The World Bank Implementation Status & Results Report Jamaica Foundations for Competitiveness and Growth (P147665) Jamaica Foundations for Competitiveness and Growth (P147665) LATIN AMERICA AND CARIBBEAN | Jamaica | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2015 | Seq No: 11 | ARCHIVED on 15-Jan-2020 | ISR40292 | Implementing Agencies: Ministry of Finance and Planning, Planning Institute of Jamaica Key Dates Key Project Dates Bank Approval Date: 25-Jul-2014 Effectiveness Date: 29-Oct-2014 Planned Mid Term Review Date: 01-Jun-2017 Actual Mid-Term Review Date: 01-Jun-2017 Original Closing Date: 30-Jun-2020 Revised Closing Date: 30-Jun-2020 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) To strengthen the business environment in Jamaica for private sector investment. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Enhancing competition in the business environment:(Cost $7.40 M) Facilitating strategic private investments:(Cost $8.30 M) Supporting SME capabilities and finance:(Cost $27.30 M) Project implementation and M&E:(Cost $7.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions Implementation is on track. Priority project activities have been identified and procurement for these activities are either completed or near completion. Component 1 activities are focusing on several investment climate reforms such as development approvals, trade facilitation, competition policy and SEZ regime reform. Component 2 is focusing on several PPPs and new divestments. Under Component 3, the third round of matching grants for SMEs has been finalized with the fourth round beginning. The SME line of credit has almost fully disbursed. The World Bank conducted an implementation support mission in December 2019. 1/15/2020 Page 1 of 8 The World Bank Implementation Status & Results Report Jamaica Foundations for Competitiveness and Growth (P147665) 1/15/2020 Page 2 of 8 The World Bank Implementation Status & Results Report Jamaica Foundations for Competitiveness and Growth (P147665) 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 -- Moderate Moderate Technical Design of Project or Program -- Substantial Substantial Institutional Capacity for Implementation and Sustainability -- Substantial Substantial Fiduciary -- Substantial Substantial Environment and Social -- Moderate Moderate Stakeholders -- Moderate Moderate Other -- -- -- Overall -- Substantial Substantial Results PDO Indicators by Objectives / Outcomes 1/15/2020 Page 3 of 8 The World Bank Implementation Status & Results Report Jamaica Foundations for Competitiveness and Growth (P147665) Investment climate reforms: IN00794277 ►Number of Recommended Business Environment and Pro-Competition Laws, Regulations, Amendments, and Codes Enacted; Policies Adopted; and Administrative Procedures Streamlined (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 4.00 12.00 Date 29-Oct-2014 07-Jun-2019 19-Dec-2019 30-Jun-2020 Strategic investment reforms: IN00794278 ►Private Capital Mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 172,000,000.00 172,000,000.00 200,000,000.00 Date 29-Oct-2014 07-Jun-2019 19-Dec-2019 30-Jun-2020 SME grant productivity: IN00794279 ►Increase in Sales of MSMEs Supported by Project over Benchmark of Comparator SMEs (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 56.30 56.30 15.00 Date 29-Oct-2014 07-Jun-2019 19-Dec-2019 30-Jun-2020 SME finance: IN00794280 ►Ratio of the average portfolio maturity of MSME sub-loans under the project, over the average portfolio maturity of AFI’s MSME lending portfolio not financed under the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.14 1.14 1.00 Date 29-Oct-2014 07-Jun-2019 19-Dec-2019 30-Jun-2020 Intermediate Results Indicators by Components Enhancing competition in the business environment IN00794321 ►Number of Firms that Benefit from Debt Resolution and/or Business Exit Processes (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 1/15/2020 Page 4 of 8 The World Bank Implementation Status & Results Report Jamaica Foundations for Competitiveness and Growth (P147665) Value 0.00 45.00 50.00 100.00 Date 29-Oct-2014 07-Jun-2019 19-Dec-2019 30-Jun-2020 IN00794325 ►Property registration: implementation of an electronic titling platform to reduce time taken to register property (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 08-Jun-2017 07-Jun-2019 19-Dec-2019 30-Jun-2020 IN00794329 ►National spatial plan: completion of phase 1 (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 08-Jun-2017 07-Jun-2019 19-Dec-2019 30-Jun-2020 IN00794332 ►Trade facilitation: number of exporters that receive new contracts/orders based on facilitation by the in-market broker (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 8.00 30.00 Date 08-Jun-2017 07-Jun-2019 19-Dec-2019 30-Jun-2020 IN00794335 ►Average Time Required to Obtain Construction Permits for Commercial Projects in municipal corporations (Months, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 24.00 4.60 4.70 9.00 Date 29-Oct-2014 07-Jun-2019 19-Dec-2019 30-Jun-2020 IN00794337 ►Number of Strategic MOUs/ Guidelines Established or Policies Adopted Related to Increasing Market Competition in Key Sectors (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.00 2.00 6.00 Date 29-Oct-2014 07-Jun-2019 19-Dec-2019 30-Jun-2020 Facilitating strategic private investments IN00794322 ►Number of Potential Strategic Private Investments Benefitting from Project Preparation Facility Studies (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 10.00 11.00 12.00 Date 29-Oct-2014 07-Jun-2019 19-Dec-2019 30-Jun-2020 IN00794326 1/15/2020 Page 5 of 8 The World Bank Implementation Status & Results Report Jamaica Foundations for Competitiveness and Growth (P147665) ►Number of Potential Private Investments Benefitting from Investment Generation TA (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 14.00 17.00 18.00 Date 29-Oct-2014 07-Jun-2019 19-Dec-2019 30-Jun-2020 Supporting SME capabilities and finance IN00794323 ►Number of MSMEs Receiving Training Support for Capabilities Upgrading (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 356.00 371.00 270.00 Date 29-Oct-2014 07-Jun-2019 19-Dec-2019 30-Jun-2020 IN00794327 ►Volume of Private MSME Co-Investment in Knowledge Assets (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,130,000.00 1,890,000.00 1,000,000.00 Date 29-Oct-2014 07-Jun-2019 19-Dec-2019 30-Jun-2020 IN00794330 ►Investment facilitation: number of investment applications channeled through the investment portal (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 08-Jun-2017 07-Jun-2019 19-Dec-2019 30-Jun-2020 IN00794333 ►Number of Sub-sectors Benefiting from TA and Public Private Dialogue Support (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 6.00 6.00 6.00 Date 29-Oct-2014 07-Jun-2019 19-Dec-2019 30-Jun-2020 Three subsector studies and associated public-private dialog support have been provided under the Comments: project, focusing on the ginger and castor bean oil subsectors. SME line of credit IN00794324 ►Number of MSMEs Receiving a Project-Financed Loan (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 124.00 135.00 175.00 1/15/2020 Page 6 of 8 The World Bank Implementation Status & Results Report Jamaica Foundations for Competitiveness and Growth (P147665) Date 29-Oct-2014 07-Jun-2019 19-Dec-2019 30-Jun-2020 IN00794328 ►ROE (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 2.35 3.14 3.03 2.35 Date 08-Jun-2017 07-Jun-2019 19-Dec-2019 30-Jun-2020 IN00794331 ►Portfolio at risk- SME (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.10 6.00 10.00 Date 08-Jun-2017 07-Jun-2019 19-Dec-2019 30-Jun-2020 IN00794334 ►Outstanding SME loan portfolio (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 41,075,000.00 41,075,000.00 84,815.00 Date 08-Jun-2017 07-Jun-2019 19-Dec-2019 30-Jun-2020 IN00794336 ►Percentage of MSME beneficiaries that feel project sub-finance reflected their needs (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 70.00 Date 08-Jun-2017 07-Jun-2019 19-Dec-2019 30-Jun-2020 IN00794338 ►Volume of Bank Support: Lines of Credit - SME (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 16,770,000.00 19,129,000.00 21,200,000.00 Date 29-Jul-2014 07-Jun-2019 19-Dec-2019 30-Jun-2020 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P147665 IBRD-84080 Effective USD 50.00 50.00 0.00 39.32 10.68 79% 1/15/2020 Page 7 of 8 The World Bank Implementation Status & Results Report Jamaica Foundations for Competitiveness and Growth (P147665) Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P147665 IBRD-84080 Effective 25-Jul-2014 03-Sep-2014 29-Oct-2014 30-Jun-2020 30-Jun-2020 Cumulative Disbursements Restructuring History Level 2 Approved on 28-Jun-2017 Related Project(s) P173165-Jamaica Foundations for Competitiveness and Growth Project AF 1/15/2020 Page 8 of 8