Public Disclosure Authorized Public Disclosure Authorized The World Bank RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF GABON INVESTMENT PROMOTION & COMPETITIVENESS PROJECT APPROVED ON MARCH 11, TO MINSTRY OF ECONOMY AND INVESTMENT PROMOTION REPORT NO.: RES29479 Public Disclosure Authorized TRADE & COMPETITIVENESS AFRICA Public Disclosure Authorized Regional Vice President: Country Director: Senior Global Practice Director: Practice Manager/Manager: Task Team Leader: Makhtar Diop Elisabeth Huybens Anabel Gonzalez Dahlia Khalifa Ashani Alles, Alphonsus Nji T Achomuma
ABBREVIATIONS AND ACRONYMS ADR ANPI BCP CAS CPF FMR GoG HCI IDA MTR NGO PAD PCU PPD PDO PIU PSD SDR SME T&C GP Alternative Dispute Resolution Agence National de Promotion des Investissements (National Investment Promotion Agency) Business Plan Competition Country Assistance Strategy Country Partnership Framework Financial Management Report Government of Gabon Haut Conseil de l Investissement (Presidential Investment Council for PPD and Policy Reforms Agenda) International Development Association midterm review Non-Governmental Organization Project Appraisal Development Project coordination unit Public-Private Dialogue Project Development Objective Project Implementation Unit Private Sector Development Special Drawing Rights Small and Medium Enterprise Trade & Competitiveness Global Practice
Note to Task Teams: The following sections are system generated and can only be edited online in the Portal. BASIC DATA Product Information Project ID P129267 Original EA Category Partial Assessment (B) Approval Date 11-Mar- Financing Instrument Investment Project Financing Current EA Category Partial Assessment (B) Current Closing Date 31-May-2019 Organizations Borrower Minstry of Economy and Investment Promotion Responsible Agency Ministry of Economy and Investment Promotion Project Development Objective (PDO) Original PDO The objectives of the Project are to contribute to the improvement of the investment climate and to foster enterprise development in the Borrower s territory. Summary Status of Financing Ln/Cr/Tf Approval Signing Effectiveness Closing Net Commitment Disbursed Undisbursed IBRD-83410 11-Mar- 09-Apr- 03-Mar-2015 31-May-2019 18.00 6.50 9.94 Policy Waiver(s) Does this restructuring trigger the need for any policy waiver(s)? No
Note to Task Teams: End of system generated content, document is editable from here. I. PROJECT STATUS AND RATIONALE FOR RESTRUCTURING 1. As highlighted in the Results achieved to date section below, while the project has made considerable advancement on various components as of the Mid Term Review (MTR) in April 2017, progress towards the PDO is moderately unsatisfactory. This is due to serious design issues of the original Results Framework, notably: performance indicators are either unrealistic (such as reducing the number of days to register a business from 50 to 2 days), or not aligned with activities of the project. Implementation progress is moderately unsatisfactory because, except for Financial Management, all other components of the project are rated moderately unsatisfactory. The current disbursement rate as of the MTR is 42.47% - a reflection of implementation delays experienced in various project components. The project success lies largely in the effectiveness of ANPI which, as of the MTR, is not yet set up in one location and functioning as desired. The team confirms that the PDO is achievable with: (i) the setup of ANPI s activities in one location; (ii) a modification of the indicators in the Results Framework; (iii) a reallocation of funds to increase the budget of the Presidential Investment Council for Public Private Dialogue and Policy Reforms agenda; and, (iv) a vigorous execution of the Action Plan conceived, following the MTR by the client, validated by the beneficiary ministries, as well as the ministry of Economy and accepted by the WBG team. The Minister of the Economy, and the line ministries (of Investment promotion, and SME Development) are fully committed to the achievement of the projects objectives as exemplified by their intimate participation in the restructuring process via the appointment of focal points and their own involvement in the final decisions on each component and the confirmation that ANPI can start work on its identified premises to host all its departments. 2. Results achieved to date: Component 1: Institutional Development to Improve Business Climate (US$9M) Subcomponent 1.1: Contribution to the design of ANPI-Gabon (US$1.5M). The project has built the operational capacity of ANPI through strategic plans but provisions of goods required for this purpose will not be procured until ANPI has offices. Investment support staff training has also not started as priority sectors were not identified nationally until March 2017. ANPI is meant to be a one stop shop with three departments (Investment promotion, Business registration, and the Enterprise support) and, although these departments do exist, it is not a one stop shop as they are currently not colocated. This has made the project s role of contributing to ANPI s creation and generation of critical knowledge difficult. As of August 2017, permanent premises have been found for ANPI and works are on-going for move-in of the staff by the end of October 2017 Subcomponent 1.2: Promoting investments in targeted sectors (US$3M) ANPI investment promotion department The project has supported the development of simplified visa procedures for investors as well as an information desk at the airport but has not engaged in building the borrower s investment promotion capacity beyond this mainly for the reasons stated above. The Government of Gabon (GoG) has agreed to carry out an investor satisfaction survey before the end of the year. Subcomponent 1.3: Creation of a business registry (US$4.5M) ANPI business registration department The project has yet to develop the web-based business registry. This registry needs to be legally based at the ministry of justice and then linked to ANPI. The online systems need to be created simultaneously to ensure efficacy. ANPI s lack of a physical location so far has hindered implementation as well as interconnectivity with
other agencies (tax, CEPIG, CNSS, etc.). This is in the process of being resolved as a location has been found and validated by the Minister of Investment Promotion. Component 2: Enterprise development (US$ 6M) Subcomponent 2.1: Support to enterprises (US$1M) ANPI enterprise support department The project supported the development of the SME department within ANPI and helped define its mandate as planned. At inception, the project was to support the creation of a Women s Business Center through financing of equipment, development of a distance learning platform and outreach. This activity has not yet been undertaken and the project cannot finance this within the constraints of the budget and the time remaining for implementation. Following discussions with the Ministry for SMEs, a feasibility study for a women s business center will be undertaken instead. The project is yet to finance studies to map procedures for industry-specific licensing and services and produce an SME-guide. The export promotion work is still to be carried out. The project has not yet conducted a review of financial instrument accessible to SMEs. Under the restructuring, the development of a movables collateral registry is envisaged. Subcomponent 2.2: Enterprise business plan (US$3.5M) ANPI enterprise support department The first business plan took place in. The 15 winners were given technical assistance to further develop their business plan ideas and seed capital was provided in February 2016. 11 of the businesses are active as of March 2017. Although women entrepreneurs were encouraged to participate, only one woman was among the winners. Some of the winners require more capital than initially required and the project is financing them. The second business plan was planned for June 2017 but moved to September / October 2017. The project is working with T&C Innovation and Entrepreneurship to improve the organization and follow-up. Since the project will only finance a small number of business plans, the project will seek to partner with local banks, leasing companies, and MFIs to ensure sustainability and develop financial sector capacity to serve SMEs. This subcomponent is receiving strong support from the new minister of SMEs who will be hosting an SME week in which the business plan will take place. Subcomponent 2.3: Support to the chamber of commerce (US$1.5M) The chamber of commerce was taken on a study tour to Ivory Coast to help build its capacity to complement ANPI. The project is going to build an extension to the chamber of commerce which will host the centre de gestion agree, the bourse de la sous-traitance and the ADR center. The GoG is contemplating reforming the Chamber of Commerce. The GoG is contemplating reforming the Chamber of Commerce in terms of who manages it but will keep its product offering. Additionally, the project envisages building the capacity of the ADR center and sensitizing stakeholders. Component 3: Project management and Public private dialogue (US$3M) This component is aimed at delivering the project in a timely manner and monitoring and evaluating activities. Subcomponent 3.1: Project coordination unit (PCU) for Implementation (US$2.6M) The unit is fully staffed and has been operating out of a building shared with the Secretariat of the Haute conseil d investissement (HCI presidential investment council). Subcomponent 3.2: Presidential Investment Council for PPD and Policy reforms agenda (US$0.4) HCI The project supported the establishment of the HCI secretariat but the first PPD chaired by the President was not held until March 2017 due to political turmoil in the previous year. The project has indicated that the allocated budget at project inception will be insufficient to carry out this subcomponent hence the proposed increase in budget to this subcomponent in the restructuring of the project All audit reports for the project have been submitted on time, and there are currently no outstanding audit reports.
II. DESCRIPTION OF PROPOSED CHANGES 1. The proposed restructuring consists of: a. Change in Results Framework: During the Mid-Term Review (MTR), it has become obvious that some PDO indicators and targets are unrealistic and other indicators are not aligned with the activities of the project. Thus, some adjustments of the Results framework (both in the PDO and intermediate indicators) are needed. (i) Changes to the PDO indicators The PDO indicator reduction in time (days) to register a business was changed to reduction in average time (days) to register a business as the project agreed with the client that this would be measured by the DB report rather than their own statistics to ensure unbiased reporting. Furthermore, the original target of 2 days is impossible to achieve and would have been so even at program inception. The target has been changed to an ambitious but more realistic 40 days. Reduction in days will be significant one the various agencies are co-located in the one stop shop and when they are interlinked through an e-system. Significant reduction in average time is expected in the DB 2020 report which will be published after this project closes. The PDO indicator increase in newly registered corporations was changed to number of enterprises registered after the reform (creation of ANPI) as there was no baseline for the previous indicator and the purpose of this indicator is to see how ANPI s one stop shop positively motivates the creation of new businesses year on year. The baseline has also been changed to zero to reflect this. The PDO indicators direct project beneficiaries and female beneficiaries was removed as it was double counting both the number of new businesses registered and the number of business plan beneficiaries (intermediate indicator). There was also no clear understanding as to which of the business plan beneficiaries should be counted the winners only or also those who attended initial trainings. Furthermore, records have not been kept as to the number of people trained in capacity building activities and it was questionable as to whether they should be counted twice if they received multiple trainings. Gender impact is being tracked through a new intermediate indicator on number of women trained through the business plan s. A new PDO indicator on Number of investors showing an interest in investing in Gabon was added as this is one of the most important components of the project but it was not being tracked as a PDO indicator. This indicator looks at the number of investors who have shown an interest in investing in Gabon by: (a)having physically visited Gabon (FDI): or (b) have corresponded with ANPI or a Ministry to find out how to register a business, what are the necessary licenses, requested information on incentives, etc. or (c)have started engaging to find financing for the project (evidenced through correspondence with ANPI as a minimum threshold). (ii) Changes to the intermediate indicators The indicator policy establishing ANPI-Gabon drafted with detailed action plan and manual of procedures was removed as an indicator, although it has already been established, because this indicator does not track any meaningful impact which would be what the implementation of the policy achieves. The indicator number of domestic and foreign investors tracked in the investor tracking system was also removed as this too would not have any impact unless it turns into interest (now a PDO indicator). The project has added a more meaningful indicator to see investment impact through number of interested investors actualizing investments. Given how long it often takes to finalize an investment and that these will be most likely done several years after project completion it was not chosen as a PDO indicator. Definitions of what is understood by actualizing have been added in the description of this indicator. The indicator average cost to register a business measured by the paid in minimum capital has been replaced by cost to register a business measured in XOF and is reported as what is captured in the Doing Business report.
As there were no intermediary indicators tracking the project engagement in components 2.1 and 2.3; the following indicators have been added: Feasibility study for a women s business center, Establishment of a moveable property collateral registry (this will have an impact on SME finance but the impact on SME finance will not materialize before program completion), number of capacity building exercises for the chamber of commerce and construction of an annex at the chamber of commerce to increase services to SMEs. The intermediate indicator number of entrepreneurs formally mentored, trained or granted startup capital has been unpacked into the following indicators: (a) number of people trained through the business plan, number of women trained through the business plan (sub indicator), (b) number of winning business plans (captures both existing businesses and startups), number of companies created through the business plan (sub indicator capturing new companies created), (c) number of direct jobs created as a result of the business plan s, and (d) amount of financing made available to SMEs through the business plan. Given that the restructuring will reallocate funding to the HCI, in addition to tracking the number of PPDs held, an additional indicator on number of reforms implemented (either Doing Business or Investment Climate reforms). This new indicator will allow us to ascertain impact of the PPDs in a quantitative manner. b. Change in components costs Within components, there have been budget (costs) adjustments as can be seen in the below table: c. Reallocation between Disbursement Categories:
The restructuring of the project would allow for a review of the amounts allocated to the expenditure categories. Thus, the EUR 9,200,000 originally allocated to category 1 has been increased to EUR 9,600,000 with Category 2 experiencing a reduction of EUR 400,000 from EUR 1,700,000 Euros to EUR 1,300,000. These reallocated resources will be used to increase the budget of the HCI for the PPD and public policy reform activities. On the other hand, to ensure timely implementation and achievement of the intermediate project indicators, of three Business Plan Competitions (BCP) originally envisaged, the PCU and the authorities would leverage on the experience of the first BCP to organize only two s and thereby save on the associated organization and planning costs. d. Change in Disbursement Estimates The revised schedule of disbursements is as follows: Quarter & FY Previous disbursement estimate (USD) Actual Disbursement (USD) Proposed Disbursement (USD) Q1-FY-2018 500,000.00 0.00 2,872,264 0.00 Q2-FY-2018 500,000.00 0.00 1,252,263 0.00 Q3-FY-2018 500,000.00 0.00 1,252,263 0.00 Q4-FY-2018 500,000.00 0.00 1,252,263 0.00 Q1-FY-2019 500,000.00 0.00 857,963 0.00 Q2-FY-2019 500,000.00 0.00 857,960 0.00 Q3-FY-2019 150,000.00 0.00 857,960 0.00 Q4-FY-2019 0.00 0.00 2,726,178.57 0.00 Actual disbursement (USD) Note to Task Teams: The following sections are system generated and can only be edited online in the Portal.
PDO_IND_TABLE The World Bank I. SUMMARY OF CHANGES Changed Change in Results Framework Not Changed Change in Components and Cost Reallocation between Disbursement Categories Change in Disbursement Estimates Change in Implementing Agency Change in DDO Status Change in Project's Development Objectives Change in Loan Closing Date(s) Cancellations Proposed Change in Disbursements Arrangements Change in Overall Risk Rating Change in Safeguard Policies Triggered Change of EA category Change in Legal Covenants Change in Institutional Arrangements Change in Financial Management Change in Procurement Change in Implementation Schedule Other Change(s) Change in Economic and Financial Analysis Change in Technical Analysis Change in Social Analysis Change in Environmental Analysis IV. DETAILED CHANGE(S) OPS_DETAILEDCHANGES_RESULTS_TABLE RESULTS FRAMEWORK Project Development Objective Indicators
Reduction in average time (days) to register a business Unit of Measure: Days Value 50.00 50.00 40.00 Revised Date 11-Mar- 12-Oct-2017 31-May-2019 Number of businesses registered after the reform Value 0.00 14000.00 20000.00 Revised Date 31-Jul- 12-Oct-2017 31-May-2019 Direct project beneficiaries Value 0.00 15.00 25500.00 Marked for Deletion Date 11-Mar- 24-Apr-2017 31-May-2019 Female beneficiaries Unit of Measure: Percentage Supplement Value 0.00 3.00 50.00 Marked for Deletion Number of investors showing an interest in Gabon Unit of Measure: Amount(USD) Value 0.00 48.00 60.00 New Date 31-Jul- 12-Oct-2017 31-May-2019
Intermediate Indicators IO_IND_TABLE Policy establishing ANPI-Gabon drafted with detailed action plan and manual of procedures Unit of Measure: Yes/No Value No Yes Yes Marked for Deletion Date 11-Mar- 24-Apr-2017 31-May-2019 Number of domestic and foreign investors tracked in the Investors Tracking System Value 0.00 0.00 800.00 Marked for Deletion Date 24-Dec-2013 24-Apr-2017 31-May-2019 Reduction of number of procedures to register a business Value 7.00 7.00 5.00 Revised Date 24-Dec-2013 12-Oct-2017 31-May-2019 Number of entrepreneurs formally advised or mentored or granted startup capital or receiving aftercare support through the BusinessPlan Competition Value 0.00 30.00 150.00 Marked for Deletion Date 11-Mar- 24-Apr-2017 31-May-2019 Number of policy workshops organized
Value 0.00 4.00 10.00 Marked for Deletion Date 11-Mar- 24-Apr-2017 31-May-2019 Cost to register a business Value 1285000.00 1285000.00 785000.00 Revised Date 30-Oct-2015 12-Oct-2017 31-May-2019 Number of investors actualizing investments Value 0.00 5.00 7.00 New Date 31-Jul- 12-Oct-2017 31-May-2019 Feasibilty study on women s business center Value 0.00 0.00 1.00 New Date 31-Jul- 12-Oct-2017 31-May-2019 Establishment of a moveable property collateral registry Value 0.00 0.00 1.00 New Date 31-Jul- 12-Oct-2017 31-May-2019 Number of people trained through the business plan Value 0.00 80.00 130.00 New
Date 31-Jul- 12-Oct-2017 31-May-2019 Number of women trained through the business plan Value 0.00 14.00 25.00 New Date 31-Jul- 12-Oct-2017 31-May-2019 Number of wining business plans Value 0.00 15.00 30.00 New Date 31-Jul- 12-Oct-2017 31-May-2019 Number of companies created through the business plan Value 0.00 9.00 20.00 New Date 31-Jul- 12-Oct-2017 31-May-2019 Number of direct jobs created as a result of the business plan Value 0.00 23.00 40.00 New Date 31-Jul- 12-Oct-2017 31-May-2019 Amount of financing made available to SMEs through the business plan Unit of Measure: Amount(USD) Value 0.00 475400.00 1502000.00 New Date 31-Jul- 12-Oct-2017 31-May-2019
OPS_DETAILEDCHANGES_COMPONENTS_TABLE The World Bank Number of capacity building exrecises for the Chamber of Commerce Value 0.00 3.00 3.00 New Date 31-Jul- 20-Oct-2017 31-May-2019 Construction of an annex at the chamber of commerce to increase services to SMEs Value 0.00 0.00 1.00 New Date 31-Jul- 12-Oct-2017 31-May-2019 Number of reforms implemented Value 0.00 2.00 4.00 New Date 31-Jul- 12-Oct-2017 31-May-2019 Number of Public-Private Dialogues held through the HCI Value 0.00 3.00 10.00 New Date 31-Jul- 12-Oct-2017 31-May-2019 COMPONENTS Current Component Name Institutional Development to Improve the Business Climate Current Cost (US$M) Action 9.00 Revised Proposed Component Name Institutional Development to Improve the Business Climate Proposed Cost (US$M) 8.45
Support Enterprise Development 6.00 Revised Project Management and Public Private Dialogue 3.00 Revised Support Enterprise Development Project Management and Public Private Dialogue TOTAL 18.00 18.00 5.31 4.24 OPS_DETAILEDCHANGES_REALLOCATION _TABLE REALLOCATION BETWEEN DISBURSEMENT CATEGORIES Current Allocation Actuals + Committed Proposed Allocation Financing % (Type Total) Current Proposed IBRD-83410-001 Currency: EUR ilap Category Sequence No: 1 Current Expenditure Category: GDS WRK NCS, CONS OP TRN 9,200,000.00 4,618,250.93 9,600,000.00 100.00 100.00 ilap Category Sequence No: 2 Current Expenditure Category: SUB-GRANTS PART B.2 D 1,700,000.00 61,617.22 1,300,000.00 100.00 100.00 ilap Category Sequence No: 3 Current Expenditure Category: PPF REFINANCING 2,200,000.00 471,415.73 2,200,000.00 Total 13,100,000.00 5,151,283.88 13,100,000.00 OPS_DETAILEDCHANGES_DISBURSEMENT_TABLE DISBURSEMENT ESTIMATES Change in Disbursement Estimates Yes Year Current Proposed 0.00 0.00 2015 1,661,473.15 0.00 2016 1,908,079.83 0.00
2017 4,000,000.00 0.00 2018 6,000,000.00 6,629,053.00 2019 4,430,447.04 4,870,124.31 Note to Task Teams: End of system generated content, document is editable from here.
PPIC : Results Framework PDO Indicators Definition of indicators Unit of measure Date of baseline M Target May 2019 Situation as of August 2017 Frequency of data collection Method of data collection Parties responsible for providing data Average time (days) to register a business This indicator is measured by the starting a business indicator in the Doing Business Report days October 2013 (DB report) 50 40 Yearly October Doing Business Report PCU ly Number of businesses registered after the legal creation of ANPI s OSS Number of investors who have manifested an interest in investing in Gabon This indicator looks at the number of new businesses created through the one stop shop and seeks to see an increase year on year This indicator looks at the number of investors who have shown an interest in investing in Gabon by: a)having physically visited Gabon (FDI) or Number Number 0 0 20 000 (Cumulative) 60 (Cumulative) 14 828 48 Annual Annual Survey ANPI OSS Investor tracking system ANPI IP department b)have corresponded with ANPI or a Ministry to find out how to register a business,
what are the necessary licenses, requested information on incentives, etc. or c)have started engaging to find financing for the project (evidence through correspondence with ANPI as a minimum threshold) ly Intervention being tracked Intermediate Indicator Definition of indicators Unit of measure Target Date of baseline Baseline May 2019 Situation as of August 2017 Frequency of data collection Method of data collection Parties responsible for providing data Investment promotion in priority sectors after ANPI s creation Number of investors who have actualized or are in the process of actualizing their investments This indicator is related to the DPO indicator but goes further. Looking only at finalized investments would properly reflect the project s impact as it might take years to finalize after project completion. This indicator will take into account investors who: a)publicly announce their investment intention in Gabon (media articles, radio/tv Number 2017 0 7 (cumulative) 5 Annually Investor tracking system ANPI IP department
announcements) or b)register their business at ANPI or c)have finalized their financing requests (bank loan, PPP agreement, tec.) ly Cost to register a business This indicator is the paid in minimum capital as captured by the Doing Business report (men) XAF value October 2015 (DB 2016 report) 1 285 000 785 000 1 285 000 Annually October Doing Business Report PCU Number of procedures to start a business This is the number captured by the Doing Business report (men) N October 2013 (DB report) 7 6 6 Annually October Doing Business Report PCU
Intervention being tracked The World Bank Intermediate Indicator Definition of indicators Unit of measure Target Date of baseline Baseline May 2019 Situation as of August 2017 Frequency of data collection Method of data collection Parties responsible for providing data ly Women s business center feasibility study Support to finalized SME development Collateral registry established at the central bank Business Plan Competition Number of people trained Number of women trained Number of wining business plans This indicator reflects the PAD subcomponent 2.1 (ii) This indicator reflects a first step towards improving access to finance under subcomponent 2.1 (v) This indicator tracks the number of people trained (including women) through the activities of the business plan This indicator tracks the number of women trained through the activities of the business plan This indicator tracks how many business plans submitted from all those trained are chosen as winners to receive funding Yes/No Yes/No Number Number Number Non Non 0 0 0 Yes Yes 130 (cumulative) 25 (cumulative) 30 (cumulative) No No 80 14 15 End of project End of project At the end of every business plan At the end of every business plan At the end of every business plan Validation workshop for the study Launch of the collateral registry with Financial institutions Business plan reports Business plan reports Business plan reports SG PME/DEAE PCU CNPA/DEAE/SG PME CNPA/DEAE/SG PME CNPA/DEAE/SG PME
ly Support to the chamber of commerce PPD on reform Number of new businesses created because of the business plan Number of direct new jobs created Financing made available to SMEs through the business plan Capacity building of CC staff Construction of an annex to improve the service offering of the CC Number of reforms implemented This indicator looks at new businesses and not existing ones who also win additional funding This indicator tracks the number of direct jobs resulting from the funding of business plans (new and existing businesses) This indicator looks at the amount of money actually disbursed to the winners This indicator relates to the number of study tours organized for the chamber of commerce and not the number of people who attended This indicator looks at the delivery of the subcomponent 2.3 (ii) This indicator pertains to reforms as measured by the Number Number Value (XAF) Number Number Number 0 0 20 (cumulative) 40 (cumulative) 0 848 626 900 0 3 (cumulative) 9 23 266 500 000 0 1 0 0 4 (Cumulative) 3 2 At the end of every business plan At the end of every business plan At the end of every business plan End of Project End of Project Annually October and Business plan reports Business plan reports Business plan reports Study tour findings Building handed to CC Doing Business Report and CNPA/DEAE/SG PME CNPA/DEAE/SG PME CNPA/DEAE/SG PME Chamber of Commerce Chamber of Commerce HCI Secretariat
agenda through the High Counsel for Investment (HCI) Number of PPDs held Doing Business Report and the IFC IC methodology This indicator looks at the number of high level meetings held between private sector and public sector (i.e. with ministers, or Prime Minister, or President) Number 0 10 (cumulative) 3 Annually HCI report using IFC IC methodology Reports on HCI meetings HCI Secretariat ly Annexe 2. Borrower s Request to restructure the PPIC
ly
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Draft Notification Letter to Borrower ly
Tableau de réallocation des fonds des catégories de dépenses ly