The World Bank Implementation Status & Results Report Pakistan Financial Inclusion and Infrastructure Project (P159428) Pakistan Financial Inclusion and Infrastructure Project (P159428) SOUTH ASIA | Pakistan | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 5 | ARCHIVED on 07-Jan-2020 | ISR40119 | Implementing Agencies: Islamic Republic of Pakistan, Development Finance Group, State Bank of Pakistan, Central Directorate of National Savings (CDNS)- Ministry of Finance, Ministry of Finance Key Dates Key Project Dates Bank Approval Date: 15-Jun-2017 Effectiveness Date: 28-Mar-2018 Planned Mid Term Review Date: 30-Jun-2020 Actual Mid-Term Review Date: Original Closing Date: 31-Dec-2022 Revised Closing Date: 31-Dec-2022 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The proposed development objective is to contribute to increasing access and usage of digital payments and other financial services for households and businesses in Pakistan. This will be done by: (a) improving market infrastructure and institutional capacity, (b) supporting the uptake and usage of Digital Payments and Financial Services and by (c) improving access to financial services for micro, small and medium enterprises (MSMEs).The project will seek to substantially increase access and usage of financial services by women and support women-owned MSMEs. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Direct Support to the NFIS Implementation:(Cost $17.50 M) Supporting Expansion of Access Points for Financial Services:(Cost $9.40 M) Improving Access to Microfinance and to Financial Services for Micro, Small, and Medium Enterprises:(Cost $110.10 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions The project was approved by the World Bank Board on 15 June 2017 and became effective on 28 March 2018. The project development objective is to contribute to increasing access and usage of digital payments and other financial services for households and businesses in Pakistan. This will be done by: (a) improving market infrastructure and institutional capacity, (b) supporting the uptake and usage of Digital Payments and Financial Services and by (c) improving access to financial services for micro, small and medium enterprises (MSMEs). The project will seek to substantially increase access and usage of financial services by women and support women-owned MSMEs. Delays in project implementation led to limited 1/7/2020 Page 1 of 5 The World Bank Implementation Status & Results Report Pakistan Financial Inclusion and Infrastructure Project (P159428) progress towards achieving development objective in FY19. During FY20, there have been improvements in project implementation particularly related to the PIU's efficacy and implementation progress at SBP, however, there continue to be delays in decision making at CDNS. Project's ratings have been maintained as Moderately Satisfactory. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic Moderate Moderate Moderate Sector Strategies and Policies Low Low Low Technical Design of Project or Program Moderate Moderate Moderate Institutional Capacity for Implementation and Sustainability Moderate Moderate Moderate Fiduciary Moderate Moderate Moderate Environment and Social Moderate Moderate Moderate Stakeholders Low Low Low Other -- -- -- Overall Moderate Moderate Moderate Results PDO Indicators by Objectives / Outcomes Improving market infrastructure and institutional capacity IN00789033 ►Electronic payments per capita (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.40 2.58 2.69 2.00 Date 30-Dec-2016 31-Dec-2018 30-Jun-2019 31-Dec-2022 Electronic Payment per capita measures the growth of electronic payments and transactions per capita. The number of electronic payments will be divided according to the total population to receive a per capita Comments: measurement Supporting the uptake and usage of Digital Payments and Financial Services IN00789034 1/7/2020 Page 2 of 5 The World Bank Implementation Status & Results Report Pakistan Financial Inclusion and Infrastructure Project (P159428) ►Number of digital transaction accounts (in millions) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 45.00 77.70 69.30 60.00 Date 30-Dec-2016 31-Dec-2018 30-Jun-2019 31-Dec-2022 According to SBP, digital transaction accounts (DTA) are defined as “Transactional accounts which store value of money that can be accessed through digital touch points/ access points for accessing financial Comments: services”. Improving access to financial services for MSMEs IN00789035 ►Number of unique beneficiaries (borrowers) reached* (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3,914.00 13,325.00 123,900.00 Date 30-Dec-2016 31-Mar-2019 30-Jun-2019 31-Dec-2022 Intermediate Results Indicators by Components Direct Support to the NFIS Implementation IN00789041 ►New/Upgraded SBP-Operated Payment system and National Payments Gateway installed and operational (Yes/No) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Dec-2016 31-Mar-2019 30-Jun-2019 31-Dec-2022 IN00789044 ►DTA Scheme designed and operational (Yes / No) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Dec-2016 31-Dec-2018 30-Jun-2019 31-Dec-2022 IN00789046 ►Number of digital transaction accounts (female) in millions (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 7.00 9.63 7.87 10.50 Date 30-Dec-2016 31-Dec-2018 30-Jun-2019 31-Dec-2022 1/7/2020 Page 3 of 5 The World Bank Implementation Status & Results Report Pakistan Financial Inclusion and Infrastructure Project (P159428) Supporting Expansion of Access Points for Financial Services IN00789042 ►End-to-end automation and modernization of the NSS implemented and operational (Yes/No) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Dec-2016 31-Dec-2018 30-Jun-2019 31-Dec-2022 Improving Access to Microfinance and to Financial Services for Micro, Small, and Medium Enterprises IN00789043 ►Number of loans disbursed*** (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3,914.00 13,325.00 150,000.00 Date 30-Dec-2016 31-Mar-2019 30-Jun-2019 31-Dec-2022 IN00789045 ►Number of unique female beneficiaries reached (rounded to nearest 50)** (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3,900.00 13,250.00 74,340.00 Date 30-Dec-2016 31-Mar-2019 30-Jun-2019 31-Dec-2022 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P159428 IDA-59890 Effective USD 37.30 37.30 0.00 0.41 37.54 1.1% P159428 IDA-61010 Effective USD 99.70 99.70 0.00 75.26 27.48 73% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P159428 IDA-59890 Effective 15-Jun-2017 05-Jan-2018 28-Mar-2018 31-Dec-2022 31-Dec-2022 P159428 IDA-61010 Effective 15-Jun-2017 05-Jan-2018 28-Mar-2018 31-Dec-2022 31-Dec-2022 Cumulative Disbursements 1/7/2020 Page 4 of 5 The World Bank Implementation Status & Results Report Pakistan Financial Inclusion and Infrastructure Project (P159428) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 1/7/2020 Page 5 of 5