The World Bank Implementation Status & Results Report Access to Long Term Finance (P156766) Access to Long Term Finance (P156766) EUROPE AND CENTRAL ASIA | Ukraine | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 1 | ARCHIVED on 21-Nov-2018 | ISR29546 | Implementing Agencies: Ukreximbank, Ukreximbank Key Dates Key Project Dates Bank Approval Date: 02-May-2017 Effectiveness Date: 12-Jun-2018 Planned Mid Term Review Date: 30-Sep-2019 Actual Mid-Term Review Date: -- Original Closing Date: 31-Mar-2022 Revised Closing Date: 31-Mar-2022 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective (PDO) is to improve access to longer term finance for export oriented small and medium enterprises. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Credit facility to provide financing to export oriented SMEs.:(Cost $150.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO -- Satisfactory Overall Implementation Progress (IP) -- Satisfactory Overall Risk Rating -- Substantial Implementation Status and Key Decisions Implementation Status: The project implementation started at brisk pace due to accumulated demand for funds, however keeping such pace will be an important goal. Within only four months from declaration of effectiveness of ALTF $150 million credit line on 12 June 2018, the volume of disbursed sub-projects reached $6.4 million by October,4 2018 (or 4.3% of the total project amount). The Bank team expects that UEB to maintain the achieved pace of project implementation via realizing the pipeline of planned (approved but not disbursed, pending approval and negotiated) projects totaling for $25.9 million. The Bank team expressed its concern that all presented prospective pipeline of borrowers is via direct lending by UEB and emphasized critical importance of engaging more participating financial institutions into the project for its successful and timely implementation. Key decision: Bu April 1, 2019 UkrEximBank should increase the number of active PFIs to at least two. 11/21/2018 Page 1 of 5 The World Bank Implementation Status & Results Report Access to Long Term Finance (P156766) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial -- Substantial Macroeconomic High -- High Sector Strategies and Policies Substantial -- Substantial Technical Design of Project or Program Moderate -- Moderate Institutional Capacity for Implementation and Sustainability Low -- Low Fiduciary Moderate -- Moderate Environment and Social Moderate -- Moderate Stakeholders Low -- Low Other -- -- Moderate Overall Substantial -- Substantial Results PDO Indicators by Objectives / Outcomes To improve access to longer term finance for export oriented small and medium enterprises IN00510997 ►Ratio of the average maturity of SME sub-financing under the project, over the average maturity of the PFIs’ SME portfolio not financed under the project. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1.00 -- >1.00 >1.00 Date 31-Mar-2017 -- 04-Oct-2018 31-Dec-2021 IN00510998 ►Number of SME beneficiaries financed by PFIs under the project (cumulative). (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 2.00 60.00 Date 31-Mar-2017 -- 04-Oct-2018 31-Dec-2021 IN00510999 ►Based on Core Indicator: Volume of Bank Support: Lines of Credit - SME (cumulative, USD million). (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 11/21/2018 Page 2 of 5 The World Bank Implementation Status & Results Report Access to Long Term Finance (P156766) Value 0.00 -- 6.40 150.00 Date 31-Mar-2017 -- 04-Oct-2018 31-Mar-2022 Overall Comments PDO Intermediate Results Indicators by Components Credit facility to provide financing to export oriented SMEs. IN00511000 ►Based on Core Indicator: Outstanding SME finance portfolio (USD million). (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value n/a -- 1,575.00 n/a Date 31-Mar-2017 -- 01-Oct-2018 31-Dec-2021 IN00511052 ►Based on Core Indicator: Number of active SME finance accounts (not cumulative). (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value n/a -- 1,466.00 n/a Date 31-Mar-2017 -- 01-Oct-2018 31-Dec-2021 IN00511053 ►Based on Core Indicator: Portfolio Quality: Portfolio at risk (%). (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 40.95 -- 38.00 n/a Date 30-Jun-2016 -- 01-Oct-2018 30-Jun-2021 IN00511054 ►Based on Core Indicator: Financial Sustainability: Return on Assets (%) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value -1.82 -- 0.78 n/a Date 30-Jun-2016 -- 01-Jul-2018 30-Jun-2021 IN00511055 ►Based on Core Indicator: Financial Sustainability: Return on Equity (%) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target 11/21/2018 Page 3 of 5 The World Bank Implementation Status & Results Report Access to Long Term Finance (P156766) Value -299.79 -- 11.46 n/a Date 30-Jun-2016 -- 01-Jul-2018 30-Jun-2021 IN00511051 ►Number of active PFIs under the project (cumulative). (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 1.00 2.00 Date 31-Mar-2017 -- 04-Oct-2018 31-Dec-2021 IN00511059 ►Gender: The first sub-finance from each PFI has been reviewed by the World Bank for gender bias, and remedial action has been taken accordingly. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No -- Yes Yes Date 31-Mar-2017 -- 04-Oct-2018 31-Dec-2021 IN00511057 ►Gender: Percent of SME beneficiaries financed under the project with at least 15 percent female participation in their workforce. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 100.00 n/a Date 31-Mar-2017 -- 04-Oct-2018 31-Dec-2021 IN00511056 ►Compliance with prudential regulation. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Yes -- Yes Yes Date 30-Jun-2016 -- 01-Oct-2018 31-Dec-2021 IN00511058 ►Citizen Engagement: SMEs that report that project sub-finance reflected their needs. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 2.00 >90 Date 31-Mar-2017 -- 04-Oct-2018 31-Dec-2021 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed 11/21/2018 Page 4 of 5 The World Bank Implementation Status & Results Report Access to Long Term Finance (P156766) P156766 IBRD-87270 Effective USD 150.00 150.00 0.00 29.41 120.59 20% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P156766 IBRD-87270 Effective 02-May-2017 26-Jun-2017 12-Jun-2018 31-Mar-2022 31-Mar-2022 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 11/21/2018 Page 5 of 5