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World Bank Document Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No: ICR00004362 IMPLEMENTATION COMPLETION AND RESULTS REPORT (IBRD 78950, IBRD 81000) ON Public Disclosure Authorized LOANS IN THE AMOUNT OF US$840 MILLION TO THE ARAB REPUBLIC OF EGYPT FOR THE EG-GIZA NORTH POWER PROJECT ( P116194 ) Public Disclosure Authorized 29 June 2018 Public Disclosure Authorized Energy & Extractives Global Practice Middle East And North Africa Region CURRENCY EQUIVALENTS (Exchange Rate Effective December 31, 2017) Currency Unit = Egyptian Pounds(EGP) 17.745 EGP = US$1 1 EGP = US$0.056 FISCAL YEAR July 1 - June 30 Regional Vice President: Hafez M. H. Ghanem Country Director: Asad Alam Senior Global Practice Director: Riccardo Puliti Practice Manager: Erik Magnus Fernstrom Task Team Leader(s): Mohab Awad Mokhtar Hallouda ICR Main Contributor: James Sayle Moose ABBREVIATIONS AND ACRONYMS CAS Country Assistance Strategy CCGT Combined Cycle Gas Turbine (technology) CEPC Cairo Electric Production Company CPF Country Partnership Framework EEHC Egyptian Electricity Holding Company EETC Egyptian Electric Transmission Company EGAS Egyptian Natural Gas Holding Company ERR Economic Rate of Return (real) ESIA Environmental and Social Impact Assessment GASCO Egyptian Natural Gas Company (Subsidiary of EGAS responsible for natural gas pipelines) GWh Gigawatt hour IBRD International Bank for Reconstruction and Development ICR Implementation, Completion and Results Report, This report IPP Independent Power Plant ISR Implementation, Status and Results Report kW Kilowatt kWh Kilowatt hour LFO Light Fuel Oil LRP Livelihood Restoration Plan M&E Monitoring and Evaluation MMBTU Millions of British Thermal Units MOEE Ministry of Electricity and Energy MW Megawatt MWh Megawatt hour NGO Non-Governmental Organization NPV Net Present Value PAD Project Appraisal Document PDO Project Development Objective(s) RAP Resettlement Action Plan TTL Task Team Leader TABLE OF CONTENTS DATA SHEET .................................................................................................................................... 1 I. PROJECT CONTEXT AND DEVELOPMENT OBJECTIVES ............................................................. 5 A. CONTEXT AT APPRAISAL ................................................................................................................... 5 B. SIGNIFICANT CHANGES DURING IMPLEMENTATION (IF APPLICABLE) ............................................. 8 II. OUTCOME .............................................................................................................................. 11 A. RELEVANCE OF PDOs ...................................................................................................................... 11 B. ACHIEVEMENT OF PDOs (EFFICACY) ............................................................................................... 11 C. EFFICIENCY ...................................................................................................................................... 13 D. JUSTIFICATION OF OVERALL OUTCOME RATING ........................................................................... 14 E. OTHER OUTCOMES AND IMPACTS (IF ANY) .................................................................................... 15 III. KEY FACTORS THAT AFFECTED IMPLEMENTATION AND OUTCOME..................................... 17 A. KEY FACTORS DURING PREPARATION ............................................................................................ 17 B. KEY FACTORS DURING IMPLEMENTATION ..................................................................................... 18 IV. BANK PERFORMANCE, COMPLIANCE ISSUES, AND RISK TO DEVELOPMENT OUTCOME ..... 20 A. QUALITY OF MONITORING AND EVALUATION (M&E) ................................................................... 20 B. ENVIRONMENTAL, SOCIAL, AND FIDUCIARY COMPLIANCE ........................................................... 21 C. BANK PERFORMANCE ..................................................................................................................... 21 D. RISK TO DEVELOPMENT OUTCOME ............................................................................................... 22 V. LESSONS AND RECOMMENDATIONS ..................................................................................... 22 ANNEX 1. RESULTS FRAMEWORK AND KEY OUTPUTS ................................................................. 24 ANNEX 2. BANK LENDING AND IMPLEMENTATION SUPPORT/SUPERVISION .............................. 31 ANNEX 3. PROJECT COST BY COMPONENT ................................................................................... 33 ANNEX 4. EFFICIENCY ANALYSIS ................................................................................................... 34 ANNEX 5. BORROWER, CO-FINANCIER, AND OTHER PARTNER/STAKEHOLDER COMMENTS ...... 36 ANNEX 6. SUPPORTING DOCUMENTS (IF ANY) ............................................................................ 37 The World Bank EG-Giza North Power Project (P116194) DATA SHEET BASIC INFORMATION Product Information Project ID Project Name P116194 EG-Giza North Power Project Country Financing Instrument Egypt, Arab Republic of Investment Project Financing Original EA Category Revised EA Category Full Assessment (A) Full Assessment (A) Related Projects Relationship Project Approval Product Line Additional Financing P116198-EG-Giza North 14-Feb-2012 IBRD/IDA Additional Financing Organizations Borrower Implementing Agency Ministry of International Cooperation Egyptian Electricity Holding Company Project Development Objective (PDO) Original PDO The project development objective is to contribute to improving the security and efficiency of electricity supply by adding a new generation capacity based on the most efficient thermal power generation technology. Page 1 of 37 The World Bank EG-Giza North Power Project (P116194) FINANCING Original Amount (US$) Revised Amount (US$) Actual Disbursed (US$) World Bank Financing 600,000,000 557,639,953 557,639,953 IBRD-78950 240,000,000 129,093,753 129,093,753 IBRD-81000 Total 840,000,000 686,733,706 686,733,706 Non-World Bank Financing Borrower 475,110,000 0 0 EC: European Investment 307,000,000 0 0 Bank OPEC FUND 30,000,000 0 0 Total 812,110,000 0 0 Total Project Cost 1,652,110,000 686,733,706 686,733,706 KEY DATES Approval Effectiveness MTR Review Original Closing Actual Closing 08-Jun-2010 12-Aug-2011 30-Jun-2015 31-Dec-2017 RESTRUCTURING AND/OR ADDITIONAL FINANCING Date(s) Amount Disbursed (US$M) Key Revisions 14-Feb-2012 16.44 Additional Financing Change in Implementing Agency Change in Results Framework Change in Components and Cost Change in Loan Closing Date(s) Change in Legal Covenants Change in Implementation Schedule 24-Mar-2015 448.82 Change in Loan Closing Date(s) 15-Feb-2016 504.00 Change in Results Framework Change in Components and Cost Change in Loan Closing Date(s) Reallocation between Disbursement Categories Change in Procurement Change in Implementation Schedule Page 2 of 37 The World Bank EG-Giza North Power Project (P116194) KEY RATINGS Outcome Bank Performance M&E Quality Satisfactory Satisfactory Substantial RATINGS OF PROJECT PERFORMANCE IN ISRs Actual No. Date ISR Archived DO Rating IP Rating Disbursements (US$M) 01 24-Jun-2010 Satisfactory Satisfactory 0 02 22-Dec-2010 Satisfactory Satisfactory 0 03 29-May-2011 Satisfactory Satisfactory 0 04 17-Dec-2011 Satisfactory Satisfactory 0 05 29-Jun-2012 Satisfactory Satisfactory 46.83 06 18-May-2013 Satisfactory Moderately Satisfactory 132.90 07 24-Dec-2013 Satisfactory Moderately Satisfactory 236.24 08 16-Jun-2014 Moderately Satisfactory Moderately Satisfactory 332.47 09 14-Dec-2014 Moderately Satisfactory Moderately Satisfactory 419.66 10 10-Jun-2015 Moderately Satisfactory Moderately Satisfactory 465.69 11 21-Dec-2015 Satisfactory Moderately Satisfactory 494.86 12 27-Jun-2016 Satisfactory Satisfactory 509.57 13 27-Dec-2016 Satisfactory Satisfactory 607.56 14 30-May-2017 Satisfactory Satisfactory 658.00 SECTORS AND THEMES Sectors Major Sector/Sector (%) Energy and Extractives 100 Non-Renewable Energy Generation 100 Page 3 of 37 The World Bank EG-Giza North Power Project (P116194) Themes Major Theme/ Theme (Level 2)/ Theme (Level 3) (%) Private Sector Development 43 Jobs 33 Job Creation 33 Public Private Partnerships 10 Urban and Rural Development 66 Urban Development 33 Urban Infrastructure and Service Delivery 33 Rural Development 33 Rural Infrastructure and service delivery 33 ADM STAFF Role At Approval At ICR Regional Vice President: Shamshad Akhtar Hafez M. H. Ghanem Country Director: A. David Craig Asad Alam Senior Global Practice Director: Laszlo Lovei Riccardo Puliti Practice Manager: Jonathan D. Walters Erik Magnus Fernstrom Mohab Awad Mokhtar Task Team Leader(s): Vladislav Vucetic Hallouda ICR Contributing Author: James Sayle Moose Page 4 of 37 The World Bank EG-Giza North Power Project (P116194) I. PROJECT CONTEXT AND DEVELOPMENT OBJECTIVES A. CONTEXT AT APPRAISAL Context The Giza North Power Project was appraised in late 2009 and early 2010 with the PAD dated March 2010. At that time, electricity demand was growing quite rapidly in Egypt, having increased 7.5 percent a year between fiscal years (FY) 2003 and 2008. While the country in FY2009 had 23,502 Megawatt (MW) of nominal electrical generating capacity, available capacity at the summer demand peak was considerably less. According to the Egyptian Electricity Holding Company (EEHC), this lower available capacity was due to outdoor
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