The World Bank Report No: ISR15030 Implementation Status & Results Bulgaria Strengthening the National Trust Eco-Fund's Financing and Implementation Capacity (P118427) Public Disclosure Copy Operation Name: Strengthening the National Trust Eco-Fund's Financing and Project Stage: Implementation Seq.No: 4 Status: ARCHIVED Archive Date: 14-Jun-2014 Implementation Capacity (P118427) Country: Bulgaria Approval FY: 2011 Product Line: Institutional Development Fund Region: EUROPE AND CENTRAL ASIA Lending Instrument: Implementing Agency(ies): Key Dates Board Approval Date 15-Apr-2011 Original Closing Date 08-Dec-2014 Planned Mid Term Review Date 24-Nov-2013 Last Archived ISR Date 03-Feb-2014 Effectiveness Date 14-Mar-2012 Revised Closing Date 08-Dec-2014 Actual Mid Term Review Date 12-Nov-2013 Project Development Objectives Project Development Objective (from IDF Proposal) The development objective of the proposed grant is to strengthen the strategic planning, management, and technical capacity of the Bulgarian National Trust EcoFund (NTEF), which will result in: (i) improved capacity to identify and appraise (GHG emissions-reducing) projects to be financed through the selling on the international carbon market of the country's 290 million Assigned Amount Units (carbon credits); (ii) improved quality of project proposals and documentation required for EU financing; and (iii) increased participation in the EU Emissions Trading Scheme. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost New institutional positioning of the National Trust EcoFund 0.17 Improve the capacity of its Board of Directors, staff and pool of experts 0.03 Overall Ratings Public Disclosure Copy Previous Rating Current Rating Progress towards achievement of PDO Moderately Unsatisfactory Moderately Unsatisfactory Overall Implementation Progress (IP) Moderately Unsatisfactory Moderately Unsatisfactory Overall Risk Rating Substantial Substantial Implementation Status Overview The implementation of the work program of the project is running behind schedule, mostly because of the delay with the approval of the new Climate Change Act (CCA) in Bulgaria, which would stipulate NTEF’s mandate and functions, and which was finally adopted in April 2014. Since the CCA provides for relatively limited mandate and functions for NTEF, now a secondary legislation is expected to define whether NTEF will be given a more important role in spending revenues from EU ETS (including aviation) for GHG-reducing projects. Page 1 of 4 The World Bank Report No: ISR15030 Some progress has been made on the grant implementation and all activities could still realistically be completed by the closing date of the project. The main activity under the project, which is development of Strategy and Action Plan for NTEF is in progress. The rest of the activities are also underway or planned. The overall successful implementation of the project is dependent on close cooperation between NTEF and the Ministry of Environment and Water (MoEW) for developing the vision for NTEF future role and functions, as well as for performing the planned activities on time and according to the updated time schedule. Public Disclosure Copy Locations No Location data has been entered Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target NTEF is in new institutional position Text Value NTEF does not have vision The Contract for the NTEF Strategy 2012-2020, Action and strategy for its strategy and action plan was plan 2012-2014 and three development after the signed in end June 2013 and elements of it implemented completion of the SWAP under implementation.The agreement new Climate Change law sets the framework of new NTEF activities, but secondary legislation is expected to provide the detailed framework for future NTEF operation. The project would support NTEF in its new role, as soon as it is clearly defined. Date 01-Mar-2011 22-May-2014 14-Mar-2015 Comments Training and capacity building Text Value Key staff lack training in Training activities not yet Five members of the staff and Green Investment Scheme launched due to delays members of the BoD appraisal methodology and related to the agreement implementing Green World Bank procurement reached to wait for the results Investment Scheme appraisal Public Disclosure Copy procedures from the first draft ofthe methodology and World Bank Strategy and the new procurement procedures functions for NTEF in the new Climate Change draft. Date 02-May-2011 22-May-2014 14-Mar-2015 Comments Page 2 of 4 The World Bank Report No: ISR15030 Increased demand for NTEF services Text Value Currently there are no web- The progress under this Number of web-based based applications for Green indicator will be reviewed with applications for Green Investment Scheme currently a view of the new activities Investment Scheme reaches assigned to NTEF by the ten the first year Public Disclosure Copy secondary legislation under the new Climate Change law, adopted in April 2014 Date 01-Mar-2011 22-May-2014 14-Mar-2015 Comments Data on Financial Performance (as of 31-Oct-2012) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P118427 TF-99613 Effective 15-Sep-2011 08-Dec-2011 14-Mar-2012 08-Dec-2014 08-Dec-2014 Disbursements Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P118427 TF-99613 Effective USD 0.20 0.20 0.00 0.06 0.14 30.00 Disbursement Graph Public Disclosure Copy Page 3 of 4 The World Bank Report No: ISR15030 Key Decisions Regarding Implementation After the CCA was adopted in April 2014, the NTEF new functions and mandate are expected to be defined by a secondary legislation (Council of Ministers Decree) under the CCA. Following the CoM Decree, the scope of the future role of NTEF will become more clear. The project would support NTEF to prepare for these new functions through its capacity building activities which are currently put on hold, before a clearer mandate for the fund is outlined by the legislation. Public Disclosure Copy Restructuring History There has been no restructuring to date. Related Projects There are no related projects. Public Disclosure Copy Page 4 of 4