Public Disclosure Copy The World Bank Implementation Status & Results Report Turkey SME Energy Efficiency Project (P122178) Turkey SME Energy Efficiency Project (P122178) EUROPE AND CENTRAL ASIA | Turkey | Energy & Extractives Global Practice | IBRD/IDA | Investment Project Financing | FY 2013 | Seq No: 13 | ARCHIVED on 30-Sep-2019 | ISR38635 | Implementing Agencies: Vakif Bank, Ziraat Bank, Ministry of Energy and Natural Resources (MENR), Halk Bank Key Dates Key Project Dates Bank Approval Date: 27-Mar-2013 Effectiveness Date: 22-Jul-2013 Planned Mid Term Review Date: 29-Feb-2016 Actual Mid-Term Review Date: 04-Mar-2016 Original Closing Date: 28-Sep-2018 Revised Closing Date: 30-Sep-2019 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective (PDO) is to improve the efficiency of energy use in small and medium enterprises, by scaling-up commercial bank lending for energy efficiency investments. The global environmental objective is to reduce Greenhouse Gas (GHG) emissions through the removal of barriers to energy efficiency financing in the small and medium enterprises (SMEs) sector. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Component 1: Energy efficiency investments in SMEs:(Cost $294.28 M) Component 2: Policy support and TA to GDRE:(Cost $10.94 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions Overall implementation progress has improved significantly since the previous June 2019 mission. The full IBRD loan amount of US$201 million has been disbursed and committed. Implementation of the GEF grant has also improved with all FIs utilizing the remaining GEF subgrants for ESCO deals. The Bank team also collected information from the three FIs and MENR to prepare its Implementation Completion and Results Report and discussed the Borrower Completion Reports. During these discussions, the three FIs expressed their appreciation to the Bank team for their support during implementation, noting the significant increase in internal capacity related to financing energy efficiency (EE) in SMEs. 9/30/2019 Page 1 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report Turkey SME Energy Efficiency Project (P122178) In order to showcase some of the outstanding results of the Project and hear from clients about the effects of the credit line, the three FIs organized visits to three of their clients under the credit line, including a hotel, equipment vendor and textile printing factory. The site visits were accompanied by a film crew hired by the Bank to produce a video of the Project impacts. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Moderate Moderate Macroeconomic -- Substantial Substantial Sector Strategies and Policies -- Low Low Technical Design of Project or Program -- Low Low Institutional Capacity for Implementation and Sustainability -- Moderate Moderate Fiduciary -- Moderate Moderate Environment and Social -- Moderate Moderate Stakeholders -- Low Low Other -- Low Low Overall -- Moderate Moderate Results PDO Indicators by Objectives / Outcomes Improve the efficiency of energy use in small and medium enterprises IN00746498 ►Projected lifetime energy savings (Megawatt hour(MWh), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 9,870,612.00 10,666,937.00 7,500,000.00 Date 28-Mar-2013 11-Jun-2019 20-Sep-2019 30-Sep-2019 Reduce GHG emissions through the removal of barriers to EE financing in the SME sector IN00746499 ►Associated GHG reductions from project investments (Tons of CO2e/ year) (Tones/year, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 391,297.00 396,608.00 220,000.00 9/30/2019 Page 2 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report Turkey SME Energy Efficiency Project (P122178) Date 28-Mar-2013 11-Jun-2019 20-Sep-2019 30-Sep-2019 Intermediate Results Indicators by Components Component 1: Energy efficiency investments in SMEs IN00746500 ►Volume of bank funding: lines of credit - SME (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 126,880,000.00 144,150,000.00 106,000,000.00 Date 28-Mar-2013 11-Jun-2019 20-Sep-2019 30-Sep-2019 IN00746502 ►Total value of EE investments (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 245,340,000.00 261,910,000.00 230,000,000.00 Date 28-Mar-2013 11-Jun-2019 20-Sep-2019 30-Sep-2019 IN00746503 ►Number of EE loans given (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 285.00 311.00 200.00 Date 28-Mar-2013 11-Jun-2019 20-Sep-2019 30-Sep-2019 IN00746504 ►Number of loans given using alternative business models (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 89.00 102.00 60.00 Date 28-Mar-2013 11-Jun-2019 20-Sep-2019 30-Sep-2019 IN00746505 ►No of active loan accounts -SME (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 185.00 201.00 160.00 Date 28-Mar-2013 11-Jun-2019 20-Sep-2019 30-Sep-2019 IN00746506 Percentage of project-supported institutions that are reporting on this indicator (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 IN00746507 9/30/2019 Page 3 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report Turkey SME Energy Efficiency Project (P122178) ►Portfolio at risk - SME Halkbank (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 1.00 2.00 Date 28-Mar-2013 11-Jun-2019 20-Sep-2019 30-Sep-2019 IN00746508 ►Portfolio at Risk - SME VakifBank (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.00 2.00 2.00 Date 27-Mar-2013 11-Jun-2019 20-Sep-2019 30-Sep-2019 IN00746509 ►Portfolio at Risk - SME Ziraat Bank (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2.00 Date 27-Mar-2013 11-Jun-2019 20-Sep-2019 30-Sep-2019 IN00746510 ►Percentage of active loans to women-owned businesses (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 5.21 5.07 0.00 Date 28-Mar-2013 11-Jun-2019 20-Sep-2019 30-Sep-2019 IN00746511 ►EE investments using the EE screening tool (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 16,150,000.00 16,150,000.00 12,000,000.00 Date 28-Mar-2013 11-Jun-2019 20-Sep-2019 30-Sep-2019 IN00746512 ►Number of SMEs personnel attending awareness raising activities (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 790.00 836.00 750.00 Date 28-Mar-2013 11-Jun-2019 20-Sep-2019 30-Sep-2019 Total number of attendees to awareness raising activities during project implementation. Comments: Component 2: Policy support and TA to GDRE IN00746501 ►Policy and institutional amendments to improve EE programming (Text, Custom) 9/30/2019 Page 4 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report Turkey SME Energy Efficiency Project (P122178) Baseline Actual (Previous) Actual (Current) End Target Set of Final set of Set of recommendations recommendations amendments Value n/a prepared and partially prepared and partially submitted for approval/ adopted adopted adoption Date 28-Mar-2013 11-Jun-2019 20-Sep-2019 30-Sep-2019 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P122178 IBRD-82420 -- USD 67.00 67.00 0.00 67.00 0.00 100% P122178 IBRD-82430 -- USD 67.00 67.00 0.00 67.00 0.00 100% P122178 IBRD-82440 -- USD 67.00 67.00 0.00 67.00 0.00 100% P132189 TF-14579 Closed USD 0.94 0.91 0.03 0.91 0.00 100% P132189 TF-14580 -- USD 0.90 0.90 0.00 0.81 0.09 90% P132189 TF-14581 -- USD 0.90 0.90 0.00 0.33 0.57 36% P132189 TF-14582 -- USD 0.90 0.90 0.00 0.83 0.07 92% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P122178 IBRD-82420 -- 27-Mar-2013 06-May-2013 22-Jul-2013 28-Sep-2018 30-Sep-2019 P122178 IBRD-82430 -- 27-Mar-2013 06-May-2013 22-Jul-2013 28-Sep-2018 30-Sep-2019 P122178 IBRD-82440 -- 27-Mar-2013 06-May-2013 22-Jul-2013 28-Sep-2018 30-Sep-2019 P132189 TF-14579 Closed 06-May-2013 06-May-2013 22-Jul-2013 28-Sep-2018 28-Sep-2018 P132189 TF-14580 -- 06-May-2013 06-May-2013 22-Jul-2013 28-Sep-2018 30-Sep-2019 P132189 TF-14581 -- 06-May-2013 06-May-2013 22-Jul-2013 28-Sep-2018 30-Sep-2019 P132189 TF-14582 -- 06-May-2013 06-May-2013 22-Jul-2013 28-Sep-2018 30-Sep-2019 Cumulative Disbursements 9/30/2019 Page 5 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report Turkey SME Energy Efficiency Project (P122178) Restructuring History Level 2 Approved on 21-Jul-2015 ,Level 2 Approved on 26-Jul-2016 ,Level 2 Approved on 14-Mar-2018 Related Project(s) P132189-Turkey SME Energy Efficiency Project 9/30/2019 Page 6 of 6