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The World Bank for OFFICIAL USE ONLY Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No: 59793-MW PROJECT APPRAISAL DOCUMENT ON A PROPOSED CREDIT IN THE AMOUNT OF SDR 18.1 MILLION Public Disclosure Authorized (US$28.2 MILLION EQUIVALENT) TO THE THE REPUBLIC OF MALAWI FOR THE FINANCIAL SECTOR TECHNICAL ASSISTANCE PROJECT (FSTAP) Public Disclosure Authorized February 28, 2011 Finance and Private Sector Development East and Southern Africa Africa Region Public Disclosure Authorized This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. CURRENCY EQUIVALENTS (Exchange Rate Effective January 31, 2011) Currency Unit = Malawi Kawacha (MK) US$1 = MK 150.77 US$1 = SDR 0.640229 FISCAL YEAR January 1 – December 31 ABBREVIATIONS AND ACRONYMS ACH Automated Clearing House AfDB African Development Bank AFRITAC African Technical Assistance Center ATS Automated Transfer System BAM Bankers’ Association of Malawi BESTAP Business Environment Strengthening Technical Assistance Project BSD Banking Supervision Department CAS Country Assistance Strategy CEM Country Economic Memorandum CSC Credit and Savings Co-operatives CSD Central Securities Depository DEMAT Development of Malawi Trader’s Trust DFID UK Department of International Development EFT Electronic Funds Transfer FIMA The Financial Inclusion in Malawi FIRST Financial Sector Reform and Strengthening Initiative FMP Financial Management Plan FSAP Financial Sector Assistance Program FSDS Financial Sector Development Strategy FSPU Financial Sector Policy Unit FSTAP Financial Sector Technical Assistance Project FSVC Financial Sector Volunteer Corps GCI Global Competitive Index GDP Gross Domestic Product GL General Ledger GNI Gross National Income HiVOS Humanistisch Instituut voor Ontwikkelingssamenwerking (International Humanist Institute for Cooperation with Development) IoD Institute of Directors IMF International Monetary Fund IDA International Development Association ii KYC Know Your Customer MARDF Malawi Rural Development Fund MALSWITCH Malawi Switch Center Limited MFCMSD Microfinance and Capital Markets Supervision Department MoF Ministry of Finance MFSDT Malawi Financial Sector Deepening Trust MFI Microfinance Institutions MGDS Malawi Growth and Development Strategy MMFN Malawi Microfinance Network MRFC Malawi Rural Finance Corporation MSB Malawi Savings Bank MSE Malawi Stock Exchange MoU Memorandum of Understanding MTR Mid-Term Review NBFI Non-Bank Financial Institution NTCFE National Taskforce on Consumer Financial Education OTA US Treasury Office of Technical Assistance PDO Project Development Objective PERMU Public Enterprises Reform and Monitoring Unit PIC Project Investment Committee PIM Project Implementation Manual PIP Project Implementation Plan PIU Project Implementation Unit PSC Project Steering Committee RBM Reserve Bank of Malawi RTGS Real Time Gross Settlement SACCO Savings and Credit Cooperatives SFI State Financial Institutions SIL Specific Investment Loan SOE State Owned Enterprises SEDOM Small Enterprise Development Organization of Malawi SWIFT Society for Worldwide Interbank Financial Telecomminication TWG Technical Working Group USAID United States Agency for International Aid VSLA Village Savings and Loan Associations WB World Bank Regional Vice President: Obiageli Katryn Ezekwesili Country Director: Olivier Godron, Acting Sector Director: Marilou Uy Sector Manager: Michael Fuchs, Acting Task Team Leader: Samuel Munzele Maimbo iii iv Table of Contents I. STRATEGIC CONTEXT ....................................................................................................... 1 A. Country Context ............................................................................................................... 1 B. Sectoral and Institutional Context .................................................................................... 1 C. Higher Level Objectives to which the Project Contributes .............................................. 8 II. PROJECT DEVELOPMENT OBJECTIVES......................................................................... 9 A. Project Development Objective ....................................................................................... 9 B. Project Beneficiaries ........................................................................................................ 9 C. PDO Level Results Indicators ........................................................................................ 10 III. PROJECT DESCRIPTION ................................................................................................ 10 A. Project components..................................................................................................... 10 B. Project Financing ........................................................................................................ 13 1. Lending Instrument..................................................................................................... 13 2. Project Financing Table .............................................................................................. 13 C. Lessons Learned and Reflected in the Project Design ............................................... 13 IV. IMPLEMENTATION ........................................................................................................ 14 A. Institutional and Implementation Arrangements ........................................................ 14 B. Results Monitoring and Evaluation ............................................................................ 16 C. Sustainability .............................................................................................................. 17 D. Loan/credit conditions and covenants ........................................................................ 17 V. KEY RISKS .......................................................................................................................... 18 VI. APPRAISAL SUMMARY ................................................................................................ 19 A. Economic and Financial Analysis .............................................................................. 19 B. Technical .................................................................................................................... 20 C. Financial Management ............................................................................................... 20 D. Procurement ................................................................................................................ 21 E. Social .......................................................................................................................... 21 F. Environment ............................................................................................................... 21 G. Other Safeguards Policies triggered (if required) ....................................................... 22 Annex 1: Results Framework and Monitoring............................................................................. 23 Annex 2: Detailed Project Description ........................................................................................ 32 Annex 3: Implementation Arrangements ..................................................................................... 43 Annex 4: Operational Risk Assessment Framework (ORAF) ..................................................... 56 Annex 5: Implementation Support Plan ....................................................................................... 59 v Annex 6: Team Composition ....................................................................................................... 62 Annex 7 Procurement Packages with Methods and Time Schedule............................................. 63 Annex 8: Malawi Financial Sector Deepening Trust (MFSDT) .................................................. 70 Annex 9: Project Costing Table ................................................................................................... 75 Annex 10: Developing Partners’ Activities in the Financial Sector and Identified Gaps ............ 76 Annex 11: Malawi at a Glance...................................................................................................... 86 vi PAD DATA SHEET The Republic of Malawi Financial Sector Technical Assistance Project (FSTAP) PROJECT APPRAISAL DOCUMENT AFRICA AFTFE Date: February 28, 2011 Sector(s): Financial Sector Country Director: Olivier Godron, Acting Theme(s): Sector Director: Marilou Uy - Financial stability Sector Manager: Michael Fuchs, Acting - Long term finance Team Leader(s): Samuel Munzele Maimbo - Financial Infrastructure Project ID: P122616 - Access to finance Lending Instrument: SIL EA Category: C-Not Required Project Financing Data: Proposed terms: [ ] Loan [ X] Credit [ ] Grant [ ] Guarantee [ ] Other: Source Total Amount (US$M) Total Project Cost: Co-financing: Borrower: Total Bank Financing: IBRD IDA $28.2 New Recommitted Borrower: The Republic of Malawi Responsible Agency: Ministry of Finance Contact Person: Joseph Mwanamvekha (Secretary to the Treasury) Telephone No.: (265) 01789355 Fax No.: (265) 01789173 Email: finance@ finance.gov.mw vii Estimated disbursements (Bank FY/US$m) FY 2012 2013 2014 2015 2016 Annual 2.00 5.00 9.5 9.5 2.2 Cumulative 2.00 7.00 16.5 26.0 28.2 Project Implementation start date: March 24, 2011 Project Implementation end date: August 31, 2016
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