The World Bank Report No: ISR10243 Implementation Status & Results Pakistan Karachi Port Improvement Project (P112902) Public Disclosure Copy Operation Name: Karachi Port Improvement Project (P112902) Project Stage: Implementation Seq.No: 5 Status: ARCHIVED Archive Date: 17-May-2013 Country: Pakistan Approval FY: 2011 Product Line: IBRD/IDA Region: SOUTH ASIA Lending Instrument: Specific Investment Loan Implementing Agency(ies): Karachi Port Trust Key Dates Board Approval Date 09-Sep-2010 Original Closing Date 31-Dec-2015 Planned Mid Term Review Date 24-Sep-2013 Last Archived ISR Date 01-Dec-2012 Effectiveness Date 15-Jul-2011 Revised Closing Date 31-Dec-2015 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective (PDO) is to replace the lost port capacity and reduce shipping costs to the Pakistan economy through the reconstruction of the failed berths at Karachi Port and increasing the effectiveness and efficiency of port operations and enhancing environmental sustainability. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Component A: Reconstruction of Berths 15 to 17A 112.00 Component B: Institutional strengthening 3.80 Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Public Disclosure Copy Overall Implementation Progress (IP) Moderately Satisfactory Satisfactory Overall Risk Rating Low Implementation Status Overview After initial delays, the project is making steady progress. The civil works Contractor is fully mobilized at site, with the requisite machinery and manpower in place. Most of the demolition and removal of existing structure has been completed. The Contractor has completed 314 out of 444 anchor wall piles, and 352 meters anchor beam out of 922 meters. Contractor has also started work on the quay wall, with 4 out of 444 quay wall piles completed. Contractor had achieved 13% physical progress against 15% planned as per the latest work schedule. The rate of progress is expected to pick up further in the coming month once other activities are started. Supervisory Consultant is also fully mobilized at site, and carrying out the requisite QA/QC of contractor's work. Page 1 of 4 The World Bank Report No: ISR10243 Only one procurement activity is remaining i.e. the selection of the Institutional development consultant to develop a strategic development plan and business plan for KPT. This procurement is in final stages of completion. A noteworthy achievement is KPT’s financial statements for FY10 have been prepared in accordance with International Financial Report Standards (IFRS), and going forward all Public Disclosure Copy future financial statements and audits will be IFRS compliant. Hence KPT will achieve this milestone well before the target date of end 2015. A consultant was appointed to perform a gap analysis in respect of standards being followed for presentation of KPT’s financial statements and IFRSs. The exercise is nearing completion and recommendations expected by end June. A Consultant firm has been selected for supporting the design and implementation of an environmental management system (EMS) in KPT, and expected to mobilize by early May 2013 to start their assignment. Locations Country First Administrative Division Location Planned Actual Pakistan Sindh Karachi Shipyard Results Project Development Objective Indicators Indicator Name Core Unit of Measure Baseline Current End Target Reduction in waiting to service time ratio Number Value 0.54 0.00 0.35 Date 01-Jul-2010 19-Apr-2013 31-Dec-2015 Comments PDO Indicators will be available after berths become operational Improvement in occupancy rate of project Percentage Value 74.00 0.00 50.00 berths Date 01-Jul-2010 19-Apr-2013 31-Dec-2015 Comments Average occupancy of project PDO Indicators will be The end of target range is berths before collapse was available after berths become between 45% to 55% 74% operational Increase in berth throughput, tons per berth per Metric ton Value 0.00 0.00 1125000.00 Public Disclosure Copy year Date 01-Jul-2010 19-Apr-2013 31-Dec-2015 Comments PDO Indicators will be End of target value is the available after berths become optimum capacity of each operational berth Intermediate Results Indicators Page 2 of 4 The World Bank Report No: ISR10243 Indicator Name Core Unit of Measure Baseline Current End Target Reconstruction of berths 15, 16, 17 & 17A, Percentage Value 0.00 13.00 100.00 quay wall of 922 meters and backyard facilities Date 01-Jul-2010 31-Mar-2012 31-Dec-2015 Public Disclosure Copy completed Comments Reconstruction work underway. KPT#s Five-year Business Plan developed and Text Value No five-year Business Plan No five-year Business Plan Key short-term key short-term recommendations implemented recommendations implemented Date 01-Jul-2010 19-Apr-2013 31-Dec-2015 Comments Proposals received form shortlisted firms. Evaluation of Technical Proposals completed, and Report forwarded to Bank for review on April 17, 2013 KPT#s audits fully complying with International Text Value Partial compliance with IFRS Full compliance with IFRS Full compliance with IFRS Financial Reporting Standards (IFRS) Date 01-Jul-2010 31-Mar-2013 31-Dec-2015 Comments Gap analysis completed. FY10 audited statements being prepared in compliance with IFRS. Full compliance with IFRS expected by June 2013, i.e. before the target date. KPT complying with ISO 14001 environmental Text Value No compliance with ISO No compliance with ISO Compliance with ISO 14001 management 14001 14001 Date 01-Jul-2010 31-Mar-2013 31-Dec-2015 Comments Contract awarded to consultant firm. Work commencement is expected by early May 2013. Public Disclosure Copy Data on Financial Performance (as of 18-Apr-2013) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P112902 IBRD-79560 Effective 09-Sep-2010 24-Jan-2011 15-Jul-2011 31-Dec-2015 31-Dec-2015 Disbursements (in Millions) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed Page 3 of 4 The World Bank Report No: ISR10243 P112902 IBRD-79560 Effective USD 115.80 115.80 0.00 20.26 95.54 17.00 Disbursement Graph Public Disclosure Copy Key Decisions Regarding Implementation KPT to expedite the one remaining procurement. Restructuring History Level two Approved on 03-May-2011 Related Projects There are no related projects. Public Disclosure Copy Page 4 of 4