This paper addresses the role of market remoteness in explaining maize price volatility in Burkina Faso. A model of price formation is introduced to demonstrate formally that transport costs between urban and rural markets exacerbate maize price volatility.
... Voir la suite Empirical support is provided to the proposition by exploring an unusually rich data set of monthly maize price series across 28 markets over 2004-13. The methodology relies on an autoregressive conditional heteroskedasticity model to investigate the statistical effect of road quality and distance from urban consumption centers on maize price volatility. The analysis finds that maize price volatility is greatest in remote markets. The results also show that maize-surplus markets and markets bordering Côte d'Ivoire, Ghana and Togo have experienced more volatile prices than maize-deficit and non-bordering markets. The findings suggest that enhancing road infrastructure would strengthen the links between rural markets and major consumption centers, thereby also stabilizing maize prices.
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Document de travail de recherche sur les politiques WPS7202 FEB 25, 2015
The objective of the Partial Risk Sharing Facility for Energy Efficiency (PRSF) Project is to assist India in achieving energy savings with mobilization of commercial finance and participation of energy service companies.
... Voir la suite This project consists of two components. The first component supports establishing and operating the Facility to provide Sub-Guarantees to Sub-Financiers and developing energy efficiency markets through end-to-end solutions and measurement and verification (M&V) activities. The partial risk sharing facility for energy efficiency is managed by Small Industries Development Bank of India (SIDBI), funded from a Global Environment Facility (GEF) contribution and backstopped by a Clean Technology Fund (CTF) Guarantee, in the form of contingent finance. Component two supports technical assistance, capacity building, and operations support comprising, among other things, the following activities: i. Carrying out market development, Project management, awareness building, and outreach to beneficiaries and stakeholders. ii. Undertaking legal due diligence and dispute resolution involving Sub-Projects. iii. Developing and maintaining the Facilitys website and online presence; a management information system; and other reporting systems. iv. Developing standard appraisal and transaction documents, reporting templates, energy efficient guidelines, strengthening Project report generation, capacity building and training, and online support. v. Providing technical assistance and capacity building for Participating Financial Institutions, Energy Service Companies, and Beneficiaries. The above two components are designed to strengthen the market-driven energy efficiency ecosystem conditions necessary for addressing EE market barriers and development objectives identified in Section II. Both SIDBI and Energy Efficiency Services Limited (EESL) are leading institutions in India in the area of energy efficiency (EE) financing and EE and energy service companies (ESCO) market development.
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Document d’évaluation du projet PAD980 FEB 25, 2015
The objective of the Real Estate Management Project is to improve the efficiency, transparency, accessibility and reliability of Serbia’s real property management systems.
... Voir la suite There are four components to the project, the first component being valuation and property taxation. This component includes improving the system for annual property taxation through: (i) developing a sales price registry for real estate; (ii) developing software to process data from the sales price registry; (iii) developing and accessing a mass appraisal pilot program on property tax rolls and collection procedures in local governments units; and (iv) establishing a building registry; and improving the real estate valuation framework through, improving the quality of education for valuers; and adopting internationally recognized standards for valuation. The second component is the e-governance for enabling access to real estate information. This component will support provision of works, goods, consultants’ services, and non-consulting services to improve e-governance for enabling access to real estate information. The third component is the institutional development of the RGA. This component will support provision of goods, consultants’ services, and non-consulting services to improve RGA’s institutional development. Finally, the fourth component is the project management and support activities.
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Document d’évaluation du projet PAD955 FEB 23, 2015
This is the Executive Directors Strategic Engagements Work Program and papers to be circulated from March 2015. Included in the report are checklists of action items.
... Voir la suite The lists are separated by FY15 QIII, FY15 QIV and FY16 Q1.
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The development objective for the Tenth Poverty Reduction Support Credit Project for Benin is to boost real economic growth, reduce poverty and increase opportunities for equitable growth.
... Voir la suite The PRSC-10 will focus its support on two critical objectives: (i) Promoting good governance and high-quality public financial management; and (ii) Strengthening private-sector competitiveness. The first objective of the proposed operation supports specific measures to improve PFM in the context of a broader effort to promote good governance and public-sector accountability. The second objective of the proposed operation supports measures aimed at strengthening private-sector competitiveness. The operation will directly support implementation of the SCRP III by focusing on the Governments stated priorities and building on past PRSC operations. The objectives of this credit are in line and build off of Benins current Growth for Poverty Reduction Strategy which include five main pillars. Pillar 1 (Accelerating Economic Growth) is a response to Benins low economic growth rate. Authorities are accelerating reforms to improve the business and investment climate. Pillar 2 (Infrastructure Development) identifies five priority types, which include: (i) transportation infrastructure; (ii) energy; (iii) information and communication technology; (iv) water and sanitation; and (v) housing and urban development. Pillar 3 (Strengthening Human Capital and Social Protection) recognizes the need to strengthen human capital not only as a matter of public welfare, but also as a fundamental prerequisite for sustaining medium- and long-term economic growth. Pillar 4 (Promoting Good Governance) the governments commitment to good governance and public-sector reform by advancing the countrys reform agenda. Pillar 5 (Fostering Balanced and Sustainable Regional Development) seeks to cultivate local resources and reduce spatial inequalities in the provision of infrastructure and services, through a program of administrative decentralization, targeted regional development, and enhanced environmental protection.
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The Disaster Risk Management Development Policy Loan for El Salvador received a satisfactory outcome rating with low or negligible risk to development outcome.
... Voir la suite The Bank received a moderately satisfactory performance rating while the Borrower received a satisfactory performance rating. There were no restructurings or any significant changes to PDO, indicators, or components during the life of this project. Key lessons learned from this project include five overarching ideas. (1) The effectiveness of the CAT DDO as a source of liquidity after an emergency depends on the detailed identification of the procedures and responsibilities of the Borrower and the Bank to trigger and process the disbursement. (2) The policy dialogue on DRM could be made more efficient by improving the indicators of the policy matrix. (3) Reporting responsibilities and monitoring arrangements should be agreed with the Borrower in the early stages of the operation to improve the effectiveness and monitoring of the policy measures supported by the DPL. (4) Close Bank supervision is also important to support a successful policy dialogue and DRM outcomes. (5) Finally, the Bank should aim to ensure that the Borrower understands the financial aspects of the CAT DDO instrument, and the consequences of the different options available in relation to interest rates, repayment, and renewal.
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Bilan de fin d’exécution et de résultats ICR3308 FEB 18, 2015
The Port-Au-Prince Neighborhood Housing Reconstruction Project for Haiti seeks to restructure the project. The restructuring includes: (i) a reallocation of grant proceeds between categories to support the prioritization of investments; and, (ii) a 12-month extension of the closing date to provide time to complete priority large investments and consolidate achievement of the PDO, at the request of the Government of Haiti (GoH), in a letter signed by the Minister of Economy and Finance.
... Voir la suite Intermediary indicator target values will be updated to reflect the prioritization of investments in the housing subcomponent. The proposed restructuring is being processed as a Level II restructuring, as the suggested adjustments do not affect the Project Development Objective (PDO). The objective of the Project is to help residents of Selected Port-au-Prince Neighborhoods severely affected by the Earthquake return to their communities by supporting them to repair and/or reconstruct their houses and/or return to improved housing conditions and improving basic community service infrastructure.
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This study starts with a brief analysis of which firms are the main net job creators in Ethiopia and then focuses on the financing constraints of Ethiopian MSMEs as one of the key obstacles to job creation and growth.
... Voir la suite In doing so, the study uses two demand-side surveys (the Ethiopia Survey of Large and Medium Scale Manufacturing Industries LMMIS, an unbalanced panel composed of about 6,000 firms with at least 10 employees which allows for a study of firm dynamics from 2000 through 2011 and the World Banks Enterprise Survey (ES) that was conducted between July 2011 and July 2012 and includes 794 firms which allows for the additional examination of the services sector, microenterprises, and a more detailed understanding of firm experiences with respect to access to finance) and an ad-hoc supply side survey administered to 16 financial institutions, including the major public and private sector commercial banks and microfinance institutions, covering over 90% of the total assets in the banking and microfinance sector. This survey allowed collecting data on the actual involvement of financial institutions with MSMEs, their perception of potential public policy approaches to enhance MSME access to finance and the adequateness of their current business models. The combination of both demand-side and supply-side analysis allows to gain a full picture of MSME finance practices in Ethiopia by connecting information on firm experiences with the reporting of financial institutions on their business practices. While there was already anecdotal evidence that small firms were lacking proper access to finance in Ethiopia, the value added of this study is to provide accurate empirical evidence of the existence of a missing middle phenomenon.
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This restructuring of the Lesotho Integrated Transport Project seeks a simple reallocation across four categories in the Annex 1 of the Amendment to the Financing Agreement dated September 14, 2012: Section IV.A.2 of schedule 2 to the original Financing Agreement.
... Voir la suite This reallocation reflects the greater than expected expenditure requirements on Supervision Consultancy Services for the rehabilitation of the Nyenye-Makhoroana-Road under Category (3), and the reduced requirements under Categories (1), (2) and (4); Civil Works, Goods and Operating Costs respectively. The original intention was to undertake routine and periodic maintenance activities only on this road link. However, the design studies showed that the road deteriorated significantly and that rehabilitation would be the most efficient option. Due to the increased civil works costs, the Client divided the works into two Lots with the Bank supporting one Lot only and Government financing the second Lot in full from own resources.
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These are the meeting minutes of the Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA on February 5, 2015. The bulk of the minutes discuss approval and project related topics given by the various boards to projects.
... Voir la suite The minutes are divided chronologically by meeting time, which also coincides with the order the different WBG divisions presented. There are three separate meetings within these minutes and each lists the extent of the meeting and who was in attendance.
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The restructuring of the Jilin Agricultural Product Quality and Safety Project for China consists of reallocating part of the loan proceeds among expenditure categories and adjusting the disbursement rate for civil works, based on the request submitted by the client.
... Voir la suite The reallocation is necessary to account for the following changes: a) the appreciation of the CNY vs the USD since the time of project appraisal; b) the escalation in the cost of building materials and labor; and c) the increase in the cost due to the difference between the actual detailed designs and the indicative estimates made during project preparation. The restructuring would help the PMOs complete project activities prior to project closure and would contribute to achieving the overall project development objective.
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Millions of coffee farmers and coffee trading enterprises lack sufficient credit. This is partly due to myriad challenges and considerable costs that formal lending institutions face serving rural, often isolated markets.
... Voir la suite A better understanding of coffee sector risks is needed to respond with strategies, training, and tools that can help farmers and enterprises, mitigate their exposure to risk, and strengthen their resilience against inevitable shocks. This report explores the role that producer associations, governments, non-profit organizations, the private sector, and other intermediaries can play in making risk management and financing tools more accessible and more workable for smallholder coffee growers. It examines the global coffee sector and outlines: (1) major risks and constraints facing the sector; (2) potential opportunities for improving the management of certain risks; and (3) programs launched in various regions aimed at improving access to finance. Through the use of detailed case studies taken from a number of coffee-producing countries, this report seeks to demonstrate: how risks can arise that adversely impact on the coffee sector and those working within the sector; how risks can be better managed so that the sector is able to improve its resilience; how financing constraints can be overcome through a variety of innovative approaches; and how there are potential opportunities to both improve risk and access to finance in a coordinated manner. This report highlights the need for collaboration among all stakeholders within the coffee sector, both nationally and globally. The final two cases demonstrate a virtuous circle of improved risk management that generates improved access to finance, which itself facilitates further improvements in risk management. To this end, this report considers the global coffee supply chain and the actors operating within it, and demonstrates, through the use of selected case studies, how collaborative efforts by actors and stakeholders can improve risk management and access to finance. It shows how risks can be mitigated and or transferred between supply chain actors, and how coping can be facilitated through cooperative arrangements for when risks arise.
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Document de travail 93923 FEB 02, 2015
Parizat,Roy; Van Hilten,Hein Jan; Tressler,Erin Genevieve; Wheeler, Michael; Nsibirwa,Robert Waggwa; Morahan,Rebecca; Modelo Ruiz,Josep Manel; De Smet,Jan; Pineda Pinto,David Fernando
The objective of the MSME Growth Innovation and Inclusive Finance Project in India is to improve access to finance of MSMEs in manufacturing and service sectors from early to growth stage, including through innovative financial products.
... Voir la suite The higher level objective is to support growth and employment creation through unlocking opportunities for firm growth that the financing would provide. This project is made up of three components. Component 1 (Spurring Early Stage and Risk Capital Financing) will support pioneering early stage debt financing (including angel and early stage venture debt) and also support risk capital financing to MSMEs. Indias dynamic early stage ecosystem will be supported by debt from SIDBI (and other PFIs that may be interested) to startups and early stage MSMEs. Component 2 (Supporting Service Sector Financing Models) will support products offered by PFIs and SIDBI which are better tailored for the services sector. These include SIDBIs recently introduced products, which are a small part of SIDBIs balance sheet at present but represent products that have the potential to grow. Among them is the introduction and scale up of innovative models of financing with customized appraisal parameters that rely on business viability and cash flow assessment (rather than typical models that rely on collateral as a primary criterion for eligibility). Component 3 (Supporting Finance to Manufacturing MSMEs) will support various manufacturing sector financing products, including the introduction of new financial products and/or financing mechanisms for the manufacturing sector. The project will also support sustainable improvements in manufacturing MSMEs, through promotion of better management practices that will support their competitiveness in India but also globally. Several activities can be envisaged, such as: (i) Loan Extension Services (LES) to MSMEs: for those MSMEs that are interested (particularly relevant for more energy consuming firms), the parallel TA will support a quick opportunity assessment (for example energy efficiency (EE), audit) for overall improvement of the MSME unit; and (ii) Models of cluster financing.
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Document d’évaluation du projet PAD1211 FEB 02, 2015
The revised project development objective for the Housing Finance Project of Tanzania is to facilitate the development of the housing finance market through the provision of medium and long-term liquidity to lenders.
... Voir la suite The additional financing of US$60 million equivalent will be allocated across the three existing components, and will also cover Project Management costs. Component 1 will include US$40 million to be extended to TMRC so that it can continue to provide a reliable source of longer-term funds to mortgage lenders. A key aspect of this component will be continued assistance in securing a long term funding source for TMRC, including bond issuance or alternative financing, building on the ongoing technical assistance program. The project will support a gradual move from IDA funded financing to full market priced bond financing, by blending the two sources of funding. In order to encourage TMRC to become financially sustainable by project closing, a disbursement mechanism will be introduced whereby TMRC would have access to US$10 million to be allocated on a 1:1 basis following bond issuance. Component one will also support technical assistance activities in the amount of US$800,000 consistent with the component's objective of contributing to the development of the mortgage market, including (i) hiring a resident accountant for TMRC bond issuance; (ii) review options for moving mortgages down-market; and (iii) housing finance education (which would continue to support consumer financial literacy and dissemination activities throughout the AF period). Component two will include US$15 million to scale up the HMFF pilot as well as the following technical assistance activities amounting to US$500,000: (i) Training and capacity building on HMF; (ii) Supply of IT Equipment for the HMFF. Component 3 will consist entirely of technical assistance activities amounting to US$2.3 million including: (i) feasibility study for establishing options for enhancing operational efficiency and effectiveness of real estate professions in Tanzania; (ii) guidelines and standards for low income housing; (iii) setting up a Housing Information Center; (iv) ICT resources requirements for Watumishi Company Limited Design Team; and (v) Strengthening the National Housing and Building Research Agency.
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The Vietnam-Local Development Investment Funds Project lays out the following restructuring: to trigger the Operational Policy (OP) 7.50 Projects on International Waterways to the project investments, as the project comprises of subproject(s) that involve the use of international waterways.
... Voir la suite The triggering of OP 7.50 will require making some revisions in the project appraisal document. The purpose is to expand the water treatment capacity by an additional 45,000 cubic meters per day. It is also noted that the sub-project will need to follow an established financial mechanism under the Project that sub-projects are eligible for retroactive financing only during a maximum period of twelve months from the date of signing of the subsidiary loan agreement between Ministry of Finance and the Local Development Investment Funds Project (LDIF).
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Farmers in developing countries face a wide array of risks. Yet they often lack formal financial instruments to protect against risks. This paper examines the impact on consumption, investment, and welfare of the separate provision of three financial products: weather insurance, savings, and credit.
... Voir la suite The paper develops a dynamic stochastic mode to capture the essential features of the lives of West African rural households. The model is calibrated with data from farmers in Burkina Faso and Senegal, to assess quantitatively the effects of three policy interventions. For each intervention the analysis first considers a benchmark scenario that abstracts from the flaws that affect each instrument; later the assumptions are relaxed. Weather insurance offers the largest welfare gains at each level of wealth, although the gains are significantly reduced by introducing a multiple on the insurance premium. Over time, however, savings can lead to substantial gains, higher than those achievable by unsubsidized weather insurance.
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Document de travail de recherche sur les politiques WPS7187 FEB 01, 2015