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The World Bank Document of The World Bank Public Disclosure Authorized Report No: ICR2357 IMPLEMENTATION COMPLETION AND RESULTS REPORT (IBRD 41630-AR; IBRD 74420-AR) ON A LOAN Public Disclosure Authorized IN THE AMOUNT OF US$200 MILLION EQUIVALENT AND AN ADDITIONAL FINANCING LOAN IN THE AMOUNT OF US$100 MILLION EQUIVALENT TO THE ARGENTINE REPUBLIC Public Disclosure Authorized FOR A BUENOS AIRES URBAN TRANSPORT PROJECT May 21, 2012 Sustainable Development Department Argentina, Paraguay and Uruguay Country Management Unit Latin America and Caribbean Region Public Disclosure Authorized CURRENCY EQUIVALENTS Exchange Rate Effective June 30, 2011 Currency Unit = Argentina Peso AR $1.00 = US$0.233 US$ 1.00 = AR $4.287 FISCAL YEAR January 1 – December 31 ABBREVIATIONS AND ACRONYMS AF Additional Financing AMBA Metropolitan Area of Buenos Aires ATAM Metropolitan Area Transit Authority CAS Country Assistance Strategy CNRT Comisión Nacional de Regulación del Transport de Argentina CPPR Country Portfolio Performance Review ESMM Environmental and Social Management Manual FM Financial Management GoA Government of Argentina IEG Independent Evaluation Group M&E Monitoring and Evaluation NPV Net Present Value O-D Survey Origin-Destination Survey PAD/SAR Project Appraisal Document / Staff Appraisal Report PDO Project Development Objective PLATAMBA Core planning agency of the AMBA PRE-ATAM Working Group – Apoyo a la creación de la Autoridad de Transporte del Area Metropolitana PTUBA Buenos Aires Urban Transport Project PTUMA Urban Transport in Metropolitan Areas Project QAG Quality Assessment Group (World Bank) QALP Quality Assessment of Lending Portfolio (2008) (by QAG) QSA Quality of Supervision Assessment (by QAG) MTR Mid-term Review NPV Net Present Value PIP Portfolio Improvement Program PIU Project Implementation Unit SOPyT Ministry of Economy and Public Works and Services SUBE Sistema Único de Boleto Eletrónico TUAMBA Transport Planning Unit UEP Project Implementing Agency Vice President: Hasan Tuluy Country Director: Penelope Brook Sector Manager: Aurelio Menendez Project Team Leader: Shomik Mehndiratta ICR Team Leader: Maria Catalina Ochoa ARGENTINA BUENOS AIRES URBAN TRANSPORT PROJECT CONTENTS Data Sheet…………………………………………………………………………………………………………..i A. Basic Information……………………………………………………………………………………i B. Key Dates……………………………………………………………………………………………i C. Ratings Summary…………………………………………………………………………………….i D. Sector and Theme Codes………………………………………………………………………….....ii E. Bank Staff…………………………………………………………………………………………...ii F. Results Framework Analysis………………………………………………………………………...iii G. Ratings of Project Performance in ISRs…………………………………………………………….viii H. Restructuring ……………………………………………………………………………………..viii I. Disbursement Graph……………………………………………………………………………………….ix 1. Project Context, Development Objectives and Design ……………………………………………………..1 2. Key Factors Affecting Implementation and Outcomes……………………………………………………..6 3. Assessment of Outcomes………………………………………………………………………………..12 4. Assessment of Risk to Development Outcome……………………………………………………………16 5. Assessment of Bank and Borrower Performance …………………………………………………………16 6. Lessons Learned ………………………………………………………………………………………..19 7. Comments on Issues Raised by Borrower/Implementing Agencies/Partners……………………………….20 Annex 1. Project Costs and Financing……………………………………………………………………...21 Annex 2. Outputs by Component…………………………………………………………………………..22 Annex 3. Economic and Financial Analysis ………………………………………………………………..32 Annex 4. Bank Lending and Implementation Support/Supervision Processes………………………………..33 Annex 5. Beneficiary Survey Result (not applicable) Annex 6. Stakeholder Workshop Report and Results (not applicable) Annex 7. Summary of Borrower's ICR and/or Comments on Draft ICR……………………………………..35 Annex 8. Comments of Cofinanciers and Other Partners/Stakeholders (not applicable) Annex 9. List of Supporting Documents…………………………………………………………………....40 MAP A. Basic Information Country: Argentina Project name: Buenos Aires Urban Transport Project Project ID: P039584, P104984 (AF) Loan Number(s): 4163-AR, 7442-AR ICR Date: 5/21/2012 ICR Type: Core ICR Lending Instrument: SIL Borrower: Argentine Republic Original total commitment:US$200,000.00 Disbursed amount: US$299,956,463.00 (Original Loan); US$100,000.00 (Additional Financing Loan) Environmental category: B Implementing Agencies: Metrovías (Component 1) Secretariat of Public Works and Transport (all other Components) Cofinanciers and Other External Partners: None B. Key Dates Process Date Process Original Date Revised/Actual Date(s) Concept review: 2/23/1995 Effectiveness: 3/18/1998 Appraisal: 10/15/1996 Restructuring(s): 10/16/2002 03/37/2007 5/10/2010 Approval: 5/15/1997 Mid-term Review: 11/13/2000 Closing: 12/31/2003 6/30/2011 C. Ratings Summary C.1 Performance Rating by ICR Outcome: Moderately Satisfactory Risk to Development Outcome Significant Bank Performance: Moderately Satisfactory Borrower Performance: Moderately Satisfactory C. 2 Detailed Ratings of Bank and Borrower Performance Bank Ratings Borrower Ratings Quality at Entry: Satisfactory Government: Moderately Satisfactory Quality of Supervision: Moderately Satisfactory Implementation Satisfactory Agency/Agencies: Overall Bank Performance: Moderately Satisfactory Overall Borrower Performance: Moderately Satisfactory i C.3 Quality at Entry and Implementation Performance Indicators Implementation QAG Assessments (if Indicators Rating Performance any) Potential Problem Project at No Quality at Entry (QEA): Satisfactory any time (Yes/No): Problem Project at any time Quality of Supervision Yes (2001-2003) Highly Satisfactory (Yes/No): (QSA-2002): DO rating before Satisfactory Satisfactory Closing/Inactive status: D. Sector and Theme Codes 4.1 D. Sector and Theme Codes Original Actual Sector Code (as % of total Bank financing) Central government administration 10 10 General transportation sector 90 90 Theme Code (as % of total Bank financing) Other urban development 67 67 Pollution management and environmental health 33 33 E. Bank Staff Positions At ICR At Approval Vice President: Hasan Tuluy Shahid Javed Burki Country Director: Penelope Brook Gobind T. Nankani Sector Manager: Aurelio Menendez Asif Faiz Project Team Leader: Shomik Mehndiratta Gerhard Menckhoff ICR Team Leader: Maria Catalina Ochoa ICR Primary Author: Denise Kassab ii F. Results Framework Analysis Project Development Objective (a) support the private-public partnership in improving the service quality and coverage of mass transit; (b) support the infrastructure improvements defined in the concession agreement between the Government and the private sector; (c) assist in improving the conditions of traffic safety and environmental quality; and (d) help in developing an integrated urban transport (road and rail) system for the AMBA. Revised Project Development Objective As a result of the scaling up of the Project, a fifth development objective was added; “to help in developing integrated urban transport strategies in Argentina‟s largest Metropolitan Areas”. (a) PDO Indicator(s) ─ from Project Appraisal Document Baseline Values from Project Outcome Indicators/Date of Value (from approval documents). Original Target Actual Values Values Formally Revised Achieved Baseline Value (from approval Target Values at Completion or documents) Target Years PDO1. Support the private-public partnership in improving the service quality and coverage of PDO Indicator 1: mass transit. - On-time - On time - On time performance performance of performance of of Urquiza line 97% Urquiza line >98%. Urquiza line 98% (1997) - Number of train (2011) - Number of train cancellations < 2% - Number of train cancellations of the planned - On-time performance cancellations Urquiza line 1,287 - Subway/Urquiza of Urquiza line Urquiza line 534 (1997) ridership up by the >98%. (2011) - Subway ridership contractual amounts - Number of train - Subway ridership 956,000 (1997) (defined in the cancellations < 2% 856,000 (2011) - Urquiza ridership concession of the planned - Urquiza ridership 67,000 (1997) No revisions were agreement). Subway/Urquiza 58,000 (2011) - Subway/ car-km made - Subway/Urquiza ridership up by the - Subway/ car-km 30.3million (1997) car-km increases as contractual amounts 36.2 million (2011) - Urquiza/ car-km 10.3 governed by the - Subway/Urquiza car- - Urquiza/ car-km million (1997) concession km increases. 8.72 million (2011) - Subway Service agreement. - Subway service - Subway Service interruptions 377 - Subway service interruptions down interruptions 719 (1997) interruptions down (2011) - Urquiza Service to the levels - Urquiza Service interruptions specified in the interruptions534 1,287(1997) concession (2011) agreement. Date achieved May 15, 1997 December, 2010 iii The support provided to the metro concessionaire at the beginning of the project meant that the Comments Government complied with its obligations according to the concession agreement, contributing to (incl. % the stable continuity of the concession. This indicator was extremely ambitious and required achievement) completion and coordination of activities between the concessionaire, the Argentina Government and the Bank. (50% achievement) PDO2. Contribute to the financial obligations which the Government has assumed under the PDO Indicator 2: concession agreements with the private sector. - Successful - Loan related to disbursement of the - Disbursement of Line A and - 0% of Loan No revisions were Loan related to Line Loan Metrovías disbursed. made A and Metrovías concession was concession. 100% disbursed.
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