The World Bank Report No: ISR10427 Implementation Status & Results Russian Federation Microfinance Development Project (P095554) Public Disclosure Copy Operation Name: Microfinance Development Project (P095554) Project Stage: Implementation Seq.No: 1 Status: ARCHIVED Archive Date: 05-Jun-2013 Country: Russian Federation Approval FY: 2013 Product Line: IBRD/IDA Region: EUROPE AND CENTRAL ASIA Lending Instrument: Specific Investment Loan Implementing Agency(ies): Ministry of Finance Key Dates Board Approval Date 31-Jan-2013 Original Closing Date 31-Dec-2017 Planned Mid Term Review Date Last Archived ISR Date Effectiveness Date Revised Closing Date 31-Dec-2017 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from Project Appraisal Document) The objectives of the project are to: (i) develop a proper legal, regulatory, and supervisory framework to enable safe and sound growth of the microfinance and credit cooperative sectors; and (ii) develop the industry's capacity to meet sectoral regulations and institutional standards. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Development of Legal and Regulatory Framework 5.50 Capacity Building and IT Development 15.50 Development of Institutional Standards and Support Services 10.80 Strengthening the Microfinance Industry Structure and Communication 6.50 Project Management 2.00 Public Disclosure Copy Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Overall Implementation Progress (IP) Satisfactory Overall Risk Rating Substantial Implementation Status Overview Project was recently approved by the World Bank's board (Jan. 31, 2013), and the team is now waiting for the government to designate an official to sign the loan agreement. Hence, it is still too early to report on progress. Page 1 of 9 The World Bank Report No: ISR10427 Locations No Location data has been entered Public Disclosure Copy Results Project Development Objective Indicators Indicator Name Core Unit of Measure Baseline Current End Target Number of areas in which enabling legal and Number Value 0.00 0.00 5.00 regulatory texts have been developed, adopted Date 01-Jan-2013 29-Dec-2017 and implemented. Comments The areas identified are: (i) tax, (ii) bankruptcy, (iii) loan loss provisions, (iv) reporting standards, (v) deposit insurance, (vi) banking legislation, (vii)consumer protection, (viii) MFI/CC supervision, (ix) microfinance, (x) credit cooperation, and (xi) prudential norms. Outreach: number of (million) members and Number Value 0.98 0.98 1.28 clients of MFIs and CCs to increase over the Date 01-Jan-2013 29-Dec-2017 life of the project (cumulative). Comments Baseline based on available Project is not being data as of November 2012, implemented yet, so no new which includes reports of data is available. Hence, actual CC membership from entering the baseline, but seven SROs and reports actual might be different. ofestimated CC membership from three SROs. Baseline may be updated later based on newly available data. Percentage of all registered CCs and MFIs Percentage Value 0.00 0.00 90.00 Public Disclosure Copy meeting their reporting requirements. Date 01-Jan-2013 29-Dec-2017 Comments Value: 0% Project is not being implemented yet, so no new data is available. Hence, entering the baseline, but actual might be different. Portfolio at Risk - Microfinance Percentage Value 12.90 12.90 10.00 Date 01-Jan-2013 29-Dec-2017 Page 2 of 9 The World Bank Report No: ISR10427 Comments Baseline based on estimates Project is not being Less than 10% for MFIs from the MIX in implemented yet, so no new 2012. As institutions start data is available. Hence, reporting under the new legal entering the baseline, but Public Disclosure Copy framework, this baseline (and actual might be different. ultimate target) may need to be re-visited. Portfolio at Risk is defined as (Gross outstanding balance of loans with payments over 30 days late excluding payday loans + renegotiated and rescheduled loans, divided by gross portfolio outstanding). Percentage of project-supported institutions Percentage Value 0.00 0.00 80.00 that are reporting on this indicator Sub Type Supplemental Intermediate Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target Creation of a supervision unit Yes/No Value No No Yes Date 01-Jan-2013 09-May-2013 12171229 Comments Project is not being implemented yet, so no new data is available. Hence, entering the baseline, but actual might be different. Development of Supervision manuals. Number Number Value 0.00 0.00 5.00 of areas covered by manuals (cumulative). Date 01-Jan-2013 09-May-2013 12171229 Comments Project is not being implemented yet, so no new Public Disclosure Copy data is available. Hence, entering the baseline, but actual might be different. Number of MoF and/or FFMS staff in central Number Value 0.00 0.00 95.00 and local offices trained on CC and MFI Date 01-Jan-2013 09-May-2013 29-Dec-2017 supervision (cumulative). Comments Value: 0 Project is not being implemented yet, so no new data is available. Hence, Page 3 of 9 The World Bank Report No: ISR10427 entering the baseline, but actual might be different. National training program and certification Yes/No Value No No Yes process developed. Public Disclosure Copy Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments Project is not being implemented yet, so no new data is available. Hence, entering the baseline, but actual might be different. Training outreach for CCs and MFI Percentage Value 0.00 0.00 60.00 management. Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments Value: 0% Project is not being Percentage of market (in implemented yet, so no new terms of no. of active data is available. Hence, borrowers) served by entering the baseline, but institutions with at least one actual might be different. staff having completed the training developed by the project Software for the monitoring and supervision of Text Value No No Roll-out completed the industry developed. Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments Modular management and reporting software Text Value No No Roll-out, including training, for the industry developed. completed Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments Unified standards of CC/MFI performance Text Value Several separate N/A Fully approved for CCs and approved by the MoF and/or FFMS. performance standards MFIs Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments Accounting Instructions for CCs and MFIs Yes/No Value No No Yes Public Disclosure Copy developed. Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments Standard rules for conducting audits of CCs/ Yes/No Value No No Yes MFIs developed. Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments Page 4 of 9 The World Bank Report No: ISR10427 Feasibility study and strategy for the use/ Yes/No Value No No Yes creation of credit bureaus completed. Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments Public Disclosure Copy Feasibility study and strategy for the Yes/No Value No No Yes development of specialized rating agencies Date 01-Jan-2013 09-May-2013 29-Dec-2017 completed. Comments Feasibility study and strategy for Risk Yes/No Value No No Yes Insurance completed. Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments Regulation and/or amendments to existing Yes/No Value No No Yes framework on Consumer Protection in MFIs Date 01-Jan-2013 09-May-2013 29-Dec-2017 and CCs developed. Comments Percentage of CCs having joined an SRO. Percentage Value 0.00 0.00 95.00 Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments Value: 0% Project is not being implemented yet, so no new data is available. Hence, entering the baseline, but actual might be different. Percentage of CCs that have undergone Percentage Value 0.00 0.00 100.00 inspection within the past 36 months. Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments Value: 0% Project is not being implemented yet, so no new data is available. Hence, entering the baseline, but actual might be different. Volume of Bank Support: Institutional Amount(USD) Value 0.00 0.00 3879850.00 Development - Microfinance Date 01-Jan-2013 09-May-2013 29-Dec-2017 Public Disclosure Copy Comments Value: 0 Volume of Bank Support: Enabling Amount(USD) Value 0.00 0.00 13275150.00 Environment - Microfinance Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments Value: 0 Outstanding Microfinance Loan Portfolio Amount(USD) Value 0.00 0.00 0.00 Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments These core indicators are Project is not being These core indicators and unavailable as of now; one implemented yet, so no new targets are unavailable as of objective of this Project is to data is available. Hence, now; one objective of this Page 5 of 9 The World Bank Report No: ISR10427 build the capacity of the MoF entering the baseline, but Project is to build the capacity and FFMS to collect this type actual might be different. of the MoF and FFMS to of data (expected to be collect this type of data available by the end of the (expected to be available by Public Disclosure Copy Project's Year 2). the end of the Project's Year 2). Percentage of project-supported institutions Percentage Value 0.00 0.00 80.00 that are reporting on this indicator Sub Type Supplemental % active loans to women - Microfinance Percentage Value 0.00 0.00 0.00 Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments These core indicators are Project is not being These core indicators and unavailable as of now; one implemented yet, so no new targets are unavailable as of objective of this Project is to data is available. Hence, now; one objective of this build the capacity of the MoF entering the baseline, but Project is to build the capacity and FFMS to collect this type actual might be different. of the MoF and FFMS to of data (expected to be collect this type of data available by the end of the (expected to be available by Project's Year 2). the end of the Project's Year 2). Percentage of project-supported institutions Percentage Value 0.00 0.00 80.00 that are reporting on this indicator Sub Type Date 01-Jan-2013 09-May-2013 29-Dec-2017 Breakdown Comments No comments No comments No comments No of active loan accounts -Microfinance Number Value 0.00 0.00 0.00 Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments These core indicators are Project is not being These core indicators and unavailable as of now; one implemented yet, so no new targets are unavailable as of objective of this Project is to data is available. Hence, now; one objective of this build the capacity of the MoF entering the baseline, but Project is to build the capacity and FFMS to collect this type actual might be different. of the MoF and FFMS to of data (expected to be collect this type of data Public Disclosure Copy available by the end of the (expected to be available by Project's Year 2). the end of the Project's Year 2). Percentage of project-supported institutions Percentage Value 0.00 0.00 80.00 that are reporting on this indicator Sub Type Supplemental Number of active micro-savings accounts Number Value 0.00 0.00 0.00 Date 01-Jan-2013 09-May-2013 29-Dec-2017 Page 6 of 9 The World Bank Report No: ISR10427 Comments These core indicators are Project is not being These core indicators and unavailable as of now; one implemented yet, so no new targets are unavailable as of objective of this Project is to data is available. Hence, now; one objective of this build the capacity of the MoF entering the baseline, but Project is to build the capacity Public Disclosure Copy and FFMS to collect this type actual might be different. of the MoF and FFMS to of data (expected to be collect this type of data available by the end of the (expected to be available by Project's Year 2). the end of the Project's Year 2). Percentage of project-supported institutions Percentage Value 0.00 0.00 80.00 that are reporting on this indicator Sub Type Supplemental % active micro-savings accounts held by Percentage Value 0.00 0.00 0.00 women Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments These core indicators are Project is not being These core indicators and unavailable as of now; one implemented yet, so no new targets are unavailable as of objective of this Project is to data is available. Hence, now; one objective of this build the capacity of the MoF entering the baseline, but Project is to build the capacity and FFMS to collect this type actual might be different. of the MoF and FFMS to of data (expected to be collect this type of data available by the end of the (expected to be available by Project's Year 2). the end of the Project's Year 2). Percentage of project-supported institutions Percentage Value 0.00 0.00 80.00 that are reporting on this indicator Sub Type Supplemental Return on Assets/Equity Percentage Value 0.00 0.00 0.00 Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments These core indicators are Project is not being These core indicators and unavailable as of now; one implemented yet, so no new targets are unavailable as of objective of this Project is to data is available. Hence, now; one objective of this Public Disclosure Copy build the capacity of the MoF entering the baseline, but Project is to build the capacity and FFMS to collect this type actual might be different. of the MoF and FFMS to of data (expected to be collect this type of data available by the end of the (expected to be available by Project's Year 2). the end of the Project's Year 2). Percentage of project-supported institutions Percentage Value 0.00 0.00 80.00 that are reporting on this indicator Sub Type Supplemental Page 7 of 9 The World Bank Report No: ISR10427 % of operationally sustainable CCs and MFIs Text Value NA NA BL+15% Date 01-Jan-2013 09-May-2013 29-Dec-2017 Comments These core indicators and Project is not being These core indicators and Public Disclosure Copy targets are unavailable as of implemented yet, so no new targets are unavailable as of now; one objective of this data is available. Hence, now; one objective of this Project is to build the capacity entering the baseline, but Project is to build the capacity of the MoF and FFMS to actual might be different. of the MoF and FFMS to collect this type of data collect this type of data (expected to be available by (expected to be available by the end of the Project's Year the end of the Project's Year 2). 2). Data on Financial Performance (as of 01-Feb-2013) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P095554 IBRD-82280 Not Effective 31-Jan-2013 31-Dec-2017 31-Dec-2017 Disbursements (in Millions) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P095554 IBRD-82280 Not Effective USD 20.00 20.00 0.00 0.00 20.00 0.00 Disbursement Graph Public Disclosure Copy Page 8 of 9 The World Bank Report No: ISR10427 Key Decisions Regarding Implementation None. Public Disclosure Copy Restructuring History There has been no restructuring to date. Related Projects There are no related projects. Public Disclosure Copy Page 9 of 9