Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) MA MSME Development Project (P129326) MIDDLE EAST AND NORTH AFRICA | Morocco | Finance & Markets Global Practice | IBRD/IDA | Adaptable Program Loan | FY 2012 | Seq No: 7 | ARCHIVED on 10-Jun-2016 | ISR22869 | Implementing Agencies: Key Dates Key Project Dates Bank Approval Date:28-Jun-2012 Effectiveness Date:20-Feb-2013 Planned Mid Term Review Date:31-Mar-2015 Actual Mid-Term Review Date:19-Dec-2014 Original Closing Date:31-Dec-2017 Revised Closing Date:31-Dec-2017 Project Development Objectives Project Development Objective (from Project Appraisal Document) To improve access to finance for MSMEs in Morocco Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Support the provision of Partial Credit Guarantees:(Cost $49.87 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 The project is performing satisfactorily. As of December 19, 2014, the project has disbursed 99.4 percent of the total loan amount (USD 50 million), and the materialized losses - which constitute the final eligible expenditure - account to 54% of it. The team will continue to ensure and monitor the 6/10/2016 Page 1 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) submission of SOEs for materialized losses throughout the duration of the project. The overall risk rating remains 'moderate', reflecting satisfactory project progress. 6/10/2016 Page 2 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) 6/10/2016 Page 3 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) Risks Systematic Operations Risk-rating Tool 6/10/2016 Page 4 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  Moderate  Moderate Macroeconomic  --  Moderate  Moderate Sector Strategies and Policies  --  Moderate  Moderate Technical Design of Project or Program  --  Moderate  Moderate Institutional Capacity for Implementation and Sustainability  --  Moderate  Moderate Fiduciary  --  Moderate  Moderate Environment and Social  --  Moderate  Moderate Stakeholders  --  Moderate  Moderate Other  --  Moderate  Moderate Overall  --  Moderate  Moderate Results Project Development Objective Indicators PHINDPDOTBL  Increase in total no of MSME loans of PFIs (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 70.00 20.00 Date 01-Aug-2012 19-Dec-2014 31-Dec-2015 31-Jan-2018 Comments This indicator is based on data from the credit registry on registered loans to corporations, of which 90 percent are estimated to be lent to SMEs (source: BAM). PHINDPDOTBL  Increase in the total volume of outstanding MSME portfolio of PFIs. ($ million) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 8.00 12.00 10.00 Date 01-Aug-2012 19-Dec-2014 31-Dec-2015 31-Jan-2018 Comments The sample of banks includes the five largest users of the MSME guarantee program, accounting for 80 percent of all credit to the corporate sector (source: BAM). 6/10/2016 Page 5 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) Overall Comments The PDO indicators are calculated as percentage increase in the stock of the total number and volume of MSME loans. The intermediate results indicators are calculated as percentage increase in the number and volume of MSME loans covered by guarantees. The baseline is December 2011. Intermediate Results Indicators PHINDIRITBL  Increase in nr of MSME loans covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 1648.00 20.00 Date 31-Dec-2011 -- 31-Dec-2015 31-Dec-2017 PHINDIRITBL  Increase in volume of MSME loans covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 1247.00 10.00 Date 31-Dec-2011 -- 31-Dec-2015 31-Dec-2017 PHINDIRITBL  Increase in nr of loans for SME start-ups covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 390.00 20.00 Date 31-Dec-2011 -- 31-Dec-2015 31-Dec-2017 6/10/2016 Page 6 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) PHINDIRITBL  Increase in volume of loans for SME start-ups covered by guarantees (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 346.00 10.00 Date 31-Dec-2011 -- 31-Jan-2016 31-Dec-2017 PHINDIRITBL  Increase in nr of loans for existing SMEs covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 2561.00 20.00 Date 31-Dec-2011 -- 31-Dec-2015 31-Dec-2017 PHINDIRITBL  Increase in volume of loans for existing SMEs covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 2086.00 10.00 Date 31-Dec-2011 -- 31-Dec-2015 31-Dec-2017 PHINDIRITBL  Increase in nr of loans for very small enterprises covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 1781.00 20.00 Date 31-Dec-2011 -- 31-Dec-2015 31-Dec-2017 6/10/2016 Page 7 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) PHINDIRITBL  Increase in volume of loans for very small enterprises covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 1457.00 10.00 Date 31-Dec-2011 -- 31-Dec-2015 31-Dec-2017 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P129326 IBRD-81820 Effective USD 50.00 50.00 0.00 49.21 0.29 98% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P129326 IBRD-81820 Effective 28-Jun-2012 27-Jul-2012 20-Feb-2013 31-Dec-2017 31-Dec-2017 Cumulative Disbursements 6/10/2016 Page 8 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 6/10/2016 Page 9 of 9 Public Disclosure Copy