public disclosure authorized the state road agency of...

The State Road Agency of Ukraine

Special financial statements and Independent Auditor's Report

For the year ended 31 December 2013

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Independent auditor's report 3

Summary of sources and use of funds 6

Use of International Bank for Reconstruction and Development funds by the Project components 7

Statement of withdrawals from the Loan account 8

Statement of the Special account 9

Statement of withdrawals from the Special Account 10

Statement of funds withdrawal through the statement of expenditures procedure 11

Reconciliation between Project Implementation Unit and International Bank for Reconstruction and Development 12

Notes to the Special financial statements 13

1.

2.

3.

4.

5.

6.

7.

Project description

Basic accounting principles

Expenditures by categories and sources of financing

Civil works

Supervision services

Subsequent events

Economic environment

World Bank Audit Documentation Checklist

13

14

15

15

16

16

17

18

Grant Thornton

To the State Road ">\gency of Ukraine

Fizkultury str., 9,

Kyiv, 03680

Ukraine

TOB «fPAHT TOPHTOH II EriC• Byn., Tepell(8HKiBCbKa, 11-A K~>~ls, 01004. YKpaiHa

T + 380 44 461 97 21 F +380 44 461 97 20

www.grantthornton.ua

GRANT THORNTON LEGIS LLC

11-A Tereschenkivska str. Kyiv, 01004, Ukraine

T + 380 44 461 97 21

F +380 44 461 97 20

www.grantthornton.ua

\Ve have audited special financial statements of the State Road Agency of Ukraine

(hereinafter Ukravtodor) for the year ended 31 December 2013 related to the Second

Roads and Safety Improvement Project 01ereinafter- Project) financed from the funds of

the Loan of the International Bank for Reconstruction and Development (hereinafter

IBRD) J'\!2 8195-UA and prepared by the management of the State Road Agency of

Ukraine (Ukravtodor) according to the requirements, set forth in the Loan .Agreement

between Ukraine and International Bank for Reconstruction and Development (hereinafter

-Loan Agreement), the accounting principles, disclosed in Note 2 to these special fmancial

statements and in accordance \Vith regulations of the \v'orld Bank.

Special financial statements include:

• Summary of sources and use of funds as at 31 December 2013;

• Statement of expenditures for 2013;

• Statement of Special Account for the year ended 31 December 2013;

• Notes to the special financial statements.

A1anagement 'J

Management 1s responsible for the preparation and fair presentation of these special

financial statements, which are prepared in accordance with the Loan A.greement and the

accounting principles, disclosed in Note 2 to these statements and in accordance with

regulations of the \Vorld Bank. Management's responsibility includes: compilation,

implementation and maintenance of internal control relevant to the preparation and fair

presentation of special financial statements that are free from material misstatements,

whether due to fraud or error; selection and use of appropriate accounting policies; and

accounting estimates for particular circumstances.

Auditor'J Rnpomibili(y

Our responsibility is to express an opinion on these special Bnancial statements based on

our audit. \\!e conducted our audit in accordance with International Standards on A.uditing.

Those standards require to obtain reasonable assurance on whether special t1nancial

statements are free from material misstatements.

Audit, Tax, Advisory, Law Member of Grant Thornton International Ud Subject to local regulations

Grant Thornton

Audit in•wlves performance of procedures in order to obtain audit evidence about the

amounts and disclosures in the special financial statements. Selected procedures depend on

auditor's judgment and include the assessment of the risk of material misstatement of special

financial statements, whether due to fraud or error. In making those risk assessments, the

auditor considers internal control relevant to the entity's preparation and fair presentation of

the special financial statements in order to design audit procedures that are appropriate in

particular circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the entity's internal control. An audit also includes assessment of the

appropriateness of accounting policies used and the reasonableness of accounting estimates

made by the management, as well as assessment of the overall presentation of special

financial statements.

\X1e believe that the audit eYidence we haYe obtained 1s sufficient and appropriate to

proYide a basis for our audit opinion.

Opinion a.r to Financial Statements

In our opinion, the special financial statements of the State Road Agency of Ukraine

(Ukravtodor), related to the Second Roads and Safety Improvement Project, financed from

the funds of the International Bank for Reconstruction and Development .N"g 8195-UA as

for the year ended 31 December 2013 give a true and fair view of performance of the State

Road Agency of Ukraine (Ukravtodor) under the contract requirements, set forth in the

Loan "1\greement, the accounting principles, disclosed in Note 2 to these statements and in

accordance with regulations of the \Vorld Bank.

Opinion as to Statements ~/Expenditures

In our opinion, with respect to the statements of expenditures for the whole period of the

Project implementation, adequate supporting documentation was maintained to support

applications to the Bank for reimbursement of expenditures incurred as well as

expenditures stated in applications, are subject to financing in accordance with conditions

of the Loan of the International Bank for Reconstruction and Development NQ 8195-UA.

Opinion as to Statement of Special Account

In our opinion, financial statements on Special account give a true and fair view of the

financial position on the Special Account of the Loan of the International Bank for

Reconstruction and Development _N'g 8195-UA as at 31 December 2013 and up to the

indicated date, in accordance with regulations of the \'Forld Bank.

BaJi.r for presmtation of the Jinattcial statemettt and restridiott on distribution

\Vithout qualifying our opinion, we draw attention that special financial statements of State

Road Agency of Ukraine (Ukravtodor), related to the Second Roads and Safety

Improvement Project, financed from the funds of the International Bank for

Reconstruction and Development Loan .N"g 8195-UA, for the year ended 31 December

2013, are prepared in order to comply with the requirements, set forth in the Loan

Agreement, the accounting principles, disclosed in the Note 2 to these statements and in

accordance 'W1.th regulations of the World Bank and shall not be used for other purposes.

Audit. Tax, Advisory. Law Member of Grant Thornton lnternaliona! L!a Subject to !oca! regulations

Grant Thornton

Afatter.r

\Vithout qualifying our opmwn, we draw attention to Note 1 to the special financial

statements, wh~tethe last availability date under the International Bank for Reconstruction

and Development Loan N!!8195:.UA is 31 April2017.

27 June 2014

GRj\NT THORNTON LEGIS LLC

Audit, Tax, Advisory, law Member of Grant Thornton International Ud Subject to local regu!ahons

Second Roads and Safety Improvement Project

SUMMARY OF SOURCES AND USE OF FUNDS


OPENING BALANCE

Special account with NTSU

Transit account with Ukreximbank (multicurrency) Transit account with OPERU STSU (UAH)

TOTAL

SOURCES OF FUNDS:

Loan of the World Bank

TOTAL FINANCING

PROJECT EXPENDITURES:

Category 1 : Goods, works, non-consulting services, consultants' services and training

TOTAL PROJECT EXPENDITURES

CLOSING BALANCE

Special account with STSU

For the year ended 31 December

2013

81,016,363

88,101,311

87,374,296

87,374,296

Transit account with Ukreximbank (multicurrency) Transit account with OPERU STSU (UAH)

TOTAL

For the whole Unused period of the

Budget Loan Project balance

82,141,363 450,000,000 367,858,637

89,226,311 457,084,948 367,858,637

87,374,296 455,959,948 368,585,652

88,499,296 457,084,948 368,585,652

727,015

Note (*) - financing of Ukravtodor for the entire period of the Project realization comprises 7,084,948 UAH. The methodology of the translation from the national currency into the loan currency is disclosed in Note 4 on page 15.

Notes on pages 13-17 are an integral part of these financial statements.

6

7 Second Roads and Safety Improvement Project

USE OF INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT FUNDS BY THE PROJECT COMPONENTS

ended 31 December 2013

For the year For the whole period of the Unused Loan

ended 31 Project Budget balance December 2013

Use of the World Bank funds by the Project components 450,000,000 369,710,652

Part 1. Rehabilitation of M03 road 1.1. Civil works 79,016,363 79,016,363 1.2. Supervision services 1,258,687 1,258,687 1.3. Bank fee 14,298 14,298

Total in Part 1 80,289,348 80,289,348

80,289,348 81,414,348 450,000,000 368,585,652 Use of Ukravtodor's funds by the Project zcomponents 7,084,948

Part 1. Rehabilitation of M03 road

Total in Part 1 7,084,948 7,084,948 7,084,948

TOTAL PROJECT EXPENDITURES 87,374,296 88,499,296 457,084,948 368,585,652

SUMMURY STATEMENT BY SUB-CATEGORIES:

Civil works 86,101,311 86,101,311 Supervision services 1,258,687 1,258,687 455,949,948 368,585,652 Bank fee 14,298 14,298

fee TOTAL PROJECT EXPENDITURES 87,374,296 88,499,296 457,084,948 368,585,652



STATEMENT OF WITHDRAWALS FROM THE LOAN ACCOUNT


Application Date of Withdrawals USD

N2 Category

withdrawal Currency Equivalent Equivalent

12.03.13 USD 7,263,850 7,263,850 2 15.03.13 EUR 3,733,387 4,855,270 3 12.03.13 USD 6,955,699 6,955,699 4 15.03.13 EUR 3,575,007 4,649,296 5 DA-B 14.03.13 USD 1,000,000 1,000,000 6 1 19.06.13 USD 2,029,876 2,029,876 7 24.07.13 EUR 1,043,292 1,376,519 8 19.06.13 USD 1,460,455 1,460,455 9 24.06.13 EUR 750,627 990,378

11 20.08.13 USD 2,328,142 2,328,142 12 23.08.13 EUR 1,196,591 1,601,996 13 20.08.13 USD 1,216,822 1,216,822 14 23.08.13 EUR 625,408 837,296 15 30.08.13 USD 2,324,406 2,324,406 16 04.09.13 EUR 1,194,670 1,581,624 17 03.09.13 USD 1,215,622 1,215,622 18 06.09.13 EUR 624,791 823,537 19 03.10.13 USD 1,903,335 1,903,335 20 08.10.13 EUR 978,253 1,329,935 21 1 03.10.13 USD 1,256,397 1,256,397 22 1 08.10.13 EUR 645,748 877,894 23 DA-B 29.10.13 USD 1,000,000 1,000,000 24 29.10.13 USD 3,590,351 3,590,351 25 01.11.13 EUR 1,845,326 2,538,983 26 29.10.13 USD 1,788,840 1,788,840 27 01.11.13 EUR 919,406 1,265,011 28 19.11.13 USD 3,619,030 3,619,030 29 22.11.13 EUR 1,860,066 2,515,925 30 18.11.13 USD 3,214,407 3,214,407 31 21.11.13 EUR 1,652,102 2,229,182 32 18.12.13 USD 3,231,098 3,231,098 33 23.12.13 EUR 1,660,681 2,272,975 34 18.12.13 USD 3,447,210 3,447,210

Summary by categories: Total by category 1 79,016,363



STATEMENT OF THE SPECIAL ACCOUNT


THE STATE EXPORT-IMPORT BANK OF UKRAINE Ace. No DA·B-25136080055000 Project: P127156 -Second Road And Safety Improvement Project Related Loan: TF 56961

OPENING BALANCE

Earnings: Funds received

Replenishment of the World Bank

TOTAL FUNDS RECEIVED

Deduction: expenditures

Transfer offunds to the transit account TOTAL EXPENDITURES

RETURN OF FUNDS FROM THE TRANSIT ACCOUNT


2,000,000

2,000,000

(1 ,289,472) (1,289,472)

9

I


STATEMENT OF WITHDRAWALS FROM THE SPECIAL ACCOUNT


Date of withdrawal

Ukraine Ukraine Ukraine Ukraine Ukraine Ukraine Ukraine Ukraine Ukraine

Total for 2013:

Summary by categories Advances to the transit accounts

02.04.13 16.04.13 03.07.13 31.07.13 09.08.13 14.08.13 11.10.13 08.11.13 13.11.13


Withdrawal

USD 752,474 USD 7,762 USD 16,480 USD 23,770 USD 321 USD 651 USD 143,407 USD 339,043 USD 1,686

10

USD

752,474 7,762

16,480 23,770

321 651

143,407 339,043

1,686

1,289,472


STATEMENT OF FUNDS WITHDRAWAL THROUGH THE STATEMENT OF EXPENDITURES PROCEDURE


Expenditures reported to the IBRD during the reporting period, in accordance with the

Part of expenditures to be reported to the Bank during subsequent reporting periods

Factual expenditures paid, according to the

Category 1

Total

20,365 20,365

LIST OF STATEMENTS OF EXPENDITURES PROVIDED BY THE PROJECT IMPLEMENTATION UNIT TO THE BANK DURING 2013 For the year ended 31 December 2013

Number of application Category 1

Total

10 722,750 722,750

Total for the reporting period: 1,269,107 1,269,107



RECONCILIATION BETWEEN PROJECT IMPLEMENTATION UNIT AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT


loan amount in accordance with the Agreement

Expenditures : Project expenditure

Category 1 : Goods, works, non-consulting services, consultants' services and training

Category 2: Front-end fee

Total expenditure

Balance on the Special account Balance on the Transit account

Total funds available

Total deductions: Balance as at 31 December 2013

Notes on pages 13-17 are an integral part of these financial statements,

80,289,348

1,125,000

(81 ,414,348)

710,528

16,487

(727,015)

450,000,000


NOTES TO THE SPECIAL FINANCIAL STATEMENTS


1. PROJECT DESCRIPTION

According to the Loan Agreement dated 11 October 2012 between Ukraine and International Bank for

Reconstruction and Development (hereinafter the Bank), the Bank agreed to pro,,ide Ukraine with the

Loan in amount of 450 million USD in order to assist in financing the Second Roads and Safety

Improvement Project.

According to Section 3.()1 Article III of the Loan Agreement, Ukraine declared its commitment to the

objectives of the Project. To this end, Ukraine shall cause the Project to be carried out in accordance '"~th

the provisions of Article V of the General Conditions, the Subsidiary Agreement dated 11 October 2012

and the Project Agreement dated 11 October 2012.

Per the Project Agreement between Ukraine and the Bank dated 11 October 2012 (hereinafter- the Project

Agreement), the Project shall be carried out by the State Road Agency of Ukraine (hereinafter -Ukravtodor).

The objectives of the Project are to improve the condition and quality of sections of the l\1-03 road Kyiv -

Kharkiv - Dov:zhansky and to increase safety on roads.

The Project consists of the follmving parts:

Part 1: Road Rehabilitation

Rehabilitation of about 108 kilometers of the Kyiv - KharkiY Dov:zhansky road, including

civil works for the rehabilitation and strengthening of the existing road, \v~dening of certain

sections from two lanes to four lanes, and building thxee bypasses around populated areas.

Part 2: Road Safety Improvement

Improving road safety along various road corridors or sections in Ukraine.

Part 3: Institutional Support and Strengthening

Provision of technical advisory services, training and equipment to enhance road management

within the territory of the Borrower according to international practice, including:

a) in the areas of road safety, an assessment of approximately 12,000-15,000 kilometers of

main road, including the coding of data based on the iRAP methodology, data analysis and

road safety "star rating" of road sections, identification of the most suitable and appropriate

road safety measures and interventions for each road, and detailed design of road safety

measures for the high-priority sections of corridors; and

b) the support for the development of a Strategic Investment Program for Road Sector

Development until 203().

Categories of appropriate expenditures to be financed from the Loan funds:

Category

services, consultants' services and training

2. Front-end Fee

Amount, US dollars(*)

448,875,000

1,125,000

Share of expenditures to be financed, except for taxes

100% 0.25% of the Loan amount according to

Section 2.03 of the Loan Agreement According to Section 2.07 of the Loan




The closing date of the Project is 31 December, 2016. All payments must be completed until 31 April2017.

For the purpose of the Project implementation, Ukravtodor has established the Project Implementation

Unit (PILl) acting \Vithin the State Enterprise "Ukrainian road investments" and has respective resources

and staff with appropriate skills, according to the authorities acceptable for the Bank.

By letter dated December 24, 2012 Bank informed the Ministry of Finance of Ukraine and Ukravtodor of

the fulfillment of the previous conditions of the Loan Agreement becoming effective.

By letter dated 11 March 2013 the \\'orld Bank declared that reasonable costs of currency conversion can be

financed by the proceeds of the Loan. Herewith, they arc considered as eligible costs and can be financed

under the r~r••cn•,,.'P of the expenditures of this project, namely under the category of «Goods, works, non~

consulting services, consultants· sen·ices and training».

2. BASIC ACCOUNTING PRINCIPLES

Special Bank Account

According to the terms of the Subsidiary Agreement and in order to facilitate the Project performance, the

National Treasury of Ukraine has opened and maintains Special account in US dollars with the State

Expordmport Bank on conditions approved by IBRD.

IBRD has set the minimum application amount that can be paid directly from the Loan account of 800,000

US dollars (or equivalent of that amount in a specific payment currency). All other payments made

according to applications with amounts lower than the above limit, should be paid from the special account.

According to the limit set by the IBRD the amount exceeding 4,000,000 US dollars cannot be deposited on

the special account at one time.

Receipts and Expenditures Recognition

The Project keeps its records and prepares its financial statements under the cash method. The receipts arc shown when they arc performed on bank accounts, which are supported by the advances from IBRD. The expenses arc registered at the date when there is funds withdrawal.

Foreign Currency Transactions

The accompanying financial statements are presented in US dollars. Transactions performed in other

currencies are recalculated in US dollars at the effective exchange rate on the date of transaction, unless

otherwise stated.

Statements of Expenditures

Statements of expenditure arc used for recognition of expenses under the Loan paid from the Special

account during a calendar quarter.

According to additional instructions of funds withdrawal set by the IBRD in the letter dated 11 October

2012, all expenditures paid from the Special account should be included in statements of expenditures for

corresponding periods and submitted to the IBRD.




Together \v:ith statements of expenditure primary documents arc submitted (counterfoils, invoices, works

acts, etc.) regarding the following payments: goods and consultancy services as regards the

contracts cost not less than 200,000 in USD equivalent, contractual works at cost not less than 2,000,000 in

l;SD equivalent, contractual services of individual consultants at cost not less than 100,000 in USD

equivalent.

3. EXPENDITURES BY CATEGORIES AND SOURCES OF FINANCING

The Project expenditures are carried out through the two accounts opened in the Ukrainian banks. Transit

mulricurrency account in the OJSC State Export-Import Bank of Ukraine was opened in order to pay for

the Project related works and services in all currencies, except for payments in national currency. To make

payments in the national currency, UAH account was opened in the State Treasury Service of Ukraine

(further STSU).

4. CIVIL WORKS

Rehabilitation of the road M-03 on the section M-03 Kyiv - Kharkiv- Dovzhansky

Civil contract works at the expense of the IBRD funds were performed based on two Contracts entered in

during the year 2013. The Contracts provide for the defects liability period of the Contractors for damages

that lasts 730 days upon signing the road section acceptance certificate. During the period the Contractors

undertake to remedy all damages appeared due to the fault of the Contractors during the construction, as

well as to complete all insignificant works in progress at the acceptance date.

Performance rime under the Contracts No1.1 and No1.2- 540 davs.

1. Contract .\i\!2.1 between Ukravtodor and Todini Costruzioni S.p.A (hereinafter- Contract .\!.>1.1)

was signed on 4 January 2013. The Contract provides for civil works for capital repair of M03 Kyiv

Kharkiv-Do"\'Zhansky road on the sections from 210+000 km to 220+782 krn (Lot 2.1), from

228+000 km to 239+ 317 krn (Lot 2.2), from 258+000 to AO 27 5+000 krn (Lot 2.3).

2. Contract .\i\!2.2 between Ukravtodor and Todini Costruzioni S.p.A. (hereinafter Contract .\i\!1.1)

was signed on 4 January 2013. The Contract provides for civil works for capital repair of M03 KyiY

KharkiY-Dovzhansky road on the sections from 282+000 km to 300+550 km (Lot 2.4), from

300+550 km to 323+000 krn (Lot 2.5), from 329+050 km to 333+250 krn (Lot 2.5).

Civil works under Contract .\i\!1.1 commenced on 4 April 2013 in accordance with the Engineer's Letter

dated 3 April 2013.

Civil works under Contract .N\!1.2 commenced on 4 April 2013 in accordance \Vi.th the Engineer's Letter

dated 3 April2013.




Summary of perfonnance of Contracts .NI? 1.1-1.2

Contract N21.1

Total during the Project realization

Initial full contractual

cost {without VAT)*

121,064,170

236,992,478

Cost of addition~ I

works**

Contractual cost with additional

works

Financed from lncludina VAT the World payment at

Bank's Loan the expense of Ukravtodor

44,363,316 3,873,956

79,016,363 7,048,948

16

Financina of civil works

from all sources

48,237,272

86,101,311

Note (*)- in this and other tables the initial contractual cost, the cost of additional works and the VAT amount paid by Ukravtodor were translated from the national currency into the Loan currency at fixed rates of the National Bank of Ukraine used when assessing bid proposals for the comparison of total contractual amounts in single currency. Relevant works estimate basis when entering into contracts is determined in the World Bank's guidances.

Note (**) - additional works are the cost of civil (road, bridge, earth) works, other expenses of organization and performance of construction by the Contractors. All additional works increasing the initial contractual cost were previously agreed between the Contractor, Supervision Engineer and Ukravtodor. The Bank's consents were previously obtained for the Contractual initial cost increase by Ukravtodor (where required by corresponding procurement guidances of the World Bank).

5. SUPERVISION SERVICES

In order to appoint Engineers for the engmeermg supervtston of the contract ciYil works under Parts 1

within the Second Road and Safety ImproYement Project realization, the State Road Agency of Ukraine

concluded two contracts for consultancy services pr<wision.

Contract between UkraYtodor and IRD Engineering S.r.L was concluded on 12 September 2012 in total

amount of USD 1,483,100. According to contractual terms supervision services include supervision of

works for reconstruction of the road M-03 KieY-Kharkiv-Donhanskij, which include the capital repair of

sections of M03 Road ( 10,8 km, 11,3 km and 17,0 km long) including roads, bridges, drainage and ancillary

\vorks (supervision of civil works of Lots N!! 2.1-2.3). Contract period is 42 months.

Contract between UkraYtodor and Egis International in association \v'ith Euro-Ukraina Consulting LLC was

concluded on 12 September 2012 in total amount of EURO 1,273,215. According to contractual terms

supervision services include supervision of works for reconstruction of the road M-03 Kiev-KharkiY

Dovzhanskij, which include the capital repair of sections of M03 Road (17 ,4 km, 22,4 km Ta 4,3 km long),

including roads, bridges, drainage and ancillary works (supervision of civil works of Lots N!! 2.4-2.6).

Contract period is 42 months.

6. SUBSEQUENT EVENTS

According to the Amendment dated 18 April 2014 to the Contract N2l.2 between Ukravtodor and Todini

Costruzioni S.p.A., both parties agreed as follows: the contractor shall be entitled prior to submission of any

Statement to substitute a Bank guarantee for the half amount of retention money to be retained under the

contract, in amount of 2,5°/o of the accepted contract amount.




\cc:or•::lm:g to the Amendment dated 16 April 2014 the total nlue of the Contract between Ukravtodor and

t.~n~nrteermg S.r.I. in 2013 was decreased by EURO 20 due to the t1exibility of the staff in the

performance of services in the Contract.

7. ECONOMIC ENVIRONMENT

At the end of 2013 and in the beginning of 2014 political and economic situation in Ukraine escalated due to mass protests in Ukraine, which led to the resignation of the president, the creation of an interim government and holding of early presidential elections. On 7 June 2014 a newly elected president of Ukraine began to perform his duties, which partially stabilized tbe socio-political situation in the country.

There is further uncertainty about the situation in eastern regions of Ukraine in which government forces conduct anti-terrorist operations, as well as about the Autonomous Republic of Crimea, because after conducting illegitimate referendum in the March 2014, AR of Crimea was annexed to the Russian Federation.

The stability of the Ukrainian economy depends on the effectiveness of government implementation of political, economic and social reforms and the possibility of obtaining external fmancial assistance from international financial institutions and Government partners.

Between January and June 2014, the Ukrainian hryvnia devalued signitlcantly against major world currencies that would affect the future stability of the Ukrainian economy.

WORLD BANK AUDIT DOCUMENTATION CHECKLIST

A. Applicable accounting standards noted

B. Applicable auditing standards noted

C. Opinion rendered on all forms of withdrawals:

1. Statement of Expenditures

2. Special Account

D. All sources of financing for the project are noted

A. Revenue Earning Entity (all of the following are required):

1. Balance sheet

2. Cash Flow Statement

3. Income Statement

B. Non-Revenue Earning Entity (all of the following are required):

1. Balance sheet

2. Summary of Sources and Uses of Funds

C. If applicable (refer to Loan Agreement):

I. Statement of Expenditure (SOE) Statement

2. Special Account Statement

lm. Notes to the Financial Statements

l1v. Reconciliation between World Bank records and project records

18

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