Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) MA MSME Development Project (P129326) MIDDLE EAST AND NORTH AFRICA | Morocco | Finance & Markets Global Practice | IBRD/IDA | Adaptable Program Loan | FY 2012 | Seq No: 8 | ARCHIVED on 18-Dec-2016 | ISR26193 | Implementing Agencies: Caisse Centrale de Garantie Key Dates Key Project Dates Bank Approval Date:28-Jun-2012 Effectiveness Date:20-Feb-2013 Planned Mid Term Review Date:31-Mar-2015 Actual Mid-Term Review Date:19-Dec-2014 Original Closing Date:31-Dec-2017 Revised Closing Date:31-Dec-2017 Project Development Objectives Project Development Objective (from Project Appraisal Document) To improve access to finance for MSMEs in Morocco Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Support the provision of Partial Credit Guarantees:(Cost $49.87 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Satisfactory  Satisfactory Overall Implementation Progress (IP)  Satisfactory  Satisfactory Overall Risk Rating  Moderate  Moderate Implementation Status and Key Decisions The project is performing satisfactorily. As of December 2, 2016, the project has disbursed 99.4 percent of the total loan amount (USD 50 million), and the actual PCG claims (materialized losses) - which constitute the final eligible expenditure - account for 60% of total project financing. The project team 12/18/2016 Page 1 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) will continue to monitor, verify and approve the periodical submission SOEs for actual PCG claims (materialized losses) and review the financial statements and results framework until project closure (December 2017). The overall risk rating remains 'moderate', reflecting satisfactory project progress. 12/18/2016 Page 2 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) 12/18/2016 Page 3 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) Risks 12/18/2016 Page 4 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  Moderate  Moderate Macroeconomic  --  Moderate  Moderate Sector Strategies and Policies  --  Moderate  Moderate Technical Design of Project or Program  --  Moderate  Moderate Institutional Capacity for Implementation and Sustainability  --  Moderate  Moderate Fiduciary  --  Moderate  Moderate Environment and Social  --  Moderate  Moderate Stakeholders  --  Moderate  Moderate Other  --  Moderate  Moderate Overall  --  Moderate  Moderate Results Project Development Objective Indicators PHINDPDOTBL  Increase in total no of MSME loans of PFIs (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 70.00 70.00 20.00 Date 01-Aug-2012 31-Dec-2015 31-Dec-2015 31-Jan-2018 PHINDPDOTBL  Increase in the total volume of outstanding MSME portfolio of PFIs. ($ million) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 12.00 12.00 10.00 Date 01-Aug-2012 31-Dec-2015 31-Dec-2015 31-Jan-2018 Overall Comments Intermediate Results Indicators 12/18/2016 Page 5 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) PHINDIRITBL  Increase in nr of MSME loans covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,648.00 1,648.00 20.00 Date 31-Dec-2011 31-Dec-2015 31-Dec-2015 31-Dec-2017 PHINDIRITBL  Increase in volume of MSME loans covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,247.00 1,247.00 10.00 Date 31-Dec-2011 31-Dec-2015 31-Dec-2015 31-Dec-2017 PHINDIRITBL  Increase in nr of loans for SME start-ups covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 390.00 390.00 20.00 Date 31-Dec-2011 31-Dec-2015 31-Dec-2015 31-Dec-2017 PHINDIRITBL  Increase in volume of loans for SME start-ups covered by guarantees (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 346.00 346.00 10.00 Date 31-Dec-2011 31-Jan-2016 31-Dec-2015 31-Dec-2017 12/18/2016 Page 6 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) PHINDIRITBL  Increase in nr of loans for existing SMEs covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2,561.00 2,561.00 20.00 Date 31-Dec-2011 31-Dec-2015 31-Dec-2015 31-Dec-2017 PHINDIRITBL  Increase in volume of loans for existing SMEs covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2,086.00 2,086.00 10.00 Date 31-Dec-2011 31-Dec-2015 31-Dec-2015 31-Dec-2017 PHINDIRITBL  Increase in nr of loans for very small enterprises covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,781.00 1,781.00 20.00 Date 31-Dec-2011 31-Dec-2015 31-Dec-2015 31-Dec-2017 PHINDIRITBL  Increase in volume of loans for very small enterprises covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,457.00 1,457.00 10.00 Date 31-Dec-2011 31-Dec-2015 31-Dec-2015 31-Dec-2017 Overall Comments Data on Financial Performance 12/18/2016 Page 7 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P129326 IBRD-81820 Effective USD 50.00 50.00 0.00 49.21 0.29 98% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P129326 IBRD-81820 Effective 28-Jun-2012 27-Jul-2012 20-Feb-2013 31-Dec-2017 31-Dec-2017 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 12/18/2016 Page 8 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) 12/18/2016 Page 9 of 9 Public Disclosure Copy