The World Bank Report No: ISR9879 Implementation Status & Results Cape Verde CV-DPL 3-PRSC VII (P122669) Public Disclosure Copy Project Name: CV-DPL 3-PRSC VII (P122669) Program Stage: Implementation Seq.No: 1 Status: ARCHIVED Archive Date: 20-Jun-2013 Country: Cape Verde Approval FY: 2012 Product Line: IBRD/IDA Region: AFRICA Lending Instrument: Development Policy Lending Implementing Agency(ies): Key Dates Board Approval Date 26-Jun-2012 Original Closing Date 31-Dec-2012 Planned Mid Term Review Date Last Archived ISR Date Effectiveness Date 24-Jul-2012 Revised Closing Date 31-Dec-2012 Actual Mid Term Review Date Program Development Objectives Program Development Objective (from Program Document) The main development objectives of the proposed credit are to: (i) improve the efficiency and transparency in the use of public resources and preserve macroeconomic stability through the implementation of a reform agenda for public finance management, debt management, procurement, and the government’s statistical system; (ii) improve the qualifications of the labor force through the institutional upgrading of the vocational training system; (iii) enhance the country’s investment climate by simplifying procedures for closing firms and promoting a level playing field for private investors; and (iv) strengthen the performance of public utilities in the energy and air transportation sectors. Has the Program Development Objective been changed since Board Approval of the Program? Yes No Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Implementation Status Overview Public Disclosure Copy Program has been successfully implemented. Results Results Indicators Page 1 of 5 The World Bank Report No: ISR9879 Indicator Name Core Unit of Measure Baseline Current End Target Unit revenues as measured by passenger seat- Number Value 606.00 783.00 779.00 kilometer (ECV) Date 31-Dec-2009 31-Dec-2011 31-Dec-2011 Public Disclosure Copy Comments Yield as measured by passenger -kilometer Number Value 7.23 8.20 (ECV) Date 31-Dec-2009 31-Dec-2012 Comments Direct operating costs, excluding fuel, per Number Value 7.67 7.91 2.85 passenger seat-kilometer (ECV) Date 31-Dec-2009 31-Dec-2011 31-Dec-2011 Comments Renewable energy (as percent of total power Percentage Value 3.00 30.00 18.00 generated) Date 31-Dec-2010 31-Dec-2012 31-Dec-2011 Comments Power generation capacity (in megawatts) Megawatt Value 90.00 84.00 110.00 Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Comments >110 Technical and non technical losses (as percent Percentage Value 26.50 27.00 25.00 of megawatts generated) Date 31-Dec-2010 31-Dec-2011 31-Dec-2012 Comments <25 ELECTRA’s debt service coverage ratio Number Value 0.70 1.10 Date 31-Dec-2009 31-Dec-2012 Comments Number of Municipal Development Plans Number Value 1.00 14.00 22.00 (PDMs) homologated (cumulative) Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Comments Number of Regional Plans for Territorial Number Value 1.00 7.00 10.00 Public Disclosure Copy Organization (EROT) homologated Date 31-Dec-2009 31-Dec-2011 31-Dec-2011 (cumulative) Comments Cost of property registration Number Value 7.60 3.70 4.00 Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Comments ≤4.0 Recovery rate by claimants (creditors, Percentage Value 0.00 0.00 40.00 employees, govt.) from insolvent firms (cents Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 per dollar owed) Comments Page 2 of 5 The World Bank Report No: ISR9879 Average number of years to close a business Years Value 2.00 Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Comments ≤2 Public Disclosure Copy Weighted average by assets of the capital Percentage Value 10.70 13.40 12.00 adequacy ratio (Basel 1) of banks (percent). Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Comments >12 New tax incentive system adopted Yes/No Value No Yes Yes Date 31-Dec-2010 31-Dec-2012 31-Dec-2012 Comments Net FDI flows (as percent of GDP) Percentage Value 7.50 3.40 8.50 Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Comments Number of students enrolled Number Value 4500.00 1500.00 6000.00 Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Comments Number of institutions accredited by the Number Value 0.00 22.00 22.00 Ministry of professional training / TVET System Date 31-Dec-2009 31-Dec-2011 31-Dec-2011 Comments % of project and program for which indicators Percentage Value 100.00 100.00 are tracked by the M&E system. Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Comments Number of municipalities included in the Number Value 15.00 22.00 22.00 Municipal Information System Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Comments Number of ministries restructured Number Value 5.00 13.00 15.00 Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Public Disclosure Copy Comments Number of audits prepared by the Regulatory Number Value 0.00 10.00 10.00 Agency for Public Acquisitions (ARAP) Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Comments >10 >10 Number of staff trained under the strategic plan Number Value 0.00 401.00 400.00 of Public Procurement Directorate (DSCP) Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 capacity building Comments Page 3 of 5 The World Bank Report No: ISR9879 Number of municipalities, embassies and Number Value 19.00 12.00 28.00 institutes audited by the court of auditors (TdC) Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Comments Public Disclosure Copy Number of years between budget execution Years Value 3.00 2.00 2.00 and completion of audits Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Comments Number of years to submit the General Years Value 3.00 1.00 1.00 Accounts of the State to the Court of Accounts Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Comments <1 <1 Remaining government arrears (percent of total Percentage Value 15.00 0.00 0.00 arrears assumed in 2005) Date 31-Dec-2009 31-Dec-2012 31-Dec-2012 Comments Data on Financial Performance (as of 10-Apr-2013) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P122669 IDA-50520 Closed 26-Jun-2012 29-Jun-2012 24-Jul-2012 31-Dec-2012 31-Dec-2012 Disbursements (in Millions) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P122669 IDA-50520 Closed XDR 7.90 7.90 0.00 7.90 0.00 100.00 Tranches Tranche 1 Public Disclosure Copy Amount (USD) Expected Release Date Actual Release Date Status 0 Pending Released Key Decisions Regarding Implementation ICRR will be publicly disclosed upon the relevant clearances. Restructuring History There has been no restructuring to date. Page 4 of 5 The World Bank Report No: ISR9879 Related Operations P113306-Cape Verde - DPL 1/PRSC V, P121812-Cape Verde - DPL 1/PRSC VI, P122669-CV-DPL 3-PRSC VII Public Disclosure Copy Public Disclosure Copy Page 5 of 5