The World Bank Report No: ISR7454 Implementation Status & Results Afghanistan Financial Sector Rapid Response Project (P119047) Public Disclosure Copy Operation Name: Financial Sector Rapid Response Project (P119047) Project Stage: Implementation Seq.No: 2 Status: ARCHIVED Archive Date: 23-Jul-2012 Country: Afghanistan Approval FY: 2012 Product Line: IBRD/IDA Region: SOUTH ASIA Lending Instrument: Specific Investment Loan Implementing Agency(ies): Da Afghanistan Bank Key Dates Board Approval Date 25-Aug-2011 Original Closing Date 30-Jun-2014 Planned Mid Term Review Date 06-Jan-2013 Last Archived ISR Date 17-Jan-2012 Effectiveness Date 06-Sep-2011 Revised Closing Date 30-Jun-2014 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project's development objective is to assist DAB to develop actions plans for improved banking supervision and implement a modern national payment system for efficient and transparent payment transactions. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Audits (financial, portfolio and institutional audit) of ten commercial banks operating in Afghanistan 3.50 Modernization of the national payment system to facilitate payments within the country 11.00 Support to the development of the Afghanistan Institute of Banking and Finance 1.00 Technical assistance and training for project implementation 3.00 Overall Ratings Public Disclosure Copy Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating High High Implementation Status Overview The project is implemented by the Central Bank of Afghanistan (Da Afghanistan Bank, DAB). The audits of the ten commercial banks started in November 2011 and were completed in June 2012. Presentations on the findings of the audits were given in June and July 2012 to development partners. The technical specifications for the modernization of the payment systems (mobile/card payment switch and RTGS/ACH/CSD) have been finalized and the procurement process should be launched in July / August 2012. Page 1 of 4 The World Bank Report No: ISR7454 Locations Country First Administrative Division Location Planned Actual Afghanistan Kabul Kabul ✔ ✔ Public Disclosure Copy Results Project Development Objective Indicators Indicator Name Core Unit of Measure Baseline Current End Target Actions plans developed based on audits Text Value No action plan No action plan Action plans under findings implementation Date 01-Aug-2011 11-Jul-2012 30-Jun-2014 Comments Audits completed in June 2012. Action plans to be developed. Payment system conforms to international Text Value Not conform Not conform Conform norms Date 01-Aug-2011 11-Jul-2012 30-Jun-2014 Comments Technical specifications finalized. Bidding documents to be advertised in July / August 2012. Intermediate Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target Audit reports completed highlighting strengths Text Value Audits not completed Audits completed Audits completed and weaknesses of each bank Date 01-Aug-2011 11-Jul-2012 30-Jun-2012 Comments Quality of audits satisfactory. RTGS operational and transactions settled in Text Value No RTGS No RTGS RTGS operational real time by end of project Sub Type Date 01-Aug-2011 11-Jul-2012 30-Jun-2014 Public Disclosure Copy Breakdown Comments Bidding document to be advertised in July or August 2012 Number of commercial banks’ staff trained in Text Value 1017 1357 4500 AIBF reaches 4,500 by end of project Sub Type Date 01-Aug-2011 27-Jun-2012 30-Jun-2014 Breakdown Comments Page 2 of 4 The World Bank Report No: ISR7454 Interbank payment Text Value T+1 for Kabul area and T+3 T+1 for Kabul area and T+3 Same day all over for other areas for other areas Afghanistan Date 01-Aug-2011 11-Jul-2012 30-Jun-2014 Public Disclosure Copy Comments Bidding document to be advertised in July or August 2012 Card payment system Text Value No interbank card system No interbank card system System operational Date 01-Aug-2011 11-Jul-2012 30-Jun-2014 Comments Bidding document to be advertised in July or August 2012 Rating of national payment system Text Value Low: a, e, f; Med-low: d; n.a. Low: a, e, f; Med-low: d; n.a. Med-High: a, b, d, f; Med- b, c b, c Low: c, e Date 01-Aug-2011 11-Jul-2012 30-Jun-2014 Comments Bidding documents to be advertised in July or August 2012 Data on Financial Performance (as of 18-Jun-2012) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P119047 IDA-H7320 Effective 25-Aug-2011 27-Aug-2011 06-Sep-2011 30-Jun-2014 30-Jun-2014 Disbursements (in Millions) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P119047 IDA-H7320 Effective XDR 11.90 11.90 0.00 2.37 9.53 20.00 Disbursement Graph Public Disclosure Copy Page 3 of 4 The World Bank Report No: ISR7454 Public Disclosure Copy Key Decisions Regarding Implementation Not applicable Restructuring History There has been no restructuring to date. Related Projects There are no related projects. Public Disclosure Copy Page 4 of 4