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: 10 | ARCHIVED on 13-Jun-2019 | ISR37531 | 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 5 commercial banks, with a volume of over N58.9 billion on-lent to nearly 36 thousand eligible micro, small and medium enterprises, 72 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 fourth quarter of 2019. 6/13/2019 Page 1 of 7 The World Bank Implementation Status & Results Report Development Finance Project (P146319) iii) DBN is preparing to launch the technical assistance support to select commercial banks to support expansion of their services to micro, small and medium enterprises. 6/13/2019 Page 2 of 7 The World Bank Implementation Status & Results Report Development Finance Project (P146319) Risks Systematic Operations Risk-rating Tool 6/13/2019 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 IN00713902 ►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 31-Oct-2018 31-Mar-2019 30-Sep-2020 This indicator measures portfolio quality of the PFIs’ sub-loans funded by the Line of Credit Facility and Comments: CGF. IN00713903 ►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 03-Dec-2018 31-Mar-2019 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. IN00713904 ►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 38,688,525.00 193,114,754.00 445,000,000.00 Date 25-Sep-2014 31-Oct-2018 31-Mar-2019 31-Dec-2021 6/13/2019 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 IN00713905 ►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 31-Oct-2018 31-Mar-2019 31-Dec-2021 This indicator will measure non-performing loans (NPLs). Comments: IN00714007 ►DFI ROA (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 8.02 7.10 5.00 Date 25-Sep-2014 31-Oct-2018 31-Mar-2019 31-Dec-2021 Comments: DFI return on assets IN00714009 ►Volume of DFI’s Wholesale Loans (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 38,688,525.00 193,114,754.00 445,000,000.00 Date 25-Sep-2014 31-Oct-2018 31-Mar-2019 31-Dec-2021 Comments: This indicator measures the total amount of loans extended to PFIs Component 3: Credit Guarantee Facility IN00714006 ►Number of PFIs reporting on lending to women sub-borrowers (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 13.00 15.00 6.00 Date 25-Sep-2014 31-Oct-2018 31-Mar-2019 31-Dec-2021 Comments: This indicator measures the number of PFIs that monitor and report on lending to women sub-borrowers IN00714008 ►Volume of Guarantees Issued (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target 6/13/2019 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 03-Dec-2018 31-Mar-2019 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 0.00 274.18 225.82 55% 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 6/13/2019 Page 6 of 7 The World Bank Implementation Status & Results Report Development Finance Project (P146319) Restructuring History Level 2 Approved on 21-Aug-2018 ,Level 2 Approved on 29-Mar-2019 Related Project(s) There are no related projects. 6/13/2019 Page 7 of 7