Capacity Building and Project Management. Component A - First Property Registration. This component will support the first registration of public and private land in Moldova and strengthen the data quality for records already in the land register. This component will also organize mandatory public displays and public awareness campaigns to ensure citizens are engaged and aware of the procedures, activities and benefits during first property registration. Additionally, a comprehensive Grievance Redress Mechanism (GRM) will be set up at Cadastru to monitor feedback received from beneficiaries and provide a formal avenue to appeal. The component consists of three subcomponents: (i) systematic registration of private land-including implementation of public displays, public awareness campaigns and a grievance mechanism; (ii) systematic registration of public land; and (iii) improvement of the quality and reliability of the cadastre data. Component B - Property Valuation. This component will support extending mass valuation to incorporate those properties not currently included and to carry out selected revaluation of properties to help improve the transparency of the property market and keep the property valuation system current and usable through inter alia: (i) initial valuation of properties; (ii) revaluation of properties which have not been revalued since 2008; and (iii) setting up of a property valuation infrastructure and an independent appeals system to challenge valuations. Component C - Land Administration System Strengthening. This component will support the strengthening of the land sector in Moldova by facilitating policy dialogue and conducting a review of the existing institutional and regulatory frameworks, proposing improvement where possible. It will also encourage a development of simplified business processes and modernization of cadastre services through use of ICT and support the development of NSDI. The component will support: (i) development of land sector and land sector sustainability polices covering governance, organizational systems, the roles of different process participants, notaries and private sector and registration and valuation processes and including, if applicable, the preparation of legal or regulatory reforms; (ii) strengthening information and communications technology capacities; and (iii) strengthening of the NSDI including preparation of a business plan, expansion of the geoportal and capacity building activities for agencies responsible for the provision of core reference datasets on data standards, maintenance of metadata and creation of interoperable datasets. Component D - Capacity Building and Project Management. This component will support capacity building at stakeholder agencies and institutions to ensure the smooth implementation of project activities and support project sustainability, as well as provide support for project implementation through inter alia: (i) training and capacity building and equipping for LPA's staff as needed to support the systematic registration and valuation at the local level; (ii) training arid capacity building activities at PSA's Cadastru to improve their client orientation and servicing 6 Land Registration and Property Valuation Project NOTES TO THE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (all amounts are expressed in EUR, unless otherwise mentioned) skills; (iii) design and implementation of a comprehensive social assessment (including a social management plan) and three customer satisfaction surveys; (iv) monitoring and evaluation (M&E) of the Project; and (v) operation of Project Implementation Unit (PIU). The implementing agency for the project is the Public Service Agency (PSA) through its Department of Cadastre (Cadastru). As a result of the establishment of the Public Institution "Cadastre of Real Estate" through the restructuring (separation) of the Public Institution "Public Services Agency" in accordance with the provisions of Government Decision no. 959/2023 regarding the organization and operation of the Geodesy, Cartography and Cadastre Agency (AGCC) (restructuring of the field of geodesy, cartography and cadastre and modification of some normative acts), following the amendment of the Financing Agreement between the Republic of Moldova and the International Development Association, ratified by The Parliament of the Republic of Moldova on November 8, 2018 through Law no. 240/2018, the Public Institution "Real Estate Cadastre" (PI REC), will become the implementing agency of the Land Registration and Evaluation Project (LRPVP). Project management World Bank Task Team Leader - Olivera Jordanovic The World Bank, Serbia Office E-mail: o1gior mvL _wor dnk.oro Project Implementation Agency Public Services Agency (PSA), Deputy Director - Sergiu Manic Tel/fax + 373 79434074 E-mail: sergiu.ankic@aspqov.md Project Fiduciary Unit Until March 2024 - Public Services Agency (PSA), Cadastru Department Project Coordinator - Angela Matcov Tel/fax + 373 22 881002 E-mail: angeia.matcov@apqgv.md Starting April 2024 - Public Institution Real Estate Cadastre Director - Radu Chilaru Tel/fax + 373 79939993 E-mail: radu.cThilaru@qjipcLovmd Project Implementation Unit Financial Management Specialist / Project Manager - luliana Palade Tel. +373 69245458 E-mail: iuliana.palade @icbLovmd L7 Land Registration and Property Valuation Project NOTES TO THE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (all amounts are expressed in EUR, unless otherwise mentioned) In accordance with the financing agreements, the Project closing date was initially set for 30 June 2024. In December 2023, the Ministry of Finance submitted the World Bank the request for the Project closing date extension by 22 months, till April 30, 2026. Through Government Order, the Government of Moldova established, a multi-agency Project Council to provide general oversight and coordination to the project. The Project Council (PC) consists of 9 members, decision making representatives of the following entities: 1. The State Chancellery (Chair of the PC); 2. The Ministry of Finances; 3. The Ministry of Agriculture, Regional Development and Environment; 4. The Ministry of Justice; 5. The Agency of Public Property; 6. The Agency of Land Relations and Cadastre; 7. The Public Service Agency (two members); 8. The Congress of Local Authorities of Moldova. 8 Land Registration and Property Valuation Project NOTES TO THE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (all amounts are expressed in EUR, unless otherwise mentioned) 2. SIGNIFICANT ACCOUNTING POLICIES Basis of accounting The Project Financial Statements have been prepared in accordance with generally accepted accounting principle and practices and relevant World Bank guidelines. The cash basis of accounting was used in the preparation of these Project Financial Statements since the recording of cash receipts and payments is the primary interest. Under the cash basis system income (or expenditure) is recognized when cash is received (or paid) irrespective of when goods or services are received. The amounts are expressed in EUR and financial statements are prepared for the period 1 January 2023 to 31 December 2023. Designated account The designated account (opened at National Bank of Moldova), is the account through which the replenishments are drawn. All payments for eligible expenses are made from these DAs and if the payment is in local currency it is made through transitory account. Transitory accounts The transitory accounts are held at State Treasury for the converted amount in MDL, since the payments within the country can be done only in the local currency (MDL). Exchange rates The Exchange rate used to convert the EUR amounts in MDL is the official exchange rate of National Bank of Moldova on the date of payment. Direct payments The direct payments are disbursements made by the World Bank from the loan account, at the borrower's request, directly to a third party (e.g., supplier, contractor, consultant) for eligible expenditures. Sources of funds The sources of funds are the amounts transferred by the World Bank from the loan account, to the Designated Account of the Project. Uses of funds The uses of funds are the amounts spent for covering eligible expenditures for the needs of the Project. 9 Land Registration and Property Valuation Project NOTES TO THE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (all amounts are expressed in EUR, unless otherwise mentioned) 3. WITHDRAWAL SCHEDULE IDA CREDIT 6306-MD WID (1) Goods, works, non- Number consulting services, Advance Advance to consultants' services, recovery Designated Total training and operating Account costs for the Project 25 800,000 998,859 800,000 800,000 26 1,000,000 547,234 1,000,000 1,000,000 27 1,000,000 854,499 1,000,000 1,000,000 28 1,500,000 967,880 1,500,000 1,500,000 Total 4,300,000 3,368,472 4,300,000 4,300,000 Out of which: Payments in designated account: 4,300,000 Direct payments: Refund of ineligible expenses 4,300,000 10 Land Registration and Property Valuation Project NOTES TO THE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (all amounts are expressed in EUR, unless otherwise mentioned)___ 4. EXPENDITURE BY PROJECT ACTIVITY IDA CREDIT 6306-MD For the year For the year Cumulative ended ended to date 31 December 31 December IDA CREDIT 6306-MD 2022 2023 1. First Property Registration 441,209 2,055,852 2,729,762 A.1 Systematic Registration of private 430,154 1,934,762 2,597,617 lands A.2 Systematic Registration of public 11,055 91,552 102,607 lands A.3 Data Quality improvement 29,538 29,538 2. Valuation and Taxation 185,,106 420,106 739,765 B.1 Initial mass valuation 64,178 119,274 194,353 B.2 Reevaluations 90,993 150,591 357,971 B.3 Valuation Infrastructure and 29,935 150,240 187,441 Appeals 3. Land Administration System 1,412,742 1,283,408 3,268,087 Strengthening C.1 Land Sector Policy Development - - - and Sustainability C.2 ICT System Strengthening 1,307,815 882,615 2,762,366 C.3 Support to the National Spatial 104,928 400,793 505,721 Data Infrastructure 4. Capacity Building and Project 278,131 424,768 977,685 Management D.1 Training and Capacity Building 22,775 56,606 79,381 D.2 Customer Orientation and Servicing 21,980 24,000 51,126 D.3 Project Management 233,376 344,162 847,177 TOTAL 2,317,188 4,184,134 7,715,300 11 Land Registration and Property Valuation Project NOTES TO THE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (all amounts are expressed in EUR, unless otherwise mentioned) 5. SUMMARY REPORTS USED AS THE BASIS FOR THE SUBMISSION OF QUARTERLY WITHDRAWAL APPLICATIONS 5.1. PART I BY SOURCES Q1 Q2 Q3 Q4 For the year ended Cumulative 2023 2023 2023 2023 31 December 2023 to date Opening Cash Balance(s) Designated Accounts IDA Credit 6306-MD 19,499 272,265 45,330 535 19,499 Total opening cash balance(s) 19,499 272,265 45,330 535 19,499 Add: Sources of Funds Funding: IDA Credit 6306-MD 800,000 1,000,000 1,000,000 1,500,000 4,300,000 7,850,665 Designated Account 800,000 1,000,000 1,000,000 1,500,000 4,300,000 7,848,498 Direct Payments -12,167 Total Sources of funds 819,499 1,272,265 1,045,330 1,500,535 4,319,499 7,850,665 Less: Uses of Funds IDA Credit 6306-MD (1) Goods, works, non-consulting services, consultants' services, training and operational costs for the Project 547,234 1,226,935 1,044,795 1,365,170 4,184,134 7,715,300 Total uses of funds 547,234 1,226,935 1,044,795 1,365,170 4,184,134 7,715,300 Closing Cash Balance(s) Designated Accounts Bank: EUR Account IDA Credit 6306-MD 270,748 45,330 535 135,365 135,365 135,365 Bank MDL account IDA Credit 6306-MD 1,516 - - Total closing cash balance(s) 272,260 45,330 35 135,365 135,365 135,365 12 Land Registration and Property Valuation Project NOTES TO THE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (all amounts are expressed in EUR, unless otherwise mentioned) 5: SUMMARY REPORTS USED AS THE BASIS FOR THE SUBMISSION OF QUARTERLY WITHDRAWAL APPLICATIONS (continued) 5.1. PART I BY SOURCES (continued) Q1 Q2 Q3 Q4 For the year ended Cumulative 2022 2022 2022 2022 31 December 2022 to date Opening Cash Balance(s) Designated Accounts IDA Credit 6306-MD 16,687 141,092 312,424 45,313 16,687 Total opening cash balance(s) 16,687 141,092 312,424 45,313 16,687 Add: Sources of Funds Funding: IDA Credit 6306-MD 420,000 550,000 400,000 950,000 2,320,000 3,550,665 Designated Account 420,000 550,000 400,000 950,000 2,320,000 3,548,498 Direct Payments 2,167 Total Sources of funds 436,687 691,092 712,424 995,313 2,336,687 3,550,665 Less: Uses of Funds IDA Credit 6306-MD (1) Goods, works, non-consulting services, consultants' services, training and operational costs 295,595 378,668 667,111 975,814 2,317,188 3,531,166 for the Project Total uses of funds 295,595 378,668 667,111 975,814 2,317,188 3,531,166 Closing Cash Balance(s) Designated Accounts Bank: EUR Account IDA Credit 6306-MD 135,142 312,424 45,313 19,499 19,499 19,499 Bank MDL account IDA Credit 6306-MD 5,950 - - - - - Total closing cash balance(s) 141,092 312,424 45,313 19,499 19,499 19,499 13 Land Registration and Property Valuation Project NOTES TO THE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (all amounts are expressed in EUR, unless otherwise mentioned) 5. SUMMARY REPORTS USED AS THE BASIS FOR THE SUBMISSION OF QUARTERLY WITHDRAWAL APPLICATIONS (continued) 5.2. PART II BY PROJECT'S ACTIVITIES Q1 Q2 Q3 Q4 For the year ended Cumulative Project Components/Activities 2023 2023 2023 2023 31 December 2023 to date IDA Credit 6306-MD 217,694 549,121 578,982 710,055 2,055,852 2,729,762 A. First Property Registration A.1 Systematic Registration of Private Land 210,243 529,219 552,830 642,469 1,934,762 2,597,617 A.2 Systematic Registration of Public Land 7,451 19,902 26,152 38,048 91,552 102,607 A.3 Data Quality Improvement - - - 29,538 29,538 29,538 B. Valuation and Taxation 47,287 69,914 77,245 225,659 420,106 739,765 B.1 Initial Mass Valuation 6,034 3,915 14,593 94,732 119,274 194,353 B.2 Reevaluations 18,421 33,365 42,958 55,847 150,591 357,971 B.3 Valuation Infrastructure and Appeals 22,832 32,634 19,694 75,080 150,241 187,441 C. Land Administration System Strengthening 208,571 471,859 296,270 306,708 1,283,408 3,268,087 C.1 Land Sector Policy Development and - - - - Sustainability C.2 ICT System Strengthening 208,571 251,778 207,483 214,783 882,615 2,762,366 0.3 Support to the National Spatial Data - 220,081 88,787 91,925 400,793 505,721 infrastructure D. Capacity Building and Project Management 73,681 136,041 92,297 122,748 424,768 977,685 D.1 Training and Capacity Building 12,104 9,828 29,022 5,652 56,606 79,381 D.2 Customer Orientation and Serving - - - 24,000 24,000 51,126 D.3 Project Management 61,577 126,212 63,276 93,096 344,162 847,178 Total 547,234 1,226,935 1,044,795 1,365,170 4,184,134 7,715,300 14 Land Registration and Property Valuation Project NOTES TO THE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (all amounts are expressed in EUR, unless otherwise mentioned) 5. SUMMARY REPORTS USED AS THE BASIS FOR THE SUBMISSION OF QUARTERLY WITHDRAWAL APPLICATIONS (continued) 5.2. PART II BY PROJECT'S ACTIVITIES (continued) Project Components/Activities Q1 Q2 Q3 Q4 For the year ended Cumulative 2022 2022 2022 2022 31 December 2022 to date IDA Credit 6306-MD 60,872 96,052 104,255 180,031 441,209 673,910 A. First Property Registration A.1 Systematic Registration of Private Land 60,872 93,136 100,678 175,469 430,154 662,855 A.2 Systematic Registration of Public Land - 2,916 3,577 4,562 11,055 11,055 A.3 Data Quality Improvement - - - - - 18,137 25,774 50,332 90,862 185,106 319,659 B. Valuation and Taxation B.1 Initial Mass Valuation - - 20,404 43,774 64,178 75,079 B.2 Reevaluations 13,532 18,753 22,793 35,915 90,993 207,380 B.3 Valuation Infrastructure and Appeals 4,605 7,021 7,136 11,173 29,935 37,200 C. Land Administration System Strengthening 165,264 212,716 442,322 592,440 1,412,742 1,984,679 C.1 Land Sector Policy Development and Sustainability - - - - - - C.2 ICT System Strengthening 145,912 212,716 419,278 529,909 1,307,815 1,879,751 C.3 Support to the National Spatial Data Infrastructure 19,352 - 23,044 62,531 104,928 104,928 -51,322 44,126 70,202 112,481 278,131 552,917 D. Capacity Building and Project Management D.1 Training and Capacity Building - 7,157 5,649 9,970 22,775 22,775 D.2 Customer Orientation and Serving 21,980 - - 21,980 27,126 D.3 Project Management 29,342 36,969 64,553 102,511 233,376 503,016 Total 295,595 378,668 67,110 975,814 2,317,188 3,531,166 15 6. Events after the project closing date In March 2024, the implementation deadline of the Land Registration and Evaluation Project (PIEF), (June 30, 2024) was extended by 22 months, until April 30, 2026. The implementation of the Land Registration and Evaluation Project (PIEF), has been transferred to the responsibility of another institution - the Public Institution Cadastre of Real Estate (IP CBI), according to amendment 1 of the Financing Agreement signed between the World Bank and the Government of the Republic of Moldova, in force from 16.08.2024 IP CBI took over all responsibilities related to the implementation of the PIEF, as well as all contracts previously signed by IP ASP. The financial statements attbched1v e signed and approved on behalf of the Project's management on 30 August 2024 by: CCil P Radu CHILARU S u Director D ty Public Institution Real Estate Cadastre P In on lic Services Agency luliana PALADE Financial Management Specialist Land Registration and Property Valuation Project 16