Sao Tome and Principe: Institutional Capacity Building Project - AF (WB-P174153)

Countries
  • Sao Tome and Principe
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 6, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of Sao Tome and Principe
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 7.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 7.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ WB website

Updated in EWS Mar 24, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank documents, the project objective is to contribute to improved capacity of public institutions to: i) supervise the banking system; ii) promote access to finance; iii) manage public finances; and, iv) produce national statistics.

Following the government’s request letter dated July 14, 2020 the proposed additional financing (AF) is designed to support the government’s response to COVID-19 using digital payments for the social protection scale-up and promote financial inclusion as well as fund the expected financing gap of some project activities. The AF is requested to cover an expected financing gap in the amount of US$4 million and to finance an additional scale-up of activities with the Central Bank of Sao Tome and Principe (BCSTP) to contribute to payment systems modernization under Component 1, budgeted in the amount of US$3 million as part of the COVID-19 response.

The total budget for the financing gap is estimated in the amount of US$4 million. The financing gap covers five major internationally tendered consultancy contracts and one more year of the PIU services costs as a result of the project’s extension. The financing gap of the consultancy contracts is mainly attributable to an expansion in activities / terms of reference, due to evolving circumstances during project implementation. In particular, the following contracts are expected to be funded with additional financing: (i) Asset quality review, (ii) Credit registry update, (iii) Banking Supervision System Development, (iv) VAT System Development, (v) Property Registry Systems Development and (vi) PIU support.

The scale-up part of the additional financing will finance the payments systems modernization activity, budgeted in the amount of US$3 million. This will be added as a new sub-component of Component 1 on improving financial sector soundness and access. It will finance the following: (i) the Core Banking System (CBS); (ii) communication and public awareness campaigns on payments products and digital finance services.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

World Bank:
Mazen Bouri
Lead Financial Sector Specialist

Joseph Kizito Mubiru
Lead Financial Management Specialist

Liliana Do Couto Sousa
Senior Economist

Borrower:
Ministry of Finance, Trade and Blue Economy
Wagner Fernandes
Advisor
wag_fernandes@hotmail.com

Implementing Agencies:
Central Bank
Nayda Almeida Pires
Project coordinator
nalmeida@bcstp.st

Ministry of Justice
Ilma Salvaterra
Project focal point
ilmasal3@gmail.com

National Statistics Agency
Elsa Maria Cardoso
Project focal point
elsacardoso123@hotmail.com 

ACCESS TO INFORMATION

To submit an information request for project information, you will have to create an account to access the Access to Information request form. You can learn more about this process at: https://www.worldbank.org/en/access-to-information/request-submission 

ACCOUNTABILITY MECHANISM OF THE WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. Information on how to file a complaint and a complaint request form are available at: https://www.inspectionpanel.org/how-to-file-complaint 

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