This report contains the World Bank Group Boards' calendar for the period of June to August 2016, specifying the Boards' engagements, such as meetings and briefings.
... See More +See Less -
The private sector plays a critical role in development, creating sustainable pathways out of poverty for millions in IDA countries. Scaling up efforts for private sector development and mobilization of private sector finance has emerged as a key part of the global development agenda.
... See More + The private sector lies at the center of a sustainable development model. Making progress on IDA18 Special Themes also requires strong contribution from the private sector to ensure women’s economic empowerment; to invest in low-carbon growth paths; to achieve stability in fragile situations; and to widen the tax base to finance public service delivery. This paper responds to the Participants’ request at the first IDA18 Replenishment meeting in Paris for a joint WBG proposal to enhance private sector investment in IDA countries, especially Fragile and Conflict Affected States (FCSs). It recommends establishing a new IFC-MIGA Private Sector Window (PSW) under IDA18. Over the past decade, on their own accounts, IDA, IFC and MIGA have supported over US 100 billion dollars in private sector investment in IDA countries to create an enabling environment, make complementary investments, provide guarantees, and directly invest in the private sector. To accelerate support for the private sector in IDA countries – with a special focus on FCS – and deepen collaboration across the WBG, Management proposes to establish a Private Sector Window (PSW) that would help IDA work more closely with IFC and MIGA. This paper is organized as follows. Section A highlights key features of the private sector and its challenges in IDA countries. Section B outlines the WBG’s track record in supporting private sector development in IDA countries. Section C presents the rationale of the PSW. Section D presents the key parameters and possible facilities under the PSW. Section E concludes with a discussion on finance, governance and risks.
See Less -
This report contains the World Bank Group Boards' calendar for the period of June to August 2016, specifying the Boards' engagements, such as meetings and briefings.
... See More +See Less -
This report contains the World Bank Group Boards' calendar for the period of May 2016 to July 2016, specifying the Boards' engagements, such as meetings and briefings.
... See More +See Less -
This report contains the World Bank Group Boards' calendar for the period of May 2016 to July 2016, specifying the Boards' engagements, such as meetings and briefings.
... See More +See Less -
This report contains the World Bank Group Boards' calendar for the period of April 2016 to June 2016, specifying the Boards' engagements, such as meetings and briefings.
... See More +See Less -
Guyana is a lower-middle-income economy,classified as International Development Association (IDA) only for World Bak Group (WBG) lending. Forty three percent of the population lives below the poverty line, and roughly two thirds of the poor of the total population live in extreme poverty, with an expenditure level below that required to purchase a minimum low-cost diet.
... See More + The majority of Guyana's poor live in rural areas, while extreme poverty is concentrated in the interior regions, away from coastal areas. The economy largely depends on the export of six commodities sugar, gold, bauxite, shrimp, timber, and rice which represent nearly 60 percent of the country’s Gross Domestic Product (GDP) and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. The economic context for this Country Assistance Strategy (CAS) was one of solid growth based on agriculture and extractive industries with low and stable inflation. The CAS is organized around four strategic objectives: 1) improve ability to combine economic development with reduced deforestation or degradation, and to access markets for ecosystems services; 2) improve the government’s ability to reduce exposure to natural disasters and global climate risk; 3) improve the quality of education through reforming teacher education and delivering better service; and 4) improve government institutional capacity and ability to deliver an enhanced social protection program. The Completion and Learning Review (CLR) framework of analysis is consistent with CAS objectives. The CLR is candid and discusses the evidence on program indicators, but could have explained better the rationale for changes under the program, aside from political difficulties. The lessons learned in the CLR is about external partners, knowledge base, training and support, and political risks. It is clear that for a broader engagement with Guyana, the Bank will need to update its knowledge base on the country. Moreover, the Bank will need to keep expanding and deepening its partnership with development partners, particularly with those that were essential to obtaining results under this CAS. The partnership with International Finance Corporation (IFC), which had significant contributions under this CAS, will need to be formalized in a joint WBG strategy.
See Less -
In 2009, the Government of Cameroon awarded AES Dibamba Power Development Corporation (DPDC) the right to develop an 86-MW thermal energy Independent Power Plant (IPP).
... See More + The Dibamba Project provides Cameroon with peaking and reserve capacity in electricity generation, in order to meet the growing public sector and industrial demand for electricity. The project will help avoid load shedding during the dry season that typically lasts from January to June each year. In 2008, AES Sonel received support by way of a €240 million debt-financing package extended by the African Development Bank (AfDB), the Central African Development Bank (BDEAC), the German Development and Investment Corporation (DEG), the International Finance Corporation (IFC), and PROPARCO. In 2014, the Multilateral Investment Guarantee Agency (MIGA) supported issued a guarantee of €23.3 million to cover the investment by Globeleq Energy Holdings in DPDC and DPDC’s future earnings. MIGA’s coverage is for a period of up to 20 years against the risk of breach of contract.
See Less -
The Port of Durrës is the principle port in Albania, handling roughly 90 percent of the country’s international maritime trade tonnage and 85 percent of all the export and import trade of the country.
... See More + As a vital interface of the country on the Adriatic coast, linking Albania with other Mediterranean countries and Balkan countries, it opens up the country to an additionalmarket of 40 million people. The importance of the Port of Durrës to the Albanian economic developmentcannot be understated. It directly employs 600 persons. Indirectly, however, it creates thousands of jobs in the transportation, distribution, and banking industries.The current level of traffic is about 3.8 million tons of cargo per year and approximately 80,000passengers. Durrës is owned by the state, controlled by the Ministry of Public Works, Transports and Telecommunications. It is managed and operated by the Durrës Port Authority. The project will increase the capacity of the ferry passenger terminal, improve the adjacent quays, andrelated infrastructure, and improve the quality of the services provided at these terminals.
See Less -
Tourism is a major contributor to the Croatian economy and a key driver of employment. The Zagreb International Airport, built in 1962, had gone through several stages of expansion.
... See More + However, by 2009 it was clear that the passenger terminal, with an annual capacity of two million passengers, could no longer accommodate growing market demand. In 2009, the Government of Croatia decided to build and operate a new terminal under a public-private partnership. The Zagreb Airport International Company (ZAIC) won the tender and took over management of the airport in December 2013. The project comprises the design and construction of the new terminal and for the maintenance of the airport infrastructure. When completed, it will accommodate five million passengers annually, over twice the current capacity. The project improves a critical component of Croatia’s economic infrastructure, investment, trade and boosts the tourism sector, a major driver of employment in Croatia, and encourages trade and investment.
See Less -
In the past decade, Colombia has seen remarkable economic growth. Per capita incomes have more than doubled to 2,424 dollars per year in 2014, foreign direct investment are ten times what they were and the country is ranked highest in the World Bank’s Doing Business report amongst Latin American and Caribbean (LAC) countries.
... See More + However, public investment in infrastructure stands at a paltry 1.3 percent of gross domestic product (GDP), the effects of which are manifest in its poor standing relative to LAC peer countries in infrastructure indices. The country was ranked 103 out of 140 in the Business Environment and Infrastructure Index of the World Economic Forum and, 130th out of 140 for transportation infrastructure. The Government of Colombia (GoC) has established the 4th Generation Roads Concession (4G) as one of the mainstays of its National Infrastructure Development Plan 2014-2018. 4G is an ambitious near-decade long investment plan to create a nationwide toll road network through up to 40 different public private partnerships (PPPs). The 4G program is expected to reduce transport costs by 28 percent, increase GDP by 1.5 percent per annum once completed, and generate significant benefits for improved trade, job creation, and business growth. The Colombia 4G exemplifies how World Bank Group (WBG) and The Inter-American Development Bank (IDB) collaboration and a programmatic approach were able to leverage capital markets and advisory support to strategic financing needs.
See Less -
This series showcases how the Multilateral Development Banks’ collaboration supports the development and implementation of infrastructure investment.
... See More + This support comes in the form of public sector loans, private sector finance, sector and transaction advice, guarantees, and output-based aid. The Kribi Power Project began construction in 2010 and started supplying electricity in March 2013. The project provides short-term relief to the hydropower dependent country by providing electricity to 163,000 households. As the second and largest Infrastructure Private Partnership (IPP) in Cameroon, it is considered an important step towards diversifying power generation sources in the country, while monetizing gas resources. The World Bank provided a partial risk guarantee to facilitate Cameroon’s first long-term, local currency loan for infrastructure and in 2014, the Multilateral Investment Guarantee Agency (MIGA) extended a guarantee to Globeleq to cover various risks associated with an equity investment. By filling a temporary gap in power generation capacity until Cameroon’s flagship hydropower projects go live around 2017, the Kribi power plant is providing short-term generation capacity and enabling the power generation diversification strategy of Cameroon. The pioneering project is the first gas-to-power PPP being implemented in Cameroon and in the Central-African region, under a traditional project finance structure and its success will pave the way for the country to make significant public investments as well as mobilize private sector investment.
See Less -
Emerging markets need twice the infrastructure investment they now receive. East Asia has the greatest needs, while Africa’s requirements are large in comparison to its economic size; power generation accounts for more than half of needed investment.
... See More + There is great potential for increasing participation by institutional investors in developing-country infrastructure: insurance companies, asset managers, pension funds, and sovereign wealth funds are increasingly aware of the manifold benefits that infrastructure investments offer.
See Less -
The World Bank Group is shifting from lending to mobilizing third-party money by leveraging its financial and advisory resources, with the goal of moving from billions to trillions of dollars in development financing.
... See More + The promising start to Colombia’s 4G road project is evidence of the role that partnerships between governments and development banks can play in unlocking urgently needed infrastructure financing. The lessons learned from the 4G project will help similar partnerships replicate its success in other developing countries with adequate levels of domestic capital market development and similar challenges in infrastructure financing.
See Less -
Following international agreement on the sustainable development goals, governments are now confronting the critical issue of funding the enormous investments - especially in infrastructure - required to meet those goals.
... See More + Yet governments clearly lack the fiscal space to finance all the investments, as well as the skills needed to design and manage them. So the focus is on how to crowd in private investment and private management. Since not enough private investment is flowing today, donor governments are exploring how to blend public aid money with private finance to make aid spending go further and crowd in more private investment.
See Less -
Morocco has suffered significantly from a variety of shocks, including due to natural hazards, and in response has started to develop risk management programs and initiatives, supported by the World Bank.
... See More + Since 2009 the World Bank has worked with the Government of Morocco (GoM) to enhance risk management activities, including in the areas of natural disaster risk, commodity (energy) price volatility risk and risk in the agricultural sector, through a program of Technical Assistance. Particular focus has been put on investing in disaster risk analytical capacity by developing the Morocco Natural Hazards Probabilistic Risk Assessment tool (MnhPRA) and on disaster risk financing and insurance. The World Bank also supported the Government in starting to develop a more comprehensive approach to managing risks in a more integrated manner which culminated in a report in 2013 on ‘Building Morocco’s Resilience: Inputs into an Integrated Risk Management Strategy’. In 2012, the Government requested the World Bank to support the implementation and operationalization of a more integrated risk and resilience management approach through a new lending operation in the form of a ‘Program for Results’ (PforR) loan, with a focus on initial subset of risk, starting with natural hazards first. This document provides the Technical Assessment of the proposed operation along all its dimensions, including: i) program description; ii) program strategic relevance; iii) technical soundness; iv) program expenditure framework and financial sustainability; v) program results framework and disbursement linked indicators; vi) program economic impact; vii) input into the program action plan; viii) technical risks and mitigation measures; and ix) input into the implementation support plan.
See Less -