Financial Sector Development & Regionalization Project I (FSDRP I)

Abstract*

The objective of the First Phase of the Financial Sector Development and Regionalization Project is to establish the foundation for financial sector integration among East African Community (EAC) partner states. There are six components to the project. The first component of the project is financial inclusion and strengthening market participants. This will leverage the establishment of a single market and the benefits of scale associated with regionalization... Show More

Development Objective

To establish the foundation for financial sector integration among EAC Partner States. For the purposes of this additional financing the 'foundation of financial sector integrationâ?� refers to formulating a regional approach to financial inclusion, furthering legal and regulatory harmonization and building institutional capacity to manage the increasingly integrated financial sector in the EAC.

Key Details

Project Details

Project ID
P121611
Status
Closed
Team Leader
Yoko Doi
Borrower 2
EAC Secretariat,East African Community

Country
Eastern and Southern Africa
Disclosure Date
June 18, 2010
Approval Date
(as of board presentation)
January 31, 2011
Effective Date
June 20, 2011

Total Project Cost 1
US$ 16.00 million
Implementing Agency
EAC Secretariat
Region
Eastern and Southern Africa
Fiscal Year 3
2011

Commitment Amount
US$ 16.00 million
Environmental Category
C
Last Update Date
July 15, 2022
Closing Date
December 31, 2020

Last Stage Reached
BANK APPROVED

Associated Projects
P160770

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Economic Policy

FY17 - Trade24%
- FY17 - Trade Facilitation8%
- FY17 - Trade Logistics8%
- FY17 - Trade Policy8%

FY17 - Finance

FY17 - Financial Infrastructure and Access8%
- FY17 - Financial inclusion8%

FY17 - Private Sector Development

FY17 - Business Enabling Environment30%
- FY17 - Regulation and Competition Policy30%
FY17 - Public Private Partnerships10%
FY17 - Regional Integration39%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Grant	16.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	16.00
IBRD + IDA Commitment	16.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	16.00

Summary Status of World Bank Financing (US$ Millions) as of February 28, 2025

No data available.

Detailed Financial Activity as of February 28, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Oct 22, 2019	IDA-D1410	Loan Disb	198,557.00
Jan 13, 2020	IDA-D1410	Loan Disb	348,380.60
Mar 19, 2020	IDA-D1410	Loan Disb	195,926.53
Dec 16, 2019	IDA-D1410	Loan Disb	206,275.73
Feb 6, 2020	IDA-D1410	Loan Disb	282,662.84
Apr 8, 2020	IDA-D1410	Loan Disb	263,029.66
May 6, 2020	IDA-D1410	Loan Disb	179,919.20
Jul 20, 2020	IDA-D1410	Loan Disb	97,467.37
Jun 2, 2020	IDA-D1410	Loan Disb	124,945.63
Nov 5, 2020	IDA-D1410	Loan Disb	179,823.23
Sep 8, 2020	IDA-D1410	Loan Disb	218,164.92
Feb 10, 2016	IDA-H6410	Loan Disb	120,681.27
Nov 6, 2015	IDA-H6410	Loan Disb	321,480.97
Apr 6, 2016	IDA-H6410	Loan Disb	401,080.44
Mar 4, 2016	IDA-H6410	Loan Disb	121,845.05
May 26, 2016	IDA-H6410	Loan Disb	158,227.58
Jul 13, 2016	IDA-H6410	Loan Disb	121,706.50
Jun 3, 2016	IDA-H6410	Loan Disb	226,791.00
Sep 7, 2017	IDA-D1410	Loan Disb	685,375.20
Aug 3, 2017	IDA-D1410	Loan Disb	700,000.00
Nov 16, 2017	IDA-D1410	Loan Disb	541,536.10
Mar 7, 2018	IDA-D1410	Loan Disb	178,351.00
Feb 18, 2014	IDA-H6410	Loan Disb	124,916.70
Apr 11, 2014	IDA-H6410	Loan Disb	236,178.86
May 8, 2014	IDA-H6410	Loan Disb	242,815.38
Jul 11, 2014	IDA-H6410	Loan Disb	413,234.22
Jun 23, 2014	IDA-H6410	Loan Disb	386,619.25
Sep 2, 2014	IDA-H6410	Loan Disb	236,086.02
Mar 23, 2015	IDA-H6410	Loan Disb	242,207.48
Apr 9, 2015	IDA-H6410	Loan Disb	535,663.90
Feb 24, 2015	IDA-H6410	Loan Disb	331,842.12
Sep 23, 2014	IDA-H6410	Loan Disb	177,923.39
May 8, 2015	IDA-H6410	Loan Disb	345,622.62
Jun 19, 2015	IDA-H6410	Loan Disb	388,824.00
Jul 20, 2015	IDA-H6410	Loan Disb	362,252.66
Jun 4, 2015	IDA-H6410	Loan Disb	284,512.80
Aug 6, 2015	IDA-H6410	Loan Disb	473,831.22
Oct 5, 2015	IDA-H6410	Loan Disb	298,172.20
Dec 10, 2015	IDA-H6410	Loan Disb	263,155.03
Oct 27, 2015	IDA-H6410	Loan Disb	486,030.75
Sep 28, 2015	IDA-H6410	Loan Disb	332,034.78
Feb 3, 2016	IDA-H6410	Loan Disb	137,293.69
Sep 30, 2016	IDA-D1410	Loan Commitment	10,500,000.00
Jan 31, 2011	IDA-H6410	Loan Commitment	16,000,000.00
Oct 6, 2020	IDA-D1410	Loan Disb	132,600.00
Dec 2, 2020	IDA-D1410	Loan Disb	222,779.10
Mar 30, 2021	IDA-D1410	Loan Disb	89,009.99
Apr 8, 2021	IDA-D1410	Loan Disb	194,412.30
Apr 30, 2021	IDA-D1410	Loan Disb	-60,855.83
Apr 30, 2021	IDA-D1410	Loan Cancel	95,204.87
May 21, 2018	IDA-D1410	Loan Disb	129,162.36
Feb 25, 2015	IDA-H6410	Loan Disb	171,614.38
Feb 25, 2015	IDA-H6410	Loan Disb	317,525.25
Jan 23, 2014	IDA-H6410	Loan Disb	443,950.94
Nov 21, 2013	IDA-H6410	Loan Disb	360,160.60
Oct 15, 2013	IDA-H6410	Loan Disb	318,621.40
Nov 12, 2013	IDA-H6410	Loan Disb	173,803.42
Mar 24, 2014	IDA-H6410	Loan Disb	255,328.10
Feb 18, 2014	IDA-H6410	Loan Disb	356,799.80
Jan 25, 2018	IDA-D1410	Loan Disb	110,577.70
Jan 25, 2018	IDA-D1410	Loan Disb	145,790.10
Apr 11, 2018	IDA-D1410	Loan Disb	467,201.78
Jul 16, 2018	IDA-H6410	Loan Disb	-60,007.14
Sep 20, 2018	IDA-D1410	Loan Disb	514,367.60
Jul 24, 2018	IDA-D1410	Loan Disb	298,120.80
Nov 17, 2014	IDA-H6410	Loan Disb	656,737.25
Oct 7, 2014	IDA-H6410	Loan Disb	353,786.44
Aug 13, 2013	IDA-H6410	Loan Disb	142,053.44
Aug 13, 2013	IDA-H6410	Loan Disb	234,628.73
Jun 8, 2018	IDA-D1410	Loan Disb	276,043.20
Aug 21, 2018	IDA-D1410	Loan Disb	278,037.56
Dec 20, 2018	IDA-H6410	Loan Cancel	519,115.16
Nov 6, 2018	IDA-D1410	Loan Disb	412,473.12
Jan 10, 2019	IDA-D1410	Loan Disb	434,560.78
Dec 20, 2018	IDA-D1410	Loan Disb	63,000.00
Dec 20, 2018	IDA-H6410	Loan Disb	-63,000.00
Jul 8, 2019	IDA-D1410	Loan Disb	212,998.89
Mar 5, 2019	IDA-D1410	Loan Disb	371,639.12
Jun 5, 2019	IDA-D1410	Loan Disb	320,503.72
Sep 24, 2019	IDA-D1410	Loan Disb	342,347.72
May 20, 2019	IDA-D1410	Loan Disb	205,968.69
Apr 3, 2019	IDA-D1410	Loan Disb	410,038.60
Nov 1, 2019	IDA-D1410	Loan Disb	383,322.38
Sep 3, 2019	IDA-D1410	Loan Disb	190,899.34

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Procurement	Moderately Satisfactory	2020-12-22
Project Management	Satisfactory	2020-12-22
Progress towards achievement of PDO	Satisfactory	2020-12-22
Financial Management	Satisfactory	2020-12-22
Monitoring and Evaluation	Satisfactory	2020-12-22
Overall Implementation Progress (IP)	Satisfactory	2020-12-22

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 11-05-2021
Outcomes	Moderately Satisfactory
Risk to Development Outcome
Bank Performance	Moderately Satisfactory
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW:	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Moderately Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Moderately Satisfactory	N/a
Borrower Performance		N/a
Government Performance	Not Rated	N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of accounts within regulated institutions (Banks and deposit-taking MFIs) Value 24700.00 109500.00 75000.00
Date March 31, 2011 December 31, 2020 September 30, 2019
Comment
Number of Markets successfully linked to the EAC CMI IT platform Value 0.00 4.00 0.00
Date October 31, 2016 December 31, 2020
Comment
Number of legal instruments relating to financial sector harmonization in the EAC Value 14.00 24.00 0.00
Date October 31, 2016 December 31, 2020
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Development of implementation strategies for certification programs Value 0.00 3.00 0.00
Date July 21, 2016 December 31, 2020
Comment
Number of policy papers prepared by the PAT Value 7.00 13.00 0.00
Date July 21, 2016 December 31, 2020
Comment
Number of finalized EAC policies and implementation strategies Value 0.00 3.00 0.00
Date September 30, 2016 December 31, 2020
Comment
Development of training programs for each of the financial sub sector Value 0.00 10.00 0.00
Date September 30, 2016 December 31, 2020
Comment
Development of the Regulations and guidelines to harmonise legal and regulatory framework Value 0.00 27.00 0.00
Date September 30, 2016 December 31, 2020
Comment
Development of a Regional Road Map and five other National Road Maps for universal switches on Retail Payments Value 0.00 6.00 0.00
Date September 30, 2016 December 31, 2020
Comment
Establishment of Securities Market Value 0.00 0.00 0.00
Date September 30, 2016 December 31, 2020
Comment
Development of a Road Map for establishing a centralized database for capturing cross border financial flows Value 0.00 1.00 0.00
Date September 30, 2016 December 31, 2021
Comment

Number of accounts within regulated institutions (Banks and deposit-taking MFIs)	Value	24700.00	109500.00	75000.00
	Date	March 31, 2011	December 31, 2020	September 30, 2019
	Comment

Number of Markets successfully linked to the EAC CMI IT platform	Value	0.00	4.00	0.00
	Date	October 31, 2016	December 31, 2020
	Comment

Number of legal instruments relating to financial sector harmonization in the EAC	Value	14.00	24.00	0.00
	Date	October 31, 2016	December 31, 2020
	Comment

Number of policy papers prepared by the PAT	Value	7.00	13.00	0.00
	Date	July 21, 2016	December 31, 2020
	Comment

Establishment of Securities Market	Value	0.00	0.00	0.00
	Date	September 30, 2016	December 31, 2020
	Comment