Public Disclosure Copy The World Bank Implementation Status & Results Report Sierra Leone - Financial Sector Development Plan Support Project (P121514) Sierra Leone - Financial Sector Development Plan Support Project (P121514) AFRICA | Sierra Leone | Finance & Markets Global Practice | IBRD/IDA | Specific Investment Loan | FY 2011 | Seq No: 11 | ARCHIVED on 16-Aug-2017 | ISR29193 | Implementing Agencies: Bank of Sierra Leone (central bank), Ministry of Finance and economic development Key Dates Key Project Dates Bank Approval Date:07-Apr-2011 Effectiveness Date:20-Jul-2011 Planned Mid Term Review Date:31-Jul-2015 Actual Mid-Term Review Date:31-Jul-2015 Original Closing Date:31-Dec-2015 Revised Closing Date:30-Nov-2017 Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to strengthen the capacity of the Bank of Sierra Leone and contribute to improve efficiency infinancial intermediation, safeguard financial sector stability, reduce transaction costs of money transfer and expand access to financial services. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Component 1: Enhancing access to financial services:(Cost $1.60 M) Component 2: Building financial sector reform and oversight capacity of the BSL:(Cost $2.40 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Moderately Unsatisfactory  Moderately Unsatisfactory Overall Implementation Progress (IP)  Moderately Unsatisfactory  Moderately Unsatisfactory Overall Risk Rating  High  High Implementation Status and Key Decisions 8/16/2017 Page 1 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Sierra Leone - Financial Sector Development Plan Support Project (P121514) Since its effectiveness in 20-Jul-2011 Project Implementation of the project has been slow. A new procurement plan was approved following the restructuring of the project in October 2016. Disbursements in 2017 (calendar year) are expected by BSL to reach 1.6 million USD. Risks Systematic Operations Risk-rating Tool 8/16/2017 Page 2 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Sierra Leone - Financial Sector Development Plan Support Project (P121514) Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  High  High Macroeconomic  --  High  High Sector Strategies and Policies  --  Substantial  Substantial Technical Design of Project or Program  --  Moderate  Moderate Institutional Capacity for Implementation and Sustainability  --  High  High Fiduciary  --  Substantial  Substantial Environment and Social  --  Low  Low Stakeholders  --  Moderate  Moderate Other  --  --  -- Overall  --  High  High Results Project Development Objective Indicators PHINDPDOTBL  Indicator One: The Doing Business Depth of Credit InformationIndex is in line with Sub-Sahara Africa average (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target In line with SSA Average Value 0.00 1.6% 1.6% (DB 2015 4.5 percent ) Date 14-Apr-2011 23-Jan-2017 31-Jul-2017 30-Nov-2017 Comments SSA average is 6.9% PHINDPDOTBL  Indicator Two: effective implementation of the collateral registry supporting MSME finance (Text, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Collateral registry is operational Collateral registry Collateral registry Value No collateral regisrry (demonstrated launched in Dec. 2016 launched in Dec. 2016 by the registration of at least five 8/16/2017 Page 3 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Sierra Leone - Financial Sector Development Plan Support Project (P121514) security interests (since its inception) and the receipt of at least five inquiries from financial institutions (since its inception)) PHINDPDOTBL  Indicator Three: Acomprehensivepayment system policyand regulatoryframework has beenestablished. (Text, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Payment framework Payment framework Value No framework Yes being established being established Overall Comments Intermediate Results Indicators PHINDIRITBL  indicator One: CreditInformation Infrastructure (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target 1.6 percent od adults 1.6 percent of adults covered by the credit covered by the credit In line with SSA Value 0.00 registry (Doing registry (Doing business average business 2017) 2017) Date 14-Apr-2011 23-Jan-2017 31-Jul-2017 30-Nov-2017 8/16/2017 Page 4 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Sierra Leone - Financial Sector Development Plan Support Project (P121514) PHINDIRITBL  Intermediate Resultindicator Two: security interests registered with the collateral registry (MSME finance) (Text, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Seventy two security collateral registry at least five5 interests valued at Le launched in Dec. 2016 security Value 0.00 111.45 billion have been (no registered security interests (since have been registered in interest) its inception) the Collateral Registry PHINDIRITBL  indicator Three: inquiries to the collateral registry received from financial institutions (MSME finance) (Text, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target receipt of at least five Seventy two security inquiries to the Collateral registry interests valued at Le collateral Value US$ launched in Dec. 2016 111.45 billion have been registry from (no inquiry yet) have been registered in financial the Collateral Registry institutions (since its inception) PHINDIRITBL  Special diagnostics of two state-owned banks (completion of special diagnostic reports on two state-owned banks (Sierra Leone Commercial Bank and Rokel Commercial Bank) and their submission to BS) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Draft report delivered, shared with WB in June on-site mission 2017. BSL has completed by ernst and requested a follow up Value No diagnostic young in Dec. 2016 mission to complete Two reports (report being prepared diagnostics (WB but not yet available) provided no objection for expansion in scope of activities) Date 28-Sep-2016 23-Jan-2017 31-Jul-2017 30-Nov-2017 8/16/2017 Page 5 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Sierra Leone - Financial Sector Development Plan Support Project (P121514) PHINDIRITBL  adoption of the financial inclusion strategy by cabinet (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target financial inclusion financial inclusion Value no strategy strategy adopted by strategy adopted by BSL adopted strat BSL in Dec. 2016 in Dec. 2016 Date 28-Sep-2016 23-Jan-2017 23-Jan-2017 30-Nov-2017 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P121514 IDA-H6620 Effective USD 4.00 4.00 0.00 1.69 2.02 42% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P121514 IDA-H6620 Effective 07-Apr-2011 19-Apr-2011 20-Jul-2011 31-Dec-2015 30-Nov-2017 Cumulative Disbursements 8/16/2017 Page 6 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Sierra Leone - Financial Sector Development Plan Support Project (P121514) Restructuring History Level 2 Approved on 28-Dec-2015 ,Level 2 Approved on 17-Oct-2016 Related Project(s) There are no related projects. 8/16/2017 Page 7 of 7 Public Disclosure Copy