The World Bank Implementation Status & Results Report Ghana Climate Innovation Center (P145765) Ghana Climate Innovation Center (P145765) AFRICA | Ghana | Finance, Competitiveness and Innovation Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2016 | Seq No: 6 | ARCHIVED on 21-May-2019 | ISR36491 | Implementing Agencies: Ashesi University College, Ashesi University, innoHub Foundation, innoHub Foundation Key Dates Key Project Dates Bank Approval Date: 02-Feb-2016 Effectiveness Date: 22-Feb-2016 Planned Mid Term Review Date: 31-Oct-2018 Actual Mid-Term Review Date: 18-Sep-2018 Original Closing Date: 30-Jun-2020 Revised Closing Date: 30-Jun-2020 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The objective of the project is to support entrepreneurs and SMEs involved in developing profitable and locally-appropriate solutions to climate change and increase business activity in the climate technology sector through the establishment of a locally based climate innovation center. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Climate Innovation Center Establishment, Services and Monitoring and Evaluation:(Cost $8.50 M) Climate Venture Financing Facility:(Cost $8.70 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions Following project restructuring in October 2018, both components are under full implementation. Due to the strong performance of the GCIC and implementation of the GCVF getting underway, the project has a strong likelihood of achieving all results indicators in the results framework. The Bank team recommended to the implementation teams to raise their ambitions beyond the indicators in the results framework so that project targets can be significantly exceeded. With almost 50% of funds still to be disbursed in the remaining 14 months before project closing, it will be critical for the project implementation partners to continue diligent implementation efforts. Sustainability of the GCIC is an important focus for the remainder of the project, requiring a strong strategy and fundraising effort from the GCIC team. GCIC (Component 1): 5/21/2019 Page 1 of 5 The World Bank Implementation Status & Results Report Ghana Climate Innovation Center (P145765) Pipeline: The GCIC has enhanced efforts to improve its pipeline. It is undertaking a road show for the upcoming recruitment targeting 6 regional capitals – Tamale, Ho, Kumasi, Sunyani, Cape Coast and Koforidua. The road show focuses on the entrepreneurship eco-systems within these cities. Secondly, GCIC is currently cultivating past unsuccessful applicants with potential as candidates. The GCIC is confident of a strong pipeline for upcoming cohorts. Disbursements: The GCIC component is at 65% disbursement of the $8.5m RE grant as of April 2019, with $2.95m still to be disbursed. The GCIC team feels this is realistic given the proposed increase in its entrepreneur intake for 2019 and 2020. Results: The GCIC is on track to achieve all but one of its target results. 2 of 3 PDO level indicators (climate friendly products deployed, engagement with ecosystem) are above target and the third (SME revenues) is closing the gap on its targets following the year long initial project implementation delays. The intermediate indicator around influencing policy is lagging, but is the focus of enhanced efforts by the GCIC team in 2019. Some key GCIC outputs from the ISR period include:  Reaching a milestone of over $1m for cumulative revenues for GCIC entrepreneurs from period June 2017 to December 2018  Launched and started the Research Commercialization Program with 3 research institutes in Ghana  Started the recoverable grant scheme for CIENOG (GCIC Alumni Network) members from Cohort 1 and 2.  Participated in and hosted two sessions at the UN Africa Climate Week  Hosted 3 member countries of the World Bank’s CBIN network of CICs from the Caribbean, Egypt, Bangladesh for a CIC peer learning program Sustainability: Within the past 6 months, the GCIC has taken steps towards ensuring sustainability of the GCIC after the World Bank grant period. Recruiting an experienced consultant to advise on a sustainability and fundraising strategy was quite challenging but GCIC has now successfully identified a consultant to commence work by May 2019. The external consultant will build on the GCIC’s initial 2-part in house strategy. GCVF (Component 2): Launch Event (June 2019): Preparations to formally launch the GCVF (called Wangara Green Ventures in the market) in June 2019 are on track. An event is being planned in conjunction with the GCIC's Incubating Innovation Symposium. Disbursements: The GCVF component is at 19% disbursement of the $3.2m RE grant as of April 2019, with $2.58m still to be disbursed. Full disbursement is realistic if the fund is able to meet its disbursement conditions related to fund raising. Achieving this condition, which triggers the last $1m of capital for the GCVF, is realistic given the strong pipeline of potential investor commitments (several impact investors, DFIs, public fund- of-funds, and private investors are in serious conversations with the GCVF team). Fund Raising: The GCVF team has a strong pipeline of potential funding from third party investors. Closing this funding will require ensuring alignment with the objectives of potential investors. The Bank team will work closely with the GCVF team to ensure fund raising targets can be met. Capitalization and Investments: The next major milestone for the fund to clear is finalizing the funding agreement between the grant manager (Innohub) and fund (Wangara). This will trigger the first capitalization of the fund and allow the fund to make investments. The GCVF team is actively assessing a pipeline of over 20 potential SME investments with 2-3 investments expected to go through due diligence around the time of the fund launch in June 2019. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial Substantial Substantial Macroeconomic Substantial Substantial Substantial Sector Strategies and Policies Low Low Low Technical Design of Project or Program Moderate Moderate Moderate Institutional Capacity for Implementation and Sustainability Moderate Moderate Moderate Fiduciary Substantial Moderate Moderate Environment and Social Low Moderate Moderate Stakeholders Moderate Moderate Moderate Other -- -- -- 5/21/2019 Page 2 of 5 The World Bank Implementation Status & Results Report Ghana Climate Innovation Center (P145765) Overall Moderate Moderate Moderate Results PDO Indicators by Objectives / Outcomes support entrepreneurs and SMEs involved in developing profitable solutions to climate change IN00686242 ►Increased sales revenue for targeted firms (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 796,613.00 1,123,026.00 4,500,000.00 Date 01-Apr-2016 30-Jun-2018 01-Apr-2019 30-Jun-2020 IN00686243 ►Number of participants in workshops, training events, seminars, conferences, etc. (of which 20% are women) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 356.00 515.00 1,100.00 Date 01-Apr-2016 30-Jun-2018 01-Apr-2019 30-Jun-2020 increase business activity in the climate technology sector IN00686241 ►Number of households with access to new/improved products/services (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 41,512.00 54,150.00 20,000.00 Date 01-Apr-2016 30-Jun-2018 01-Apr-2019 31-Mar-2020 Intermediate Results Indicators by Components Climate Innovation Center Establishment, Services and Monitoring and Evaluation IN00686244 ►Number of firms with access to new/improved products/services (of which, 20% are women-owned) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 23.00 109.00 90.00 Date 01-Apr-2016 30-Jun-2018 01-Apr-2019 31-Mar-2020 30 of the 109 firms (27.5%) are women-owned businesses, above the 20% target Comments: IN00686246 5/21/2019 Page 3 of 5 The World Bank Implementation Status & Results Report Ghana Climate Innovation Center (P145765) ►Number of new laws/regulations/amendments/codes/Government policies drafted, or contributed to the drafting (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 4.00 Date 01-Apr-2016 30-Jun-2018 01-Apr-2019 30-Jun-2020 IN00686247 ►Number of new direct jobs created (of which 20% are women) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 52.00 74.00 96.00 Date 01-Apr-2016 30-Jun-2018 01-Apr-2019 30-Jun-2020 32 of 74 (43.2%) of new direct jobs are employing women, exceeding the 20% target Comments: Ghana Climate Venture Facility IN00686245 ►Number of firms with additional access to finance (of which, 20% are women-owned) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 21.00 29.00 14.00 Date 01-Apr-2016 30-Jun-2018 01-Apr-2019 30-Jun-2020 Overall Comments IR Results disaggregated by gender where applicable are noted in the notes of each indicator. Results are gathered quarterly and take up to 8 weeks to process, so, for example, April 1 results reflect data gathered beginning January 1. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P145765 TF-A1680 Effective USD 8.50 8.50 0.00 5.55 2.95 65% P145765 TF-A8548 Effective USD 3.20 3.20 0.00 0.62 2.58 19% Key Dates (by loan) 5/21/2019 Page 4 of 5 The World Bank Implementation Status & Results Report Ghana Climate Innovation Center (P145765) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P145765 TF-A1680 Effective 03-Feb-2016 03-Feb-2016 22-Feb-2016 30-Jun-2020 30-Jun-2020 P145765 TF-A8548 Effective 11-Oct-2018 11-Oct-2018 13-Nov-2018 30-Jun-2020 30-Jun-2020 Cumulative Disbursements Restructuring History Level 2 Approved on 21-Sep-2018 Related Project(s) There are no related projects. 5/21/2019 Page 5 of 5