The World Bank Implementation Status & Results Report West Bank and Gaza: Finance for Jobs (P151089) West Bank and Gaza: Finance for Jobs (P151089) MIDDLE EAST AND NORTH AFRICA | West Bank and Gaza | Finance, Competitiveness and Innovation Global Practice | Special Financing | Investment Project Financing | FY 2016 | Seq No: 8 | ARCHIVED on 06-Jan-2020 | ISR38996 | Implementing Agencies: Project Implementation Agency (DAI), Ministry of Finance and Planning, The Palestinian Liberation Organization (for the Benefit of the Palestinian Authority) Key Dates Key Project Dates Bank Approval Date: 18-Dec-2015 Effectiveness Date: 30-Nov-2016 Planned Mid Term Review Date: 26-Nov-2018 Actual Mid-Term Review Date: 25-Oct-2018 Original Closing Date: 31-Jan-2021 Revised Closing Date: 31-Jan-2021 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The SOP development objective (PDO) is to mobilize private investment financing in high potential sectors and generate job opportunities for the West Bank and Gaza. The F4J PDO is to test the effectiveness of selected financial interventions. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Entrepreneurship Ecosystem Matching Grant:(Cost $1.60 M) Capacity Building and Lessons Learned:(Cost $2.17 M) Project Management Component:(Cost $0.70 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Satisfactory Overall Risk Rating High High Implementation Status and Key Decisions The Finance for Jobs I (F4J I) Project continues to advance towards achievement of the development objective and intermediate results. Disbursements have increased from 57% to 69% since the June 2019 ISR. Two out of three PDO-level targets have been fully achieved, with significant progress reported against the private capital mobilization outcome from the previous reporting period. The Entrepreneurship Ecosystem Matching Grant (EE-MG) is the primary financing instrument tested under this project (Component 1). The Project Implementation Agent (PIA) has progressed in testing this instrument with three investment funds and 22 startups supported. The World Bank team acknowledges the PIA's efforts to expand the EE-MG’s support, having identified partnerships with additional investments funds. 1/6/2020 Page 1 of 5 The World Bank Implementation Status & Results Report West Bank and Gaza: Finance for Jobs (P151089) Under the Capacity Building Component (Component 2), the Project achieved a major milestone for this reporting period and finalized the outcome contract negotiations with Development Impact Bond (DIB) investors in October 2019. This was followed by a DIB launch event on November 5th, 2019. Furthermore, additional proposals have been finalized under the Investment Co-financing instrument. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance High High High Macroeconomic Substantial High High Sector Strategies and Policies Substantial Substantial Substantial Technical Design of Project or Program High Substantial Substantial Institutional Capacity for Implementation and Sustainability Substantial Moderate Moderate Fiduciary Substantial Substantial Substantial Environment and Social Moderate Low Low Stakeholders Low Substantial Substantial Other -- -- -- Overall High High High Results PDO Indicators by Objectives / Outcomes The F4J PDO is to test the effectiveness of selected financial interventions IN00757360 ►Private Capital Mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2,968,000.00 4,218,827.00 6,000,000.00 Date 31-Jan-2016 06-Jun-2019 28-Nov-2019 31-Jan-2021 IN00757391 ►Number of Feasibility Studies Completed for Job-Focused Private Investments Pipeline (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 5.00 5.00 5.00 1/6/2020 Page 2 of 5 The World Bank Implementation Status & Results Report West Bank and Gaza: Finance for Jobs (P151089) Date 31-Jan-2016 06-Jun-2019 28-Nov-2019 31-Jan-2021 IN00757392 ►DIB Taken to Market (Structuring of SPV) (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No Yes Yes Date 31-Jan-2016 06-Jun-2019 28-Nov-2019 31-Jan-2021 Overall Comments PDO Private Capital Mobilized: According to the latest provided numbers, the cumulative amount of private capital mobilized was US$4,218,827 (data source: Ibtikar, Leaders, Syndicate and PIA). No. of Feasibility Studies measures the readiness of the pipeline for the Investment Co-Finance (ICF) component under F4J II. The total number remains the same reaching five. DIB Taken to Market: Negotiations with impact investors have been finalized in October 2019 and the DIB has been officially launched in November 2019. Intermediate Results Indicators by Components Entrepreneurship Ecosystem Matching Grant IN00757393 ►Citizen Engagement: Beneficiaries that feel project investment reflected their needs (%) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 79.05 83.25 85.00 Date 30-Nov-2016 06-Jun-2019 13-Dec-2019 31-Jan-2021 The EE-MG beneficiaries have expressed on several occasions that the business development services (BDS) funded by F4J are very relevant to their needs. The BDS design and identification were demand driven and developed based on their needs. ICF: the Gaza solar project has started and plans to measure beneficiaries’ satisfaction and activities Comments: should be carried once constructing commences. DIB: Once the DIB is launched and service delivery commences, the PIA will be able to monitor citizens satisfaction. IN00757395 ►Number of Investment-Ready Entrepreneurship Initiatives in the Pipeline for the EE-MG (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 12.00 22.00 15.00 Date 30-Nov-2016 06-Jun-2019 13-Dec-2019 31-Jan-2021 A total of 22 startups are currently being supported. Comments: 1/6/2020 Page 3 of 5 The World Bank Implementation Status & Results Report West Bank and Gaza: Finance for Jobs (P151089) Capacity Building and Lessons Learned IN00757394 ►Number of PA Staff Trained (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.00 4.00 4.00 Date 30-Nov-2016 06-Jun-2019 13-Dec-2019 31-Jan-2021 MoF and PIA staff participated in trainings agreed as part of the capacity building plan. Furthermore to Comments: trainees were taken on to stared their on-the-job training. IN00757396 ►Legal formation of the DIB SPV (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 30-Nov-2016 06-Jun-2019 13-Dec-2019 31-Jan-2021 The DIB vehicle has been legally registered. Comments: IN00757397 ►Number of Briefs/Reports Produced on Lessons Learned from the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.00 2.00 5.00 Date 30-Nov-2016 06-Jun-2019 13-Dec-2019 31-Jan-2021 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P151089 TF-A1490 Effective USD 5.00 5.00 0.00 3.45 1.55 69% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P151089 TF-A1490 Effective 10-Mar-2016 10-Mar-2016 30-Nov-2016 31-Jan-2021 31-Jan-2021 Cumulative Disbursements 1/6/2020 Page 4 of 5 The World Bank Implementation Status & Results Report West Bank and Gaza: Finance for Jobs (P151089) Restructuring History Level 2 Approved on 28-Jun-2017 Related Project(s) There are no related projects. 1/6/2020 Page 5 of 5