The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) Land Bank Financial Intermediation Project (P150008) AFRICA | South Africa | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 5 | ARCHIVED on 23-Sep-2019 | ISR38278 | Implementing Agencies: Land and Agricultural Development Bank of South Africa, Land and Agriculture Development Bank of South Africa Key Dates Key Project Dates Bank Approval Date: 23-Jan-2017 Effectiveness Date: 29-Sep-2017 Planned Mid Term Review Date: 31-Oct-2019 Actual Mid-Term Review Date: Original Closing Date: 01-Apr-2022 Revised Closing Date: 01-Apr-2022 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project's development objective is to sustainably scale up Land Bank's financing, specifically to benefit emerging farmers. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Line of Credit for Agricultural Financing:(Cost $93.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO ►Moderately Satisfactory ►Moderately Unsatisfactory Overall Implementation Progress (IP) ►Moderately Satisfactory ►Moderately Unsatisfactory Overall Risk Rating ►Moderate ►Substantial Implementation Status and Key Decisions The project became effective on September 29, 2017. The disbursements under the project are at 7.1 percent as of September 12, 2019. Due to significant delays in disbursements the Project Development Objective and Project Implementation ratings have been downgraded to “Moderately Unsatisfactory’ from ‘Moderately Satisfactory’. A project “Mid-term review’ mission is planned in early November 2019. 9/23/2019 Page 1 of 5 The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance ►Moderate ►Substantial ►Substantial Macroeconomic ►Moderate ►Substantial ►Substantial Sector Strategies and Policies ►Moderate ►Moderate ►Moderate Technical Design of Project or Program ►Moderate ►Moderate ►Moderate Institutional Capacity for Implementation and Sustainability ►Moderate ►Moderate ►Substantial Fiduciary ►Low ►Moderate ►Moderate Environment and Social ►Moderate ►Moderate ►Moderate Stakeholders ►Moderate ►Moderate ►Moderate Other -- -- ►Moderate Overall ►Moderate ►Moderate ►Substantial Results PDO Indicators by Objectives / Outcomes PDO is to sustainably scale up Land Bank’s financing, specifically to benefit emerging farmers IN00735541 ►Volume of wholesale loans disbursed under the project (minimum) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 65,100,000.00 Date 31-Oct-2016 28-Jan-2019 31-Mar-2019 01-Apr-2022 IN00735542 ►Volume of direct value chain loans disbursed under the project (minimum) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 4.46 27,900,000.00 Date 31-Oct-2016 28-Jan-2019 31-Mar-2019 01-Apr-2022 IN00735543 ►Total NPL rate under the line of credit (maximum) (Percentage, Custom) 9/23/2019 Page 2 of 5 The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 31-Oct-2016 28-Jan-2019 28-Jan-2019 01-Apr-2022 IN00735544 ►Direct project beneficiaries (minimum) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 7.00 1,100.00 Date 31-Oct-2016 28-Jan-2019 31-Mar-2019 01-Apr-2022 Overall Comments PDO The results for direct value chain loans have been updated based on draft IFR submitted and is subject to confirmation when the final IFR is submitted. The beneficiary information is from the information provided to the WB for undertaking the prior review of the first loan disbursed under the Direct Lending Window and is subject to confirmation by the LB through the progress report due for the period ending September 2019. Intermediate Results Indicators by Components Line of Credit for Agricultural Financing IN00735545 ►Increase in outstanding loan portfolio of Land Bank (minimum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 37,796,688,000.00 6.00 6.00 10.00 Date 31-Dec-2015 31-Mar-2018 31-Mar-2018 01-Apr-2022 IN00735546 ►Increase in CB outstanding loan portfolio (minimum) (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 31,607,333,000.00 4.70 4.70 10.00 Date 31-Dec-2015 31-Mar-2018 31-Mar-2018 01-Apr-2022 IN00735547 ►Increase in REM outstanding loan portfolio (minimum) (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 489,051,000.00 1.00 1.00 20.00 Date 31-Dec-2015 31-Mar-2019 31-Mar-2019 01-Apr-2022 IN00735548 9/23/2019 Page 3 of 5 The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) ►Land Bank liabilities that are long-term (over 1 year) (minimum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 31.00 56.80 56.80 40.00 Date 31-Dec-2015 31-Mar-2018 31-Mar-2018 01-Apr-2022 IN00735549 ►Return on Average Equity (minimum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 6.78 4.40 4.40 6.78 Date 31-Dec-2015 31-Mar-2018 31-Mar-2018 01-Apr-2022 IN00735550 ►Return on Average Assets (minimum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1.12 0.53 0.53 1.12 Date 31-Dec-2015 31-Mar-2018 31-Mar-2018 01-Apr-2022 IN00735551 ►Total NPL rate for Land Bank (maximum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 3.72 6.70 6.70 10.00 Date 31-Dec-2015 31-Mar-2018 31-Mar-2018 01-Apr-2022 Overall Comments IR Updated figures are expected to become available when the 2019 annual report is released; the release is expected before end of September 2019. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P150008 IBRD-86860 Effective USD 93.00 93.00 0.00 6.64 86.36 7.1% Key Dates (by loan) 9/23/2019 Page 4 of 5 The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P150008 IBRD-86860 Effective 23-Jan-2017 10-Apr-2017 29-Sep-2017 01-Apr-2022 01-Apr-2022 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 9/23/2019 Page 5 of 5