The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) AFRICA | Cabo Verde | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2018 | Seq No: 4 | ARCHIVED on 16-Oct-2019 | ISR38919 | Implementing Agencies: Ministry of Finance, Unidade de Gestao de Projectos Especiais Key Dates Key Project Dates Bank Approval Date: 15-Feb-2018 Effectiveness Date: 20-Jun-2018 Planned Mid Term Review Date: 30-Jan-2021 Actual Mid-Term Review Date: Original Closing Date: 31-Jan-2023 Revised Closing Date: 31-Jan-2023 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The objective of the Project is to increase access to finance to MSMEs. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Partial Credit Guarantee Fund to Enhance MSME Finance:(Cost $11.20 M) Technical Assistance to MSMEs:(Cost $3.10 M) Improve Credit Information Systems:(Cost $0.50 M) Project Implementation Support:(Cost $0.20 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 Since the last ISR, a major disbursement happened through the first capitalization tranche to the benefit of ProGarante (USD 5 million). All disbursement conditions were lifted in June 2019 (board members have been selected, External Auditor of ProGarante appointed, subsidiary agreement signed and Operational Guidelines approved by ProGarante board). ProGarante is now advancing toward the formalization of the first Memorandum of Understanding with one of the partner banks. The signing of the first MOU would trigger a second disbursement of USD 5 million (expected before the end of the calendar year) and signal the effective launching of the first MSME loan guarantees. 10/16/2019 Page 1 of 5 The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) Major progress was also made regarding the component on the Credit Registry. The new RFP was concluded and after evaluation of the financial and technical proposals, the UGPE and the Central Bank invited the best-placed bidder for negotiations. These negotiations were concluded successfully on September 26, 2019. The contract is due to be signed. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic High High High Sector Strategies and Policies Low Low Low Technical Design of Project or Program Low Low Low Institutional Capacity for Implementation and Sustainability Moderate Moderate Moderate Fiduciary Moderate Moderate Moderate Environment and Social Moderate Moderate Moderate Stakeholders Low Low Low Other -- -- -- Overall Moderate Moderate Moderate Results PDO Indicators by Objectives / Outcomes To increase access to finance to MSMEs IN00754872 ►Number of approved guarantees for micro and small enterprises (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1,000.00 Date 15-Feb-2018 02-May-2019 02-May-2019 31-Jan-2023 IN00754873 of which women-led enterprises (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 300.00 IN00754874 ►Number of approved guarantees for medium-size enterprises (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 10/16/2019 Page 2 of 5 The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) Value 0.00 0.00 0.00 100.00 Date 15-Feb-2018 02-May-2019 02-May-2019 31-Jan-2023 IN00754875 of which women-led enterprises (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 IN00754961 ►Percentage of adult individuals covered by the credit registry (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 19.00 19.00 19.00 22.00 Date 15-Feb-2018 02-May-2019 02-May-2019 31-Jan-2023 IN00754962 ►Number of firms covered by the credit registry (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 3,205.00 3,236.00 3,236.00 4,000.00 Date 15-Feb-2018 02-May-2019 02-May-2019 31-Jan-2023 IN00754963 ►Amount of credit to MSMEs guaranteed (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 20,000,000.00 Date 15-Feb-2018 02-May-2019 02-May-2019 31-Jan-2023 IN00754964 ►First-time MSMEs borrowers covered by the guarantee scheme (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 250.00 Date 15-Feb-2018 02-May-2019 02-May-2019 31-Jan-2023 IN00754965 of which women-led enterprises (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Intermediate Results Indicators by Components Technical Assistance to MSMEs IN00754966 ►Number of businesses supported with technical assistance (Number, Custom) 10/16/2019 Page 3 of 5 The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 100.00 Date 15-Feb-2018 02-May-2019 02-May-2019 31-Jan-2023 IN00754969 of which female-led enterprises (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 50.00 IN00754970 ►Businesses satisfied with the technical assistance received under the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 15-Feb-2018 02-May-2019 02-May-2019 31-Jan-2023 IN00754971 Of which, female-led enterprises (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 15-Feb-2018 02-May-2019 02-May-2019 31-Jan-2023 Improve Credit Information Systems IN00754967 ►Depth of credit information index (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 6.00 6.00 6.00 7.00 Date 15-Feb-2018 02-May-2019 02-May-2019 31-Jan-2023 Project Implementation Support IN00754968 ►Percentage of beneficiaries that feel project activities reflected their needs (Citizen Engagement Indicator) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 02-Apr-2018 02-May-2019 02-May-2019 30-Jun-2023 Data on Financial Performance Disbursements (by loan) 10/16/2019 Page 4 of 5 The World Bank Implementation Status & Results Report Access to Finance for Micro, Small and Medium-Sized Enterprises Project (P163015) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P163015 IDA-61820 Effective USD 15.00 15.00 0.00 5.29 9.32 36% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P163015 IDA-61820 Effective 15-Feb-2018 22-Mar-2018 20-Jun-2018 31-Jan-2023 31-Jan-2023 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 10/16/2019 Page 5 of 5