Public Disclosure Copy 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: 1 | ARCHIVED on 10-May-2018 | ISR32273 | Implementing Agencies: Ministry of Finance, Unidade de Gestao de Projectos Especiais Key Dates Key Project Dates Bank Approval Date:15-Feb-2018 Effectiveness Date:-- Planned Mid Term Review Date:01-Jul-2020 Actual Mid-Term Review Date:-- Original Closing Date:31-Jan-2023 Revised Closing Date:31-Jan-2023 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 PHRPDODEL Components 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 Overall Implementation Progress (IP)  --  Satisfactory Overall Risk Rating  --  Moderate 5/10/2018 Page 1 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) Implementation Status and Key Decisions The Government is finalizing the legal opinion on the loan and project documents to meet all conditions for project effectiveness. The Government continued working on key preparatory activities: i) it recently approved a decree-law establishing the credit guarantee company (ProGarante), and Banco de Cabo Verde approved a license for its operation; ii) recruitment process of the manager for the partial credit guarantee scheme is ongoing. Preparatory activities financed by the Project Preparatory Advance are also ongoing: i) a survey of financial institutions to support improvement of the credit registry has been finalized; and ii) survey on MSME financing conditions is ongoing. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  Moderate  --  Moderate Macroeconomic  High  --  High Sector Strategies and Policies  Low  --  Low Technical Design of Project or Program  Low  --  Low Institutional Capacity for Implementation and Sustainability  Moderate  --  Moderate Fiduciary  Moderate  --  Moderate Environment and Social  Moderate  --  Moderate Stakeholders  Low  --  Low Other  --  --  -- Overall  Moderate  --  Moderate Results Project Development Objective Indicators PHINDPDOTBL  Number of approved guarantees for micro and small enterprises (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 1,000.00 Date 15-Feb-2018 -- 25-Apr-2018 31-Jan-2023 5/10/2018 Page 2 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) PHINDPDOTBL  of which women-led enterprises (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 300.00 PHINDPDOTBL  Number of approved guarantees for medium-size enterprises (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 100.00 Date 15-Feb-2018 -- 25-Apr-2018 31-Jan-2023 PHINDPDOTBL  of which women-led enterprises (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 30.00 PHINDPDOTBL  Percentage of adult individuals covered by the credit registry (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 19.00 -- 20.00 22.00 Date 15-Feb-2018 -- 25-Apr-2018 31-Jan-2023 PHINDPDOTBL  Number of firms covered by the credit registry (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 3,205.00 -- 4,366.00 4,000.00 5/10/2018 Page 3 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) Date 15-Feb-2018 -- 25-Apr-2018 31-Jan-2023 PHINDPDOTBL  Amount of credit to MSMEs guaranteed (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 20,000,000.00 Date 15-Feb-2018 -- 25-Apr-2018 31-Jan-2023 PHINDPDOTBL  First-time MSMEs borrowers covered by the guarantee scheme (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 250.00 Date 15-Feb-2018 -- 25-Apr-2018 31-Jan-2023 PHINDPDOTBL  of which women-led enterprises (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 75.00 Overall Comments The project is not yet effective, therefore most baseline data remains unchanged. Operations of the credit guarantee company will begin after recruitment of manager is finalized and project effectiveness. A nation-wide survey of financing conditions for MSMEs is ongoing. The credit registry specialist has conducted a survey of banks and some microfinance institutions to conclude the gap assessment of the credit registry. Updated data from BCV suggests that the baseline for the number of firms registered in the credit registry (as of 31 December 2017) was higher than initially estimated. Intermediate Results Indicators 5/10/2018 Page 4 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) PHINDIRITBL  Number of businesses supported with technical assistance (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 100.00 Date 15-Feb-2018 -- 25-Apr-2018 31-Jan-2023 PHINDIRITBL  of which female-led enterprises (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 50.00 PHINDIRITBL  Depth of credit information index (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 6.00 -- 6.00 7.00 Date 15-Feb-2018 -- 25-Apr-2018 31-Jan-2023 PHINDIRITBL  Businesses satisfied with the technical assistance received under the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 75.00 Date 15-Feb-2018 -- 25-Apr-2018 31-Jan-2023 5/10/2018 Page 5 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) PHINDIRITBL  Of which, female-led enterprises (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 75.00 Date 15-Feb-2018 -- 25-Apr-2018 31-Jan-2023 PHINDIRITBL  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 75.00 Date 02-Apr-2018 -- 25-Apr-2018 30-Jun-2023 Overall Comments The conditions for project effectiveness are expected to be met in the next few weeks: the only condition pending is the submission of the legal opinion by the Attorney-General. Recruitment of the manager for the technical assistance component will begin after recruitment of the fund manager for the PCG company is finalized. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed Not P163015 IDA-61820 USD 15.00 15.00 0.00 0.00 15.24 0% Effective Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date Not P163015 IDA-61820 15-Feb-2018 22-Mar-2018 -- 31-Jan-2023 31-Jan-2023 Effective Cumulative Disbursements 5/10/2018 Page 6 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 5/10/2018 Page 7 of 7 Public Disclosure Copy