The World Bank Implementation Status & Results Report St. Petersburg Economic Development Project (P069063) St. Petersburg Economic Development Project (P069063) EUROPE AND CENTRAL ASIA | Russian Federation | Urban, Resilience and Land Global Practice | IBRD/IDA | Investment Project Financing | FY 2003 | Seq No: 33 | ARCHIVED on 25-Sep-2019 | ISR38642 | Implementing Agencies: Ministry of Finance of the Russian Federation, Ministry of Culture of the Russian Federation Key Dates Key Project Dates Bank Approval Date: 15-May-2003 Effectiveness Date: 24-Jan-2005 Planned Mid Term Review Date: -- Actual Mid-Term Review Date: 18-May-2008 Original Closing Date: 31-Aug-2009 Revised Closing Date: 14-Apr-2020 pdoTable Project Development Objectives 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 Components Table Name Rehabilitation of Cultural Assets in St. Petersburg:(Cost $81.14 M) Cultural Investment Facility (CIF):(Cost $7.55 M) Institutional Strengthening:(Cost $0.47 M) Project Implementation:(Cost $10.32 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 Moderate Implementation Status and Key Decisions All major activities originally planned under the St. Petersburg Economic Development Project (SPEDP) have been successfully completed, and the Project Development Objectives have been met. The activities completed under the Investment (Federal) component of the SPEDP include (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) implementation of 32 subprojects financed from the Cultural Investment Facility subcomponent which 9/25/2019 Page 1 of 6 The World Bank Implementation Status & Results Report St. Petersburg Economic Development Project (P069063) provided competitive, demand-driven grants to the cultural institutions located in St. Petersburg; (c) execution of 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 to monitor and assess the performance of 64 of city's cultural institutions. Implementation of the subproject on restoration of inner Courtyards of the Mikhailovsky Palace of the State Russian Museum was excluded from the SPEDP scope due to inability of the Russian Museum Administration to vacate the premises adjoining to the inner courtyards to start the restoration works. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Substantial Substantial Macroeconomic -- Substantial Substantial Sector Strategies and Policies -- Moderate Moderate Technical Design of Project or Program -- Moderate Moderate Institutional Capacity for Implementation and Sustainability -- Moderate Moderate Fiduciary -- Moderate Moderate Environment and Social -- Low Low Stakeholders -- Moderate Moderate Other -- Substantial Substantial Overall -- Moderate Moderate Results PDO Indicators by Objectives / Outcomes Policy and regulatory environment is conducive to the expansion of private sector enterprises IN00746652 ►More competitive environment due to 10% p.a. increase in number of new SMEs registered in SPB. (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 96,900.00 228,000.00 228,000.00 141,871.00 Date 31-Dec-2003 31-Dec-2007 31-Dec-2007 31-Dec-2007 Larger and more efficient private market for land and real estate IN00746653 ►5% p.a. increase in private transactions for land and real estate. (Number, Custom) 9/25/2019 Page 2 of 6 The World Bank Implementation Status & Results Report St. Petersburg Economic Development Project (P069063) Baseline Actual (Previous) Actual (Current) End Target Value 90,402.00 212,352.00 212,352.00 115,379.00 Date 31-Dec-2002 31-Dec-2007 31-Dec-2007 31-Dec-2007 Improved City fiscal management capacity IN00746654 ►Credit rating by international credit rating agency (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Fitch IBCA: BB (positive) Moody's: Baa1 Moody's: Baa1 (Stable); Creditworthy status S&P: BB (stable) (Stable); Fitch: BBB Value Fitch: BBB (Stable), S&P: achieved and Moody's: Ba2 (Figures (Stable), S&P: BBB BBB (stable) maintained are for 2003) (stable) Date 31-Dec-2003 31-Mar-2014 31-Mar-2014 31-Aug-2009 City to preserve its comparative advantage in culture and the arts IN00746655 ►Growth in tourism 8%p.a. (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 2,737,685.00 8,100,000.00 8,100,000.00 4,022,557.00 Date 31-Dec-2002 03-Apr-2019 20-Sep-2019 31-Aug-2009 Intermediate Results Indicators by Components Rehabilitation of Cultural Assets in St. Petersburg IN00746696 ►Number of completed sub-projects under sub-component "Rehabilitation of Cultural Assets in St. Petersburg" (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 9.00 9.00 9.00 Date 24-Jan-2005 03-Apr-2019 20-Sep-2019 14-Apr-2020 IN00746700 ►Number of cultural institutions’ sites rehabilitated under the Project with improved visitor facilities (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 9.00 9.00 9.00 Date 31-Jan-2005 03-Apr-2019 20-Sep-2019 14-Apr-2020 IN00746702 ►Number of cultural institutions’ sites rehabilitated under the Project that provide improved unassisted access for people with disabilities (Number, Custom) 9/25/2019 Page 3 of 6 The World Bank Implementation Status & Results Report St. Petersburg Economic Development Project (P069063) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 5.00 5.00 5.00 Date 31-Jan-2005 03-Apr-2019 20-Sep-2019 14-Apr-2020 Cultural Investment Facility (CIF) IN00746697 ►Number of completed sub-projects under "Cultural Investment Facility" sub-component (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 32.00 32.00 20.00 Date 24-Jan-2005 03-Apr-2019 20-Sep-2019 31-Dec-2013 IN00746701 ►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) Baseline Actual (Previous) Actual (Current) End Target All CIF funds (US$ All CIF funds (US$ All CIF funds (US$ 7.99 7.99 mln. of loan 7.99 mln. of loan mln. of loan amount) are amount) are fully Baseline is zero, as it is amount) are fully fully committed; and committed; and start of the project: no committed; and implementation of all CIF implementation of all Value CIF funds committed and implementation of all subprojects financed CIF subprojects no CIF operations CIF subprojects from the awarded CIF financed from the completed financed from the grants is successfully awarded CIF grants is awarded CIF grants is completed successfully successfully completed completed Date 24-Jan-2005 16-May-2014 16-May-2014 14-Apr-2020 Institutional Strengthening IN00746698 ►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) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 30.00 30.00 20.00 Date 26-Feb-2009 03-Apr-2019 20-Sep-2019 14-Apr-2020 St. Petersburg DPL component IN00746699 ►Divestiture of City owned enterprises (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Reduction of the number Reduction of the Reduction of the of City-owned or City- number of City-owned number of City-owned Baseline value is zero as controlled commercial or City-controlled or City-controlled Value this is the start of the enterprises in St. commercial commercial process Petersburg though enterprises in St. enterprises in St. diversiture or other Petersburg though Petersburg though means, including but not diversiture or other diversiture or other 9/25/2019 Page 4 of 6 The World Bank Implementation Status & Results Report St. Petersburg Economic Development Project (P069063) limited to SUEs, means, including but means, including but achieved and maintained not limited to SUEs, not limited to SUEs, in 2007 achieved and achieved and maintained in 2007 maintained Date 01-Jan-2002 31-Dec-2007 31-Dec-2007 31-Dec-2007 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 99.66 1.44 99% 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 14-Apr-2020 Cumulative Disbursements 9/25/2019 Page 5 of 6 The World Bank Implementation Status & Results Report St. Petersburg Economic Development Project (P069063) 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 ,Level 2 Approved on 21-Dec-2015 ,Level 2 Approved on 25-Dec-2016 ,Level 2 Approved on 01-Dec-2017 ,Level 2 Approved on 18-Jul-2019 Related Project(s) There are no related projects. 9/25/2019 Page 6 of 6