The World Bank
   ACCESS WITH QUALITY TO HIGHER EDUCATION PROJECT-ACCES II -SOP PHASE 2 (P145782)




                                                                               REPORT NO.: RES36048

                                  DOCUMENT OF THE WORLD BANK




                                       RESTRUCTURING PAPER
                                                ON A
                                PROPOSED PROJECT RESTRUCTURING

                                                    OF

            ACCESS WITH QUALITY TO HIGHER EDUCATION PROJECT-ACCES II -SOP PHASE 2
                                    APPROVED ON APRIL 1, 2014
                                                    TO

                   ICETEX WITH THE GUARANTEE OF THE REPUBLIC OF COLOMBIA


EDUCATION

LATIN AMERICA AND CARIBBEAN




                        Regional Vice President:     Axel van Trotsenburg
                               Country Director:     Ulrich Zachau
                 Senior Global Practice Director:    Jaime Saavedra Chanduvi
                    Practice Manager/Manager:        Rita Kullberg Almeida
                             Task Team Leader:       Pedro Cerdan-Infantes
           The World Bank
           ACCESS WITH QUALITY TO HIGHER EDUCATION PROJECT-ACCES II -SOP PHASE 2 (P145782)



I. BASIC DATA

Product Information

Project ID                                                     Financing Instrument
P145782                                                        Investment Project Financing

Original EA Category                                           Current EA Category
Not Required (C)                                               Not Required (C)

Approval Date                                                  Current Closing Date
01-Apr-2014                                                    30-Jun-2019




Organizations

Borrower                                                       Responsible Agency
                                                               Instituto Colombiano de Crédito Educativo y Estudios
ICETEX with the guarantee of the Republic of Colombia
                                                               Técnicos en El Exterior (ICETEX)



Project Development Objective (PDO)
Original PDO
The objective of the Project is to increase student enrollment, graduation and equity in higher education, by: (a)
increasing the number of ACCES Student Loans and the ACCES Program’s focus on students from disadvantaged
socioeconomic backgrounds and in quality higher education institutions and programs; and (b) enhancing ICETEX’s
institutional capacity.
Summary Status of Financing


                                                                                        Net
Ln/Cr/Tf                 Approval         Signing Effectiveness          Closing Commitment Disbursed Undisbursed

IBRD-83540             01-Apr-2014 22-Dec-2014      28-Jan-2015      30-Jun-2019       200.00     200.00              0


Policy Waiver(s)

Does this restructuring trigger the need for any policy waiver(s)?
No
           The World Bank
           ACCESS WITH QUALITY TO HIGHER EDUCATION PROJECT-ACCES II -SOP PHASE 2 (P145782)



I. SUMMARY OF PROJECT STATUS AND PROPOSED CHANGES

 The Project has executed its resources and completed every project-related activity. The Project disbursed the full loan
 amount (US$200 million) ahead of schedule as a result of a series of developments, including a structural reform of
 the loan allocation system, which caused a growth in the average cost of each student loan covered by Bank
 resources. Under the new allocation system (the ‘Tu Eliges’ program, implemented in 2015), the proportion of
 financing covered by student resources was reduced dramatically and substituted by Bank funds, which were
 therefore disbursed more quickly than estimated at Appraisal. Consequently, the Project’s last disbursement was
 made in January 2017, two and a half years ahead of closing, and the last major activity of the Project (the completion
 and delivery of the Project’s Impact Evaluation) was completed in May 2018, more than a year ahead of closing.

 In 2018, the Government agreed to an earlier closing date for the Project and carried out the required steps for its
 formal closure. Given that resources and activities related to the Project were finalized by mid-May 2018, the Bank, in
 conjunction with the Government, has formally started the procedures to close the Project, including the delivery of a
 final report (sent on May 31, 2018), a letter from ICETEX to the Bank formally requesting closure (sent on September
 4, 2018), and preparing the Implementation Completion and Results Report (ICR), which is currently under review and
 is expected to be submitted to the Board before the end of fiscal year 2019.

 Given that all requirements to formally close the Project have been met, the Closing Date will be changed from June
 30, 2019 to March 15, 2019.




II. DETAILED CHANGES


LOAN CLOSING DATE(S)


                                        Original                 Revised               Proposed       Proposed Deadline
Ln/Cr/Tf        Status                  Closing                Closing(s)                Closing         for Withdrawal
                                                                                                            Applications
IBRD-83540      Effective           30-Jun-2019                                     15-Mar-2019             15-Mar-2019