The World Bank Liberia Road Asset Management Project - LIBRAMP (P125574) REPORT NO.: RES27008 DOCUMENT OF THE WORLD BANK RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF LIBERIA ROAD ASSET MANAGEMENT PROJECT - LIBRAMP APPROVED ON JUNE 7, 2011 TO MINISTRY OF FINANCE TRANSPORT AFRICA Regional Vice President: Hafez M. H. Ghanem Country Director: Pierre Frank Laporte Regional Director: Riccardo Puliti Practice Manager/Manager: Nicolas Peltier-Thiberge Task Team Leader(s): John Kobina Richardson The World Bank Liberia Road Asset Management Project - LIBRAMP (P125574) I. BASIC DATA Product Information Project ID Financing Instrument P125574 Investment Project Financing Original EA Category Current EA Category Partial Assessment (B) Partial Assessment (B) Approval Date Current Closing Date 07-Jun-2011 30-Jun-2024 Organizations Borrower Responsible Agency Ministry Of Finance Infrastructure Implementation Unit Project Development Objective (PDO) Original PDO The objective of the project is to support the Recipient's efforts to reduce transport costs along the road corridor from Monrovia to the Guinea border and to maintain the road in good condition over a 10-year period. Summary Status of Financing Net Ln/Cr/Tf Approval Signing Effectiveness Closing Commitment Disbursed Undisbursed IDA-60370 08-May-2017 25-Jul-2017 24-Jan-2018 30-Jun-2024 40.00 16.90 23.10 IDA-51670 20-Sep-2012 19-Dec-2012 08-May-2013 30-Jun-2024 50.00 31.45 14.45 IDA-49500 07-Jun-2011 13-Jul-2011 13-Oct-2011 30-Jun-2024 67.70 58.80 2.85 TF-99588 13-Jul-2011 13-Jul-2011 13-Oct-2011 30-Jun-2020 108.90 104.06 4.84 The World Bank Liberia Road Asset Management Project - LIBRAMP (P125574) Policy Waiver(s) Does this restructuring trigger the need for any policy waiver(s)? No I. SUMMARY OF PROJECT STATUS AND PROPOSED CHANGES LIBRAMP is currently rated Satisfactory for both Progress Towards Achievement of the PDO and Implementation Progress. The two long-term design-build-operate-maintain-transfer civil works contracts under LIBRAMP have successfully rehabilitated the Monrovia-Gbarnga-Ganta-Guinea border road (renamed Suakoko Highway) and are in the maintenance phase. Disbursements currently stand at US$210 million, which is approximately 80 percent of the combined IDA Financing and Liberia Reconstruction Trust Fund (LRTF) Grant resources. The key project challenges relate to the counterpart financing shortfall and the slow progress of resolving contractual changes arising from imposition of the fuel import levy and the 2014 Ebola force majeure. The potential economic impact of COVID-19 on Liberia's public financial resources over the remaining four years of project implementation raises serious doubts about the Government's ability to fulfill it's US$47.8 million counterpart financing contribution by the project close in June of 2024. Rehabilitation of 6.1 kilometers urban section of the highway from S.D. Cooper - ELWA Junction-Red Light-Coca Cola factory in Monrovia is the only significant pending civil works activity under the project. The works in the urban section have been delayed by the slow pace of RAP implementation and by the slow pace of efforts to relocate electrical and water services that must be relocated before road construction. The RAP implementation and utility relocation delays have prevented the Government from carrying out the remaining road rehabilitation works. Emergence of SARS COV-2 in Liberia has compounded these challenges and all but guaranteed that the remaining works could not be completed on time. As the Government of Liberia will be unable to complete the remaining works and disburse the remaining US$4.84 million balance of the LRTF Grant before the Grant's scheduled closing date of June 30, 2020, it has requested an extension of the Grant closing date by one year, from June 30, 2020 to June 30, 2021, to ensure it can utilize all of the available LRTF funding. The proposed LRTF extension will help mitigate the downstream counterpart financing risks by ensuring the LRTF Grant can be fully utilized to finance eligible project activities. II. DETAILED CHANGES LOAN CLOSING DATE(S) The World Bank Liberia Road Asset Management Project - LIBRAMP (P125574) Original Revised Proposed Proposed Deadline Ln/Cr/Tf Status Closing Closing(s) Closing for Withdrawal Applications IDA-49500 Effective 30-Jun-2022 30-Jun-2024 IDA-51670 Effective 30-Jun-2022 30-Jun-2024 IDA-60370 Effective 30-Jun-2024 TF-99588 Effective 30-Jun-2020 30-Jun-2021 30-Oct-2021