The World Bank Implementation Status & Results Report Rwanda Housing Finance Project (P165649) Rwanda Housing Finance Project (P165649) AFRICA | Rwanda | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2019 | Seq No: 2 | ARCHIVED on 03-Sep-2019 | ISR38399 | Implementing Agencies: Development Bank of Rwanda, Ministry of Finance and Economic Planning Key Dates Key Project Dates Bank Approval Date: 29-Nov-2018 Effectiveness Date: 10-Apr-2019 Planned Mid Term Review Date: -- Actual Mid-Term Review Date: Original Closing Date: 31-Dec-2023 Revised Closing Date: 31-Dec-2023 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) To expand access to housing finance to households and to support capital market development in Rwanda. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Provision of Long-Term Finance to Expand Housing Finance:(Cost $147.00 M) Technical Assistance and Implementation Support:(Cost $3.00 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 The project was approved on November 29, 2019. The Financing Agreement and Project Agreement were signed on December 12, 2018. The project became effective on April 10, 2019. Three banks have signed participation agreements with BRD to join the project and access long-term funding for mortgage financing. A technical assistance to support the creation and operationalization of the Rwanda Mortgage Refinancing Company (RMRC) was launched in July 2019. 9/3/2019 Page 1 of 5 The World Bank Implementation Status & Results Report Rwanda Housing Finance Project (P165649) 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 Substantial Substantial Substantial Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Sustainability Substantial Substantial Substantial Fiduciary Moderate Moderate Moderate Environment and Social Moderate Moderate Moderate Stakeholders Moderate Moderate Moderate Other Substantial -- -- Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Number of housing loans financed by this project IN00739172 ►Number of housing loans financed by this project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6,000.00 Date 31-Dec-2017 13-Mar-2019 28-Aug-2019 31-Dec-2024 Comments: This indicator measures the number of housing loans financed by this project. Number of housing loans financed by financial institutions IN00739173 ►Number of housing loans financed by financial institutions (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 29-Dec-2017 13-Mar-2019 28-Aug-2019 31-Dec-2024 This indicator measures the percentage increase of housing loans financed by Rwandan financial Comments: institutions (increase in the total number of housing loans issued by Rwandan financial institutions compared to baseline (number of housing loans issued in 2018) 9/3/2019 Page 2 of 5 The World Bank Implementation Status & Results Report Rwanda Housing Finance Project (P165649) Number of bonds issued by RMRC IN00739174 ►Number of bonds issued by RMRC (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2.00 Date 29-Dec-2017 13-Mar-2019 28-Aug-2019 29-Dec-2023 Comments: This indicator measures the number of bonds issued by the RMRC on the capital market. Volume of bonds issued by RMRC IN00739175 ►Volume of bonds issued by RMRC (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 35,000,000.00 Date 31-Dec-2018 13-Mar-2019 28-Aug-2019 29-Dec-2023 Comments: This indicator measures the volume of bonds (USD) issued by the RMRC on the capital market. Intermediate Results Indicators by Components Provision of Long-Term Finance to Expand Housing Finance IN00739206 ►Number of Participating Financial Institutions (LoC) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 29-Dec-2017 13-Mar-2019 28-Aug-2019 31-Dec-2025 This indicator measures the number of financial institutions which access the line of credit for mortgage financing under this project. Comments: IN00739208 ►Number of Participating Financial Institutions (Shareholders of RMRC) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 3.00 Date 29-Dec-2017 13-Mar-2019 28-Aug-2019 31-Dec-2025 Comments: This indicator measures the number of financial institutions which become shareholders of the RMRC. IN00739209 9/3/2019 Page 3 of 5 The World Bank Implementation Status & Results Report Rwanda Housing Finance Project (P165649) ►Average maturity of housing loans financed by the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 31-Dec-2018 13-Mar-2019 28-Aug-2019 29-Dec-2023 Comments: This indicator measures the average maturity of housing loans financed by the project. IN00739210 ►Project beneficiaries satisfied with access to housing finance (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 80.00 Date 31-Dec-2018 13-Mar-2019 28-Aug-2019 31-Dec-2024 This indicator measures the satisfaction of project beneficiaries with access to housing finance. The definition of project beneficiaries for this indicator extends beyond direct project beneficiaries to cover a wider range of relevant public and private stakeholders. This indicator will build on the successful and tested format of thematic roundtable discussions which were held with key stakeholders within the GoR, Comments: developers, financial sector representatives, and nongovernmental organizations engaged in housing development and finance to seek their feedback on project design and implementation arrangements. The team will maintain these consultations throughout the lifetime of the project through annual roundtable discussions and report on their outcomes in supervision reports. Technical Assistance and Implementation Support IN00739207 ►Number of entities receiving technical assistance (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 1.00 8.00 Date 29-Dec-2017 13-Mar-2019 28-Aug-2019 31-Dec-2025 This indicator measures the number of entities receiving technical assistance and capacity building under Comments: the project. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P165649 IDA-63430 Effective USD 150.00 150.00 0.00 7.66 139.81 5.2% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date 9/3/2019 Page 4 of 5 The World Bank Implementation Status & Results Report Rwanda Housing Finance Project (P165649) P165649 IDA-63430 Effective 29-Nov-2018 12-Dec-2018 10-Apr-2019 31-Dec-2023 31-Dec-2023 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 9/3/2019 Page 5 of 5