Regions and Countries

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Country Assistance Plans - East Timor

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E. Implementation Assessment

1. The Portfolio

15. As of 31 December 1999, cumulative lending to the Cook Islands consisted of 11 loan projects for a total of $24.47 million, and 21 technical assistance projects for a total of $7.3 million. Two loan projects, Loan No. 1317-COO(SF): Education Development Project and Loan No. 1380-COO(SF): Third Cook Islands Development Bank, and two technical assistance (TA) projects are under implementation (see Appendix 2). One of the TA projects, TA No. 2651-COO: Development Investment Board, is almost complete; the other, TA No. 3085-COO: Urban Infrastructure Project, was completed in June 2000.

2. Issues in Project Implementation

16. Project completion reports have been prepared for eight projects, and two projects have been post-evaluated. Post evaluation studies of the Cook Islands Development Bank Project and the Second Cook Islands Development Bank Project concluded that both projects were partially successful. In the case of the former, institutional weaknesses influenced project performance. While these weaknesses were rectified before the Second Cook Islands Development Project commenced, weaknesses in the appraisal and monitoring of subprojects, and in collections, were evident. These issues are currently being addressed.

17. In the case of Loan 1317-COO(SF): Education Development Project, the project has progressed satisfactorily and is 90 per cent complete. A major concern, however, is the adequacy of maintenance of the completed facilities. In this regard, a consultant financed under the loan has prepared a five-year maintenance and expenditure plan, and the Government has been urged to incorporate the recommendations in its budget plans. For Loan 1380-COO(SF): Third Cook Islands Development Bank (CIDB), following the Government's request, a change in scope and extension of closing date has been processed to permit the loan to finance a proposed rationalization/merger of CIDB and the Cook Islands Savings Bank, which are both Government-owned financial institutions, as a prelude to their possible privatization.

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