Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) Development Finance Project (P146319) AFRICA | Nigeria | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2015 | Seq No: 8 | ARCHIVED on 29-Jun-2018 | ISR33329 | Implementing Agencies: Federal Republic of Nigeria, FEDERAL MINISTRY OF FINANCE Key Dates Key Project Dates Bank Approval Date:25-Sep-2014 Effectiveness Date:08-May-2015 Planned Mid Term Review Date:15-Nov-2018 Actual Mid-Term Review Date:-- Original Closing Date:31-Dec-2021 Revised Closing Date:31-Dec-2021 Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to increase the availability and access to finance for micro, small, and medium enterprises through eligible financial intermediaries with the support of a new wholesale development finance institution. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Component 1: Technical Assistance and Capacity Building:(Cost $12.00 M) Component 2: Line of Credit Facility:(Cost $445.00 M) Component 3: Credit Guarantee Facility:(Cost $35.00 M) Component 4: Project Management:(Cost $6.75 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  High  High 6/29/2018 Page 1 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) Implementation Status and Key Decisions Substantial progress was recorded over the last six months with the strengthening of the Development Bank of Nigeria, with most notable achievements as follows: i) The DBN has completed successful capital raising exercise and admission of two new shareholders – European Investment Bank (EIB) and African Development Bank (AFDB). As a result, DBN now has a capital base of NGN100 billion, fully in line with minimum capital requirements prescribed by the Central Bank of Nigeria for wholesale development banks. ii) DBN has finalized and published its first audited annual accounts with strong performance. The report is available at http://devbankng.com/cms/uploads/2017%20Annual%20Accounts.pdf iii) The DBN has also continued to make steady progress with commencement of initial lending to 4 Microfinance Banks (MFBs) in the total amount of NGN670.5 million. The beneficiary PFIs include LAPO, National Police Force (NPF), Microcred and infinity MFBs which have on-lent these resources to 397 end-borrowers, of which 28 percent were women. Key next step includes project restructuring (subject to a request from the FMoF which had been agreed) to assign the DBN with fiduciary responsibility to manage US$12mn of technical assistance funds. The DBN has already been appraised by the FM and Procurement Team which concluded that DBN was fit to play this role. 6/29/2018 Page 2 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) 6/29/2018 Page 3 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  High  High Macroeconomic  --  Substantial  Substantial 6/29/2018 Page 4 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) 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  --  Moderate  Moderate Stakeholders  --  High  High Other  --  --  -- Overall  --  High  High Results Project Development Objective Indicators PHINDPDOTBL  Volume of PFIs' MSME Sub-Loans facilitated by Line of Credit Facility (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 656,000.00 2,198,000.00 445,000,000.00 Date 25-Sep-2014 19-Dec-2017 15-Jun-2018 31-Dec-2021 PHINDPDOTBL  PFIs' MSME Sub-Loan Portfolio at risk (30 days) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 25-Sep-2014 19-Dec-2017 15-Jun-2018 30-Sep-2020 PHINDPDOTBL  Volume of PFIs' MSME Sub-Loan facilitated by CGF (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 651,000,000.00 Date 25-Sep-2014 19-Dec-2017 15-Jun-2018 31-Dec-2021 6/29/2018 Page 5 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) Overall Comments Intermediate Results Indicators PHINDIRITBL  Volume of DFI’s Wholesale Loans (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 656,000.00 2,198,000.00 445,000,000.00 Date 25-Sep-2014 19-Dec-2017 15-Jun-2018 31-Dec-2021 PHINDIRITBL  Volume of Guarantees Issued (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 325,000,000.00 Date 25-Sep-2014 19-Dec-2017 15-Jun-2018 31-Dec-2021 PHINDIRITBL  DFI Portfolio at Risk (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 0.00 Date 25-Sep-2014 19-Dec-2017 15-Jun-2018 31-Dec-2021 PHINDIRITBL  DFI ROA (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 7.80 5.00 Date 25-Sep-2014 19-Dec-2017 15-Jun-2018 31-Dec-2021 6/29/2018 Page 6 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) PHINDIRITBL  Number of PFIs reporting to women sub-borrowers (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 4.00 6.00 Date 25-Sep-2014 19-Dec-2017 15-Jun-2018 31-Dec-2021 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P146319 IBRD-84410 Effective USD 500.00 500.00 0.00 124.18 375.82 25% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P146319 IBRD-84410 Effective 25-Sep-2014 25-Feb-2015 08-May-2015 31-Dec-2021 31-Dec-2021 Cumulative Disbursements 6/29/2018 Page 7 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 6/29/2018 Page 8 of 8 Public Disclosure Copy