Ratings for the Investment Promotion and Financing Facility Project for Bangladesh were as follows: outcomes were satisfactory, risk to development outcome was moderate, Bank performance was moderately satisfactory, and Borrower performance was satisfactory.
... See More + Some lessons learned included: the learning by implementing design is a good practice that can support complex projects in difficult environments to navigate implementation challenges. The use of investment promotion and financing facility (IPFF) resources depended on the speed with which infrastructure projects under preparation reach the financing stage, availability of alternative financing sources, and the credit quality of these projects in comparison with IPFF requirements. The project considered the market conditions and accordingly restructured the project five times. A simple institutional structure is necessary to support the project’s market driven approach. Good governance and market credibility were the focus of the design of the implementation arrangements. A comprehensive technical assistance (TA) component must include a training program for the implementing agency staff as well as environment and safety (E and S) risk management capacity building from project inception to anticipate the challenges with environmental compliance in the subprojects. Early involvement from the private sector to better assess the demand for infrastructure finance is crucial.
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Implementation Completion and Results Report ICR4145 JUN 27, 2017
The objective of the Social Investment and Local Development Project for Armenia is to improve the quality and use of and access to community and intercommunity infrastructure.
... See More + Some of the negative impacts and mitigation measures include: the local construction and environment inspectorates and communities have been notified of upcoming activities; the public has been notified of the works through appropriate notification in the media and/or at publicly accessible sites (including the site of the works); waste collection and disposal pathways and sites will be identified for all major waste types expected from demolition and construction activities; mineral construction and demolition wastes will be separated from general refuse, organic, liquid and chemical wastes by on-site sorting and stored in appropriate containers; the approach to handling sanitary wastes and wastewater from building sites must be approved by the local authorities; before being discharged into receiving waters, effluents from individual wastewater systems must be treated in order to meet the minimal quality criteria set out by national guidelines on effluent quality and wastewater treatment; monitoring of new wastewater systems (before/after) will be carried out; construction vehicles and machinery will be washed only in designated areas where runoff will not pollute natural surface water bodies; and if the building is a designated historic structure, very close to such a structure, or located in a designated historic district, notification shall be made and approvals/permits be obtained from local authorities and all construction activities planned and carried out in line with local and national legislation.
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Stagnant global trade, subdued investment, and heightened policy uncertainty marked another difficult year for the world economy. A moderate recovery is expected for 2017, with receding obstacles to activity in commodity exporters and solid domestic demand in commodity importers.
... See More + Weak investment is weighing on medium-term prospects across many emerging markets and developing economies (EMDEs). Although fiscal stimulus in major economies, if implemented, may boost global growth above expectations, risks to growth forecasts remain tilted to the downside. Important downside risks stem from heightened policy uncertainty in major economies.
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Publication 113224 JAN 10, 2017
Rose, M. Ayhan; Ohnsorge,Franziska Lieselotte; Romer,Paul MDisclosed
This summary version of report provides a snapshot of the Chinese market. To better acknowledge the current state and future potential of sustainable investment (SI) in China, IFC engaged Business for Social Responsibility’s Beijing office (BSR) to undertake a review of the SI industry and enabling market conditions in China.
... See More + BSR partnered with the People’s Bank of China (the Central Bank) to analyze China’s financial markets, regulatory framework, and SI market infrastructure. BSR also conducted approximately 100 interviews with government agencies, institutional investors, asset managers, equity research, and academics.
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Ratings for the Local Development Investment Funds Project for Vietnam were as follows: outcomes were moderately satisfactory, risk to development outcome was moderate, Bank performance was moderately satisfactory, and Borrower performance was moderately satisfactory.
... See More + Some lessons learned included: the operating parameters of a wholesale financial intermediary (FI) operation must be anchored on comprehensive economic and financial analyses. The presence of an enabling policy environment to implement a specific type of investment under an FI operation must be a prerequisite before inclusion in the project design. The utilization of a qualification system for determining the potential borrowers in an FI operation increases operational flexibility. Maintaining a strong focus on the long-term sustainability of the project outcomes is critical in the context of a wholesale FI operation. The implementation of a sustained capacity building and technical assistance (TA) program for stakeholders across the various levels of a FI operation is essential.
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Implementation Completion and Results Report ICR3993 DEC 27, 2016
This Country Economic Memorandum (CEM) focuses on the challenges Turkey faces in accumulating productive assets that would enable the economy to grow and incomes to converge with high-income countries.
... See More + This report shows that Turkey’s capital stock is relatively low, and economic growth will largely depend on its ability to improve factor accumulation and boost productivity through structural reforms. The report provides detailed analyses of specific aspects of the three types of assets discussed above: the housing aspects of infrastructure investment, tertiary education for upgrading human capital, and the quality of institutions as determinants of FDI. This report analyzes investment in these types of assets. The report is arranged as follows: Chapter 2 gives an overview of aggregate sectoral, private, public, and foreign investment in Turkey. Chapter 3 analyses Turkey’s housing sector, looking at the provision of housing, juxtaposing supply and demand and financing of both developers and buyers. Chapter 4 discusses developments and challenges in the tertiary education sector highlighting the relations between the governance and financing of education institutions and their performance and quality. Chapter 5 provides evidence for the impacts and determinants of FDI, and its two-way relationship with migration.
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Costa Rica is a small, middle-income country with substantial exposure to natural disasters, including earthquakes, floods, hurricanes, landslides, and volcanic eruptions.
... See More + According to a World Bank funded natural disaster study, Costa Rica ranks number two in the world among countries most exposed to multiple hazards, with 80 percent of the country's Gross Domestic Product, or GDP and 78 percent of Costa Rica's population in high-risk areas. Costa Rica has built an efficient disaster response system and established an effective system of building codes, environmental standards, and land use planning to mitigate the impact of natural disasters. It has also made substantial progress in strengthening its institutional and legal framework and mainstreaming catastrophe risk management in its national development program.
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The movement from a defined benefit to a defined contribution pension system has important implications in the area of portfolio allocation. While the focus of defined benefit pension funds is essentially in the long term, some defined contribution funds might have incentives to invest with shorter-term horizons.
... See More + The case of open pension funds, such as the ones in several countries in Latin America and Central and Eastern European countries, shows that competition on short-term returns may bring pension funds into suboptimal portfolio strategies. As policy makers become increasingly interested in finding long-term sources of financing for infrastructure and other long-term projects, it becomes essential to upgrade the regulatory framework of open pension funds. This paper contributes to the literature by proposing an investment regulatory framework based on strategic asset allocation that can be applicable to open pension funds. Based on the use of lifecycle investment strategies, the paper proposes the implementation of common portfolio benchmarks for pension funds. Three elements are emphasized for implementation of strategic asset allocation: (a) a well-defined pension objective, (b) sound governance of the portfolio benchmark, and (c) a methodology for developing the benchmark. The paper proposes the use of the approximation methodology as a starting point for designing portfolio benchmarks, and illustrates step-by-step how to build these long-term portfolios in a didactical way.
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Policy Research Working Paper WPS7784 AUG 04, 2016
The study focuses on themes and areas that have been identified as highly relevant for the modernization and commercialization of the agriculture sector.
... See More + The study originally aimed to review: agricultural marketing, processing and exports; food safety; agricultural “cooperation,” including farmers’ groups; agricultural extension and agricultural insurance. This coverage was subsequently modified to: (i) avoid repetition of existing work; (ii) draw more extensively on WBG experience in other countries; (iii) address relevant long-term issues more directly; and (iv) to inform discussion of relevant issues on which little information was available. The proposed review of marketing, processing and exports, an area that has already been well studied – was thus replaced with a review of global experience in developing successful export-led agricultural industries. Similarly, the study of agricultural ‘cooperation,’ an area also widely studied, was replaced with an analysis of agricultural land markets. Both “cooperation” and land markets are highly pertinent to the need to increase farm size to improve competitiveness. Land markets offer a more structural, long-term response to this problem, however, a response that so far has received little attention. Finally, an analysis of public expenditure on agriculture was added to provide insight into public expenditure on long-term versus short-term sector objectives. The review outlines the elements of a long-term framework based on building a cluster-based, institutional framework for horticultural exports, and suggests the need to prioritize associated development of agricultural extension, food safety, agricultural land markets and agricultural risk management. Horticulture is viewed as a vector for modernization and commercialization, due to its demonstrated potential for exports. The proposed framework would drive growth and change throughout the sector, however, due to the sector-wide impact of support for extension, food safety, land markets and risk management.
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Ratings for the Sustainable Development Investment Project for Colombia were as follows: outcomes were unsatisfactory, risk to development outcome was significant, Bank performance was unsatisfactory, and Borrower performance was moderately unsatisfactory.
... See More + Some lessons learned included: a strong analytical foundation is essential not only for the first loan but also for the additional finance (AF), for identifying key environmental priorities and for designing an operation that effectively responds to addressing those priorities. The project was intended to support the development and implementation of the reforms supported by the programmatic development policy loan for sustainable development (SusDevDPL) program, and the design of both operations was to be informed by the analytical work provided in the country environmental analysis (CEA). Economic analysis of a project is essential to properly assess the efficiency of the project. It is important that the Bank team has the required technical expertise to effectively support the design and implementation of the project and provide guidance on technical issues to inform project decision making by the Bank task team and senior management. To enhance the likelihood of a project achieving its objectives, it is important to ensure adequate intensity of Bank supervision such that problems are caught and addressed in an upstream manner, with appropriate follow-up measures put in place, and that project momentum is sustained to increase the likelihood of timely and full delivery of project results. It is important to ensure that issues are brought to the attention of Bank management in a candid and timely manner to increase the opportunity to make early course corrections, and to engage Bank management, as appropriate, in raising issues with the client at the right level needed to ensure the required attention. Government ownership is essential to ensure that project activities translate to tangible products that have the ability to influence development outcomes. Adequate project costing is essential for delivering on project outputs and outcomes.
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Implementation Completion and Results Report ICR3430 MAR 31, 2016
India ranks second in terms of value (12.5 billion dollars) and global market share, although unlike Bangladesh and Sri Lanka, apparel’s share of total county exports is quite low at 5 percent.
... See More + Foreign direct investment (FDI) has played a limited role (less than 1 percent) as a share of overall investment in the textile and apparel industry and as a share of the country's overall FDI inflows. Workers in the formal sector generally enjoy better working conditions and wages than those in the informal sector, where compliance is limited and where most apparel workers are actually employed. The following policies can help India increase apparel exports: increase product diversity by reducing tariffs and import barriers to ease access to manmade fibers (such as more transparency for duty drawback schemes and bonded warehouses, and removing anti-dumping duties on manmade fibers); improve productivity by helping firms enter the formal sector and take advantage of economies of scale with less complex labor policies; improve market diversity by taking advantage of access to emerging markets; and shorten lead times by using industrial parks to provide better infrastructure in a concentrated way.
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The study included a quantitative economic impact assessment of the operational activity of each hotel during 2014. This impact was modeled based on input data gathered via a survey questionnaire of each hotel and an Input-Output (IO) model of each economy estimated using relevant official data.
... See More + Using this data, the team quantized the economic footprint of each hotel including direct spending, spending on procurement of goods and services and employee consumer spending. Effects were measured in terms of contribution to GDP, headcount employment and tax revenues. The study also documents the findings of the evaluation team on the broader ways through which each hotel contributes to economic development. This analysis drew upon insights gathered during the fieldtrips, in particular through interviews conducted with stakeholders such as hotel staff, suppliers and other operators in the tourism industry.
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The WBG’s Colombia Systematic Country Diagnostic (SCD) analyzed key constraints and opportunities that will impact Colombia’s development in the context of three defining country characteristics.
... See More + They include uneven territorial development, a long standing armed conflict and a growth process led by extractive industries. The Colombia Country Partnership Framework (CPF) proposes to address these complex development challenges with a flexible, six-year (FY16-21) engagement that builds on the strong and trusted client relationship established over recent years. On the basis of client country demand, the development challenges highlighted in the SCD, and World Bank Group (WBG) comparative advantage, the CPF focuses on eight critical objectives to guide WBG engagement over the CPF period. These objectives are organized within three pillars of engagement: (a) fostering balanced territorial development; (b) enhancing social inclusion and mobility through improved service delivery; and (c) supporting fiscal sustainability and productivity. Cutting across all pillars, the CPF aims to ‘assist in constructing the peace’ in response to Colombia’s historic opportunity to reach a Peace Accord after more than 50 years of conflict.
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Country Assistance Strategy Document 101552 FEB 23, 2016
Uruguay is a country of about 3.3 million people, which has consistently given high priority to achieving broadly-shared economic growth and a sustainable reduction in poverty.
... See More + A strong and progressive social compact has been a defining feature of Uruguayan society and politics, with consistent emphasis placed on protecting vulnerable groups, assuring worker dignity and promoting equitable growth. This compact, combined with rapid economic growth since 2003, has contributed to the development of a sizeable middle class, at 60 percent, the largest in Latin America as a proportion of the population, as well as effective institutions, good governance and, in consequence, a high degree of public trust in Government. The resultant political stability has been a fundamental element of Uruguay’s success in attaining its present standards of living. This Country Partnership Framework (CPF) is aligned with Uruguay’s 2015-2020 political cycle and selectivity has been exercised in the identification of objectives. The design of the CPF program responds to the Government’s priorities and is also closely coordinated with the programs of Uruguay’s other development partners, including IADB and CAF. The program is anchored in the findings of the new Systematic Country Diagnostic (SCD) which was informed by extensive consultations with a wide range of stakeholders. The proposed CPF program is designed to support the Government in its pursuit of six objectives identified in the SCD, grouped into three focal areas, namely, building resilience, rebalancing the social compact, and integrating Uruguay into global markets. During consultations, the Government endorsed the selection of focal areas (CPF’s pillars and objectives) and the technical teams closely coordinated with the Bank experts who designed a set of indicators, which are fully owned.
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Country Assistance Strategy Document 97063 DEC 21, 2015
Ratings for the Fujian Highway Sector Investment Project for China were as follows: outcomes were satisfactory, the risk to development outcome was moderate, the Bank performance was satisfactory, and the Borrower performance was also satisfactory.
... See More + Some lessons learned included: the pilot maintenance contracts were carried out with positive results. Experience from developing countries shows that institutionalization and network wide application of maintenance contracting is a complex undertaking and its adoption requires a long time, much longer than a typical loan period. The issues are not only technical, but include institutional reform, labor training and relocation, job security, budget processes, performance indicators for different road classes and their enforcement, supervision of contractors, and payment procedures. The pilot applications in maintenance contracting could be followed up to ascertain if their geographic and possibly technical scope could be expanded, negative technical aspects are corrected, and the labor, procurement, and supervision issues are dealt with. In Fujian advances were made in previous projects in road data collection, road management, traffic safety, and identification of staff training needs. This project’s outcomes are proof of their usefulness. The road data bank was used to select rural roads for rehabilitation; traffic safety has been embedded in the provinces’ own ‘action program’ in design and safety audits; and training programs, international and domestic, on various aspects of road management (tunneling, tolling, project management, safeguard issues) have been effective to ensure continuity in institutional development.
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Implementation Completion and Results Report ICR3508 DEC 14, 2015
The Caribbean Investment Facilitation Project (CIFP) objectives will be to enable investable entrepreneurs to raise capital from angels and other investors, and to support the development of angel investing in the Caribbean.
... See More + Some of the negative impacts and mitigation measures include: natural habitats strictly limits the circumstances under which any Bank supported project can damage natural habitats (land and water areas where most of the native plant and animal species are still present); physical cultural resources seeks to avoid, or mitigate, adverse impacts on cultural resources (movable or immovable objects, sites, structures, groups of structures, and natural features and landscapes that have archaeological, paleontological, historical, architectural, religious, aesthetic, or other cultural significance) from development projects that the World Bank finances; and pest management seeks to ensure that rural development and health sector projects avoid using harmful pesticides. The Bank requires that any pesticide it finances be manufactured, packaged, labeled, handled, stored, disposed of, and applied according to standards acceptable to the Bank, and excludes certain formulated products, as well as requiring training, equipment, and facilities to handle, store, and apply these products properly.
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The Aviation Investment Project (AIP) for Tuvalu was designed to: (i) provide safe, secure and reliable infrastructure for Tuvalu’s airports and airstrips to meet International Civil Aviation Organization (ICAO) standards; (ii) improve the regulatory environment; and (iii) provide sustainable management and operation of the international airport.
... See More + Some of the negative impacts and mitigation measures include: significant issues were raised by the Matai in loss of trust of the Government regarding land issues. People felt that Government was violating their rights to the land, that they were not properly informed, and in some cases that they had lost confidence in the process and did not feel safe. In one case, a landowner said that the bulk payments made by Government to the Kaupule for distribution to them was not being paid in the right amount; the improvements to roads will take place within the existing road footprint and road reserve. There may be temporary incursion into land beyond this line if required, for example for stockpiling during construction, or for drainage easements. In this event, all efforts will be made to avoid public danger or inconvenience. There will be temporary impacts from noise, dust and traffic disruption; and compensation for the use of airport and roads lands will be made by GoT on the 1st April each year at the specified rate of $3,000/acre. Any losses incurred for trees through use of stockpiles and drainage for roads will need to be assessed by the Lands Department and compensated on a one-off basis.
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