The World Bank Implementation Status & Results Report Indonesia Infrastructure Finance Facility (P092218) Indonesia Infrastructure Finance Facility (P092218) EAST ASIA AND PACIFIC | Indonesia | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2009 | Seq No: 17 | ARCHIVED on 13-Jun-2019 | ISR37197 | Implementing Agencies: Republic of Indonesia, PT Indonesia Infrastructure Finance, Asian Development Bank (ADB), International Finance Corporation, PT Sarana Multi Infrastruktur Key Dates Key Project Dates Bank Approval Date: 24-Jun-2009 Effectiveness Date: 25-Apr-2011 Planned Mid Term Review Date: 17-Jun-2012 Actual Mid-Term Review Date: 18-Jul-2012 Original Closing Date: 31-Dec-2013 Revised Closing Date: 28-Feb-2022 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The objective of the Project is to strengthen and further develop the institutional framework of the financial sector to facilitate financing of commercially viable infrastructure projects and thereby increase provision of private infrastructure in Indonesia. 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) To strengthen the financial capacity of IIF to increase the access to private sector financing for infrastructure in Indonesia Components Table Name On-lending of Bank loan to eligible infrastructure projects:(Cost $100.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions The Project Development Objective of the IIFF is to strengthen the financial capacity of IIF to increase the access to private sector financing for infrastructure in Indonesia. The IIFF Additional Financing became effective on September 26, 2017. Two disbursements totaling US$41.66 million have taken place since the last ISR in December 2018. There is progress on all the PDO and intermediate indicators, i.e. the amount of private capital supported by IIF, number of infrastructure financing using innovative financing, number of sub-projects financed and number of advisory 6/13/2019 Page 1 of 4 The World Bank Implementation Status & Results Report Indonesia Infrastructure Finance Facility (P092218) engagements; with the achievement on each recognized as substantial (see Results section). The target indicators were set at a relatively lower level as compared to IIF’s potential based on earlier experience and expectations for the project, however, the project has surpassed expectations on most indicators. As such, given very good performance on disbursement and PDO and results indicators, and IIF’s commitment demonstrated during this mission to continue to strengthen its safeguards management and follow the scheduled disbursements over the remaining project period, the Progress Towards Achievement of the Project Development Objective and the Overall Implementation Progress are both assessed to be Satisfactory. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Substantial Substantial Macroeconomic -- Moderate Moderate Sector Strategies and Policies -- Moderate Moderate Technical Design of Project or Program -- Moderate Moderate Institutional Capacity for Implementation and Sustainability -- Low Low Fiduciary -- Low Low Environment and Social -- Substantial Substantial Stakeholders -- Substantial Substantial Other -- -- -- Overall -- Moderate Moderate Results PDO Indicators by Objectives / Outcomes Project Development Objective IN00705644 ►The amount of financing from Bank funds provided by IIF to commercially viable infrastructure projects. (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 40.00 200.00 Date 28-Feb-2017 28-Feb-2017 31-May-2019 28-Feb-2022 IN00705645 ►The amount of private capital supported by IIF relative to its own investment. (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 16.80 47.20 4.00 6/13/2019 Page 2 of 4 The World Bank Implementation Status & Results Report Indonesia Infrastructure Finance Facility (P092218) Date 28-Feb-2017 06-Aug-2018 31-Dec-2018 28-Feb-2022 As of December 2018, IIF reported this indicator to be at 16.3 for project financing and 30.9 for corporate Comments: financing. IN00705746 ►Number of infrastructure financing supported by IIF using innovative financing, such as: (i) rupiah financing; (ii) take out financing; (iii) maturity greater than 10 years. (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 9.00 34.00 3.00 Date 28-Feb-2017 06-Aug-2018 31-Dec-2018 28-Feb-2022 As of August 2018 IIF reported this indicator to be at 34 projects, consisting of 26 projects with Rupiah Comments: financing and 8 projects with maturity greater than 10 years. Intermediate Results Indicators by Components Intermediate Results Indicators IN00705747 ►Infrastructure sub-projects financed (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 12.00 43.00 7.00 Date 28-Feb-2017 06-Aug-2018 31-Dec-2018 28-Feb-2022 Despite non disbursement under the loan, IIF continues to finance infrastructure sub-projects through Comments: other funding sources. IN00705748 ►Number of IIF advisory engagements (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 5.00 9.00 7.00 Date 28-Feb-2017 06-Aug-2018 06-Aug-2018 28-Feb-2022 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P092218 IBRD-77310 Closed USD 100.00 99.88 0.12 99.88 0.00 100% P092218 IBRD-87150 Effective USD 200.00 200.00 0.00 41.66 158.34 21% 6/13/2019 Page 3 of 4 The World Bank Implementation Status & Results Report Indonesia Infrastructure Finance Facility (P092218) Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P092218 IBRD-77310 Closed 24-Jun-2009 15-Jan-2010 25-Apr-2011 31-Dec-2013 31-Mar-2017 P092218 IBRD-87150 Effective 24-Mar-2017 29-May-2017 26-Sep-2017 28-Feb-2022 28-Feb-2022 Cumulative Disbursements Restructuring History Level Approved on 22-Oct-2013 ,Level 2 Approved on 30-Nov-2015 ,Level 2 Approved on 23-Nov-2016 Related Project(s) P154779-Indonesia Infrastructure Finance Facility - Additional Financing 6/13/2019 Page 4 of 4