The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) WAEMU Affordable Housing Finance (P161658) AFRICA | Western Africa | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2018 | Seq No: 5 | ARCHIVED on 13-Dec-2019 | ISR39012 | Implementing Agencies: CRRH, BOAD, WAEMU, WAEMU Commission Key Dates Key Project Dates Bank Approval Date: 28-Sep-2017 Effectiveness Date: 21-Dec-2017 Planned Mid Term Review Date: 16-Dec-2019 Actual Mid-Term Review Date: 06-Dec-2019 Original Closing Date: 31-Dec-2022 Revised Closing Date: 31-Dec-2022 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The development objective is to expand access to long-term housing finance in WAEMU, including for underserved households. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Participating Banks Mortgage Refinancing:(Cost $80.00 M) Non-Bank Financial Institutions Mortgage Refinancing:(Cost $50.00 M) Affordable Housing Policies Technical Assistance:(Cost $15.00 M) Technical Assistance for Non-Bank Financial Institutions and CRRH:(Cost $5.00 M) Design of Regional Guarantee Product for Housing Loans:(Cost $5.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions The WB team welcomes the progress made in the past 6 months at CRRH and the WAEMU Commission. The introduction of the refinancing window for microfinance institutions remains the main priority for CRRH, in order to better serve households with modest and irregular incomes. For that to happen, completing the analytical work and obtaining the approval of the Board of Directors to open the window of refinancing of decentralized financial systems would be critical. Significant progress has been made in the pace of implementation of technical assistance by the WAEMU Commission, following the provision of Public Audited Accounts from the Court of Accounts. A major contract must be signed by the end of January (Center of Excellence for Habitat). 2020 will be the year of all major contracts and the management's attention to accelerate these markets will be important. 12/13/2019 Page 1 of 5 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial Substantial Substantial Macroeconomic Moderate Moderate Moderate Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Moderate Moderate Moderate Institutional Capacity for Implementation and Sustainability Substantial Substantial Substantial Fiduciary Substantial Moderate Moderate Environment and Social Moderate Moderate Moderate Stakeholders Substantial Substantial Substantial Other Moderate Moderate Moderate Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes PDO Indicators IN00757895 ►Number of new mortgage loans issued by banks in WAEMU (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 12,000.00 12,000.00 12,000.00 32,000.00 Date 23-Dec-2016 29-May-2019 29-May-2019 29-Dec-2022 This indicator should be provided by the BCEAO. At this stage the information has not been received. Comments: IN00757941 ►Number of housing loans issued by banks and non bank financial institutions below FCFA 15 Million refinanced by CRRH (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1,440.00 5,096.00 5,096.00 13,000.00 Date 23-Dec-2016 29-May-2019 29-May-2019 29-Dec-2022 12/13/2019 Page 2 of 5 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) Intermediate Results Indicators by Components Participating Banks Mortgage Refinancing IN00757942 ►Outstanding bonds issued by CRRH (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 180,000,000.00 282,000,000.00 282,000,000.00 740,000,000.00 Date 23-Dec-2016 29-May-2019 29-May-2019 29-Dec-2022 IN00757946 ►Survey of a sample of beneficiaries by mid-term review to provide feedback on terms and conditions of housing loans (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.00 Date 23-Dec-2016 29-May-2019 29-May-2019 29-May-2020 A firm has been identified to undertake the survey, which is still planned to take place by mid-term review Comments: Non-Bank Financial Institutions Mortgage Refinancing IN00757943 ►Number of non-bank financial institutions making use of CRRH refinancing window (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 8.00 Date 23-Dec-2016 29-May-2019 29-May-2019 29-Dec-2022 IN00757947 ►Number of housing loans issued by non-bank financial institutions below 10 M FCFA and refinanced by CRRH (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 3,000.00 Date 23-Dec-2016 29-May-2019 29-May-2019 29-Dec-2022 Affordable Housing Policies Technical Assistance IN00757944 ►A land and housing price index is established in a research centre, harmonized across all 8 countries and with effective data in at least 2 countries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.00 Date 23-Dec-2016 29-May-2019 29-May-2019 29-Dec-2022 IN00757948 ►Number of countries which implement recommendations from the advisory services on affordable housing programs (Number, Custom) 12/13/2019 Page 3 of 5 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 4.00 Date 23-Dec-2016 29-May-2019 29-May-2019 29-Dec-2022 Design of Regional Guarantee Product for Housing Loans IN00757945 ►A regional guarantee product for housing loans is available (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.00 Date 23-Dec-2016 29-May-2019 29-May-2019 29-Dec-2022 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P161658 IDA-61410 Effective USD 130.00 130.00 0.00 62.65 70.88 47% P161658 IDA-D2360 Effective USD 25.00 25.00 0.00 1.65 23.32 6.6% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P161658 IDA-61410 Effective 28-Sep-2017 13-Oct-2017 21-Dec-2017 31-Dec-2022 31-Dec-2022 P161658 IDA-D2360 Effective 28-Sep-2017 13-Oct-2017 21-Dec-2017 31-Dec-2022 31-Dec-2022 Cumulative Disbursements 12/13/2019 Page 4 of 5 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 12/13/2019 Page 5 of 5