For Official Use Only RPSCR Review - World Banklnweb90.worldbank.org/oed/oeddoclib.nsf/DocUNIDViewForJavaSearch... · For Official Use Only RPSCR Reviewed by: Peer Reviewed by: CPSCR

For Official Use Only

RPSCR Reviewed by: Peer Reviewed by: CPSCR Review Coordinator

Surajit Goswami, Consultant, IEGCC

Lorenzo Perez, Consultant, IEGCC Takatoshi Kamezawa, Sr. Evaluation Officer, IEGCC

Geeta Batra, Manager, IEGCC

RPSCR Review Independent Evaluation Group

1. RPS Data

Country: The Organization of Eastern Caribbean States (OECS)

RPS Year: FY10 RPS Period: FY10 – FY14

RPSCR Review Period: FY10-FY14 Date of this review: November 3, 2014

2. Executive Summary

i. This review examines the implementation of the FY10 - FY14 Regional Partnership Strategy (RPS) of FY10 and the RPS Progress Report (RPSPR) of FY12, and assesses the RPS Completion Report (RPSCR). The Regional Partnership Strategy was jointly implemented by IBRD and IFC and this review covers the activities of the two institutions.

ii. Under the RPS, consistent with the OECS’s strategic development goals, the World Bank Group program was to provide selective, performance-based support under two pillars to influence specific outcomes addressing five objectives. Pillar One: Building Resilience. Objectives: 1. Promote Fiscal and Debt Sustainability. 2. Protect and Improve Human Capital. 3. Strengthen Climate Resilience. Pillar Two: Enhancing Competitiveness and Stimulating Sustainable Growth. Objectives: 4. Strengthen the Domestic Financial Sector. 5. Improve Access to Quality Services for a more Competitive Business Environment. The 2 pillars and 5 objectives were retained under the FY12 RPS Progress Report.

iii. IEG rates the overall outcome of WBG support as Moderately Satisfactory because the majority of the objectives of the WBG program were Mostly Achieved. During the period, the WBG program strengthened the sub-region’s resilience to natural disasters by addressing, among other priorities, the high risk of landslides. In addition, the program made considerable progress in protecting the human capital of the OECS, and some progress in strengthening resilience to economic shocks. With the support of the WBG program, the OECS countries also reached resolution for failed financial institutions and are addressing, over the medium-term, the weaknesses in insurance and banking regulations.

iv. However, there were shortcomings in a few key areas. To strengthen resilience to economic shocks, the RPS originally called for a reduction in the high debt burden and high wage bill. The fact that these outcomes were not achieved has left these countries with limited fiscal space to absorb future shocks. In the effort to develop Conditional Cash Transfer (CCT) mechanisms for rationalized safety nets, the RPSPR reduced the target number of countries from 6 to 3, but the program could develop the CCT only in one country, where it has yet to be implemented. This is a serious shortcoming given that social safety net expenditures can become an important budgetary item. Lastly, there was limited progress towards improving quality services to promote a more competitive business environment. The WBG program made limited progress in adjusting to the challenges of competitiveness and sustainable growth during a period of low-growth in the advanced economies that are tourist sources for the OECS.

v. IEG rates IBRD/IDA’s performance as Good and IFC’s performance as Fair. The World Bank Group prepared a program where the RPS objectives were appropriate given what the program intended to contribute towards the countries’ development goals. The Bank showed a significant degree of flexibility in meeting client demands. It met the requests from the governments for support after natural disasters, creatively making substantial IDA funds available with regional projects, and used TAs and trust-funded activities extensively when borrowing was not an option.

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The program was implemented reasonably well. However, for the next strategy period, the WBG program of ongoing activities may require substantial adaptation to the new reality of modest tourism growth for the region. IFC’s commitment in the overall program was limited throughout the review period, and the implementation of its program was weak. Currently, the IFC portfolio has no active investment projects, and includes two advisory services projects.

vi. The CSPCR provides the following lessons with which IEG agrees: (a) The RPS objectives should be aligned with the capacity of these very small countries; (b) The RPS objectives should also take into account that in the past, Caribbean countries have found it difficult to undertake reforms, often because of political economy factors. However, despite these challenges, political stability and strong democratic institutions could help avoid slippages and reversals once reforms are implemented; and (c) RPS support for sub-regional integration should be further enhanced, while balancing it with addressing issues of competitiveness within individual countries. The partial progress in achieving fiscal and debt sustainability and in creating a better business environment to promote investment and growth indicates that further measures to promote these objectives should continue to be part of the next RPS.

3. WBG Strategy Summary

Overview of CAS/RPS Relevance:

Country Context:

1. The RPS was prepared for the period FY10-14. While the OECS comprises six independent countries and three overseas territories of the United Kingdom, the RPS and this Review cover only the six independent countries, namely: Antigua and Barbuda; Dominica; Grenada; St. Kitts and Nevis; St. Lucia; and St. Vincent and the Grenadines. With the exception of St. Vincent and the Grenadines which did not join IFC, all are members of the World Bank Group. The six OECS countries have a landmass of 2,364 sq. km, and a population of just over half a million.

2. The RPS was implemented during a period when the OECS faced a prolonged slowdown following the global financial crisis. In addition, St. Lucia and St. Vincent and the Grenadines had two natural disasters—hurricane Tomas in October 2010 and torrential rains and floods in 2011. Since then, even in countries where there has been some recovery, activity has remained anemic because of lack of growth in the US and the EU. In general, the OECS is also in the midst of a deep fiscal crisis, in part reflecting attempts to run countercyclical fiscal policies since the global crisis.

3. Following the global financial crisis, the OECS suffered severe decline in activity in 2009 due to a fall in tourism receipts and foreign direct investment (FDI)-related construction activities. Initially, some countries in the OECS took a counter-cyclical fiscal stance if permitted by the fiscal space. However, faced with increasing fiscal imbalances in 2010, the OECS countries required revenue reforms and expenditure cuts. The pre-crisis credit boom had also left some of the OECS financial institutions with asset quality problems. In addition, two regional insurance companies outside the OECS, but with clients within the OECS, failed. Consequently, the OECS development strategy also included addressing the shortcomings of the financial system. The development strategy also included measures to improve the business climate, with a view to increasing growth potential and diversification, and investments in infrastructure and education to improve competitiveness.

Objectives of the WBG Strategy:

4. Under the RPS, the program would provide selective, performance-based support under two pillars with five objectives, consistent with the strategic development goals of OECS. The 2012 RPSPR maintained the two pillars: Pillar I: Building Resilience; and Pillar II: Enhancing Competitiveness and Stimulating Sustainable Growth.



Relevance of the WBG Strategy:

5. Congruence with Country Context and Country Program. The development of the WBG program was influenced by the global financial crisis and the OECS response (possibly best reflected by the ECCU’s Eight-Point Stabilization and Growth Program). It addressed fiscal and debt policy reforms including public investment and social safety nets and financial sector issues. The WBG program also continued to build on the progress achieved under the previous CAS which two pillars: (a) Stimulating growth and improving competitiveness; and (b) Reducing vulnerability by promoting greater social inclusion and strengthening disaster risk management. While this combination provided continuity and alignment with the development strategies of the OECS, and many of the lessons from FY06-09 CAS, such as strengthening sub-regional institutions were incorporated in the FY10-14 RPS, the lessons on selectivity and project simplification were missed.

6. Relevance of Design. The framework was well-structured under the two pillars and five objectives. The first pillar and its three objectives addressed the more pressing challenges arising out of the global financial crisis and the recurrent devastation from natural disasters. The second pillar and its two objectives were to address the medium-term challenges of competitiveness and sustainable growth. However, the WBG program underestimated the challenges of competitiveness and sustainable growth in a period of low-growth in the advanced economies that are the predominant tourist sources for the OECS. The RPS progress report, in particular the IFC component, did not respond appropriately to changing country circumstances. The objectives of the second pillar were not designed to support the countries at this granular level in their strategies.

7. Strength of the Results Framework. For the two pillars and five objectives, the results chains demonstrated strong links starting from the key WBG interventions, through RPS Objectives, to the country development goals. For example, reducing the public service wage bill (intervention leading to Outcome 2) would be key to Promoting Fiscal and Debt Sustainability (Objective 1). Similarly, having transparent and documented targeting instruments in cash transfer programs (intervention leading to Outcome 5) and increasing the proportion of qualified teachers at the primary and secondary levels (intervention leading to Outcome 6), were key to Protecting and Improving Human Capital (Objective 2). However, in some cases, there were assumptions made which needed to be addressed at the progress report stage. For example, for Improving Access to Quality Services to achieve a more Competitive Business Environment (Objective 5), the results chain demonstrated a strong link between the intervention and the Objective but the link between the Objective to the overall Pillar II (Enhancing Competitiveness and Stimulating Sustainable Growth) was at least partially broken by the low growth in the US and Europe. The RPSPR should have reflected this and aspects of this program should have been revisited.

8. Risk Identification and Mitigation. The RPS (paras 108-111) presented a number of risks, such as, risks from hurricanes, oil price increase, and a protracted global recession; lack of progress in debt-reduction; inability or unwillingness to subordinate national interests to regional priorities that may impede collective action; and faltering implementation at the national level with no substantial improvements at the sub-regional level. However, there were no “scenarios” developed (e.g. if the global recession was protracted) with mitigation measures indicating how the program, or at least the component of the program addressing longer term challenges of competitiveness and growth would be adjusted. The mitigation measures followed by the program have often been changing the indicators (e.g. Debt levels in Outcome 1) and lowering the targets (e.g. for Outcome 16 for ICT access) in the RPSPR.

Overview of CAS/RPS Implementation:

Lending and Investments:

9. IEG agrees with the RPSCR that the Bank delivered on its lending program. At the beginning of the RPS period, the Bank portfolio amounted to $79.2 million (approved) for 16 investment projects (see Annex Table 2). Over the RPS period (FY10-14), there were 14 new approvals for a total of $214.4 million, of which three (including one additional financing) for $55.6 million were unplanned. There was only one dropped project. Annex Table 4 shows a total of ten grants and trust funded



activities active during the CPS period, that were specifically for the OECS or one of the six countries, for a total approved amount of $23.4 million. Seven of these were approved in or after FY10. Table 2 also shows that of the 15 projects evaluated by the IEG, 12 received an Outcome rating of Moderately Satisfactory or better. However, in general, it took more than six years from approval to completion and IEG agrees with the RPSCR that portfolio performance was affected by capacity constraints.

10. Two IFC investments were outstanding at inception of the review period, for US$30.5 million of net commitments (see Annex Table 11). Both those investments were with a bank and supported SME lending and trade finance. During the review period, IFC committed another US$30 million for an investment for education finance. IEG has not rated any of these projects but the investments with the bank, according to IFC documents, did not perform as envisaged. IFC rated the investment in education finance as average until the loan was pre-paid.

Analytic and Advisory Activities and Services

11. The Bank undertook 13 analytic activities during the period (see Annex Table 3). This analytic work focused on, among other things, Debt Management Performance Assessments in three countries and TA connected with various outcomes of the program, such as, safety nets (Outcome 5), teacher management (Outcome 6), and financial sector resolution strategy (Outcome 13). In addition, there was regional analytic work (not indicated in the Table 3) that addressed broad issues such as school health and youth-at-risk.

12. IFC had one advisory service (AS) project approved before the review period, which was implemented during the RPS period, amounting to US$167 thousand of IFC managed funds (see Annex Table 12). This AS project helped one of the largest banks in St. Lucia to launch a new SME lending operation by assisting in developing a new lending policy, guideline, training, and market analysis. During the CPS period, IFC approved six AS projects amounting to over US$6.3 million of IFC managed funds. Four of these AS projects closed during the review period. Of the four projects, two PPP projects have closed with self-ratings of Mostly Unsuccessful and a project developing geothermal energy was terminated. Only one of the AS projects was self-rated as Mostly Successful at closing. Even at the time the RPSPR was prepared, IFC’s commitment remained low. Currently IFC investment operations have no active investment projects, and there are two AS projects under implementation.

Partnerships and Development Partner Coordination

13. The WBG coordinated extensively with various development partners and key sub-regional institutions. Since all the countries were being assisted by the IMF, the partnerships with the Fund and ECCB were critical in addressing debt and financial sustainability. Similarly, because the program relied heavily on the capacity of the OECS Secretariat, the Bank found CIDA support to this sub-regional institution (and ECCB) invaluable. Another key support to the program came from DfID’s support in developing a medium-term strategy for the financial sector. This is in addition to the CIDA funded Supporting Economic Management in the Caribbean (SEMCAR) TA program, which provides a single platform for participating donors to support OECS-wide public financial management reform.

Overview of Achievement by Objective:

14. There were two pillars: I. Building Resilience and II. Enhancing Competitiveness and Stimulating Sustainable Growth. (See also Annex Table 1).

Pillar I: Building Resilience: RPSCR Review rating

15. The three Objectives under Pillar I were:

• Objective 1: Promote Fiscal and Debt Sustainability. • Objective 2: Protect and Improve Human Capital. • Objective 3: Strengthen Climate Resilience.

16. Objective 1: Promote Fiscal and Debt Sustainability. The OECS countries faced fiscal crisis and debt overhang, weak competiveness and a weakened financial system. The first Objective



addressed debt and fiscal issues. The various outcomes were all relevant by addressing sustainability of public expenditure from different angles. For example, the outcome 2 indicator was a direct measure of the biggest recurrent public expenditure. On the other hand, the Outcome 1 indicator (after it was changed by the RPSPR from measuring Debt/GDP directly) was linked with the objective at a strategic level and could complement the direct Outcome 2 measure. Outcome 3 indirectly measured how technological changes could bring about sustainability. Lastly, the Outcome 4 indicator addressed sustainability by measuring good use of public expenditure.

17. Outcome 1. Debt Management functions strengthened. Mostly Achieved

• Indicator: Debt management strategy in at least 3 countries by 2014 • RPSCR reports that St. Lucia, Dominica, Antigua and Barbuda have prepared debt strategies. • The Bank supported the preparation of the Caribbean Comprehensive Debt Framework

(CDF), a platform linking growth, debt, fiscal management, and resilience issues. • Through the CDF, the governments and the international community approach debt sustainability

and, according to the RPSCR, it is a major improvement over previous narrower practices. Comments: • CDF’s value in debt management has not materialized yet and, except in the case of

Dominica, the OECS continue to suffer from high levels of indebtedness.

18. Outcome 2. Fiscally sustainable wage bill ensuring key public services coverage. Not Achieved.

• Indicator: Public service wage bill reduced in the OECS (3 countries) • RPSCR reports that public sector wage bills have been rising gradually since the crisis. The

regional average stood at around 11 percent of GDP in 2013. • The only reduction was in St. Kitts wherein the ratio of the wage bill to GDP declined from

2008 to 2013. 19. Outcome 3. Improved government services across the region through the implementation of regionally integrated e-government services. Achieved.

• Indicator: Number of major new e-government services offered • Baseline: 0 (2009); Target: 4 (2014) • The target indicator was exceeded with the support of the OECS EGRIP project covering

Dominica, Grenada, St. Lucia, and St. Vincent and the Grenadines. • The e-government services introduced are expected to have an impact beyond the outcomes

of EGRIP. 20. Outcome 4. Greater linkage between public expenditures and development objectives. Not Achieved (see comments below).

• Indicator: Establish regular reporting mechanism that contains performance information of selected government programs in at least 3 countries by 2014.

• Information on the proposed indicators is not available in the RPSCR. • RPSCR reports progress has been made in advancing a broad and shared public

accountability reform program targeting harmonized internal and external audit, public procurement legislation, use of country systems, and support for the audit profession, the supreme audit institutions, and parliamentary account committees.

Comments: • Indicator revised in the RPSPR. No baseline or targets were indicated. • No regular reporting in any country, as required by the indicator, has been established.



21. Economic and Social DPLs for Grenada and St. Lucia as well as lending through the OECS EGRIP project and many non-lending activities, including DeMAPs for St. Kitts and Nevis, Antigua and Barbuda, and Grenada supported Objective 1. The program made only limited progress toward achieving the Objective. The RPS originally called for a reduction on the high debt burden and the very high wage bill and the fact that these outcomes were not achieved have left these countries with limited fiscal space to absorb future shocks. Also, the indicator target introduced by the RPSPR of having at least three countries come up with a debt management strategy was not a very ambitious target and its achievement is not an indication of solid progress, as in the case of Grenada which does not have such a strategy and is highly indebted. Overall, Objective 1 was Partially Achieved.

22. Objective 2: Protect and Improve Human Capital. Since these countries have been successful in developing their human capital and the country development goals wanted to protect these gains even while facing a prolonged slowdown, Outcomes 5 and 6 were particularly relevant. In addition, based on an IEG Review of one of the Skill for Inclusive Growth projects, Outcome 7 was relevant. Outcome 8 could prove to be relevant in the future, if the knowledge dissemination activity is supported by a program. 23. Outcome 5. Rationalized social safety net systems. Not Achieved (see comments below).

• Indicator: Three countries using objective, transparent and documented targeting instruments in cash transfer (CCT) programs.

• RPSCR reports that a CCT system was developed for Dominica. Work is under way in Grenada and Antigua.

• The Bank contributed to generating an active and ongoing regional dialogue on social assistance and the sharing of experience.

Comments: • RPSPR reduced the target number of countries from 6 to 3, but the actual number was just 1,

where it has yet to be implemented. This is a serious shortcoming given that social safety net expenditures can become an important budgetary item.

24. Outcome 6. Increase in the proportion of qualified teachers at the primary and secondary levels (i.e. teachers with teacher training qualification) in the OECS. Achieved.

• Indicator: As above. Baseline 59% (2009). Target 62% (2014) • RPSCR reports that the indicator was achieved: (65% in 2013). • The contribution of the Bank was indirect, working through TA that included support in

preparation of a regional strategy on education. 25. Outcome 7. Better skilled post-secondary workers in the labor force. Achieved.

• Indicator: Cumulative number of youth enrolled in training programs at level 1 or higher in two countries.

• Baseline: 0 (GD, 2009); 0 (SLU, 2007) Target: 500 (GD, 2013): 870 (SLU, 2013) • RPSCR reports the following results: 912 (GD, 2013); 1005 (SLU, 2013).

26. Outcome 8. Improved knowledge and information on the sub-region’s chronic non-communicable diseases. Achieved.

• Indicator: Policy note on OECS Health disseminated in at least 3 countries by 2014 • RPSCR reports that the “The Growing Burden of Non Communicable Diseases in the Eastern

Caribbean” was published in June 2011 and disseminated to all OECS countries. 27. Lending towards Skills for Inclusive Growth projects in Grenada and St. Lucia, NLTAs for OECS Safety Nets and Education, and Trust Fund financed activities for Capacity Building for Evidence Based Policy Making in Education and Health Sectors in the OECS supported Objective 2.



The program made good progress, except for the development of the CCT systems, toward achieving the Objective. Overall, Objective 2 was Mostly Achieved.

28. Objective 3: Strengthen Climate Resilience. This Objective addressed the vulnerability to natural disasters of the countries in the lower half of the OECS (Grenada, St. Lucia, and St. Vincent and the Grenadines). Outcomes 9 and 10 consequently were very relevant. The upper half of the OECS faces hurricanes more regularly and possibly had already acted to reduce landslides. Outcomes 11 and 12, on the other hand, were relevant because of vulnerability of the protected areas in all 6 countries of the OECS.

29. Outcome 9. Improved understanding of vulnerability of critical infrastructure. Achieved.

• Indicator: Database of public buildings established (in three countries). • RPSCR reports that two 2 databases are in place. • The improved understanding of the vulnerability of critical infrastructure is evidenced by active

national programs geared toward greater climate resilience, with the support of the two Disaster Vulnerability Reductions Projects in Grenada and St. Vincent.

30. Outcome 10. Reduced number of communities at high risk of landslides in SLU Achieved.

• Indicator: Communities benefitting from landslide prevention interventions in SLU • Baseline: 0 (2009); Target: 12 (2012) • RPSCR reports that 13 communities benefitted from landslide prevention interventions (under

the Hurricane Tomas ERL). 31. Outcome 11. Improved management of the priority terrestrial and marine protected areas. Achieved.

• Indicator: M&E system established to monitor species and related ecosystems under the 6 OPAAL (OECS Protected Areas and Associated Livelihoods) sites by 2012

• RPSCR reports that this was achieved as per the ICR for OPAAL. 32. Outcome 12. Long-term financing mechanisms established for critical ecosystems by 2014. Not Achieved.

• Indicator: National legislation for the establishment of country level protected areas trust funds adopted in 4 countries by 2014

• RPSCR reports that this was not achieved.

33. Lending towards OECS-Catastrophe Insurance, as well as LC (AF) Disaster Management Project II Additional Finance and Grants and Trust Fund financed activities on Protected Areas (OPAAL) and Regional Disaster Vulnerability Reduction, among other initiatives, supported Objective 3. The program made good progress, except for establishing long-term financing for critical ecosystems, toward achieving the Objective. Overall, Objective 3 was Mostly Achieved.

34. IEG rates the outcome of WBG support under Pillar I as Moderately Satisfactory. For Pillar I, the program Mostly Achieved two out of the three Objectives, those to Protect and Improve Human Capital, and to Strengthen Climate Resilience. The Objective of Fiscal and Debt Sustainability was Partially Achieved.

Pillar II: Enhancing Competitiveness and Stimulating Sustainable Growth

35. The two Objectives under Pillar II were:

• Objective 4: Strengthen the Domestic Financial Sector. • Objective 5: Improve Access to Quality Services for a more Competitive Business.



36. Objective 4: Strengthen the Domestic Financial Sector. In the RPSPR, this was expected to require a comprehensive strategy and an improved regulatory and supervisory framework for the financial sector. Consequently, Outcomes 13 and 14 were both relevant, with Outcomes 14 requiring separate indicators for insurance and banking sub-sectors.

37. Outcome 13. Medium-term resolution strategy for the financial sector. Achieved.

• Indicator: Draft comprehensive strategy for restoring the stability of the financial sector by 2012.

• RPSCR reports that the Bank, in collaboration with the ECCB, the IMF, DIFD, and the member countries, has contributed to an improved understanding of the financial situation and has produced strategic options to address the current concerns. Dialogue on the various options is under way, led by the ECCB.

• In addition, the Bank contributed to reaching a solution for BAICO, which was the original target of the RPS.

38. Outcome 14. Improved regulatory and supervisory framework for the financial sector. Partially Achieved (see comments below).

• Indicator 1: Draft of a new uniform insurance bill • An insurance and non-banking regulator is in place. A draft uniform bill has been prepared. • Indicator 2: Action plan to strengthen banking regulation and supervision by 2012 • RPSCR reports that based on extensive background work supported by the Bank, in

February 2014, the countries agreed on a strategy for strengthening banking regulation and supervision and decided that the work would start with independent diagnostics and legal reforms.

Comments: • An Action Plan was prepared by 2014. However, independent diagnostics that are yet to start

indicate that there has only been limited progress toward achieving the Objective.

39. Technical Assistance projects for Caribbean Insurance Crisis Resolution and Restoring Financial Stability in OECS and Trust Fund financed activities, such as that for Strengthening Accountability of the Non-Banking Financial Sector in the OECS, supported Objective 4. The program created the draft comprehensive sector strategies as envisaged, made good progress in the insurance sub-sector, but made limited progress in creating the framework in the crucial banking sub-sector. Overall, Objective 3 was Mostly Achieved.

40. Objective 5: Improve Access to Quality Services for a more Competitive Business Environment. These Outcomes were not comprehensive but their relevance is based on the focus of WBG program. Outcomes 15, 16, and 17 reflected the WBG program on Electricity and ICT sub-sectors and possible PPP activities to improve service. Outcome 18 is also relevant given that the Bank Group was working on import and export administration and business registration.

41. Outcome 15. Draft treaty establishing ECERA prepared for 2 countries by 2014. Not Achieved (see comments below).

• Indicator: Draft treaty establishing ECERA prepared for 2 countries by 2014. • RPSCR reports that the draft treaty is not ready, partly because of a one-year delay in

reaching effectiveness. The support is coming through the OECS Energy Regulator Project (GD and SLU) – FY11.

• RPSCR also reports that the Regional Energy Committee is in operation. For the initiative to be effective, the challenge remains to expand the membership beyond two countries and to adapt the approach to the realities on the ground in each country.

• The Bank has just completed an energy strategy for the Caribbean region and has commenced a dialogue on geothermal options.



Comments: • The draft treaty is not ready and the initiative requires expansion of the membership of the

Regional Energy Committee that has not yet happened. 42. Outcome 16. Increased access to ICT services for the general population. Mostly Achieved.

• Indicator: % population with access to broadband Internet services. • Baseline: 9% (2009); Target: 15% (2014) • RPSCR reports that, as of 2013, progress toward the indicator was on track—14 percent. • The ICR for Caribbean Regional Communications Infrastructure Program (GD, SLU, and

SVG) – FY12 documents the increased access to the Internet in the region. 43. Outcome 17. PPP’s in relevant sectors to relieve government expenditures and improve service. Not Achieved.

• Indicator: Number of PPP projects undertaken in the region • Baseline: 0 (2009); Target: 2 (2014) • RPSCR reports that two operations that were under implementation could not be completed. A

PPP roadmap has been prepared for each country with the support of the WBG. 44. Outcome 18. Simplified procedures for starting a business and trading across borders within the OECS by 2014 (IFC). Partially Achieved.

• Indicator 1: Business entry regulations adopted in 4 countries by 2013 • Indicator 2: Reduction in the number of days to trade

Average number of days to comply with business regulation (Imports) • Baseline: DM:15; GD: 19; SKN: 13; SLU: 18 (2009); Target: < Baseline (2014)

Average number of days to comply with business regulation (Exports) • Baseline: DM:13; GD: 14; SKN: 12; SLU: 14 (2009); Target: < Baseline (2014) • RPSCR reports that IFC Advisory Services in partnership with CIDA centered on entry and

logistics in Dominica, Grenada, St. Lucia, and St. Kitts and Nevis - Stage 1 (2009-2011.) The Bank assisted Grenada on improving business registration.

• In Grenada, new entry regulations were issued. However, the four countries continue to lag behind countries in LAC with similar levels of income.

• The indicators show progress in reducing the number of days needed for importing and exporting. Average number of days to comply with business regulation (Imports)

• Status (2014) DM:14; GD: 9; SKN 12; SLU: 13. Average number of days to comply with business regulation (Exports)

• Status (2014) DM: 13; GD:9; SKN:13; SLU:14.

Comments: • Business entry regulations were passed and issued in Dominica and Grenada. • 4 out of 4 countries reduced the average number of days to comply with import regulations. • 1 out of 4 countries reduced the average number of days to comply with export regulations. • These reforms were crucial because, in an environment where prospects for growth from

tourism are more modest, these reforms are important.

45. Lending for OECS Eastern Caribbean Energy Regulatory Authority (ECERA) and Caribbean Regional Communications Infrastructure Program, and various PPP and Investment Climate (IC) Advisory Services Projects from the IFC supported Objective 5. The program made only limited progress, in ICT and parts of Investment Climate work, but suffered set-backs in the crucial electricity sub-sectors (including geothermal development) as well as for PPP projects. Overall, Objective 3 was Partially Achieved.



46. IEG rates the outcome of WBG support under Pillar II as Moderately Unsatisfactory. For Pillar II, while the program Mostly Achieved one of the two Objectives, Strengthening the Domestic Financial Sector, the Objective to Improve Access to Quality Services for a more Competitive Business Environment was only partially achieved.

Objectives RPSCR Rating IEG Rating Pillar I: Building Resilience NA Moderately Satisfactory

Objective 1: Promote Fiscal and Debt Sustainability NA Partially Achieved

Objective 2: Protect and Improve Human Capital NA Mostly Achieved

Objective 3: Strengthen Climate Resilience NA Mostly Achieved

Pillar II: Enhancing Competitiveness and Stimulating Sustainable Growth NA Moderately Unsatisfactory

Objective 4: Strengthen the Domestic Financial Sector NA Mostly Achieved

Objective 5: Improve Access to Quality Services for a more Competitive Business Environment NA Partially Achieved

4. Overall IEG Assessment

RPSCR Rating IEG Rating Overall Outcome: Moderately Satisfactory Moderately Satisfactory

IBRD/IDA Performance: Good Good

IFC Performance NA Fair

Overall outcome:

47. IEG rates the overall outcome of WBG support as Moderately Satisfactory because the WBG program Mostly Achieved the majority of the Objectives.

48. During the period, under Pillar I, the WBG program strengthened the sub-region’s resilience to natural disasters by addressing, among other things, the high risk of landslides. In addition, the program made progress in helping the countries protect their human capital while making limited progress in strengthening resilience to economic shocks. Under Pillar II, with the support of the WBG program, the OECS countries reached resolution for failed financial institutions and are addressing, over the medium-term, the weaknesses in insurance and banking regulations. However, there was limited progress towards improving quality services and a more competitive business environment. In addition, the WBG program made limited progress in adjusting to the challenges of competitiveness and sustainable growth in a period of low-growth in the advanced economies that are the tourist sources for the OECS.

IBRD/IDA Performance:

49. IEG rates IBRD/IDA’s performance as Good. The World Bank Group prepared a program where the RPS objectives were appropriate given what the program intended to contribute towards the countries’ development goals. The Bank showed a significant degree of flexibility in meeting client



demands. It met the requests from the governments for support after natural disasters, creatively making substantial IDA funds available with regional projects, and used TAs and trust-funded activities extensively when borrowing was not an option. The program was implemented reasonably well.

IFC Performance

50. IEG rates IFC’s performance as Fair. Due to the negative impacts following the global financial crisis, it might have been difficult for IFC to find its clients for its investment operations. IFC’s commitment in the overall WBG program was quite limited. IFC focused its operations on AS projects but implementation was weak. During the CPS, IFC approved six AS projects of which four have closed, and only one has been self-rated mostly successful. Even at the time the RPSPR was prepared, IFC’s commitment remained low. Currently the IFC portfolio has no active investment projects, and there are just two AS projects under implementation.

5. Assessment of RPS Completion Report

51. The CASCR provides a comprehensive analysis of CPS implementation and adequate information for drawing conclusions. However, it is weak in a couple of areas. It over emphasizes the number of indicators without due consideration of their relevance for CPS objectives, and exaggerates the originality of certain activities like the CDF. It is a candid document that at times focused excessively on regional initiatives such as the CGF which may have been of limited value to the OECS during the review period. Lastly, some of the material describing IFC performance could have been improved with data on project IDs, accurate description of what was achieved, and some insights on where the IFC could create value for such small clients.

6. Findings and Lessons

52. The CSPCR provides the following lessons with which IEG agrees: (a) The RPS objectives should be aligned with the capacity of these very small countries; (b) The RPS objectives should also take into account that in the past, Caribbean countries have found it difficult to undertake reforms, often because of political economy factors. However, despite these challenges, political stability and strong democratic institutions could help avoid slippages and reversals once reforms are implemented; and (c) RPS support for sub-regional integration should be further enhanced, while balancing it with addressing issues of competitiveness within individual countries. The partial progress in achieving fiscal and debt sustainability and in creating a better business environment to promote investment and growth indicates that further measures to promote these objectives should continue to be part of the next RPS.

Annexes


Annex Table 1: Summary Achievements of RPS Objectives Annex Table 2: Planned and Actual Lending, FY10-14 (US$ Million) Annex Table 3: Analytical and Advisory Work for OECS, FY10 - FY14 Annex Table 4: Grants and Trust Funds Active in FY10-14 (US$ million) Annex Table 5: IEG Project Ratings for OECS, FY10 – 14 Annex Table 6: IEG Project Ratings for OECS, Exit FY10-14 Annex Table 7 Portfolio Status for OECS and Comparators, FY10-14 Annex Table 8: Disbursement Ratio* for OECS and Comparators, FY10-14 (US$ Million) Annex Table 9: Net Disbursement and Charges, FY10-14 Annex Table 10: Economic and Social Indicators for OECS, FY09-13 Annex Table 11: List of IFC’s investments in OECS that were active during FY10-14 (US$’000) Annex Table 12: List of IFC’s Advisory Services in OECS, FY10-14: Annex Table 13: IFC Net Commitment Activity for OECS (US$ '000)

Annexes 15


Annex Table 1: Summary of Achievements of RPS Objectives RPS FY10-FY14: Pillar I – Building Resilience: RPSCR Review rating: Moderately Satisfactory RPS FY10-FY14: Pillar I –

Building Resilience Results as reported in the RPSCR

(as of current month/year) Comments

Objective/Results Area 1: Promote Fiscal and Debt Sustainability: RPSCR Review rating: Partially Achieved. The RPSCR rated the four Outcomes (1-4) for this Objective Achieved, Not Achieved, Achieved, and Partially Achieved. IEG validated the ratings for Outcomes 2 and 3, and Outcomes 1 and 4 were rated Mostly Achieved and Not Achieved. 1. RPS Outcome 1: Debt Management functions strengthened Indicator: Debt management strategy in at least 3 countries by 2014 Baseline: None (end-2009) Target: 3 (2014)

Achieved St. Lucia, Dominica, Antigua and Barbuda have prepared debt strategies. The Bank supported the preparation of the Caribbean Comprehensive Debt Framework (CDF), a platform linking growth, debt, fiscal management, and resilience issues. The CDF represents the prism through which the governments and the international community approach debt sustainability today and represents a major improvement over previous narrower practices.

Mostly Achieved. RPSPR changed the indicator. CDF’s value in debt management has not materialized yet and, except Dominica, the OECS continue to suffer from high level of indebtedness.

2. RPS Outcome 2: Fiscally sustainable wage bill ensuring key public services coverage Indicator: Public service wage bill reduced in the OECS (3 countries) Baseline: (2008/9) AB 9.8; DM 12.2; GD 13.0; SKN 14.96; SLU 10.6; SVG 12.9 Target: < Baseline

Not Achieved Public sector wage bills have been rising gradually since the crisis. The regional average stood at around 11 percent of GDP in 2013. Only St. Kitts saw a reduction in the ratio of the wage bill to GDP from 2008 to 2013.

Not Achieved

3. RPS Outcome 3: Improved government services across the region through the implementation of regionally integrated e-government services

Indicator: Number of major new e-government services offered Baseline: 0 (2009) Target: 4 (2014)

Achieved The target indicator was exceeded with the support of the OECS EGRIP project covering Dominica, Grenada, St. Lucia, and St. Vincent and the Grenadines. The e-government services introduced are expected to have an impact beyond the outcomes of EGRIP.

Achieved

4. RPS Outcome 4: Greater linkage between public expenditures and development objectives Indicator: Establish regular reporting mechanism that contains performance information of selected government programs in at least 3 countries by 2014

Partially achieved. Information on the proposed indicators is not available. Progress has been made in advancing a broad and shared public accountability reform program targeting harmonized internal and external audit, public procurement legislation, use of country systems, and support for the audit profession, the supreme audit institutions, and parliamentary account committees.

Not Achieved. Indicator revised in the RPSPR. No baseline or targets were indicated. No regular reporting in any country has been established.

Objective/Results Area 2: Protect and Improve Human Capital: RPSCR Review rating: Mostly Achieved. The RPSCR rated the four Outcomes (5-8) for this Objective Mostly Achieved, Achieved, Achieved, and Achieved. IEG validated the ratings except for Outcome 5, which was rated Not Achieved. 5. RPS Outcome 5: Rationalized social safety net systems Indicator: Countries using objective, transparent and documented targeting instruments in cash transfer

Mostly Achieved A CCT system was developed for Dominica. Work is under way in Grenada and Antigua. The Bank contributed to generating an active and ongoing regional dialogue on

Not Achieved. RPSPR reduced the target number of countries from 6 to 3, but actual was just 1,

Annexes 16


RPS FY10-FY14: Pillar I – Building Resilience

Results as reported in the RPSCR (as of current month/year) Comments

programs Baseline: 0 (2010) Target: 3 (2014)

social assistance and the sharing of experience. where it has yet to be implemented.

6. RPS Outcome 6: Increase in the proportion of qualified teachers at the primary and secondary levels (i.e. teachers with teacher training qualification) in the OECS (6 countries)

Indicator: Increase in the proportion of qualified teachers at the primary and secondary levels in the OECS. Baseline: Average 59% (2009) Target: Average 62% (2014)

Achieved The indicator was achieved: 65% (2013). The contribution of the Bank was indirect, working through TA that included support in preparation of a regional strategy on education

Achieved.

7. RPS Outcome 7: Better skilled post-secondary workers in the labor force Indicator: Cumulative number of youth enrolled in training programs at level 1 or higher. Baseline: 0 (GD, 2009); 0 (SLU, 2007) Target: 500 (GD, 2013): 870 (SLU, 2013)

Achieved. 912 (GD, 2013); 1005 (SLU, 2013)

Achieved. RPSPR revised the indicator from training that led to employment to just training and revised the targets reflecting the change.

8. RPS Outcome 8: Improved knowledge and information on the sub-region’s chronic non-communicable diseases

Indicator: Policy note on OECS Health disseminated in at least 3 countries by 2014

Achieved “The Growing Burden of Non Communicable Diseases in the Eastern Caribbean” was published in June 2011 and disseminated to all OECS countries.

Achieved.

Objective/Results Area 3: Strengthen Climate Resilience: RPSCR Review rating: Mostly Achieved. The RPSCR rated the four Outcomes (9-12) for this Objective Achieved, Achieved, Achieved, and Not Achieved. IEG validated the ratings. 9. RPS Outcome 9: Improved understanding of vulnerability of critical infrastructure Indicator: Database of public buildings established Baseline: 0 (2009) Target: 2 (2014)

Achieved The indicator was met: 2 databases are in place. The improved understanding of the vulnerability of critical infrastructure is evidenced by active national programs geared toward greater climate resilience, with the support of the two Disaster Vulnerability Reductions Projects in Grenada and St. Vincent.

Achieved. RPSPR modified the indicator and revised the target.

10. RPS Outcome 10: Reduced number of communities at high risk of landslides in SLU

Annexes 17


RPS FY10-FY14: Pillar I – Building Resilience


Indicator: Communities benefitting from landslide prevention interventions in SLU Baseline: 0 (2009) Target: 12 (2012)

Achieved The Hurricane Tomas ERL supported St. Lucia in extending landslide prevention to 13 communities.

Achieved. RPSPR modified the indicator and changed the baseline and target accordingly.

11. RPS Outcome 11: Improved management of the priority terrestrial and marine protected areas Indicator: M&E system established to monitor species and related ecosystems under the 6 OPAAL sites by 2012 Baseline: not provided Target: 6 (2012)

Achieved As per the ICR for OECS Protected Areas and Associated Livelihoods – FY04

Achieved.

12. RPS Outcome 12: Long-term financing mechanisms established for critical ecosystems by 2014 Indicator: National legislation for the establishment of country level protected areas trust funds adopted in 4 countries by 2014 Baseline: 0 Target: 4 (2014)

Not Achieved Not Achieved.

RPS FY10-FY14: Pillar II – Enhancing Competitiveness and Stimulating Sustainable Growth: RPSCR Review rating: Moderately Unsatisfactory RPS FY10-FY14: Pillar II –

Enhancing Competitiveness and

Stimulating Sustainable Growth


Objective/Results Area 4: Strengthen the Domestic Financial Sector: RPSCR Review rating: Mostly Achieved. The RPSCR rated the two Outcomes (13-14) for this Objective Achieved, and Mostly Achieved. IEG validated the rating for Outcome 13 but Outcome 14 was rated Partially Achieved. 13. RPS Outcome 13: Medium-term resolution strategy for the financial sector Indicator: Draft comprehensive strategy for restoring the stability of the financial sector by 2012

Achieved The Bank, in collaboration with the ECCB, the IMF, DIFD, and the member countries, has contributed to an improved understanding of the financial situation and has produced strategic options to address the current concerns. Dialogue on the various options is under way, led by the ECCB. In addition, the Bank contributed to reaching a solution for BAICO, which was the original target of the RPS.

Achieved. RPSPR added this Outcome

14. RPS Outcome 14: Improved regulatory and supervisory framework for the financial sector Indicator 1: Draft of a new uniform insurance bill Indicator 2: Action plan to strengthen banking

Mostly achieved An insurance and non-banking regulator is in place. A draft uniform bill has been prepared. Based on extensive background work supported by the Bank, in February 2014 the countries agreed on a strategy

Partially Achieved. An Action Plan was prepared by 2014. However, indep. Diagnostics that are yet to

Annexes 18


RPS FY10-FY14: Pillar II – Enhancing

Competitiveness and Stimulating Sustainable

Growth


regulation and supervision by 2012

for strengthening banking regulation and supervision and decided that the work would start with independent diagnostics and legal reforms.

start indicate that only limited progress toward achieving the Objective was made, even after a two-year delay.

Objective/Results Area 5: Improve Access to Quality Services for a more Competitive Business Environment: RPSCR Review rating: Partially Achieved The RPSCR rated the four Outcomes (15-18) for this Objective Partially Achieved, Mostly Achieved, Not Achieved, and Partially Achieved. validated the ratings except for Outcome 15, which was rated Not Achieved. 15. RPS Outcome 15: Draft treaty establishing ECERA prepared for 2 countries by 2014 Indicator: Draft treaty establishing ECERA prepared for 2 countries by 2014

Partially Achieved The draft treaty is not ready, partly because of a one-year delay in reaching effectiveness. RPS support is coming through the OECS Energy Regulator Project (GD and SLU) – FY11. The Regional Energy Committee is in operation, and other OECS countries participate as observers. For the initiative to be effective, the challenge remains to expand the membership beyond two countries and to adapt the approach to the realities on the ground in each country. The Bank has just completed an energy strategy for the region and has commenced a dialogue on geothermal options.

Not Achieved. The draft treaty is not ready and the initiative requires expansion of the membership of the Regional Energy Committee that has not happened yet.

16. RPS Outcome 16: Increased access to ICT services for the general population Indicator:% population with access to broadband Internet services Baseline: 9% (2009) Target: 15% (2014)

Mostly Achieved As of 2013 progress toward the indicator was on track—14 percent. The ICR for Caribbean Regional Communications Infrastructure Program (GD, SLU, and SVG) – FY12 documents the increased access to the Internet in the region.

Mostly Achieved. RPSPR reduced target percentage from 20 to 15.

17. RPS Outcome 17: PPP’s in relevant sectors to relieve government expenditures and improve service Indicator: Number of PPP projects undertaken in the region Baseline: 0 (2009) Target: 2 (2014)

Not achieved Two operations that were under implementation could not be completed. A PPP roadmap has been prepared for each country with the support of the WBG

Not achieved.

18. RPS Outcome 18:Simplified procedures for starting a business and trading across borders within the OECS by 2014 (IFC)

Indicator 1: Business entry regulations adopted in 4 countries by 2013 Indicator 2: Reduction in the number of days to trade Average number of days to

comply with business regulation (Imports) Baseline: DM:15; GD: 19;

Partially Achieved IFC Advisory Services in partnership with CIDA centered on entry and logistics in Dominica, Grenada, St. Lucia, and St. Kitts and Nevis (Stage 1 (2009-2011.) Stage 2 foresaw a deeper engagement in St. Lucia and Grenada. The Bank assisted Grenada on improving business registration. In Grenada, new entry regulations were issued. However, the four countries continue to lag behind countries in LAC with similar levels of income. The indicators show progress in reducing the number of

Partially Achieved. Business entry regulations were passed and issued in Dominica and Grenada 4 out of 4 countries reduced the average number of days to comply with import regulations. 1 out of 4 countries reduced the average

Annexes 19


RPS FY10-FY14: Pillar II – Enhancing

Competitiveness and Stimulating Sustainable

Growth


SKN: 13; SLU: 18 (2009) Target: < Baseline (2014)

Average number of days to comply with business regulation (Exports) Baseline: DM:13; GD: 14; SKN: 12; SLU: 14 (2009) Target: < Baseline (2014)

days needed for importing and exporting. Average number of days to comply with business regulation (Imports) Status (2014) DM:14; GD: 9; SKN 12; SLU: 13. Average number of days to comply with business

regulation (Exports) Status (2014) DM: 13; GD:9; SKN:13; SLU:14.

number of days to comply with export regulations.

Annexes 20


Annex Table 2: Planned and Actual Lending, FY10-14 Project

ID Project name Proposed FY

Approval FY

Closing FY

Proposed Amount

Approved Amount

Outcome Rating Comments

Project Planned Under CPS / CPSPR 2010-14 P117087 OECS EGRIP-SVG (APL 2) 2010 2010 2014 2.4 2.3 LIR: MS P117000 Economic and Social DPL (Grenada) 2010 2010 2011 8.0 8.0 IEG: S P117016 LC Economic and Social DPL (St. Lucia) 2010 2010 2011 12.0 12.0 IEG: MU P117871 OECS Regional Disaster Vulnerability Reduction Project

(Phase 1 - Grenada, Saint Vincent and the Grenadines) 2011 2011 2019 32.1 20.9 LIR: S

P101414 OECS Eastern Caribbean Energy Regulatory Authority (ECERA) 2011 2011 2017 5.6 5.6 LIR: MU

P123128 Grenada Safety Net Advancement Project 2012 2012 2016 5.0 5.0 LIR: MU P126791 Antigua and Barbuda Public & Social Sector

Transformation 2012 2013 2019 20.0 10.0 LIR: MS

P114963 Caribbean Regional Communications Infrastructure Program 2012 2012 2017 22.0 22.0 LIR: MS

OECS Education Sector SWAp 2012 DROPPED 18.0

P127226 6O-(APL2)LC Disaster Vuln. Reduct. 2013 2014 2020 10.0 41.0 P129992 DM Disaster Vuln. Reduction (APL3) 2013 2014 2021 20.0 17.0 LIR: S P147152 1st Programmatic Resilience Building DPC 2014 2014 2015 15.0 15.0 Total Planned 170.1 158.8 Unplanned Projects during the CPS and CPSPR Period P125205 Saint Lucia Hurricane Tomas Emergency Recovery Loan 2011 2011 2015 5.0 15.0 LIR: S P124939 Saint Vincent and the Grenadines Hurricane Tomas

Emergency Recovery Loan 2011 2011 2014 15.0 5.0 LIR: S P146768 St Vincent RDVRP (AF) 2014 35.6 LIR: S

Total Unplanned 55.60 On-going Projects during the CPS and CPSPR Period

Approval FY

Closing FY

Approved Amount

Outcome Rating

P077759 GD EDUCATION DEV (2nd APL) 2003 2011 8.0 LIR: MS P086469 LC Disaster Management Project II 2004 2012 7.5 LIR: S P086664 6O: VC EDUCATION (APL3) 2004 2012 6.2 IEG: MS P076795 LC HIV/AIDS PREVENTION & CONTROL 2005 2010 6.4 IEG: MS P076799 VC HIV/AIDS PREVENTION & CONTROL 2005 2011 7.0 IEG: MU

Annexes 21


P088448 OECS-Telecomm & ICT Development Pro 2005 2012 2.7 IEG: MS P082392 GD Public Sector Modernization TAC 2006 2013 3.5 IEG: MU P094539 OECS-Catastrophe Insurance 2007 2011 14.2 IEG: MS P094869 DM GSPTAC 2007 2011 1.4 IEG: MS P097141 OECS (St Lucia) Skills for Inclu. Growth 2007 2014 3.5 IEG: MS P105027 SL Water Infra Improv Add'l Finan 2007 1.8 LIR: HS P100635 OECS E-Gov for Regional Integration 2008 2014 7.2 LIR: MS P101322 GD TAC 2008 2012 1.9 IEG: MS P095681 OECS (Grenada) Skill for Inclusive Growth 2009 2014 3.0 LIR: MS P111708 LC (AF) Disaster Mgt Project II Add'l Fi 2009 3.0 LIR: S P113342 GD -(AF) Education Dev -2nd APL 2009 1.9 LIR: MS Total On-going 79.22 *LIR: Latest internal rating. MU: Moderately Unsatisfactory. MS: Moderately Satisfactory. S: Satisfactory. HS: Highly Satisfactory. Source: BW 9/11/14

P116121 DROPPED-LC Public Service Moderniz. FY10 PS Public Sector Governance 1 1 1 0

P123925 DROPPED-6O-Financial Sector FY11 FPD Financial and Private Sector Development (I) 1 1 2 4

P130191 DROPPED -GD Growth and Debt DPL FY12 EP Economic Policy 1 1 10 10

P144512 Comprehensive Debt Framework Prog DPL 1 FY14 EP Economic Policy 1 1 10 0

Annexes 22


Annex Table 3: Analytical and Advisory Work for OECS, FY10 - FY14

Proj ID Economic and Sector Work Country Fiscal year Output Type

P116386 DeMPA Assessment - St. Kitts & Nevis St. Kitts and Nevis FY10 Report P117232 DeMPA Assessment - Grenada Grenada FY10 Report

P117233 DeMPA Assessment - Antigua and Barbuda Antigua and Barbuda FY10 Report

P145772 GD Cocoa/Nutmeg Logistics Chain Analysis Grenada FY14 EW/Not assigned

Proj ID Technical Assistance Fiscal year Output Type P111783 OECS Career Teacher Management OECS FY10 "How-To" Guidance P121535 OECS Tax Transparency OECS FY11 Client Document Review

P123161 6O-Regional Statistical Work in OECS OECS FY11 Knowledge-Sharing Forum

P117501 6O-OECS (C) Safety Net NLTA OECS FY12 TA/IAR

P121221 OECS Education NLTA OECS FY12 Knowledge-Sharing Forum

P121613 Caribbean Insurance Crisis Resolution OECS FY12 TA/IAR P127336 6O Support to OECS Dev. Strategy OECS FY13 TA/IAR P126179 Restoring Financial Stability in OECS OECS FY14 TA/IAR P128524 6O Regional Statistical Work in OECS OECS FY14 TA/IAR Source: WB Business Warehouse Table ESW/TA 8.1.4 as of 08/20/2014 Annex Table 4: Grants and Trust Funds Active in FY10-14 (in US$ million) Project

ID Project name TF ID Approval FY

Closing FY

Approved Amount

P103470 Sustainable Financing & Management of Eastern Caribbean Marine Ecosystem Project TF 10220 2012 2017 8,750,000

P117871 Regional Disaster Vulnerability Reduction APL1 - Grenada and St. Vincent and the Grenadines TF 10204 2012 2017 8,000,000

P122518 Capacity Building for Evidence Based Policy Making in Education and Health Sectors in the OECS TF 98176 2011 2014 449,680

P119913 Strengthening Accountability of the Non-Banking Financial Sector in the OECS TF 96989 2011 2014 455,000

P119818 Strengthening Institute of the Chartered Accountants of the Eastern Caribbean TF 96673 2011 2014 455,000

P117829 Institutionalizing Performance, Monitoring and Evaluation in OECS countries in the CARICOM Region TF 96316 2010 2013 470,600

P117871 Regional Disaster Vulnerability Reduction APL1 - Grenada and St. Vincent and the Grenadines TF 94116 2009 2012 510,000

P073267 OECS Protected Areas and Associated Livelihoods Project TF 53299 2005 2012 3,700,000

P103470 Sustainable Financing & Management of Eastern Caribbean Marine Ecosystem Project TF 95696 2010 2011 250,000

P104531 OECS: Strengthening Institutional Capacity for Project Implementation TF 91819 2008 2011 403,450

Total FY09-13 23,443,730 Source: Client Connection as of 3/24/2014

Annexes 23


Annex Table 5: IEG Project Ratings for OECS, FY10-14

Exit FY Proj ID Project Name Total

Evaluated ($M)

IEG Outcome IEG Risk to DO Rating*

OECS 2011 P094539 OECS-Catastrophe Insurance 14.18 MODERATELY

SATISFACTORY MODERATE

2012 P073267 OECS Protected Areas and Associated Live - MODERATELY

SATISFACTORY SIGNIFICANT

2012 P088448 OECS-Telecomm & ICT Development Pro 2.74 MODERATELY

SATISFACTORY NEGLIGIBLE TO LOW

Total 16.92 St. Vincent and Grenadines

2011 P076799 VC HIV/AIDS PREVENTION & CONTROL 6.51 MODERATELY

UNSATISFACTORY MODERATE

2012 P086664 6O: VC EDUCATION (APL3) 5.89 MODERATELY SATISFACTORY NEGLIGIBLE TO LOW

Total 12.39 Grenada

2011 P077759 GD EDUCATION DEV (2nd APL) 8.62 MODERATELY SATISFACTORY MODERATE

2011 P117000 GD Economic and Social DPL 8.02 SATISFACTORY MODERATE

2012 P101322 GD TAC 1.71 MODERATELY SATISFACTORY NEGLIGIBLE TO LOW

2013 P082392 GD Public Sector Modernization TAC 3.02 MODERATELY

UNSATISFACTORY HIGH

2014 P095681 OECS (Grenada) Skill for Inclusive Growth 3.06 MODERATELY

SATISFACTORY SIGNIFICANT

Total 24.42 St. Lucia

2010 P076795 LC HIV/AIDS PREVENTION & CONTROL 6.45 MODERATELY

SATISFACTORY NEGLIGIBLE TO LOW

2011 P117016 LC Economic and Social DPL 12.01 MODERATELY UNSATISFACTORY HIGH

2012 P086469 LC Disaster Management Project II 10.50 SATISFACTORY MODERATE

2014 P097141 OECS (St Lucia) Skills for Inclu. Growth 3.72 MODERATELY

SATISFACTORY MODERATE

Total 32.68 Dominica

2011 P094869 DM GSPTAC 1.53 MODERATELY SATISFACTORY MODERATE

Total 1.53 Antigua and Barbuda No Data Available St. Kitts and Nevis No Data Available WB Business Warehouse Table 4a.5 and 4a.6 as of as of 8/19/2014 * With IEG new methodology for evaluating projects, institutional development impact and sustainability are no longer rated separately.

Annexes 24


Annex Table 6: Project Ratings for OECS and Comparators, FY10-14

Exit FY Total

Evaluated ($M)

Total Evaluated

(No) Outcome % Sat ($)

Outcome % Sat (No)

RDO % Moderate or

Lower Sat ($)*

RDO % Moderate or

Lower Sat (No)*

OECS Countries

16.9 3

100.0

100.0

100.0

66.7

Dominica 1.5 1

100.0

100.0

100.0

100.0

Grenada 24.4 5

87.7

80.0

75.1

60.0

St. Lucia 32.7 4

63.2

75.0

63.2

75.0

St. Vincent and 12.4 2

47.5

50.0

100.0

100.0

LCR 15,605.32 146

94.11

74.65

82.89

68.75

World 69,313.44 792

83.28

71.69

60.98

51.72 Source: WB Business Warehouse as of 8/19/14 * With IEG new methodology for evaluating projects, institutional development impact and sustainability are no longer rated separately. Annex Table 7: Portfolio Status for OECS and comparators, FY10-14

Fiscal year 2010 2011 2012 2013 2014 Total OECS

# Proj 5 6 5 5 4 25 # Proj At Risk 0 0 1 0 2 3 % Proj At Risk - - 20.0 - 50.0 12.0 Net Comm Amt 30.1 42.8 45.1 44.8 111.9 274.6 Comm At Risk - - 5.6 - 14.4 20.0 % Commit at Risk - - 12.4 - 12.8 7.3

LCR # Proj 349 353 346 332 315 1,695

# Proj At Risk 68 61 68 72 70 339 % Proj At Risk 19.5 17.3 19.7 21.7 22.2 20.0 Net Comm Amt 32,161.5 32,557.8 33,341.8 30,843.3 29,271.0 158,175.5 Comm At Risk 5,316.1 3,195.2 4,503.5 6,097.4 6,355.6 25,467.8 % Commit at Risk 16.5 9.8 13.5 19.8 21.7 16.1

World # Proj 1,990 2,059 2,029 1,965 2,049 10,092

# Proj At Risk 410 382 387 414 412 2,005 % Proj At Risk 20.6 18.6 19.1 21.1 20.1 19.9 Net Comm Amt 162,975.3 171,755.3 173,706.1 176,206.6 192,614.1 877,257.4 Comm At Risk 28,963.1 23,850.0 24,465.0 40,805.6 40,933.5 159,017.2 % Commit at Risk 17.8 13.9 14.1 23.2 21.3 18.1

Antigua and Barbuda # Proj

1 1 2

# Proj At Risk

0 0 0

Annexes 25


% Proj At Risk

- - - Net Comm Amt

10.0 10.0 20.0

Comm At Risk

- - - % Commit at Risk

- - -

Grenada # Proj 5 4 4 3 3 19

# Proj At Risk 1 0 2 0 1 4 % Proj At Risk 20.0 - 50.0 - 33.3 21.1 Net Comm Amt 25.2 9.4 12.5 9.0 21.0 77.0 Comm At Risk 3.5 - 6.5 - 5.0 15.0 % Commit at Risk 13.9 - 52.0 - 23.8 19.5

St. Kitts and Nevis # Proj

0 # Proj At Risk

% Proj At Risk

No Data Available Net Comm Amt

Comm At Risk % Commit at Risk St. Vincent and the Grenadines

# Proj 2 2 1 1

6 # Proj At Risk 0 0 0 1

1

% Proj At Risk - - - 100.0

16.7 Net Comm Amt 13.2 11.2 5.0 5.0

34.4

Comm At Risk - - - 5.0

5.0 % Commit at Risk - - - 100.0

14.5

St. Lucia # Proj 3 3 2 2 1 11

# Proj At Risk 1 0 2 1 0 4 % Proj At Risk 33.3 - 100.0 50.0 - 36.4 Net Comm Amt 26.0 29.0 18.5 18.5 15.0 107.0 Comm At Risk 3.5 - 18.5 15.0 - 37.0 % Commit at Risk 13.5 - 100.0 81.1 - 34.6

Dominica # Proj 1

1 2

# Proj At Risk 0

0 0 % Proj At Risk -

- -

Net Comm Amt 1.5 17.0 18.5 Comm At Risk - - - % Commit at Risk - - -

Source: WB Business Warehouse Table 3a.4 as of 8/20/14

Annexes 26


Annex Table 8: Disbursement Ratio for OECS, FY10 - FY14

Fiscal Year 2010 2011 2012 2013 2014 Overall Result

OECS Disbursement Ratio (%) 19.07 24.41 9.76 12.56 38.13 20.24 Inv Disb in FY 2.63 3.31 3.41 4.95 13.37 27.67 Inv Tot Undisb Begin FY 13.79 13.56 34.91 39.42 35.07 136.75

LCR Disbursement Ratio (%) 39.18 30.88 21.96 23.95 18.76 26.73 Inv Disb in FY 4,998.44 4,513.46 3,338.43 3,523.98 2,491.08 18,865.38 Inv Tot Undisb Begin FY 12,756.70 14,614.23 15,201.65 14,712.30 13,280.99 70,565.87

World Disbursement Ratio (%) 26.91 22.38 20.79 20.60 20.79 22.07 Inv Disb in FY 20,928.83 20,933.51 21,048.75 20,509.01 20,756.34 104,176.44 Inv Tot Undisb Begin FY 77,760.85 93,516.54 101,239.14 99,582.39 99,848.44 471,947.36

Antigua and Barbuda Disbursement Ratio (%) 21.70 Inv Disb in FY 2.16 Inv Tot Undisb Begin FY 9.98

Grenada Disbursement Ratio (%) 25.28 25.83 45.21 44.79 12.48 31.56 Inv Disb in FY 2.75 2.17 2.60 3.61 0.45 11.58 Inv Tot Undisb Begin FY 10.90 8.39 5.76 8.05 3.60 36.70

St. Kitts and Nevis Disbursement Ratio (%)

Inv Disb in FY No Data Available

Inv Tot Undisb Begin FY St. Vincent and the Grenadines

Disbursement Ratio (%) 9.95 67.12 16.38 42.25 89.04 42.46 Inv Disb in FY 2.46 3.86 1.02 1.90 2.36 11.61 Inv Tot Undisb Begin FY 8.22 5.76 6.21 4.50 2.65 27.34

St. Lucia

Disbursement Ratio (%) 23.31

35.46

24.38

16.08

76.58

34.08

Inv Disb in FY 1.79

2.02

4.52

2.21

9.05

19.59

Inv Tot Undisb Begin FY 7.68

5.69

18.54

13.77

11.82

57.49

Dominica

Disbursement Ratio (%) 90.58

97.41

91.21

Inv Disb in FY 0.79

0.09

0.87

Inv Tot Undisb Begin FY 0.87

0.09

0.96 * Calculated as IBRD/IDA Disbursements in FY / Opening Undisbursed Amount at FY. Restricted to Lending Instrument Type = Investment. BW disbursement ratio table as of 8/20/14

Annexes 27


Annex Table 9: Net Disbursement* and Charges for Antigua and Barbuda, FY10-14 Period Disb. Amt. Repay Amt. Net Amt. Charges Fees Net Transfer

FY2010 FY2011 FY2012 FY2013 FY2014 1,489,569.25 0.00 1,489,569.25 2,044.30 25,000.00 1,462,524.95

Report Total 1,489,569.25 0.00 1,489,569.25 2,044.30 25,000.00 1,462,524.95

Annex Table 9: Net Disbursement* and Charges for Grenada, FY10-14 Period Disb. Amt. Repay Amt. Net Amt. Charges Fees Net Transfer FY2010 3,580,437.30 1,960,399.95 1,620,037.35 390,860.86 287,462.66 941,713.83 FY2011 10,469,498.36 2,019,018.67 8,450,479.69 363,397.77 329,289.71 7,757,792.21 FY2012 2,971,314.22 1,976,471.42 994,842.80 337,333.01 351,088.43 306,421.36 FY2013 4,979,589.20 2,030,626.05 2,948,963.15 322,642.18 354,127.27 2,272,193.70 FY2014 3,000,854.13 1,042,877.48 1,957,976.65 138,675.25 187,692.72 1,631,608.68

Report Total 25,001,693.21 9,029,393.57 15,972,299.64 1,552,909.07 1,509,660.79 12,909,729.78

Annex Table 9: Net Disbursement* and Charges for St. Kitts and Nevis, FY10-14 Period Disb. Amt. Repay Amt. Net Amt. Charges Fees Net Transfer FY2010 355,399.61 2,577,972.90 -2,222,573.29 266,820.64 13,171.12 -2,502,565.05 FY2011 34,780.40 2,377,356.77 -2,342,576.37 143,863.82 10,224.84 -2,496,665.03 FY2012 195,331.73 2,043,787.95 -1,848,456.22 96,375.84 9,873.98 -1,954,706.04 FY2013 0.00 1,681,197.24 -1,681,197.24 69,749.07 8,173.98 -1,759,120.29 FY2014 0.00 763,530.24 -763,530.24 35,537.85 8,413.77 -807,481.86

Report Total 585,511.74 9,443,845.10 -8,858,333.36 612,347.22 49,857.69 -9,520,538.27

Annex Table 9: Net Disbursement* and Charges for St. Lucia, FY10-14 Period Disb. Amt. Repay Amt. Net Amt. Charges Fees Net Transfer FY2010 2,000,544.72 3,324,947.59 -1,324,402.87 748,339.02 382,300.69 -2,455,042.58 FY2011 15,193,506.48 3,554,547.57 11,638,958.91 630,118.42 410,921.98 10,597,918.51 FY2012 5,010,624.89 3,433,878.05 1,576,746.84 696,420.22 483,387.61 396,939.01 FY2013 3,834,280.47 3,395,848.83 438,431.64 612,533.51 476,599.41 -650,701.28 FY2014 6,688,255.28 2,426,353.96 4,261,901.32 445,224.67 372,522.24 3,444,154.41

Report Total 32,727,211.84 16,135,576.00 16,591,635.84 3,132,635.84 2,125,731.93 11,333,268.07

Annexes 28


Annex Table 9: Net Disbursement* and Charges for St. Vincent and the Grenadines, FY10-14 Period Disb. Amt. Repay Amt. Net Amt. Charges Fees Net Transfer FY2010 2,503,990.18 733,165.11 1,770,825.07 142,999.14 168,982.55 1,458,843.38 FY2011 4,308,009.91 889,908.60 3,418,101.31 151,452.17 164,038.84 3,102,610.30 FY2012 1,846,175.06 1,168,675.66 677,499.40 191,206.91 174,529.69 311,762.80 FY2013 3,231,557.02 1,348,816.10 1,882,740.92 190,830.96 166,985.59 1,524,924.37 FY2014 4,281,763.12 1,258,090.24 3,023,672.88 162,530.44 166,960.30 2,694,182.14

Report Total 16,171,495.29 5,398,655.71 10,772,839.58 839,019.62 841,496.97 9,092,322.99

Annex Table 9: Net Disbursement* and Charges for Dominica, FY10-14 Period Disb. Amt. Repay Amt. Net Amt. Charges Fees Net Transfer FY2010 1,571,256.59 995,872.70 575,383.89 47,420.46 205,774.84 322,188.59 FY2011 731,863.38 940,513.11 -208,649.73 27,768.49 196,832.00 -433,250.22 FY2012 557,438.68 878,780.45 -321,341.77 13,295.79 214,596.02 -549,233.58 FY2013 947,125.54 735,475.02 211,650.52 5,007.01 200,772.81 5,870.70 FY2014 615,919.42 599,543.20 16,376.22 828.75 173,773.44 -158,225.97

Report Total 4,423,603.61 4,150,184.48 273,419.13 94,320.50 991,749.11 -812,650.48 * Total amount disbursed in US dollars calculated at the exchange rate on the value date of the individual disbursement. Source: World Bank Client Connection 03/24/2014

Annexes 29


Annex Table 10: Economic and Social Indicators for Antigua and Barbuda, FY09-13

Series Name Antigua and Barbuda Antigua

and Barbuda

LCR World

2009 2010 2011 2012 2013 Average 2009-2013 Growth and Inflation GDP growth (annual %) -12.3 -7.7 -3.0 2.8 .. -5.0 2.7 1.8

GDP per capita growth (annual %) -13.3 -8.7 -4.0 1.8 .. -6.1 1.5 0.6 GNI per capita, PPP (current international $) 20,130.0 18,840.0 18,340.0 18,920.0 .. 19,057.5 11,081.4 11,403.0 GNI per capita, Atlas method (current US$) 13,650.0 12,850.0 12,400.0 12,480.0 .. 12,845.0 7,930.4 9,434.2 Inflation, consumer prices (annual %) -0.6 3.4 3.5 3.4 .. 2.4 4.1 3.8

Composition of GDP (%) Agriculture, value added (% of GDP) 1.7 2.2 2.5 2.3 .. 2.2 5.5 3.2 Industry, value added (% of GDP) 22.6 22.6 20.5 19.6 .. 21.4 31.9 26.3 Services, etc., value added (% of GDP) 75.7 75.2 76.9 78.1 .. 76.5 62.5 70.4 Gross fixed capital formation (% of GDP) 39.3 36.0 31.2 31.8 .. 34.6 20.7 21.1 Gross domestic savings (% of GDP) 27.8 22.6 21.4 26.3 .. 24.5 20.4 21.5

External Accounts Exports of goods and services (% of GDP) 44.6 45.1 49.0 48.7 .. 46.9 22.8 29.0 Imports of goods and services (% of GDP) 56.1 58.6 58.8 54.2 .. 56.9 23.6 29.0 Current account balance (% of GDP) -13.4 -14.4 -11.1 -6.9 .. -11.5 .. .. External debt stocks (% of GNI) .. .. .. .. .. .. 22.8 .. Total debt service (% of GNI) .. .. .. .. .. .. 3.1 .. Total reserves in months of imports 2.0 2.3 2.6 2.9 .. 2.4 9.2 14.0

Fiscal Accounts * General government revenue (% of GDP) 18.7 22.5 20.5 20.3 23.2 21.0 General government total expenditure (% of GDP) 36.9 22.7 24.1 21.5 29.4 26.9 General government net lending/borrowing (% of GDP) -18.2 -0.2 -3.6 -1.2 -6.2 -5.9 General government gross debt (% of GDP) 102.5 90.8 92.9 89.1 95.3 94.1 Health Life expectancy at birth, total (years) 75.2 75.3 75.5 .. .. 75.3 74.0 70.3 Immunization, DPT (% of children ages 12-23 months) 99.0 98.0 99.0 98.0 .. 98.5 92.8 83.3 Improved sanitation facilities (% of population with access) 91.4 91.4 91.4 .. .. 91.4 80.0 63.1 Improved water source (% of population with access) 97.9 97.9 97.9 .. .. 97.9 93.5 88.4 Mortality rate, infant (per 1,000 live births) 10.2 9.8 9.5 9.2 .. 9.7 17.3 36.6 Education

Annexes 30


School enrollment, preprimary (% gross) .. 84.3 82.7 .. .. 83.5 71.0 48.4 School enrollment, primary (% gross) 102.8 103.4 100.7 .. .. 102.3 114.3 106.7 School enrollment, secondary (% gross) 108.5 106.2 106.1 .. .. 107.0 90.0 70.0

Population Population, total 86,300.0 87,233.0 88,152.0 89,069.0 .. 87,688.5 571,489,072.0 6,925,695,595.9 Population growth (annual %) 1.1 1.1 1.0 1.0 .. 1.1 1.2 1.2 Urban population (% of total) 30.0 29.9 29.9 29.9 .. 29.9 78.6 51.8

Source: DDP as of March 23, 2014 *International Monetary Fund, World Economic Outlook Database, April 2014 (Estimates Start After 2011) Annex Table 10: Economic and Social Indicators for Dominica, FY09-13

Series Name Dominica Dominica LCR World 2009 2010 2011 2012 2013 Average 2009-2013

Growth and Inflation GDP growth (annual %) 5.9 1.0 -0.3 -1.7 .. 1.2 2.7 1.8 GDP per capita growth (annual %) 5.7 0.7 -0.6 -2.1 .. 0.9 1.5 0.6 GNI per capita, PPP (current international $) 11730.0 12070.0 12210.0 11980.0 .. 11997.5 11081.4 11403.0 GNI per capita, Atlas method (current US$) 6800.0 6740.0 6660.0 6440.0 .. 6660.0 7930.4 9434.2 Inflation, consumer prices (annual %) 0.0 3.2 2.4 1.4 .. 1.8 4.1 3.8 Composition of GDP (%) Agriculture, value added (% of GDP) 13.9 12.9 13.5 15.5 .. 14.0 5.5 3.2 Industry, value added (% of GDP) 14.1 15.3 15.5 15.9 .. 15.2 31.9 26.3 Services, etc., value added (% of GDP) 72.0 71.8 71.0 68.6 .. 70.8 62.5 70.4 Gross fixed capital formation (% of GDP) 19.7 21.6 22.5 22.2 .. 21.5 20.7 21.1 Gross domestic savings (% of GDP) -2.8 2.0 3.0 10.9 .. 3.3 20.4 21.5 External Accounts Exports of goods and services (% of GDP) 32.5 36.0 34.4 40.1 .. 35.7 22.8 29.0 Imports of goods and services (% of GDP) 55.0 55.6 53.8 51.4 .. 54.0 23.6 29.0 Current account balance (% of GDP) -22.7 -17.3 -14.7 -11.5 .. -16.5 .. .. External debt stocks (% of GNI) 57.7 53.6 55.8 61.5 .. 57.1 22.8 .. Total debt service (% of GNI) 4.4 3.3 3.5 4.3 .. 3.9 3.1 .. Total reserves in months of imports 3.2 3.3 3.5 4.2 .. 3.5 9.2 14.0 Fiscal Accounts * General government revenue (% of GDP) 36.6 37.7 31.8 30.1 30.9 33.4 General government total expenditure (% of GDP) 36.9 41.2 36.4 33.8 34.9 36.6

Annexes 31


General government net lending/borrowing (% of GDP) -0.3 -3.5 -4.5 -3.7 -3.9 -3.2 General government gross debt (% of GDP) 64.2 69.9 71.9 74.8 77.0 71.6 Health Life expectancy at birth, total (years) .. .. .. .. .. .. 74.0 70.3 Immunization, DPT (% of children ages 12-23 months) 99.0 98.0 98.0 97.0 .. 98.0 92.8 83.3 Improved sanitation facilities (% of population with access) .. .. .. .. .. .. 80.0 63.1 Improved water source (% of population with access) .. .. .. .. .. .. 93.5 88.4 Mortality rate, infant (per 1,000 live births) 12.1 11.9 11.8 11.5 .. 11.8 17.3 36.6 Education School enrollment, preprimary (% gross) 102.7 104.9 101.9 95.0 .. 101.1 71.0 48.4 School enrollment, primary (% gross) 104.7 108.8 114.0 119.0 .. 111.6 114.3 106.7 School enrollment, secondary (% gross) 100.6 96.9 96.7 .. .. 98.1 90.0 70.0 Population Population, total 70996.0 71167.0 71401.0 71684.0 .. 71312.0 571489072.0 6925695595.9 Population growth (annual %) 0.2 0.2 0.3 0.4 .. 0.3 1.2 1.2 Urban population (% of total) 67.0 67.1 67.2 67.3 .. 67.1 78.6 51.8 Source: DDP as of March 23, 2014

*International Monetary Fund, World Economic Outlook Database, April 2014 (Estimates Start After 2011)

Annexes 32


Annex Table 10: Economic and Social Indicators for Grenada, FY09-13

Series Name Grenada Grenada LCR World 2009 2010 2011 2012 2013 Average 2009-2013

Growth and Inflation GDP growth (annual %) -6.6 0.0 1.0 0.6 .. -1.3 2.7 1.8 GDP per capita growth (annual %) -6.9 -0.4 0.6 0.2 .. -1.6 1.5 0.6 GNI per capita, PPP (current international $) 9810.0 9880.0 10240.0 10350.0 .. 10070.0 11081.4 11403.0 GNI per capita, Atlas method (current US$) 7070.0 7120.0 7340.0 7220.0 .. 7187.5 7930.4 9434.2 Inflation, consumer prices (annual %) -0.3 3.4 3.0 2.4 .. 2.1 4.1 3.8 Composition of GDP (%) Agriculture, value added (% of GDP) 5.3 5.2 5.3 5.7 .. 5.4 5.5 3.2 Industry, value added (% of GDP) 16.8 17.1 16.6 11.7 .. 15.6 31.9 26.3 Services, etc., value added (% of GDP) 77.9 77.7 78.1 82.6 .. 79.1 62.5 70.4 Gross fixed capital formation (% of GDP) 23.8 21.2 21.0 18.1 .. 21.0 20.7 21.1 Gross domestic savings (% of GDP) -0.3 -5.6 -4.5 -8.0 .. -4.6 20.4 21.5 External Accounts Exports of goods and services (% of GDP) 22.5 21.5 22.6 25.2 .. 22.9 22.8 29.0 Imports of goods and services (% of GDP) 46.6 48.3 48.0 51.4 .. 48.6 23.6 29.0 Current account balance (% of GDP) -25.4 -25.9 -25.1 -28.0 .. -26.1 .. .. External debt stocks (% of GNI) 80.7 79.2 75.7 78.6 .. 78.6 22.8 .. Total debt service (% of GNI) 3.2 3.6 3.3 2.1 .. 3.0 3.1 .. Total reserves in months of imports 3.6 3.4 3.4 3.3 .. 3.4 9.2 14.0 Fiscal Accounts * General government revenue (% of GDP) 22.8 24.7 23.8 21.1 20.7 22.6 General government total expenditure (% of GDP) 28.0 27.8 28.2 26.5 29.9 28.1 General government net lending/borrowing (% of GDP) -5.2 -3.1 -4.4 -5.4 -9.2 -5.5 General government gross debt (% of GDP) 95.1 101.2 106.4 109.5 115.8 105.6 Health Life expectancy at birth, total (years) 72.2 72.3 72.5 .. .. 72.3 74.0 70.3 Immunization, DPT (% of children ages 12-23 months) 99.0 97.0 94.0 97.0 .. 96.8 92.8 83.3 Improved sanitation facilities (% of population with access) 97.0 97.0 .. .. .. 97.0 80.0 63.1 Improved water source (% of population with access) .. .. .. .. .. .. 93.5 88.4 Mortality rate, infant (per 1,000 live births) 12.0 11.8 11.7 11.4 .. 11.7 17.3 36.6 Education School enrollment, preprimary (% gross) 102.3 98.6 .. .. .. 100.4 71.0 48.4 School enrollment, primary (% gross) 104.6 103.4 .. .. .. 104.0 114.3 106.7

Annexes 33


School enrollment, secondary (% gross) 100.8 107.8 .. .. .. 104.3 90.0 70.0 Population Population, total 104296.0 104677.0 105074.0 105483.0 .. 104882.5 571489072.0 6925695595.9 Population growth (annual %) 0.3 0.4 0.4 0.4 .. 0.4 1.2 1.2 Urban population (% of total) 38.5 38.8 39.2 39.5 .. 39.0 78.6 51.8 Source: DDP as of March 23, 2014


Annex Table 10: Economic and Social Indicators for St. Kitts and Nevis, FY09-13

Series Name St. Kitts and Nevis St. Kitts and Nevis LCR World 2009 2010 2011 2012 2013 Average 2009-2013

Growth and Inflation GDP growth (annual %) -6.9 -2.4 2.1 6.9 .. -0.1 2.7 1.8 GDP per capita growth (annual %) -8.0 -3.6 0.9 5.7 .. -1.2 1.5 0.6 GNI per capita, PPP (current international $) 16050.0 15630.0 16350.0 17630.0 .. 16415.0 11081.4 11403.0 GNI per capita, Atlas method (current US$) 12820.0 12250.0 12660.0 13610.0 .. 12835.0 7930.4 9434.2 Inflation, consumer prices (annual %) 2.0 0.5 7.1 1.4 .. 2.7 4.1 3.8 Composition of GDP (%) Agriculture, value added (% of GDP) 1.4 1.6 1.8 1.5 .. 1.6 5.5 3.2 Industry, value added (% of GDP) 24.9 23.9 22.8 23.7 .. 23.8 31.9 26.3 Services, etc., value added (% of GDP) 73.7 74.5 75.4 74.7 .. 74.6 62.5 70.4 Gross fixed capital formation (% of GDP) 43.7 37.2 32.0 27.6 .. 35.1 20.7 21.1 Gross domestic savings (% of GDP) 17.9 17.1 19.5 16.3 .. 17.7 20.4 21.5 External Accounts Exports of goods and services (% of GDP) 24.6 29.5 32.6 32.7 .. 29.9 22.8 29.0 Imports of goods and services (% of GDP) 50.4 49.6 45.1 44.0 .. 47.3 23.6 29.0 Current account balance (% of GDP) -26.1 -20.5 -12.6 -9.2 .. -17.1 .. .. External debt stocks (% of GNI) .. .. .. .. .. .. 22.8 .. Total debt service (% of GNI) .. .. .. .. .. .. 3.1 .. Total reserves in months of imports 4.0 5.1 7.5 8.4 .. 6.3 9.2 14.0 Fiscal Accounts * General government revenue (% of GDP) 32.6 31.0 37.1 35.9 32.3 33.8 General government total expenditure (% of GDP) 35.6 38.8 35.3 30.7 30.0 34.1 General government net lending/borrowing (% of GDP) -2.9 -7.8 1.8 5.2 2.2 -0.3 General government gross debt (% of GDP) 148.5 163.9 153.6 89.3 83.0 127.6

Annexes 34


Health Life expectancy at birth, total (years) .. .. .. .. .. .. 74.0 70.3 Immunization, DPT (% of children ages 12-23 months) 97.0 95.0 97.0 97.0 .. 96.5 92.8 83.3 Improved sanitation facilities (% of population with access) 96.0 96.0 .. .. .. 96.0 80.0 63.1 Improved water source (% of population with access) 98.3 98.3 98.3 .. .. 98.3 93.5 88.4 Mortality rate, infant (per 1,000 live births) 7.8 7.5 7.2 7.0 .. 7.4 17.3 36.6 Education School enrollment, preprimary (% gross) 86.6 90.0 95.6 .. .. 90.8 71.0 48.4 School enrollment, primary (% gross) 94.3 93.5 90.2 87.9 .. 91.5 114.3 106.7 School enrollment, secondary (% gross) 98.6 97.5 94.5 78.8 .. 92.4 90.0 70.0 Population Population, total 51731.0 52352.0 52971.0 53584.0 .. 52659.5 571489072.0 6925695595.9 Population growth (annual %) 1.2 1.2 1.2 1.2 .. 1.2 1.2 1.2 Urban population (% of total) 32.0 31.9 32.0 32.1 .. 32.0 78.6 51.8 Source: DDP as of March 23, 2014


Annex Table 10: Economic and Social Indicators for St. Lucia, FY09-13

Series Name St. Lucia St. Lucia LCR World 2009 2010 2011 2012 2013 Average 2009-2013

Growth and Inflation GDP growth (annual %) 0.1 0.4 1.3 0.5 .. 0.6 2.7 1.8 GDP per capita growth (annual %) -1.3 -0.8 0.2 -0.4 .. -0.6 1.5 0.6 GNI per capita, PPP (current international $) 10570.0 10680.0 11140.0 11300.0 .. 10922.5 11081.4 11403.0 GNI per capita, Atlas method (current US$) 6670.0 6560.0 6840.0 6890.0 .. 6740.0 7930.4 9434.2 Inflation, consumer prices (annual %) -1.7 3.3 2.8 4.2 .. 2.1 4.1 3.8 Composition of GDP (%) Agriculture, value added (% of GDP) 4.3 3.5 3.3 3.9 .. 3.7 5.5 3.2 Industry, value added (% of GDP) 18.0 16.6 16.1 16.0 .. 16.7 31.9 26.3 Services, etc., value added (% of GDP) 77.8 79.9 80.6 80.1 .. 79.6 62.5 70.4 Gross fixed capital formation (% of GDP) 28.1 32.4 34.3 27.8 .. 30.7 20.7 21.1 Gross domestic savings (% of GDP) 19.2 19.4 13.4 12.6 .. 16.2 20.4 21.5 External Accounts Exports of goods and services (% of GDP) 46.3 52.0 44.4 47.5 .. 47.6 22.8 29.0 Imports of goods and services (% of GDP) 55.2 65.0 65.4 62.7 .. 62.1 23.6 29.0

Annexes 35


Current account balance (% of GDP) -11.6 -16.8 -19.4 -14.9 .. -15.7 .. .. External debt stocks (% of GNI) 38.6 50.0 37.7 40.3 .. 41.7 22.8 .. Total debt service (% of GNI) 3.8 4.0 3.6 3.4 .. 3.7 3.1 .. Total reserves in months of imports 3.0 2.9 3.0 3.4 .. 3.1 9.2 14.0 Fiscal Accounts * General government revenue (% of GDP) 25.6 25.6 26.0 23.7 25.1 25.2 General government total expenditure (% of GDP) 28.6 30.5 32.5 33.9 32.6 31.6 General government net lending/borrowing (% of GDP) -3.0 -4.9 -6.4 -10.3 -7.5 -6.4 General government gross debt (% of GDP) 60.2 62.9 66.2 70.9 77.4 67.5 Health Life expectancy at birth, total (years) 74.2 74.4 74.6 .. .. 74.4 74.0 70.3 Immunization, DPT (% of children ages 12-23 months) 95.0 97.0 99.0 98.0 .. 97.3 92.8 83.3 Improved sanitation facilities (% of population with access) 65.3 65.3 65.2 .. .. 65.3 80.0 63.1 Improved water source (% of population with access) 93.8 93.8 93.8 .. .. 93.8 93.5 88.4 Mortality rate, infant (per 1,000 live births) 15.7 15.5 15.2 14.9 .. 15.3 17.3 36.6 Education School enrollment, preprimary (% gross) 66.4 59.7 59.9 61.3 .. 61.8 71.0 48.4 School enrollment, primary (% gross) 94.6 92.3 90.2 87.4 .. 91.1 114.3 106.7 School enrollment, secondary (% gross) 95.4 95.2 94.6 91.1 .. 94.1 90.0 70.0 Population Population, total 175200.0 177397.0 179271.0 180870.0 .. 178184.5 571489072.0 6925695595.9 Population growth (annual %) 1.4 1.2 1.1 0.9 .. 1.2 1.2 1.2 Urban population (% of total) 19.3 18.3 17.6 17.0 .. 18.1 78.6 51.8 Source: DDP as of March 23, 2014


Annexes 36


Annex Table 10: Economic and Social Indicators for St. Vincent and the Grenadines, FY09-13

Series Name St. Vincent and the Grenadines St. Vincent and the Grenadines LCR World 2009 2010 2011 2012 2013 Average 2009-2013

Growth and Inflation GDP growth (annual %) -2.2 -2.8 0.1 2.3 .. -0.6 2.7 1.8 GDP per capita growth (annual %) -2.3 -2.8 0.1 2.3 .. -0.7 1.5 0.6 GNI per capita, PPP (current international $) 10370.0 10130.0 10340.0 10870.0 .. 10427.5 11081.4 11403.0 GNI per capita, Atlas method (current US$) 6260.0 5990.0 6070.0 6400.0 .. 6180.0 7930.4 9434.2 Inflation, consumer prices (annual %) 0.4 1.5 3.2 2.6 .. 1.9 4.1 3.8 Composition of GDP (%) Agriculture, value added (% of GDP) 7.1 7.2 6.4 7.3 .. 7.0 5.5 3.2 Industry, value added (% of GDP) 20.0 19.5 19.6 19.9 .. 19.7 31.9 26.3 Services, etc., value added (% of GDP) 72.9 73.3 74.1 72.9 .. 73.3 62.5 70.4 Gross fixed capital formation (% of GDP) 24.2 25.5 25.4 23.6 .. 24.7 20.7 21.1 Gross domestic savings (% of GDP) -5.0 -5.0 -3.7 -6.1 .. -4.9 20.4 21.5 External Accounts Exports of goods and services (% of GDP) 28.6 27.2 27.1 26.9 .. 27.5 22.8 29.0 Imports of goods and services (% of GDP) 57.7 57.7 56.2 56.6 .. 57.0 23.6 29.0 Current account balance (% of GDP) -29.3 -30.9 -28.9 -30.3 .. -29.9 .. .. External debt stocks (% of GNI) 33.6 40.9 41.7 38.1 .. 38.6 22.8 .. Total debt service (% of GNI) 4.7 4.8 4.5 4.8 .. 4.7 3.1 .. Total reserves in months of imports 2.5 3.3 2.7 3.1 .. 2.9 9.2 14.0 Fiscal Accounts * General government revenue (% of GDP) 29.8 28.9 26.7 25.6 26.1 27.4 General government total expenditure (% of GDP) 32.9 32.9 30.3 28.3 28.7 30.6 General government net lending/borrowing (% of GDP) -3.0 -3.9 -3.6 -2.7 -2.6 -3.2 General government gross debt (% of GDP) 64.6 66.2 67.8 70.1 73.2 68.4 Health Life expectancy at birth, total (years) 72.0 72.2 72.3 .. .. 72.2 74.0 70.3 Immunization, DPT (% of children ages 12-23 months) 99.0 99.0 96.0 96.0 .. 97.5 92.8 83.3 Improved sanitation facilities (% of population with access) .. .. .. .. .. .. 80.0 63.1 Improved water source (% of population with access) 95.1 95.1 95.1 .. .. 95.1 93.5 88.4 Mortality rate, infant (per 1,000 live births) 21.4 21.4 21.3 21.1 .. 21.3 17.3 36.6 Education School enrollment, preprimary (% gross) 79.5 .. .. .. .. 79.5 71.0 48.4 School enrollment, primary (% gross) 106.0 105.0 99.6 105.3 .. 104.0 114.3 106.7

Annexes 37


School enrollment, secondary (% gross) 109.5 107.5 103.6 100.9 .. 105.4 90.0 70.0 Population Population, total 109249.0 109316.0 109357.0 109373.0 .. 109323.8 571489072.0 6925695595.9 Population growth (annual %) 0.1 0.1 0.0 0.0 .. 0.0 1.2 1.2 Urban population (% of total) 48.5 48.9 49.3 49.7 .. 49.1 78.6 51.8 Source: DDP as of March 23, 2014


Annexes 38


Annex Table 11: List of IFC’s investments in OECS that were active during FY10-14 (US$’000)

Project ID Cmt. FY Closure

FY Project Status

IFC Sector Primary

IFC Sector Explntry Project Size Net Loans Net Equity

Total Net

Commitment

Investments approved pre-FY10, but active during FY10-13 26434 2008 2013 Closed Fin & Ins Trade fin. 15,482 15,482 15,482 26786 2008 2010 Closed Fin & Ins SME 20,000 15,000 15,000

Subtotal 35,482 30,482 30,482

Project ID Cmt. FY Closure

FY Project Status

IFC Sector Primary

IFC Sector Explntry Project Size Net Loans Net Equity

Total Net

Commitment

Investments approved in FY10-14 27533 2010 Closed MAS Education 90,000 30,000 30,000

Subtotal 90,000 30,000 30,000 Grand Total 125,482 60,482 60,482

Source: IFC, August 2014- The list does not cover the regional projects. MAS: Manufacturing, Agriculture, and Services; na: not applicable

Annex Table 12: List of IFC’s Advisory Services in OECS, FY10-14: Project

ID Project Name Start FY End FY Project Status

Primary Business Line

Total Funds, US$

Advisory Services operations approved pre-FY10, but active during FY10-14 570348 Bank of St. Lucia II 2009 2012 Closed A2F 167,171

Subtotal: 167,171 Advisory Services operations approved in FY10-14 29150 Antigua State Insurance Corporation 2010 2012 Closed PPP 884,097 581548 Tourism Inv. Generation St. Lucia 2012 2014 Closed IC 570,547 30574 Grenada Health Tourism PPP 2012 2014 Closed PPP 1,493,239 585447 Dominica Geothermal Development 2014 2014 Terminated SBA 12,557 599142 Hewanorra Int. Airport (SL) PPP 2014 (2015) Active PPP 1,694,276 600212 OECS Business Taxation Reform 2014 (2017) Active IC 1,692,500

Subtotal: 6,347,216 Grand Total 6,514,387

A2F: Access to Finance; IC: Investment Climate; PPP: Public-Private Partnerships Source: IFC, August 2014 Regional Projects are not included. Total Funds for Closed/Terminated projects are actual expenditures during implementation and for Active projects are funds secured.

Annexes 39


Annex Table 13: IFC Net Commitment Activity for OECS (US$ ‘000) (Antigua and Barbuda, Caribbean Region, Dominica, St. Lucia, Grenada)

2010 2011 2012 2013 2014 Total Financial Markets (5,000,000) 100,000,000 - - 95,000,000

Trade Finance (TF) 6,573,816 4,050,778 1,064,110 - 11,688,704

Funds - - - 20,000,000 20,000,000 Consumer & Social Services

30,000,000 - (16,048,226) - 13,951,774

Total 31,573,816 104,050,778 (14,984,116) 20,000,000 140,640,478 IFC Data as of 9/15/14

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