Project Performance Audit Report

ASIAN DEVELOPMENT BANK PPA: MLD 24342 PROJECT PERFORMANCE AUDIT REPORT ON THE SECOND MALÉ PORT PROJECT (Loan 1226-MLD[SF]) IN THE MALDIVES October 2000 CURRENCY EQUIVALENTS Currency Unit – Rufiyaa (Rf) At Appraisal At Project Completion At Operations Evaluation (February 1993) (July 1998) (March 2000) Rf1.00 = $0.096 $0.085 $0.086 $1.Rf10.445 Rf11.77 Rf11.55 ABBREVIATIONS ADB − Asian Development Bank EIRR − economic internal rate of return FI− financial internal rate of return GDP − gross domestic product m − meter MCPW − Ministry of Construction and Public Works MFA − Ministry of Foreign Affairs MPA − Maldives Ports Authority OEM − Operations Evaluation Mission PCR − project completion report SDR − special drawing rights TA − technical assistance teu − twenty-foot equivalent unit NOTES (i) The fiscal year (FY) of the Government and the Maldives Ports Authority ends on 31 December. iv (ii) (ii) In this report, “$” refers to US dollars. Operations Evaluation Office, PE-554 v CONTENTS Page BASIC DATA ii EXECUTIVE SUMMARY iii MAP v I. BACKGROUND 1 A. Rationale 1 B.Formulation C. Purpose and Outputs 1 D. Cost, Financing, and Executing Arrangements 2 E. Completion and Self-Evaluation 2 F. Operations Evaluation 2 II. ...