The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Innovative Startups Fund Project (P161905) MIDDLE EAST AND NORTH AFRICA | Jordan | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 4 | ARCHIVED on 16-Jun-2019 | ISR36117 | Implementing Agencies: Jordan Loan Guarantee Corporation, Government of Jordan, Innovative Startups and SMEs Fund Key Dates Key Project Dates Bank Approval Date: 23-Jun-2017 Effectiveness Date: 19-Dec-2017 Planned Mid Term Review Date: 07-Dec-2020 Actual Mid-Term Review Date: -- Original Closing Date: 30-Nov-2023 Revised Closing Date: 30-Nov-2023 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project’s development objective is to increase private early stage equity finance for innovative small and medium enterprises ("SMEs"). Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Equity/Quasi Equity Financing Program:(Cost $44.75 M) Deal-Flow Creation Support:(Cost $3.13 M) Project Management, Coordination, and Monitoring and Evaluation:(Cost $2.00 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 Substantial Substantial Implementation Status and Key Decisions This project of US $50 million to support the establishment of the Innovative Startups and SMEs Fund (ISSF) was approved by the World Bank's Board of Executive Directors on June 23, 2017. The ISSF was launched in Jordan on September 23, 2018. The ISSF is actively receiving applications from the private sector for investment and support. More information can be found online at: https://issfjo.com/home/ 6/16/2019 Page 1 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic Substantial Substantial Substantial Sector Strategies and Policies Substantial Substantial Substantial Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Sustainability Substantial Substantial Substantial Fiduciary High High High Environment and Social Moderate Low Low Stakeholders Low Low Moderate Other -- -- -- Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Private Capital Mobilized IN00673682 ►Private Capital Mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 1,265,000.00 71,500,000.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 IN00673686 Private Early/Seed Stage Capital Mobilized Through the Project (Amount(USD), Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 14,500,000.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 IN00673688 Private Venture Capital Mobilized Through the Project (Amount(USD), Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 1,265,000.00 57,000,000.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 6/16/2019 Page 2 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Benefciary Companies Receiving Financing Through the Project IN00673683 ►Beneficiary Companies Receiving Financing Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 150.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 IN00673685 Beneficiary Companies Receiving Private Early/Seed Stage Financing Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 80.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 IN00673687 Beneficiary Companies Receiving Private VC Financing Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 1.00 70.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 IN00673689 Beneficiary Companies Led by Women Receiving Financing Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 100.00 25.00 IN00673690 Beneficiary Companies Led by Youth Receiving Financing Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 IN00673691 Beneficiary Companies Graduating From the Deal Flow Component Receiving Financing Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 100.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 Beneficiary Companies That Introduced a New Product or Process IN00673684 ►Beneficiary Companies That Introduced a New Product or Process (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 100.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 6/16/2019 Page 3 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Intermediate Results Indicators by Components Equity/Quasi Equity Financing Program IN00673692 ►Total Financial Intermediaries Receiving Financing Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 IN00673695 Venture Capital Financial Intermediaries Receiving Financing Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 IN00673697 Early/Seed Stage Financial Intermediaries Receiving Financing Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 4.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 IN00673699 ►Shareholder or Partnership Agreements Signed With Equity Finance Providers/Financial Intermediaries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 3.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 Deal-Flow Creation Support IN00673693 ►Beneficiary Companies Receiving IR Support and BDS Services Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 675.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 IN00673696 Beneficiary Companies Led by Women Receiving IR Support and BDS Services Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 IN00673698 Beneficiary Companies Led by Youth Receiving IR Support and BDS Services Through the Project (Percentage, Custom Supplement) 6/16/2019 Page 4 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 IN00673700 Beneficiary Companies Receiving IR Support Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 600.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 IN00673701 Beneficiary Companies Receiving BDS Services Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 IN00673702 ►Prospective Angel Investors Receiving Training Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 IN00673703 ►Beneficiaries Receiving Acceleration Services Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 150.00 Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 IN00673704 Female Beneficiaries Receiving Acceleration Services Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 IN00673705 Young Beneficiaries Receiving Acceleration Services Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 40.00 Project Management, Coordination, and Monitoring and Evaluation IN00673694 ►Beneficiaries Satisfied With Services Received and Performance of Funds (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 6/16/2019 Page 5 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Date 23-Jun-2017 14-Sep-2018 31-May-2019 30-Nov-2023 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P161905 IBRD-87670 Effective USD 50.00 50.00 0.00 20.13 29.88 40% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P161905 IBRD-87670 Effective 23-Jun-2017 21-Aug-2017 19-Dec-2017 30-Nov-2023 30-Nov-2023 Cumulative Disbursements 6/16/2019 Page 6 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 6/16/2019 Page 7 of 7