The World Bank Report No: ISR15607 Implementation Status & Results Nigeria Housing Finance Development Program (P131973) Public Disclosure Copy Operation Name: Housing Finance Development Program (P131973) Project Stage: Implementation Seq.No: 2 Status: ARCHIVED Archive Date: 20-Jul-2014 Country: Nigeria Approval FY: 2014 Product Line: IBRD/IDA Region: AFRICA Lending Instrument: Financial Intermediary Loan Implementing Agency(ies): Central Bank of Nigeria Key Dates Board Approval Date 26-Sep-2013 Original Closing Date 31-Dec-2018 Planned Mid Term Review Date 21-Sep-2016 Last Archived ISR Date 10-Jan-2014 Effectiveness Date 05-Mar-2014 Revised Closing Date 31-Dec-2018 Actual Mid Term Review Date 21-Sep-2016 Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to increase access to housing finance by deepening primary and secondary mortgage markets in the Federal Republic of Nigeria. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost 1. Mortgage Refinance Company 250.00 2. Mortgage Guarantee 25.00 3. Housing Microfinance 15.00 4. Technical Assistance and Capacity Building 10.00 Overall Ratings Public Disclosure Copy Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating High High Implementation Status Overview The project became effective on March 5, 2014 following the fulfillment of the effectiveness conditions and as agreed in the FA disbursed the first tranche of USD20 million on June 20, 2014. Implementation is proceeding according to plan with strong progress in establishing and operationalizing NMRC. The institution raised a significant amount of capital from both public and private sector, totaling over NGN 7 billion (around USD 45 million), was deposited with the CBN. Page 1 of 4 The World Bank Report No: ISR15607 Locations No Location data has been entered Public Disclosure Copy Results Project Development Objective Indicators Indicator Name Core Unit of Measure Baseline Current End Target Number of new loans provided Number Value 10000.00 10000.00 50000.00 Date 31-Dec-2013 25-Jun-2014 31-Dec-2018 Comments Component 1 is not yet operational Number of new mortgages below NGN5 million Number Value 0.00 7500.00 Date 31-Dec-2013 31-Dec-2018 Comments Component 1 is not yet operational Proportion of mortgage debt outstanding Percentage Value 0.00 0.00 20.00 refinanced by NMRC Date 31-Dec-2013 25-Jun-2014 31-Dec-2018 Comments Component 1 is not yet operational Intermediate Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target Portfolio at risk Percentage Value 0.00 0.00 2.50 Date 31-Dec-2013 25-Jun-2014 31-Dec-2018 Comments Component 1 is not yet operational NMRC Efficiency Indicator - Cost of Income Percentage Value 0.00 42.00 Ratio Date 31-Dec-2013 31-Dec-2018 Public Disclosure Copy Comments NMRC New Bond issuance volume (years 3 - 5 Amount(USD) Value 0.00 50.00 are without sovereign guarantee) Date 31-Dec-2013 31-Dec-2018 Comments Number of Guarantees Number Value 0.00 900.00 Date 31-Dec-2013 31-Dec-2018 Comments Component 1 is not yet operational Page 2 of 4 The World Bank Report No: ISR15607 3 - 5 pilot MFBs develop/adapt/adopt housing Number Value 0.00 0.00 5.00 Microfinance loan products, access project Date 31-Dec-2013 25-Jun-2014 31-Dec-2018 credit line and establish first cycle of micro Comments Component 2 is not yet financing lending programs Public Disclosure Copy operational Number of HMF loans disbursed Number Value 0.00 0.00 2860.00 Date 31-Dec-2013 25-Jun-2014 31-Dec-2018 Comments Component 2 is not yet operational Volume (USD) of HFM loans disbursed Amount(USD) Value 0.00 0.00 8.00 Date 31-Dec-2013 25-Jun-2014 31-Dec-2018 Comments Component 2 is not yet operational Data on Financial Performance (as of 19-Jun-2014) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P131973 IDA-52920 Effective 26-Sep-2013 18-Dec-2013 05-Mar-2014 31-Dec-2018 31-Dec-2018 Disbursements (in Millions) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P131973 IDA-52920 Effective XDR 199.50 199.50 0.00 14.25 185.25 7.00 Disbursement Graph Public Disclosure Copy Page 3 of 4 The World Bank Report No: ISR15607 Public Disclosure Copy Key Decisions Regarding Implementation The team reviewed progress towards achieving the project’s Development Objective and rates the project satisfactory. Despite being effective for only 3 months, the project has induced confidence in the overall sector since its launch. Important improvements in the overall lending environment are being developed, including drafting of a new foreclosure law, property developers are designing affordable housing projects and 37 Primary Mortgage Banks have been recapitalized and new PMB licenses issued of which 8 are for national entities and 29 for regional ones. Restructuring History There has been no restructuring to date. Related Projects There are no related projects. Public Disclosure Copy Page 4 of 4