The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) REPORT NO.: RES32311 RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF METROPOLITAN BUENOS AIRES URBAN TRANSFORMATION PROJECT APPROVED ON FEBRUARY 27, 2017 TO THE AUTONOMOUS CITY OF BUENOS AIRES AND TO THE PROVINCE OF BUENOS AIRES SOCIAL, URBAN, RURAL AND RESILIENCE GLOBAL PRACTICE LATIN AMERICA AND CARIBBEAN Regional Vice President: Jorge Familiar Country Director: Jesko S. Hentschel Senior Global Practice Director: Ede Jorge Ijjasz-Vasquez Practice Manager/Manager: Ming Zhang Task Team Leader: Catherine Lynch, Beatriz Eraso Puig The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) ABBREVIATIONS AND ACRONYMS AMBA Metropolitan Area of Buenos Aires (Área Metropolitana de Buenos Aires) CABA Autonomous City of Buenos Aires (Ciudad Autónoma de Buenos Aires) ESMF Environmental and Social Management Framework FM Financial Management GRM Grievance Redress Mechanism IPMP Integrated Pest Management Plan IVBA Housing Institute (Instituto de la Vivienda de la Provincia de Buenos Aires) MEF Ministry of Economy and Finance MOE Ministry of Economy MOI Ministry of Infrastructure OPISU Provincial Organization for Social and Urban Integration (Organismo Provincial de Integración Social y Urbana) PAP Project Affected People PBA Province of Buenos Aires (Provincia de Buenos Aires) PIU Project Implementation Unit RAP Resettlement Action Plan RPF Resettlement Policy Framework SECISYU Secretariat for Social and Urban Integration (Secretaría de Integración Urbana y Social) SG General Secretariat (Secretaria General) TSA Treasury Single Account UFOMC Multilateral Credit Agencies Financing Unit (Unidad de Financiamiento con Organismos Multilaterales de Crédito) YPF Argentine energy company (Yacimientos Petrolíferos Fiscales) The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) Note to Task Teams: The following sections are system generated and can only be edited online in the Portal. BASIC DATA Product Information Project ID Financing Instrument P159843 Investment Project Financing Original EA Category Current EA Category Full Assessment (A) Full Assessment (A) Approval Date Current Closing Date 27-Feb-2017 30-Jun-2023 Organizations Borrower Responsible Agency Ministry of Finance, City of Buenos Aires,Ministry of Infrastructure, Province of Buenos Aires,Secretariat for Social and Urban Integration (SECISYU), Autonomous City of Buenos Aires,Provincial Organization for Social and Province of Buenos Aires,Autonomous City of Buenos Urban Integration (OPISU), Province of Buenos Aires Aires,Ministry of Economy and Finance, Autonomous City of Buenos Aires,General Secretariat, Autonomous City of Buenos Aires,Ministry of Economy, Province of Buenos Aires Project Development Objective (PDO) Original PDO The Project Development Objectives are to improve housing conditions and access to selected basic services and infrastructure in selected disadvantaged neighborhoods in the Buenos Aires Metropolitan Area (AMBA), and strengthen the institutional capacity for urban management at the metropolitan level. OPS_TABLE_PDO_CURRENTPDO The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) Summary Status of Financing Net Ln/Cr/Tf Approval Signing Effectiveness Closing Commitment Disbursed Undisbursed IBRD-87060 27-Feb-2017 21-Dec-2017 06-Apr-2018 30-Jun-2023 170.00 39.96 130.04 IBRD-87070 27-Feb-2017 21-Dec-2017 21-Mar-2018 30-Jun-2023 30.00 .88 29.13 Policy Waiver(s) Does this restructuring trigger the need for any policy waiver(s)? No Note to Task Teams: End of system generated content, document is editable from here. I. PROJECT STATUS AND RATIONALE FOR RESTRUCTURING A. Project Description 1. The Project has five components: (i) Urban and Social Integration of Barrio 31 in City of Buenos Aires (Estimated cost: US$194.6 million, of which US$159.6 million IBRD financing); (ii) Habitat Improvement of Disadvantaged Neighborhoods in Greater Buenos Aires (Estimated cost: US$36.3 million, of which US$29 million IBRD financing; (iii) Strengthening Institutional Capacities for Metropolitan Urban Management (Estimated cost: US$3 million, of which US$3 million IBRD financing); (iv) Project Management and Monitoring – CABA (Estimated Cost: US$7 million, of which US$7 million IBRD financing); and (v) Project Management and Monitoring – PBA (Estimated cost: US$1.12 million, of which US$0.9 million IBRD financing). 2. The Project is financed by two IBRD loans: (i) Loan No. 8706 for US$170 million to the Autonomous City of Buenos Aires (CABA, IBRD 8706) for the implementation of Components 1, 3 and 4; and (ii) Loan No. 8707 for US$30 million to the Province of Buenos Aires (PBA, IBRD 8707) for the implementation of Components 2 and 5. B. Project Status 3. IBRD Loan No. 8706 to the CABA became effective on April 6, 2018. Contracts for a total of US$125 million for works under Component 1 have been awarded. Under Component 3, terms of reference for the development of a metropolitan information system have been prepared and a two-part procurement process is expected to start in September 2018 with the first deliverable by the end of 2018. The full system would be functional in 2019. Under Component 4, a specialist to support the development of a monitoring and evaluation strategy will be hired and the possibility of hiring other professionals to support a major resettlement process in Barrio 31 and the development of a strategy for land value capture is being evaluated. The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) 4. IBRD Loan No. 8707 to the PBA became effective on March 21, 2018. The PBA has selected the neighborhood of Carlos Gardel for the interventions under Component 2, and diagnostic works are being carried out with counterpart resources. A census was conducted between April and June 2018. The procurement process for small early interventions (mainly for the improvement of public spaces) for approximately US$2.3 million started in April 2018 and is expected to conclude by October 2018. In parallel, the PBA is defining a strategy to carry out an urban master plan for the neighborhood of Carlos Gardel, expected to be completed in early 2019. Under Component 5, PBA is identifying key areas to strengthen its internal capacity for Project implementation. C. Project Performance 5. Progress towards achieving the DO and overall Implementation Performance are satisfactory. The Project has a satisfactory track record on safeguards implementation and is in compliance with the loan covenants. There are no overdue audit reports. D. Rationale for Restructuring 6. The Ministry of Economy and Finance (MEF) of the City of Buenos Aires, the Borrower’s Representative for IBRD Loan No. 8706, has requested changes to the Project implementation arrangements, moving the implementation responsibility from the CABA PIU at MEF to the Secretariat for Social and Urban Integration (SECISYU) because the MEF was restructured in 2018 and no longer hosts PIUs. The restructuring would also enable the construction of resettlement housing as an option for affected persons under Component 1.1, which was not explicitly included in the Project description in the loan. 7. The Ministry of Economy (MOE) of the Province of Buenos Aires, the Borrower’s Representative for IBRD Loan No. 8607, has requested changes to the Project implementation arrangements, moving the implementation responsibility from the Ministry of Infrastructure (MOI) to the Provincial Organization for Social and Urban Integration (OPISU) which was created in December 2017 with the mandate to implement upgrading projects in vulnerable neighborhoods. The restructuring would also enable MOI to procure works under Component 2, which was not included in the original Project design. II. DESCRIPTION OF PROPOSED CHANGES E. Proposed Changes to the Components Loan No. 8706 to the CABA 8. The design of works under Component 1.1 is being carried out with a view to minimize resettlement. However, it will require the resettlement of some households in different areas of Barrio 31, mostly to improve the basic road network and overall mobility in the neighborhood. It is expected that an additional 100 housing units will be required, in addition to those already under construction and financed under Component 1.2. They will be built on land in or adjacent to Barrio 31 that is publicly owned. The Loan Agreement will be amended to include this additional resettlement and to specify that the construction of new houses as an option for resettlement caused by works under Component 1.1 will be included as an eligible expense. The use of loan proceeds to finance land and cash compensation under Component 1.1 will also be included. All related safeguards instruments will be applied and/or prepared under the existing frameworks, prior to carrying out any works. Loan No. 8707 to the PBA The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) 9. Under the original Project design, it was envisioned that the Participating Municipality would carry out the procurement of all works in the target neighborhood (e.g., Carlos Gardel) with the technical support of the MOI. It is now proposed to amend the Loan Agreement to allow the MOI to procure works for neighborhood improvements, especially those that are larger and more complex. Criteria to differentiate between the two modalities will be spelled out in the Operational Manual. F. Proposed Changes to Implementation Arrangements Loan No. 8706 to the CABA 10. It is proposed to move the implementation responsibility from the CABA PIU at MEF to SECISYU, the government agency responsible for the social and urban integration of Barrio 31 (Component 1). In 2018, the MEF was restructured and no longer hosts PIUs. SECISYU will now be responsible for the overall coordination of activities executed by CABA under Components 1, 3, and 4, including procurement, contracting and payments. It will also be responsible for the Project’s environmental and social management, reporting and monitoring and evaluation, and will ensure compliance with Bank policies. SECISYU will serve as a permanent link between the Bank and CABA. MEF will, however, retain responsibility for financial management, including accounting and financial reporting, disbursements and contracting of external auditing. 11. For the implementation of Component 3, SECISYU will have technical support from the Metropolitan Working Group within the City’s General Secretariat (SG). The SG will be responsible for defining the scope of activities in agreement with the Bank, developing terms of reference and technical specifications, participating in the evaluation of proposals, supervising the execution of contracts, and reporting on progress to SECISYU. To ensure this coordination over the Project lifetime, a joint resolution will be issued by SECISYU and the SG for the implementation of Component 3. 12. Procurement. SECISYU will be responsible for all procurement, except the procurement of external financial auditors, which will be contracted by MEF. SECISYU has recruited a Procurement Specialist who has relevant experience in implementing Bank-financed projects. Procurement risk continues to be rated Moderate. 13. Financial Management. The Project’s financial management arrangements in place are acceptable and will remain unchanged. 14. Safeguards. The Project’s Social and Environmental Safeguards Performance are Satisfactory. The Project is being implemented in accordance with the Environmental and Social Management Framework (ESMF) and Resettlement Policy Framework (RPF). In Barrio 31, the Project will involve the resettlement of close to 1,100 households. The Project’s Social Risk remains Substantial, linked mainly to the resettlement process. Social risks are being mitigated through the preparation of a Resettlement Action Plan (RAP) under Subcomponent 1.2 for the households living under the Illia Highway and the implementation of a citizen engagement strategy and grievance redress mechanism (GRM). A first draft RAP has been shared with the Bank team and will be finalized by the end of 2018. Additional RAPs will be prepared prior to carrying out works under Subcomponent 1.1. Loan No. 8707 to the PBA 15. The proposed arrangements involve moving the Implementing Agency for Components 2 and 5 from MOI to the Provincial Organization for Social and Urban Integration (OPISU), created by Provincial Law 14,989 on December 14, 2017 with the mandate to implement upgrading projects in vulnerable neighborhoods. OPISU will be responsible for the Project’s financial, procurement, environmental and social management, reporting, monitoring and evaluation, and will The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) ensure compliance with the Bank’s policies. For the implementation of works in Carlos Gardel, a Cooperation Agreement has been signed with the Municipality of Moron, which will also be responsible for the procurement of small works to be authorized by OPISU. OPISU will have the support of the MoI, as sub-executor responsible for the procurement of works and its supervision. The MoE will remain responsible for financial management. 16. Procurement. OPISU will procure goods and services (consulting and non-consulting). MOI will be responsible for the procurement of works (including technical designs and supervision), while the Participating Municipality will procure small works, both to be authorized by OPISU. The procurement capacities of MOI and the Municipality of Moron were already evaluated during Project preparation and the assessment of the procurement capacity of OPISU was carried out in June 2018. It was recommended that OPISU hire a procurement professional with relevant experience in implementing Bank-financed projects. Procurement risk continues to be rated as Moderate. 17. Financial Management. The MOE will remain responsible for financial administration as well as management of disbursements, repayments of loan services and audits. The PBA government-wide FM arrangements in place provide reasonable assurance on the commitment of the Provincial Government to implement robust financial control mechanisms. The Housing Institute (IVBA) will no longer make payments for civil works as was originally planned, and all payments will be processed through the PBA Single Treasury Account. FM risk continues to be rated as Moderate. 18. Safeguards. OPISU, with the assistance of the MOI and the Participating Municipality for Component 2, will have the responsibility to implement the PBA components in accordance with the respective Environmental and Social Management Framework (ESMF) and Resettlement Policy Framework (RPF). Compliance with environmental and social safeguard policies is satisfactory. The Environmental and Social Risk rating for the PBA part of the Project remains substantial, as assessed during Project appraisal. The main risks are social and are linked to: (i) potential interference generated by crime and violence, and/or social unrest; and (ii) delays in carrying out the infrastructure studies that will define the types of work financed by the Project. Note to Task Teams: The following sections are system generated and can only be edited online in the Portal. III. SUMMARY OF CHANGES Changed Not Changed Implementing Agency ✔ Legal Covenants ✔ Institutional Arrangements ✔ Procurement ✔ DDO Status ✔ Project's Development Objectives ✔ Results Framework ✔ Components and Cost ✔ Loan Closing Date(s) ✔ The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) Cancellations Proposed ✔ Reallocation between Disbursement Categories ✔ Disbursements Arrangements ✔ Disbursement Estimates ✔ Overall Risk Rating ✔ Safeguard Policies Triggered ✔ EA category ✔ Financial Management ✔ APA Reliance ✔ Implementation Schedule ✔ Other Change(s) ✔ Economic and Financial Analysis ✔ Technical Analysis ✔ Social Analysis ✔ Environmental Analysis ✔ IV. DETAILED CHANGE(S) OPS_DETAILEDCHANGES_IA_TABLE IMPLEMENTING AGENCY Implementing Agency Name Type Action Ministry of Finance, City of Buenos Aires Implementing Marked for Deletion Agency Ministry of Infrastructure, Province of Implementing No Change Buenos Aires Agency Secretariat for Social and Urban Integration Implementing New (SECISYU), Autonomous City of Buenos Aires Agency Provincial Organization for Social and Urban New Implementing Integration (OPISU), Province of Buenos Agency Aires Ministry of Economy and Finance, Implementing New Autonomous City of Buenos Aires Agency General Secretariat, Autonomous City of Implementing New Buenos Aires Agency Ministry of Economy, Province of Buenos Implementing New Aires Agency The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) OPS_DETAILEDCHANGES_LEGCOV_TABLE LEGAL COVENANTS Loan/Credit/TF Description Status Action Project Implementation Unit - CABA Schedule 2 – Section I.A.1 of Loan Agreement with CABA The Borrower (CABA), through MoF, shall: (a) establish, operate and maintain, at all times during Project implementation, a Project implementation unit (“CABA PIU”), with the structure, functions and responsibilities set forth in the Operational Manual; and (b) ensure that IBRD-87060 Not yet due Revised CABA PIU is, at all times during Project implementation, assisted by professional staff (including, inter alia, a Project coordinator, a financial management specialist, a procurement specialist, an environmental specialist, a social specialist and a monitoring and evaluation specialist) and administrative staff, all in numbers and with terms of reference, and qualifications and experience, acceptable to the Bank. The Borrower (CABA), through SECISYU, shall ensure that at all times during Project implementation, professional staff is assigned for the implementation of Proposed Complied with the Project and administrative staff, all in numbers and with terms of reference, and qualifications and experience, acceptable to the Bank. Municipality Agreement - PBA Schedule 2 – Section I.A.1 of Loan Agreement with PBA Upon selection of a disadvantaged neighborhood under Component 2 of the Project and prior to the carrying IBRD-87070 Not yet due Revised out of any Project activity in said disadvantaged neighborhood, the Borrower (PBA), through MoI, shall enter into an agreement with the Participating Municipality (the Municipality Agreement), under terms and conditions acceptable to the Bank. The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) Schedule 2 – Section I.A.1 of Loan Agreement with PBA. Upon selection of a disadvantaged neighborhood under Part 1 of the Project and prior to the carrying out of any Project activity in said disadvantaged neighborhood, the Proposed NYD Borrower, through OPISU, shall enter into an agreement with the Participating Municipality (the Municipality Agreement), under terms and conditions acceptable to the Bank. Operational Manual - CABA Schedule 2 – Section 1.B.1 of Loan Agreement with CABA The Borrower (CABA), through: (a) CABA PIU and IBRD-87060 Not yet due Revised SECISYU shall carry out Component 1 of the Project; and (b) CABA PIU shall carry out Components 3 and 4 of the Project, all in accordance with the provisions of a manual (the Operational Manual), acceptable to the Bank. Operational Manual - CABA Schedule 2 – Section 1.B.1 of Loan Agreement with CABA. The Borrower shall carry out the Project through SECISYU, with the assistance of: (a) MEF for purposes of the financial management Proposed Expected soon aspects of the Project; and (b) SG, for purposes of Part 2 of the Project, all in accordance with the provisions of a manual (the Operational Manual), acceptable to the Bank. Operational Manual - PBA Schedule 2 – Section I.B.1 of Loan Agreement with PBA The Borrower (PBA), through MoI and MoE, shall carry IBRD-87070 out: (a) Component 2 of the Project with the assistance Not yet due Revised of IVBA and the Participating Municipality; and (b) Component 5 of the Project, all in accordance with the provisions of a manual (the Operational Manual), acceptable to the Bank. Proposed Operational Manual - PBA Schedule 2 – Section I.B.1 of Expected soon Loan Agreement with PBA. The Borrower shall carry out the Project through OPISU, with the assistance of: (a) MOI and the Participating Municipalities for purposes of Part 1 of the Project; and (b) MoE, for purposes of Part 2 of the Project, all in accordance with the provisions of The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) a manual (the Operational Manual), acceptable to the Bank. Operation and Maintenance - CABA Schedule 2 – Section I.C of Loan Agreement with CABA Upon the selection of any particular investment under Component 1 of the Project, and/or prior to the initiation of any other investment under said IBRD-87060 Not yet due Revised Component of the Project not subject to a selection process (as the case may be), the Borrower (CABA), though the SECISYU, shall, if applicable, enter into an agreement with the corresponding Selected Service Provider (the Operation and Maintenance Agreement), under terms and conditions acceptable to the Bank. Upon the selection of any particular investment under Part 1, and/or prior to the initiation of any other investment under said Part of the Project not subject to a selection process, the Borrower, though SECISYU, Proposed NYD shall, if applicable, enter into an agreement with the corresponding Selected Service Provider (the Operation and Maintenance Agrmnt), under terms and conditions acceptable to the Bank. Anti-Corruption - CABA Schedule 2 – Section I.D of Loan Agreement with CABA IBRD-87060 Not yet due Revised The Borrower (CABA) shall ensure that Components 1, 3 and 4 of the Project are carried out in accordance with the provisions of the Anti-Corruption Guidelines. Anti-Corruption - CABA Schedule 2 – Section I.D of Loan Agreement with CABA. The Borrower shall ensure that Proposed Parts 1, 2 and 3 of the Project are carried out in Complied with accordance with the provisions of the Anti-Corruption Guidelines. Anti-Corruption - PBA Schedule 2 – Section I.C of Loan Agreement with PBA IBRD-87070 Not yet due Revised The Borrower (PBA) shall ensure that Components 2 and 5 of the Project are carried out in accordance with the provisions of the Anti-Corruption Guidelines. The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) Anti-Corruption - PBA Schedule 2 – Section I.C of Loan Agreement with PBA. The Borrower shall ensure that Proposed Parts 1 and 2 of the Project are carried out in Complied with accordance with the provisions of the Anti-Corruption Guidelines. Safeguards - CABA Schedule 2- Section I.E.1 of Loan Agreement with CABA The Borrower, through: (a) CABA PIU and SECISYU shall IBRD-87060 implement Component 1 of the Project; and (b) CABA Complied with Revised PIU shall implement Components 3 and 4 of the Project, all in accordance with the Environmental and Social Management Framework (ESMF) and the Resettlement Policy Framework (RPF). Safeguards - CABA Schedule 2- Section I.E.1 of Loan Agreement with CABA. The Borrower, through SECISYU, Proposed shall implement the Project in accordance with the C Environmental and Social Management Framework (ESMF) and the Resettlement Policy Framework (RPF). Safeguards - PBA Schedule 2- Section I.D.1 of Loan Agreement with PBA The Borrower (PBA), through MoI, shall implement: (a) IBRD-87070 Component 2 of the Project, with the assistance of IVBA Not yet due Revised and the relevant Participating Municipality; and (b) Component 5 of the Project, all in accordance with the Environmental and Social Management Framework (ESMF) and the Resettlement Policy Framework (RPF). Safeguards - PBA Schedule 2- Section I.D.1 of Loan Agreement with PBA. The Borrower, through OPISU, shall implement: (a) Part 1 of the Project, with the assistance of MoI and the relevant Participating Proposed Complied with Municipality; and (b) Part 2 of the Project, all in accordance with the Environmental and Social Management Framework (ESMF) and the Resettlement Policy Framework (RPF). IBRD-87060 Financial management system - CABA Not yet due Revised Schedule 2- Section II.B.1 of Loan Agreement with CABA The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) The Borrower (CABA), through CABA PIU, shall maintain or cause to be maintained a financial management system in accordance with the provisions of Section 5.09 of the General Conditions. Financial management system - CABA Schedule 2- Section II.B.1 of Loan Agreement with CABA. The Borrower, through MEF, shall maintain or cause to be Proposed Complied with maintained a financial management system in accordance with the provisions of Section 5.09 of the General Conditions. Project reports - CABA Schedule 2 – Section II.A.1 of Loan Agreement with CABA The Borrower (CABA), through CABA PIU, shall monitor and evaluate the progress of Parts 1, 3 and 4 of the IBRD-87060 Project and prepare Project Reports in accordance with Not yet due Revised the provisions of Section 5.08 of the General Conditions and on the basis of indicators acceptable to the Bank. Each Project Report shall cover the period of one calendar semester, and shall be furnished to the Bank not later than 45 days after the end of the period covered by such report. The Borrower, through SECISYU, shall monitor and evaluate the progress of Parts 1-3 of the Project and prepare Project Reports in accordance with the provisions of Section 5.08 of the General Conditions and Proposed Complied with on the basis of indicators acceptable to the Bank. Each Report shall cover the period of one calendar semester, and shall be sent to the Bank not later than 45 days after the end of the period IBRD-87070 Project reports - PBA Not yet due Revised Schedule 2 – Section II.A.1 of Loan Agreement with PBA The Borrower (PBA), through MoI, shall monitor and evaluate the progress of Components 2 and 5 of the Project and prepare Project Reports in accordance with the provisions of Section 5.08 of the General Conditions and on the basis of indicators acceptable to the Bank. Each Project Report shall cover the period of one calendar semester, and shall be furnished to the Bank The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) not later than 45 days after the end of the period covered by such report. The Borrower, through OPISU, shall monitor and evaluate the progress of Parts 1 and 2 of the Project and prepare Project Reports in accordance with the provisions of Section 5.08 of the General Conditions and Proposed Complied with on the basis of indicators acceptable to the Bank. Each Report shall cover the period of one semester, and shall be furnished to the Bank not later than 45 days after the end of the period. Financial management system- PBA Schedule 2 – Section II.B.1 of Loan Agreement with PBA IBRD-87070 The Borrower (PBA), through MoE, shall maintain or Not yet due No Change cause to be maintained a financial management system in accordance with the provisions of Section 5.09 of the General Conditions. Interim unaudited financial reports - CABA Schedule 2 – Section II.B.2 of Loan Agreement with CABA The Borrower (CABA), through CABA PIU, shall prepare IBRD-87060 Not yet due Revised and furnish to the Bank as part of the Project Report not later than 45 days after the end of each calendar semester, interim unaudited financial reports for the Project covering the semester, in form and substance satisfactory to the Bank. Interim unaudited financial reports - CABA Schedule 2 – Section II.B.2 of Loan Agreement with CABA. The Borrower, through MEF, shall prepare and furnish to the Bank as part of the Project Report not later than 45 days Proposed Complied with after the end of each calendar semester, interim unaudited financial reports for the Project covering the semester, in form and substance satisfactory to the Bank. IBRD-87070 Interim unaudited financial reports - PBA Not yet due No Change Schedule 2 – Section II.B.2 of Loan Agreement with PBA The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) The Borrower (PBA), through MoE, shall prepare and furnish to the Bank as part of the Project Report not later than 45 days after the end of each calendar semester, interim unaudited financial reports for the Project covering the semester, in form and substance satisfactory to the Bank. Procurement - CABA Schedule 2 – Section III of Loan Agreement with CABA All goods, works, non-consulting services and consulting IBRD-87060 services required for the Project and to be financed out Complied with No Change of the proceeds of the Loan shall be procured in accordance with the requirements set forth or referred to in the Procurement Regulations and the provisions of the Procurement Plan. Audit of the Financial Statements - CABA Schedule 2 – Section II.B.3 of Loan Agreement with CABA The Borrower, through CABA PIU, shall have its Financial Statements audited in accordance with the IBRD-87060 Not yet due Revised provisions of Section 5.09 (b) of the General Conditions. Each audit of the Financial Statements shall cover the period of one fiscal year of the Borrower. The audited Financial Statements for each such period shall be furnished to the Bank not later than six months after the end of such period. The Borrower, through MEF, shall have its Financial Statements audited in accordance with the provisions of Section 5.09 (b) of the General Conditions. Each audit of the Financial Statements shall cover the period of Proposed NYD one fiscal year of the Borrower. The audited Financial Statements for each such period shall be furnished to the Bank not later than six months after the end of such period. IBRD-87070 Audit of the Financial Statements - PBA Not yet due No Change Schedule 2 – Section II.B.3 of Loan Agreement with PBA The Borrower (PBA), through MoE, shall have its Financial Statements audited in accordance with the The World Bank Metropolitan Buenos Aires Urban Transformation Project (P159843) provisions of Section 5.09 (b) of the General Conditions. Each audit of the Financial Statements shall cover the period of one fiscal year of the Borrower. The audited Financial Statements for each such period shall be furnished to the Bank not later than six months after the end of such period. Procurement - PBA Schedule 2 – Section III of Loan Agreement with PBA All goods, works, non-consulting services and consulting IBRD-87070 services required for the Project and to be financed out Not yet due No Change of the proceeds of the Loan shall be procured in accordance with the requirements set forth or referred to in the Procurement Regulations and the provisions of the Procurement Plan. The Borrower shall ensure that SECISYU and SG issue a joint resolution, setting forth their respective roles and responsibilities for the implementation of Part 2 of the IBRD-87060 Project. Except as the Bank shall otherwise agree, the Not yet due New Borrower shall ensure that said join resolution, or any of its provisions, shall not be amended, waived, or repealed. Note to Task Teams: End of system generated content, document is editable from here.