The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Ghana Economic Transformation Project (P166539) WESTERN AND CENTRAL AFRICA | Ghana | IBRD/IDA | Investment Project Financing (IPF) | FY 2020 | Seq No: 12 | Archived on 06-Dec-2024 | ISR01413 Implementing Agencies: Ghana Investment Promotion Center, Ministry of Trade and Industry, National Entrepreneurship and Innovation Programme, Office of the Registrar of Companies, Venture Capital Trust Fund 1. OBJECTIVE 1.1 Development Objective Original Development Objective (Approved as part of Approval package on 02-Jul-2019) The Project Development Objective is to promote private investments and firm growth in non-resource based sectors. Has the Development Objective been changed since Board Approval of the Project Objective? No 2. COMPONENTS Name Enabling investments:(Cost 40,000,000.00) Crowding-in investments: Promoting spatial and industrial planning and development:(Cost 50,000,000.00) Accelerating entrepreneurship and MSME growth:(Cost 99,000,000.00) Project management and evaluation:(Cost 11,000,000.00) 3. OVERALL RATINGS Name Previous Current Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Moderate Moderate 4. KEY ISSUES & STATUS Dec 06, 2024 Page 1 of 15 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) 4.1 Implementation Status and Key Decisions The project’s implementation progress remains rated as Satisfactory, with progress toward achieving the Project Development Objective (PDO). Most PDO indicators are on track, with key progress highlights as follows: 1. Time to Obtain Construction Permit (Days): The time required to obtain a construction permit is currently 52 days, meeting the 2024 target of 60 days and advancing toward the end target of 50 days. 2. Private Investment Leveraged (USD): Private sector investments have reached US$239.1 million, exceeding the 2024 target of US$164 million and approaching the end target of US$250 million. This includes a newly introduced sub-indicator measuring actual investment leverage, which stands at US$49.47 million against a 2024 target of US$50 million and an end target of US$100 million. 3. Average Increase in Gross Sales (Percentage): The average increase in gross sales for supported firms is 18.01%, surpassing the end target of 15%, while the sub-indicator for gross sales increase among women-owned firms has reached 12.68%, close to the target of 15%. 4. Time to Resolve Commercial Dispute (Days): The time required to resolve commercial disputes remains at the baseline level of 178 days, with no progress toward the end target of 130 days. Noteworthy, the baseline was recently finalized as part of the last restructuring in October 2024. The project underwent restructuring, and finalized in October 2024, to align with implementation realities, address emerging government priorities, and improve performance metrics. The project has achieved significant results over its implementation period to date, including reductions in construction permit processing times, leveraging private investments, and supporting SMEs.Through the Ministry of Trade and Industry-Business Regulatory Reform (MoTI-BRR), the project has reduced construction permit turnaround times in selected districts and municipalities in Greater Accra by 37%, from 82 days in 2022 to 52 days by mid-2024. This progress was primarily enabled by IT enhancements for agencies like the Ghana National Fire Service (GNFS) and selected Metropolitan, Municipal, and District Assemblies (MMDAs), as well as institutional strengthening of the Environmental Protection Agency (EPA) and Lands Commission. The development of the Office of the Registrar of Companies (ORC) e-business registry software is also progressing, with completion expected by the end of 2024. This installation aims to streamline business registration, reduce turnaround times, and improve revenue generation. The project has leveraged USD 239.1 million in private investment commitments, including USD 99.74 million in foreign direct investment (FDI) secured by the Ghana Investment Promotion Centre (GIPC) and USD 139.43 million through VCTF, with actual investments realized at USD 49.47 million. Under the MSME support, the Ghana Enterprises Agency (GEA) has trained 2,328 SMEs, including 266 women-owned, 364 youth- focused, and 130 businesses owned by persons with disabilities (PwDs), while providing financial support to 1,730 MSMEs through competitive grants. The National Entrepreneurship and Innovation Programme (NEIP) has strengthened the entrepreneurship ecosystem by supporting 45 hubs, which have since launched accelerator and incubation programs supporting entrepreneurs and startups. To date, 12 companies in sectors like agriculture, energy, fashion, and fintech have received investments through VCTF’s SCF and SIF. The project has generated over 2,000 direct jobs through GEA, VCTF, and the Ghana Standards Authority (GSA), with additional jobs anticipated as the GEA High Growth Grant, NEIP Hub Acceleration Grant, VCTF SIF/SCF, and Greater Kumasi Industrial City and Special Economic Zone (GKIC & SEZ) projects reach peak implementation. 5. SYSTEMATIC OPERATIONS RISK-RATING TOOL Dec 06, 2024 Page 2 of 15 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Rating at Approval Last Approved Rating Risk Category Approval Package - ISR Seq. 011 - 22 May Proposed Rating 02 Jul 2019 2024 Political and Governance Moderate Substantial Substantial Macroeconomic Substantial High High Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Substantial Moderate Moderate Institutional Capacity for Implementation and Substantial Moderate Moderate Sustainability Fiduciary Substantial Moderate Moderate Environment and Social Moderate Moderate Moderate Stakeholders Moderate Moderate Moderate Overall Substantial Moderate Moderate Dec 06, 2024 Page 3 of 15 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) 6. RESULTS 6.1 PDO Indicators by PDO Outcomes Enabling investments Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 83.00 Apr/2022 59.00 15-Apr-2024 52 15-Nov-2024 50.00 Nov/2025 Comments on The GETP has contributed to a 37% reduction in construction permit turnaround time in achieving targets Greater Accra, from 83 days in 2022 to 52 days by mid-2024, keeping the project on track to Time to obtain a construction meet the 2025 target of 50 days. The methodology for calculating the indicator has been permit (Days) PBC revised to include data from only MMDAs that consistently reported throughout the period. Data from the Lands Commission, Fire Service, EPA, and 13 MMDAs indicate an average construction permit turnaround time of 52 days by mid-2024, reflecting consistent improvements from 66 days in mid-2023 and the 2023 annual average of 61 days. 178.00 Apr/2022 178.00 15-Apr-2024 178.00 15-Nov-2024 130.00 Nov/2025 Comments on The baseline for commercial dispute resolution turnaround time was updated to 178 days achieving targets following the selection of six pilot district courts (Adenta DC 1, Adenta DC 2, Koforidua DC A, Time to resolve commercial Koforidua DC B, Gbese DC, and Tema DC Whitehouse). The procurement process for the disputes at district courts District Court Case Management System and ICT equipment was halted after the financial (Days) proposal exceeded the allocated budget by more than four times. The World Bank has recommended a re-bid with critical adjustments to align with the project’s budget. The PCU is working closely with the Judicial Service and MoTI-BRR to prepare for the re-bid. Cross-cutting Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Page 4 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) 0.00 Jun/2019 143,440,000.00 15-Apr-2024 239,100,000.00 15-Nov-2024 250,000,000.00 Nov/2025 Comments on The project has leveraged USD 239.1 million in private investment commitments, achieving Private sector investments achieving targets 96% of the USD 250 million end-target for 2025. Investments have been mobilized through facilitated through project these channels: USD 99.74 million in FDI commitments secured via GIPC, and USD 139.43 activities (Amount(USD)) PBC million through co-investments by VCTF with six fund managers under the Startup Catalyst Fund (SCF) and Strategic Industries Fund (SIF). Actual investments 0.00 Apr/2024 43,700,000.00 15-Apr-2024 49,470,000.00 15-Nov-2024 100,000,000.00 Nov/2025 facilitated through Comments on Out of the USD 239.1 million in private investment commitments, the project has realized USD project activities achieving targets 49.47 million in actual private investments through VCTF, reaching 99% of the 2024 target of (Amounts USD) USD 50 million and progressing steadily toward the end target of USD 100 million. (Amount(USD)) PBC Accelerating Entrepreneurship and MSME growth Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.00 Jun/2019 11.00 15-Apr-2024 18.01 15-Nov-2024 15.00 Sep/2025 Comments on Data from an outcome monitoring survey of COVID-19 Response Grantees (Phase II) Increase (additional) in achieving targets conducted by GEA in 2023, covering 157 out of 413 beneficiary SMEs, indicated an 18.01% average value of gross sales increase in real average gross sales one year after disbursement. This surpasses the 2025 by firms supported by the target of 15%, though results varied across firms. The COVID-19 response grant was designed project (Percentage) to mitigate the adverse effects of the pandemic. Data collection for other grant programs, including Women MSME, Youth MSME, Enterprise Grow, and PWD Enterprise Programs, is ongoing to provide a comprehensive update. The rollout of the Enterprise Grow Grant in 2023 is expected to further deepen the achievement of the end-target. Increase (additional) in 0.00 58.00 12.68 15.00 average value of gross Comments on Women-owned firms supported under Phase II of the COVID-19 Response Grant Programme sales by women-owned achieving targets recorded an average increase of 12.68% in gross sales by 2023, progressing toward the 2025 firms supported by the target of 15%. project (Percentage) Page 5 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) 6.2 Intermediate Results Indicators by Components Enabling investments Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.00 Jun/2019 0.00 15-Apr-2024 0.00 15-Apr-2024 50.00 Sep/2025 Improvement in investor Comments on The first Investor Perception Survey report, completed in April 2024, established a baseline perception of GIPC achieving targets aggregate perception index of 28 out of 100 for Ghana's investment climate among both performance (Percentage) existing and potential investors. The baseline GIPC Performance Index, based on feedback from existing investors, scored 9 out of 100. The next survey will measure improvements in these indices, which are critical for tracking progress toward the 2025 target of 50% 0.00 Jun/2019 441.00 15-Apr-2024 765.00 15-Nov-2024 300.00 Sep/2025 Comments on The project has significantly exceeded the 2024 target, delivering 765 Quality Infrastructure Increase in number of QI achieving targets (QI) services as of 2024. Equipment supplied by GETP to the GSA has been instrumental in services delivered (Number) laboratory operations, accounting for approximately 50% of the total 1,283 tests conducted from 2022 through August 2024. Additionally, 35% (128 out of 361) of weighbridge truck services provided by September 18, 2024, utilized the GETP-supplied weighbridge truck. 0.00 Jun/2020 1.00 15-Apr-2024 4.00 15-Nov-2024 6.00 Nov/2025 Comments on GIPC has successfully deployed one new system for improved investor servicing and is in the Number of new systems and achieving targets final stages of completing two additional tools. The initial round of the investor perception tools deployed for improved survey has been completed, while development of the Customer Relationship Management investor servicing (Number) (CRM) system and a web-based Monitoring and Evaluation (M&E) system is progressing well. These advancements demonstrate steady progress toward meeting the 2024 target of four systems and the 2025 end target of six systems. Number of Conformity 0.00 Jul/2020 4 15-Apr-2024 7 15-Nov-2024 10.00 Nov/2025 Assessment Bodies Assessed Comments on GHAS has assessed seven conformity assessment bodies (CABs) to date, exceeding the 2024 or Accredited (Number) Page 6 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) achieving targets target of five and progressing toward the 2025 target of ten. These include Everpro Ltd (calibration lab) in 2022, QCC (COCOBOD) Pesticide Residue Lab in 2023, and five CABs in 2024: Patholab Solutions Ltd, Quadushah Medical Diagnostic Centre, M&G Clinical Laboratory Ltd, Bill Clinical, and Gold Crest Refinery Laboratories. Among these, only QCC (COCOBOD) Pesticide Residue Lab has achieved accreditation, while the remaining six CABs are addressing identified nonconformities. Crowding-in investments: Promoting spatial and industrial planning and development Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year No Jun/2019 Yes 15-Apr-2024 Yes 15-Nov-2024 Yes Sep/2025 Viability Gap Fund established Comments on This indicator has been achieved. Through the PPP Act 2020 (Act 1039), the government (Yes/No) achieving targets established a Viability Gap Fund for all sectors. VGF accounts opened at the Bank of Ghana. Establishment of a Project No Jun/2020 Yes 15-Apr-2024 Yes 15-Nov-2024 Yes Nov/2025 Development Facility for Comments on This indicator has been achieved. Similar to the VGF, through the PPP Act 2020 (Act 1039), the spatial development achieving targets government established a Project Development Facility for all sectors. PDF accounts opened at (Yes/No) the Bank of Ghana Number of infrastructure 0.00 Jun/2020 6.00 15-Apr-2024 6.00 15-Nov-2024 8.00 Nov/2025 projects/investments Comments on The PDF-supported site assessment for 6 potential SEZ infrastructure projects: Kumasi SEZ, supported by the PDF achieving targets Sekondi, Shama, Tema, Builsa, and Savelugu. (Number) Accelerating entrepreneurship and MSME growth Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.00 Jun/2019 1,634 15-Apr-2024 2,328 15-Nov-2024 800.00 Sep/2025 Number of SMEs benefitting Comments on The project has trained 2,328 Enterprise Grow firms in basic business management, achieving from capacity upgrading achieving targets the 2024 target. Of these, 690 firms have completed 360 diagnostics, and 347 firms (excluding support (Number) pilot participants) have received full capacity upgrading support, progressing toward the 2025 target of 750 firms. The remaining firms are at various stages of completing diagnostics or Page 7 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) receiving capacity upgrades. 0.00 Jun/2019 60 15-Apr-2024 134 15-Nov-2024 320.00 Sep/2025 Comments on The project has supported 134 women-owned SMEs with capacity upgrading support as of Of which women-owned achieving targets 2024, progressing toward the 2024 interdediate target of 160 and the 2025 end target of 320. (Number) Efforts are ongoing to ensure the remaining women-owned SMEs complete diagnostics and capacity upgrades within the projected timelines. 0.00 Jun/2019 576 15-Apr-2024 944 15-Nov-2024 400.00 Sep/2025 Number of SMEs and Comments on Achieved. A total of 944 MSMEs have received financial support under the project, entrepreneurs receiving achieving targets significantly surpassing the 2025 target of 400. Support was distributed as follows: Enterprise financial support (Number) Grow Grant (227), Women MSME Support (247), Youth-focused High Growth program (345), PWD program (113), and VCTF’s SCF and SIF investments (12). 0.00 Jun/2019 365 15-Apr-2024 516 15-Nov-2024 160.00 Sep/2025 Of which women-owned Comments on Achieved. A total of 516 women-owned MSMEs have received financial support under the (Number) achieving targets project, far exceeding the 2025 target of 160. This includes beneficiaries from the Women MSME Support program, Enterprise Grow Grant and others Number of entrepreneurship 0.00 Jun/2020 30.00 15-Apr-2024 30.00 15-Nov-2024 20.00 Nov/2025 hubs benefiting from capacity Comments on 30 hubs selected and grant contract signed on June 8, 2023, committing USD 4m. Hundred building support (Number) achieving targets percent (100%) of the amount committed has been disbursed to the selected hubs. 0.00 Jun/2020 12.00 15-Apr-2024 15.00 15-Nov-2024 12.00 Nov/2025 Number of new hubs Comments on Indicator end target achieved. A total of 15 new hubs have been supported following a launched (Number) achieving targets competitive call for application. 0.00 Mar/2020 786.00 15-Apr-2024 786.00 15-Nov-2024 600.00 Nov/2025 Number of SMEs receiving Comments on Indicator end target achieved. GEA supported 786 (494 male, 292 female) SMEs under the financial support under the achieving targets COVID-19 response grant. The first batch of COVID-19 grant disbursement to 373 SMEs by COVID19 window (Number) October 2022 and the second batch of 413 SMEs by March 2023. Number of investments into 0.00 Mar/2020 6.00 15-Apr-2024 6.00 15-Nov-2024 8.00 Nov/2025 general partners completed Comments on The six (6) investment funds anchored under the 2 VCTF funds (SIF and SCF) are Wangara under the SCF and SIF Page 8 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) (Number) achieving targets Green Ventures, Mirepa Capital SME Fund I, Injaro Ghana Venture Capital Fund, Industrial Support Fund II, Zinari Women's Enterprise Fund and Oasis 0.00 Jun/2019 1,210.00 15-Apr-2024 2,051.00 15-Nov-2024 1,000.00 Sep/2025 Number of direct jobs created Comments on Achieved. The project has created 2,051 direct jobs, exceeding the 2025 target. This includes by the project (Number) achieving targets 847 net jobs created under GEA COVID-19 grants (Phase 1) from 2020–2022, 841 net jobs under COVID-19 grants (Phase 2) between 2022–2023, and 321 new jobs created by GSA between 2022–2023 through the expansion of trading standards inspector roles. 0.00 530.00 888.00 400.00 Of which women Comments on Achieved. The project has created 888 direct jobs for women, surpassing the 2025 end target (Number) achieving targets of 400. This includes 814 net job additions through GEA initiatives from 2020–2023 and 57 jobs from GSA trading standards roles as of 2022, adjusted from an initial 76 due to reductions. Project management and evaluation Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.00 Jun/2019 67.00 15-Apr-2024 67.00 15-Nov-2024 75.00 Sep/2025 Comments on Overall, 67% of project beneficiaries were satisfied with the quality of services provided as of Beneficiaries satisfied with achieving targets 2022. This includes 68% satisfaction among TIAs and 67% satisfaction among SMEs under quality of services provided by Phase 1 of the COVID-19 Response Grant Programme supported by GEA. Data collection and the project (Percentage) validation are ongoing for 2023/2024 beneficiary satisfaction from GEA, NEIP, VCTF, and other implementing agencies to update the indicator status. These efforts aim to assess progress toward meeting the 2024 and 2025 targets. 6.3 Performance Based Conditions (PBC) PBC Name Baseline Actual (Previous) Actual (Current) Closing Period Page 9 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Value Date Value Date 1:Formal Value No Yes Yes establishment of a Doing Business reform inter- ministerial committee (“DBRIMC”) and Allocated 29-Oct-2021 15-Nov-2024 technical working 0.00 0.00 0.00 Amount groups for Doing Business (“DB”) reforms Report (Yes/No) Achieved PBC allocation 1,000,000.00 2:Formal Value No Yes Yes establishment of Allocated 22-Jul-2022 15-Nov-2024 the ORC (Yes/No) 0.00 0.00 0.00 Achieved Amount PBC allocation 500,000.00 3:National QI policy Value No Yes Yes adopted by the Cabinet, published Allocated 30-Jun-2022 15-Nov-2024 and disseminated 0.00 0.00 0.00 (Yes/No) Amount Achieved PBC allocation 1,500,000.00 Page 10 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) 4:Updated policy Value No No No and legal framework for SEZ Allocated 14-Apr-2023 15-Nov-2024 completed (Text) 0.00 0.00 0.00 Amount Not Due PBC allocation 1,809,759.00 5:EGA established Value No Yes Yes according to best practice, as specified in the DLI Verification Protocol, with Allocated 29-Oct-2021 15-Nov-2024 budget allocation 0.00 0.00 0.00 Amount effective to cover EGA’s operational costs (Yes/No) Achieved PBC allocation 2,000,000.00 6:VCTF governance, Value No Yes Yes operational, legal, and regulatory reforms, including approval of a sustainable funding Allocated 29-Oct-2021 15-Nov-2024 model, and 0.00 0.00 0.00 Amount rebranding completed, as specified in the DLI Verification Page 11 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Protocol (Yes/No) Achieved PBC allocation 3,000,000.00 7:Approval by Value No No No VCTF’s board and MoF of a sustainable VCTF funding model, in line with recommendation of Allocated 14-Apr-2024 15-Nov-2024 the VCTF 0.00 0.00 0.00 Amount organizational assessment financed by the Project. (Yes/No) Partially achieved PBC allocation 2,500,000.00 8:Ghana standard Value No Yes Yes Authority bill enacted, as specified in the DLI Allocated 22-Jun-2022 15-Nov-2024 Verification 0.00 0.00 0.00 Amount Protocol (Yes/No) Achieved PBC allocation 1,500,000.00 9:Time to obtain a Value 83.00 59.00 52.00 56 days construction permit Allocated 14-Apr-2024 15-Nov-2024 (Days) 0.00 0.00 200,000.00 Amount Page 12 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Partially achieved PBC allocation 600,000.00 10:Private sector Value 0.00 143,440,000.00 239,100,000.00 investments facilitated through Allocated 14-Apr-2024 15-Nov-2024 project activities 0.00 0.00 0.00 (Amount(USD)) Amount Partially achieved PBC allocation 4,500,000.00 10.1:Actual Value 0.00 43,700,000.00 49,470,000.00 investments facilitated through project activities Allocated 15-Apr-2024 15-Nov-2024 (Amounts USD) 0.00 Amount (Amount(USD)) Partially achieved PBC allocation 0.00 11:National Value No Yes Yes Accreditation Bill and related legislation approved Allocated 27-Sep-2023 15-Nov-2024 and enacted 0.00 0.00 0.00 Amount (Yes/No) Achieved PBC allocation 1,100,000.00 Page 13 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) 12:New SEZ Value No No No authority established Allocated 14-Apr-2024 15-Nov-2024 (Yes/No) 0.00 0.00 0.00 Amount Not Due PBC allocation 1,000,000.00 13:Business Value No No No Regulatory Reform Act approved Allocated 14-Apr-2024 15-Nov-2024 (Yes/No) 0.00 0.00 0.00 Amount Not Due PBC allocation 450,000.00 14:Citizen Value 0.00 0.00 0.00 20.00 engagement in rulemaking improved through Allocated 14-Apr-2024 15-Nov-2024 the Ghana Business 0.00 0.00 100,000.00 Regulatory Reform Amount Portal (Percentage) Not Due PBC allocation 600,000.00 15:Limited Value No No No Partnership Act Allocated 14-Apr-2024 15-Nov-2024 approved (Yes/No) 0.00 0.00 0.00 Not Due Amount PBC allocation 1,000,000.00 Page 14 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Page 15 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) 7. DATA ON FINANCIAL PERFORMANCE 7.1 Cumulative Disbursements 7.2 Disbursements (by loan) Loan/Credit/TF Status Original Revised Cancelled Disbursed Undisbursed % Disbursed Historical Disbursed IDA-64650 Effective 200.00 189.88 0.00 138.91 55.31 71.52% 200.00 7.3 Key Dates (by loan) Loan/Credit/TF Status Approval Signing Effectiveness Orig. Closing Rev. Closing IDA-64650 Effective 02-Jul-2019 17-Jan-2020 31-Aug-2020 30-Nov-2025 30-Jun-2026 8. KEY DATES Dec 06, 2024 Page 14 of 15 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Key Events Planned Actual Approval 02-Jul-2019 02-Jul-2019 Effectiveness 31-Aug-2020 31-Aug-2020 Mid-Term Review No. 01 09-Dec-2022 05-Dec-2022 Operation Closing/Cancellation 30-Jun-2026 9. RESTRUCTURING HISTORY Restructuring Level 2 Approved on 25-May-2022 Restructuring Level 2 Approved on 04-Sep-2024 Restructuring Level 2 Approved on 18-Aug-2020 10. ASSOCIATED OPERATION(S) There are no associated operations Dec 06, 2024 Page 15 of 15