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World Bank Document Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No: ICR125156-BI IMPLEMENTATION COMPLETION AND RESULTS REPORT ON A GRANT (H5360) IN THE AMOUNT OF SDR 12 MILLION (US$19 MILLION EQUIVALENT) AND A Public Disclosure Authorized GRANT (H6590) IN THE AMOUNT OF SDR 5.2 MILLION (US$8 MILLION EQUIVALENT) TO THE REPUBLIC OF BURUNDI FOR THE BURUNDI - FINANCIAL & PRIVATE SECTOR DEVELOPMENT ( P107851 ) Public Disclosure Authorized March 30, 2018 Finance Competitiveness and Innovation (FCI) Global Practice Public Disclosure Authorized Africa Region Currency equivalents (Exchange rate effective as of July 31, 2017) Currency unit = FBU FBU 1733,86 = US$1 US$1.407750 = SDR 1 Fiscal year July 1 – June 30 Regional Vice President: Makhtar Diop Country Director: Bella Bird Senior Global Practice Director: Ceyla Pazarbasioglu Practice Manager: Niraj Verma ICR Task Team Leader : Andrea Dall’Olio ICR Main Contributor: Sarah Zekri ABBREVIATIONS AND ACRONYMS ACH Automated clearing house ARCA Insurance Regulatory and Supervisory Agency of Burundi ATM Automated teller machine ATS Automatic transfer system BRB Bank of the Republic of Burundi CAS Country assistance strategy CIP Inter-ministerial Committee for Privatization CSD Central securities depository DPO Development Policy Operation EAC East African Community ERSG Economic Reform Support Grant FPSDP Financial and Private Sector Development Project FSAP Financial Sector Assessment Program GDP Gross domestic product GoB Government of Burundi IBRD International Bank for Reconstruction and Development ICA Investment climate assessment IDA International Development Association IFC International Finance Corporation IPF Investment project financing IT Information technology M&E Monitoring and evaluation MoF Ministry of Finance MSME Medium, small, and macro enterprises MTR Midterm review ONATEL National Telecommunications Office PAD Project appraisal document PAGE Economic Management Project PDO Project development objective (s) PEMFAR Public expenditure management and financial accountability review PFM Public finance management PIU Project implementation unit PRSP Poverty reduction strategy paper PS Private sector RTGS Real Time Gross Settlement System SCEP Privatization Commission SDRs Special drawing rights SWIFT Society for Worldwide Interbank Financial Telecommunication WBG World Bank Group TABLE OF CONTENTS DATA SHEET ....................................................................... ERROR! BOOKMARK NOT DEFINED. I. PROJECT CONTEXT AND DEVELOPMENT OBJECTIVES ....................................................... 6 A. CONTEXT AT APPRAISAL .........................................................................................................6 B. SIGNIFICANT CHANGES DURING IMPLEMENTATION .............................................................. 13 II. OUTCOME .................................................................................................................... 18 A. RELEVANCE OF PERFORMANCE DEVELOPMENT OBJECTIVES ............................................... 18 B. ACHIEVEMENT OF PERFORMANCE DEVELOPMENT OBJECTIVES (EFFICACY) ......................... 18 C. EFFICIENCY ........................................................................................................................ 21 D. JUSTIFICATION OF OVERALL OUTCOME RATING ................................................................. 22 E. OTHER OUTCOMES AND IMPACTS (IF ANY) ........................................................................ 22 III. KEY FACTORS THAT AFFECTED IMPLEMENTATION AND OUTCOME ................................ 24 A. KEY FACTORS DURING PREPARATION ................................................................................ 24 B. KEY FACTORS DURING IMPLEMENTATION .......................................................................... 25 IV. BANK PERFORMANCE, COMPLIANCE ISSUES, AND RISK TO DEVELOPMENT OUTCOME .. 28 A. QUALITY OF MONITORING AND EVALUATION ....................................................................... 28 B. ENVIRONMENTAL, SOCIAL, AND FIDUCIARY COMPLIANCE ..................................................... 29 C. BANK PERFORMANCE ........................................................................................................... 30 D. RISK TO DEVELOPMENT OUTCOME ....................................................................................... 32 V. LESSONS AND RECOMMENDATIONS ............................................................................. 32 ANNEX 1. RESULTS FRAMEWORK AND KEY OUTPUTS ........................................................... 35 ANNEX 2. BANK LENDING AND IMPLEMENTATION SUPPORT/SUPERVISION ......................... 43 ANNEX 3. PROJECT COST BY COMPONENT ........................................................................... 45 ANNEX 4. EFFICIENCY ANALYSIS ........................................................................................... 46 ANNEX 5. BORROWER, COFINANCIER AND OTHER PARTNER/STAKEHOLDER COMMENTS .... 47 ANNEX 6. CHANGE IN PROJECT INTERMEDIATE INDICATORS ................................................ 48 The World Bank Burundi - Financial & Private Sector Development ( P107851 ) DATA SHEET BASIC INFORMATION Product Information Project ID Project Name P107851 Burundi - Financial & Private Sector Development Country Financing Instrument Burundi Specific Investment Loan Original EA Category Revised EA Category Not Required (C) Not Required (C) Related Projects Relationship Project Approval Product Line Additional Financing P125209-Financial and 05-Apr-2011 IBRD/IDA Private Sector Development - Additional Financing Project Organizations Borrower Implementing Agency Republic of Burundi MINISTRY OF FINANCE Project Development Objective (PDO) Original PDO To strengthen the financial system and improve the business enabling environment Page 1 of 49 The World Bank Burundi - Financial & Private Sector Development (P107851) FINANCING Original Amount (US$) Revised Amount (US$) Actual Disbursed (US$) World Bank Financing 19,000,000 17,582,080 16,246,333 IDA-H5360 8,000,000 6,197,342 5,781,261 IDA-H6590 Total 27,000,000 23,779,422 22,027,594 Non-World Bank Financing Borrower 1,000,000 1,000,000 281,358 Total 1,000,000 1,000,000 281,358 Total Project Cost 28,000,000 24,779,422 22,308,952 KEY DATES Approval Effectiveness MTR Review Original Closing Actual Closing 22-Dec-2009 14-May-2010 02-Nov-2012 28-Feb-2014 31-Jul-2017 RESTRUCTURING AND/OR ADDITIONAL FINANCING Date(s) Amount Disbursed (US$M) Key Revisions 27-Feb-2014 11.66 Change in Results Framework Change in Components and Cost Change in Loan Closing Date(s) Change in Financing Plan Reallocation between Disbursement Categories Change in Disbursements Arrangements Change in Institutional Arrangements Change in Procurement Change in Implementation Schedule 27-Oct-2015 16.67 Change in Results Framework Change in Components and Cost Change in Loan Closing Date(s) Reallocation between Disbursement Categories 07-Jun-2016 17.66 Cancellation of Financing Reallocation between Disbursement Categories 30-Jan-2017 19.36 Change in Loan Closing Date(s) Page 2 of 49 The World Bank Burundi - Financial & Private Sector Development (P107851) KEY RATINGS Outcome Bank Performance M&E Quality Moderately Satisfactory Moderately Satisfactory Modest RATINGS OF PROJECT PERFORMANCE IN ISRs Actual No. Date ISR Archived DO Rating IP Rating Disbursements (US$M) 01 31-May-2010 Satisfactory Satisfactory .55 02 27-Mar-2011 Satisfactory Satisfactory 1.97 03 27-Dec-2011 Satisfactory Moderately Satisfactory 4.64 04 10-Jul-2012 Moderately Satisfactory Moderately Satisfactory 6.60 Moderately 05 14-Jan-2013 Moderately Unsatisfactory 9.08 Unsatisfactory Moderately 06 22-Jul-2013 Unsatisfactory 10.97 Unsatisfactory Moderately 07 14-Jan-2014 Moderately Unsatisfactory 11.66 Unsatisfactory Moderately 08 10-Mar-2014 Moderately Satisfactory 11.66 Unsatisfactory Moderately 09 10-Oct-2014 Moderately Unsatisfactory 13.95 Unsatisfactory Moderately 10 05-Feb-2015 Moderately Unsatisfactory 15.27 Unsatisfactory Moderately 11 09-Apr-2015 Moderately Satisfactory 15.71 Unsatisfactory 12 23-Sep-2015 Moderately Satisfactory Moderately Satisfactory 16.61 13 27-Mar-2016 Moderately Satisfactory Moderately Satisfactory 17.30 14 08-Dec-2016 Moderately Satisfactory Moderately Satisfactory 18.64 15 20-Jul-2017 Moderately Satisfactory Moderately Satisfactory 21.34 Page 3 of 49 The World Bank Burundi - Financial & Private Sector Development (P107851) SECTORS AND THEMES Sectors Major Sector/Sector (%) Financial Sector 94 Banking Institutions 33 Other Non-bank Financial Institutions 15 Public Administration - Financial Sector 46 Industry, Trade and Services 6 Services 6 Themes Major Theme/ Theme (Level 2)/ Theme (Level 3) (%) Private Sector Development 13 Enterprise Development 13 MSME Development 13 Finance 52 Financial Stability 39 Financial Sector oversight and policy/banking 35 regulation & restructuring Financial Sector Integrity 4 Financial Infrastructure and Access 13 MSME Finance 13 Public Sector Management 36 Rule of Law 8 Legal Institutions for a Market Economy 8 Public Administration 28 State-owned Enterprise Reform and 28 Privatization Page 4 of 49 The World Bank Burundi - Financial & Private Sector Development (P107851) ADM STAFF Role At Approval At ICR Regional Vice President: Obiageli Katryn Ezekwesili Makhtar Diop Country Director: John McIntire Bella Bird Senior Global Practice Director: Marilou Jane D. Uy Ceyla Pazarbasioglu-Dutz Practice Manager: Gerardo M.
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