Public Disclosure Copy The World Bank Implementation Status & Results Report Financing Innovative Startups and Small and Medium Enterprises Project (P150928) Financing Innovative Startups and Small and Medium Enterprises Project (P150928) MIDDLE EAST AND NORTH AFRICA | Morocco | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 2 | ARCHIVED on 07-Mar-2018 | ISR31545 | Implementing Agencies: Kingdom of Morocco, La Caisse Centrale de Garantie Key Dates Key Project Dates Bank Approval Date:10-Mar-2017 Effectiveness Date:28-Jun-2017 Planned Mid Term Review Date:31-Mar-2021 Actual Mid-Term Review Date:-- Original Closing Date:31-Dec-2023 Revised Closing Date:31-Dec-2023 Project Development Objectives Project Development Objective (from Project Appraisal Document) The project objective is to facilitate the increase of private equity and quasi-equity finance for innovative startups and small and medium enterprises in the Project Area. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Financing Program:(Cost $42.00 M) Ecosystem Support:(Cost $6.00 M) Project Management, Coordination and M&E:(Cost $1.87 M) Front-end Fee:(Cost $0.13 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  Substantial  Substantial 3/7/2018 Page 1 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Financing Innovative Startups and Small and Medium Enterprises Project (P150928) Implementation Status and Key Decisions The project also known as “Fond Innov Invest” (FII) was officially launched in November 2017 in a ceremony by the Ministry of Finance. Agreements were signed between the Project Management Unit, the Caisse Centrale de Garantie (CCG) and six ecosystem support providers, representing support structures for entrepreneurs and startups. These providers, in close collaboration with the CCG, will provide support and pre-seed funding for innovative projects. The ecosystem players are operational and several of them have begun their activities linked to the FII. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  Moderate  Moderate  Moderate Macroeconomic  Low  Low  Low Sector Strategies and Policies  Substantial  Substantial  Substantial Technical Design of Project or Program  High  High  High Institutional Capacity for Implementation and Sustainability  Moderate  Moderate  Moderate Fiduciary  Substantial  Substantial  Substantial Environment and Social  Low  Low  Moderate Stakeholders  Low  Low  Low Other  Low  Low  Low Overall  Substantial  Substantial  Substantial Results Project Development Objective Indicators PHINDPDOTBL  Private Capital Mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30,000,000.00 Date 30-Sep-2016 30-Jun-2017 21-Feb-2018 31-Dec-2023 3/7/2018 Page 2 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Financing Innovative Startups and Small and Medium Enterprises Project (P150928) PHINDPDOTBL  Private Angel/Seed Stage Capital Mobilized Through the Project (Amount(USD), Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5,000,000.00 Date 30-Sep-2016 30-Jun-2017 21-Feb-2018 31-Dec-2023 PHINDPDOTBL  Private Venture Capital Mobilized Through the Project (Amount(USD), Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 25,000,000.00 Date 30-Sep-2016 30-Jun-2017 21-Feb-2018 31-Dec-2023 PHINDPDOTBL  Beneficiaries that introduced a new or, improved on an existing, product, process, or service under the projects (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 100.00 Date 30-Sep-2016 30-Jun-2017 21-Feb-2018 30-Jun-2023 PHINDPDOTBL  SMEs receiving private equity financing through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 60.00 Date 30-Sep-2016 30-Jun-2017 21-Feb-2018 31-Oct-2023 PHINDPDOTBL  SMEs receiving private Angel/Seed equity financing through the project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 20.00 3/7/2018 Page 3 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Financing Innovative Startups and Small and Medium Enterprises Project (P150928) Date 30-Sep-2016 30-Jun-2017 21-Feb-2018 31-Oct-2023 PHINDPDOTBL  SMEs receiving private VC equity financing through the project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 40.00 Date 30-Sep-2016 30-Jun-2017 21-Feb-2018 31-Oct-2023 Overall Comments Intermediate Results Indicators PHINDIRITBL  Number of entrepreneurs receiving pre-seed grants and soft loans through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 25.00 Date 30-Sep-2016 30-Jun-2017 21-Feb-2018 31-Dec-2023 PHINDIRITBL  Percent female entrepreneurs receiving pre-seed grants through the project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 25.00 3/7/2018 Page 4 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Financing Innovative Startups and Small and Medium Enterprises Project (P150928) PHINDIRITBL  Investment management company contracted to manage the Angel/Seed fund (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.00 Date 30-Sep-2016 30-Jun-2017 21-Feb-2018 31-Dec-2023 PHINDIRITBL  Entrepreneurs receiving mentoring and investment readiness support (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 100.00 Date 30-Sep-2016 30-Jun-2017 21-Feb-2018 31-Dec-2023 PHINDIRITBL  Angel Network developed through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.00 Date 30-Sep-2016 30-Jun-2017 21-Feb-2018 31-Dec-2023 PHINDIRITBL  Angel network members who received training through the project (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 3/7/2018 Page 5 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Financing Innovative Startups and Small and Medium Enterprises Project (P150928) PHINDIRITBL  Private Fund Managers contracted to manage new public-private funds under the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2.00 Date 30-Sep-2016 30-Jun-2017 21-Feb-2018 31-Dec-2023 PHINDIRITBL  Public-private funds Shareholder Agreements completed (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2.00 Date 30-Sep-2016 30-Jun-2017 21-Feb-2018 31-Dec-2023 PHINDIRITBL  Beneficiaries satisfied with services received and performance of PIs (%) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 30-Sep-2016 30-Jun-2017 21-Feb-2018 31-Dec-2023 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P150928 IBRD-87240 Effective USD 50.00 50.00 0.00 25.13 24.88 50% Key Dates (by loan) 3/7/2018 Page 6 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Financing Innovative Startups and Small and Medium Enterprises Project (P150928) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P150928 IBRD-87240 Effective 10-Mar-2017 16-Jun-2017 28-Jun-2017 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. 3/7/2018 Page 7 of 7 Public Disclosure Copy