IBRD/IDA Trust Funds Trust Fund Annual Report. Overall Trends

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1 2 IBRD/IDA Trust Funds Overall Trends For IBRD/IDA trust funds (IBRD/IDA TFs), the Bank is normally responsible for financial management as well as programmatic functions, including exercising oversight over the operational use of the funds. The larger part of the IBRD/IDA TF portfolio consists of recipient-executed trust funds (RETFs), under which funds are provided to the recipient under a Grant Agreement with the Bank. 12 Most RETFs provide financing to projects carried out by recipient country agencies, including nongovernment entities, and normally supervised by the Bank. In addition, IBRD/ IDA also administers a relatively small share of trust funds that help client countries service their debt repayments and other obligations. Trust funds used in support of the Bank s work program Bank-executed trust funds (BETFs) typically finance the expenses incurred by the Bank to deliver such things as technical assistance to client countries, policy and research studies, implementation support, and global knowledge products. Many IBRD/IDA TFs support both Bank and recipient-executed activities. 13 Whether a grant is a BETF or RETF is determined when funds are allocated to particular projects and activities, rather than when the donor contributions are received. Cash contributions and disbursement levels for IBRD/IDA TFs have doubled over the past five years (see Figure 6). Contributions grew at an average annual rate of 16 percent and disbursements at an average annual rate of 18 percent. Figure 6. IBRD/IDA Trust Funds: Annual Cash Contributions, Disbursements, and Grant Commitments (US$ billions) 5 4 US$ billions FY6 FY7 FY8 FY9 FY1 Cash contribution Commitments Disbursements Note: Commitment refers to the amount of financing approved for projects at the disbursing grant level. 12 Under the new reporting framework, carbon funds are classified as RETFs. Instead of Grant Agreements, Emission Reduction Purchases Agreements are used for carbon fund grants. 13 Such a trust fund was referred to as a hybrid trust fund in the 29 Trust Fund Annual Report. 21 Trust Fund Annual Report 13

2 RETFs have provided significant support to the World Bank s work in fragile states. The US$4.3 billion in cash contributions directed to IBRD/IDA TFs in FY1 represented a 19 percent increase over the FY9 level. 14 In FY1, the United Kingdom was the largest contributor to IBRD/IDA TFs, followed by Spain (see Figure 7). Between FY6 and FY1, the five largest donors the United Kingdom, European Commission, the Netherlands, Canada, and Spain together accounted for 56 percent of total cash contributions. Figure 7. Top 1 Donors to IBRD/IDA Trust Funds in FY1 (US$ millions) US$ millions United Kingdom Spain United States European Commission Canada Netherlands Norway Australia Sweden Germany 14 Carbon funds, IBRD/IDA debt service trust funds, and secretariat expenses and administration costs associated with FIFs, which were all previously reported as FIFs, are now classified as IBRD/IDA TFs in the new typology structure. In addition, Bank trust fund transfers to IFC and MIGA s trust funds are also now classified as IBRD/IDA TFs. Accordingly, the level of cash contributions for IBRD/IDA TFs in FY9 using the new typology amounted to US$3.6 billion, instead of the US$3.2 billion previously reported for FY9. 14

3 In FY1, 129 new IBRD/IDA TFs were established. The top five in terms of signed donor commitments were the EU Food Crisis Rapid Response Facility (US$144 million), Bank-Netherlands Partnership Program Renewal (US$121 million), Multidonor Trust Fund for Climate Change Program in the People s Republic of Bangladesh (US$97 million), Regional Power Infrastructure Projects in Southern Africa (US$87 million), and Rapid Social Response Multidonor Trust Fund (US$59 million). FY1 disbursements of US$3.7 billion from IBRD/IDA TFs represented a 2 percent increase from FY9. 15 Of total disbursements, 74 percent were from multidonor trust funds (MDTFs). RETF disbursements in FY1 remained relatively stable at about US$3.1 billion, while those from BETFs increased by 22 percent to US$56 million from US$46 million in FY9. In FY1, as in previous years, the majority of IBRD/IDA TFs disbursement (nearly 7 percent in FY1) was deployed through a programmatic approach. Unlike non-programmatic or free-standing trust funds, which typically finance a predetermined project or set of activities, programmatic trust funds are disbursed in two stages. In the first stage, donors commit funds on the basis of an agreed broad strategic development objective to be pursued through a program of activities over multiple years; and in the second stage, funding is assigned to specific activities (i.e., projects) in accordance with the agreed criteria and governance arrangements. The programmatic approach provides longer-term financing while allowing for flexibility in the selection of projects and creating opportunities for donors and stakeholders to participate in setting strategic priorities. Between FY6 and FY1, nearly 6 percent of total disbursements from IBRD/IDA TFs were attributable to 2 programs. The Afghanistan Reconstruction Trust Fund (ARTF) accounted for the largest share of disbursements, disbursing US$2.4 billion, or 16 percent of total disbursements during the period. Other programs that accounted for large disbursements during the last five years were the Global Environ- 15 Using the new typology, disbursements from IBRD/IDA TFs in FY9 amounted to US$3.62 billion, compared to the US$3.2 billion previously reported. 21 Trust Fund Annual Report 15

4 ment Facility (with IBRD as implementing agency), Education for All-Fast Track Initiative (EFA-FTI), carbon funds, and the MDTFs for Sudan, Aceh, and West Bank and Gaza. The trust fund programs that disbursed the most during FY1 were the ARTF (US$435 million), EFA-FTI (US$262 million), and the MDTFs for North and South Sudan (US$222 million). Use of Funds Recipient-executed Trust Funds As part of the Bank s trust fund management framework, the Bank has promoted mainstreaming IBRD/IDA trust-funded projects and activities into the Bank s normal business practices. Accordingly, RETF grants are increasingly being processed according to IBRD/IDA operational procedures from their inclusion in Country Assistance Strategies to the application of Bank fiduciary and safeguard policies, risk assessment, and performance monitoring and reporting systems, among others. RETF grants are often extended to Bank borrowers for the purpose of co-financing IBRD/IDA-funded projects, investments, and institutional capacitybuilding initiatives. Project-related financing is also provided through carbon funds through the purchase of carbon credits. RETFs are an attractive source of financing for low-income countries, and an increasing share has flowed into IDA countries, especially in Africa. In FY1, about 6 percent of RETF project grants were extended to IDA countries, 23 percent to IBRD countries, and the balance to regional or global institutions. RETFs are often the main financing instrument available to finance investment and technical assistance projects in fragile and conflict-affected areas (see Figure 8). They have provided significant support to the World Bank s work in such fragile states as Afghanistan, Iraq, Kosovo, Southern Sudan, Timor Leste, and West Bank and Gaza. RETF flows to fragile states have increased from just over US$63 million in FY5 to US$1.2 billion in FY1, and they accounted Figure 8. Annual RETF Disbursements in Fragile States, FY6-FY1 (in US$ millions and as percent of total RETF disbursements) 15 5% 12 4% US$ millions 9 6 3% 2% 3 1% FY6 FY7 FY8 FY9 FY1 Afghanistan Other Fragile States Percentage of RETFs Note: The annual disbursement level is based on the set of countries designated as fragile states for the reporting year. 16

5 for 39 percent of total RETF disbursements during FY1. RETFs have also reinforced the World Bank s ability to respond to natural disasters, in circumstances ranging from earthquakes (Pakistan and Indonesia) through tsunamis (Aceh in Indonesia, and Samoa) to hurricanes, flood, and drought. Between FY6 and FY8, RETF disbursements nearly doubled, and their share of the Bank s total project financing grew from less than 7 percent to 12 percent. However, as the Bank responded to the food and financial crises in FY9 and FY1, disbursements from IBRD loans and IDA credits/grants surged; as a result, the relative share of RETFs fell back to less than 7 percent by FY1 (see Figure 9). Figure 9. Annual Disbursements from IBRD, IDA, and RETFs, FY6 FY1 (US$ billions) 5 4 US$ billions FY6 FY7 FY8 FY9 FY1 RETF disbursements as percentage of total IBRD, IDA, and RETF disbursements IBRD IDA RETFs BETFs play an important role in moving the World Bank s expanding knowledge agenda. 21 Trust Fund Annual Report 17

6 Among the Bank s Regions, the Sub-Saharan Africa Region continued to be the largest beneficiary of RETFs in FY1, followed by East Asia and Pacific, South Asia, and Middle East and North Africa (see Figure 1). Figure 1. Regional Share of RETF Disbursements for FY1 In FY1, as in FY9, three sectors dominated the use of RETFs: public administration and law, education, and health and social services (see Figure 11). Figure 11. Sector Allocation of RETF Disbursements for FY1 Global 3% 17% South Asia Africa 32% 14% Middle East and North Africa 2% East Asia and Pacific 9% 5% Europe and Central Asia Latin America and the Caribbean Others Industry and trade 7% 2% Water and sanitation 7% Transportation Energy and mining 6% 4% Health and social services 13% Agriculture 1% 2% Finance 17% Education 32% Public admin and law Box 1. Examples of RETF Initiatives Caribbean Catastrophe Risk Insurance Facility. At the request of a group of Caribbean governments, in 27 the World Bank and other partners established the Caribbean Catastrophe Risk Insurance Facility (CCRIF), the world s first regional insurance fund. The CCRIF offers index-based insurance insurance under which payouts are based on an objective, local index (such as one tracking earthquake data or hurricane wind speeds) that serves as a proxy for actual loss. Donors provided start-up funds, and the Bank later arranged a US$2 million reinsurance cat swap that transferred a portion of risk to capital markets. By pooling risks, the 16 member countries have saved about 4 percent compared to the premium costs they would have incurred if they had negotiated individually on commercial markets. Because the insurer does not need to tally the damage after a catastrophe, payouts are immediate: for example, after the January 21 earthquake, CCRIF made a US$7.75 million payment to Haiti. Japan Social Development Fund. Since 2, the Government of Japan has provided close to US$5 million that has resulted in the allocation of US$422 million worth of grants in support of community-driven development and poverty reduction projects aimed at empowering the poorest and most vulnerable people. The Japan Social Development Fund (JSDF) supports exceptionally disadvantaged groups, providing grants that give direct benefits to members of these groups, using innovative approaches, and aiming ultimately at enhancing the welfare and empowerment of group members. Unlike most Bank-financed projects, many JSDF grants are executed by nongovernmental organizations/civil society organizations and local governments, and are implemented at the community level using highly participatory approaches. Projects supported by the JSDF often complement other Bank projects and provide a test bed for innovations that are subsequently scaled up. 18

7 Bank-executed Trust Funds FY1 BETF disbursements of US$56 million were 55 percent higher than the FY6 level of US$36 million, representing an average annual growth rate of 16 percent. BETFs now account for about 18 percent of total expenditures by the Bank, up from 12 percent five years ago (see Figure 12). To enhance strategic alignment, quality assurance, and effective management of BETF-funded activities, the planning and use of BETFs are increasingly being integrated with the Bank s resource management and budget process. Figure 12. Total Bank Expenditures Funded by Bank Budget and BETFs, FY6 FY1 (US$ millions) 35 3 US$ millions FY6 FY7 FY8 FY9 FY1 BB BETF Note: Gross BB expenditure includes payments from external sources for services provided by the Bank. 21 Trust Fund Annual Report 19

8 BETFs contribute funding for the Bank s advisory work and knowledge agenda. They also finance global and regional partnership programs and associated program secretariats (e.g., the Water and Sanitation Program, the Energy Sector Management Assistance Program, and the Public-Private Infrastructure Facility). In FY1, major business areas that received BETF support were external partnerships and outreach (31 percent of BETF disbursements), technical assistance (17 percent), project supervision (1 percent), and country and economic sector work and knowledge management (8 percent each). BETFs play a significant role in moving the Bank s expanding knowledge agenda by underwriting the preparation of important research studies, policy papers, and technical reports as well as the dissemination of global knowledge and best practices. BETF grants continue to be a major source of funding for the Bank s technical assistance activities, accounting for 53 percent of total expenditures in FY6 and FY1. BETFs now fund over 4 percent of knowledge management work and 28 percent of economic and sector work, compared to 25 percent and 18 percent in FY6 (see Figure 13). BETF funding for external partnership activities doubled, accounting for 56 percent of total Bank expenditures in this area in FY1, compared to 47 percent in FY6. BETFs also contribute to the costs of preparing and supervising RETF grants supporting co-financing and stand-alone projects. During FY1, BETF support for project supervision activities accounted for 16 percent of total expenditures for these activities, double the 8 percent share posted in FY6. Figure 13. Selected Business Activities Funded from Bank Budget and BETFs in FY1 (in US$ millions and percentage share of BETFs) 35 16% 56% 3 35 US$ millions % 1% 28% 41% Supervision External partnership and outreach Technical assistance Lending Country economic and sector work Knowledge management BB BETF 2

9 Box 2. Examples of BETF Initiatives Water and Sanitation Program. In Tanzania, the Water and Sanitation Program (WSP) is supporting government efforts to improve the implementation and monitoring of rural sanitation programs. The Government of Tanzania cannot reliably report on the number of people that have gained access to improved sanitation facilities; it currently tracks only access to basic sanitation. WSP is supporting the government in redrafting definitions and performance indicators in line with the UNICEF/WHO Joint Monitoring definitions. This is a significant milestone, laying a foundation on which to build capacity at the village, ward, and district levels in monitoring and data collection. WSP also supported the government in rolling out a village registration system to collect data on nine key indicators, including access to improved sanitation. Joint government and donor missions and reviews on WSP s Scaling up Rural Sanitation Project experience in Tanzania have resulted in a budget of US$13 million for a national sanitation campaign led by the Ministry of Health and Social Welfare, which is planned to start in 211. (Source: WSP FY1 End of Year Report). The South-South Experience Exchange Facility. Launched in October 28, the South-South Experience Exchange Facility (SEETF) provides accessible, just-in-time funding to help developing countries share their knowledge and expertise and aims to further the World Bank s knowledge-sharing agenda by drawing directly upon the accumulated expertise of partner countries. As an example, India shared its IT experience with eight African countries via the New Economy Skills for Africa Program for Information and Communication Technologies grant. The Governments of Nigeria, Tanzania, Kenya, and Ghana are incorporating what they learned from India in implementing IT strategies in their countries. Kenya and Nigeria are moving ahead with skills development and certification programs, while Ghana and Tanzania are building critical IT infrastructure and information centers. India also benefited from the experience, as Indian firms that hosted the exchange are pursuing new investment opportunities in Africa s ICT sector through their new-found counterparts. 21 Trust Fund Annual Report 21

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