Public Disclosure Authorized EUROPE AND CENTRAL ASIA Russian Federation Urban Development Global Practice IBRD/IDA Financial Intermediary Loan FY 2003 Seq No: 23 ARCHIVED on 08-Dec-2014 ISR17382 Implementing Agencies: Ministry of Culture of the Russian Federation Public Disclosure Authorized Key Dates Key Project Dates Board Approval date:15-may-2003 Planned Mid Term Review Date:-- Original Closing Date:31-Aug-2009 Project Development Objectives Effectiveness Date:24-Jan-2005 Actual Mid-Term Review Date:18-May-2008 Revised Closing Date:31-Dec-2015 Public Disclosure Authorized Project Development Objective (from Project Appraisal Document) 1) Policy and regulatory environment is conducive to the expansion of private sector enterprises; 2) Larger and more efficient private market for land and real estate; 3) Improved City fiscal management capacity; 4) City to preserve its comparative advantage in culture and the arts. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Rehabilitation of Cultural Assets in St. Petersburg:(Cost $80.40 M) Public Disclosure Authorized Cultural Investment Facility (CIF):(Cost $7.99 M) Institutional Strengthening:(Cost $0.47 M) Project Implementation:(Cost $10.62 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating -- Moderate 12/8/2014 Page 1 of 7
Implementation Status and Key Decisions The St. Petersburg Economic Development Project (SPEDP) is nearing completion. More than 98 percent (US$98.7 million) of the total loan amount has already been disbursed, and the likelihood meeting of the Project Development Objectives (PDO) by the project closing date is high. The majority of activities under the Project have been successfully completed including (a) rehabilitation of 9 sub-projects including the Shostakovich State Academic Philharmonia, Peter and Paul Fortress, Temple of Friendship of Pavlovsk State Museum and Conservation Area, St. George Hall and Corps de Gardes Pavilions of Mikhailovsky Palace of the State Russian Museum, Winter Garden of the Marble Palace of the State Russian Museum, Turkish Bath Pavilion and Hermitage Kitchen and Park of the State Tsarskoe Selo Museum, and East Wing of the former General Staff Building of the State Hermitage; (b) 7 rounds of competition under the Cultural Investment Facility (CIF) sub-component which introduced competitive, demand-driven grants to the cultural institutions located in St. Petersburg; (c) activities under the Staff Reserve program and Institutional Review of St. Petersburg Cultural Committee program which helped to build the capacity of middle management staff of St. Petersburg cultural institutions and introduced an Automatic Control System (ACS) to monitor and assess the performance of 64 of city's cultural institutions. The Russian Federation has requested an Additional Financing (AF) to SPEDP to support rehabilitation of the Mariinsky Theater historic building and the two inner Courtyard of the Mikhailovsky Palace of the State Russian Museum. Preparation of the AF is currently under process. To allow for sufficient time for approval and signing of the AF, the SPEDP closing date was extended by 12 months until December 31, 2015. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- -- Moderate Macroeconomic -- -- Moderate Sector Strategies and Policies -- -- Moderate Technical Design of Project or Program -- -- Moderate Institutional Capacity for Implementation and Sustainability -- -- Moderate Fiduciary -- -- Moderate Environment and Social -- -- Low 12/8/2014 Page 2 of 7
Stakeholders -- -- Moderate Other -- -- Substantial Overall -- -- Moderate Results Project Development Objective Indicators More competitive environment due to 10% p.a. increase in number of new SMEs registered in SPB. (Number, Custom) Value 96900.00 228000.00 228000.00 141871.00 Date 31-Dec-2003 31-Dec-2007 31-Dec-2007 31-Dec-2007 5% p.a. increase in private transactions for land and real estate. (Number, Custom) Value 90402.00 212352.00 212352.00 115379.00 Date 31-Dec-2002 31-Dec-2007 31-Dec-2007 31-Dec-2007 Credit rating by international credit rating agency (Text, Custom) Value Fitch IBCA: BB (positive) S&P: BB (stable) Moody's: Ba2 (Figures are for 2003) Moody's: Baa1 (Stable); Fitch: BBB (Stable), S&P: BBB (stable) Moody's: Baa1 (Stable); Fitch: BBB (Stable), S&P: BBB (stable) Creditworthy status achieved and maintained Date 31-Dec-2003 31-Mar-2014 31-Mar-2014 31-Aug-2009 12/8/2014 Page 3 of 7
PHINDIRITBL Growth in tourism 8%p.a. (Number, Custom) Value 2737685.00 6000000.00 6000000.00 4022557.00 Date 31-Dec-2002 16-May-2014 16-May-2014 31-Aug-2009 Overall Intermediate Results Indicators Divestiture of City owned enterprises (Text, Custom) Value Baseline value is zero as this is the start of the process -- -- Reduction of the number of City-owned or City-controlled commercial enterprises in St. Petersburg though diversiture or other means, including but not limited to SUEs, achieved and maintained Date 01-Jan-2002 31-Dec-2007 31-Dec-2007 31-Dec-2007 12/8/2014 Page 4 of 7
PHINDIRITBL PHINDIRITBL PHINDIRITBL Number of completed sub-projects under sub-component "Rehabilitation of Cultural Assets in St. Petersburg" (Number, Custom) Value 0.00 8.00 9.00 9.00 Date 24-Jan-2005 16-May-2014 03-Dec-2014 31-Dec-2013 Number of completed sub-projects under "Cultural Investment Facility" sub-component (Number, Custom) Value 0.00 32.00 32.00 20.00 Date 24-Jan-2005 26-Nov-2013 26-Nov-2013 31-Dec-2013 Cultural Investment Facility (CIF) resources fully committed by end of fourth year of project implementation and completion of all CIF operations by end of project (Text, Custom) Value Baseline is zero, as it is start of the project: no CIF funds committed and no CIF operations completed All CIF funds (US$ 7.99 mln. of loan amount) are fully committed; and implementation of all CIF subprojects financed from the awarded CIF grants is successfully completed All CIF funds (US$ 7.99 mln. of loan amount) are fully committed; and implementation of all CIF subprojects financed from the awarded CIF grants is successfully completed All CIF funds (US$ 7.99 mln. of loan amount) are fully committed; and implementation of all CIF subprojects financed from the awarded CIF grants is successfully completed Date 24-Jan-2005 16-May-2014 16-May-2014 31-Dec-2013 12/8/2014 Page 5 of 7
PHINDIRITBL Number of viable/sustainable applications submitted by participants to St. Petersburg Cultural Committee as a result of completion of the Staff Reserve program (Number, Custom) Value 0.00 30.00 30.00 20.00 Date 26-Feb-2009 30-Dec-2010 30-Dec-2010 30-Dec-2010 Overall Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P069063 IBRD-46940 Effective USD 161.10 101.10 60.00 98.72 2.38 98% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P069063 IBRD-46940 Effective 15-May-2003 04-Aug-2004 24-Jan-2005 31-Aug-2009 31-Dec-2015 Cumulative Disbursements 12/8/2014 Page 6 of 7
Restructuring History Level Approved on 06-Aug-2007,Level Approved on 17-Jun-2011,Level Approved on 13-Dec-2012,Level 2 Approved on 04-Nov-2013,Level 2 Approved on 01-Dec-2014 Related Project(s) P146463-Additional Financing for St. Petersburg Economic Development Project 12/8/2014 Page 7 of 7