The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) AFRICA | Cabo Verde | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2018 | Seq No: 2 | ARCHIVED on 22-Oct-2018 | ISR34146 | Implementing Agencies: Ministry of Finance, Unidade de Gestao de Projectos Especiais Key Dates Key Project Dates Bank Approval Date: 15-Feb-2018 Effectiveness Date: 20-Jun-2018 Planned Mid Term Review Date: -- Actual Mid-Term Review Date: -- Original Closing Date: 31-Jan-2023 Revised Closing Date: 31-Jan-2023 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The objective of the Project is to increase access to finance to MSMEs. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Partial Credit Guarantee Fund to Enhance MSME Finance:(Cost $11.20 M) Technical Assistance to MSMEs:(Cost $3.10 M) Improve Credit Information Systems:(Cost $0.50 M) Project Implementation Support:(Cost $0.20 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Satisfactory Moderately Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions The FA has been signed on March 22, 2018, while conditions for project effectiveness where met by June 2018, with the submission of the legal opinion by the Attorney-General. In the meantime, the team continued the preparation of the project components and carried out its first implementation mission in September (18- 21). In particular, the mission i) reviewed the governance and implementation arrangements of the Partial Credit Guarantee (PCG) fund supported by the credit (and discussed steps necessary for the recruitment of an independent fund manager instead of a firm), ii) discussed the launch of business development services to MSMEs, iii) discussed the draft credit registry assessment and MSME demand survey with the Bank of Cabo 10/22/2018 Page 1 of 5 The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) Verde and iv) took stock of the progress on the insolvency and secured transactions reforms supported by the access to finance component of the Competitiveness for Tourism Development (CTD) Project (P146666). Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic High High High Sector Strategies and Policies Low Low Low Technical Design of Project or Program Low Low Low Institutional Capacity for Implementation and Sustainability Moderate Moderate Moderate Fiduciary Moderate Moderate Moderate Environment and Social Moderate Moderate Moderate Stakeholders Low Low Low Other -- -- -- Overall Moderate Moderate Moderate Results PDO Indicators by Objectives / Outcomes To increase access to finance to MSMEs IN00588526 ►Number of approved guarantees for micro and small enterprises (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1,000.00 Date 15-Feb-2018 25-Apr-2018 30-Sep-2018 31-Jan-2023 IN00588536 of which women-led enterprises (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 300.00 IN00588531 ►Number of approved guarantees for medium-size enterprises (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 10/22/2018 Page 2 of 5 The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) Value 0.00 0.00 0.00 100.00 Date 15-Feb-2018 25-Apr-2018 30-Sep-2018 31-Jan-2023 IN00588538 of which women-led enterprises (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 IN00588527 ►Percentage of adult individuals covered by the credit registry (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 19.00 20.00 19.00 22.00 Date 15-Feb-2018 25-Apr-2018 30-Sep-2018 31-Jan-2023 IN00588528 ►Number of firms covered by the credit registry (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 3,205.00 4,366.00 3,236.00 4,000.00 Date 15-Feb-2018 25-Apr-2018 30-Sep-2018 31-Jan-2023 IN00588533 ►Amount of credit to MSMEs guaranteed (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 20,000,000.00 Date 15-Feb-2018 25-Apr-2018 30-Sep-2018 31-Jan-2023 IN00588532 ►First-time MSMEs borrowers covered by the guarantee scheme (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 250.00 Date 15-Feb-2018 25-Apr-2018 30-Sep-2018 31-Jan-2023 IN00588539 of which women-led enterprises (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Intermediate Results Indicators by Components Technical Assistance to MSMEs IN00588530 ►Number of businesses supported with technical assistance (Number, Custom) 10/22/2018 Page 3 of 5 The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 100.00 Date 15-Feb-2018 25-Apr-2018 30-Sep-2018 31-Jan-2023 IN00588537 of which female-led enterprises (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 50.00 IN00588534 ►Businesses satisfied with the technical assistance received under the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 15-Feb-2018 25-Apr-2018 30-Sep-2018 31-Jan-2023 IN00588540 Of which, female-led enterprises (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 15-Feb-2018 25-Apr-2018 30-Sep-2018 31-Jan-2023 Improve Credit Information Systems IN00588529 ►Depth of credit information index (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 6.00 6.00 6.00 7.00 Date 15-Feb-2018 25-Apr-2018 25-Apr-2018 31-Jan-2023 Project Implementation Support IN00588535 ►Percentage of beneficiaries that feel project activities reflected their needs (Citizen Engagement Indicator) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 02-Apr-2018 25-Apr-2018 25-Apr-2018 30-Jun-2023 Data on Financial Performance Disbursements (by loan) 10/22/2018 Page 4 of 5 The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P163015 IDA-61820 Effective USD 15.00 15.00 0.00 0.20 14.75 1.3% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P163015 IDA-61820 Effective 15-Feb-2018 22-Mar-2018 20-Jun-2018 31-Jan-2023 31-Jan-2023 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 10/22/2018 Page 5 of 5