Suriname PLAN OF OPERATIONS I. Basic Data Project Name: Framework for the Implementation of the Secure Transactions Regime for Movable Assets in Suriname Project Number: Compete Caribbean Pillar: Business Climate and Competitiveness Enhancement Facility (BCCE) Compete Caribbean Focus Area: Business Climate and Competitiveness Enhancement Technical Cooperation Project Team: Target Beneficiaries: ANGANU, JAIWATTIE STEVENSON, CLAUDIA KARCHER, NICOLA ELLIOTT, WAYNE ANTONIO PEREIRA, STEFANO J. KAMAU, MUSHEER OLATUNJI PERSAUD, TARA LISA ROSHINI CASTILLO-RUIZ, PAZ MORRISON, PAUL CRAIG SCOTT, CHRISTINE ANN PARAHOO, ROY Private sector firms in Suriname, particularly SMEs. Team Leader Alternate Team Leader Operations Analyst Operations Analyst Project Development Officer Team Member Team Member Gender Specialist Environment Specialist M&E Specialist Procurement Specialist Counterpart Agency: MINISTRY OF FINANCE General Objective: The general objective is to improve the enabling environment for business development, trade, and integration. Specific Objectives: The specific objective is to streamline the mechanisms for SME access to credit in Suriname. Execution Period: 18 month(s) Financing plan: Compete Caribbean: Local Counterpart: Total: $400,000.00 $200,000.00 $600,000.00 Monday, February 02, 2015 1/12
II. Background and Justification A. Problem Statement Suriname has experienced sustained economic growth over the last 10 years, but its economy is fragile because it depends strongly on the extraction of gold, oil and bauxite, and it is exposed to unpredictable swings in international prices of these exports (Fritz Krokow, et al. Suriname Toward Stability and Growth. International Monetary Fund. 2009). Except for mining, private investment needs improvement in other sectors. Cognizant of the risks associated with its economic structure, the authorities seek to engage in structural reforms that would facilitate a transformation from the current economic structure to a new economic model-one with a diversified production basket, and a less vulnerable economic base that fosters greater private sector investments. As Suriname needs to transition from a public driven economy to a more diversified economy driven by private sector, it faces the following challenges: (i) lack of an overall long term strategy to guide diversification and growth interventions; (ii) insufficiently modernized legal and institutional framework to promote private sector led growth, diversification and innovation; (iii) limited institutional capacity to coordinate, promote and implement private sector development policies; and (iv) lack of effective policies and programs to foster innovation and productivity in SMEs. The Government of Suriname's (GoS) Development Plan (2012 2016) provides the development blueprint for the medium term and gives special consideration to good governance, social development, economic diversification, competitiveness and innovation, education for competitive skills and building a knowledge society, protecting natural resources, and managing the impact of climate change. Concerning the business climate in particular, the Development Plan concentrates on enhancing governance and competitiveness to help implement the Development Plan, GoS requested and received a grant from the Compete Caribbean Program (Support for Business Climate Reforms SU-CC2020) to establish and strengthen the Competitiveness Unit in Suriname (CUS) This unit is housed in the Vice President s Cabinet and has specific responsibility to coordinate the implementation of all Government related interventions to improve the business climate and enhance competitiveness in Suriname. The grant funds activities to improve institutional frameworks and implement reforms in the business environment to increase investment and innovation, and is subsequently nearing completion. To date, SU-CC2020 has supported the establishment and formalization of the Competitiveness Unit of Suriname (CUS) as a main mechanism for public-private dialogue on competitiveness in Suriname. The project designed the technical unit for the CUS, it s M&E System, and engaged technical staff for the period of the project. It also supported the development of various tools to help the CUS : a roadmap to address constraints facing SMEs; an action plan for the CUS to prioritize activities to foster private sector development, improve business climate and enhance competitiveness; a study on entrepreneurship in Suriname; workshops to build CUS capacity, the drafting and consultation of an Omnibus Law for improving business climate. Additionally, it financed study tours for the CUS and supported the implementation of a communications strategy. This current project takes the business climate reforms initiatives started under SU-CC2020 a step further by supporting the implementation of one of the main priority areas for action identified by the CUS. Limited access to finance and other financial services. According to World Bank's Enterprise Surveys and the World Economic Forum, access to credit remains a challenge in Suriname and the market is not highly effective in terms of providing the financing and other financial services needed by the private sector or households. Private sector credit is less than 30% of GDP in spite of rapid growth over the past five years fueled by stable macroeconomic conditions and robust economic growth. Similarly, markets are narrow, as financial markets offer only a limited range of financial instruments. Most business lending is centered on working capital needs and fixed assets (primarily real estate) are required as collateral for almost all credits. Maximum terms, apart from mortgage lending, are about five years. With almost a complete absence of capital markets, equity and bond financing are largely unavailable. In the 2013-14 World Economic Forum survey, Suriname is ranked 111th of 144 countries in terms of Financial Market Development (The Global Competitiveness Report 2013-2014, Table 6. http://www3.weforum.org/docs/wef_globalcompetitivenessreport_2013-14.pdf). Access and use of external finance is therefore limited and firms consider this limitation to be a major hindrance to growth and competitiveness (Suriname is ranked at 170 out of 185 in terms of Access to Credit in the Doing Business 2014 - World Bank report). Finally, for communities outside of the urban areas along the coast, access to financial services is severely limited as there are no points of sale services, bank branches or Automated Teller Machines (ATMs). The Report Suriname: Improving Access to Finance for Small and Medium Enterprises by Drum 2012, recommends the development of a secured transaction legal framework. The Working Group on Access to Finance within the framework of the Caribbean Growth Forum, also recommended and emphasized the need for a developing a secured transactions framework (The creation of a secured transaction framework is also a condition for the Financial Sector Reform program which the Government of Suriname has with the IDB), and Cabinet has agreed with the creation of a secure transactions regime. The establishment of a secure transactions framework and registry in Suriname will enhance the security of loans, by making the pledging of movable property relatively simple and inexpensive. Lenders would be able to determine easily that assets are unencumbered and in the event of default, rapidly foreclose on the pledged assets, thereby reducing their risks of loss. Thus, a single and simple set of rules for creating security in movable property of any nature, that would allow any corporation or individual to give or take security in the form of movable property, would allow access to credit under much simpler and less costly circumstances to a broader spectrum of the population. Consultations were undertaken with a wide cross section of stakeholders (private sector, banks, fund operators) and there is agreement on the need for the proposed registry and that it will enhance access to credit in Suriname. The government has started work in synchronizing the Organization of American States (OAS) model law for civil law jurisdiction, to the Surinamese business environment. (The OAS has developed model laws for civil jurisdiction similar to Suriname and countries are encouraged in order of expediency and in an effort to harmonized these efforts, to use these laws with modification to local settings). This project will build on this initiative. The movable registry will provide a mechanism whereby SMEs can use their registered assets to access finance for business growth. Monday, February 02, 2015 2/12
B. Coordination and Synergies Coordination with Country/Regional Priorities. With the prior support of Compete Caribbean grant SU-CC2020, the Competitiveness Unit of Suriname (CUS), which is responsible for competitiveness issues, has succeeded in drafting: (i) a slew of legislations which would modernize the incentive framework for private sector investment, (ii) a Competitiveness strategy that maps out major activities to increase growth, and (iii) an action plan for business climate reform. In addition the grant funded studies on (i) a private sector reform framework, (ii) legal institutions reform framework and (iii) a diagnostic study on the Ease of Doing Business in Suriname. The Competitiveness Unit of Suriname (CUS), reporting to the Vice President, would take the lead of this project, ensuring efficient use of resources and the harmonic implementation of a work program designed to improve private sector participation and investment. This project is consistent with the commitment of the Surinamese Government to continue the reform process started under SU-CC2020. The President and the Governor of the Central Bank have both signaled their continued support and commitment to strengthen and expand the private sector by requesting the support of the Bank in these areas. Coordination with Donors. Suriname became the 183rd member of the International Finance Cooperation (IFC) on September 2, 2011. The IFC has offered technical expert advice for the creation of the credit bureau in SU. To ensure that efforts are not duplicated and donor coordination is realized, the project team has been working closely with the IFC team to discuss potential areas for collaboration and partnership in the country. Coordination with IDB Initiatives. Through the Compete Caribbean Program, the IDB has undertaken several activities related to private sector development in Suriname. Amongst these are the Private Sector Assessment of Suriname and the Drum report on Access to Finance. This grant (SU-CC-2077) complements two other interventions; the Financial Sector Strengthening Policy based loan (last programmatic is to be approved in 2015), which started the dialogue and formulated the strategy for STR (the initial condition in the Financial Sector Loan called for a plan to be created for the establishment of the registry and the legal procedure needed. The Drum report on Improving Access to Finance for SMEs in Suriname, 2012, was undertaken as part of the plan), the new Competitiveness and Innovation program (SU L1043) in support of Government, which will consist of two policy based loans of $10 million each (to be approved in 2014 and 2016), one investment loan $5 million (to be approved in 2014 - See Aide Memoire between the IDB and the Government of Suriname IDBDocs#38834795). This grant would take forward the work of the prior CC-SU2020 in supporting one of the key reforms for the CUS. This program will help to strengthen the financial sector in SU, improving access to credit and improved the overall business climate, while complementing the work of the other Policy Based loans in this area. This project will borrow from experiences in Honduras, which has similar civil law jurisdiction and also from more recent experiences in Jamaica in the implementation of a secured transaction registry. Coordination is also undertaken with colleagues from the IFC. III. Project Objectives and Description A. General Objectives The general objective is to improve the enabling environment for business development, trade, and integration. B. Specific Objectives The specific objective is to streamline the mechanisms for SME access to credit in Suriname. C. Expected Results The project will create the framework for a coherent financial system which facilitates the exchange of credit information among banks and other regulated financial institutions. It will enhance streamlining and transparency for businesses in accessing credit while providing business confidence by creating a secured transactions framework. The expected results from this project are: Project Outcomes: i. Secured Transactions legal framework established ii. Registry to improve SME access to credit through secured transactions operational Project Outputs: National Forum held to facilitate consultation on draft secured transaction legislation Draft Secured Transactions legislation submitted to National Assembly Action plan for the establishment of secured transactions registry completed Business plan for the operation of the registry completed Hardware, software and operating manuals for registry Personnel trained in use of registry Public awareness campaign to enlighten all stakeholders of the benefits and use of the registry Monday, February 02, 2015 3/12
IV. Project Components Component Name 1: Support for Stakeholders Dialogue and Legal framework 2: Establishment of a Secured Transactions Registry 3: Public awareness campaign Description The goal of this component is to support the drafting, consultations and national dialogue on the key legislation related to the legal framework for secure transactions. This component will finance consultancy services to provide a Technical Expert who will (1) develop an action plan for the design and implementation of a movable assets registry, (2) include a business plan for the operation of the registry, (3) the design of the registry, including the development of its operating manuals, guides for end-users, other operation specific blue-prints hardware and software needs, Internet Service provider protocol, data centre services, IT maintenance, and office space requirements, and (4) develop the Request for Proposal for the most appropriate registry. This component will also finance: (1) the procurement of the registry with necessary software and limited hardware requirements to ensure the effective operation of the registry, and (2) training of the relevant personnel in the use of the electronic registry (both staff and end users). This component entails a public awareness campaign to build support in the use of the registry across the country. Monday, February 02, 2015 4/12
V. Cost and Financing/Budget CC SU-MF Grand Total Cash Cash Kind 1 Support for Stakeholders Dialogue and Legal framework $80,000.00 $20,000.00 $0.00 $100,000.00 $80,000.00 $20,000.00 $0.00 $100,000.00 2 Establishment of a Secured Transactions Registry $300,000.00 $0.00 $0.00 $300,000.00 $300,000.00 $0.00 $0.00 $300,000.00 3 Public awareness campaign $0.00 $180,000.00 $0.00 $180,000.00 $0.00 $180,000.00 $0.00 $180,000.00 4 Final Evaluation Component $10,000.00 $0.00 $0.00 $10,000.00 $10,000.00 $0.00 $0.00 $10,000.00 5 Contingencies Component (2.56 %) $10,000.00 $10,000.00 $10,000.00 $10,000.00 Grand Total $400,000.00 $200,000.00 $0.00 $600,000.00 Monday, February 02, 2015 5/12
VI. Executing Arrangements The project will be executed by the Bank through IFD/CTI through the CC-Program Coordination Unit (PCU) established in Country Office Barbados with the support of Country Office Suriname (CSU). Project implementation will be carried out in close coordination with the Central Bank of Suriname and the Competitiveness Unit of Suriname (CUS) under the Vice-Presidents Cabinet office on behalf of the Government of Suriname. The Bank and Government of Suriname will sign a Letter of Agreement defining respective roles and responsibilities for the implementation of the project including the fact that both parties must consult the other prior to contracting consultants to undertake project activities. The CUS will be the main counterpart agency on behalf of the Government and will designate a project coordinator to act as the manager within the Government. This person will be the technical counterpart and contact person for the project team on all matters relating to the implementation of the project. While the Bank is the executing agency, the Government is expected to play a very involved role in implementation, including drafting, reviewing and approving Terms of Reference for relevant project activities; reviewing, providing feedback and approving consultancy outputs; and as necessary, supervising consultants and firms hired to undertake specific project activities. The period of execution is 18 months and the disbursement period will be 24 months. Procurement under this project using Compete Caribbean resources will be done by the CC-PCU according to the policies and procedures of the Inter- American Development Bank. Procurement of goods and services for the project shall be in accordance with the Bank s policies for the Procurement of Works and Goods (GN-2349-9) and the Policies for the selection and Contracting of Consultants (GN-2350-9) of March 2011. Contracting using Government of Suriname resources will be based on national procurement policies and guidelines, as long as Suriname adopts procedures that are in compliance with concepts stated in section 1.5 of the Bank s Policy Document GN-2349-9 and section 1.8 of Policy Document GN-2350-9. On completion of the project, the government will have full responsibility of financing the recurrent expenses of the registry. Sustainability is also enhanced by the training provided under the project for the staff of the registry. The success of the pilot reform(s) implemented under the project will build stakeholder support for further reforms to be implemented after the project ends. VII. Monitoring and Evaluation A. Monitoring Description The monitoring of the project will be based on the implementation of the Results Framework attached to this Plan of Operations. B. Technical and Basic Responsibility IFD/CTI will have the financial and administrative responsibility, which could be delegated in part to CC/PCU. Technical responsibility for the project will be coordinated by Navita Anganu (CMF/CJA), designated team leader of the project. The procurement plan is annexed and should be updated as necessary and at least every 6 months during project execution. C. Evaluations/Progress and Final Report The Government of Suriname through Competitiveness Unit of Suriname will store and provide access to all necessary information and documentation required to conduct the monitoring and evaluation of the project. The Project Coordinator from the Competitiveness Unit of Suriname will prepare and submit project status reports to the Project Team Leader and the CC- PCU within 30 days of the completion of the first year of project execution (effective the date of Signing of the Letter of Agreement) and a project completion report within three months of final disbursement. The project completion report should include, but not be limited to: (a) information about budget performance and the contributions from local counterpart funds; (b) progress made in meeting project objectives during the previous six months, referencing the performance indicators, including gender equality indicators; (c) discussion of factors contributing to variances between expected and actual results; (d) any required risk mitigation or problem solving actions employed throughout the project; (e) sustainability considerations and lessons learned. A template for the report will be provided to the Project Coordinator at the start of the project. Through the project, Compete Caribbean will finance a final evaluation to be conducted three months after the end of project execution of when 95% of Compete Caribbean s contribution to the project has been disbursed. The Terms of Reference will be jointly developed by the Compete Caribbean M&E Specialist and the Project Team Leader in consultation with the Government of Suriname. The final evaluation will include a special impact survey that allows an estimate of progress, including the effect on access to finance by women as a result of the project. VIII. Benefits and Risks A. Benefits and Impact The main benefit is the overall enhancement of the business climate and improvement of private sector development. The project is expected to increase access to credit available for businesses particularly SMEs through the creation of the movable assets registry. It will result in a reduction in cost of registering collateral interests, enabling greater access to sources of finance thus increasing the entrepreneurial activities by increasing SME s access to credit. Ultimately it will lead to an improvement in the Doing Business Rankings, particularly those related to getting credit. B. Risks and Mitigation Measures The national elections currently scheduled for May 2015 could possibly derail the project. The Government however is keen to get the Bill through Parliament before the end of the year (2014). The successful implementation of this project is dependent on the passing of the Secured Transactions Bill expected to be presented to the National Assembly in August 2014. The government is very keen to pass this legislation as part of a slew of other business reform pieces to create an enabling Monday, February 02, 2015 6/12
Assembly in August 2014. The government is very keen to pass this legislation as part of a slew of other business reform pieces to create an enabling business climate in Suriname. Limited stakeholder buy-in is also a potential risk, although judging by the overwhelming public support and stakeholder interest under the existing Compete Caribbean project, SU-CC2020, this risk is limited. A strategic, well planned and properly executed awareness campaign will help to mitigate the risk of low interest by stakeholders. The public awareness campaign will be undertaken by the CUS. IX. Recommendation ANGANU, JAIWATTIE, Team Leader of the current Project, recommends the approval of the operation and the use of CC resources up to $400,000.00 X. Approval Approved By: HENNESSEY, MICHAEL P. Executive Director. COMPETE CARIBBEAN Date of Approval: 7/18/2014 Monday, February 02, 2015 7/12
Annexes Annex I - Description of Project Components and Activities Component Name 1: Support for Stakeholders Dialogue and Legal framework 1.A: Legal Framework for Secured Transactions 1.A.1: Expert consultant 1.B: National Forum 1.B.1: Consultation workshop 1.C: Study Trip for Key stakeholders 1.C.1: Travel Costs 2: Establishment of a Secured Transactions Registry 2.A: Development of a secured transactions registry specifications for Suriname 2.A.1: International Expert 2.B: Implementation of secured transactions (collateral) registry 2.B.1: Purchase, installation and training on collateral registry 3: Public awareness campaign 3.A: Communications Services 4: Final Evaluation Component 4.A: Final Evaluation 5: Contingencies Component (2.56 %) 5.A: Contingencies (2.56 %) Description The goal of this component is to support the drafting, consultations and national dialogue on the key legislation related to the legal framework for secure transactions. This will finance a consultant to review and draft the legal framework for secured transactions in Suriname, including any draft legislation Consulting fees and travel This will finance support to the CUS to facilitate dialogue with stakeholders through a National Forum, around the design and implementation of the secured transactions framework. The Forum will provide a venue to share international best practices and support the consultation process on the draft legislation for secure transactions. Workshop costs including venue and logistics This will finance travel for key members of the the CUS and other critical stakeholders for secured transactions to visit similar jurisdictions in which secured transactions has been sucessfully implemented. Travel and per diem for study tour participants This component will finance consultancy services to provide a Technical Expert who will (1) develop an action plan for the design and implementation of a movable assets registry, (2) include a business plan for the operation of the registry, (3) the design of the registry, including the development of its operating manuals, guides for end-users, other operation specific blue-prints hardware and software needs, Internet Service provider protocol, data centre services, IT maintenance, and office space requirements, and (4) develop the Request for Proposal for the most appropriate registry. This component will also finance: (1) the procurement of the registry with necessary software and limited hardware requirements to ensure the effective operation of the registry, and (2) training of the relevant personnel in the use of the electronic registry (both staff and end users). This activity will finance consultancy services design, plan, purchase and implement the Collateral Registry for Suriname. Consulting fees and travel for (i) on-site design, specs and project plan, (ii) off site application develpoment, (iii) on-site application development This activity will finance: (1) the procurement of the registry with necessary software and limited hardware requirements to ensure the effective operation of the registry, and (2) training the relevant personnel in the use of the electronic registry (both staff and end users). Consulting fee, travel and per diem, manuals, training, etc. This component entails a public awareness campaign to build support in the use of the registry across the country. This component will be financed by the counterpart and entails the costs of advertising, publications, dissemination of information, etc. Project Final Evaluation Project Final Evaluation Project Contingencies Project Contingencies Monday, February 02, 2015 8/12
Project Detailed Budget CC SU-MF Grand Total Cash Cash Kind 1 Support for Stakeholders Dialogue and Legal framework $80,000.00 $20,000.00 $0.00 $100,000.00 $80,000.00 $20,000.00 $0.00 $100,000.00 1.A Legal Framework for Secured Transactions $20,000.00 $0.00 $0.00 $20,000.00 1.A.1 Expert consultant $20,000.00 $0.00 $0.00 $20,000.00 1.B National Forum $40,000.00 $20,000.00 $0.00 $60,000.00 1.B.1 Consultation workshop $40,000.00 $20,000.00 $0.00 $60,000.00 1.C Study Trip for Key stakeholders $20,000.00 $0.00 $0.00 $20,000.00 1.C.1 Travel Costs $20,000.00 $0.00 $0.00 $20,000.00 2 Establishment of a Secured Transactions Registry $300,000.00 $0.00 $0.00 $300,000.00 $300,000.00 $0.00 $0.00 $300,000.00 2.A Development of a secured transactions registry specifications for Suriname $100,000.00 $0.00 $0.00 $100,000.00 2.A.1 International Expert $100,000.00 $0.00 $0.00 $100,000.00 2.B Implementation of secured transactions (collateral) registry $200,000.00 $0.00 $0.00 $200,000.00 2.B.1 Purchase, installation and training on collateral registry $200,000.00 $0.00 $0.00 $200,000.00 3 Public awareness campaign $0.00 $180,000.00 $0.00 $180,000.00 $0.00 $180,000.00 $0.00 $180,000.00 3.A Communications Services $0.00 $180,000.00 $0.00 $180,000.00 $0.00 $180,000.00 $0.00 $180,000.00 4 Final Evaluation Component $10,000.00 $0.00 $0.00 $10,000.00 $10,000.00 $0.00 $0.00 $10,000.00 4.A Final Evaluation $10,000.00 $0.00 $0.00 $10,000.00 $10,000.00 $0.00 $0.00 $10,000.00 5 Contingencies Component (2.56 %) $10,000.00 $10,000.00 $10,000.00 $10,000.00 5.A Contingencies (2.56 %) $10,000.00 $10,000.00 $10,000.00 $10,000.00 Grand Total $400,000.00 $200,000.00 $0.00 $600,000.00 Monday, February 02, 2015 9/12
Annex III - Results Framework General and Specific Objectives: The general objective is to improve the enabling environment for business development, trade, and integration. The specific objective is to streamline the mechanisms for SME access to credit in Suriname. Indicator Unit of Measure Baseline Goal Means of Verification Comments Impact - Enhanced competitiveness in Suriname Improvement in Financial market development ranking of the Global Competitiveness Index Ranking /Score 111.00 (2014) 109.00 (2017) World Economic Forum- Global Competitiveness Report It is not expected that the project will significantly affect the rankings until after the project is com-pleted.there are no goal values set as this is difficult to determine; however it is expected that the score and ranking will improve Improvement in the Ease of Doing Business Rankings Ranking 161.00 (2014) 160.00 (2017) World Bank Ease of Doing Business Report It is not expected that the project will significantly affect the rankings until after the project is com-pleted.there are no goal values set as this is difficult to determine; however it is expected that the score and ranking will improve Improvement in access to Credit Ease of Getting Credit Ranking 17 160.00 (2017) World Bank Ease of Doing Business Report It is not expected that the project will significantly affect the rankings until after the project is com-pleted.there are no goal values set as this is difficult to determine; however it is expected that the score and ranking will improve Improved Access to credit Depth of credit information index score N/A (2017) World Bank Ease of Doing Business Report Economy Profile: Suriname Outcome 1 - Secured Transactions legal framework established Secured Transaction Bill Passed Legislation passed Gazette of Government of Suriname Outcome 2 - Registry to improve SME access to credit through secured transactions operational Centralized Electronic registry established Registry Government of Suriname URL verification. Verified by End of Project evalua-tions Registry is being used # institutional users/ # entries 5.00 (2016) Report of the Registry. Verified by end of project evaluation. Registry being used # entries 100.00 (2015) Report of the Registry. Verified by end of project evaluation. gender disaggregated if possible Output Indicators 1 Support for Stakeholders Dialogue and Legal framework Draft legislation for Secured Transactions Document National Forum Event 2 Establishment of a Secured Transactions Registry Monday, February 02, 2015 10/12
Technical specifications for Secured Transactions Registry Document Technical specifications for Secured Transactions Registry Hardware/software Action plan for implementation of the Registry Document Business Plan for operation of the Registry Dcoument Staff trained # persons 3 Public awareness campaign Public Awareness Campaign Campaign Monday, February 02, 2015 11/12
Annex IV - Procurement Plan Activity Description Estimated Contract Cost Procurement Method CC Financing Prequalification Counterpart Financing Estimated Notice Month Estimated Completion Month Comments 1 Support for Stakeholders Dialogue and Legal framework Legal Framework for Secured Transactions $20,000.00 QCII 100.00% 0.00% No National Forum $60,000.00 DC 66.67% 33.33% No Study Trip for Key stakeholders $20,000.00 DC 100.00% 0.00% No through Letters of Agreement with the Bank 2 Establishment of a Secured Transactions Registry Development of a secured transactions registry specifications for Suriname $100,000.00 CQS 100.00% 0.00% No Implementation of secured transactions (collateral) registry $200,000.00 QBS 100.00% 0.00% No Annex V - Supporting Documentation Document Name Link Other: Supervision Plan: Gender Equality Strategy: Environmental Sustainability Strategy: - TOR Collateral Registry Service Provider (38914732) Execution Plan (38914804) Gender Equality Strategy (38914815) _Environmental_Sustainability_Strategy (38914808) Monday, February 02, 2015 12/12