The World Bank Implementation Status & Results Report Rijeka Gateway II (P102365) Rijeka Gateway II (P102365) EUROPE AND CENTRAL ASIA | Croatia | Transport Global Practice | IBRD/IDA | Investment Project Financing | FY 2009 | Seq No: 22 | ARCHIVED on 28-Dec-2018 | ISR35509 | Implementing Agencies: Port of Rijeka Authority, Ministry of Finance, Port of Rijeka Authority Key Dates Key Project Dates Bank Approval Date: 11-Dec-2008 Effectiveness Date: 14-Jul-2009 Planned Mid Term Review Date: 15-Dec-2011 Actual Mid-Term Review Date: 15-Dec-2013 Original Closing Date: 15-Dec-2014 Revised Closing Date: 31-Dec-2018 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The overall project development objective is to develop the capacity, financial performance, and quality of services in the port ofRijeka to meet growing traffic demand, through public-private partnerships, while facilitating urban renewal by enabling therelocation of port activities. Has the Project Development Objective been changed since Board Approval of the Project Objective? Yes Board Approved Revised Project Development Objective (If project is formally restructured) The overall project development objective is to develop the capacity, financial performance, and quality of services in the port of Rijeka to meet growing traffic demand, through public-private partnerships. Components Table Name Port Terminal Development:(Cost $150.70 M) Port Service Enhancement:(Cost $8.10 M) Project Implementation (including front end fee and interests):(Cost $6.20 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Unsatisfactory Moderately Unsatisfactory Overall Implementation Progress (IP) Moderately Unsatisfactory Moderately Unsatisfactory Overall Risk Rating High High Implementation Status and Key Decisions Zagreb Container Terminal (ZCT) construction works are proceeding and are expected to finish in the first half of 2019. EU funding supports the port’s connectivity improvements. Completion of this infrastructure can make Rijeka a well-connected port with improved capacity by the early 2020s. 12/28/2018 Page 1 of 10 The World Bank Implementation Status & Results Report Rijeka Gateway II (P102365) The project helped increase port traffic, improve private-sector involvement, and contributed to higher efficiency and overall good performance; however, the capacity enlargement objective will not be achieved before the closing date of December 2018. Major efforts will need to be done beyond the project closing to arrange procurement and carry out the works on the road D403, envisaged to connect the ZCT and Rijeka bypass. Rijeka is completing a deep-sea container terminal capable of handling the largest containerships in the Asia-Europe trade, whereas other ports in the range are depth-constrained. The enhanced capacity and improved connections, together with the planned logistics center at Matulji, make the Port of Rijeka well-positioned to compete for traffic in the North Adriatic over the next two decades—and in the process reduce logistics costs for regional and domestic shippers. The Project has encouraged and supported private-sector participation, in particular the long-term concessions first at Brajdica and currently under preparation at ZCT, to bring top-notch operational expertise and blue-chip market credibility to Rijeka (as already demonstrated by the incumbent terminal operator of Brajdica. 12/28/2018 Page 2 of 10 The World Bank Implementation Status & Results Report Rijeka Gateway II (P102365) 12/28/2018 Page 3 of 10 The World Bank Implementation Status & Results Report Rijeka Gateway II (P102365) 12/28/2018 Page 4 of 10 The World Bank Implementation Status & Results Report Rijeka Gateway II (P102365) 12/28/2018 Page 5 of 10 The World Bank Implementation Status & Results Report Rijeka Gateway II (P102365) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Moderate Moderate Macroeconomic -- Moderate Moderate Sector Strategies and Policies -- Low Low Technical Design of Project or Program -- Moderate Moderate Institutional Capacity for Implementation and Sustainability -- Moderate Moderate Fiduciary -- Low Low Environment and Social -- Moderate Moderate Stakeholders -- Low Low Other -- High High Overall -- High High Results PDO Indicators by Objectives / Outcomes Increased Capacity in the port of Rijeka IN00656482 ►Increased Rijeka port container capacity (kTEU) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 150.00 -- 400.00 750.00 12/28/2018 Page 6 of 10 The World Bank Implementation Status & Results Report Rijeka Gateway II (P102365) Date 31-Dec-2007 31-Oct-2018 05-Dec-2018 31-Dec-2018 Improved Financial performance IN00656484 ►Improved PRA operating ratio: ratio of operating expenses to total operating revenue (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 153% -- 84% 120% Date 31-Dec-2007 31-May-2018 05-Dec-2018 31-Dec-2018 IN00656496 ►Reduced subsidies for interest as percentage of operating revenues (maximum) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 46% -- 0.4% 10% Date 31-Dec-2007 31-May-2018 05-Dec-2018 31-Dec-2018 Improved quality of services IN00656485 ►Increased container traffic (kTEU) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 145.00 -- 275.00 300.00 Date 31-Dec-2007 31-May-2018 05-Dec-2018 31-Dec-2018 The actual value is the estimate for end 2018. Comments: IN00656497 ►Increased container terminal efficiency (move per crane per hour) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 18.00 -- 22.00 22.00 Date 31-Dec-2007 31-May-2018 05-Dec-2018 31-Dec-2018 Increased Private Sector Involvement IN00656483 ►Private Sector investments (USD million) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 115.00 71.00 Date 31-Dec-2007 31-May-2018 05-Dec-2018 31-Dec-2018 IN00656498 ►Portion of dry cargo port activities carried out by operators with a private majority ownership (Text, Custom) 12/28/2018 Page 7 of 10 The World Bank Implementation Status & Results Report Rijeka Gateway II (P102365) Baseline Actual (Previous) Actual (Current) End Target Value 29% -- 76% 65% Date 31-Dec-2007 31-May-2018 05-Dec-2018 31-Dec-2018 Intermediate Results Indicators by Components Port Service Enhancement IN00656500 ►Development of port environmental protection plan (2010) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value not available -- In place In place Date 31-Dec-2007 31-Oct-2018 05-Dec-2018 31-Dec-2018 IN00656502 ►Signed concession agreements for at least two port terminals (2011) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target 2 agreements based Value 0.00 -- 1.00 on cost recovery principles Date 31-Dec-2007 31-Oct-2018 05-Dec-2018 31-Dec-2018 Port Terminal Development IN00656499 ►Construction of Zagreb Terminal infrastructure completed (2014) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0% -- 96% 100% Date 31-Dec-2007 31-Oct-2018 05-Dec-2018 31-Dec-2018 IN00656501 ►Port Terminal Development Component. Construction of Brajdica Container Terminal extension completed (2011) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0% -- 100% 100% Date 31-Dec-2007 31-Dec-2015 31-Dec-2015 15-Jun-2017 IN00656503 ►Quality supervision of works (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value continuous -- satisfactory satisfactory 12/28/2018 Page 8 of 10 The World Bank Implementation Status & Results Report Rijeka Gateway II (P102365) Date 31-Dec-2008 31-Oct-2018 05-Dec-2018 31-Dec-2018 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P102365 IBRD-76380 Effective USD 122.50 122.50 0.00 95.56 2.06 98% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P102365 IBRD-76380 Effective 11-Dec-2008 17-Apr-2009 14-Jul-2009 15-Dec-2014 31-Dec-2018 Cumulative Disbursements 12/28/2018 Page 9 of 10 The World Bank Implementation Status & Results Report Rijeka Gateway II (P102365) Restructuring History Level 2 Approved on 29-Jan-2014 ,Level 2 Approved on 09-Jul-2016 ,Level 1 Approved on 31-May-2017 Related Project(s) There are no related projects. 12/28/2018 Page 10 of 10