The World Bank Implementation Status & Results Report Pacific Resilience Program (P155256) Pacific Resilience Program (P155256) EAST ASIA AND PACIFIC | Vanuatu | Urban, Resilience and Land Global Practice | IBRD/IDA | Investment Project Financing | FY 2015 | Seq No: 9 | ARCHIVED on 12-Nov-2019 | ISR39262 | Implementing Agencies: Ministry of Finance and Economic Management, Government of the Republic of Vanuatu Key Dates Key Project Dates Bank Approval Date: 19-Jun-2015 Effectiveness Date: 25-Sep-2015 Planned Mid Term Review Date: -- Actual Mid-Term Review Date: Original Closing Date: 30-Nov-2020 Revised Closing Date: 30-Nov-2020 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) To strengthen the financial protection of Vanuatu. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Component 1: Strengthening Early Warning and Preparedness Component 2: Risk Reduction and Resilient Investments Component 3: Disaster Risk Financing:(Cost $1.50 M) Component 4: Project and Program Management Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions Vanuatu's participation and coverage under the Pacific Catastrophe Risk insurance program ended on October 31, 2018. With 97% of funding disbursed, no further disaster insurance coverage will be financed by the Project. Progress towards achieving the development objective and implementation progress have both been rated Satisfactory since November 2015, and the PDO is expected to be achieved. While no covered (insured) event has taken place in Vanuatu during the Project implementation period, under the pilot Pacific Catastrophe Risk Assessment and Financing Initiative, Vanuatu received a payment after Tropical Cyclone Pam in 2015, and Tonga (under the Pacific Resilience Program) received a payment after Tropical Cyclone Gita (2018), both within one month of the respective insured disasters (the PDO-level indicator for the Program is that “Participating PICs have received payment within a month of the occurrence of a covered 11/12/2019 Page 1 of 4 The World Bank Implementation Status & Results Report Pacific Resilience Program (P155256) (insured) event”). The regional catastrophe insurance pool has achieved premiums lower than the simulated price for a comparable coverage purchased individually in the market. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic Moderate Moderate Moderate Sector Strategies and Policies Substantial Substantial Substantial Technical Design of Project or Program Low Low Low Institutional Capacity for Implementation and Sustainability Substantial Substantial Substantial Fiduciary Substantial Substantial Substantial Environment and Social Low Low Low Stakeholders Moderate Moderate Moderate Other Substantial Substantial Substantial Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Improved financial resilience of Vanuatu to natural disasters IN00765316 ►Participating PICs have received payment within a month of the occurrence of a covered (insured) event (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 19-Jun-2015 25-Apr-2019 31-Oct-2019 30-Nov-2020 Intermediate Results Indicators by Components Component 3: Disaster Risk Financing IN00765317 ►The premiums are lower than the simulated price for a comparable coverage purchase individually in the market. (Yes/No, Custom) 11/12/2019 Page 2 of 4 The World Bank Implementation Status & Results Report Pacific Resilience Program (P155256) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 19-Jun-2015 25-Apr-2019 31-Oct-2019 30-Nov-2020 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P155256 IDA-56900 Effective USD 1.50 1.50 0.00 1.50 0.05 97% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P155256 IDA-56900 Effective 19-Jun-2015 04-Sep-2015 25-Sep-2015 30-Nov-2020 30-Nov-2020 Cumulative Disbursements 11/12/2019 Page 3 of 4 The World Bank Implementation Status & Results Report Pacific Resilience Program (P155256) Restructuring History Level 2 Approved on 05-Oct-2017 Related Project(s) There are no related projects. 11/12/2019 Page 4 of 4