The World Bank Implementation Status & Results Report Regional Infrastructure Development Fund (P154947) Regional Infrastructure Development Fund (P154947) EAST ASIA AND PACIFIC | Indonesia | Urban, Resilience and Land Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 7 | ARCHIVED on 17-Dec-2019 | ISR39482 | Implementing Agencies: Ministry of Finance, PT Sarana Multi Infrastruktur Key Dates Key Project Dates Bank Approval Date: 10-Mar-2017 Effectiveness Date: 28-Sep-2017 Planned Mid Term Review Date: 30-Aug-2019 Actual Mid-Term Review Date: 04-Nov-2019 Original Closing Date: 31-Dec-2020 Revised Closing Date: 31-Dec-2020 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) To increase access to infrastructure finance at the subnational level through a financially sustainable financial intermediary. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Component 1: Capital Support for RIDF:(Cost $400.00 M) Component 2: RIDF Project Development Facility:(Cost $6.00 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 Substantial Substantial Implementation Status and Key Decisions The project has made steady but slower than expected progress towards achieving its Project Development Objective. Four subnational governments (as listed below) have received Regional Infrastructure Development Fund (RIDF) loans and one subproject in the subnational government of Ogan Komering Ulu (development of hospital) has been dropped. The project has provided RIDF loans to the following six subprojects with an average loan size of IDR 122.5 billion and average loan tenor of 4.7 years. The amount of capital mobilized is US$52.5 million and 17 subproject loans have been appraised. Twenty-four subnational governments have applied for RIDF Project Development Facility (PDF) support and 19 subprojects have been prepared with assistance from the PDF. The following describes the subproject Loan Agreements which have been signed with the subnational governments, and their status: 1. Central Lombok subnational government, construction of a public market, IDR 79.96 billion, construction underway. 2. South Halmahera subnational government, construction of roads, IDR 90 billion, construction underway. 12/17/2019 Page 1 of 6 The World Bank Implementation Status & Results Report Regional Infrastructure Development Fund (P154947) 3. South Halmahera subnational government, construction of a public market, IDR 60 billion, construction underway. 4. North Sulawesi subnational government, construction of a general hospital, IDR 300 billion, procurement completed, construction about to begin. 5. North Sulawesi subnational government, construction of an eye hospital, IDR 100 billion, procurement completed, construction about to begin. 6. Banjarbaru subnational government, construction of a public market, IDR 105 billion, procurement underway. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial High High Macroeconomic Moderate Moderate Moderate Sector Strategies and Policies Substantial Substantial Substantial Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Sustainability Moderate Moderate Moderate Fiduciary Moderate Moderate Moderate Environment and Social Substantial Substantial Substantial Stakeholders Substantial Substantial Substantial Other -- -- -- Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Increased access to infrastructure finance at the subnational level IN00771720 ►Number of subnational governments receiving RIDF loans (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 5.00 4.00 25.00 Date 01-Feb-2017 06-May-2019 27-Nov-2019 31-Jan-2021 Not achieved yet. One subproject in the subnational government of Ogan Komering Ulu (development of Comments: hospital) has been dropped. IN00771732 ►Average loan size approved by RIDF (IDR billions) (Number, Custom) 12/17/2019 Page 2 of 6 The World Bank Implementation Status & Results Report Regional Infrastructure Development Fund (P154947) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 113.00 122.50 150.00 Date 01-Feb-2017 06-May-2019 27-Nov-2019 31-Jan-2021 Not achieved yet. Comments: IN00771734 ►Average tenor of loans approved by RIDF (Years, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.60 4.70 8.00 Date 01-Feb-2017 06-May-2019 27-Nov-2019 31-Jan-2021 Not achieved yet. Comments: Financial performance and sustainability of the financial intermediary (RIDF) IN00771731 ►Return on RIDF assets (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.00 Date 01-Feb-2017 06-May-2019 27-Nov-2019 31-Jan-2021 Not achieved yet. Comments: IN00771733 ►Non-performing loans (NPLs) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 01-Feb-2017 06-May-2019 27-Nov-2019 31-Jan-2021 Not achieved yet. Comments: IN00771735 ►Proportion of the total loan portfolio concentrated in a single sector (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 58.00 50.00 40.00 Date 01-Feb-2017 06-May-2019 27-Nov-2019 31-Jan-2021 Not achieved yet. Comments: Intermediate Results Indicators by Components 12/17/2019 Page 3 of 6 The World Bank Implementation Status & Results Report Regional Infrastructure Development Fund (P154947) Component 1: Capital Support for RIDF IN00771736 ►Amount of capital raised (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 56,600,000.00 52,500,000.00 400,000,000.00 Date 01-Feb-2017 06-May-2019 27-Nov-2019 31-Jan-2021 Not achieved yet. Comments: IN00771738 ►Number of subproject loans appraised (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 11.00 17.00 40.00 Date 01-Feb-2017 06-May-2019 27-Nov-2019 31-Jan-2021 Not achieved yet. Comments: IN00771740 ►Percentage of subproject specific complaints received that are addressed/followed up by subnational governments (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 100.00 100.00 Date 01-Feb-2017 06-May-2019 27-Nov-2019 31-Jan-2021 Achieved. Comments: Component 2: RIDF Project Development Facility IN00771737 ►Number of subnational governments applying for RIDF Project Development Facility services (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 22.00 24.00 40.00 Date 01-Feb-2017 06-May-2019 27-Nov-2019 31-Jan-2021 Not achieved yet. Comments: IN00771739 ►Number of projects prepared with assistance from the RIDF Project Development Facility (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 11.00 19.00 35.00 Date 01-Feb-2017 06-May-2019 27-Nov-2019 31-Jan-2021 Not achieved yet. Comments: IN00771741 12/17/2019 Page 4 of 6 The World Bank Implementation Status & Results Report Regional Infrastructure Development Fund (P154947) ►Percentage of subprojects planned with adequate citizen engagement (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 01-Feb-2017 06-May-2019 27-Nov-2019 31-Jan-2021 Achieved. Comments: Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P154947 IBRD-87140 Effective USD 100.00 100.00 0.00 11.58 88.42 12% P154947 TF-A3871 Effective USD 3.00 3.00 0.00 1.18 1.82 39% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P154947 IBRD-87140 Effective 10-Mar-2017 12-May-2017 28-Sep-2017 31-Dec-2020 31-Dec-2020 P154947 TF-A3871 Effective 10-Mar-2017 12-May-2017 28-Sep-2017 30-Jun-2019 31-Dec-2020 Cumulative Disbursements 12/17/2019 Page 5 of 6 The World Bank Implementation Status & Results Report Regional Infrastructure Development Fund (P154947) Restructuring History Level 2 Approved on 25-Jun-2019 Related Project(s) P170560-Regional Infrastructure Development Fund Additional Financing 12/17/2019 Page 6 of 6