The World Bank Report No: ISR164 Implementation Status & Results Senegal Public Disclosure Copy SN-Priv Inv Promotion SIL (FY03) (P051609) Operation Name: SN-Priv Inv Promotion SIL (FY03) (P051609) Project Stage: Implementation Seq.No: 16 Status: ARCHIVED Last Modified Date: 14-Mar-2011 Country: Senegal Approval FY: 2003 Product Line: IBRD/IDA Region: AFRICA Lending Instrument: Specific Investment Loan Implementing Agency(ies): unite de gestion - PIPP Key Dates Board Approval Date 20-May-2003 Original Closing Date 31-Dec-2008 Planned Mid Term Review Date 06-Nov-2006 Last Archived ISR Date 29-Jun-2010 Effectiveness Date 26-Feb-2004 Revised Closing Date 31-Dec-2011 Actual Mid Term Review Date 03-Apr-2007 Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project's development objective is to create the conditions to increase private investment. This will be accomplished through an improved investment climate, greater private participation in economic activities, and policy and sector reforms. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost 1. IMPROVING THE INVESTMENT CLIMATE 10.20 2. FACILITATING PRIVATE PARTICIPATION AND ENHANCING COMPETITIVENESS 13.80 3. STIMULATING SECTOR INVESTMENT AND IMPLEMENTING POLICY REFORM 17.00 4. SUPPORTING IMPLEMENTATION AND CAPACITY BUILDING 10.30 Public Disclosure Copy Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Moderately Unsatisfactory Moderately Unsatisfactory Overall Implementation Progress (IP) Moderately Unsatisfactory Moderately Unsatisfactory Overall Risk Rating High Implementation Status Overview In January 2011, the progress towards meeting the Project Development Objective is rated moderately unsatisfactory ­ as it was in June of 2010 - due to the insufficient progress towards meeting the project development objective, which are reflected in the slow disbursement rate and disbursement lag prior to the restructuring. Overall, this project has had mixed results. On one hand, the project has several remarkable achievements. Among the most notable is the fact that it provided the assistance that Page 1 of 6 The World Bank Report No: ISR164 contributed to Senegal being ranked best reformer in Sub Sahara Africa in investment climate reform in 2009. The project also financed the establishment of the Public Procurement Agency as well as its institutional capacity building, which were critical in reducing the percentage of sole source contracts awarded through public procurement in the country from Public Disclosure Copy 80% in 2006 to 8% in 2010, and resulted in an estimated US$ 150,000,000 savings for the taxpayer. On the other hand, the Project has not been able to effectively complete the reforms in key areas, such as: (a) the partial credit guarantee; (b) the matching grant; (c) postal reforms; and (c) edible oil sector reform. Moreover, the quality of its management has been inconsistent during most of the project life. As a result, the Project had been restructured to meet its development objective. As a result, the Project has been restructured to allow it to meet its development objective. Results Project Development Objective Indicators Indicator Baseline Current End Target Indicator Name Value Value Value 100 new firms with investment climate incentives start operating 75.00 80.00 100.00 Date Date Date 01-Jul-2010 31-Jan-2011 31-Dec-2011 Type Unit of Measure Comment Comment Comment Custom Indicator Number Indicator Baseline Current End Target Indicator Name Value Value Value The level of private investment realized reaches US$3 billion 2500000000.00 3000000000.00 Date Date Date 01-Jul-2010 31-Jan-2011 31-Dec-2011 Public Disclosure Copy Type Unit of Measure Sub-Type Comment Comment Comment Custom Indicator Number Breakdown Based on data provided by APIX. Needs to be established and independently verified. Indicator Baseline Current End Target Indicator Name Value Value Value The number of direct new jobs created reaches 130,000 by the end of 115000.00 130000.00 Project IDirect project beneficiaries number, % of females) Date Date Date 05-Jul-2010 31-Jan-2011 30-Dec-2011 Type Unit of Measure Comment Comment Comment Custom Indicator Number Based on data provided by APIX. Needs to be obtained and verified. Page 2 of 6 The World Bank Report No: ISR164 Intermediate Results Indicators Public Disclosure Copy Indicator Baseline Current End Target Indicator Name Value Value Value The time to register a firm is reduced to 8 days. 9.00 8.00 8.00 Date Date Date 01-Jul-2010 31-Jan-2011 31-Dec-2011 Type Unit of Measure Comment Comment Comment Custom Indicator Number Indicator Baseline Current End Target Indicator Name Value Value Value The corporate marginal tax rate is reduced to 28% by 2011. 45.00 28.00 28.00 Date Date Date 01-Jun-2005 27-Aug-2010 31-Dec-2011 Type Unit of Measure Comment Comment Comment Custom Indicator Number Indicator Baseline Current End Target Indicator Name Value Value Value The number of new firms registered exceeds 10,000 100.00 8500.00 10000.00 Date Date Date 01-Jan-2008 27-Aug-2010 31-Dec-2011 Type Unit of Measure Comment Comment Comment Custom Indicator Number Indicator Baseline Current End Target Indicator Name Value Value Value Public Disclosure Copy Time to clear goods for export/imports is reduced to 8 days. 10.00 8.00 Date Date Date 01-Jul-2010 31-Dec-2011 Type Unit of Measure Comment Comment Comment Custom Indicator Number Page 3 of 6 The World Bank Report No: ISR164 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value APIX operating costs are covered at least by 70% by its revenues and the State budget by end of Project. Date Date Date Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Indicator Baseline Current End Target Indicator Name Value Value Value A tourism strategy is adopted by end of project. No tourism strategy has been draft strategy A tourism strategy has been adopted. Date adopted Date 15-Apr-2011 Date Type Unit of Measure 30-Jun-2010 Comment 30-Dec-2011 Custom Indicator Text Comment This activity has yet to be started Comment and can no longer be completed by 12/30/11 Indicator Baseline Current End Target Indicator Name Value Value Value A decree is adopted to establish a new collecting society or societde The decree has been prepared The decree is under review prior to The decree is approved and gestion collective to ensure payment of royalties submission to Cabinet. published. Date 30-Jun-2011 Date Date Type Unit of Measure Comment 15-Dec-2010 30-Dec-2011 Custom Indicator Text The decree has been prepared Comment Comment and is satisfactory to the stakeholders. Public Disclosure Copy Indicator Baseline Current End Target Indicator Name Value Value Value ARMP is fully operational and covers all of its operational cost from its ARMP is partially operational. ARMP is partially operational. ARMP is fully operational. revenues to ensure sustainability by end of Project. Date Date Date Type Unit of Measure Comment Comment Comment Custom Indicator Text Page 4 of 6 The World Bank Report No: ISR164 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value % of ARMP annual operating cost covered 60.00 70.00 80.00 Date Date Date 20-Apr-2009 15-Mar-2010 30-Dec-2011 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage ARMP is covering some 70% of its cost from its own revenues. Indicator Baseline Current End Target Indicator Name Value Value Value % of procurement complaints properly investigated and decided on. 70.00 80.00 90.00 Date Date Date 22-Jun-2009 31-Jan-2011 30-Dec-2011 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage By January 2011, ARMP had reached 100% investigation of procurement complaints reviewed. Indicator Baseline Current End Target Indicator Name Value Value Value The number of loans made using the Partial Credit Guarantee reaches 0.00 10.00 25.00 25 by end of project. Date Date Date 31-May-2010 30-Jan-2011 30-Dec-2011 Type Unit of Measure Comment Comment Comment Custom Indicator Number Public Disclosure Copy Data on Financial Performance (as of 25-Jan-2011) Financial Agreement(s) Key Dates Project Loan No. Status Approval Date Signing Date Effectiveness Date Closing Date P051609 IDA-37620 Effective 20-May-2003 13-Jun-2003 26-Feb-2004 31-Dec-2011 Disbursements (in Millions) Project Loan No. Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P051609 IDA-37620 Effective XDR 33.80 33.80 0.00 25.69 8.11 76.00 Disbursement Graph Page 5 of 6 The World Bank Report No: ISR164 Public Disclosure Copy Key Decisions Regarding Implementation As was indicated in the June 2010 ISR for the project to meet its development objectives, it is critical that a small team of high caliber local professionals dedicated to carry out the Project's coordination, financial management, procurement, reporting, M&E, audit, and related functions be completely in place by November 2010. This critical institutional arrangements was not in place at the end of January 2011. Restructuring History There has been no restructuring to date. Related Projects There are no related projects. Public Disclosure Copy Page 6 of 6