Seychelles - Seychelles: Extractive Industries Transparency Initiative Implementation : P150595 - Implementation Status Results Report : Sequence 01

Public Disclosure Copy The World Bank Implementation Status & Results Report Seychelles: Extractive Industries Transparency Initiative Implementation (P150595) Seychelles: Extractive Industries Transparency Initiative Implementation (P150595) AFRICA | Seychelles | Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2015 | Seq No: 1 | ARCHIVED on 14-Jun-2015 | ISR19555 | Implementing Agencies: Seychelles EITI MSG Key Dates Key Project Dates Board Approval date:25-Mar-2015 Effectiveness Date:16-Mar-2015 Planned Mid Term Review Date:-- Actual Mid-Term Review Date:-- Original Closing Date:31-Dec-2015 Revised Closing Date:31-Dec-2015 Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to help Government of Seychelles establish the principles of a sustainable petroleum revenue management and enhance transparency in the oil sector. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  --  Moderately Satisfactory Overall Implementation Progress (IP)  --  Moderately Satisfactory Implementation Status and Key Decisions The Government of Seychelles (GoS) applied for EITI candidacy on June 12, 2014. On August 6, 2014, Seychelles was admitted as an EITI Candidate Country after successfully completing the four "sign-up" steps. GoS is expected to present its first EITI report by February 6, 2016 to comply with the Global Standard. An EITI MDTF grant was approved on February 24, 2015 to support GoS efforts towards EITI compliance and it became effective on March 16, 2015. 6/14/2015 Page 1 of 5 Public Disclosure Copy  Public Disclosure Copy The World Bank Implementation Status & Results Report Seychelles: Extractive Industries Transparency Initiative Implementation (P150595) There are four activities supported through this grant: (i) the recruitment of a local lawyer to review the Seychelles legal and regulatory framework and propose amendments if needed to institutionalize EITI and remove barriers preventing EITI compliance; (ii) the recruitment of an independent administrator to develop the first EITI report; (iii) the recruitment of a consulting company to provide training to Seychelles MSG and enhance its knowledge of the oil sector and EITI; and (iv) the travel expenses of coordinators from other EITI implementing countries who share their experience with the Seychelles MSG. The recruitment of the indepedant administrator, which is a critical deliverable under EITI compliance process, is well advanced and the recruitment of the local lawyer to review the Seychelles legal and regulatory framework is under preparation. Moroever, a workshop was organized by the Ministry of Finance, Trade and the Blue Economy with participation from the Parliament. The main objective of the workshop was to attune parliamentary members to what the EITI does, and what the role of parliamentarians is in successfully implementing the EITI including on oversight, representation and legislation. While there is progress in implementation, the EITI MDTF umbrella trust fund is closing by the end of the year and there are no option to extend the project closing date beyond December 2015. Thus, it is essential for Seychelles EITI MSG to speed up implementation and procure all activities financed under this grant. Results Project Development Objective Indicators PHINDPDOTBL  Adoption by Seychelles Petroleum MSG of the study developping options on petroleum revenue management (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 30-Mar-2015 -- 11-Jun-2015 30-Dec-2015 6/14/2015 Page 2 of 5 Public Disclosure Copy  Public Disclosure Copy The World Bank Implementation Status & Results Report Seychelles: Extractive Industries Transparency Initiative Implementation (P150595) PHINDPDOTBL  Institutionalization of the EITI (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value -- -- N Y Date 30-Mar-2015 -- 11-Jun-2015 30-Dec-2015 PHINDPDOTBL  Compliance to EITI reporting requirements by Seychelles Petroleum MSG (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 30-Mar-2015 -- 11-Jun-2015 30-Dec-2015 Overall Comments Intermediate Results Indicators PHINDIRITBL  Number of workshop on petroleum revenue management (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 2.00 Date 30-Mar-2015 -- 11-Jun-2015 30-Dec-2015 6/14/2015 Page 3 of 5 Public Disclosure Copy  Public Disclosure Copy The World Bank Implementation Status & Results Report Seychelles: Extractive Industries Transparency Initiative Implementation (P150595) PHINDIRITBL  Review of the legislation is performed in view of institutionalizing EITI (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 30-Apr-2015 -- 11-Jun-2015 30-Oct-2015 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P150595 TF-18936 Effective USD 0.29 0.29 0.00 0.00 0.29 0% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P150595 TF-18936 Effective 24-Feb-2015 16-Mar-2015 16-Mar-2015 31-Dec-2015 31-Dec-2015 Cumulative Disbursements 6/14/2015 Page 4 of 5 Public Disclosure Copy  Public Disclosure Copy The World Bank Implementation Status & Results Report Seychelles: Extractive Industries Transparency Initiative Implementation (P150595) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 6/14/2015 Page 5 of 5 Public Disclosure Copy