DOCUMENT OF The World Bank Group FOR OFFICIAL USE ONLY Report No. 73983-BD INTERNATIONAL DEVELOPMENT ASSOCIATION INTERNATIONAL FINANCE CORPORATION COUNTRY ASSISTANCE STRATEGY PROGRESS REPORT (CASPR) FOR THE PEOPLE'S REPUBLIC OF BANGLADESH FOR THE PERIOD FY11-15 November 20, 2013 Bangladesh Country Management Unit South Asia Region International Finance Corporation South Asia Department This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. The last Country Assistance Strategy for Bangladesh was discussed by the Board on July 8, 2010 CURRENCY EQUIVALENTS (Exchange rate effective September 27, 2013) Currency unit = Bangladeshi taka (Tk) US$1 = Tk 77.8 FISCAL YEAR July 1-June 30 The World Bank Vice President Philippe Le Houerou Country Director Johannes Zutt Task Team Leader Johannes Widmann The International Finance Corporation Vice President (Operations) Karin Finkelston Director, South Asia Department Serge Devieux Country Manager Kyle F. Kelhofer Task Team Leader Junko Oikawa H1 ABBREVIATIONS AND ACRONYMS AAA Analytical and Advisory Activities ACC Anti-Corruption Commission BCCRF Bangladesh Climate Change Resilience Fund CAS Country Assistance Strategy CPIA Country Policy and Institutional Assessment DPL Development Policy Lending DPT Diphtheria, Pertussis and Tetanus ECF Extended Credit Facility ESW Economic and Sector Work EU European Union GDP Gross Domestic Product GoB Government of Bangladesh ICT Information and Communications Technology IDA International Development Association IEG Independent Evaluation Group IFC International Finance Corporation ILO International Labor Organization IMF International Monetary Fund LGSP Local Government Support Project MDG Millennium Development Goal MIC Middle Income Country MIGA Multilateral Investment Guarantee Agency NLTA Non-Lending Technical Assistance PPP Public Private Partnership SAR South Asia Region SDC Switzerland Development Cooperation SOCB State-owned Commercial Bank SPEMP Strengthening Public Expenditure Management Program TF Trust Fund UP Union Parishad WBG World Bank Group 111  Table of Contents I. Introduction ........................................................................................................................... 1 II. Progress towards CAS outcomes ...................................................................................... 3 III. The changing macroeconomic and governance environment....................................... 4 IV. Adjustments to the CAS for FY14-15 ............................................................................. 6 V . Risk m anagem ent ................................................................................................................ 11 V I. C onclusion ............................................................................................................................ 11 Table 1: Progress in reducing poverty over the decade 2000 to 2010 ....................... 1 Table 2: Social indicators for Bangladesh, India and sub-Saharan Africa ................. 2 Table 3: Key macroeconomic indicators: projections vs. actual ....................... 5 Table 4: Planned FY14-15 lending program ................7..... ...............7 Figure 1: Bangladesh's fluctuating Country Policy and Institutional Assessment rating............ 6 Figure 2: Revised CAS Results Framework.....................................9 Annex 1: Progress towards CAS Outcomes ............................... ..... 12 Annex 2: Revised CAS Results Framework ............................... ..... 17 Annex 3: Changes to CAS Results Framework .................................. 24 Annex 4: IFC Focus on Bangladesh RMG/Textile Sector.......................... 25 Annex 5: IDA Lending Program FY1 1-15: Planned vs Actual (US$m) ................. 26 Annex 6: Summary of Non-Lending Activities (IDA) for FYI 1-15 ............... ..... 28 Annex 7: IDA Lending Program ...................... ................ 30 Annex 8: Trust Funds..................................................... 30 Annex 9: Bangladesh at-a-glance ................. .................... ..... 32 Annex 10: Selected Indicators for Bank Portfolio Performance and Management ................34 Annex 11: IFC Investment Operations Program/Committed and Disbursed Outstanding Investment Portfolio............................................35 Bangladesh: Map IBRD 33368R iv  I. Introduction 1. Despite remaining home to 5 percent of the world's poor, Bangladesh has developed beyond expectations since achieving independence in 1971. Situated in a river delta, the country combines the world's highest population density with high vulnerability to floods and climate change. External shocks, natural disasters, weak governance, and confrontational politics (including a tradition of parliamentary boycotts and politically-motivated country-wide strike action) have made maintaining this progress challenging. Even so, economic growth accelerated steadily by about one percentage point in every decade since independence, raising annual income (GDP) levels to about $830 per capita in 2013. 2. Bangladesh has dramatically lowered the percentage of people living on less than $1.25 per day, from 58.6 percent in 2000 to 43.3 percent in 2010 (see Table 1)-a rate that was 60 percent faster than the rate of poverty reduction in the rest of the developing world, excluding China. If Bangladesh continued to reduce poverty at an equally fast rate over the next 15 years, the poverty rate would fall to 15-20 percent by 2030. Since the percentage of people living on less than $1.25 per day is around 40 percent, for Bangladesh a focus on reducing extreme poverty is at the same time a focus on promoting shared prosperity for the bottom 40 percent of the population; thus, the two World Bank Group (WBG) goals come together. A World Bank Poverty Assessment (2013) provides more details. Table 1: Progress in reducing pover over the decade 2000 to 2010 Poverty line 2000 2010 Fall in number of poor Lower national poverty line (Tk 34.3% 17.6% 17 million people 1,300 per person per month) (43 million people) (26 million people) Upper national poverty line (Tk 48.9% 31.5% 15 million people 1,600 per person per month) (62 million people) (47 million people) International poverty line (PPP 58.6% 43.3% 11 million people $1.25 per person per day) (75 million people) (64 million people) Source: World Bank Poverty Assessment (2013) 3. Bangladesh has also sharply improved its social indicators. It is expected to partially achieve the Millennium Development Goals (MDGs) for poverty reduction and primary enrolment, and is on track to achieve the MDGs for gender parity in education, child mortality, and maternal health as well as HIV/AIDS, malaria and tuberculosis. Despite starting well behind India in 1971, Bangladesh today, with less than 60 percent of India's income per capita, scores better than India on many indicators (see next page, Table 2). The causes of this achievement include Bangladesh's attention to health outcomes, elementary education, family planning, and gender equality (especially in education and workforce participation), all supported by superb grass-roots workers and organizers-mostly female-mobilized by the government and world- leading NGOs such as BRAC and a vast network of microfinance institutions led by the Grameen Bank. 4. Strong economic management has also contributed to Bangladesh's success. Although governance in Bangladesh has been poor, the government has managed to maintain macro- economic stability, liberalize trade, reform the financial sector and moderate its interference in business. It also established reasonable access to electricity and transportation services in export processing zones-pockets of better governance-that enabled an export-oriented garment 1 manufacturing industry to grow rapidly, raise export earnings, and provide employment to over three million young women. As a result, Bangladesh has maintained consistent growth over the last two decades, avoiding the volatility many peer nations experienced during the global financial crisis as well as numerous political upheavals and natural disasters. Bangladesh can now build on this experience to exploit a nascent comparative advantage in pharmaceuticals, ICT, shipbuilding, light engineering (e.g., machines and electrical equipment), and other labor-intensive exports like footwear, leather goods, plastic goods, toys and electronic assembly. 5. Nonetheless, Bangladesh remains one of the world's poorest countries, with constrained public services, weak accountability, and troubled institutions. To achieve its aim to become a middle-income country by 2021, its fiftieth year of independence, Bangladesh will need to accelerate growth to 8 percent per annum. This ambitious but attainable target will require sustained reform efforts to improve governance, manage urbanization, narrow the power and transportation deficits, reduce vulnerability to external shocks, promote migration for increased remittances, and capitalize on low labor costs. Table 2: Social indicators for Bangladesh, India and sub-Saharan Africa Indicator Bangladesh India Sub-Saharan Africa 1971* 2011 1971* 2011 2011 GDP per capita (PPP) n/a 1,883** n/a 3,876** 2,367 Life expectancy at birth 39 69 50 66 55 Infant mortality rate 150 37 114 44 69 Under-5 mortality rate 225 46 166 65 109 Total fertility rate 6.9 2.2 5.4 2.5 4.9 Access to improved sanitation (%) n/a 55 n/a 35 30 Mean years of schooling, age 25+ 2 4.8 2 4.4 n/a Literacy rate, age 15-24 (%) Female 27 80 40 [74] 65 Male 44 77 66 [88] 76 Prevalence of undernourishment (%) 35 17 27 18 25 Child immunization rates (%) DPT 1 96 6 72 71 Measles 1 96 1 74 74 Notes: *or earliest available **2012; [..] estimate; Source: World Development Indicators 6. The World Bank has been Bangladesh's single largest development partner, accounting for 23 percent of IDA disbursed between 1971 and 2012. The IDA portfolio today consists of 28 projects, with a total commitment of $4.8 billion; in FY13, the Bank disbursed $672 million in IDA funds and $92.6 million in other trust funds (TFs). New IFC investments committed over FY11-13 totaled $1.25 billion, including $203 million mobilized from other institutions, and MIGA guarantees total $330 million (gross). The FYI 1-14 CAS also planned analytic work to inform policy dialogue and influence operational design, and enhance the impact of larger programmatic operations that would transform outcomes over time. In defining its CAS for FYI 1-14, the WBG aimed to support implementation of the government's national development strategy, the Sixth Five Year Plan FY11-15, with four strategic objectives: (i) consolidating human development gains; (ii) accelerating growth (mainly through improving the business 2 environment and expanding energy and transportation services); (iii) reducing environmental degradation and vulnerability to natural disasters and climate change; and (iv) strengthening governance. These strategic objectives define the four pillars of the CAS, namely: Social services; Growth; Vulnerability, Adaptation and Inclusion; and Governance. II. Progress towards CAS outcomes 7. Planned and actual deliveries. While the $4.6 billion in new IDA commitments in FY11- 13 achieved about 87 percent of planned levels, the June 2012 cancellation of the $1.2 billion Padma bridge project resulted in a portfolio below targeted levels. Moreover, as some operations were dropped or reconceived to adapt to changing priorities, the distribution of commitments across the results pillars departed from plan. In particular, infrastructure investments fell sharply, as a consequence of the cancellation of the Padma bridge project and the curtailment of new lending in other sectors (power and highways) which Bank management deemed to be at risk. In addition, under the disaster and climate change pillar, plans for new operations in water, rural livelihoods, and environmental management proved over-ambitious, given staffing constraints and implementation challenges in the ongoing portfolio. By contrast, IFC significantly raised its annual investment commitment, from $220-250 million in FY1 1-12 to $774 million in FY13, supporting 28 projects that, together with advisory support, aim to strengthen underserved economic sectors and improve access to finance, especially for smaller businesses-with almost 70 percent of IFC investments channeled through local intermediaries, leveraging their capacity and financial market building. 8. Portfolio performance. Total IDA commitments increased from $3.56 billion at end- FY10 to $4.8 billion at end-FY13. The number of IDA operations grew modestly, from 27 to 28, while their average size increased from $131 million to $166 million. By the end of this period, the Bank was also administering about $445 million in trust-funded projects aligned with the CAS pillars, in areas such as public expenditure management, health care and climate change. Portfolio performance has been satisfactory, with the disbursement ratio reaching 23 percent in FY13. The share of problem projects fell from 15 percent at end-FY1O to 10.3 percent (11.5 percent of commitments) at end-FY13. In addition, IFC's own committed portfolio grew from $129 million in June 2010 to $556 million in October 2013. 9. Most planned analytical and advisory activities have also been delivered. Focus areas included constraints on growth, such as rapid urbanization and the impact of climate change; trade diversification; public expenditure management; health policies; and social protection. The Bank and IFC provided complementary advisory support in the areas of investment climate, financial inclusion, public-private partnership (PPP) development and climate change. IFC's advisory portfolio consisted of 24 projects with managed funds of $47.6 million, with the annual expenditure expanding from $8.6 million in FY10 to $11.6 million in FY13. 10. Progress towards CAS outcomes. While results have been observed in all CAS outcomes, progress has been uneven, with fifty percent of targets exceeded or on track and fifty percent off track. Annex 1 details progress towards results under each CAS outcome. 11. The strongest performance has been under the human development pillar. Health and education services continued to improve, with mid-term targets exceeded for attended births, child immunization, vitamin A supplementation, and school enrolment and completion; yet quality, 3 efficiency, and governance challenges remain. In addition, IFC is advising on introducing PPPs in the health sector. Targets to expand safety nets and assistance to the disabled and vulnerable children have also been achieved. By contrast, efforts to improve water and sanitation have had mixed results: IDA projects in Dhaka and Chittagong suffered from premature starts and low disbursements, while IFC invested in a private water provider, a joint venture between Bangladeshi and international companies. Under the governance pillar, there has been some progress in rolling out a medium-term budgetary framework, introducing electronic tendering and improving procurement monitoring systems, expanding citizen engagement and empowering women, and approving (at the Cabinet level) a National Integrity Strategy. Fully implementing the Right to Information Act and expanding the use of information technology in government are also advancing, though slower than planned. IFC also contributed through efforts such as an online tax-payment portal, alternative tax dispute resolution and improvements in corporate governance. Even so, governance remains a key cross-cutting challenge, with Bangladesh continuing to score below the median country with its credit rating (BB) in both rule of law and control of corruption. 12. Progress under the growth pillar has also been mixed. Domestic revenues and public investment are growing, but remain at low levels, while private investment, which was already low, has fallen further, in part due to uncertainty related to the approaching elections. Bangladesh has also lost ground in the Doing Business rankings, slipping from a position of 119 out of 183 countries in 2010 to 130 out of 189 countries in 2013. More needs to be done to improve urban planning and management and the business environment more generally, with particular attention to access to serviced land and credit. While IDA has contributed to expanding rural roads and distributing solar-powered home energy systems (now covering 2.5 million households), governance issues resulted in the cancellation of the potentially-transformative Padma bridge project as well as the postponement of IDA financing to build an additional 750 MW of electricity generation capacity. By contrast, IFC continues to work with private power operators to develop projects that will add over 500MW to the grid, has provided Grameenphone (a leading telecommunications company) with $345 million in financing (including $195 million mobilized from other partners) to increase voice and data access especially in rural areas, and has a $10 million equity stake to expand bKash, Bangladesh's largest mobile payments provider (over 6 million subscribers). 13. Finally, progress under the environment management pillar has fallen short of expectations. On the one hand, the $190 million Climate Change Resilience Fund is enabling climate change adaptation; CAS targets for strengthening coastal embankments have been exceeded; and IFC with financing from the Pilot Program for Climate Resilience is supporting improving the climate resilience of agribusiness companies and their supply chains. On the other hand, the construction of irrigation and drainage systems to support rice production and the construction of multi-purpose cyclone shelters initially progressed more slowly than expected, but has picked up since. III. The changing macroeconomic and governance environment 14. Overall, macroeconomic management remained strong over the CAS period, and GDP growth averaged more than 6 percent per year. Although macroeconomic management weakened over 2010-11, it recovered in 2012. Expansionary monetary and fiscal policy in 2011-12 boosted demand and caused the taka to depreciate, and this, together with needed increases in administered 4 prices for gas, petroleum and electricity, led to high inflation and a large balance-of-payments deficit. To restore stability and strengthen its external position, the government in April 2012 adopted a reform program supported by a three-year $987 million IMF Extended Credit Facility (ECF), and it has subsequently taken measures to reduce inflation, contain government borrowing, and build foreign exchange reserves. At its third ECF review in October 2013, the IMF found that the program remained broadly on track and that fiscal and monetary policy continued to be prudent. Even so, there are near-term risks from reduced domestic demand, political turbulence and nation-wide strike activity. Following factory-level disasters which resulted in over 1,200 fatalities in the last year, labor safety standards and labor rights issues in the ready-made garment sector-Bangladesh's single largest export sector-also need to be addressed. Table 3: Key macroeconomic indicators: projections vs. actual CAS Projections Actual Outruns FY10 FY11 FY12 FY13 FY10 FY11 FY12 FY13 Real GDP Growth (%) 5.5 5.8 6.3 6.4 6.1 6.7 6.2 6.0 Export (f.o.b) Growth (US$ value) (%) 1.8 12.4 15.7 17.0 4.1 41.5 5.9 11.2 Current Account Balance (% of GDP) 2.4 2.1 1.7 1.3 3.7 0.8 -0.4 1.9 Reserves (in months of GNFS import) 5.1 5.3 5.5 5.8 5.1 3.9 3.3 4.6 Revenue (% of GDP) 11.5 11.6 12.1 12.5 10.9 12.1 12.5 12.8 Public Debt (% of GDP) 43.8 44.0 43.7 43.3 42.9 44.2 42.6 40.3 External Debt (% of GDP) 22.3 21.7 20.8 19.8 22.3 22.7 22.0 20.0 Source: Bangladesh Bank, Bangladesh Bureau of Statistics, and IMF-World Bank Staff Estimates 15. Revenues are increasing, but investment levels remain low. Revenue rose strongly over FY10-13, from 10.9 percent of GDP to 12.8 percent, and expenditures remained in check, keeping the Government's moderate consolidation goal within reach. Unfortunately, revenue growth has not benefited public investment, which has stagnated at 5.0 percent of GDP-well short of the 8-9 percent needed to achieve private investment and growth targets-partly due to weak expenditure management and continuing subsidies to the energy sector (2.0 percent of GDP in FY13). Moreover, low foreign direct investment (about $1 billion per annum, or 0.9 percent of GDP) and an excess of national savings over investments (exceeding 2 percent of GDP in FY13) show that incentives to invest remain weak. Infrastructure has been shown to be the greatest constraint on investment: lack of serviced land, power outages and poor transportation networks make manufacturing productivity in Bangladesh much lower than in China, India and Vietnam, encouraging capital outflows as investors seek the higher returns available elsewhere. Wages in Bangladesh are half the level of India and one-third the level of China and Indonesia, so Bangladesh is well-placed to capture a share of the markets for their manufactured exports-if it gets its own house in order. With better infrastructure, businesses could achieve higher productivity, which would make exports more competitive, help attract more investment, and in turn yield greater productivity. Unfortunately, this virtuous cycle is not getting traction in Bangladesh, where business climate surveys in fact reveal a worsening trend. 16. Bangladesh's record on public sector performance and corruption has also been mixed. As shown in Figure 1, its overall CPIA rating fell from 3.5 in 2007 to 3.3 in 2011-12, and its rating for public sector management and institutions, which strongly influences IDA's performance- based allocation, was only 2.9 in 2012, below IDA and South Asia averages. Although Bangladesh's ranking in Transparency International's Corruption Perception Index rose from the bottom of the list of 159 countries in 2005 to 144 out of 176 countries in 2012, it remains below Nepal and Pakistan. Progress on high-profile corruption cases has been limited, and on occasion 5 the government has allowed undeclared income to be recognized at lower tax rates. Governance- related vulnerabilities in the banking sector are also a concern: fraud in several state-owned commercial banks (SOCBs) in 2012-13 resulted in losses exceeding $500 million, and there has been limited progress in holding perpetrators accountable. By mid-2013, the four SOCBs, which constitute 25 percent of the banking sector, were found as a group to have a capital shortfall exceeding $2 billion and a non-performing loan ratio of about 24 percent. In this context, stronger efforts are needed to strengthen SOCB governance, including by strengthening the supervisory mandate of the central bank, restructuring governance arrangements (including senior appointments), removing special treatments, and limiting their permitted risk exposure. Figure 1: Bangladesh's fluctuating Country Policy and Institutional Assessment rating 4.3 4.1 Eonomic Management 3.7Socian Inlstion uit 2C 0 30.5 2072oB2ve21 01 0 Source: Wor Ba Mar,agernent ZCO5 200~5 2007 200S 2009 2010 2011 202* Source: World Bank. 17. Growth has been inclusive, but poverty rates remain high. According to the UN MDG Progress Report of June 2013, Bangladesh is on track to promote gender equality and empowerment of women (Goal 3), reduce child mortality (Goal 4) and improve maternal health (Goal 5). The country is also expected to partially meet the goals related to the eradication of extreme poverty and hunger (Goal 1) and universal primary education (Goal 2) in 2015. Due to declining dependency and growing labor income (due in large part to migration), 15 million people escaped poverty over 2000 to 2012; inequality stabilized; non-consumption-based welfare improved in many ways; and there was some regional convergence in consumption poverty levels. Even so, the poverty rate in Bangladesh, with 43.3 percent living below the international poverty line of $1.25/day (PPP), is among the highest in South Asia. Bangladesh faces a rough road ahead in achieving all of the hunger MDGs; addressing pockets of poverty in urban slums, the hill tracts, coastal belts, and other ecologically-vulnerable areas; enrolling the last 10 percent of hard-to-reach children in schools; ensuring the quality of education; promoting gender equity in tertiary education; and widening its safety nets. The threat of climate change could also roll back the gains from years of growth and development. IV. Adjustments to the CAS for FY14-15 18. While the CAS's overall objectives remain valid, the proposed changes reflect a deepening of the Bank's strategic directions in areas that pose significant obstacles to growth. The Government is now preparing a Seventh Five- Year Plan, which is expected to cover the period FY16-20. To align the WBG's strategy with the plan, the current CAS will be extended for one year to cover FY15. With cancellation of the Padma bridge project and a deteriorating CPIA 6 rating, the scope for new commitments to Bangladesh during the four-year CAS period fell from about $6.4 billion to $4.8 billion, of which $1.8 billion (including $200 million in cancelled funds) remains for FY14. For FY15, the extended CAS assumes an indicative IDA amount of $1.32 billion.I Table 4 shows the proposed lending program for FY14-15 (amounts are tentative, pending project appraisal). Table 4: Planned FY14-15 Lending Program FY Project Name Amount (US$m) FY14 Rural Electricity Transmission and Distribution 570 Modem Food Storage Facilities 210 Emergency Cyclone Recovery and Restoration AF 140 Municipal Governance and Services 410 Enabling Open Government PfoR 80 Secondary Education AF 265 Higher Education Quality Enhancement AF 125 Total FY14 1,800 FY15 Power Sector Rehabilitation 330 Multipurpose Shelters Program 350 Second National Agriculture Technology Project 100 Conditional Cash Transfers Program 200 Third Primary Education Development AF 200 Health Development Sector Program AF 140 Total FY15 1,320 19. IFC and MIGA will continue to aim at enhancing private sector activity in strategic sectors of the economy, such as garments, infrastructure (especially power and gas), climate-smart businesses, industries with strong supply chains (including tourism, agribusiness, and manu- facturing), specialized financing, and social services. IDA and IFC will also continue to help develop PPP-based service provisions. In light of the heightened challenges in the garments industry, which contributes to 75% of Bangladeshi exports and employs over 4 million, mostly females, IFC is helping to strengthen sustainability and competitiveness as one of IFC select transformative projects. Programs include: (i) the Partnership for Cleaner Textile program (a $11 million program to reduce water usage and pollution in the textile sector); (ii) the ILO-IFC Better Work Program to improve safety and labor standards through better emergency preparedness, regulation, and alternative dispute resolution; (iii) Greening of Zones, investment climate support to improve sustainable practices in export processing zones; and (iv) a Buyer Safety Groups assistance with US Alliance and Euro Accord. IFC will also help facilitate stakeholder discussions and is currently developing a Global Trade Supplier Finance facility for the Bangladesh garments industry (see Annex 4). 20. The WBG's program for the remainder of the extended CAS period is being adjusted to reflect the new realities on the ground and to sharpen the focus for future WBG engagement under 1 The actual allocation will depend on the total IDA resources available; Bangladesh's performance rating, GNI per capita, and population; the terms of IDA assistance (grants/credits) and the allocation deductions associated with MDRI annual debt service foregone; the performance, other allocation parameters, and IDA assistance terms for other IDA borrowers; and the number of IDA-eligible countries. 7 the next CAS. Specifically, this report proposes to place greater emphasis on three areas: (i) strategic selectivity, (ii) governance, (iii) knowledge, partnerships and leveraging financing. 21. Selectivity. The lending program for FY14-15 and the revised results framework aim to prepare for a more selective Bank engagement in the future. Over the remainder of this CAS period, the Bank will start to reengage in areas that are critical for growth, while consolidating past achievements in service delivery through additional financing to ongoing projects. Then, under the new strategy to be developed in FY15, the basis of the Bank's engagement will shift from financing to analytical and technical assistance in areas such as health and education, where alternative financing is relatively available and policy and institutional arrangements are mature, freeing up Bank resources for areas such as energy and transportation infrastructure, where progress has been limited and the Bank has a strong comparative advantage as a reform leader and financier. This shift will respond to the WBG's own analytical work,2 which has shown both that the Bank can contribute disproportionately to service delivery improvements through leveraging non-Bank resources (as for example $350 million in IDA financing is leveraging a $2 billion health program) and that under-investment in business-related infrastructure (especially serviced land, electricity, and transportation links) is now the binding constraint to growth. Without growth, Bangladesh will be hard-pressed to provide productive jobs to the two million people entering the workforce each year over the next decade, or to sustain its impressive rate of poverty reduction. To remain relevant in this context, the WBG will have to play an active role in helping Bangladesh to remove the constraints to growth. To this end, recognizing the importance of reliable power to manufacturing growth, IDA, IFC and MIGA will use all appropriate instruments (equity, loans, and guarantees) to help develop the 2,000+ MW in additional energy generation capacity needed to meet peak demand and reduce reliance on diesel rental power plants (which now account for about one-third of electricity and 90 percent of the electricity subsidy bill). Similarly, over time, the WBG will identify ways to help remove transportation bottlenecks at the Chittagong port, on trunk roads, and along inland waterways. Key areas for future analytical work are described in paragraph 25. 22. In the course of reviewing progress under the current CAS, the results framework has been modified to improve its realism and better reflect the WBG's contribution to results. Of the original 16 CAS outcomes, five have been dropped, due to the Bank's limited contribution to the outcome, slippages in the lending program, or redundancy and lack of clarity within the framework. Five outcomes have been revised to accommodate areas previously covered under the dropped outcomes or to improve their wording to better align with the actual program. In addition, the four pillars of the original CAS have been rearranged to better reflect the program focus. Figure 2 provides a summary of the revised framework with the key changes. The fully revised framework is presented in Annex 2, with a detailed summary of all changes presented in Annex 3, included revisions to indicators and targets. 2 Key work includes the 2012 Country Economic Memorandum (Towards Accelerated, Inclusive and Sustainable Growth), a related study on consolidating and accelerating exports as well as the 2013 Diagnostic Trade Integration Study. 8 Figure 2: Revised CAS Results Framework Bangladesh Sixth Five-Year Plan FY1-15: Reduce poverty to 15%; reach MIC status by 2021 Vulnerability, Social Services Growth Adaptation and Governance Inclusion Improved access to Improved I d lt Increased quality health, environment for prove andicuode effectiveness and population and private sector pro ut efficiency of public security nutrition services investment resource use Unchanged nged Unhanged Unchanged Increased Enhanced disaster and Enhanced Strengthened social infrastructure climate change transparency and protection system accessibility of Unchangedprovision and access preparednesspulcsrie Unchanged Rvsdeiedpublic services Revised RevisedReid Revised Increased student Enhanced women's Increased capacity of access, improved economic local government system efficiency and empowerment bodies student leamning Revised Revised Revised Dropped Outcomes Expanded access to Increased public Reduced env. safe water and investment and degradation and sanitation services improved revenue strengthened natural Dropped (slippage in generation resource management lending program) Dropped (limited Dropped (key results Bank contribution) captured elsewhere) Improved planning Strengthened water and management of resource management urbanization and coastal protection Dropped (key results Dropped (key results captured elsewhere) captured elsewhere) 23. Governance. Project implementation suffered from governance issues during the CAS period, with allegations of corruption in the Padma bridge project3 prompting the Bank to reconsider its approach to governance in Bangladesh, to find ways to remain engaged while also 3After project approval in February 2011, the Bank received evidence of corruption involving senior public officials, and requested that the Government take remedial measures to safeguard project integrity. When those measures were not fully taken, the Bank in June 2012 decided to terminate the project, resulting in cancellation of the credit. Subsequent Government agreement to comply with the requested measures led the Bank, in September 2012, to consider renewing engagement in the project, provided that the Govemment proceed with a full and fair corruption investigation, subject to the review of an external panel of anti-corruption experts, and that it also agree to modify implementation arrangements to give financiers greater procurement oversight. In December 2012, the extemal panel reported that the investigation that had been initiated could not yet be considered full and fair because it did not include within its scope all implicated officials. In January 2013, the Govemment withdrew its request for Bank financing of the project. 9 taking a more pro-active and tailored approach to addressing governance challenges. In the course of this reconsideration, the Bank found that its efforts to improve governance in Bangladesh have had limited success due to unrealistic expectations, short timelines, and misreadings of political will. In addition, IEG found that decisions to disengage have affected Bank-client relationships, resulted in losses of knowledge and momentum, and left important development objectives unaddressed. To correct these deficiencies in its response, the Bank has determined that, when evidence of corruption comes to light, its response should not be to disengage, but to engage differently-to enhance oversight, to change procurement arrangements, to prioritize institutional reforms, or to shift to analytical or technical work that will change the political economy and build stronger domestic coalitions for reform to enable future assistance. To this end, the World Bank is now applying stronger integrity safeguards to centralized expenditures (where the Bank directly supervises procurement, financial management, compliance, and value-for-money, such as for large-scale infrastructure contracts), including the use of forensic auditing, independent procurement agencies and independent reviews of government processes, to verify compliance and detect corruption where risks are very high. For decentralized expenditures (i.e., small expenditures at local levels involving multiple spending agencies, where the Bank relies on inter- mediaries to supervise procurement, financial management, compliance and value-for-money), the Bank's enhanced safeguards may involve better record-keeping; strengthened management information systems; stronger supervision, including geo-mapping, randomized site visits and third-party monitoring; and more effective information disclosure and grievance-handling mechanisms. At the same time, the Bank continues to assist the Government in building systems to manage its own corruption risks, especially in budget formulation and management, public procurement, audit and parliamentary oversight, banking supervision and payment systems, and local government. The aim of this work is to enable continued Bank engagement, even in challenging integrity environments, and sustained improvement in country governance systems over time. Learning from the Bank's experience, IFC is also applying a reinforced due diligence on integrity in the selection of partners and projects. 24. While Bangladesh continues to face a number of governance challenges, in the right circumstances a well-designed development policy lending (DPL) program could help address them. DPLs can help the Government to plan its financing needs, establish a framework for policy reform dialogue, and help reform-minded counterparts to identify and implement key reforms, complemented by knowledge and technical assistance. This is particularly so when the needed reforms are complex second-generation reforms that require coordination across several parts of government and continuous implementation across several budget years. Areas of potential focus include revenue generation, public financial management (e-procurement, auditing and oversight), financial sector reform (state-owned commercial banks), energy sector reform (full corporatization and tariff adjustments), private sector reform (supporting the Bangladesh Economic Zones Authority) and decentralization. A DPL series would only be initiated on objective evidence that the relevant Bangladeshi authorities had substantively commenced a meaningful reform program in the area to be supported. 25. Knowledge, partnerships, and leverage. The Bank Group will enhance its focus on being a knowledge provider rather than solely a project financier to respond to Bangladesh's aspirations to reach MIC status by 2021. During the upcoming political transition, the Bank Group will aim to inform the debate on Bangladesh's economic reform agenda, by disseminating its recent work on growth, poverty, trade and competitiveness, through a series of user-friendly policy notes. The WBG recently produced seminal analytical work on Bangladesh-including a 10 growth study, a poverty report, a trade and competitiveness diagnostic, and a report on the costs of adapting to climate change. Work is currently underway to review the education sector, to prepare an updated poverty map to guide resource allocation and the coverage of social safety nets, and to provide technical assistance in health care, climate change, public expenditure management, and local government. Partnerships will also be crucial for the Bank to remain relevant in Bangladesh. This includes partnerships with other donors to achieve scale; with the private sector to leverage more private-sector financing, especially for infrastructure; with NGOs to develop innovative development solutions; and with the media and civil society to improve governance and accountability. Leveraging additional sources of finance will also be important in the WBG's work, as Bangladesh's financing needs, as a future MIC, will be far beyond the financing ability of the WBG, even in conjunction with other donor partners. V. Risk management 26. To fulfill its mandate to eliminate extreme poverty and boost shared prosperity, the Bank needs to take calculated risks for development results-despite Bangladesh's low capacity and weak governance environments. Macroeconomic management will be monitored closely, and IDA will work together with the IMF to identify and help address emerging risks. The WBG also needs to manage the political risk that is rising as parliamentary elections approach. Acrimonious political discourse and civil unrest, including regular disruptions through country-wide strikes (hartals), can seriously disrupt program implementation and impede meaningful dialogue or progress on economic reforms. The WBG attempts to mitigate this risk by anchoring its partner- ship strongly at the technical level within government, while also working with the media and civil society to broaden understanding of its activities and so to insulate implementation from some of the political vicissitudes. Even so, implementation may slow during the political transition and the ongoing portfolio may require adjustments in light of the priorities of the new administration, once it is in place. As envisioned in the CAS, there also remain risks related to the global economic downturn, weak institutional capacity, bureaucratic procedures, and frequent staff rotations. In all circumstances, the WBG will monitor portfolio implementation closely and take action (including restructurings and cancellations) to address impediments and ensure continued progress toward achieving meaningful results. VI. Conclusion 27. The WBG has supported Bangladesh since the birth of the nation in 1971, and it remains a leading development partner with a large and diverse portfolio and tailored knowledge products to help Bangladesh achieve its goal of middle-income prosperity. Building on Bangladesh's remarkable achievements to date-in reducing income poverty, improving health outcomes and educational attainment, empowering girls and women, and building the beginnings of a labor- intensive export-oriented economy that can support further gains in the near future-the WBG will continue to work with this dynamic and resilient country, to reduce poverty and bring prosperity to all Bangladeshis, particularly the poor. 11 Annex 1: Progress towards CAS Outcomes There has been uneven progress in delivering the envisioned CAS outcomes. While tangible results are observed in all sixteen original CAS outcomes, half of targets are on track and half are off. Progress within CAS pillars has also been uneven. In Pillar 1: Social Services, where Bangladesh is generally a strong performer, progress continues to be good in health, social protection and education, but slow in water and sanitation. In Pillar 2: Growth, there is good progress in improving public investments and management of urbanization, but slow progress in improving the environment for private sector investments and increased infrastructure provision, access and efficiency. In Pillar 3: Vulnerability, Adaptation and Inclusion, there is solid progress in the rehabilitation of coastal embankments and improving cyclone shelters, but slow progress in providing improved irrigation and in reducing environmental degradation/pollution. In Pillar 4: Governance, there is progress in improving the budget process, procurement performance, and strengthening local government finance, but slow progress in improving the quality of financial statements and in establishing a national identification system. PILLAR 1: SOCIAL SERVICES OUTCOME 1.1: HEALTH. Against a backdrop of decades-long social transformation, Bangladesh has recorded continuous improvements in access to good-quality health, population and nutrition services during the CAS period so far. Delivery of vitamin A supplements, basic vaccinations, and births attended by skilled personnel have surpassed mid-term targets. Success in meeting increased demands for health services at the local level, particularly by marginalized populations, is contributing to the CAS strategic objective of fostering more inclusive growth. Challenges remain in terms of governance, quality, and efficiency of health services. In addition, IFC is advising on introducing PPP in dialysis centers in existing government hospitals in Dhaka and Chittagong and in a new hospital in Sylhet. OUTCOME 1.2: SOCIAL PROTECTION. The Bank has a long-standing engagement on expanding and reforming safety nets, initially in the form of analytical and advisory work. During the first two years of CAS implementation, this engagement resulted in increased coverage of extreme poor and other vulnerable groups, such as people with disabilities and vulnerable children, comfortably exceeding CAS targets. Bank support has focused primarily on providing employment to the poorest households and regions, particularly women, so as to prevent the most vulnerable from falling into extreme poverty. OUTCOME 1.3: EDUCATION. Sound progress is observed in education, where the achievements have exceeded most of the CAS targets. Steady increases in primary and secondary enrollment rates are coupled with increased school completion rates and improved gender parity. The uneven distribution of enrollment and completion rates across the country and the quality of both primary and secondary education still remain challenging. An innovative pilot initiative to deliver formal primary education to out-of-school children through a non-formal approach (community managed and monitored, flexible school hours, etc.) has demonstrated good results, generating wider demands for replication in underperforming regions of the country. PILLAR 2: GROWTH OUTCOME 2.1: PRIVATE SECTOR. Inadequate power supply and poor access to factors of production have been cited as the main reasons behind the country's declining position in the Doing Business ranking, and no progress has been made in improving this CAS outcome. That said, the Government with IFC support is implementing a series of regulatory reforms that have, during the CAS period, almost halved the time taken to start a business and to register property. IFC's contribution also included support for the launch of a secure and speedy online tax-payment portal and alternative (out-of-court) tax dispute settlement system, and the strengthening of corporate governance indirectly through financial market clients and directly with family-owned companies. IFC continued to help develop private-sector attractive 12 environment, specifically on investment policy and framework, financial infrastructure, and PPPs. To expand credit access, IFC continued to provide capacity building to Bangladeshi banks and introduce them to new products, such as sustainable energy finance. IFC ramped up its investment support significantly, with commitments soaring from the annual base of less than $100 million previously to $222-254 million in FY11 and FY12 and further up to $774.4 million in FY13. The total $1.25 billion financing supported 28 projects in aggregate that, together with advisory support, sought to strengthen underserved economic sectors and ease constraints to access to finance, especially for smaller businesses. Close to 70 percent was channeled through local financial intermediaries, adding the benefits of their capacity and financial market building. Additionally to financing through financial markets, IFC's direct investments supported wide- ranging sectors of the real economy, such as agribusiness, cement, consumer appliance, and textiles. Support for the textiles sector has been expanding to improve various weaknesses and will advance as one of IFC's select transformational projects. IFC's own committed portfolio grew 4.5 times from $129 million in June 2010 to $570 million in October 2013. OUTCOME 2.2: INFRASTRUCTURE. Power. Peak electricity demand is about 8,500 MW and the available generation capacity during the CAS period has increased from 4,120 to 9,700 MW, of which 6,500-6,700 MW is firm capacity. While this is good progress, it still falls short of the original CAS targets, which has therefore had to be adjusted. Planned Bank support has been delayed due to questions surrounding the governance of the sector. To address the generation shortages, Bangladesh has initiated an ambitious generation expansion plan that aims to add more than 11,500 MW to the national grid by 2015. With the support of the Bank, Bangladesh is currently installing 50,000 solar home systems (SHS) per month, making it one of the fastest growing SHS programs in the world. IFC has been developing pipeline projects (totaling over 500MW) with the private power operators to help address this issue. Further, IFC is supporting telecommunications through its US$345 million financing package (incl. US$195 million mobilization from other partners) for Grameenphone and mobile payments through US$10 million in equity of bKash, the country's largest mobile payments provider (with more than 6 million subscribers). Financing for Grameenphone will help increase access to telecommunications in Bangladesh, both voice and data, especially in rural areas, thereby positively impacting the private sector development, job creation and inclusive growth. Rural Roads. The Bank's historic engagement in rural transport has made a significant impact on the rural poor. The Bank has successfully supported the construction of 800 km of roads during the CAS period and the milestones are on track. Even so, the overall indicator will be difficult to achieve. Recent assessments conclude that the biggest problem in the sector may be the inadequate maintenance of rural roads. Although the rural road maintenance budget has steadily increased in the last ten years, spending continues to be insufficient and non-strategic. Moving forward, the Bank will seek to enhance road sustainability, shifting emphasis from building new roads to rehabilitating and maintaining the existing rural roads network. PILLAR 3: VULNERABILITY, ADAPTATION AND INCLUSION OUTCOME 3.1: AGRICULTURE AND FOOD SECURITY. Given the country's rice-dominated farming system, an efficient irrigation and drainage management system is key. Progress at the beginning of the CAS period was slow, but program implementation has since been ramping-up and is showing significant improvements in agricultural productivity as measured in crops yields and livestock. Recurrent natural disasters and deficiencies in technology remain the basic threats to improvements in agricultural production, and are therefore the focus of Bank interventions in the sector. IFC, with financing from the Pilot Program for Climate Resilience, is supporting the climate resilience of agribusiness companies and their supply chains and is exploring low-cost housing availability in flood-prone coastal areas. During this period, IFC invested $19 million in total (including $2 million through concessional financing) in PRAN Group, a leading Bangladeshi agribusiness firm that has been IFC's client since 2009. It supported the expansion of the Group, including into dairy, and helped it to engage with over 72,000 farmers thus far, significantly more than the project-cycle target. 13 OUTCOME 3.2: DISASTER AND CLIMATE CHANGE. Some progress has been made in promoting the adoption of new technologies for brick kilns and the installation of air quality, but reaching the CAS targets is unlikely and the outcome has been dropped. A significant development during the first half of the CAS has been the establishment of the Bangladesh Climate Change Resilience Fund as a multi-donor trust fund to enable the Government to channel $190 million in grant funds to support the Climate Change Strategy and Action Plan (CCSAP) in promoting climate change adaptation. Progress is occurring in the implemen- tation of the Fund, with several ongoing operations covering rehabilitation of shelters, community-led initiatives managed by NGOs, capacity building in forestry management, reforestation and agricultural adaption. This outcome has been dropped and merged with a more targeted outcome on disaster management, including climate change. Physical progress on the construction of cyclone shelters is on track, but implementation has faced several challenges, including inter alia slow procurement, remoteness of the locations and unavailability of contractors, as well as coordination challenges among government agencies. Broader challenges in improving disaster preparedness are based on the needs to coordinate multi-sector intervention, to test new approaches, and to build expertise and working relationships in areas with no long-standing history of Bank intervention. The launch of the CCSAP has helped to improve Bangladesh's ability to manage disasters, in particular floods and cyclones. OUTCOME 3.3: WOMEN'S EMPOWERMENT. While the indicator for this outcome (women participation in short-term employment programs) had to be dropped, because the linked project did not materialize, Bank support to gender remains strong. Operations like SIPP, EGPP and NARI continue to implement innovative activities to strengthen women participation and empowerment. Progress in enhancing accountability, including beneficiary participation, and promoting inclusion has been steady during the first two years of CAS implementation. At the policy level, the Bank has led efforts to develop gender-based budgeting. Gender also continues to be a cross-cutting outcome and the CAS measures the contribution of different sectors to the improvement of women's living standards. Issues of inclusion, voice, and participation in community level consultations have by and large been mainstreamed across the portfolio. Gender has been the focus of several studies and assessments during the first half of CAS implementation,4 and the IEG recognized the Bangladesh portfolio to be "best practice" in gender mainstreaming. PILLAR 4: GOVERNANCE OUTCOME 4.1: PUBLIC SPENDING. Notwithstanding the limitations of an input-oriented and fragmented budget exercise, the rollout of the medium-term budgetary framework across government has marked a new era in Bangladesh's public financial management (PFM) reforms, surpassing CAS targets. The Bank has also supported the introduction of a procurement management information system that allows performance monitoring of procurement processes. The use of this system has contributed to reduced procurement risks through enhanced transparency, reduction in delays for small value contracts, increased competition and identification of collusive practices. OUTCOME 4.2: TRANSPARENCY. Efforts to improve the accessibility of public services through information technology have received significant attention as part of the government's Digital Bangladesh program. Progress in rolling-out ICT initiatives in key ministries and agencies has been slower than envisioned, but is expected to ramp-up during the second half of the CAS, thanks to a new ICT-focused operation. Although the Right to Information Act has set standards for the region, bottlenecks remain with regards to its implementation, and weaknesses concerning tracking of requests still need to be addressed. Establishment of procedures to build a national identification system, including validation of basic data, has registered limited progress. IFC's contribution also included support for the launch of a secure and speedy 4 Select gender assessments and studies focused on gender and nutrition, gender and child mortality, gender and poverty and ongoing work on gender and disaster risk management/climate change. 14 online tax-payment portal and alternative (out-of-court) tax dispute settlement system, and the strengthening of corporate governance indirectly through financial market clients and directly with family- owned companies. OUTCOME 4.3: LOCAL SERVICE DELIVERY. Noteworthy transformations are occurring in empowering and strengthening local governments and enhancing direct citizen engagement. During the first part of the CAS, 4,500 Union Parishads, which are the lowest tier of elected rural local governments in the country, have been provided direct block grants and greater discretion in deciding their spending priorities through an inclusive and participatory process, while being held accountable for their performance by citizens and higher tiers of government. Progress on Dropped Outcomes: WATER AND SANITATION. Arsenic contamination remains the single largest threat to safe water service provision, with 82 million people potentially affected by it. During the first two years of CAS implementation, the Bank helped Bangladesh to pilot innovative service delivery models in rural areas, including piped water supply schemes with private sponsors that provided access to safe water to 500,000 people. Replication of these schemes in other regions of the country is underway. The inadequacy of sanitation facilities is an area of high concern, and progress in developing sanitation schemes is significantly behind schedule. The CAS outcome has been dropped due to lack of progress and Bank contribution. IFC is supporting private-sector clean drinking water provision to rural and peri-urban areas as an equity investor in A. K. Khan WaterHealth, a joint venture between reputed Bangladeshi and international companies. Through September 2013, the company has provided water to a total over 28,000 people, including over 8,000 rural residents. PUBLIC INVESTMENT. Gross public investments and domestic revenue mobilization have improved and are expected to exceed the CAS targets. Nonetheless, the poor quality of infrastructure remains among the most binding constraints to growth and development in Bangladesh, particularly in rural areas. The government's Annual Development Program continues to be chronically underutilized. Reviews undertaken during the CAS period indicate that systems and procedures surrounding public investments continue to be weak and suggest that a continuous focus on strengthening capacity to manage public investments may have a significant positive impact on development outcomes. Because Bank contribution to this outcome is very indirect, this CAS outcome has been dropped. URBANIZATION. Bangladesh continues to be among the most densely populated countries on earth, and improving urban infrastructure is key help alleviate population pressure. In an effort to address longer-term capacity to manage the urban space effectively, the Bank supports municipalities and city corporations to develop management information systems, enhance procurement and financial management practices and improve revenue generation, particularly tax collection. There has been sound progress in supporting municipalities to generate their own revenues, which will help to shift the paradigm towards more autonomous and effective city management. The Bank contribution in this area is already captured under revised outcome 4.3 to support capacity of local government bodies, and so this outcome has been dropped. WATER MANAGEMENT. With more than fifty full-flowing rivers and high rainfall during the monsoon, appropriate water resource management plays a major role in the growth of agriculture and poverty alleviation in Bangladesh. Bank support to Bangladesh's long-standing structural interventions in floodplains and coastal areas contributed to reduced vulnerability to natural disasters and enhanced economic opportunities for the poor by ensuring increased agricultural production. The construction and rehabilitation of coastal embankments have exceeded CAS targets. Challenges remain in better defining the complex system of institutional arrangements and developing a long-term strategy for water management. The outcome has been dropped and merged with the revised outcome on disaster management to better reflect the Bank's actual program areas. 15 ENVIRONMENT. Captured under Outcome 3.2 above. 16 Annex 2: Revised CAS Results Framework Pillar 1: Social Services Outcome 1.1: Improved access to quality health, population and nutrition services Indicator Status Progress to Milestones [Status] World Bank Group Program date Births attended by skilled 14.8% (2011) Achieved *Number of trained community-based skilled birth Ongoing Financing: personnel in the two lowest attendants is increased to 9,000 by 2010 [actual was * Health Sector Development Program income quintiles (%) 7,944 in 2013] (IDA and TF, incl. USAID) Baseline: 8% (2007) * Chittagong Water Supply Target: 14% (2014) * Dhaka Water and Sanitation Under-five children 35.1% (2013) On track * Vitamin A supplementation coverage among children Indicative financing: underweight (%) 9-59 months old is increased from 88% (2007) to 90% * Health Sector Development Program Baseline: 46% (2007) by 2012 [actual was 74.8% in 2013] AF Target: 42% (2014) * Proportion of children receiving all basic vaccinations Ongoing AAA/Others: by 12 months of age is increased from 76% (2007) to * Nutrition Multisector Simulation Tool 80% by 2012 [actual is 82.5% by 2011] * Nutrition, Water and Sanitation * Child Nutrition and Health * Water and Sanitation Program Outcome 1.2: Strengthened social protection system Indicator Status Progress to Milestones [Status] World Bank Group Program date People covered by social safety 60.9% (2012), rural Achieved (in Number of extreme poor participating in workfare Ongoing Financing: nets in the lowest expenditure areas only rural areas) program and new safety net project increases [EGPP: 9 Disability and Children at Risk Project quintile (%) from 590,000 in FY10 to 765,000 in FY13; additional * Safety Net Systems for the Poorest Baseline: 34% (2008) increase expected for FY14 based on 16% increase m Project (SNSP) Target: 50% (2014) EGPP budget allocation; Expected increase under SNSP * Second Social Investment Program People with disabilities 37,210 (June 2013) On track with improved targeting, but no figures yet on Project receiving social care services beneficiaries numbers.] 9 Employment Generation Program (number) 0 Initiate policy dialogue aimed at introducing Project (EGPP) Baseline: 25,000 people (2010) sustainable and integrated (also with health insurance) * Northern Areas Reduction of Poverty Target: 27,500 people (2014) social protection system [Signing of SNSP with a focus Project on improving targeting, efficiency and transparency of 9 Safe Migration for Bangladeshi five major safety nets programs is a direct result of the Workers (JSDF) policy dialogue on the need for a consolidated and 9 Piloting Cash Transfers for Human integrated social protection system.] Development (TF) * Government develops minimum standards of care for Indicative Financing: vulnerable children [Guidelines on minimum standards o Conditional Cash Transfers Program of care have been developed as part of the operations Ongoing AAA/ Others: manual for the Integrated Child Protection Service i Bangladesh Poverty Mapping Centers, operated by the Department of Social Services.] 9 Social Protection and Labor Review O iPUF improves quality of social care services [PUF has developed an operations manual to standardize services and has collected data on persons-with- 17 disabilities that will now allow for proper assessment of the quality of social cares services.] Outcome 1.3: Increased equitable education access, improved system efficiency and student learning Indicator Status Progress to Milestones [Status] World Bank Group Program date Primary and secondary * Increased education completion rates Ongoing Financing: education completion rates Primary target: 55% (2012) * Third Primary Education Development Primary Secondary target: 46% (2012) Program Baseline: 50.1% (2008) 70.3% (2011) Achieved * Increased primary net enrolment rate (age 6-10, * Second Reaching out-of-School Target: 65% (2014) OPME) Children Project (and AF) Secondary Baseline: Girls 94% (2008) Boys 87.9% (2008) * Secondary Education Quality and Baseline: 38% (2006) 46.4% (2011) On track Target: Girls 96% (2012) Boys 90% (2012) Access Enhancement Program (and Target 50% (2014) * Increased secondary net enrolment rate (age 11-15, AF) Share of students mastering HIES) * Higher Education Quality required competency levels in Baseline: Girls 47% (2005) Boys 37% (2005) Enhancement Project (and AF) Bengali and Mathematics Target Girls: 52% (2012) Boys 45% (2012) * Skills and Training Enhancement (grade 3 and grade 5) n/a Project Bengali - Grade 3 (new indicator) Indicative Financing: Baseline: 67% (2011) * Third Primary Education Program AF Target: 72% (2014) n/a Bengali - Grade 5 (new indicator) Baseline: 25% (2011) Target: 30% (2014) n/a Mathematics - Grade 3 (new indicator) Baseline: 50% (2011) Target: 60% (2014) n/a Mathematics - Grade 5 (new indicator) Baseline: 33% (2011) Target 40% (2014) Pillar 2: Growth Outcome 2.1: Improved environment for private sector investment Indicator Status Progress to Milestones World Bank Group Program date Doing Business Index 130 out of 189 (32b Off track * PPP framework streamlined; capacity built to Ongoing Financing: Baseline : 119 of 183 countries percentile) (FY14) implement PPPs across strategic investment areas. * Private Sector Development Support (3 5h percentile) (FY 10) * Elaboration and testing of modernized deeds Project (PSDSP; IDA and TF) Target: 35b percentile (FY15) registration system and sound land records 0 IFC (BICF) investment climate modernization program and national implementation support, including: Out-of-court program agreed - on track settlement and resolution in * National resettlement policy adopted; institution Bangladesh; Regulatory framework in place to handle social impacts of project Modernization for supporting the implementation. creation of a Digital Bangladesh; and GoB-business regulatory interface streamlined and Business Taxation Streamlining Program. 18 made more transparent - on track * Gmmeenphone (JFC * Policies for development and regulation of market Ongoing AAAIOther: for long-term finance developed and implementation * NLTAon land acquisition and begun. resettlement * Access to financial services improved through * PSDSP Advisory Services preparing movable collateral law, introducing privately * Just-in-time Policy Notes operated credit information sharing system, improved * Diagnostic Trade Integration Study corporate governance, and continued strengthening of *regulation and supervision - on track Outcome 2.2: Increased infrastructure provision and access Indicator Status Progress to Milestones [Status] World Bank Group Program date Increase in additional See milestones On track Attract capital sufficient to increase power Ongoing Financing: electricity production (MW) (according to generation capacity by at least 750 MW [expected to * Siddhirganj Peaking Power Project Baseline: 0 MW (FY10) revised come from Siddhirganj (450M\) and a PRG for * Investment Promotion Financing Target: 312 MW additional (by target) Bibiayana 1 (300MW)] and electricity grid and off-grid Facility (IPPF) March 2015), through WBG connections by at least 900,000; [Siddhirganj is under * Second Rural Electrification and financing (217MW from construction, with some delays, but the Bibiayana 1 PRG Renewable Energy Development Siddhirganj; 95MW from IPPF) has been dropped; contribution to target will come from (RERED) Increase in electricity 1,038,600 additional On track IPPF] * Second Rural Transport Improvement connections (off-grid, number) connections (June 2013), * [An additional 900,000 off-grid connections are Project (IDA and TF) Baseline: 236,000 (FY10) through WBG financing Bank-supported.] * RERED Mini Grids (TF) Revised Target: 1.48 million * Solar Home Systems (TF) additional connections (FY15), * BCCRF Solar Irrigation (TF) through WBG-fnancing * IFC's investment support for the (RERED) power sector. Access to all-season roads (% 43.8% (Jan2012) On track Provide basic transport infrastructure (improve union Indicative Financing: of total population) (based on and upazila roads and river jetties) and connectivity * Rural Electricity Transmission and Baseline: 43.6% (FY10) milestones) between production centers and markets in 24 districts Distribution Target : 45% (FY14) countrywide. [First year rural transport program * Power Sector Rehabilitation Project maintained about 800 km of upazila and union roads. Second year program is being finalized and will include rehabilitation of market centers, jetties, upazila and union roads.] c Open opportunities for increased trade and improved transit with South Asian countries (India, Nepal and Bhutan) by streamlining border crossing particularly at Petrapole-Benapole, and develop modalities for off-dock clearance of containers and bonded movement of containers byroad. [Project identification is underway.] Pillar 3: Vulnerability, Adaptation and Inclusion Outcomec3.1: Improved agriculture production and food security 19 Indicator Status Progress to Milestones World Bank Group Program date Farm land with improved 149,000 ha (Sept. 13), Off track Efficient irrigation and drainage management for rice Ongoing Financing: irrigation and drainage o/w 771 ha IAPP; 6,000 production in 150,000 ha of farmlands ensured (2012) 9 Emergency Cyclone Recovery and management for rice ha ECRRP; 142,000 ha [Achieved in 2013] Restoration Project (ECRRP; and AFs) production, in areas affected by WMIP * National Agriculture Technology Cyclone Sidr (ha) Project Baseline: 0 ha (FY10) * Water Management Improvement Target: 200,000 ha (FY14) Project (WMIP) Increase in agricultural Achieved * itegrated Agricultural Productivity productivity as measured in Project (UPP; TF) crops yields and livestock * BCCRF: Afforestation and Baseline: FY08 Reforestation Project (TF) Paddy 4.4 mt/ha Paddy +14-18% * BCCRF: Climate resilient agriculture Wheat 2.6 mt/ha Wheat +39-49% (TF) Lentil 0.9 mt/ha Lentil +31-40% Indicative Financing: Milk 5.1 1/cow/day Milk +55-64% * Second Agriculture Technology Target: FY14 Project 10-30% increase i Modem Food Storage Facility * Emergency Cyclone Recovery and Restoration AF Ongoing AAA/Others: * Dnamics of Rural Growth Study Outcome 3.2: Enhanced disaster and climate change preparedness Indicator Status Progress to Milestones [Status] World Bank Group Program date Increased number of cyclone * 64 cyclone shelters are repaired (2012) [Achieved] Ongoing Financing: shelters in project area . Coastal Embankment Improvement Baseline: 133 shelters in good 240 shelters upgraded On track Project (IDA and PPCR TF) condition (out of 2133 (Aug. 2013) * Water Management Improvement existing shelters) (FY10) Project Target: 546 shelters in good 24 new shelters built Emergency Cyclone Recovery and condition (213 will be (Aug.P2013) Restoration upgraded and 200 will be * BCCRF Capacity Building/Secreteriat built) (FY14) * BCCRF Cyclone Shelters Indicative Financing: Rehabilitation of coastal At least 50 kmn of coastal embankment are repaired * Multipurpose Cyclone Shelters embankments damaged by [Achieved] Ongoing AAA/ Others: Cyclone Sidr in 2007 (Kmi) South Asia Water Initiative Baseline: 0 km (FY10) 323 kO (Sept. 2013), /w Achieved Engendering Disaster Management Target: 272 kmn (FY14) 255 kmn ECRRP; 68 kinmBCFCiaeCag and Health dateFCimt Cag WMIP BCCRF Urban Flooding of Dhaka in 20 Changing Climate * Making Climate Data relevant to Decision Making * Responsible Sourcing Initiative * BCCRF Community Climate Change Project * Improving the Kiln Efficiency in the Brick Making Industry Outcome 3.3: Enhanced women's economic empowerment Indicator Status Progress to Milestones [Status] World Bank Group Program date Increase in women's * At least 50% of women participate in village Ongoing Financing: participation in short term assembly and ward level meetings to priorities * Second Social Investment Program employment programs developmental needs and budgets Project (SIPP) Baseline: 20% of Employment 35% [under EGPP] Achieved * Employment services and support to women from * Second Local Governance Support Generation Program for casual poorest areas entering paid employment established Project workers are women * Village organizations and Ward Development * Employment Generation Program Target: 30% of Employment Committees constituted which represent at least Project (EGPP) Generation Program are women 80% of the identified/targeted poor and women * Northern Areas Reduction of Poverty received budget envelop for implementing their Project development priorities Ongoing AAA: * Village organizations and WDCs practicing social * Engendering Disaster Management accountability tools in Bangladesh Pillar 4: Governance Outcome 4.1: Increased effectiveness and efficiency of public resource use Indicator Status Progress to Milestones World Bank Group Program date Line ministry budget BMCs, BWGs Off track . Forward baseline estimates introduced in FY15/16 Ongoing Financing: institutions strengthened reconstituted with revised budget cycle [guideline drafted and joint working 9 Second Public Procurement Reform Baseline: Budget ToR and BMW/Bs group between Finance Division and Planning Project management Committees, established in all 59 LMs Commission formed] 9 Deepening MTBF and FM Working groups and Wings by June 2012. 0 80 % of line ministries producing quarterly financial Accountability formed in all line ministries (September 2013) management reports meeting Finance Division's 9 Strengthening Public Expenditure Target: Budget requirements [17 % (10 line ministries) in 2013] Management Program (SPEW) Management Committees, * Enhanced budget classification structure * SPEM Citizens' Component Working Groups and implemented in FY15/16 budget cycle [new * SPEM Strengthening Auditor Wings fully operational structure designed awaiting final approval] General's Office consistent with Terms of * SPEP Strengthening Legislative Reference from Finance Oversight Division; (FY14) Ongoing AAA/Others: Audit backlog reduced Reduced by 95% in 2013 Improved legislative scrutiny of audit reports [PAC Improving payment and Monitoring Baseline: 9700 audit Achieved scrutinized the audited financial accounts in 2013] Systems (TF) observations,_490 auditf 21 reports awaiting PAC * Partnership for Improved Audit hearings (2009/10) Quality Target: Reduced by 50 % in * Catalyzing Open Data on Public 2014 Finance Contract awarded within the 65% (as of Dec. 2012) On track * Reduced delays in making contract awards * Public Expenditure Review initial bid validity period in key * Improved procurement performance monitoring agencies - RHD, LGED, including stakeholders engagement BWDB and REB- (% of selected agencies' total contracts) Baseline: 30% (FY10) Target: 60% (FY14) Outcome 4.2: Enhanced transparency and accessibility of public services Indicator Status Progress to Milestones Remarks date Comprehensive and reliable Database (91.2m citizens) Off track Technical documentation for interoperabiity, Ongoing financing: national identification (NID) digitized; one service user standards and security, and infi7astructure for deployment * Identification System for Enhancing system established and used in (NBR) (Sept. 2013). of ICT in Government agencies adopted Access to Services Project public services. * Validation of data and establishment of updating * Safety Net Systems for the Poorest Baseline: ID system limited, procedures for secure national ID system Project (SNSP) not digitized, and used only * Employment Generation Program for voter identification Project (EGPP) Target: At least 3 public * IFC (BICF) Regulatory Moderi- services using the zation for supporting the creation of a comprehensive ID system Digital Bangladesh Indicative Financing * Enabling Open Government (PforR) d Conditional Cash Transfers Ongoing AAA/Others: ( Governance in Sectors * Engaging the Poor for Good Governance and Fighting Corption Outcome 4.3: Increased capacity of local government bodies Indicator Status Progress to Milestones Remarks ____________________ date ________________________ Annual per capita expenditures $2.90 (2013) Local government legal fiamework in terms of Ongoing Financing: of Union Parishads ($) Achieved fnctions, finances, and staffing further clarified Second Local Governance Support Baseline: $0.50-60 per capita * Formula-based intergovernmental transfers Project annually (estimate) _ institutionalized Indicative Financing: 22 ag=: $1.5 per capita * Local government audit directorate in the C&AG's * Municipal Governance and Services annually office established Project * Mechanisms for horizontal accountability to citizens Ongoing AAA/Others for performance of local units of line agencies * Water and Sanitation Program implemented Urban local bodies (ULBs) with 182 ULBs On track * Formal development and management plans computerized tax records and (June 2013) established in at least 10 cities supported by WBG billing systems (number) Baseline: 75 ULBs lagt: 200 ULBs (FY14) 23 Annex 3: Changes to CAS Results Framework Original CAS Results Framework Remarks/Revised CASPR Framework Pillars: Revised. Simplified pillar description. Changed pillar order. 1. Increase transformative investments and enhance the 1. Social Services business environment 2. Growth 2. Reduce environmental degradation and vulnerability to 3. Vulnerability and Adaptation climate change and natural disasters 4. Governance 3. Improve service delivery 4. Enhance accountability and promote social inclusion Outcome 1.1: Increased public investment and improved Dropped. Lack of Bank contribution. revenue generation Outcome 1.2: Improved environment for private sector Unchanged. Outcome 2.1 in revised framework investment Indicator 1: Private investment to GDP ratio increases Dropped Indicator. Lack of Bank contribution. Outcome 1.3: Increased infrastructure provision, access and Revised. Outcome 2.2 in revised framework. Outcome wording efficiency improved: Increased infrastructure provision and access Revised Indicator. Target adjusted to reflect revised Indicator 1: Increase in electricity production program/dropped project. Revised Indicator. Target adjusted from 900,000 additional Indicator 2: Increase in electricity grid and off-grid connections connections to 1.4 million to reflect good progress. Outcome 1.4: Improved planning and management of Dropped. Partly included under revised Outcome 4.3 urbanization Indicator 1: Urban local bodies (ULBs) with computerized tax Merged under revised Outcome 4.3. Indicator wording improved. records and billing systems Outcome 2.1: Strengthened water resource management and Dropped. Partly included under revised Outcome 3.2 (see below). coastal protection Added to outcome 2.4: enhanced disaster preparedness. Indicator 2: Rehabilitation of coastal embankment Outcome 2.2: Improved agriculture production and food security Unchanged. Outcome 3.1 in revised framework New Indicator: Increase in agricultural productivity as measured in crops yields and livestock New Indicator. Added to better reflect program focus. Outcome 2.3: Reduced environmental degradation and Dropped. Lack of progress/Bank contribution. strengthened natural resource management Outcome 2.4: Enhanced disaster preparedness Revised. Outcome 3.2: Enhanced disaster and climate change preparedness. Indicator 1: Cyclone shelters in good condition nation-wide Revised Indicator: Increased number of shelters in project area New Indicator. Indicator on rehabilitation of coastal embankments added (see above). Outcome 3.1: Improved access to quality health, population and Revised. Outcome 1.1 in revised framework nutrition services Outcome 3.2: Expanded access to safe water and sanitation Dropped. Lack of progress/Bank contribution. services Outcome 3.3: Strengthened social protection services Unchanged. Outcome 1.2 in revised framework Outcome 3.4: Improved student learning based on quality of Revised. Outcome 1.3 in revised framework: Outcome wording education services improved: Increased equitable education access, improved system efficiency and student learning New Indicator: Share of students mastering required competency New Indicator to better reflect improvements in student learning. levels in Bengali and Mathematics (grade 3 and grade 5) Outcome 4.1: Increased effectiveness and efficiency of public Unchanged. Outcome 4.1 in revised framework resources use Outcome 4.2: Enhanced transparency and accessibility of public Unchanged. Outcome 4.2 in revised framework services Indicator 1: RTI applications processed on time in 6 key Dropped Indicator. ministries (Public Admin., Railway, Finance Division, Water, Information, and Env. & Forest) (%total applications received) Outcome 4.3 Increased effectiveness of public service delivery Revised. Outcome 4.3 in revised framework. Outcome wording at the local level improved: Increased capacity of local government bodies Outcome 4.4: Expanded participation in local development and Revised. Outcome 3.3 in revised framework. Outcome wording women's economic empowerment improved: Enhanced women's economic empowerment 24 Annex 4: IFC Focus on Bangladesh RMG/Textile Sector Focus on Bangladesh RMGV ee Sector Advisory Services Bangladesh Investment Services ILO-IFC Better Work 0 Enabled -6% GDP growth Long-term Finance / Worker rights & safety over past 20 yrs / Collective bargaining * Large-scale reductions in Mobilizing lenders PaCT poverty indicators V Improving supplier / Water resource management corpetitiveness Cleaner Production RMG /Textiles Sector / Energy-savings / Jobs: Zero to 10M, mostly V Supporting banks productivity gains female, in 25 years $300M GTFP lines Buyers Forum * Export revenues: $105MSTfunded / Stakeholder supply chain 75% of total exports working capital lines BUILD 2nd largest RMG V Strengthening supplier exporter worldwide Support Infrastructure network 0 Economic impact: 15% of GDP bKash - IFC equity * Chllenes:mobile payments Greening of Zones Over 6M clients: / Improving sustainability in E&S / OHS / Water use enables efficient economic zones mgmt worker remittances >Fire and building safety Local Bank EH&S Standards Industrial relations / Advising Central Bank on Competitiveness Strengthening Community development pe id t femal, in25yer Annex 5: IDA Lending Program FY11-15: Planned vs Actual (US$m) Fiscal CAS Planned Project Planned Status Approved Year (US$m) (US$m) FY11 Private Sector Development Support 120 Actual 120 South Zone Power Distribution 150 Dropped Padma Bridge 1200 Approved (but terminated end-FY 12) 1200 Bangladesh Rivers Conservation 160 Dropped Dhaka Env. and Water Program 70 Dropped Rural Livelihood Development 100 Dropped Health Nutrition Population Support 350 Actual 359 Employment Generation 150 Actual 150 ID System for Access to Services 150 Actual 195 Northern Area Reduction of Poverty 20 Approved in FY12 Primary Education Support 200 Approved in FY12 Emergency Cyclone Recovery AF 75 Emergency Livelihood Restoration 40 Strengthening Regional Cooperation for 36 Wildlife Protection in Asia Total planned FY11 2,650 Total FY11 (including Padma Bridge) 2,175 Total FY11 (without Padma Bridge) 975 FY12 PRG for Bibiyana Dropped PSDTA AF Dropped Statistical Capacity Building Shifted to FY14 (included in SNSP) Long-term Finance Dropped ICT-enabled Services Sector Incl. in Leveraging ICT for Growth, Employment & Governance (FY13) North East Regional Program Dropped Second Rural Transport Moved to FY13 Coastal Embankment Improvement Moved to FY13 Pilot Program on Climate Resilience Projects approved under MDTF (FY11) 290 Local Governance Support II Actual (FY12) Technical Foundations for e- Incl. in Leveraging ICT for Growth Project, Government Employment (FY13) PRSC I Dropped Rural Water Supply Project 75 Primary Education Development 300 Rural Electrification & Renewables AF 172 Northern Area Reduction of Poverty 29 Initiative (Shifted from FY11) Total planned FY12 1,300 Total actual FY12 866 26 FY13 PRSC 2 Dropped -14 Modernization Project Dropped Strengthening Micro-Financing Dropped Power Generation Capacity Dropped Gas debottlenecking, LNG Terminal Dropped Railways and Inland Waterways Dropped CASE AF Dropped Productivity Enhancement Dropped Brahmaputra River Bank Protection Dropped Tax Administration Renamed Enabling Open Government Major Cities Improvement Renamed Municipal Governance and Services (MGSP, FY14) Urban Services Included in MGSP (FY14) and Local Governance Disaster Preparedness Grant Funded Social Safety Net Systems Project Approved 500 Rural Water Supply and Sanitation Approved in FY12 Secondary Education AF Moved to FY14 Strengthening e-Government Renamed Public Procurement Reform 11 35 Procurement Systems Rural Elec. and Renewable Energy2 Approved 155 Leveraging ICT for Growth, Employment 70 and Governance (from FY12) Rural Transport 2 (from FY12) 302 Reaching Out-of-School Children 2 130 Coastal Embankment Improvement 375 Total planned FY13-14 2,600 Total actual FY13 1,567 FY14 Planned for FY14 -15 Modem Food Storage Facilities 210 Municipal Governance and Services 410 Secondary Education AF 265 Higher Education Quality AF 125 Rural Electricity Transmission and 570 Distribution Enabling Open Government P4R 80 Cyclone Recovery and Restoration AF 140 Total planned for FY14 1,800 Planned for FY15 Multipurpose Shelters 350 Conditional Cash Transfers 200 Power Sector Rehab. (Ghorashal 4) 330 National Agriculture Technology 2 100 Primary Education Development 3 AF 200 Health Development Sector Program AF 140 Total planned for FY15 1,320 Total planned for FY14-15 3,120 27 Annex 6: Summary of Non-Lending Activities (IDA) for FY11-15 FY11-13 Completed Completion FY14-15 Underway Completion FY FY Pillar 1: Social Services CAS planned FY14 underway Multi-Sectoral Nutrition II FY11 Bangladesh Poverty Mapping FY14 Health Sector Review FY11 Nutrition Multisector Simulation Tool FY14 TA for Poverty Monitoring and Analysis FY11 FY15 underway Addressing Extreme Poverty Nutrition, Water and Sanitation FY15 Secondary Education Quality and FY12 Child Nutrition and Health FY15 Enhancement Social Protection and Labor Review FY15 Poverty Assessment FY12 Education Sector Review FY13 Tackling Non-communicable Diseases FY13 Social Protection Programmatic TA FY13 Additional completions Assessment of Area-based Community FY13 Nutrition BD Mobile Apps for Alternate Service FY13 Pillar 2: Growth CAS planned FY14 underway Gas Sector Capacity Building FY11 Just-in-time Policy Notes FY14 Public Private Partnerships Framework FY11 Policy Notes for the new Government FY14 Review Diagnostic Trade Integration Study FY14 Trade Growth and Diversification FY11 FY15 underway Labor-Embedded Growth (CEM) FY12 Dynamics of Rural Growth FY15 New Generation Issues in Growth (CEM) FY12 PSDSP - Bank Exec Advisory Services FY15 Bangladesh Urban Transformation FY12 (CEM) Financial Sector Reforms TA FY12 Long Term Finance NLTA FY12 Review of MTPF and Public Investment FY13 Financial Sector Reforms FY13 Additional completions Enterprise Survey TA FY12 iBAS Review for SPEMP TA FY12 JIT Note on IN/BD Trade TA FY12 Jobs and Competitiveness FY13 Urban Strategy TA FY13 Pillar 3: Adaptations, Vulnerability and Inclusion CAS planned FY14 underway Energy-efficient & Clean Technology in FY11 Engendering Disaster Management in FY14 Brick Sector Bangladesh Climate Change Variability & Growth FY12 BCCRF Climate Change and Health FY14 Responsible Sourcing Initiative FY12 FY15 underway Sundarbans: Climate Change Adaptation FY13 BCCRF Urban Flooding of Dhaka in FY15 Changing Climate BCCRF Making Climate Data Relevant to FY15 Decision Making Responsible Sourcing Initiative Phase 2 FY15 28 Pillar 4: Governance CAS planned FY14 underway Legal and Judicial Review FY11 Citizens' Component of SPEMP FY14 Public Expenditure Tracking Survey FY11 Governance in Sectors FY14 Public Expenditure and Financial FY12 Partnership for Improved Audit Quality FY14 Accountability Strengthening Planning and PIM FY14 Institutional and Governance Review FY12 FY15 underway Public Expenditure Tracking Survey FY12 Catalyzing Open Data on Public Finance FY15 Pro-poor Resettlement Programs FY13 Public Expenditure Review FY15 Gender, Social Protection and Human FY13 Rights Strengthening Local Accountability FY13 Additional completions Demand for Good Governance FY11 GPOBA (WI) : Bangladesh Solar Home FY13 Systems Policy Support for Decentralization and FY13 Local Governance ICT for Accountability FY13 Local Governance Program FY13 29 Annex 7: IDA Lending Program Resp Proj ID IDA Cr. IDA Project Name Date, Board Rev Closing Proj Age Net Tot Disb Tot % Disb Tot Disb in FY % Dish Unit No.(s) App In Yrs Comm ($M) Undisb Undisb ($M) Ratio Amt ($M) Bal ($M) Begin FY (SM) SARPS P098146 IDA43500 Public Procurement Reform Project II 07/05/2007 12/31/2016 6.4 58.10 28.05 31.08 48.3% 35.51 4.42 12.4% IDA52420 SASFP P089382 IDA46930 Invst Promotion Financing Facility 05/02/2006 12/31/2015 7.6 306.03 82.92 226.26 27.1% 226.26 0.00 0.0% IDA41690 SASFP P120843 IDA48660 Private Sector Development Support 03/01/2011 06/30/2016 2.7 42.79 3.86 36.36 9.0% 36.36 0.00 0.0% SASED P090807 IDA47640 Skills and Trg. Enhancement Project 06/10/2010 06/30/2016 3.4 79.00 28.63 51.47 36.2% 55.03 3.56 6.5% SASED P106161 IDA44750 Sec. EducQIty&Access Enhancement 07/31/2008 06/30/2014 5.3 130.70 122.86 0.00 94.0% 6.37 6.37 100.0% SASED P106216 IDA45440 Higher Education Quality Enhancement 03/17/2009 10/31/2015 4.7 81.00 76.02 7.20 93.8% 7.20 0.00 0.0% SASED P113435 IDA49990 Primary Education Dev. Program ill 08/25/2011 12/31/2015 2.2 300.00 119.14 165.57 39.7% 165.57 0.00 0.0% SASED P131394 IDA51660 Reaching Out of School Children II 10/02/2012 12/31/2017 1.1 130.00 12.86 118.70 9.9% 118.70 0.00 0.0% SASHN P118708 IDA49540 Health Sector Development Program 05/26/2011 12/31/2016 2.5 358.90 172.05 171.73 47.9% 175.61 0.00 0.0% SASSP P106332 IDA44810 Disabilityand Children at Risk 07/01/2008 12/31/2014 5.4 35.00 4.29 29.30 12.3% 29.93 0.63 2.1% SASSP P118701 IDA48330 Employment Generation Program 11/30/2010 06/30/2014 3.0 150.00 93.15 54.36 62.1% 55.37 1.01 1.8% SASSP P132634 IDA52810 SafetyNetSystems forthe Poorest 06/26/2013 12/31/2017 0.4 500.00 0.00 498.80 0.0% 498.80 0.00 0.0% SASGP P121528 IDA49380 IDEA Project 05/10/2011 06/30/2016 2.5 195.00 3.36 181.35 1.7% 181.35 0.00 0.0% SASDA P040712 IDA49090 WaterManagementImprovementProject 09/18/2007 06/30/2015 6.2 94.18 54.58 41.74 58.0% 49.08 7.34 15.0% SASDA P084078 IDA43860 National Agricultural Technology Proj 02/07/2008 12/31/2013 5.8 62.60 45.63 14.94 72.9% 20.39 3.83 18.8% SASDA D111272 A4 0 Emergency 2007 Cyclone Recovery &Rest 11/06/2008 12/31/2015 5.0 184.00 113.38 67.61 61.6% 83.29 15.68 18.8% SASDC P128276 IDA52800 Coastal Embankment Improvement Proj 06/26/2013 12/31/2020 0.4 375.00 0.00 382.62 0.0% 382.62 0.00 0.0% SASDE P095965 IDA45080 Siddhirga nj Peaking Power Project 10/30/2008 03/31/2016 5.1 350.00 83.03 258.15 23.7% 267.42 9.27 3.5% SASDE P131263 IDA51580 RERED II 09/20/2012 12/31/2018 1.2 155.00 53.43 104.40 34.5% 147.57 43.16 29.2% SASDI P098151 IDA45810 Clean Air & Sustainable Environment 05/12/2009 12/15/2016 4.5 62.20 28.62 36.55 46.0% 41.32 4.77 11.5% SASDL P73886 IDA47570 o bo and Livelihood Improvement 06/23/2010 06/30/2016 3.4 115.00 74.06 42.69 64.4% 59.79 17.09 28.6% SASDS P114841 IDA50150 Northern Areas Reduction-of-Poverty 10/27/2011 12/31/2015 2.1 29.29 8.37 19.26 28.6% 21.86 2.60 11.9% SASDT P123828 IDA51070 Second Rural Transport Project 09/20/2012 04/30/2018 1.2 302.00 19.50 280.13 6.5% 284.31 4.18 1.5% SASDU P093988 IDA45060 Dhaka WaterSup & San. Project 12/02/2008 12/31/2015 5.0 83.09 22.04 55.05 26.5% 61.59 6.54 10.6% SASDU P103999 IDA47340 Chittagong Water Supply Improvement 06/23/2010 12/31/2015 3.4 170.00 1.62 165.89 1.0% 167.00 1.11 0.7% SASDU P122269 IDA50750 Rural WaterSupply Project 03/22/2012 06/30/2017 1.7 75.00 2.12 72.61 2.8% 73.46 0.86 1.2% SASDU P124514 IDA50190 Local Governance Support Project II 11/29/2011 11/30/2016 2.0 290.00 87.79 194.27 30.3% 196.46 2.19 1.1% TWICT P122201 IDA50250 Leveraging ICT Growth, Employ & Gov 09/20/2012 12/31/2017 1.2 70.00 6.16 60.96 8.8% 61.16 0.00 0.0% SASDI P121210 IDA49090 REG: Wildlife Protection : BD 04/07/2011 12/31/2016 2.6 36.00 3.91 30.79 10.9% 33.44 0.44 1.3% 29 4,819.88 1,351.42 3,399.83 28.0% 3,542.82 135.05 3.8% 30 Annex 8: Trust Funds Resp Proj ID TF No.(s) TF Name RVP Rev Closing TF Age Net Funds Tot Disb Tot % Disb Tot Undisb Disb in % Disb Unit Approval in Yrs Comm Received ($M) Undlsb Begin FY FY ($M) Ratio Amt (SM) ($M) Bal ($M) ($M) SARGP P117248 TF095283 Deepening MTBF and FM Accountability 09/23/09 07/31/14 4.2 50.00 43.76 42.75 1.01 97.7% 4.76 3.75 78.8% SARFM P120125 TF098656 Strengthening Auditor Gen.'s Office 05/27/11 06/30/14 2.5 16.60 9.98 4.81 5.17 48.2% 6.56 1.39 21.2% SARFM P119139 TF097134 Strengthening Legislative Oversight 08/30/10 06/30/14 3.2 5.00 5.00 2.24 2.77 44.7% 2.94 0.17 5.8% SASDA P123457 TF010378 Integrated Agricultural Productivity 08/12/11 09/30/16 2.3 46.31 23.68 16.55 7.13 69.9% 11.84 4.71 39.8% SASDC P125447 TF012721 Community Climate Change Project 08/06/12 12/31/16 1.3 12.50 12.50 2.30 10.20 18.4% 10.22 0.02 0.0% SASDI P127015 TF014026 Afforestation & Reforestation Project 02/08/13 12/31/16 0.8 33.80 33.80 2.96 30.84 8.8% 33.80 2.96 8.8% SASDC P128445 TF010526 Secretariat for BCCRF 10/10/11 12/31/14 2.1 0.20 0.20 0.05 0.15 27.4% 0.15 0.01 4.3% SASSP P125302 TFO98993 Safe Migration for Bangladeshi Workers 06/13/13 12/31/16 0.0 2.58 2.58 0.00 2.58 0.0% 2.58 0.00 0.0% (JSDF) SASSP P123629 TF098858 PiltingCas Trou fersLo Human 08/25/11 12/31/13 2.2 2.10 2.10 1.99 0.11 94.7% 0.11 0.00 0.0% GEFVP P132138 TF013026 Reports to UNCCD - NAPAlignmentand 08/21/12 04/30/15 1.2 0.15 0.15 0.00 0.15 0.0% 0.15 0.00 0.0% _______________Reporting SASSD P105226 TFO94974 Improving Kiln Efficiencyin the Brick Making 08/25/09 06/30/16 4.2 2.87 0.00 0.00 0.00 0.0% 0.00 0.00 0.0% Industryin Bangladesh SASDI P118701 TF010288 Improving the Payment and Monitoring 01/31/12 12/31/13 1.8 0.60 0.60 0.38 0.22 64.0% 0.22 0.00 0.0% System SASHN P118708 TFO11556 Health Sector Development Program 03/28/12 12/31/16 1.6 135.82 135.82 82.05 53.78 60.4% 53.78 0.00 0.0% SASHN P118708 TF012281 USAID: Health Sector Development Program 09/12/12 06/30/16 1.2 19.00 19.00 10.49 8.52 55.2% 8.52 0.00 0.0% SASSD P131263 TFO15034 Rural Electrification and Renewable Energy 07/15/13 6/302016 0.3 3.77 3.77 1.79 1.98 47.5% 3.77 1.79 47.5% Development 11 (RERED 11) SASDE P119549 TF096551 GPOBA (W3): Solar Home Systems 05/12/10 09/30/13 3.5 7.20 7.20 7.20 0.00 100.0% 0.15 0.15 100.0% SASDE P119547 TF096552 RERED Project (Mini Grids) 05/12/10 06/30/14 3.5 1.10 1.10 0.18 0.92 16.2% 1.08 0.15 14.3% SASDE P119549 TF098472 GPOBA (W3): Solar Home Systems (Sida) 03/02/11 06/30/14 2.7 6.75 6.75 6.75 0.00 100.0% 0.85 0.85 100.0% SASDA P111272 TF099305 Cyclone Shelters (BCRRF) 08/08/11 12/31/14 2.3 25.00 25.00 13.04 11.96 52.2% 14.97 3.01 20.1% SASFP P120843 TF99730 Private Sector Development Support Project 07/08/11 06/30/15 2.4 17.41 4.80 3.76 1.04 78.3% 1.04 0.00 0.0% Trust Fund SASDE P106135 TF099954 Installation of Solar Home Systems 12/19/07 12/31/16 5.9 8.38 0.00 0.00 0.00 0.0% 0.00 0.00 0.0% SASDE P107906 TF099955 Installation of Solar Home Systems (IDCOL) 12/19/07 12/31/16 5.9 5.30 0.00 0.00 0.00 0.0% 0.00 0.00 0.0% SASDC P128276 TF014713 Coastal Embankment Improvement (PPCR) 06/26/13 12/31/20 0.4 25.00 0.00 0.00 0.00 0.0% 0.00 0.00 0.0% SASDS P121388 TF099826 Engaging the Poorfor Good Gov. Fight 07/20/11 06/30/14 2.3 0.64 0.05 0.05 0.00 100.0% 0.00 0.00 0.0% Corruption in SA (CARTA) SASED P145118 TFO72022 Skills and Training Enhancement Project 09/26/13 12/31/17 0.1 16.71 12.48 0.00 0.00 0.0% 0.00 0.00 0.0% (STEP) AFI I 25 444.79 350.32 199.34 138.51 56.9% 157.47 19.96 12.0% 31 Annex 9: Bangladesh at a glance Bangladesh at a glance 10/31/13 Key Development Indicators South Low Bangladesh Asia income Age distribution, 2012 (2012) Male Fermale Population, mid-year (millions) 154.7 1,649 846 7579 Surface area (thousand sq. km) 144 5,131 16,198 Population growth (%) 1.2 1.3 2.3 Urban population (% of total population) 29 31 28 4549 3 34 GNI (Atlas method, US$ billions) 129.2 2,345 494 GNI per capita (Atlas method, US$) 830 1,422 584 GNI per capita (PPP, international $) 2,070 3,534 1,387 04 10 5 0 10 GDP growth (%) 6.2 3.6 5.9 percent of total population GDP per capita growth (%) 5.0 2.3 3.6 (most recent estimate, 2005-2012) Poverty headcount ratio at $1.25 a day (PPP, %) 43 31 48.3 Under-5 mortality rate (per 1,000) Poverty headcount ratio at $2.00 a day (PPP, %) 77 67 74.3 Life expectancy at birth (years) 69 66 61 Infant mortality (per 1,000 live births) 37 47 56 140 Child malnutrition (% of children under 5) 41 32 22 140 - Adult literacy, male (% of ages 15 and older) 61 73 69 120 Adult literacy, female (% of ages 15 and older) 52 50 69 80 Gross primary enrollment, male (% of age group) 2 ll i0 0 Gross primary enrollment, female (% of age group) .. 109 106 4o 20 Access to an improved water source (% of population) 83 90 67 1990 1995 2000 2011 Access to improved sanitation facilities (% of population) 55 39 37 DBanghdei DSouthAsb Net Aid Flows 1980 1990 2000 2012 a (US$ millions) Net ODA and official aid 1,287 2,093 1,173 1,415 Growth of GDP and GDP per capita (%) Top 3 donors (in 2010): United Kingdom 99 97 103 228 8 . European Union Institutions 33 59 68 189 United States 174 169 63 125 6 - Aid (% of GNI) 7.3 6.8 2.4 1.3 4 Aid per capita (US$) 16 19 9 9 2 Long-Term Economic Trends o * * * 1 5 0s o5 Consumer prices (annual % change) .. .. 2.8 10.6 GDP implicit deflator (annual% change) 17.6 6.3 1.9 8.5 WP - MP Wmp Exchange rate (annual average, local per US$) 15.5 33.3 50.3 79.1 Terms of trade index (2000 = 100) .. 98 100 85 1980-90 1990-2000 2000-12 (average annual growth %) Population, mid-year (millions) 82.5 107.4 132.4 154.7 2.6 2.1 1.3 GDP (US$ millions) 18,115 30,129 47,125 116,074 3.7 4.8 6.0 (% of GDP) Agriculture 31.6 30.3 25.5 17.7 2.1 2.9 3.7 Industry 20.6 21.5 25.3 28.5 6.0 7.3 7.7 Manufacturing 13.8 13.1 15.2 17.6 5.2 7.2 7.9 Services 47.8 48.3 49.2 53.9 3.8 4.5 6.2 Household final consumption expenditure 91.8 86.2 77.7 76.8 2.7 2.9 4.7 General gov't final consumption expenditure 6.1 4.2 4.6 5.6 2.7 4.7 8.0 Gross capital formation 14.4 17.1 23.0 26.5 7.2 9.2 7.7 Exports of goods and services 5.5 6.1 14.0 23.2 5.4 13.1 10.9 Imports of goods and services 17.9 13.5 19.2 32.1 3.2 9.7 8.5 Gross savings . .. Note: Figures in italics are for years other than those specified. indicates data are not available. a. Aid data are for 2010. Development Economics, Development Data Group (DECDG). 32 Bangladesh Balance of Payments and Trade 2000 2012 Governance indicators, 2000 and 2012 (US$ millions) Total merchandise exports (fob) 5,701 23,989 Total merchandise imports (cif) 7,566 33,309 Voice and accountablity Net trade in goods and services -2,510 -12,321 Politcal stabilty and absence ofviolnce Current account balance -337 -447 Regulatory quality as a % of GDP -0.7 -0.4 Rule of law Personal transfers and compensation of employees (receipts) 1,968 12,068 Control of corruption Reserves, including gold 1,599 11,019 0.0 250 500 750 10D.0 Central Government Finance *2012 CountrVs percentile rank (-100) 02000 higher velum nieoly bdter raffigs (% of GDP) Current revenue (including grants) 8.4 12.6 Source: Worldwide Govemance indicators (www.govindicatr.or) Tax revenue 6.4 10.4 Current expenditure 7.5 9.7 Technology and Infrastructure 2000 2011 Overall surplus/deficit -5.1 -3.6 Paved roads (% of total) 9.5 9.5 Highest marginal tax rate (%) Fixed line and mobile phone Individual .. .. subscribers (per 100 people) 1 57 Corporate 35 28 High technology exports (% of manufactured exports) 0.2 1.2 External Debt and Resource Flows Environment (US$ millions) Total debt outstanding and disbursed 15,596 28,806 Agricultural land (% of land area) 72 70 Total debt service 769 1,536 Forest area (% of land area) 11.3 11.1 Debt relief (HIPC, MDRI) - - Terrestrial protected areas (% of land area) 1.8 1.8 Total debt (% of GDP) 33.1 24.8 Freshwater resources per capita (cu. meters) 766 687 Total debt service (% of exports) 11.6 5.7 Freshwater withdrawal (billion cubic meters) Foreign direct investment (net inflows) 280 .. C02 emissions per capita (mt) 0.21 0.37 Portfolio equity (net inflows) 1 GDP per unit of energy use (2005 PPP $ per kg of oil equivalent) 6.8 7.5 Composition of total external debt, 2011 Energy use per capita (kg of oil equivalent) 140 205 Short-tem, IBRD, O 3,705 Prvate, 66 World Bank Group portfolio 2000 2011 IDA, 10,712 Bilateral, 3594 (US$ millions) IBRD Total debt outstanding and disbursed 24 0 Disbursements 0 - Other Iti- I 1,271 Principal repayments 5 - lateral, 7,9 Interest payments 2 - US$ millions IDA Total debt outstanding and disbursed 6,431 10,712 Disbursements 357 355 Private Sector Development 2000 2012 Total debt service 129 346 Time required to start a business (days) - 19 IFC (fiscal year) Cost to start a business (% of GNI per capita) - 25.1 Total disbursed and outstanding portfolio 48 169 Time required to register property (days) - 245 of which IFC own account 46 163 Disbursements for IFC own account 44 4 Ranked as a major constraint to business 2000 2012 Portfolio sales, prepayments and (% of managers surveyed who agreed) repayments for IFC own account 2 7 Electricity 72.9 Corruption 57.6 .. MIGA Gross exposure 80 78 Stock market capitalization (% of GDP) 2.5 15.1 New guarantees 0 0 Bank capital to asset ratio (%) 3.5 6.5 Note: Figures in italics are for years other than those specified. 10/31/13 .. indicates data are not available. - indicates observation is not applicable. Development Economics, Development Data Group (DECDG). 33 V Millennium Development Goals Bangladesh With selected targets to achieve between 1990 and 2015 (estimate closest to date shown, +/- 2 years) Bangladesh Goal 1: halve the rates for extreme poverty and malnutrition 1990 1995 2000 2011 Poverty headcount ratio at $1.25 a day (PPP, % of population) 66.7 60.9 58.6 43.3 Poverty headcount ratio at national poverty line (% of population) 56.6 50.1 48.9 31.5 Share of income or consumption to the poorest qunitile (%) 9.5 8.7 8.7 8.9 Prevalence of malnutrition (% of children under 5) 61.5 58.0 48.2 41.3 Goal 2: ensure that children are able to complete primary schooling Primary school enrollment (net, %) 73 Primary completion rate (% of relevant age group) 46 Secondary school enrollment (gross, %) 21 48 52 Youth literacy rate (% of people ages 15-24) 45 .. 64 77 Goal 3: eliminate gender disparity in education and empower women Ratio of girls to boys in primary and secondary education (%) 75 Women employed in the nonagricultural sector (% of nonagricultural employment) 20 27 25 20 Proportion of seats held by women in national parliament (%) 10 9 9 20 Goal 4: reduce under-5 mortality by two-thirds Under-5 mortality rate (per 1,000) 139 ill 84 46 Infant mortality rate (per 1,000 live births) 97 79 62 37 Measles immunization (proportion of one-year olds immunized, %) 65 79 72 96 Goal 5: reduce maternal mortality by three-fourths Maternal mortality ratio (modeled estimate, per 100,000 live births) 800 560 400 240 Births attended by skilled health staff (% of total) 10 12 32 Contraceptive prevalence (% of women ages 15-49) 40 45 54 61 Goal 6: halt and begin to reverse the spread of HIV/AIDS and other major diseases Prevalence of HIV (% of population ages 15-49) 0.1 0.1 0.1 0.1 Incidence of tuberculosis (per 100,000 people) 225 225 225 225 Tuberculosis case detection rate (%, all forms) 21 21 26 45 Goal 7: halve the proportion of people without sustainable access to basic needs Access to an improved water source (% of population) 76 78 79 83 Access to improved sanitation facilities (% of population) 38 41 45 55 Forest area (% of land area) 11.5 .. 11.3 11.1 Terrestrial protected areas (% of land area) 1.7 1.7 1.8 1.8 CO2 emissions (metric tons per capita) 0.1 0.2 0.2 0.4 GDP per unit of energy use (constant 2005 PPP $ per kg of oil equivalent) 6.2 6.1 6.8 7.5 Goal 8: develop a global partnership for development Telephone mainlines (per 100 people) 0.2 0.2 0.4 0.6 Mobile phone subscribers (per 100 people) 0.0 0.0 0.2 56.1 Internet users (per 100 people) 0.0 0.0 0.1 5.0 Households with a computer (%) .. .. 0.8 4.0 Education indicators (%) Measles immunization (% of 1-year ICT indicators (per 100 people) olds) 25- 100 60 50 75 -- 40 50 30 20 25 0 - 10 2000 2005 2010 0 ,0. 1990 1995 20m 2011 200 2005 2010 - Primanoetenrolment rto(..) - Ratio ofgirls b boys inprmary& semndaryedton(..) 1Ban4adel OSouthAsia oF-d+ mobia subscribers tmoinlaoetu Note: Figures in italics are for years other than those specified. .. indicates data are not available. 10/31/13 Development Economics, Development Data Group (DECDG). 34 Annex 10 - Selected Indicators* of Bank Portfolio Performance and Management As of 1013012013 Indicator 2011 2012 2013 2014 Portfolio Assessment Number of Projects Under Implementation 8 28 27 28 27 A\terage Implementation Period (years) b 3.5 3.7 3.0 3.3 Percent of Problem Projects by Number 0 10.7 11.1 10.7 11.1 Percent of Problem Projects by Amount 0 3.3 10.5 11.7 12.0 Percent of Projects at Risk by Number8a d 10.7 11.1 10.7 11.1 Percent of Projects at Risk by Amount 8, d 3.3 10.5 11.7 12.0 Disbursement Ratio (%) e 19.8 13.1 24.2 3.8 Memorandum Item Since FY 80 Last Five FYs Proj Eval by OED by Number 168 8 Proj Eval by OED by Amt (US$ millions) 10,436.0 940.4 % of OED Projects Rated U or HU by Number 28.6 12.5 % of OED Projects Rated U or HU by Amt 23.5 1.0 a. As shown in the Annual Report on Portfolio Performance (except for current FY). b. A\terage age of projects in the Bank's country portfolio. c. Percent of projects rated U or HU on de\telopment objecti\tes (DO) and/or implementation progress (IP). d. As defined under the Portfolio Impro\ement Program. 35 Annex 11: IFC Investment Operations Program 2011 2012 2013 2014* Original Commitments (US$m) IFC and Participants 253.86 222.40 774.40 86.10 IFC's Own Accounts only 253.86 222.40 573.05 86.10 Original Commitments by Sector (%)- IFC Accounts only COLLECTIVE INVESTMENT VEHICLES - - 2.62 - FINANCE & INSURANCE 97.08 94.78 69.02 100.00 FOOD & BEVERAGES 2.76 4.50 - - INDUSTRIAL & CONSUMER PRODUCTS - - 1.10 - INFORMATION - - 26.18 - NONMETALLIC MINERAL PRODUCT MANUFACTURING - 0.72 - - TEXTILES, APPAREL & LEATHER - - 1.09 - UTILITIES 0.16 - - - Total 100 100 100 100 Original Commitments by Investment Instrument (%) - IFC Accounts only Equity 0.16 0.72 7.20 - Guarantee 65.57 83.54 59.42 100 Loan 34.27 15.74 33.37 - Total 100 100 100 100 * Data as of Noverber 11, 2013 IFC Bangladesh Committed and Disbursed Outstanding Investment Portfolio As of 10/31/2013 (In USD Millions) Committed Disbursed Outstanding **Quasi Partici **Quasi Partici FY ApprovaI Company Loan Equity Eguity *GTIRM Dant Loan Equity Ei *GT/RM Dant 2013/2014 ABBank 35.00 - - 31.42 - 35.00 - - 31.42 - '2011 AK Khan WHI Wate - 0.41 - - - 0.25 - - - '2013 Ananta Apparels 6.25 - - - - 4.00 - - - - '2013 BML - 5.19 - - - 5.19 - - - 2004/2007/2008/ 2009/2010/2011/ 2012/2013/2014 BRAC Bank 40.00 1.94 - 73.60 40.00 1.94 - 73.43 - 2012/2013/2014 CityBank 25.00 - - 14.16 - 25.00 - - 14.16 - 1998/2001 DBH - 0.65 - - - 0.65 - - - '1992 Dynamic Textile 0.00 - - - 0.00 0.00 - - - 0.00 2011 Eastern Bank Ltd 30.00 - - - - 30.00 - - - - 2009/2013 FrontierBrummer - 9.98 - - - 7.21 - - - '2013 GDICL - 10.58 - - - 5.38 - - - 2006/2007/2008/ 2009/2010/2011/ 2012/2013/2014 GTFPEasternBnk - - - 40.87 - - - 40.87 - 2004/2006/2013 GrameenPhone Ltd 150.00 - - - 40.00 65.22 - - - 17.39 2002/2012 Lafarge/Surma - 2.27 - - - 2.16 - - - '2013 Leopard Banglade - 15.00 - - - - - - - 2009/2011/2012 PRAN Group 23.86 - - - - 23.86 - - - - 2010 SEAFBV - 12.00 - - - 5.53 - - - 2007/2008/2009/ 2010/2011/2012/ 2013/2014 Southeast Bank 10.00 - - 7.49 10.00 - - 7.49 - 2013 bKash - 10.00 - - - 10.00 - - - Total Portfolio: 320.11 68.03 - 167.54 40.00 233.08 38.32 - 167.37 17.39 Denotes Guarantee and Risk Management Products. Quasi Equity includes both loan and equity types. 36 IBRD 33368R 희 MARCH 2008