The World Bank Implementation Status & Results Report Development Finance Project (P146319) Development Finance Project (P146319) AFRICA | Nigeria | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2015 | Seq No: 9 | ARCHIVED on 10-Dec-2018 | ISR34233 | Implementing Agencies: Federal Republic of Nigeria, FEDERAL MINISTRY OF FINANCE, Development Bank of Nigeria Key Dates Key Project Dates Bank Approval Date: 25-Sep-2014 Effectiveness Date: 08-May-2015 Planned Mid Term Review Date: 14-Jun-2019 Actual Mid-Term Review Date: -- Original Closing Date: 31-Dec-2021 Revised Closing Date: 31-Dec-2021 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to increase the availability and access to finance for micro, small, and medium enterprises through eligible financial intermediaries with the support of a new wholesale development finance institution. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Component 1: Technical Assistance and Capacity Building:(Cost $12.00 M) Component 2: Line of Credit Facility:(Cost $445.00 M) Component 3: Credit Guarantee Facility:(Cost $35.00 M) Component 4: Project Management:(Cost $6.75 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating High High Implementation Status and Key Decisions Substantial progress was recorded over the last six months with the strengthening of the Development Bank of Nigeria, with most notable achievements as follows: i) The DBN has continued to record steady implementation progress, including the expansion of lending operations to 10 microfinance banks and 4 commercial banks, with a volume of NGN11.8 billion on-lent to eligible micro, small and medium enterprises, all of which has been on-lent to nearly 35 thousand borrowers, 73 percent of which were women. ii) DBN has made progress with the establishment of the Credit Guarantee Facility (CGF) with the support of a technical consultant hired by the World Bank with a goal of operationalizing the facility by the end of third quarter of 2019. 12/10/2018 Page 1 of 7 The World Bank Implementation Status & Results Report Development Finance Project (P146319) iii) The project has been successfully restructured to assign the DBN with fiduciary responsibility to manage US$12mn of technical assistance funds. The DBN has already been appraised by the FM and Procurement Team which concluded that DBN was fit to play this role. The key next steps include operationalization of these arrangements. 12/10/2018 Page 2 of 7 The World Bank Implementation Status & Results Report Development Finance Project (P146319) Risks Systematic Operations Risk-rating Tool 12/10/2018 Page 3 of 7 The World Bank Implementation Status & Results Report Development Finance Project (P146319) Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- High High Macroeconomic -- Substantial Substantial Sector Strategies and Policies -- Substantial Substantial Technical Design of Project or Program -- Moderate Moderate Institutional Capacity for Implementation and Sustainability -- High High Fiduciary -- Substantial Substantial Environment and Social -- Moderate Moderate Stakeholders -- High High Other -- -- -- Overall -- High High Results PDO Indicators by Objectives / Outcomes Increase in access and availability of finance to eligible enterprises/MSMEs IN00638356 ►PFIs' Eligible Sub-loan Portfolio Quality (Non-Performing Loans) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 25-Sep-2014 15-Jun-2018 31-Oct-2018 30-Sep-2020 This indicator measures portfolio quality of the PFIs’ sub-loans funded by the Line of Credit Facility and Comments: CGF. IN00638357 ►Volume of PFIs' Eligible Sub-Loans facilitated by CGF (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 651,000,000.00 Date 25-Sep-2014 15-Jun-2018 03-Dec-2018 31-Dec-2021 This indicator measures total amount of loans extended by eligible PFIs to eligible sub-projects, generated Comments: as a result of the guarantees issues by the CGF. IN00638358 ►Volume of PFIs' Eligible Sub-Loans facilitated by Line of Credit Facility (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2,198,000.00 38,688,525.00 445,000,000.00 Date 25-Sep-2014 15-Jun-2018 31-Oct-2018 31-Dec-2021 12/10/2018 Page 4 of 7 The World Bank Implementation Status & Results Report Development Finance Project (P146319) This indicator measures total amount of loans extended by eligible PFIs to eligible sub-projects, generated Comments: as a result of the support from DFI’s Line of Credit Facility. Intermediate Results Indicators by Components Component 2: Line of Credit Facility IN00638359 ►DFI Wholesale Portfolio Quality (Non-Performing Loans) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 0.00 Date 25-Sep-2014 15-Jun-2018 31-Oct-2018 31-Dec-2021 Comments: This indicator will measure portfolio at risk at 30 days IN00638361 ►DFI ROA (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 7.80 8.02 5.00 Date 25-Sep-2014 15-Jun-2018 31-Oct-2018 31-Dec-2021 Comments: DFI return on assets IN00638363 ►Volume of DFI’s Wholesale Loans (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2,198,000.00 38,688,525.00 445,000,000.00 Date 25-Sep-2014 15-Jun-2018 31-Oct-2018 31-Dec-2021 Comments: This indicator measures the total amount of loans extended to PFIs Component 3: Credit Guarantee Facility IN00638360 ►Number of PFIs reporting on lending to women sub-borrowers (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 13.00 6.00 Date 25-Sep-2014 15-Jun-2018 31-Oct-2018 31-Dec-2021 Comments: This indicator measures the number of PFIs that monitor and report on lending to women sub-borrowers IN00638362 ►Volume of Guarantees Issued (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target 12/10/2018 Page 5 of 7 The World Bank Implementation Status & Results Report Development Finance Project (P146319) Value 0.00 0.00 0.00 325,000,000.00 Date 25-Sep-2014 15-Jun-2018 03-Dec-2018 31-Dec-2021 Comments: This indicator measures the total amount of guarantees issued from DFI to PFIs Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P146319 IBRD-84410 Effective USD 500.00 500.00 0.00 124.18 375.82 25% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P146319 IBRD-84410 Effective 25-Sep-2014 25-Feb-2015 08-May-2015 31-Dec-2021 31-Dec-2021 Cumulative Disbursements 12/10/2018 Page 6 of 7 The World Bank Implementation Status & Results Report Development Finance Project (P146319) Restructuring History Level 2 Approved on 21-Aug-2018 Related Project(s) There are no related projects. 12/10/2018 Page 7 of 7