Public Disclosure Copy The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) Nicaragua Catastrophe Risk Insurance Project (P149895) LATIN AMERICA AND CARIBBEAN | Central America | Social, Urban, Rural and Resilience Global Practice Global Practice | IBRD/IDA | Investment Project Financing | FY 2014 | Seq No: 6 | ARCHIVED on 30-May-2017 | ISR28107 | Implementing Agencies: Ministry of Finance and Public Credit of Nicaragua, Republic of Nicaragua Key Dates Key Project Dates Bank Approval Date:18-Jun-2014 Effectiveness Date:01-Jun-2015 Planned Mid Term Review Date:30-Jun-2018 Actual Mid-Term Review Date:-- Original Closing Date:31-Jul-2021 Revised Closing Date:30-Jun-2019 Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective is to enable the access of Honduras and Nicaragua to efficient sovereign risk insuranceassociatedwith tropical cyclones, earthquakes, and/or excess rainfall. Has the Project Development Objective been changed since Board Approval of the Project Objective? Yes Board Approved Revised Project Development Objective (If project is formally restructured)PHRPDODEL The Project Development Objective is to enable access of Nicaragua to efficient sovereign risk insurance associated with geophysical and climate- related events. Components Name Component 1: Payment of the entrance fee to the CCRIF for Nicaragua:(Cost $1.00 M) Component 2: Payment of annual insurance premium to the CCRIF for Nicaragua:(Cost $11.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Satisfactory  Satisfactory Overall Implementation Progress (IP)  Moderately Unsatisfactory  Satisfactory Overall Risk Rating  Moderate  Moderate 5/30/2017 Page 1 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) Implementation Status and Key Decisions The World Bank’s Board of Directors approved a restructuring of the project on May 2, 2017 to reflect the withdrawal of the Credit offer to the Republic of Honduras as of January 18, 2017. The following changes were made to the Project as a result of the restructuring: change to the Project Development Objectives; extension of the Credit closing date to June 30, 2021; reallocation of funds between categories of Eligible Expenditures; modification of the percentage of expenditures to be financed (enabling financing of 100 percent of premiums during years three and four of the Project and financing of 50 percent of premiums during years five and six); and update of the description of Component 2 to reflect that the Project will provide financing for annual insurance premiums for six years 5/30/2017 Page 2 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  Low  Low Macroeconomic  --  Low  Low Sector Strategies and Policies  --  Low  Low Technical Design of Project or Program  --  Moderate  Moderate Institutional Capacity for Implementation and Sustainability  --  Moderate  Moderate 5/30/2017 Page 3 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) Fiduciary  --  Low  Low Environment and Social  --  Low  Low Stakeholders  --  Low  Low Other  --  --  -- Overall  --  Moderate  Moderate Results Project Development Objective Indicators PHINDPDOTBL  Nicaragua as member of CCRIF is eligible for catastrophe risk coverage and has received payment within a month of the occurrence of a covered (insured) event (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 01-Jun-2014 03-Mar-2017 17-May-2017 30-Jun-2021 Overall Comments Nicaragua received a payout of US$1.1 million following Hurricane Otto, which hit the country on November 25, 2016. The payout was received by Nicaragua within 14 days of the event. Intermediate Results Indicators PHINDIRITBL  Policies provide increasing insurance coverage and/or lower attachment point (insurance deductible) for a given premium amount (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N Y Y Y Date 01-Jun-2014 06-Dec-2016 06-Dec-2016 30-Jun-2021 5/30/2017 Page 4 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) PHINDIRITBL  CCRIF premiums for Nicaragua are lower than the simulated price for a comparable coverage purchased individually in the market (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Y Y Y Y Date 01-Jun-2014 06-Dec-2016 06-Dec-2016 30-Jun-2021 Overall Comments Intermediate results indicators depend on the policies issued for the respective policy year; therefore, the values remain unchanged from the previous ISR (for the policy year 2016/2017). The next policies will be issued on June 1, 2017 for the policy year 2017/2018; intermediate indicators will be updated in the next ISR. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P149895 IDA-55300 Closed XDR 7.80 0.00 7.80 0.00 0.00 0% P149895 IDA-55310 Effective XDR 7.80 7.80 0.00 2.50 5.30 32% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P149895 IDA-55300 Closed 18-Jun-2014 -- -- 31-Jul-2021 18-Jan-2017 P149895 IDA-55310 Effective 18-Jun-2014 11-Jul-2014 01-Jun-2015 30-Jun-2019 30-Jun-2019 Cumulative Disbursements 5/30/2017 Page 5 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) Restructuring History Level 1 Approved on 19-Apr-2017 Related Project(s) There are no related projects. 5/30/2017 Page 6 of 6 Public Disclosure Copy