The World Bank Implementation Status & Results Report Promoting Innovation for Inclusive Financial Access (P146244) Promoting Innovation for Inclusive Financial Access (P146244) MIDDLE EAST AND NORTH AFRICA | Egypt, Arab Republic of | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2014 | Seq No: 9 | ARCHIVED on 14-Jul-2019 | ISR37926 | Implementing Agencies: Arab Republic of Egypt, MSME Development Agency (Formerly The Social Fund for Development) Key Dates Key Project Dates Bank Approval Date: 01-Apr-2014 Effectiveness Date: 22-Jul-2014 Planned Mid Term Review Date: -- Actual Mid-Term Review Date: 24-May-2015 Original Closing Date: 31-Dec-2019 Revised Closing Date: 31-Dec-2019 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective (PDO) would be to expand access to finance for MSEs in Egypt, using innovative financing mechanisms, with a special focus on youth and women, as well as underserved regions. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Lines of Credits to MSMEs:(Cost $300.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Low Low Implementation Status and Key Decisions - As of March 2019, a total number of 33 contracts were signed with participating financial institutions (PFIs), amounting to 96% of project's value. - The project served 171,193 beneficiaries of which 42% women, 39% youth owned and around 40% operating in lagging regions with a total number of jobs created equal to 297,500. - Building on the track record of engagement with MSMEDA, it has been selected as the implementing entity for the new Egypt Catalyzing Entrepreneurship for Job Creation project (US$ 200 million), recently approved by the WBG Board on April 17, 2019. 7/14/2019 Page 1 of 6 The World Bank Implementation Status & Results Report Promoting Innovation for Inclusive Financial Access (P146244) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Moderate Moderate Macroeconomic -- Moderate Moderate Sector Strategies and Policies -- Low Low Technical Design of Project or Program -- Low Low Institutional Capacity for Implementation and Sustainability -- Moderate Moderate Fiduciary -- Low Low Environment and Social -- Low Low Stakeholders -- Low Low Other -- Low Low Overall -- Low Low Results PDO Indicators by Objectives / Outcomes Youth-owned businesses served by the line of credit IN00724906 ►Youth-owned businesses served by the line of credit (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 36.00 39.00 40.00 Date 01-Jul-2014 12-Dec-2018 28-Jun-2019 31-Dec-2019 Direct project beneficiaries (Number, Custom) IN00724907 ►Direct project beneficiaries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 169,041.00 171,193.00 103,900.00 Date 01-Jul-2014 12-Dec-2018 28-Jun-2019 31-Dec-2019 IN00724911 Female beneficiaries (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target 7/14/2019 Page 2 of 6 The World Bank Implementation Status & Results Report Promoting Innovation for Inclusive Financial Access (P146244) Value 0.00 41.00 42.00 37.00 Number of innovative financial products offered to MSEs IN00724908 ►Number of innovative financial products offered to MSEs (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3.00 3.00 3.00 Date 01-Jul-2014 12-Dec-2018 28-Jun-2019 31-Dec-2019 Outstanding MSE portfolio of participating Financial Institutions IN00724909 ►Outstanding MSE portfolio of participating Financial Institutions (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1,886 LE Million LE 30.2 billion LE 35 billion 15,929 LE Million Date 01-Jul-2014 12-Dec-2018 28-Jun-2019 31-Dec-2019 Women-owned businesses served by the line of credit IN00724910 ►Women-owned businesses served by the line of credit (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 41.00 42.00 37.00 Date 01-Jul-2014 12-Dec-2018 28-Jun-2019 31-Dec-2019 Intermediate Results Indicators by Components Lines of Credits to MSMEs IN00724912 ►Number of participating financial leasing companies (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3.00 4.00 3.00 Date 01-Jul-2014 12-Dec-2018 28-Jun-2019 31-Dec-2019 IN00724913 ►Number of venture capital companies and angel investors engaged (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3.00 3.00 1.00 7/14/2019 Page 3 of 6 The World Bank Implementation Status & Results Report Promoting Innovation for Inclusive Financial Access (P146244) Date 01-Jul-2014 12-Dec-2018 28-Jun-2019 31-Dec-2019 IN00724914 ►Number of women served through the line of credit (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 69,602.00 71,430.00 38,500.00 Date 01-Jul-2014 12-Dec-2018 28-Jun-2019 31-Dec-2019 IN00724915 ►Volume of small financing from the line of credit to participating financial institutions (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1787 LE Million 1901 LE Million 1,470 LE Million Date 01-Jul-2013 12-Dec-2018 28-Jun-2019 31-Dec-2019 IN00724916 ►Volume of microfinancing from the line of credit to participating financial institutions (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1828 LE Million 1838 LE Million 630 LE Million Date 01-Jul-2014 12-Dec-2018 28-Jun-2019 31-Dec-2019 IN00724917 ►Person days (defined as 20 in a month) of employment created (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 70,736,160.00 71,400,240.00 23,688,000.00 Date 01-Jul-2014 12-Dec-2018 28-Jun-2019 31-Dec-2019 IN00724918 ►Number of microfinance enterprise clients (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 162,806.00 164,390.00 126,000.00 Date 01-Jul-2014 12-Dec-2018 28-Jun-2019 31-Dec-2019 IN00724919 ►Portfolio at risk for participating lenders. 90 days (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 less than five percent less than five percent less than five percent Date 01-Jul-2014 12-Dec-2018 28-Jun-2019 31-Dec-2019 IN00724920 ►Number of small enterprise clients (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 7/14/2019 Page 4 of 6 The World Bank Implementation Status & Results Report Promoting Innovation for Inclusive Financial Access (P146244) Value 0.00 6,706.00 6,803.00 4,900.00 Date 01-Jul-2014 12-Dec-2018 28-Jun-2019 31-Dec-2019 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P146244 IBRD-83450 Effective USD 300.00 300.00 0.00 299.37 0.63 100% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P146244 IBRD-83450 Effective 01-Apr-2014 12-Apr-2014 22-Jul-2014 31-Dec-2019 31-Dec-2019 Cumulative Disbursements 7/14/2019 Page 5 of 6 The World Bank Implementation Status & Results Report Promoting Innovation for Inclusive Financial Access (P146244) Restructuring History Level 2 Approved on 29-Oct-2017 Related Project(s) There are no related projects. 7/14/2019 Page 6 of 6