The World Bank Implementation Status & Results Report Financial Education and Financial Literacy (P120338) Financial Education and Financial Literacy (P120338) EUROPE AND CENTRAL ASIA | Russian Federation | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2011 | Seq No: 18 | ARCHIVED on 15-Dec-2019 | ISR39590 | Implementing Agencies: Ministry of Finance, Noncommercial Foundation for Enterprise Restructuring and Financial Institutions Development (FER), Russian Federation Key Dates Key Project Dates Bank Approval Date: 07-Dec-2010 Effectiveness Date: 29-Jul-2011 Planned Mid Term Review Date: 23-Nov-2014 Actual Mid-Term Review Date: 23-Nov-2014 Original Closing Date: 30-Jun-2016 Revised Closing Date: 31-Dec-2020 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) Project development objectives are to: (i) improve the financial literacy of Russian citizens (especially, among the school-age and college students, and active and potential low- and middle-income users of financial services); and (ii) strengthen the foundations for improving consumer protection in financial services. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Development of financial literacy strategy and financial literacy and consumer protection monitoring and evaluation:(Cost $22.26 M) Financial Literacy Capacity Building:(Cost $66.10 M) Development and implementation of education programs and information campaign for improving financial literacy, incl $14 million in sub-projects:(Cost $53.65 M) Strengthening of consumer protection in financial services:(Cost $59.70 M) Project Management:(Cost $6.94 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions On September 4, 2019 the MOF informed the Bank of its decision to increase the borrower’s co-financing by another $11,829,066 (bringing the total to $221,485,048 ) to further expand the regional coverage of the Project and requested a corresponding change to the disbursement percentages under Category (1) Goods, Technical Services, consultants’ services, and Sub-project Financing. The loan agreement was amended accordingly. 12/15/2019 Page 1 of 10 The World Bank Implementation Status & Results Report Financial Education and Financial Literacy (P120338) The loan amendment was countersigned on October 29, 2019. The amendment does not entail any additional Operating Costs and does not change the PDO and associated outcomes. Composition of the FEFL’s components and institutional arrangements remain unchanged. The share of Borrower’s co-financing under category 1 increased from 93.45 percent to 94.47 percent, with a simultaneous reduction of the share of expenditures to be financed from the Loan from 6.55 percent to 5.53 percent, effective as of November 1, 2019. The additional co-financing from the Borrower will help further expand the regional coverage of the Project, scale up its impact, and finance an additional round of a survey on Financial Literacy (3 rounds have already been completed and the fourth round of the survey will be completed by December 2019) and the 7th round of competitive selection of proposals for the Fund of Good Ideas. Increased Project financing should yield significant benefits under the educational component as it would allow additional strengthening of the human resource potential in financial literacy and make it possible to provide teaching guidance to the earlier trained specialists in support of their educational activities. It would also allow developing and testing arrangements to ensure sustainable follow-up operation of the newly established training centers after Project completion. The Project Results Matrix has been updated accordingly. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Substantial Substantial Macroeconomic -- Substantial Substantial Sector Strategies and Policies -- Low Low Technical Design of Project or Program -- Low Low Institutional Capacity for Implementation and Sustainability -- Low Low Fiduciary -- Low Low Environment and Social -- Low Low Stakeholders -- Low Low Other -- Low Low Overall -- Moderate Moderate Results PDO Indicators by Objectives / Outcomes PDO Indicators on Financial Education and Literacy IN00774766 ►1.1 (1.1.1) % of active and potential low- and middle-income users of financial services understanding the trade-off between risk and rewards in choosing financial products in Kaliningrad & Volgograd (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 63.90 71.80 71.80 68.00 12/15/2019 Page 2 of 10 The World Bank Implementation Status & Results Report Financial Education and Financial Literacy (P120338) Date 31-May-2013 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774767 1.1 (1.1.2) % of active and potential low- and middle-income users of financial services understanding the trade-off between risk and rewards in choosing financial products in 7 other regions (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 66.30 68.70 68.70 68.00 IN00774768 ►1.2 (1.2.1) % of school-aged and college students understanding risk-reward trade-off and rewards in choosing financial products in Kaliningrad and Volgograd pilot regions (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 53.00 73.40 73.40 55.00 Date 31-May-2013 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774769 1.2 (1.2.2) % of school-aged and college students understanding risk-reward trade-off and rewards in choosing financial products in 7 other regions (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 51.90 64.50 64.50 54.00 IN00774770 ►2.1 (2.1.1) % of active and potential low- and middle-income users of financial services understanding the importance of financial cushion in Kaliningrad and Volgograd pilot regions (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 30.50 37.90 37.90 37.00 Date 31-May-2013 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774771 2.1 (2.1.2) % of active and potential low- and middle-income users of financial services understanding the importance of financial cushion in 7 other regions (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 31.70 33.10 33.10 33.00 IN00774772 ►2.2 (2.2.1) % of school-aged and college students understanding importance of financial cushion in Kaliningrad and Volgograd pilot regions (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 75.50 77.60 77.60 77.00 Date 29-May-2015 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774773 2.2 (2.2.2) % of school-aged and college students understanding importance of financial cushion in 7 other regions (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 74.50 76.80 76.80 76.00 IN00774774 ►3. (3.1) % of active and potential low- and middle-income users of financial services who compare alternatives before obtaining a credit in Kaliningrad and Volgograd pilot regions (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target 12/15/2019 Page 3 of 10 The World Bank Implementation Status & Results Report Financial Education and Financial Literacy (P120338) Value 69.20 74.10 74.10 72.00 Date 31-May-2013 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774775 3. (3.2) % of active and potential low- and middle-income users of financial services who compare alternatives before obtaining a credit in 7 other regions (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 60.20 63.30 63.30 63.00 IN00774776 ►4. (4.1) % of active and potential low- and middle-income users of financial services who know what aministrative/legal action to be taken having discovered a deceit by provider of a financial service (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 32.20 47.20 47.20 42.00 Date 31-May-2013 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774777 4. (4.2) % of active and potential low- and middle-income users of financial services who know what aministrative/legal action to be taken having discovered a deceit by provider of a financial service (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 39.60 43.90 43.90 42.00 Intermediate Results Indicators by Components Development of financial literacy strategy and financial literacy and consumer protection monitoring and evaluation IN00774778 ►1.1 Financial literacy strategy is developed and agreed between key stakeholders (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes. Yes. Yes Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774782 ►1.2 Requirements to education programs are approved by the Expert Board (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774786 ►1.3 Four rounds of the FL assessment are conducted in YR 2,5,8,10 (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Yes. Third round of FL Yes. Third round of FL Yes, with extension survey done in 2018 survey done in 2018 survey shifted from Y7 Value No (Contract FEFLP/QCBS- (Contract to Y8 and now also 1.5) FEFLP/QCBS-1.5) year 10 12/15/2019 Page 4 of 10 The World Bank Implementation Status & Results Report Financial Education and Financial Literacy (P120338) Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774793 ►1.4 Four rounds of the Consumer Finance Survey are conducted in YR 2,5,8, 10 (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Yes. Third round of the Yes. Third round of the Yes, with extension Consumer Finance Consumer Finance survey moved from Y7 Value No Survey are conducted in Survey are conducted to Y8 and now also 2018 in 2018 year 10 Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774796 ►1.5 Ministry of Finance establishes dedicated working group on financial literacy and consumer protection (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 01-Sep-2010 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774800 ►1.6 Amendments to the federal legislation to provide for effective consumer protection in financial markets and financial literacy are prepared (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 30-Apr-2019 Financial Literacy Capacity Building IN00774779 ►2.1 # of regional FL development programs being implemented with the Project support (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 9.00 9.00 9.00 Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774784 ►2.2 (2.2.1) # of teachers of the relevant subjects trained by the Project in regions (two pilot and new participating regions) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 29,000.00 29,000.00 46,000.00 Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774788 ►2.3 (2.2.2 (methodists) and 2.4 (consultants) # of financial literacy specialists (consultants) and methodists trained for general education and vocational schools by the Project regions (two pilot an (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 7,100.00 7,100.00 8,200.00 Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 30-Apr-2019 IN00774790 12/15/2019 Page 5 of 10 The World Bank Implementation Status & Results Report Financial Education and Financial Literacy (P120338) (2.7) Number of financial literacy textbooks published and distributed in regions (up to < 6,000,000) (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 8,000,000.00 8,000,000.00 13,000,000.00 IN00774797 # methodists for general education and vocational schools, prepared by the Project (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,500.00 1,500.00 1,600.00 IN00774801 2.3 (2.3: # students - future teachers trained under the Project in financial literacy) (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4,200.00 4,200.00 12,000.00 IN00774804 ►2.6 FL information and educational portal established and fully operational (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774807 2.5. #education events carried out by financial consultants, prepared by the Project (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 16,800.00 16,800.00 21,000.00 IN00774810 ►2.8. #of additional regions (regions where the Project results will be dessiminated) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 43.00 43.00 67.00 Date 01-Nov-2011 27-Sep-2019 27-Sep-2019 30-Dec-2020 Strengthening of consumer protection in financial services IN00774780 ►4.1 A system of hotline call centers to advise consumers on financial issues is established and operational (Yes or No) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 0.00 Date 28-Dec-2010 30-Jun-2016 30-Jun-2016 31-Dec-2020 IN00774783 4.1.1 Total number of complaints consultations on financial consumer rights issues provided by Rospotrebnadzor specialists (target value - 10 000 annualy) (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 17,175.00 165,544.00 165,544.00 180,000.00 12/15/2019 Page 6 of 10 The World Bank Implementation Status & Results Report Financial Education and Financial Literacy (P120338) Date 31-May-2013 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774787 4.1.2 Number of financial consumer complaints examined through Rospotrebnadzor "hotlines" and public officers (target value - 5000 complaints annualy) (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 7,801.00 112,803.00 112,803.00 120,000.00 Date 31-May-2013 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774791 ►4.2 Special system for submitting and handling financial consumer complaints in e-format is developed (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774795 ►4.3 An e-library (infotheque) on topical CP issues is established and operational (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Yes, it is now Yes, it is now established Value No established and Yes and functioning. functioning. Date 28-Dec-2010 22-Oct-2018 22-Oct-2018 30-Apr-2018 IN00774799 ►4.4 Number of Rospotrebnadzor consulting centres for consumers in Russian Federation (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 580.00 580.00 500.00 Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 31-Dec-2015 IN00774803 ►4.5 # of Rospotrebnadzor specialists trained during the Project on financial consumer protection and financial literacy (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,509.00 1,509.00 1,500.00 Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774806 # of other state budgetary institutions' specialists trained during the Project (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2,000.00 IN00774809 ►4.6 # of the reports dedicated to the financial consumer protection, containing independent monitoring results and recommndations (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 9.00 9.00 9.00 12/15/2019 Page 7 of 10 The World Bank Implementation Status & Results Report Financial Education and Financial Literacy (P120338) Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774811 (4.8) # of information materials (booklets/leaflets) on financial consumer protection distributed to consumers by Rospotrebnadzor staff (Amount(USD), Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 9,150,000.00 9,150,000.00 9,100,000.00 Development and implementation of education programs and information campaign for improving financial literacy, incl $14 million in sub-projects IN00774781 ►3.1 (3.1.2) # of educational modules and learning materials developed nationally at federal level (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 130.00 130.00 120.00 Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774785 3.1 (3.1.1) # educational programs created at Federal level (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 36.00 36.00 36.00 IN00774789 (3.9) Number of digital products (information, edutainment and social ad videos, games, webpages) created under Funds of Good Ideas (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 118.00 118.00 160.00 IN00774792 ►3.2 National information campaign designed and launched (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774794 ►3.3 (3.6) # of financial literacy and consumer protection improvement initiatives supported through the Fund of Good Ideas (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 86.00 86.00 124.00 Date 28-Dec-2010 04-Feb-2019 04-Feb-2019 31-Dec-2020 IN00774798 ►3.1.3. # of digital learning resources, created at the Federal level (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 15.00 15.00 30.00 Date 01-Nov-2011 27-Sep-2019 27-Sep-2019 30-Dec-2020 IN00774802 12/15/2019 Page 8 of 10 The World Bank Implementation Status & Results Report Financial Education and Financial Literacy (P120338) ►3.2. #of participants of events carried out within "Financil Literacy Week" (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 7,250,000.00 7,250,000.00 7,500,000.00 Date 01-Nov-2011 27-Sep-2019 27-Sep-2019 30-Dec-2020 IN00774805 ►3.7. # of study cources worked out under the Fund of Good Ideas (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 40.00 40.00 50.00 Date 01-Nov-2011 27-Sep-2019 27-Sep-2019 31-Dec-2020 IN00774808 ►3.8. # of printed materials issued under the Fund of Good Ideas (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 70.00 70.00 100.00 Date 01-Nov-2011 27-Sep-2019 27-Sep-2019 31-Dec-2020 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P120338 IBRD-79830 Effective USD 25.00 25.00 0.00 21.64 3.35 87% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P120338 IBRD-79830 Effective 07-Dec-2010 14-Mar-2011 29-Jul-2011 30-Jun-2016 31-Dec-2020 Cumulative Disbursements 12/15/2019 Page 9 of 10 The World Bank Implementation Status & Results Report Financial Education and Financial Literacy (P120338) Restructuring History Level 2 Approved on 11-Jun-2015 ,Level 2 Approved on 06-Jan-2017 ,Level 2 Approved on 12-May-2017 ,Level 2 Approved on 09-Mar-2018 ,Level 2 Approved on 16-Oct-2019 Related Project(s) There are no related projects. 12/15/2019 Page 10 of 10