OFFICE OF THE EXECUTIVE DIRECTORpubdocs.worldbank.org/en/848511523914108135/FY2017...ANNUAL REPORT...

THE WORLD BANK GROUP

Mongolia

Korea

Cambodia

Palau Micronesia

Marshall Islands

Papua New Solomon

Islands

Vanuatu

Samoa

Kiribati

Australia

New Zealand

FISCAL YEAR

2016-2017

ANNUAL REPORT

OFFICE OF THE EXECUTIVE DIRECTOR

Tuvalu

Australia │Cambodia │Kiribati │Korea │RMI│ FSM │Mongolia │Nauru │New Zealand │Palau │PNG│Samoa │Solomon Islands │Tuvalu │Vanuatu

Nauru

WBG – EAST ASIA / PACIFIC CONSTITUENCY OFFICE ANNUAL REPORT FY17

CONTENTS

EXECUTIVE SUMMARY

ABBREVIATIONS AND ACRONYMS

CONSTITUENCY OFFICE

Governors and Alternate Governors for the Constituency…………………………………………………. 1

Executive Director, Alternate Executive Director and Staff.................................................... 2

Voice Secondment Program... ................................................................................................ 3

POLICY AND ANALYTICAL WORK OF INTEREST TO OUR

CONSTITUENCY

Small States Roadmap ………………………………………………………………………………………………………. 4

Pacific Possible ........................................................................................................................ 5

Ocean (Pacific Regional Oceanscape Program) ..................................................................... 5

Climate Change Action Plan ............................................................................................ ....... 6

Doing Business Report ....................................................................................................... ..... 6

Gender Strategy ..................................................................................................................... 7

OPERATIONS POLICY OF INTEREST

Forward Look ......................................................................................................................... 8

IDA18 Update .......................................................................................................................... 9

Crisis Response ....................................................................................................................... 10

HR Update ………………………………………………………………………………………………………… ................ 11

Debt Sustainability Framework .................................................................................................. 12

SHAREHOLDING REVIEW AND FINANCIAL RESULTS

Shareholder Review …………..……………………………………………………………………………………………………. 12

IBRD......... ...................................................................................................................................... 13

IDA ................................................................................................................................................. 14

IFC .................................................................................................................................................. 15

MIGA .............................................................................................................................................. 15

ANNEXES

Annex 1. List of FY17 Constituency Country Developments and Approved Projects..... ........ 16

Annex 2. Governors’ Resolutions ............................................................................................ 27

Annex 3. Consultations with Constituents in FY17..... ............................................................ 28

Annex 4. WBG Organizational Structures ……………………………………………………………………….. .. 30

ANNUAL REPORT FY2017: WBG EDS09 CONSITUENCY OFFICE

EXECUTIVE SUMMARY

The past year provided a number of opportunities and challenges for the World Bank Group (WBG), while

also delivering $42.1 billion in commitments to IBRD and IDA member countries, and IFC providing and

mobilizing financing of $19.3 billion.

With regard the opportunities, two highlights stand out for our constituency: the Pacific Possible and the

IDA18 replenishment.

The Pacific Possible, launched during 2017 along with the Small States Roadmap, provides a framework

for realizing the potential of many of our members. It illustrates what can be achieved when the WBG

works closely with country partners, leveraging their collective development knowledge and expertise and,

as importantly, building the regional opportunities (the “Pacific Possible”) from country-level insights. The

value of this work is evident by the actions of some countries who are already looking at how to develop

the insights and approach into a country “Possible” setting.

The successful replenishment of IDA18 was the largest in IDA’s history, with the $75 billion lending

envelope a significant 50% increase over IDA17. It also introduces a number of new innovations in how it

is financed, with the intent to issue bonds for the first time and so get better leverage from the IDA balance

sheet, and how it will support IDA-eligible countries such as the use of an IFC-MIGA Private Sector

Window and a regional sub-window for refugees.

The Pacific Possible and IDA18, with its substantial increase in allocations for many of our constituency

members, provide a great base for turning the “Possible” into a reality. They also pose an enviable challenge,

requiring concerted effort and investment by the WBG and by constituency members to ensure that effective

and meaningful projects are developed and supported during the three-year window of IDA18. This

includes ongoing support and advocacy through our Constituency Office for increased WBG budget and

staff resources for the East Asia and Pacific region, as evidenced by the recent increase in presence in the

WBG’s Fiji-based office.

Other creative and innovative successes, that help WBG to be more effective, include establishing the

Global Crisis Response Window, launching the Cascade approach to leverage private sector involvement

in helping governments to pursue their development goals, and continued financial innovation, notably the

successful launch issue of a pandemic bond.

It has done so while largely continuing delivering on its intent in relation to being a “World Bank”; one that

supports all its members. While IBRD commitments were lower than expected last year, commitments for

FY18 are expected to be higher, with IFC and MIGA commitments and projects continuing to perform

strongly. However, a notable omission in its “support for all members” is the WBG not having the flexibility

to provide support to Palau, who does not have access to finance from capital markets. Our constituency

office continues to engage with the WBG on addressing this anomaly, as it is not only inconsistent with the

WBG’s Forward Look strategy, it is also inconsistent with the WBG’s drive to be more agile.

With regard the challenges, there has been considerable debate and discussion in the past year regarding

the role of regional and international agreements, institutions and organizations. The WBG is not immune

from these issues, and these discussions are occurring as the international financial architecture continues

to be increasingly complex, the WBG seeks to expand the level of its activities in order to deliver on its

twin goals of reducing poverty and raising prosperity, and its financial capacity to support such expansion

is being debated.

As we look towards the next year, a key focus will be ensuring the vision, resources and tools for an

effective and well run Bank are aligned and reflect shareholder expectations. Some elements are already in

place, with the “Forward Look”, which is the WBG’s vision to meet the challenges of development through

to 2030, endorsed at last year’s Annual Meetings.

However, decisions on realigning shareholdings and strengthening IBRD and IFC’s balance sheets have

not progressed as quickly as envisioned in the Lima Roadmap. These decisions will be critical for the

constituency over the next year. They will influence how the WBG gives effect to its vision, including

where it focuses its administrative and financial resources, and ultimately influence the WBG’s role in the

global development environment.

In reflecting on the many successes and developments during a very busy FY17, we are also very mindful

that WBG’s goals of reducing poverty and increasing prosperity are ambitious yet also critical to the lives

of many of our citizens. We expect FY18 to be as busy, engaging and challenging (if not more so) and we

look forward to working with you in order to address these challenges, realize the opportunities, and make

a difference in reducing poverty and increasing prosperity.

ABBREVIATIONS AND ACRONYMS

AF Additional Financing

AIMM Anticipated Impact Measurement and Monitoring

BSEDN Baganuur Southeastern Region Electricity Distribution Network

CCK Communication Commission of Kiribati

CER Contingency Emergency Response

CERC Contingency Emergency Response Component

CES Central Energy System

CLS Cable Landing Station

CODB Cost of Doing Business

CPF Country Partnership Framework

DDO Deferred Draw-Down Option

DPO Development Policy Operation

DSF Debt Sustainability Framework

DTC Developing and Transitions Countries

DTF Distance To Frontier

EBEDN Edernet-Bulgan Electricity Distribution Network

E/L Equity to Loan

EMC East Micronesia Cable

ERM Emergency Response Manual

FCV Fragility, Conflict and Violence

FFA Forum Fisheries Agencies

FIF Financial Intermediary Fund

FSM Federated States of Micronesia

GDP Gross Domestic Product

GEF Global Environment Facility

GFC Global Financial Crisis

GoT Government of Tuvalu

HPF Hydro Power Facility

HR Human Resources

IBRD International WBG for Reconstruction and Development

ICAO International Civil Aviation Organization

ICT Information and Communication Technology

IDA International Development Association

IDA17 International Development Association/17th Replenishment by IDA Donors

IDA18 International Development Association/17th Replenishment by IDA Donors

IFC International Finance Corporation

IFI International Financial Institution

IMF International Monetary Fund

LICs Low Income Countries

MDBs Multilateral Development WBGs

MCPP Managed Co-Lending Portfolio Program

MEF Ministry of Economy and Finance

MENA Middle East and North Africa

MIGA Multilateral Investment Guarantee Agency

MOE Ministry of Energy

MRD Ministry of Rural Development

NGOs Non-Government Organization

NPTG National Power Transmission Grid

OBA Output Based Aid

PDO Project Development Objective

PFM Public Financial Management

PICs Pacific Islands Countries

PIU Project Management Unit

PNG Papua New Guinea

PREP Pacific Resilience Program

PROP Pacific Islands Regional Oceanscape Program

PSW Private Sector Window

PV Photo Voltaic

RMI Republic of the Marshall Islands

RPF Regional Partnership Framework

SAR South Asia Region

SCD Strategic Country Diagnostic

SCI Selective Capital Increase

SDG Service Delivery Grant

SISRI Small Islands States Resilience Initiative

SME Small and Medium Enterprises

SSF Small States Forum

SUF Scale-up Facility

TA Technical Assistance

TC Tropical Cyclone

TRHDP Tina River Hydro Development Project

VSP Voice Secondment Program

WBG World Bank Group

We-Fi Women Entrepreneurs Finance Initiative

All monies expressed in USUS$ unless indicated otherwise

FY17 – refers to 1 July 2016-30 June 2017

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CONSTITUENCY OFFICE

GOVERNORS AND ALTERNATE GOVERNORS FOR THE CONSTITUENCY*

Member Countries Governor Alternate Governor

Australia Hon. Scott Morrison, MP Hon. Kelly O’Dwyer, MP

Cambodia H.E. Aun Pornmoniroth H.E. Vongsey Vissoth

Kiribati Hon. Teuea Toatu Mr. Tukabu Tauati

Korea Hon. Dong Yeon Kim Mr. Ju Yeol Lee

Marshall Islands Hon. Brenson S. Wase Mr. David Paul

Federated States of

Micronesia

Hon. Sihna N. Lawrence Mrs. Senny Phillip

Mongolia Hon. Choijilsuren Battogtokh Mr. Nadmid Bayartsaikhan

Nauru

Hon. David Adeang, MP

Mr. Martin Hunt

New Zealand Hon. Steven Joyce Mr. Gabriel Makhlouf

Palau Hon. Elbuchel Sadang Mr. Casmir Remengesau

Papua New Guinea Hon. Charles Abel, MP Mr. Dairi Vele

Samoa Hon. Sili Epa Tuioti Mr. Lavea Iulai Lavea

Solomon Islands Hon. Snyder Rini Mr. Harry Degruit

Tuvalu Hon. Maatia Toafa Mr. Vavau Fatuuga

Vanuatu Hon. Gaetan Pikioune Mr. Simeon Malachi Athy

* As of August, 2017.

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EXECUTIVE DIRECTOR, ALTERNATE EXECUTIVE DIRECTOR AND STAFF

Executive Director Jason Allford (Australia)

Alternate Executive Director Hoe Jeong Kim (Korea)

Senior Advisor Eriati Manaima (Kiribati)

Senior Advisor Warwick White (New Zealand)

Advisor David Higgins (Australia)

Advisor Kyung-Yun Yeom (Korea)

Advisor Napae Hurim (Papua New Guinea)

Advisor Rhinehart Silas (Palau)

Advisor Henry Ah Ching (Samoa)

Program Assistant Beatrice Nguerekata

Program Assistant Monica Eun Jong Chang

Program Assistant Elsa Warouw

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VOICE SECONDMENT PROGRAM

The capacity building Voice Secondment Program (VSP) created by the WBG Executive Directors in 2005 is

now entering its 14th series. The program is a great opportunity to enhance the capacities of officials from

Developing and Transition Countries (DTC), including members of our constituency, as well as provide them

with insights to how the WBG operates and develop deeper networks with WBG staff. It is a great opportunity

for all who are involved with the program, which is why our office continues to support this program.

The program runs from January to July every year. Participants are selected from DTCs following a competitive

selection process. They are placed in selected units of the WBG, with a mentor coaching them throughout their

six-months assignment. During their time at the WBG, participants also spend two weeks, usually one at the

beginning of their assignment and one at the end, in our Executive Director’s (ED) office to learn, among other

things, the important role the office executes in the WBG.

For the VSP concluded in July 2017, we had the pleasure

of working with Mrs. Letauilomalo Polataivao Malaga

from Samoa, who was our constituency’s participant in

the 13th cohort. Her primary placement while she was here

was at the Center of Expertise Unit of the WBG’s Budget

Performance Review and Strategic Planning Division.

We congratulate Ms Malaga for successfully completing

the program and wish her well and success as she

commences her work for the Government of Samoa.

The WBG will increase the number of participants from

17 to 25 for the 14th series, commencing in January 2018,

in response to increasing demand from DTCs especially

in the context of IDA’s 18th replenishment.

This 14th series will include two participants from our

constituency: Mr. Damien Horiambe, First Assistant

Secretary at the Department of Treasury in Papua New

Guinea; and Mr. Henderson Tagaro, Senior Economist

from the Department of Finance and Treasury in Vanuatu.

We look forward to welcoming them and working with

them at the WBG.

Unfortunately, a third successful candidate from our

constituency, Ms. Raatu Aretaake, Senior Economist at

the Ministry of Finance in Kiribati, had to withdraw for

personal reasons.

We encourage you to take full advantage of this program and actively consider likely VSP candidates so that you

are well positioned to submit applications when submissions are requested for the next (15th) series. We will

notify you when these submissions are due. All applications are forwarded to the WBG’s Corporate Secretariat

who will undertake the selection process. With the increase in participants to 25 likely to continue, we hope to

have more applicants from our constituency chosen to participate in the VSP in future.

Figure 1: ED J. Allford & VSP LP Malaga at farewell reception 2017

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Table 1 provides an overview of the VSP applications received from our members since 2013. We were very

pleased that all three applications for 2018 were successful in being chosen for the program.

Table 1: EDS09 Voice Secondment Applications & Outcomes

Year

(Cohort)

FY18

(14th)

FY17

(13th)

FY16

(12th)

FY15

(11th)

FY14

(10th)

2013

(9th)

Applications received 3 4 5 2 3 4

Countries PNG,

Vanuatu,

Kiribati

Cambodia,

Mongolia,

PNG, Samoa

Cambodia,

Kiribati,

Solomon Is,

Vanuatu

Cambodia,

Mongolia

Cambodia,

Mongolia,

PNG

Cambodia,

Mongolia,

Tuvalu,

Vanuatu

# Successful

Applicant(s)

3 1 1 0 1 1

Successful

Applicant(s)’ Country

PNG,

Vanuatu,

Kiribati*

Samoa Kiribati NA Cambodia Tuvalu

*applicant from Kiribati withdrew

POLICY AND ANALYTICAL WORK OF INTEREST TO OUR CONSTITUENCY

SMALL STATES ROADMAP

The WBG is actively engaged in addressing small states’ development interests following its establishment of

the Small States Advisory Group and a WBG Small States Secretariat that organizes the annual Small States

Forum (SSF). These two entities serve to promote a consistent WBG-wide approach on small states.

Prior to the Spring Meetings this year, the Small States Secretariat produced a report, the “World Bank Group

Engagement with Small States: Taking Stock”, and made a commitment last year to develop a Roadmap of

engagement with Small States. The Roadmap was designed according to the seven (7) priority actions adopted

at the 2016 SSF. The report was finalized in May 2017 and will be formally presented at this year’s SSF during

the October 2018 Annual Meetings. The Roadmap sets the agenda on how the WBG will address the priority

concerns for small states clients.

The SSF is currently chaired by the Prime Minister of Grenada, H.E. Keith Mitchell, and the Pacific region is

scheduled to assume the Chairmanship of the Forum in mid-2018. The outgoing Chairman of the Forum

proposed to establish the SSF as a platform that would pull and mix finance from various sources like IDA,

IBRD, multilaterals, climate funds, donors, the private sector, and NGOs. The proposal also envisioned the SSF

as a platform for knowledge sharing and learning, as well as an avenue for various partnerships with key fora

such as G20, V20 and the World Economic Forum. The Pacific chairmanship will come in at a critical time

when the Roadmap’s implementation of several actions in three broad areas of engagement is expected to take

course. The areas of engagement are 1) enhancing concessional financing; 2) attracting private sector financing;

and 3) building client capacity.

The WBG, guided by its “Forward Look”, recognizes the special challenges faced by small states and is

committed, in collaboration with other partners, to address the specific development needs of the small states.

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For the Pacific small state members, this commitment is well demonstrated in the WBG’s FY17-21 Pacific

Regional Partnership Framework that was adopted earlier this year.

PACIFIC POSSIBLE

The WBG’s flagship report for the region – Pacific Possible – was launched by the Chairman of the Pacific

Leaders Forum meeting, Hon. Tuilaepa Dr. Sailele Malielegaoi, Prime Minister of Samoa and Victoria Kwakwa,

Vice President, WBG, East Asia & Pacific Region on Thursday 7th September 2017 in Apia, Samoa during the

Pacific Islands Forum Leaders meeting. Amongst those who attended were all the Pacific Leaders and high level

observers from the regional organizations and development partners.

The report was a result of a joint effort lead by the WBG and the Pacific Island governments, development

partners, civil society and formal public consultations across the Pacific including the draft overview report

discussed at the Forum Economic Minister’s meeting in April 2017. Seven key themes were identified, five of

them were opportunities that will create a significant boost in employment, income and government economy:

• Tourism

• Knowledge Economy

• Fisheries

• Deep Sea Mining

• Labor Mobility

while two were risks that could undermine development

gains if they are not managed well:

• Climate Change and Disasters

• Non-communicable diseases

The Pacific Possible report carefully provides clear and measurable analysis for the region by 2040 and will also

offer another avenue to assist the region in progressing and implementing proper actions in priority areas outlined

by the Framework for the Pacific Regionalism which includes fisheries, climate change, labor mobility and ICT.

OCEAN (PACIFIC ISLANDS REGIONAL OCEANSCAPE PROGRAM - PROP)

Since the inception of PROP, four of our member countries, namely Federated State of Micronesia, Republic of

the Marshall Islands, Solomon Islands, and Tuvalu, have participated in it. However, most recently some of our

other constituency members have expressed a keen interest in the program.

The PROP emerged out of the “WBG’s Fisheries Engagement Strategy” developed with countries and WBG

partners and stakeholders in the Pacific and released in 2011. The Pacific Ocean ecosystems play a very critical

role in the future socio-economic development and shared prosperity of Pacific Island Countries (PIC). Our

recently approved Regional Partnership Framework (PRPF) for the nine PICs could not attest more to this than

when it identified the Fisheries Sector, which is harmonious with the oceanic focus of PROP, as one of the key

areas of economic opportunities that PICs will pursue under the framework.

The three key aims of the PROP program are; (1) strengthening the national and regional institutions responsible

for the management of the oceanic fisheries; (2) strengthening the local and national institutions responsible for

Figure 2: Prime Minister of Samoa - Hon, Tuilaepa Dr Sailele

Malielegaoi and WBG East Asia and Pacific Region Vice President -

Victoria Kwakwa

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the management of the coastal fisheries; and (3) the strengthening of institutions responsible for the conservation

of the natural habitats that support them. These aims are incorporated in the program’s three components of,

Sustainable Management of Oceanic Fisheries; Sustainable Management of Coastal Fisheries; and the

Sustainable financing of the conservation of critical fishery habitats.

Since the PROP began in 2011, the total costs of PROP related projects undertaken by our four participating

member countries is US$30.5 million (Solomon Islands US$11.22 million, Marshall Islands US$6.75 million,

Fed. State of Micronesia US$5.5 million, and Tuvalu US$7 million). In addition to this, the Forum Fisheries

Agency (FFA) receives financing of around USUS$4 million to help coordinate, provide technical support and

conduct regional analysis supportive of the countries. The financing/funding of these projects are from IDA and

GEF, except for FSM’s project which fully IDA funding.

With more interest now coming from other PIC members, particularly Kiribati and Tonga1, and with additional

space under the new and unprecedented IDA18 scale up, we may be seeing more PROP related projects going

forward.

CLIMATE CHANGE ACTION PLAN

Climate change will continue to be a threat in achieving the twin goals of the WBG of reducing poverty and

increasing prosperity. With the Pacific region one of the most vulnerable to climate change and natural disasters,

it is understandable that the WBG continues to identify climate change as one of the five focus areas for its

strategy in the region.

The Climate Change Action Plan sets out how the WBG is intending to overcome this threat by addressing the

challenges and optimizing opportunities through its comparative advantage, scaling up climate action, integrating

climate change across its operation and more effective coordination with its partners. The commitment to the

Plan and comprehensive climate reform by the WBG and the Pacific region is further demonstrated in the work

done on the Strategy for Climate and Disaster Resilient Development in the Pacific; the Pacific Resilience

Program (PREP); the Pacific Catastrophe Risk Assessment & Financing Initiative (PCRAFI); and the Small

Island State Resilient Initiative (SISRI).

The Regional Partnership Framework, the Systematic Country Diagnostics and Country Partnership Frameworks

will continue to pave the pathway for the WBG’s future commitment to each country’s development including

the Pacific Island Countries and climate and disaster risk will continue to be a vital part of the analysis of each

country’s challenges and priorities.

DOING BUSINESS REPORT

The theme for the 2017 Doing Business Report (14th edition) is Equal Participation for All.

The Doing Business Report measures and compares aspects of regulations that enable or prevent private sector

businesses from starting, operating and expanding in 190 economies.

It uses 11 indicators sets: starting a business, dealing with construction permits, getting electricity, registering

property, getting credit, protecting minority investors, paying taxes trading across borders, enforcing contracts,

resolving insolvency and labor market regulation.

1 Tonga is not in our EDS09 constituency; it is in EDS16 constituency along with Indonesia and others

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The Doing Business 2017 expanded the paying taxes indicators set by adding post filing processes on tax audits,

refunds and appeals and presents data on selling to the government to measure public procurement regulations.

Further, for the first time, the report added a gender component to three indicators – starting business, registering

property and enforcing contracts.

The Doing Business scores economies based on how business friendly their regulatory systems are using the

Distance to the Frontier (DTF) and the ease of doing business ranking. The DTF ‘measures the distance of each

economy to the ‘’frontier’’, which represents the best performance observed on each of the indicators across all

economies in Doing Businesses sample since 2005’.

All countries in our constituency that participated in the survey, except the Mongolia, Cambodia, Federated

States of Micronesia and Kiribati, showed improvements from 2016 in their Distance to Frontier Scores (DTF).

Two of our constituents rank in the top five, with New Zealand taking over from Singapore by moving into the

first spot with the highest DTF score, and the Republic of Korea ranking 5th.

The overall conclusion for this edition of Doing Business is that more economies are reforming and implementing

reforms to make it easier to start and conduct business.

The Doing Business 2018 Report is expected to be launched end of October 2017. This edition is expected to

include changes to the publication of data which will affect some of our constituency members.

Economies with a population below 1 million will have their data updated bi-annually. 34 out of the 190

economies fall into this category. Further, the data for 17 out of the 34 economies will be frozen in each report

cycle while data for the other 17 economies will be updated. The two groups will alternate bi-annually. And

during the frozen cycle, the DTF score will be computed using the previous year’s data.

This affects 7 countries in our constituency - Kiribati, Republic of Marshalls, Federated States of Micronesia,

Palau, Samoa, Solomon Islands and Vanuatu. For these countries, there will be no data update in the Doing

Business 2018 Report but this data will be updated in Doing Business 2019. Their DTF scores for 2018 will be

computed using the 2017 data.

Another change that will affect the 2019 Doing Business Report is the Reform Cut-off Date, which will be

brought forward to 1 May 2018 (previously the cut-off date was June of each year). This means any reforms

completed or undertaken after 1 May 2018 will not be considered for ranking or DTF scores in the Doing

Business 2019 report.

GENDER STRATEGY

The new Gender Strategy, launched in FY16, has four key objectives - improving human endowments, removing

constraints for more and better Jobs, removing barriers to women’s ownership and control of assets, enhancing

women’s voice & agency and engaging men and boys. These objectives position the WBG to be a more effective

actor in tackling specific gender gaps. The Strategy has generated higher ambition for policies and operations

and helped set the stage for robust, results-oriented commitments under IDA18. However, FY17 is a transitional

year as changes work their way through WBG systems.

Early progress has been made in a number of key areas including:

• Undertaking deeper analytical work on gender equality;

8

• Increase in the number of operations in fragile contexts that include gender-based violence

prevention/response and linkages to economic/livelihood activities;

• Introduced a new monitoring system and more outcome-oriented IDA18 policy commitments;

• more integrated approaches to close gaps between women and men that engage both the public and

private sectors in countries and at the global level;

• New country engagement tools and innovations;

• Increase in the availability and quality of sex-disaggregated data, a more systematic approach to

understanding what works, and bringing the evidence to task teams.

However, a range of challenges remain. Some of these are country specific and including entrenched norms that

can be difficult to shift, uneven capacity, and inconsistent demand from client countries. Within the WBG itself,

transitioning to new systems and shifting to a results focus will take time before becoming part of standard

practice. And operational staff with gender skills are diffused across the decentralized WBG which results in

expertise gaps that will take time to address.

Women Entrepreneurs Finance Initiative

Women entrepreneurs play a critical role in economic development by boosting growth and creating jobs,

particularly for the poorest forty percent of the population. Yet, women entrepreneurs face numerous challenges

to financing, owning, and growing a business, including limited access to capital and technology, a lack of

networks and knowledge resources, and legal and policy obstacles to business ownership and development. Lack

of networks and knowledge also constrain female entrepreneurship. Studies show that men have more social

connections that enable them to access business opportunities, information, and contacts than do women.

To help unlock the potential of women entrepreneurs, a new Women Entrepreneurs Finance Initiative (We-Fi)

will enable more than US$1 billion in financing to improve access to capital, provide technical assistance, and

invest in projects and programs that support women and women-led SMEs in WBG client countries. The goal of

the facility is to leverage donor grant funding of over US$340 million and mobilize more than US$1 billion in

international financial institution and commercial financing, by working with financial intermediaries, funds, and

other market actors.

We-Fi is a Financial Intermediary Fund (FIF) housed at the WBG, drawing on the WBG’s strong track record in

designing and managing such Funds to ensure best practice in terms of governance and efficiency. The WBG

acts as the Trustee for the facility and will also serve as the Secretariat. Multilateral development WBGs,

including the WBG and IFC, are eligible as implementing partners to propose private and public sector activities

to be supported by the facility. A Governing Committee, composed of the 15 founding contributors to the Facility

will make allocation decisions. Founding contributors include Australia and South Korea.

OPERATIONS POLICY OF INTEREST

FORWARD LOOK

The Forward Look was endorsed by the Development Committee during the 2016 Annual Meetings. It describes

how the WBG will deliver on the Twin Goals and its three priorities of sustainable and inclusive growth,

investment in human capital, and strengthening resilience. The Forward look calls on the WBG to provide

services to all clients; to scale up mobilization, while expanding use of private sector solutions; to take stronger

leadership on global issues; and to build a more efficient and effective business model.

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Since the Forward Look was endorsed last year, some key WBG outcomes achieved in line with its objectives

include:

• Scaled up IDA18 by nearly 50 percent to promote growth, resilience, and opportunity in the world’s

poorest countries. IDA18 more than triples the base allocations to small states.

• Launched the IDA18 IFC-MIGA Private Sector Window (PSW) to encourage investment in the world’s

most challenging country settings.

• Scaled up support for countries facing fragility, conflict and violence (FCV)1 by increasing resources

and collaboration with external partners, built on a recognition that peace, security, and development go

hand in hand.

• Begun to implement the Cascade, or “maximizing finance for development”, an approach building on

and expanding the MDB Principles on Crowding-in Private Financing that were endorsed at the G20

Hamburg Summit.

• Put in place implementation mechanisms for the IFC 3.0 strategy. These include IFC’s Creating Markets

Advisory Window, the new Anticipated Impact Measurement and Monitoring Framework (AIMM),

Country Private Sector Diagnostics, the Managed Co-Lending Portfolio Programs (MCPP) for

Infrastructure and Financial Markets, and Sector Deep Dives.

• Made progress on the Climate Action Plan, including toward the goal of 28 percent of WBG financing

for projects with climate co-benefits by 2020, to help countries meet their Nationally Determined

Contributions to the Paris Agreement.

• Launched the Global Crisis Response Platform to support countries facing natural disasters, pandemics,

economic shocks, or refugee crises.

• Launched a new Women Entrepreneurs Finance Initiative (We-Fi) with US$341 million in donor funds

from 13 countries, which will enable more than US$1 billion in financing to support women-led small

and medium enterprises (SMEs)

• Introduced a Cost-of-Doing-Business (CODB) analysis for budget purposes at IFC.

• Optimized the use of capital, including by enabling IDA to raise resources in capital markets.

On small states, the WBG established a Small States Advisory Group and Secretariat to facilitate coordination

and support from across the WBG. IDA18 quadrupled the minimum base allocations for small states and assured

highly concessional financing terms and adjusted eligibility criteria for small states to access regional resources.

In April 2017, the WBG hosted a Small States Engagement Update where a new roadmap was presented. The

roadmap outlines actions in three broad areas of engagement: enhancing concessional financing; attracting

private sector financing; and building client capacity. An update on actions taken in the roadmap will be discussed

at the next Small States Forum during the WBG/IMF Annual Meetings in October 2017.

IDA18 UPDATE

IDA18 was finalized in December 2016 and will finance projects over the three-year period from July 1, 2017 to

June 30, 2020. The IDA18 replenishment is the largest in IDA’s 56-year history and marks a significant step

change in its policy and financing framework.

IDA clients face a myriad of complex and interrelated challenges in the new global economy, calling for

innovative approaches to development. The IDA18 package responds to the calls from the G20 and international community for the WBG to innovate and do everything it can to underpin the delivery of the 2030 Agenda.

Key features of the IDA18 package include:

• Quadruple allocations to small states, including small island developing states;

http://ida.worldbank.org/financing/replenishments/ida18-replenishment

10

• Double financial support in aggregate for countries facing current or rising risks of fragility;

• Increase support to strong performing countries and non-fragile or conflict states, who would continue to

receive the bulk of IDA financing (nearly 65% of core IDA);

• Significantly increase financing for the regional program, where demand for resources to expand regional

integration and infrastructure has consistently outstripped supply;

• Establish a regional sub-window for refugees to provide a dedicated source of funding for host governments

struggling to meet the needs of both refugees and their host communities;

• Expand financing to promote resilience through crisis preparedness and response, through an enhanced Crisis

Response Window, including aligning governance arrangements for responding to economic shocks with the

process in place for natural disasters and health emergencies.

• Expand instruments available for crisis preparedness and response, by introducing the Catastrophe Deferred

Draw-Down Option (Cat DDO) for IDA countries in response to the demand for contingent financing

mechanisms;

• Introduce an IFC-MIGA Private Sector Window to mobilize increased private sector investment in IDA

countries, especially in fragile and conflict states, through unprecedented collaboration among IDA, IFC and

MIGA to scale up their work in the most challenging markets;

• Increase non-concessional financing available for transformational projects, through the IDA18 Scale-up

Facility (SUF), to meet the very strong client demand; and

• Provide transitional support for IDA18 graduates (Bolivia, Sri Lanka and Vietnam), which still have

significant poverty and lingering vulnerabilities, while facing a drop in WBG financing.

IDA18 Implementation

While the IDA18 period only began July 2017, early indications in relation to implementation are positive. The

WBG leadership is closely engaged and efforts are being made to deploy staffing resources to manage the shift

in resources.

The project pipeline for FY18 is strong FY18 pipeline and interest in the Scale Up Facility and Private Sector

Window has been strong. There has also been early need for the Crisis Response Window and there has been

considerable demand for the Refugee Sub-Window from Africa, MENA and SAR countries.

Preparation for first bond issuance is on track with the aim of issuing in the second half of FY18, subject to

market conditions.

The Private Sector Window’s first four projects are well advanced and are expected to be submitted to the Board

later this year. Of these, two are East Asia Pacific region investments in renewables and energy efficiency.

CRISIS RESPONSE

The WBG’s Global Crisis Response Platform (GCRP) brings together the full suite of WBG crisis-related funding

mechanisms, instruments, and knowledge-based products. The GCRP addresses a variety of global threats,

including crises resulting from pandemics, macroeconomic and financial market shocks, fragility and conflict,

and natural disasters. It has also provided an important interface with external partners such as the UN and the

Red Cross. Looking ahead, the GCRP work program will include: (a) strengthening and streamlining crisis risk

monitoring and analytical capacities, with a focus on multi-dimensional and compound risks; (b) aligning crisis

risk programming at the global, regional, and country levels; (c) enhancing existing financial solutions and seeking

new market-based products; and (d) improving operational effectiveness by promoting greater crisis risk

management flexibility and delivery mechanisms.

A key element of the GCRP is the Global Concessional Finance Facility (GCFF), which has received pledges of

http://ida.worldbank.org/financing/ida18-private-sector-window

https://ida.worldbank.org/about/ida18-scale-facility-overview

https://ida.worldbank.org/about/ida18-scale-facility-overview

11

over US$370 million in its first year. The GCFF has approved US$200 million in grants which unlocked US$1

billion in concessional financing to support refugees and host communities in Jordan and Lebanon. The seven

projects supported so far by the GCFF promote job creation and economic opportunities, provide basic services

in health and social protection, and fund the delivery of critical infrastructure.

HR UPDATE

In October 2016, the WBG established the new three year (FY 2017-2019) WBG People Strategy. This people

strategy is a key initiative in support of the WBG’s Forward Look.

The new strategy has five strategic areas of focus: talent acquisition, leadership capacity, performance and

rewards, well-being of staff, and WBG’s organizational effectiveness.

Talent acquisition will focus on (i) “building” our internal talent through a more proactive and deliberate process,

and (ii) “buying” fresh talent into the organization when skills are not readily available in-house.

For leadership capacity, the strategy involves identifying the future cohort of leaders and equipping them with the

skills and behaviors required to lead teams for high impact.

Performance and rewards will focus on reinforcing a culture of high performance underpinned by a robust

framework of rewards and incentives.

The well-being of staff element of the strategy emphasizes wellness, flexible work solutions, and a family-friendly

environment supported by modern policies and practices.

In the fifth area of WBG’s organizational effectiveness, the focus is to have a “fit-for-purpose” organizational

structure and appropriate processes to manage and deploy the talent with agility.

In addition to these five focus areas, the People Strategy has three cross-cutting themes that will support (and be

supported by) the focus areas. The first theme is fixing the HR fundamentals – policies, processes, platforms, and

support, which underpin overall activities of the HR. The second theme is to ensure that staff working in the

challenging environments that most need help – the Fragile, Conflict and Violent situations – are given the utmost

priority. The third theme is to operationalize commitment to “Diversity and Inclusion”, for which the WBG is

already regularly tracking and reporting on progress.

Our Office has strongly supported the Diversity and Inclusion work given is importance for good performing

organizations and urged management to address the issues surrounding the recruitment of underrepresented

nationalities. The Office has also stressed the importance of competitive processes, especially when positions are

filled by promotion and for high level positions. Our Office argued that rather than non-transparent internal

processes, competitive process should be required for such cases. The WBG uses competitive processes for entry-

level staffs and GH+ level positions.

This year’s staff Engagement Survey showed a continuing improvement in overall results. Only one (‘my job

makes good use of my skills’) out of 75 questions had a score lower than in FY16. However, the positive responses

from staff remained relatively low (below 50%) in area of senior leadership and performance rewards, and while

there is an improving trend there is still considerable room for further improvement.

In the Board discussion on salary increases for FY18, many Executive directors including our office argued that

the compensation methodology needed to be reviewed considering the difficult financial condition of the WBG.

12

Management agreed to conduct the review of WBG compensation methodology and is now developing the new

compensation approach in time to inform salary decisions for FY19.

DEBT SUSTAINABILITY FRAMEWORK

The framework for debt sustainability analysis for low-income countries (LICs) underwent a comprehensive

review in FY17. This review is important for many countries in our constituency as the analysis produced from

this Debt Sustainability Framework (DSF) provides an assessment of a country’s risk of external debt distress

(low, moderate, high or in debt distress). This analysis is used by LICs and creditors to inform financing decisions,

such as the mix of IDA loans and grants that the WBG may provide.

The review identified a number of changes aimed at:

• Encouraging closer engagement with country authorities on key assumptions and better incorporating

country-specific information and risks into the framework. This includes tailored stress tests to better

reflect risks such as natural disasters and volatile export prices, improving the realism of baseline

projections, and continued use of judgements (such as climate change implications and concerns about

exposure to external market-financing pressures) in finalizing the assessment.

• Making the framework less complex and more transparent. This includes embedding remittances into the

model, shortening the forecast horizon to 10 years (from 20 years), removing an indicator and some

standardized stress tests as they added little value to the analysis, and disclosing the underlying reasons

for using judgment when it is used to modify a rating.

• Making the framework stronger in its ability to predict debt distress, and to reduce the high rate of “false

alarms” when considered over the history of debt distress episodes. This includes an expanded set of

measures to better capture countries’ capacity to handle debt (i.e. recent and expected growth

performance, reserve coverage, remittances, and world economic growth, in addition to the Country

Policy and Institutional Assessment rating currently used).

In September 2017, the WBG and IMF Boards approved the proposed changes, with the revised DSF to apply

from 1 July 2018. The focus now switches to developing guidance and training, these will be critical in shaping

how judgements will be applied, and engaging with countries in preparing for the updated analyses. Debt

sustainability analyses using the new framework are expected to be completed for all LICs by 1 July 2019, in time

to inform IDA18 allocations for fiscal year 2020 and IDA19 projections.

It is not possible to tell with any certainty how the revised DSF will affect a country’s risk rating, particularly in

light of the potential for judgements to modify a risk rating. But elements of the proposals that would tend to

downgrade a risk rating include building the impact of natural disasters into baseline projections and stress tests,

as well factoring in additional fiscal costs, such as those for climate change. when reality checking the projections.

Conversely, elements of the proposals that would tend to upgrade a risk risking are shortening the forecast horizon

to 10 years and use of the expanded measures to better capture a countries’ capacity to handle debt.

SHAREHOLDING REVIEW AND FINANCIAL RESULTS

SHAREHOLDER REVIEW

13

Executive Directors completed their work on the Dynamic Formula which was subsequently endorsed by

Governors at the Annual meetings in 2016. The Dynamic Formula is based on two key variables: a measure of

Economic Weight, with a weight of 80 per cent, and a measure of contributions to IDA, with a weight of 20 per

cent. Economic Weight is measured by a five-year average of GDP, using a blend of Market Exchange Rates (60

per cent) and Purchasing Power Parity (40 per cent). IDA contributions are measured by a variable that combines

the most recent three IDA replenishments with a weight of 80 per cent and earlier replenishments with a weight

of 20 per cent. Donors contributing to IDA for the first time are provided with a booster to ensure that their

contribution receives the full weight of the recent component of the IDA variable. A compression factor of 0.95

is applied to the overall formula results. As previously reported to Governors, the formula is intended as an

important input for a realignment, not as the final outcome for such realignment.

The subsequent discussions on rebalancing shareholding have built on these three pillars which provide both

context and guidance: the agreement on the Dynamic Formula and accompanying package of commitments; and

the previously agreed shareholding review principles and formula guidance. While Shareholding discussions in

both IBRD and IFC advanced since the 2016 Annual meetings, it will take further time to complete the work than

was envisaged when the Roadmap was agreed two years ago. There has been some convergence of views on

certain topics.

Discussions have continued to reflect the collaborative spirit that has characterized the implementation of the

Roadmap and have developed and refined the options for a Selective Capital Increase in line with agreed principles

and commitments that meets the declared objective of “a balanced outcome in the upcoming SCI that addresses

under-representation of individual countries while avoiding excessive dilution.” Nevertheless, further work,

analysis, and discussion on the wider capital package is necessary before a comprehensive set of proposals, as

envisaged in the Lima agreement, can be put to Governors for decision. This includes the time needed to complete

the independent review of capital adequacy that will be presented to Governors at the Annual meetings in 2017.

The elements of the shareholding package to be agreed, including the size of the potential SCI and the allocation

rules, are connected and will need to be settled together.

The next opportunity to report to Governors with proposals on shareholding for consideration will be at the Spring

Meetings of 2018. In the interim, Executive Directors will continue their discussions on shareholding with a view

to reaching agreement on a balanced set of proposals as part of a wider package.

IBRD

14

Total IBRD commitments in FY 17 were US$22.6 billion. This is less than the US$29.7 billion in FY16, but in

line with commitment volumes in recent years.

From a balance sheet perspective, the equity-to-loan (E/L) ratio remains a key indicator of capital adequacy. The

ratio of 22.8% for FY17 was almost the same as at FY16 (22.7%), and above the Board approved minimum of

20%. While it is well down from the 38% E/L ratio that the WBG had at the beginning of the global financial

crisis in 2008, the lower ratio reflects the WBG getting significantly more leverage (i.e. total loan exposure) from

its equity than it did a decade ago. However, the headroom for further increasing total loan exposure continues to

remain tight with an E/L ratio forecast for FY18 of 21.7%.

Net income to be allocated by the Board is based on the WBG’s Allocable Income (net income adjusted for items

such as pension fund accounting and unrealised gains and losses). Of the US$765 million in Allocable Income

for FY17 of (FY16 US$593million), US$672 million was assigned to General Reserves and US$123 million

transferred to IDA. The amount transferred to IDA is based on a formula agreed by the Board in FY17, which

assigns the majority of allocable income to reserves in order to grow these reserves from earnings while still

providing support to IDA.

IDA

FY17 was the third and final year of IDA17, with the US$58 billion IDA17 lending envelope fully committed

over this three-year period. Fully committing the IDA17 envelope was a strong focus for the Board and

Management during FY17, with commitments during the year totalling US$19.5 billion (FY16 US$16.2 billion).

In March 2017, an IDA18 lending envelope of US$75 billion was approved for the three-year starting on 1 July

2018; a significant increase on IDA17. This increase was enabled through greater use of the IDA balance sheet;

that is, leveraging the IDA equity of US$158 billion to raise market debt of up to US$22 billion to contribute to

IDA18.

15

IFC

Stronger growth in emerging markets flowed through to a stronger FY17 performance for IFC; a turnaround from

the difficult conditions and results experienced in FY16.

Total long-term financing and core mobilisation commitments for the year increased US$0.4 billion to US$19.3

billion (FY16 US$18.9 billion). The increase resulted from an increase in long-term finance to US$11.9 billion

(FY16 US$11.1 billion) partially offset by a US$0.3 billion decrease in core mobilisation2 to US$7.5 billion (FY16

US$7.7 billion)

IFC’s headline indicator of capital adequacy (Deployable Strategic Capital as a percentage of Total Resources

Available) increased to 7.8% in FY17 (4.4% in FY16). This indicator addresses how much capital is available to

support new business and increasing risk, with FY17 the strongest result in the past few years but still well below

the high of 32% prior to 2008. Some of the volatility in this indicator in recent years is due to remeasurement of

the actuarial liability for pension plans, contributing to the ratio decrease in FY16 and subsequent increase in

FY17.

Allocable income increased to US$1.2 billion in FY17 (FY16 US$0.8 billion), with lower provisions and

impairments for loan losses contributing most of this increase. Based on the application of a set of Board-approved

principles, this would allow IFC to designate up to US$205 million for other purposes. Executive Directors

decided to recommend that the Board of Governors transfer US$80 million to IDA (FY16 US$101 million),

US$85 million to the Creating Markets Advisory Window (a new vehicle that focuses on market creation in IDA-

eligible and fragile countries), and US$40 million to replenish the Funding Mechanism for Technical Assistance

and Advisory Services for 2 years.

MIGA

MIGA had another strong year, following a strong performance in FY16.

The adoption of a new Economic Capital model used for provisioning purposes significantly affected some key

indicators; notably increasing Net Income by US$164.3 million to US$200.2 million (FY16 US$56.8 million) and

decreasing the capital utilisation ratio (Total Economic Capital/Operating Capital) to 42% (FY16 50%).

But looking through these accounting estimate changes, the guarantee portfolio reached record highs with new

guarantees increasing 25% to US$4.8 billion (FY16 US$4.3 billion) and the gross guarantee exposure also

increasing by 25% to US$17.8 billion (FY16 US$14.2 billion). These results helped contribute to operating

income reaching US$42 million (FY16 US$38 million), the strongest result since at least 2013. Although lower

investment income resulted in a drop in FY17 net income to US$35.9 million (excluding the accounting estimate

change) compared with the FY16 result of US$57 million.

2 Core mobilization is financing from other entities available to clients due to IFC’s direct involvement in raising resources

16

ANNEXES

ANNEX 1 - LIST OF FY17 CONSTITUENCY COUNTRY DEVELOPMENTS AND

APPROVED PROJECTS

Country/Document/Project Name

Agency

Amount

(USUS$

millions)

Date of

Approval

CAMBODIA

❖ KH-Livelihood Enhancement and Association of the Poor Project

(LEAP)

The development objectives of Livelihood Enhancement and

Association of the Poor Project for Cambodia are to improve access of

poor and vulnerable households in selected communities to financial

services, opportunities for generating income, and small-scale

infrastructure, and to provide immediate and effective response in case

of an eligible crisis or emergency. This project has four components. 1)

The first component, Improving Livelihoods for Rural Poor and

Vulnerable Households, aims to address the needs of the IDPoor and

vulnerable households in the 47 communes in Siem Reap Province

through a demand driven approach. It has the following three

subcomponents: (i) Building and Strengthening Institutions of the Rural

Poor; (ii) Enhancing Skills and Employment Opportunities for the Rural

Poor; and (iii) Improving Basic Services and Community Infrastructure

for the Rural Poor. 3) The second component, Improving Livelihoods

for Urban Poor and Vulnerable Households, aims to address the needs

of the Poverty Identification Process (IDPoor) and vulnerable

households in 13 Sangkats in Phnom Penh Capital through a demand

driven approach. It has the following two subcomponents: (i) Enhancing

Skills and Employment Opportunities for the Urban Poor; and (ii)

Improving Basic Services and Community Infrastructure for the Urban

Poor. 3) The third component, Project Management, would support the

overall implementation, supervision and coordination of the project at

the national, provincial, district or Khan, commune or sangkat, and

village or community levels, including: (a) social and environmental

safeguard risk management; (b) procurement planning and contracts

management; (c) financial management, disbursement and audit; and (d)

monitoring and evaluation (M and E), and communication. 4) The fourth

component, Contingent Emergency Response, would allow the

reallocation of a portion.

IDA Credit 20.17 02/24/2017

❖ Cambodia Southeast Asia Disaster Risk Management Project

The development objective of the Southeast Asia Disaster Risk

Management Project for Cambodia is to improve climate resilient rural

road connectivity in select provinces. The project comprises of four

components. The first component, resilient rural corridors consists of

two sub-components: (i) resilient rural roads rehabilitation and

maintenance; and (ii) institutional strengthening for disaster resilience.

The second component, financial planning for disaster resilience will

provide technical assistance to strengthen Ministry of Economy and

Finance (MEF’s) capacity for financial planning for disaster resilience.

The third component, project management will provide technical and

operational assistance to strengthen the institutional, organizational, and

IDA Credit 60.0 4/14/2017

17


Agency

Amount

(USUS$

millions)

Date of

Approval

technical capacity of Ministry of Rural Development (MRD) to support

day-to-day project implementation, including coordination, technical

matters, procurement, financial management, social and environmental

safeguards, monitoring and evaluation, and reporting. The fourth

component, contingent emergency response component will provide

immediate and effective response to an eligible crisis or emergency, as

needed

❖ Secondary Education Improvement Project

The objective of the Secondary Education Improvement Project (SEIP)

is to expand lower secondary education to achieve minimum standards

in target areas, and to provide immediate and effective response in case

of an eligible crisis or emergency. There are three components to the

project, the first component being improving lower secondary education

to meet minimum standards. This component aims to support the goals

of the ESP and TPAP through the establishment of 130 effective lower

secondary schools (i.e., schools that meet LSSES) in efforts to provide

lessons for replication to MoEYS as it increases expenditures in the sub-

sector. This component targets approximately 8 percent of total lower

secondary schools nationwide. This component will be implemented

using a holistic approach, targeting national, sub-national, and school

levels, improving school-based management, teacher performance, and

school environments. The second component is the strengthening

project management and monitoring and evaluation. This component

provides technical and operational assistance for the coordination,

administration, monitoring, evaluation, and audit of the project. It will

also include activities to support the PISA for Development (PfD) to

strengthen the assessment capacity of MoEYS in preparation for PISA

2021. Finally, the third component is the contingent emergency

response. The objective of the contingent emergency response

component, with a provisional zero allocation, is to allow for the

reallocation of financing in accordance with the IDA Immediate

Response Mechanism in order to provide an immediate response to an

eligible crisis or emergency, as needed. An Emergency Response

Manual (ERM) will be developed for activities under this component,

detailing streamlined FM, procurement, safeguard, and any other

necessary implementation arrangements.

IDA Credit 40.0 4/14/2017

FEDERATED STATE OF MICRONESIA

❖ P2: Palau-FSM Connectivity Project: AF Kosrae Connectivity

The development objective of the Second Phase of Pacific Regional

Connectivity Program Project for Micronesia is to reduce the cost, and

increase the availability of, information and communication technology

services needed to support social and economic development in the

recipient’s country. The additional grant will help finance the costs

associated with the restructuring and scaling up of the project as follows:

(a) modification of Component one C of the project to finance the costs

to the FSM of its share of the proposed East Micronesia Cable (EMC)

system that will connect Kiribati (Tarawa), Nauru and FSM (Kosrae) to

Guam via the existing HANTRU-one cable system and landing point in

FSM (Pohnpei), including ancillary works, equipment and facilities; (b)

scaling up of component two of the project to provide additional

technical assistance to FSM for Project advisory services; and (c)

scaling up of component three of the project to support additional project

management and administrative support services to strengthen the

IDA Grant 16.2 5/31/2017

18


Agency

Amount

(USUS$

millions)

Date of

Approval

capacity of the Government of FSM to deliver these new and additional

activities.

KIRIBATI

❖ Third Economic Reform Development Policy

The development objective of Third Economic Reform Development

Policy Operation Project for Kiribati is to (i) strengthen public financial

management, through greater transparency in managing fisheries

revenue, improved governance of the sovereign wealth fund, and better

reporting and monitoring of public debt and contingent liabilities; and

(ii) create an environment for inclusive and private sector led growth,

through reducing the costs, improving the quality, and expanding the

coverage of essential public utilities services (electricity, water, sewage,

and telecommunications). The operations supported the government

actions in three main policy areas: (i) improving the management of

fisheries revenues; (ii) improving the management of public assets and

liabilities; and (iii) expanding private sector opportunities. This

operation is aligned with the priorities identified in the existing Country

Assistance Strategy and the new Systematic Country Diagnostic for the

Eight Pacific Island Countries

IDA Grant 2.0 9/13/2016

❖ Pacific Regional Connectivity Program Phase 4: KI: Connectivity

Project

The development objective of the Fourth Phase of the Pacific Regional

Connectivity Program Project for Kiribati is to reduce the cost and

increase the availability of Internet services in Kiribati. The project

comprises of three components. The first component, submarine cable

system consists of following sub-components: (i) submarine cable

system; and (ii) cable landing station (CLS) and ancillary equipment.

The second component, technical assistance (TA) consists of following

sub-components: (i) provision of legal, financial, technical, and

transactional assistance in connection with the drafting and negotiation

of an arrangement for the construction, ownership, and management of

the East Micronesia cable (EMC) to be entered into, between Kiribati,

Nauru, and Federated States of Micronesia (FSM), each acting through

its respective national cable operator on the one hand and the constructor

and other parties (as the case may be) on the other hand; (ii) provision

of legal advisory assistance for the establishment of a Kiribati national

cable service operator, with capacity and resources for the purpose of

operating the EMC and managing all national aspects of the provision

of services to users of the EMC’s capacity in the Recipient’s territory;

(iii) provision of TA to the Communications Commission of Kiribati

(CCK) in the areas of licensing, interconnection and access, and landing

party agreements, including any implementing or ancillary regulatory

instruments ensuring cost‐based, non‐discriminatory, and open access

to capacity; and (iv) provision of information and communication

technologies (ICT) policy and legal technical assistance in connection

with electronic transactions (such as e‐government and e‐commerce) to

facilitate citizens access to and use of broadband services, including for

the development of the legal and regulatory framework to support safe

electricity.

IDA

Grant

20.0 5/31/2017

MARSHALL ISLANDS

19


Agency

Amount

(USUS$

millions)

Date of

Approval

❖ Pacific Resilience Project II under the Pacific Resilience Program

The objective of the Second Phase of Pacific Resilience Projects in the

Republic of the Marshall Islands (RMI) is to strengthen early warning

systems, climate resilient investments in shoreline protection, and to

provide immediate and effective response to an eligible crisis or

emergency. There are four components to the project, the first

component being institutional strengthening, early warning and

preparedness. Component one has two sub‐components: (i) institutional

strengthening, central agency capacity building in risk governance, early

warning, and modernization of the NDMO’s facilities (which will be

implemented by RMI); and (ii) NDMO capacity building, and post

disaster needs assessment (which will be implemented by the SPC). The

second component is the strengthening coastal resilience. Component

two is divided into two sub‐components: (a) coastal vulnerability

assessment and protection investments (which will be implemented by

RMI); and (b) strengthening coastal risk planning (which will be

implemented by SPC). The third component is the contingency

emergency response. This government‐led component will include

carrying out a program of activities designed to provide rapid response

to an eligible crisis or emergency, as needed. This Contingency

Emergency Response Component (CERC) may be used following the

declaration of a disaster event. The CERC will complement the PCRAFI

disaster insurance mechanism financed under PREP Phase I and will

strengthen the emergency preparedness and immediate response

capacity of RMI for low‐ and medium‐scale disasters or disasters that

are not covered by the PCRAFI insurance scheme (e.g. flood, drought).

Finally, the fourth component is the project and program management.

Component 4 is divided into two sub‐components: (1) project

Management (which will be implemented by RMI); and (2) program

management (which will be implemented by SPC)

IDA Grant 19.63 05/09/2017

MONGOLIA

❖ Mongolia Export Development Project

The development objective of Export Development Project for

Mongolia is to support Mongolian small and medium size firms (SMEs)

in the non-mining sectors to strengthen their export capabilities and

expand access to export markets. This project has three components as

follows: 1) The firs component, Development of a new line of export

finance products, will provide financial, technical, and institutional

development support to the Agricultural Reinsurance Joint Stock

Company (AgRe) in building a new line of export finance products. It

has the following two subcomponents: (i) knowledge transfer and

capacity building for the Agricultural Reinsurance Joint Stock Company

(AgRe); and (ii) equity injection to AgRe’s Export Insurance

Subsidiary. The second component, Export competitiveness

enhancement, will provide funding for (i) export-related training

programs and (ii) matching grants which would support various

expenditures by exporters directed at enhancing competitiveness of

individual SMEs in global markets. It has two subcomponents as

follows: (i) training and research on foreign trade; and (ii) matching

grants to promote export competitiveness. 3) The third component,

IDA Credit 20.0 7/7/2016

20


Agency

Amount

(USUS$

millions)

Date of

Approval

Project Implementation Support, will provide its services for all three

components of the project

❖ Mongolia Employment Support Project

The development objective of Employment Support Project for

Mongolia is to provide jobseekers and micro-entrepreneurs in Mongolia

with improved access to labor market opportunities. This project has

three components. 1) The first component, supporting client-centric

public employment services, aims to address job-search constraints

related to incomplete information and poor labor market transparency

by supporting client-centric public employment services. 2) The second

component, strengthening select active labor market programs, aims to

strengthen the design, relevance, and demand orientation of select active

labor market programs. It has three subcomponents as follows: a)

Integrated employment training program; b) Support for micro-

entrepreneurs; and c) Employment promotion piloting program. 3) The

third component, facilitating labor market monitoring and analysis and

project management, aims to enhance the scope, quality, and availability

of labor market information for institutional and individual users, to

allow them to make informed decisions. It has two subcomponents as

follows: a) Labor market monitoring and analysis; and b) Project

management and monitoring

IDA Credit 25.0 4/27/2017

❖ Strengthening Fiscal and Financial Stability Project

The development objective of Strengthening Fiscal and Financial

Stability Project for Mongolia is to contribute to the government of

Mongolia’s efforts to strengthen fiscal and financial stability and

improve the quality of expenditure management. This project has five

components. 1) The first component, Strengthening Macroeconomic

and Fiscal Management, aims to strengthen fiscal responsibility and

support the implementation of relevant policy measures toward (a)

improving the quality of expenditure management, (b) strengthening

macroeconomic and budget policy-making capacity, and (c) improving

regulatory processes. It has the following three subcomponents: (i)

Improving macroeconomic policy tools and enhancing research

capacity; (ii) Strengthening fiscal policy and planning; and (iii)

Strengthening capacity for debt management and external development

financing operations. 2) The second component, Improving the

Efficiency of Public Financial Management, aims to improve fiscal

discipline by strengthening the country’s PFM and enhance the quality

of expenditures by revamping PIM and fostering activities aimed at

increasing transparency and accountability. It has the following four

subcomponents: (i) Improving budget credibility, predictability, and

execution for better delivery of services; (ii) Increasing budget

comprehensiveness and transparency through better control, reporting,

and expansion of the recipient’s Integrated Financial Management

Information System capabilities; (iii) Strengthening the public financial

management institutional capacity; and (iv) Strengthening Public

Investment Management. 3) The third component, Enhancing Financial

Sector Stability, aims to support the MOF, BOM, FRC, DBM, and

DICOM to strengthen the resiliency of the Banking system. It has the

following five subcomponents: (i) Developing and implementing a

financial sector development.

IDA Credit 12.0 6/9/2017

WBG

IDA Credit 42.0 6/15/2017

21


Agency

Amount

(USUS$

millions)

Date of

Approval

PAPUA NEW GUINEA

❖ Water Supply and Sanitation Development Project

The development objective of Water Supply and Sanitation

Development Project for Papua New Guinea is to support the

development and strengthening of the planning and implementation

capacity of water sector institutions, and to increase access to water

supply services in selected urban towns and rural districts. There are

four components for this project. 1) The first component, Institutional

structures for the implementation of the National WaSH Policy, focuses

on supporting the development of the key sector institution i.e., the

WaSH Project Management Unit (PMU), and key sector tools

(strategies, plans and sector instruments) that will form the management

framework of the sector as envisaged in the National WaSH Policy. It

has the following two subcomponents: (a) Support to the establishment,

operationalization and strengthening of the WaSH PMU; and (b)

Support to the development and/or implementation of key sector tools.

2) The second component, Rural and Peri-urban Water and Sanitation,

will support the WaSH PMU to develop a framework for the

coordination, planning and implementation of rural and peri-urban WSS

in districts and in peri-urban areas. It has the following two

subcomponents: (a) Investment planning, design, and financing

structures for rural and peri-urban WSS; and (b) Infrastructure

investment in water and sanitation systems in rural and peri-urban areas.

3) The third component, Urban Water and Sanitation, focuses on

supporting the expansion of WSS services to urban areas, specifically in

district and provincial towns where Water PNG has the mandate to

provide these services. It has the following two subcomponents: (a)

Operational improvement and capacity building of Water PNG; and (b)

Infrastructure investment in water and sanitation systems in selected

District and or Provincial Towns. 4) The fourth component, Contingent

Emergency Response (CER).

IDA Credit 70.0 02/09/2017

❖ Emergency Tuberculosis Project

The objective of the Emergency Tuberculosis Project is to improve the

quality and expand the coverage and utilization of health services to

control the spread of tuberculosis in targeted areas of Papua New Guinea

by strengthening programmatic management of tuberculosis. There are

three components to the project, the first component being early

detection of active tuberculosis patients. The IDA credit will finance the

implementation of ACF strategies, which have been developed for

Western Province and are also included in the NCD TB plan. Financing

will be provided for procurement of diagnostic medical devices and

consumables, technical assistance, and other eligible expenditures

deemed necessary for the early detection of active TB patients. The

second component is the effective treatment of drug-susceptible and

drug-resistant tuberculosis patients. The project will support the

effective treatment of both DS and DR TB patients, including the new

short regimen for DR TB patients, through three subcomponents:

improving clinical management of DS TB and DR TB; strengthening

the directly observed treatment implementation and reduce the loss of

follow up of patients in the BMUs; and supporting social mobilization

IDA Credit 15.0 5/31/2017

22


Agency

Amount

(USUS$

millions)

Date of

Approval

in targeted areas. Finally, the third component is the strengthen the

recipient’s systems for managing its health services delivery and

tuberculosis response.

❖ Rural Services Delivery Project

The development objective of the Rural Service Delivery Project for

Papua New Guinea is to improve communities' access to basic

infrastructure and services in targeted rural areas using inclusive,

participatory planning, and implementation. The project comprises of

three components. The first component, preparation and implementation

of sub‐projects consists of following sub-components: (i) ward

development grants; and (ii) subproject preparation and implementation

support grants. The second component, capacity building of national

and sub‐national entities will support the strengthening of capacities of

national and sub‐national government entities as well as community

members to manage and implement subprojects, and to improve local

governance as it relates to basic service delivery. The third component,

project management will finance incremental costs of the implementing

agency for project management, specifically coordination and

supervision of implementation activities, financial management, annual

audits, and monitoring and evaluation.

IDA Credit 23.0 6/09/2017

❖ PNG Tourism Sector Development Project

The objective of the Tourism Sector Development Project for Papua

New Guinea is to improve tourism services in targeted destinations.

There are three components to the project, the first component being

institutional and policy frameworks. This component will seek to raise

the standard of government entities integral to establishing and growing

an effective tourism sector. Institutional strengthening and integrated

planning at the national level, the provincial level (in East New Britain

and Milne Bay), and the local level (in Kokopo, Rabaul and Alotau),

will enable entities to carry out key priorities such as: improved

destination planning and management; marketing and promotion;

skilled workforce development and capacity building; product

development; sustainable site management of tourism assets; and

performance monitoring and evaluation activities. Support will ensure

that all planning, design, implementation and monitoring activities are

done in an inclusive and gender-sensitive manner. The second

component is the infrastructure and community/product development.

This component will support the development of integrated tourism

destinations in Milne Bay and East New Britain, as identified in the

provincial tourism strategies. The implementation of the vision laid out

in the tourism strategies will require small-scale/site-specific

improvements or rehabilitations that do not affect areas broader than the

sites, and direct support to community led enterprises. Finally, the third

component is the project management. This component will support the

project implementation, including procurement, financial management,

safeguards compliance, preparation of feasibility studies and details

design and construction supervision. In doing so, this component will

support the establishment of a project implementing entity in TPA,

headed by a project manager, together with two provincial coordinators.

IDA Credit 20.0 6/09/2017

23


Agency

Amount

(USUS$

millions)

Date of

Approval

SAMOA

❖ Second Fiscal and Economic Reform Operation

The development objectives of Second Fiscal and Economic Reform

Operation Project for Samoa (i) to improve fiscal management in the

areas of debt, procurement and revenue; (ii) to strengthen the payments

system, tourism sector policy and private sector development

opportunities as foundations for more robust economic growth over the

medium term, and (iii) to strengthen the monitoring, reporting, and

coordination of climate resilience activities in Samoa, as an important

step toward increasing its resilience to the effects of climate change. The

first development objective of the proposed operation is to strengthen

public financial management in the areas of debt, procurement and

revenue. The three reform areas that contribute to this objective are

strengthening debt policy and management, strengthening public

procurement processes to improve value for money in expenditure, and

strengthening revenue collection. These reforms should assist the

government to consolidate its public finances and rebuild the fiscal

buffers it needs to respond to future external shocks. The second

development objective of the proposed operation is to strengthen the

payments system, tourism sector policy and private sector development

opportunities as foundations for more robust economic growth over the

medium term. The three areas that contribute to this objective are

reforms to modernize the payments system, strengthen the sector policy

for the critical tourism industry, and increase opportunities for private

participation in the large state-owned enterprise sector. The third

development objective of the proposed operation, which is new to the

programmatic series, is to strengthen the monitoring, reporting, and

coordination of climate resilience activities in Samoa, as an important

step toward increasing its resilience to the effects of climate change.

IDA Credit 5.0 9/13/2016

SOLOMON ISLANDS

❖ Rapid Employment Project Additional Financing

The objective of the Rapid Employment Project for Solomon Islands

was to assist targeted vulnerable urban populations in the Recipient’s

territory to: (i) increase their incomes through the provision of short term

employment; and (ii) improve their knowledge, experience and basic

employment skills that are valued in the workplace and society. The

Additional Financing (AF), which will be the Second Additional IDA

Grant, will be used to support an ongoing, well-performing project. It

will support the continuation of project activities for a further 24

months, scale up certain components of the project, and help to improve

its overall development effectiveness and the sustainability of project

impacts. The AF will help to scale up the project’s components one and

two, which will help to improve developmental effectiveness and

sustainability. Specifically, the AF will generate additional short-term

employment and extend mentoring and referral services for job seekers

and vulnerable urban groups, including women and youth; and maintain

improved public service provision and access to services and markets

through the rehabilitation of tertiary roads. In addition, and in

IDA Grant 1.90 11/18/2016

24


Agency

Amount

(USUS$

millions)

Date of

Approval

accordance with the existing Project Development Objective (PDO), the

AF will provide a small amount of financing to facilitate preparatory

activities, including carrying out pilot activities in Guadalcanal, which

will help to generate lessons on the provision of urban services and labor

-intensive sub-projects in a low capacity environment with community

participation, and to support preparatory work for such pilot activities in

one other high growth urban location outside of Honiara. The

information and experience is expected to inform the preparation of a

REP Phase II operation, currently under discussion with the SIG.

❖ Tina River Hydropower Development Project

The development objective of the Tina River Hydro Development

Project (TRHDP) is to increase the share of renewable energy through

hydropower in Solomon Islands. The WBG has mobilized a range of

resources and instruments to enable the Government to attract an

experienced international hydropower developer to construct and

operate the hydropower facility (HPF), and to enhance the quality and

viability of the Project. The TRHDP will consist of four components: (i)

HPF; (ii) access road; (iii) transmission lines; and (iv) technical

assistance (TA). In terms of timing, the TA component is expected to

begin first in order to maintain continuity of the TRHDP Project Office

(PO) with the preparation phase and to support the other project

components.

IDA Credit 23.4 6/20/2017

❖ Electricity Access Expansion Project

The objective of the Electricity Access Expansion Project is to increase

access to electricity services in low-income areas of Solomon Islands. A

summary of the project components follows: USUS$2.125 million to

cover a portion of the upfront cost of electricity service connections for

2,565 households to the Honiara grid and outstations through pre-paid

metered connections. This includes materials and installation of the

service line and auxiliary pole, when needed; a pre-paid meter; and in-

house wiring including protection, earthling, and two LED light bulbs.

USUS$100,000 for implementation support for project management

throughout the Output Based Aid (OBA) program to manage its

implementation, including: (a) procuring materials for service lines and

in-house wiring; (b) hiring licensed electrical contractors to perform in-

house wiring; (c) managing distribution of materials; (d) administering

or managing payments to suppliers and electrical contractors; (e)

reporting to IVA and the bank; and (f) other related activities.

Component three: USUS$75,000 for independent verification of outputs

to verify and recommend payment of OBA subsidies to Solomon Power

for electricity service connections delivered. This component will be

WBG-executed

GPOBA

Grant

2.22 7/20/2016

TUVALU

❖ Third Development Policy Operation (DPO)

The operation is aimed at supporting the reform agenda of the

Government of Tuvalu (GoT) in the critical areas of: (a) improving

social service delivery and (b) building macroeconomic sustainability.

Building human capital is a key pillar to the national development

strategy and fostering access to economic opportunities and public

services has been identified by the Systematic Country Diagnostic

IDA Grant 3.3 12/09/2016

25


Agency

Amount

(USUS$

millions)

Date of

Approval

(SCD) as an area of priority action for reducing poverty and boosting

shared prosperity. The reforms in this area are in turn focused on

enhancing inclusiveness and equity of secondary education and

supporting improved health sector outcomes and its financing

sustainability. The national development strategy and SCD also

reiterated that exogenous shocks create poverty traps, which are

amplified by weaknesses in macroeconomic management. Building

resilience to shocks and sustainability is particularly important to

Tuvalu, in light of the Global Financial Crisis (GFC) and the recent

Tropical Cyclone (TC) Pam, which resulted in losses exceeding 15

percent of gross domestic product (GDP) in the Tuvalu Trust Fund

(TTF) and damage and losses exceeding 30 percent of GDP. To mitigate

against this, the reforms under the second pillar of the operation are

focused on improving macroeconomic sustainability by strengthening

investment management of reserve assets, which will be complemented

by reforms to improve the effectiveness of payroll controls, and

increasing oversight on the Banking sector. Financing provided through

this proposed operation will not only support the maintenance of buffers

and meet long-term financing needs, but more importantly focus on the

reform agenda while sustaining the reform momentum built through the

previous operations.

VANUATU

❖ Vanuatu Aviation Investment Project Additional Financing

The development objective of the Aviation Investment Project for

Vanuatu is to improve operational safety and oversight of international

air transport and associated infrastructure in Vanuatu. The additional

financing will be used for additional activities in two components: (i)

international airport infrastructure investments to invest in international

aviation infrastructure to meet and maintain minimum International

Civil Aviation Organization (ICAO) safety and security standards at

Vanuatu’s three international airports: Bauerfield, Whitegrass, and

Pekoa airports; and (ii) project implementation support finance to the

complexity and intensified urgency of the project resulting from recent

delays.

IDA

Grant/Credit

14.1 1/10/2017

❖ Rural Electrification Project Stage II

The objective of the Second Rural Electrification Project Stage Project

is to support increased penetration of renewable energy and increased

access to electricity services in the dispersed off-grid areas of Vanuatu.

There are three components to the project, the first component being

provision of solar home systems and micro grids systems in rural areas

of Vanuatu. This component will support expansion of access to reliable

electricity service in rural Vanuatu through SHS and micro grid

configurations where mini grid configurations are unlikely to be

economically viable and which are not earmarked for mini grids under

this or other donor or government projects or are the least cost solution.

SHS and micro grids will be available to rural households and public

institutions. This component will target approximately 37 public

institutions and 8,400 rural households, which equates to approximately

42,000 people. The second component is the Construction of Mini Grids

systems in rural areas of Vanuatu. This component will support the

expansion of access to reliable electricity services for rural communities

IDA

Grant/Credit

4.0 5/31/2017

26


Agency

Amount

(USUS$

millions)

Date of

Approval

through support for the design, supply, installation and commissioning

of mini grid systems. The project will finance the construction of five

mini grids, based on initial cost estimates. Finally, the third component

is the technical assistance and project management. This component

addresses three key areas of the project, the first focusing on the vendor

registration model for Component one, the second focusing on owners’

engineer for component two and the third focusing on project

management. In addition, there is an allowance for Government

contribution (USUS$1.5 million ‘in kin’”) that will cover the

Government of Vanuatu’s direct project related

27

ANNEX 2 – GOVERNORS’ RESOLUTIONS

No. RESOLUTION TITLE DATE

IBRD

649 2016 Regular Election of Executive Directors July 28, 2016

650 Direct Remuneration of Executive Directors and their Alternates July 28, 2016

651 Parental Leave for Executive Directors and their Alternates July 28, 2016

652 Financial Statements, Accountants’ Report and Administrative Budget October 7, 2016

653 Allocation of FY16 Net Income October 7, 2016

654 Forthcoming Annual Meetings of the Boards of Governors – Proposed

Dates for the 2019 and 2020 Annual Meetings in Washington D.C. April 28, 2017

655 Transfer from Surplus to Replenish the Trust Fund for Gaza and the West

Bank September 8, 2017

656 Direct Remuneration of Executive Directors and their Alternates September 13, 2017

657 Child Planning Benefit for Executive Directors and their Alternates September 13, 2017

IDA

238 Financial Statements, Accountants’ Report and Administrative Budget October 7, 2016

239 Additions to Resources: Eighteenth Replenishment March 31, 2017

IFC

263 Financial Statements, Accountant’s Report, Administrative Budget and

Designations of Retained Earnings October 7, 2016

MIGA

99 2016 Regular Election of Directors July 28, 2016

100 Financial Statements and the Report of Independent Accountants October 7, 2016

101 Increase in Overall Limit on Guarantee Capacity November 11, 2016

102 Periodic Review of MIGA FY11-FY16Q3 January 27, 2017

* While most Constituency members are quick to respond to a request for a vote from Governors, our office continues to be concerned about a

number of Constituency members who have difficulty in returning their vote and /or do not take the opportunity to vote.

28

ANNEX 3 – CONSULTATIONS WITH CONSTITUENTS IN FY17

Annual

Meetings

DC

Spring

Meeting

DC

Country

Visits

FY17

(Dates)

EDs’ Group

Trip to ECA

Region

(Serbia,

Kosovo and

Albania)

JEMFAC

(Joint

Economic

Management

and

Financial

Acco.)

IDA Deputy

EU ++

Meeting

(Slovakia)

IDA18

Meeting

(Indonesia)

Australia x x

x

Mar 25-Apr 2,

2017

x

Apr 4-8,

2016

x

Sep 28-29,

2016

x

Dec 13-15,

2016

Cambodia x x

x

May 8-11,

2017

Kiribati x x

Korea x x

x

Jul 23-27,

2016; Aug

30, Sep 3,

11-12; Nov

13-19, 2016

Marshall

Islands x x

x

Mar 8-10,

2017

Micronesia

(FSM) x

x

Sep 7-10,

2016; Mar

3-6, 2017

Mongolia x x

x

Aug 31-Sep

2, 2016;

May 1-3,

2017

Nauru x x

New Zealand x x

Palau x

x

(Sep 4-6,

2016)

Papua New

Guinea x x

29

Annual

Meetings

DC

Spring

Meeting

DC

Country

Visits

FY17

(Dates)

EDs’ Group

Trip to ECA

Region

(Serbia,

Kosovo and

Albania)

JEMFAC

(Joint

Economic

Management

and

Financial

Acco.)

IDA Deputy

EU ++

Meeting

(Slovakia)

IDA18

Meeting

(Indonesia)

Samoa x x

Solomon

Islands x x

Tuvalu x

Vanuatu x x

30

ANNEX 4 – WBG ORGANIZATIONAL STRUCTURES

OFFICE OF THE EXECUTIVE DIRECTORpubdocs.worldbank.org/en/848511523914108135/FY2017...ANNUAL REPORT...

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