The World Bank Implementation Status & Results Report Djibouti: Governance for Private Sector Development and Finance Project (P146250) Djibouti: Governance for Private Sector Development and Finance Project (P146250) MIDDLE EAST AND NORTH AFRICA | Djibouti | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2014 | Seq No: 12 | ARCHIVED on 08-Feb-2020 | ISR40353 | Implementing Agencies: Min of Finance, Agence National de Promotion des Investissements (ANPI), ANPI Key Dates Key Project Dates Bank Approval Date: 23-Jun-2014 Effectiveness Date: 12-Mar-2015 Planned Mid Term Review Date: 08-Mar-2018 Actual Mid-Term Review Date: 08-Mar-2018 Original Closing Date: 31-Dec-2019 Revised Closing Date: 31-Dec-2020 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective is to help improve Djibouti's business environment. Has the Project Development Objective been changed since Board Approval of the Project Objective? Yes Board Approved Revised Project Development Objective (If project is formally restructured) To improve the efficiency of business regulation and establish an automated National Payment System. Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions Overall, implementation performance is moderately satisfactory with 69% of the credit disbursed as of December 2019. The targets of 4 out of 7 intermediate indicators have been met.. Disbursements are expected to accelerate, with the implementation the ATS+ actively underway (equipment are expected to be delivered in the first quarter of 2020). On Doing Business (DB), reforms have been adopted in several areas of the DB report. As a result, the country was ranked among the top reformers in the last DB report. 2/8/2020 Page 1 of 7 The World Bank Implementation Status & Results Report Djibouti: Governance for Private Sector Development and Finance Project (P146250) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- High High Macroeconomic -- Substantial Substantial 2/8/2020 Page 2 of 7 The World Bank Implementation Status & Results Report Djibouti: Governance for Private Sector Development and Finance Project (P146250) Sector Strategies and Policies -- Substantial Substantial Technical Design of Project or Program -- Moderate Moderate Institutional Capacity for Implementation and -- High High Sustainability Fiduciary -- Substantial Substantial Environment and Social -- Low Low Stakeholders -- Substantial Substantial Other -- Moderate Moderate Overall -- Substantial Substantial Results PDO Indicators by Objectives / Outcomes establish an automated National Payment System IN00796360 ►Transactions processed through the Automated Transfer System (ATS) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 20-Sep-2016 15-Dec-2019 20-Dec-2019 31-Dec-2020 The contract for the ATS+ has been signed. The service provider has begun implementation in mid-May 2019. Comments: To improve the efficiency of business regulation IN00796371 ►Avg. no of days to create a business (Days, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 17.00 14.00 14.00 3.00 Date 15-Jan-2014 15-Nov-2019 20-Dec-2019 31-Dec-2020 IN00796372 ►Avg. no of days to register a (Days, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 39.00 24.00 24.00 10.00 Date 15-Jan-2014 15-Dec-2019 20-Dec-2019 31-Dec-2020 2/8/2020 Page 3 of 7 The World Bank Implementation Status & Results Report Djibouti: Governance for Private Sector Development and Finance Project (P146250) Intermediate Results Indicators by Components Investment Climate reforms IN00796374 ►Enterprises registered per year (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 150.00 1,402.00 1,402.00 1,200.00 Date 15-Jan-2014 13-Dec-2019 20-Dec-2019 31-Dec-2020 Data will be updated asap. Comments: IN00796376 Of which led by women (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 30.00 220.00 220.00 140.00 Date 15-Jan-2014 13-Dec-2019 20-Dec-2019 31-Dec-2020 IN00796377 ►Property titles digitized (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 80.00 Date 15-Jan-2014 13-Dec-2019 20-Dec-2019 31-Dec-2020 data provided by the Land registry. Needs to be confirmed by DB. Comments: IN00796379 ►Adoption of legal and regulatory texts (new or revised) taken into account by the Doing Business report (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 10.00 10.00 10.00 Date 15-Jan-2014 13-Nov-2019 20-Dec-2019 30-Dec-2020 Since DB 2019, two new laws have been adopted: (i )Djibouti strengthened minority investor protections by increasing corporate transparency; (ii) Djibouti made resolving insolvency easier by facilitating the commencement of proceedings and increasing the effectiveness of court processes. Comments: IN00796380 ►Magistrates trained in resolution of commercial disputes (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target 2/8/2020 Page 4 of 7 The World Bank Implementation Status & Results Report Djibouti: Governance for Private Sector Development and Finance Project (P146250) Value 0.00 4.00 4.00 10.00 Date 15-Jan-2014 13-Nov-2019 20-Dec-2019 31-Dec-2020 Training in Morocco Comments: IN00796381 ►Users satisfied with the functioning of the One Stop Shop (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 60.00 Date 28-Sep-2016 13-Dec-2019 20-Dec-2019 31-Dec-2020 The OSS is being restructured. A survey will be carry out after the restructuring Comments: IN00796382 ►Commercial Chamber Decisions Published on the Website (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 95.00 Date 15-Jan-2014 13-Dec-2019 20-Dec-2019 31-Dec-2020 President of the Tribunal de Premiere Instance informed the Bank team in December 2019 that the Comments: publication of the decision will start Establishment of an Automated National Payment System IN00796373 ►Establishment of primary data center for the national payment system (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 28-Sep-2016 30-Apr-2019 20-Dec-2019 31-Dec-2020 IN00796375 ►Average Settlement time for credit transfers (Days, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 0.50 Date 28-Sep-2016 30-Apr-2019 20-Dec-2019 31-Dec-2020 IN00796378 Average settlement time for checks (Days, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2.00 2/8/2020 Page 5 of 7 The World Bank Implementation Status & Results Report Djibouti: Governance for Private Sector Development and Finance Project (P146250) Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P146250 IDA-55180 Closed USD 2.00 2.00 0.00 1.81 0.00 100% P146250 IDA-59350 Effective USD 5.10 5.10 0.00 3.10 2.18 59% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P146250 IDA-55180 Closed 23-Jun-2014 06-Nov-2014 12-Mar-2015 31-Dec-2019 31-Dec-2019 P146250 IDA-59350 Effective 14-Dec-2016 28-Dec-2016 20-Jun-2017 31-Dec-2020 31-Dec-2020 Cumulative Disbursements 2/8/2020 Page 6 of 7 The World Bank Implementation Status & Results Report Djibouti: Governance for Private Sector Development and Finance Project (P146250) Restructuring History Level 2 Approved on 26-Jun-2018 Related Project(s) P158952-Governance for Private Sector and Finance Development Additional Fin. 2/8/2020 Page 7 of 7