The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) SOUTH ASIA | Bangladesh | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 6 | ARCHIVED on 17-Jan-2020 | ISR39402 | Implementing Agencies: Bangladesh Bank, Ministry of Finance Key Dates Key Project Dates Bank Approval Date: 05-Apr-2017 Effectiveness Date: 22-Jan-2018 Planned Mid Term Review Date: 15-Jun-2020 Actual Mid-Term Review Date: Original Closing Date: 30-Jun-2022 Revised Closing Date: 30-Jun-2022 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The PDO is to increase long-term financing for infrastructure and to build capacity of the local financial institutions for promoting private sector-led infrastructure financing in Bangladesh. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Long-Term Infrastructure Financing Component:(Cost $403.70 M) Technical Assistance Component:(Cost $13.00 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 Moderate Moderate Implementation Status and Key Decisions Bangladesh Investment Promotion and Financing Facility II (IPFF II) Project has made key progress since the last mission as the project has solidified the pipeline sub-projects, now being prepared for disbursement in the next two quarters of the FY20. Following are the key activities in focus for accelerating the pace of disbursement: Component 1 (Long-term Infrastructure Financing): (1) Low overall country capacity on Environmental and Social Risk Management (ESRM) of infrastructure projects continue to be the main implementation bottleneck for IPFF II Project. In order to bridge the gap, IPFF II Project Cell at Bangladesh Bank, the implementing agency, and the World Bank task team are working on scheduling supplementary steps, including working sessions, for capacity strengthening of the Participating Financial Institutions (PFIs) and the consulting firms that help the private investors in preparing the ESRM documents. 1/17/2020 Page 1 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) (2) The financing pipeline for the main on-lending component has made good progress. The Project disbursed against the proposed technology venture in Kaliakoir High-Tech Park and expects disbursement against a dry dock at Chittagong Port and a private sector economic zone in the first quarter of 2020. The pipeline also includes a waste recycling plant, two other private economic zones and a mobile phone tower network. Component 2 (Technical Assistance): (1) Hiring of the technical service consultant by the Public Private Partnership Authority (PPPA), delayed due to a procurement dispute (now resolved), is expected to be completed by February 2020. Bangladesh Infrastructure Financing Fund Limited (BIFFL, the government owned DFI) completed hiring two of the three consultants. (2) Based on recommendation of the Ministry of Finance (MoF) proposed the World Bank task team and the IPFF II Project Cell at Bangladesh Bank have finalized plans for longer duration hands-on training on infrastructure PPP and long-term financing for the government officials in key infrastructure ministries/agencies. This will be rolled out in the second quarter of 2020. 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 Low Low Low Technical Design of Project or Program Moderate Moderate Moderate Institutional Capacity for Implementation and Sustainability Moderate Moderate Moderate Fiduciary Moderate Moderate Moderate Environment and Social Substantial Substantial Substantial Stakeholders Moderate Moderate Moderate Other Low Low Low Overall Moderate Moderate Moderate Results PDO Indicators by Objectives / Outcomes Increasing long-term financing for infrastructure & building capacity of the local fin. institutions IN00769046 ►Equity investments from private sector entrepreneurs under IPFF II (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 5,000,000.00 95,000,000.00 Date 30-Jun-2017 10-Jul-2019 13-Jan-2020 30-Jun-2022 IN00769047 1/17/2020 Page 2 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) ►Long term debt financing for infrastructure under IPFF II (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 29,000,000.00 406,700,000.00 Date 30-Jun-2017 10-Jul-2019 13-Jan-2020 30-Jun-2022 IN00769048 ►Total investments in infrastructure under IPFF II (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 45,000,000.00 610,000,000.00 Date 30-Jun-2017 10-Jul-2019 13-Jan-2020 30-Jun-2022 IN00769049 ►Private Capital Mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 10,000,000.00 260,000,000.00 Date 30-Jun-2017 10-Jul-2019 13-Jan-2020 30-Jun-2022 IN00769050 ►Private Capital Mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 260,000,000.00 Date 22-Jan-2018 10-Jul-2019 10-Jul-2019 30-Jun-2022 Intermediate Results Indicators by Components Long-Term Infrastructure Financing Component IN00769051 ►Financing volumes through innovative financial instruments deployed for financing of infrastructure (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30,000,000.00 Date 30-Jun-2017 10-Jul-2019 13-Jan-2020 30-Jun-2022 IN00769053 ►At least 20 domestic financial institutions use IPFF II credit line (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 4.00 20.00 Date 30-Jun-2017 10-Jul-2019 13-Jan-2020 30-Jun-2022 IN00769055 1/17/2020 Page 3 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) ►Female beneficiaries from IPFF II (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 10.00 200.00 Date 30-Jun-2017 10-Jul-2019 13-Jan-2020 30-Jun-2022 IN00769057 ►Affected citizens' satisfaction with infrastructure subprojects (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 30-Jun-2017 10-Jul-2019 13-Jan-2020 30-Jun-2022 IN00769058 ►PFIs maintain eligibility criteria (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 30-Jun-2017 10-Jul-2019 13-Jan-2020 30-Jun-2022 Technical Assistance Component IN00769052 ►The capacity of financial institutions participating in IPFF II to undertake financial analysis of infrastructure projects is strengthened - number of staff trained (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 20.00 30.00 200.00 Date 30-Jun-2017 10-Jul-2019 13-Jan-2020 30-Jun-2022 IN00769054 ►Environmental assessments are undertaken for all infrastructure projects financed under the facility in coordination with the DoE (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 30-Jun-2017 10-Jul-2019 13-Jan-2020 30-Jun-2022 IN00769056 ►E&S capacity developed; staff trained (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 30.00 40.00 200.00 Date 30-Jun-2017 10-Jul-2019 13-Jan-2020 30-Jun-2022 Data on Financial Performance 1/17/2020 Page 4 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P159429 IDA-60040 Effective USD 100.00 100.00 0.00 20.52 84.42 20% P159429 IDA-60050 Effective USD 256.70 256.70 0.00 53.42 208.59 20% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P159429 IDA-60040 Effective 05-Apr-2017 05-Nov-2017 22-Jan-2018 30-Jun-2022 30-Jun-2022 P159429 IDA-60050 Effective 05-Apr-2017 05-Nov-2017 22-Jan-2018 30-Jun-2022 30-Jun-2022 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) 1/17/2020 Page 5 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) There are no related projects. 1/17/2020 Page 6 of 6