Regional Development Project
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Completion Report Project Number: 28321 Loan Number: 1695 October 2007 Maldives: Regional Development Project CURRENCY EQUIVALENTS Currency Unit – rufiyaa (Rf) At Appraisal At Project Completion 31 July 1999 23 April 2007 Rf1.00 = $0.086430 $0.077821 $1.00 = Rf11.57 Rf12.85 ABBREVIATIONS ADB – Asian Development Bank ADF – Asian Development Fund CEO – chief executive officer EA – executing agency EIRR – economic internal rate of return FIRR – financial internal rate of return IA – implementing agency IsDB – Islamic Development Bank MCPI – Ministry of Construction and Public Infrastructure MEEW – Ministry of Environment, Energy and Water MHUD – Ministry of Housing and Urban Development ML – megaliter MOAD – Ministry of Atolls Development MOFAMR – Ministry of Fisheries, Agriculture and Marine Resources MOFT – Ministry of Finance and Treasury MOH – Ministry of Health MPND – Ministry of Planning and National Development NDR – northern development region PSC – project steering committee O&M – operation and maintenance PIU – project implementation unit PMU – project management unit PPTA – project preparatory technical assistance PSC – project steering committee RAC – regional advisory committee RDMO – regional development management office RRP – report and recommendation of the President SDF – social development fund SDR – southern development region STELCO – State Electricity Company TA – technical assistance VPA – vulnerability and poverty assessment WACC – weighted average cost of capital GLOSSARY Freshwater lens – Convex lens-shaped body of freshwater positioned above seawater, floating within the aquifer and separated from it by a transition zone. The freshwater lens contains the island’s freshwater reserves and is within the island’s shell and coral debris. Focus islands – Selected regional growth centers where pilot infrastructure and planning and environment management initiatives are to take place. In this project, it includes nine islands in the northern development region and four islands in the southern development region. o Northern – Group of three atolls, part of the Maldives, between 6 0’N and development region 7o30’N and 72o30’E and 73o30’E. It comprises the atolls of Haa Alifu, Haa Dhaalu and Shaviyani. Regional growth – Regional urban growth centers, outside Malé and its immediate centers surroundings, where a wide range of employment and investment opportunities are to be created by building on economic, environmental, and social competitive advantages. Southern – Group of four atolls, part of the Maldives, between 0o60’N and development region 0o60’S and 72o30’E and 73o30’E. It comprises the atolls of Seenu, Foammulah, Gaafu Dhaalu and Gaafu Alifu. NOTES (i) The fiscal year (FY) of the Government and its agencies ends on 31 December. FY before a calendar year denotes the year in which the fiscal year ends, e.g., FY2000 ends on 31 December 2000. (ii) In this report, “$” refers to US dollars. Vice President L. Jin, Operations Group 1 Director General K. Senga, South Asia Department (SARD) Director H. Kim, Urban Development Division, SARD Team leader T. Gallego-Lizon, Urban Development Specialist, SARD Team members M. Otsuka, Economist, SARD H. Austria, Assistant Project Analyst, SARD CONTENTS Page BASIC DATA i MAP v I. PROJECT DESCRIPTION 1 II. EVALUATION OF DESIGN AND IMPLEMENTATION 1 A. Relevance of Design and Formulation 1 B. Project Outputs 2 C. Project Costs 6 D. Disbursements 7 E. Project Schedule 7 F. Implementation Arrangements 7 G. Conditions and Covenants 8 H. Consultant Recruitment and Procurement 8 I. Performance of Consultants, Contractors, and Suppliers 9 J. Performance of the Borrower and the Executing Agency 10 K. Performance of the Asian Development Bank 10 III. EVALUATION OF PERFORMANCE 10 A. Relevance 10 B. Effectiveness in Achieving Outcome 11 C. Efficiency in Achieving Outcome and Outputs 12 D. Preliminary Assessment of Sustainability 12 E. Impact 13 IV. OVERALL ASSESSMENT AND RECOMMENDATIONS 14 A. Overall Assessment 14 B. Lessons 14 C. Recommendations 15 APPENDIXES 1. Project Framework 16 2. Project Costs and Financing Plan 17 3. Breakdown of Annual Disbursements of ADB Funds 18 4. Comparative Implementation Schedule 20 5. Status of Compliance with Loan Covenants 22 6. Relevance Assessment 28 7. Effectiveness Assessment and Lessons Learned 33 8. Financial and Economic Reevaluation 57 9. Sustainability Analysis 69 10. Overall Project Rating 74 SUPPLEMENTARY APPENDIXES A. Due Diligence on Resettlement Activities i BASIC DATA A. Loan Identification 1. Country Maldives 2. Loan Number 1695 3. Project Title Regional Development Project 4. Borrower Republic of Maldives 5. Executing Agency Ministry of Finance and Treasury 6. Amount of Loan SDR5.864 million 7. Project Completion Report Number 997 B. Loan Data 1. Appraisal – Date Started 9 May 1999 – Date Completed 16 May 1999 2. Loan Negotiations – Date Started 2 August 1999 – Date Completed 3 August 1999 3. Date of Board Approval 2 September 1999 4. Date of Loan Agreement 6 December 1999 5. Date of Loan Effectiveness 6 March 2000 – In Loan Agreement 02 March 2000 – Actual 0 – Number of Extensions 6. Closing Date – In Loan Agreement 31 December 2004 – Actual 31 December 2005 – Number of Extensions 1 7. Terms of Loan – Interest Rate 1% per year during the grace period and 1.5% thereafter – Maturity (number of years) 32 – Grace Period (number of years) 8 8. Terms of Relending (if any) – Interest Rate – Maturity (number of years) – Grace Period (number of years) – Second-Step Borrower 9. Disbursements a. Dates Initial Disbursement Final Disbursement Time Interval 26 May 2000 20 November 2006 78 months ii Effective Date Original Closing Date Time Interval 02 March 2000 31 December 2004 57 months b. Amount (‘000) Last Net Category Original Amount Revised Amount Amount Undisbursed Allocation Canceled Allocation Available Disbursed Balance (SDR) (SDR) (SDR) ($) ($) ($) Civil Works 953 (453) 1,406 1,808 1,795 13 Equipment and Materials 1,979 466 1,513 2,074 2,067 7 Consulting Services 1,488 (304) 1,792 2,360 2,250 110 Institutional Development 212 92 120 161 280 (119) Interest Charge 293 132 161 230 230 - Unallocated 939 859 80 121 - 121 Total 5,864 792 5,072 6,754 6,622 132 ( ) = negative. 10. Local Costs (Financed) - Amount ($) 154,447.00 - Percent of Local Costs 64.02 - Percent of Total Cost 2.00 C. Project Data 1. Project Cost ($ million) Cost Appraisal Estimate Actual Foreign Exchange Cost 10.50 12.86 Local Currency Cost 3.50 3.56 Total 14.00 16.42 2. Financing Plan ($ million) Cost Appraisal Estimate Actual Implementation Costs Borrower Financed 3.00 3.93 ADB Financed 8.00 6.62 Other External Financing 3.00 5.87 Total 14.00 16.42 IDC Costs Borrower Financed 0.00 0.00 ADB Financed 0.40 0.16 Other External Financing — — Total 0.40 0.16 ADB = Asian Development Bank, IDC = interest during construction, — = not available. iii 3. Cost Breakdown by Project Component – ADB Portion ($ million) Component Appraisal Estimate Actual A. Base Cost 1. Civil Works 0.80 1.80 2. Materials and Equipment 2.54 2.07 3. Institutional Development 1.80 2.25 4. Consulting Services 1.19 0.28 5. Project Implementation 0.00 0.00 Subtotal (A) 6.33 6.40 B. Contingencies Physical 1.27 0.00 Subtotal (B) 1.27 0.00 C. Interest During Construction 0.40 0.23 Total 8.00 6.63 ADB = Asian Development Bank 4. Project Schedule Item Appraisal Estimate Actual Date of Contract with Consultants Q4 2000 Q2 2000 Completion of Engineering Designs Q3 2001 Q4 2001 Civil Works Contract Date of Award Q4 2000 Q3 2001 Completion of Work Q3 2004 Q4 2004 Equipment and Supplies Q3 2001 Q3 2000 Dates First Procurement Q4 1999 Q3 2000 Last Procurement Q3 2001 Q2 2005 Completion of Equipment Installation Q4 2004 Q4 2005 5. Project Performance Report Ratings Ratings Development Implementation Implementation Period Objectives Progress From 2 Sep 1999 to 31 Dec 1999 Satisfactory Satisfactory From 1 Jan 2000 to 31 Dec 2000 Satisfactory Satisfactory From 1 Jan 2001 to 31 May 2001 Satisfactory Highly Satisfactory From 1 Jun 2001 to 31 Dec 2001 Satisfactory Satisfactory From 1 Jan 2002 to 31 Dec 2002 Satisfactory Satisfactory From 1 Jan 2003 to 31 Dec 2003 Satisfactory Satisfactory From 1 Jan 2004 to 31 Dec 2004 Satisfactory Satisfactory From 1 Jan 2005 to 31 Dec 2005 Satisfactory Satisfactory From 1 Jan 2006 to 30 Sep 20061 Satisfactory Satisfactory 1 The project performance report was kept open until 28 May 2007, the loan closing date of the Project. iv D. Data on Asian Development Bank Missions No. of No. of Specialization Name of Mission Date Persons Person-Days of Membersa Loan Fact-Finding Mission 10–24 Feb 1999 5 60 a, c, l, g, m Follow-up Loan Fact-Finding Mission 4–9 April 1999 1 5 a Appraisal Mission 9–16 May 1999 7 49 a, c, d, e, f, g, h Inception Mission 14–18 Nov1999 2 8 a, k Loan Review 1 21–26 Jan 2001 2 10 a, k Loan Review 2 29 Jul–13 Aug 2001 2 22 a, i Loan Review 3 2–15 Apr 2002 3 39 i, b, g Midterm Review 23–30 Oct 2002 1 7 i Loan Review 4 10–13 Oct 2003 2 6 b, k Loan Review 5 22 Nov–1 Dec 2004 1 9 i Loan Review 6 6–14 Nov 2005 3 18 i, k, j Project Completion Reviewb 9–24 April 2007 4 38 i, c, j, k a a - engineer water supply, b - environment specialist, c – economist, d – social development specialist, e – counsel, f –associate operations analyst, g – environmental consultant, h – water supply and sanitation consultant, i – urban development specialist, j – senior resident advisor, k – assistant project analyst, l – TA consultant, m – domestic consultant. b The report was prepared by Tatiana Gallego-Lizon, Urban Development Specialist/Mission Leader, Misuzu Otsuka, Urban Economist, and Hannelli Austria, Assistant Project Analyst.