The World Bank Implementation Status & Results Report Sint Maarten Enterprise Recovery Project (P168549) Sint Maarten Enterprise Recovery Project (P168549) LATIN AMERICA AND CARIBBEAN | St Maarten | Finance, Competitiveness and Innovation Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2019 | Seq No: 1 | ARCHIVED on 08-Jul-2019 | ISR37959 | Implementing Agencies: National Recovery Program Bureau / Interim Recovery Committee, Centrale Bank van Curacao en Sint Maarten, Government of Sint Maarten Key Dates Key Project Dates Bank Approval Date: 04-Apr-2019 Effectiveness Date: -- Planned Mid Term Review Date: 15-Nov-2021 Actual Mid-Term Review Date: -- Original Closing Date: -- Revised Closing Date: pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The development objective is to support the recovery of micro, small, and medium sized enterprises through direct financial assistance to contribute to the restoration of economic activity. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Component 1: Direct financial support to MSMEs for investment and working capital:(Cost $33.00 M) Component 2: Study of financial solutions for improved disaster resilience:(Cost $0.40 M) Component 3: Training, project implementation, audit and monitoring and evaluation:(Cost $1.60 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO -- Moderately Satisfactory Overall Implementation Progress (IP) -- Moderately Satisfactory Overall Risk Rating -- High Implementation Status and Key Decisions The project requires a modification of the disbursement arrangements before full implementation. 7/8/2019 Page 1 of 6 The World Bank Implementation Status & Results Report Sint Maarten Enterprise Recovery Project (P168549) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance High -- High Macroeconomic Moderate -- Moderate Sector Strategies and Policies Moderate -- Moderate Technical Design of Project or Program Substantial -- Substantial Institutional Capacity for Implementation and Sustainability High -- High Fiduciary High -- High Environment and Social Moderate -- Moderate Stakeholders Moderate -- Moderate Other Moderate -- Moderate Overall High -- High Results PDO Indicators by Objectives / Outcomes Support the recovery of micro, small, and medium sized enterprises through financial assistance. IN00726092 ►Cumulative number of MSMEs receiving packages for assets, repairs or working capital (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 600.00 Date 28-Feb-2019 -- 05-Jul-2019 29-Dec-2023 Comments: This is the total number of MSMEs that receive packages. It will be measured based on disbursements. IN00726093 ►Cumulative number of women owned or managed MSMEs receiving packages for assets, repairs or working capital (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 240.00 Date 28-Dec-2018 -- 05-Jul-2019 29-Dec-2023 This seeks to measure the outcome for women owned or managed MSME access to the project. The Comments: application form for the project will have a field to capture whether the MSME is owned or managed by a woman and this will be captured by the application forms at the NRPB. IN00726094 ►Volume of grants and loans supported through the project over its lifetime (Amount(USD), Custom) 7/8/2019 Page 2 of 6 The World Bank Implementation Status & Results Report Sint Maarten Enterprise Recovery Project (P168549) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 33,000,000.00 Date 21-Dec-2018 -- 05-Jul-2019 29-Dec-2023 This indicator is the cumulative volume of grants and loans supported through the project for MSMEs. It will be calculated by summing the quarterly disbursements from the CBCS to the PFI, and will account for Comments: any recycled funds issued as loans only. This will be measured at disbursement and will not account for loan reflows and so will be measured at the beginning of each quarter. Any unused working capital facilities will be counted as disbursed. IN00726095 ►Volume of grants and loans supported through the project to women owned or managed MSMEs over its lifetime (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 13,200,000.00 Date 28-Dec-2018 -- 05-Jul-2019 29-Dec-2023 This seeks to measure the outcome for women owned or managed MSME access to the project. The application form for the project will have a field to capture whether the MSME is owned or managed by a Comments: woman and this will be captured by the application forms at the NRPB and the total amount financed will be compiled. Intermediate Results Indicators by Components Component 1: Direct financial support to MSMEs for investment and working capital IN00726111 ►Cumulative number of MSMEs that are new for participating lenders (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 90.00 Date 28-Feb-2019 -- 05-Jul-2019 29-Dec-2023 This seeks to measure the outcome for increased access to finance (A2F). The application form for the Comments: project will have a field to capture whether the MSME has had a loan with the PFI before and this will be captured by the application forms at the NRPB. IN00726114 ►Percentage of loan packages by volume that include grants (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 80.00 Date 21-Dec-2018 -- 05-Jul-2019 29-Dec-2023 This seeks to track the type of packages being issued to ensure that the AR grant-loan facility is being Comments: used. The approved SGCA will have the final breakdown and the NRPB will need to capture these percentages. IN00726116 ►Percentage of beneficiaries that feel project activities reflected their needs (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 75.00 7/8/2019 Page 3 of 6 The World Bank Implementation Status & Results Report Sint Maarten Enterprise Recovery Project (P168549) Date 21-Dec-2018 -- 05-Jul-2019 29-Dec-2023 A survey will measure the satisfaction of the project's final beneficiaries regarding the activities implemented under the project. During Midterm Review and every year after that, the NRPB will organize workshops (including online virtual workshops) targeting different project stakeholders or beneficiaries. Comments: Workshops will be organized taking into account the type of product or activity, the type of beneficiary, and geographical location. To measure the level of satisfaction amongst the beneficiaries, the NRPB will develop a set of questions and other tools with the support of the WB team. Field visits and interviews in situ will also be considered. IN00726117 ►Percentage of loan packages that are less than US$25,000 (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 15.00 Date 28-Dec-2018 -- 05-Jul-2019 29-Dec-2023 This seeks to track the percentage of packages being issued to the micro segment as defined by package Comments: size to ensure that the facility is including micro enterprises. The approved SGCA will have the final breakdown and the NRPB will need to capture these percentages. IN00726118 ►Percentage of MSME packages that are non-performing (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 5.00 Date 28-Dec-2018 -- 05-Jul-2019 29-Dec-2023 This is defined as the total number of outstanding packages that have their long portions non-performing. Comments: Non-performance is defined as 90 days overdue. Component 2: Study of financial solutions for improved disaster resilience IN00726112 ►Study undertaken for improving financial solutions for disasters (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 1.00 Date 21-Dec-2018 -- 05-Jul-2019 29-Dec-2023 This indicator will ensure that the study from Component 2 is complete. Guidance for the TOR for the Comments: study will be provided in the OM. Component 3: Training, project implementation, audit and monitoring and evaluation IN00726113 ►Cumulative number of loan officers trained in MSME lending (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 15.00 Date 21-Dec-2018 -- 05-Jul-2019 29-Dec-2023 Comments: This will measure the number of loan officers from FI trained in MSME lending. IN00726115 7/8/2019 Page 4 of 6 The World Bank Implementation Status & Results Report Sint Maarten Enterprise Recovery Project (P168549) ►Cumulative Number of enterprises and loan officers trained in business continuity planning (BCP) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 200.00 Date 21-Dec-2018 -- 05-Jul-2019 29-Dec-2023 This will measure the number of enterprises and loan officers from FI trained in business continuity Comments: planning (BCP). Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date Cumulative Disbursements 7/8/2019 Page 5 of 6 The World Bank Implementation Status & Results Report Sint Maarten Enterprise Recovery Project (P168549) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 7/8/2019 Page 6 of 6