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World Bank Document Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No: 54874-ME PROJECT PAPER ON A PROPOSED ADDITIONAL FINANCING AND RESTRUCTURING Public Disclosure Authorized IN THE AMOUNT OF €4.5 MILLION (US$5.5 MILLION EQUIVALENT) TO MONTENEGRO Public Disclosure Authorized FOR MONTENEGRO ENVIRONMENTALLY SENSITIVE TOURIST AREAS PROJECT (CREDIT NO. 38230) November 22, 2010 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 Public Disclosure Authorized World Bank authorization. CURRENCY EQUIVALENTS (Exchange Rate Effective June 30, 2010) Currency Unit = Euro 1.0 Euro = US$1.2288 1.0 US$ = 0.814Euro ABBREVIATIONS AND ACRONYMS CAS Country Assistance Strategy EIA Environmental Impact Assessment EIB European Investment Bank EMP Environmental Management Plan EU European Union FRR Financial Rate of Return GOM Government of Montenegro MESTAP Montenegro Environmentally Sensitive Tourist Areas Project MOSPE Ministry of Spatial Planning and Environment MJC Multi Municipal Joint Solid Waste Company MJC1 Multi Municipal Joint Solid Waste Company - Lovanja MJC2 Multi Municipal Joint Solid Waste Company - Mozura PEW Public Enterprise Regional Waterworks Company ‘Crnogorsko Primorje’ Vice President: Philippe H. Le Houerou Country Director: Jane Armitage Sector Manager: Wael Zakout Task Team Leader: Sanyu Lutalo MONTENEGRO ADDITIONAL FINANCING AND RESTRUCTURING FOR MONTENEGRO ENVIRONMENTALLY SENSITIVE TOURIST AREAS PROJECT CONTENTS Project Paper Data Sheet .................................................................................................. i I. Introduction .............................................................................................................. 1 II. Background and Rationale for Additional Financing .......................................... 2 III. Proposed Changes ................................................................................................ 5 IV. Economic and Financial Analysis of Cost Overrun or Financing Gap ................ 6 V. Appraisal of Restructured Project ........................................................................ 7 VI. Expected Outcomes ............................................................................................ 11 VII. Benefits and Risks .............................................................................................. 11 VIII. Financial Terms and Conditions for the Additional Financing ...................... 12 Annex 1: Revised Results Framework .......................................................................... 16 Annex 2 – Estimated Costs for Proposed Additional Financing .................................. 19 Annex 3 – Procurement Plan ........................................................................................ 20 PROJECT PAPER DATA SHEET Date: November 22, 2010 Team Leader: Sanyu Lutalo Country: Montenegro Sector Director/Manager: Peter Thomson / Project Name: Montenegro Environmentally Wael Zakout Sensitive Tourist Areas Project – Additional Country Director: Jane Armitage Financing Environmental Category: B Project ID: Original Project ID: P079116; Additional Financing Project ID:P120659 Borrower: Montenegro Responsible Agency: Crnogorsko Primorje (Regional Water Company PEW) Revised estimated disbursements (Bank FY/US$m)1 FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 Annual 0.06 0.56 1.31 0.40 0.30 0.01 0.01 4.60 6.30 Cumulative 0.06 0.62 1.93 2.33 2.63 2.64 2.65 7.25 13.55 Current closing date: December 31, 2010 Revised closing date: June 30, 2012 Does restructured or scaled-up project require exceptions from Bank policies? X Yes No Have these been approved by Bank management? X2 Yes No Is approval for any policy exception sought from the Board? X Yes No Revised project development objectives/outcomes: Not applicable. Does the scaled-up or restructured project trigger any new safeguard policies? No For Additional Financing [X] Loan [ ] Credit [ ] Grant For Loans/Credits/Grants: Total Bank financing Euro 4.5 million (US$ 5.5 million equivalent)3 Proposed terms: Fixed Spread Loan repayable in ten years, including a grace period of four years. Financing Plan (Euro m.) (AF) Source Local Foreign Total Borrower4 1.6 0 1.6 IBRD 2.5 2.0 4.5 Total 4.1 2.0 6.1 Financing Plan (Euro m.) (Original Project + AF) Source Local Foreign Total Borrower 1.6 0 1.6 IBRD 2.0 2.5 4.5 IDA5 1.3 2.5 3.8 Total6 4.9 5.0 9.9 1 Projected 2011/2012 disbursements assuming additional financing approval and extension of closing date. 2 Managing Director endorsed request for policy waiver on May 4, 2010; Board approval is required. 3 Exchange rate has fluctuated due to the volatility of the US dollar, but was originally based on US$6.0 million equivalent. 4 Includes mainly taxes and duties, which will be financed by Government. 5 Undisbursed balance of existing Credit amounting to about US$5.1 million. 6 Government will meet cost of taxes and duties included in this amount. i I. INTRODUCTION 1. This Project Paper seeks approval from the Executive Directors to provide additional financing of €4.5 million to Montenegro for the Environmentally Sensitive Tourist Areas Project (MESTAP), Credit Number 38230. The proposed additional financing would support completion of the regional sanitary landfill for the Bar and Ulcinj Municipalities (Mozura Landfill) under Project Component 1 (Environmental Infrastructure) and the provision of equipment for the operation of the regional sanitary landfill. Originally, the Project was to be co-financed by the Government of Montenegro and the Bank, but after the 2009 global financial crisis, the Government became unable to co- finance from its budget, leading to an unanticipated financing gap. The financing gap further increased due to price escalations caused by the devaluation of the Euro against the dollar and changes in landfill design due to a change from the original landfill site envisaged at appraisal. Therefore, the Government and the Municipalities of Bar and Ulcinj have jointly requested the proposed additional financing to cover their budget gap. 2. The Government additionally requested that the project be restructured to drop outstanding activities under Project Component II (Environmental Rehabilitation) in order to fully leverage available Bank resources for the sanitary landfill. The dropped activities would comprise the closing of two remaining uncontrolled and unsanitary waste disposal sites in Bar and Ulcinj, which will now be financed through a recently approved European Investment Bank (EIB) funded solid waste management program being implemented in parallel. World Bank funding for the dropped activities would be re- allocated to Component I to complete the landfill. This change entails a restructuring of the original credit. 3. In addition to the scaling down of Component II by dropping the activities relating to closing of the two uncontrolled and unsanitary waste disposal sites, the restructuring of the original Credit would also involve: (a) revision of the Results Framework and monitoring indicators to reflect the dropped activities in Component II, in particular a change in the relevant outcome/impact indicator target from: ‘Four current municipal disposal sites properly closed’ to ‘Two current municipal disposal sites properly closed’; (b) re-allocation of the funds saved from Component II to Component I for construction of the Mozura landfill; (c) a change in the description of Component I in the Development Credit Agreement (DCA) to reflect the fact that the regional landfill in Bar would be constructed at a new location and not on a rehabilitated existing site as originally envisaged; (d) a change in the percentage of expenditures eligible for financing to allow for 100 percent financing for all categories in line with updated country financing parameters; (e) amendment of Schedule 5 of the DCA, Terms and Conditions for the Sub-credit and Project Implementation Agreement, to reflect that repayment provisions for the sub-credit only apply to the Multi-Municipal Joint Solid Waste Company Lovanja (MJC1) and the sub-credit and project implementation agreement related to MJC1; (f) extension of the Credit closing date from December 31, 2010 to June 30, 2012; (g) alignment of procurement procedures with the procurement procedures of the additional loan; and (h) removal of MJC2 current audit provisions to align the 1 Development Credit Agreement with the additional loan. The Development Credit Agreement will be amended to reflect the above, including related changes. II. BACKGROUND AND RATIONALE FOR ADDITIONAL FINANCING 4. Context and Background: Montenegro’s beautiful coastal area is a major tourist destination in the region. During appraisal for the original Project, pollution from poor solid waste management posed a major threat to the tourism industry in coastal municipalities, and this threat remains. The Project responded to Government priorities to improve solid waste collection and disposal services in several coastal municipalities including Kotor, Budva, Tivat, Bar and Ulcinj. Project design was aligned with the main elements of Government strategy for the sector, which included, inter alia, support for a regional approach to solid waste disposal. The World Bank Board of Directors approved MESTAP on September 11, 2003. The US$9.5 million Project became effective on April 8, 2004: US$7.0 million was to be financed through an IDA Credit
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