Tunisia - Third Agricultural Credit Project

Document of The World Bank FOR OMCIL USE ONLY Report No. 9692 f,i A(: i,, i v!V. uB1 PROJECT COMPLETION REPORT TUNISIA THIRD AGRICULTURAL CREDIT PROJECT (LOAN 1885-TUN) JUNE 21, 1991 Agriculture Operations Division Country Department II Europe, Middle East and North Africa Regicn This document has a rest -'ted distribution and may be used by recipients only in the performance of| their offcial duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENTS Currency Unit = Tunisian Dinar (D) Average Calendar 1989 D 1.00 US$1.05 US$1.00 = D 0,95 At Appraisal (1979) D 0.40 US$1.0 D1 = US$2.5 WEIGHTS AND MEASURES Metric System GLOSSARY OF ABBREVIATIONS ACU Unite de Credit agricole Agricultural Credit Unit API Agence de promotion des investissements industriels Industrial Investment Promotion Agency ASAL Prgt A l'ajustement du secteur ag:icole Agricultural Sector Adjustment Loan APMANE Projet credit supervise dans le Nord Est NE Supervised Credit Project BNT Banque nationale de Tunisie National Bank of Tunisia CRDA Commissariat r6gional de developpement agricole Regional Agricultural Development Commission FOPRODI Fonds de promotion du d6veloppement integre Integrated Development Promotion Fund FISDA Fonds sp6cial de developpement agricole Special Fund for Agricultural Development FOSEP Fonds special d'encouragement de la pgche Special Fund for Fishery MOA Ministere de l'agriculture Ministry of Agriculture FISCAL YEAR January 1 - December 31  THE WORLD SANK FOR OMIAL U OnL Wai10n. O.C. 20433 U.S.A. Oihu el OV4rneWGC*W&1 June 21, 1991 HEMORAIDUM TO THE EXECUTIVE DIRECTORS AND THE PRESIDENT SUBJECT: Project Completion Report on TUNISIA Third Agricultural Credit Prolect (Loan 1885-TUN) Attached, for information, is a copy of a report entitled "Project Completion Report on Tunisia - Third Agricultural Credit Project (Loan 1885-TUN)" prepared by the Europe, Middle East and North Africa Regional Office. This project has not been audited by the Operations Evaluation Department at this time. Attachment '~~~ This document ha a resmtctd disuibution and may be used by fucipients only in the performance of their official dut a Is contens may not othorwift be disclosed without Wortd Bak autohrizuon.  FOR OMCIAL USE ONLY PROJECT COMPLETION REPORT TUNISIA .HIRD AGRICULTURAL CREDIT PROJECT (LOAN 1885-TUN) TABLE OF CONTENTS Pate No. PREFACE .............. ................................. i BASIC DATA SHEET . . . . . . . . . . . . . . . . . . . . . . . . iii EVALUATION SUMHARY . . . . . . . . . . . . . . . . .. e. .. . . .. v I INTRODUCTION .*. . . . . . . . . . . ... . . . I1 Backgsround 1 Bank-financed Agricultural Credit . . . . . . . . . . . 1 I-. PROJECT FORMULATION . ................. . 2 Project Identification, Preparation and Appraisal . . . 2 Project Cbjectives and Description . . . . . . . . . . 3 III. PROJECTIMPLEHEUTATION .... . . . . ................. . 5 Effectiveness and Start-Up . . . . . . . . .. . .. . 5 Implementation . . . . . . . . . . . . . . . . . . . . 6 Project Costs . . . . . . . . . . . . a . . . * . . . . 7 Institutional and Financial Performance . . . . . . . . 8 Reporting agd Auditing 10 Disbursements . . . . . . . . . . . . a . . . . . . . . 11 Compliance with Covenants . . . . . . . . . . . . . . . 11 IV. PROJECT IMPACT . . . . . . . . . . . . . . . . . . . . . . 12 V. CONCLUSIONS AND LESSONS LEARNED . . . . . . . . . . . . . 13 ANNEX I - Comparison of Appraisal and Actual ANNEX 2 - Comparative Balance Sheets and Income Statements Attachments Comments from National Agricultural. Bank . . . . . . . . . . . . 19 MAP - IBRD 14921R This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  PROJECT COMPLETION REPORT TUNISIA THIRD AGRICULTURAL CPIDIT PEDJICT (LOAN 1885-TUi) PRWFAC 1. This is the Project Completion Report (PCR) for the Third Agricultural Credit Project (Loan 1885-TUN) for which a loan of US$30.0 million was approved in June 1980, The legal document was eigned in August 1980 and the Project became effective on June 24, 1981. The original closing date was December 31, 1983, but was extonded four times up to December 31, 1986. At the tim of the last disbursement on March 6, 1987, the entire loan amount of US$30;O million had been disbursed. 2. This report was prepared by the Europe, Middle East and North Africa Region, Agricultural Operations Division In Country Department II on the basis of information available in the Bank central files, and a completion report prepared bv BNT 1/ and delivered In Janua r 197. The main sources of information weret the Appraisal Report No. 2934-TUN, dated May 27, 1980; Supervision Reports; correspondence with the borrower and internal Bank memoranda as %vailable in the EMENA Information Center. This paper represents the Bank's view of the Project rather than an overview of BNT's Completion Report. 3. This PCR was read by the Operations Evaluation Department (OED). A copy was sent to the Borrower on April 15, 1991, for cements by May 27, 1991. Comments received from National Agricultural Bank are attached. jj National Bank of Tunisia (transformed into National Agricultural Bank - BNA in October 1989).  - lli - TUNISIA PROJECT COMPLETION REPORT THIRD) AG;RIC&ULTA CRDIT .fla BASIC DATA SHEET A. Key Projeot Data ADPraigs Actal or fL5StAt 2tiated actual. Wraisah Iestite Project costs (D '000) 23,740.01/ 45,343.0 1t0 Loan amount (US$ million) 30.0 30.0 100 Date Board approval 00/26/80 08/26/80 Date effeotiveness 09/30/80 06/24/81 Closing date 12/31/83 12/31/86 Economic rate of return (Z) 18 - 92 18 - 65 Number of subloans 3,365 9,147 272 B. Cumulative Disbursoeents FYQ nan FY8 nan nan EYQ zxaz Appraisal estimate (US$ million) 17.1 13.3 24.5 30.0 Actual (US$ million) 1.7 5.6 10.0 19.9 25.1 30.0 Actual as X of estimate 0 12.0 22.8 33.3 Date of final diebursement 03/06iS7 Staff weeks Identification Preparation 54.6 54.6 Appraisal 63.6 63.6 Negotiation 5.9 5.9 SuperySsion 0.1 3.7 1.0 9.5 5.6 4.1 3.5 0.4 28.0 Otber/ 1.5 0.5 2.3 1.8 1.7 5.9 1.0 14.5 TOTAL 125.7 4.2 1.0 11.8 7.4 6.8 3.5 6.3 1.0 166.7 D. Project Dates Activity Original Plan R1Zioc Aatual Appraisal report 05/27/90 Negotiations 05/12-1/80 Board approval 06/26/80 Loan agroement 08/06/80 Loan effectiveness 11/06/80 06/24/81 Loan amendment 10/06/86 Closing 12/31/83 12/31/64, 06/30/85, 12/31/86 06/30/86 1/ Project costs exclude incremental personnel costs (estimated at appraisal at about D 580.000) to make them comparable to Project costs as estimated by BDT. Project costs in dollar terms were probably les than estimated at appraisal because of Dinar devaluation over the Projoct period. 2/ This information comes from M1S; it may not be consistent with Mission Data, compiled from files. 3/ Includes PCR work.  - iv - Z. Mh*aAinJM~ Z, lE"leD Det