The World Bank Implementation Status & Results Report Promoting Innovation for Inclusive Financial Access (P146244) Promoting Innovation for Inclusive Financial Access (P146244) MIDDLE EAST AND NORTH AFRICA | Egypt, Arab Republic of | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2014 | Seq No: 8 | ARCHIVED on 24-Dec-2018 | ISR34997 | Implementing Agencies: Arab Republic of Egypt, MSME Development Agency (Formerly The Social Fund for Development) Key Dates Key Project Dates Bank Approval Date: 01-Apr-2014 Effectiveness Date: 22-Jul-2014 Planned Mid Term Review Date: -- Actual Mid-Term Review Date: 24-May-2015 Original Closing Date: 31-Dec-2019 Revised Closing Date: 31-Dec-2019 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective (PDO) would be to expand access to finance for MSEs in Egypt, using innovative financing mechanisms, with a special focus on youth and women, as well as underserved regions. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Lines of Credits to MSMEs:(Cost $300.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Satisfactory Overall Risk Rating Low Low Implementation Status and Key Decisions The project is on track to achieving its development objectives and has almost fully disbursed. According to the latest progress report by MSME-DA (June 2018), total number of micro and small enterprises beneficiaries reached 169,041 (41% of which are women owned; 36% youth owned; 50% in lagging regions). Among the participating financial intermediaries involved in this operation are the National Bank of Egypt, United Bank, SAIB, Housing and Development Bank, Audi Bank, AIBK, Agriculture Bank of Egypt, Upper Egypt Leasing Company, EFG Hermes Leasing Company, Nile Finance Leasing company and flat6labs (accelerator) 12/24/2018 Page 1 of 6 The World Bank Implementation Status & Results Report Promoting Innovation for Inclusive Financial Access (P146244) Risks 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 -- Low Low Technical Design of Project or Program -- Low Low Institutional Capacity for Implementation and Sustainability -- Moderate Moderate Fiduciary -- Low Low Environment and Social -- Low Low Stakeholders -- Low Low Other -- Low Low Overall -- Low Low Results PDO Indicators by Objectives / Outcomes Youth-owned businesses served by the line of credit IN00561589 ►Youth-owned businesses served by the line of credit (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 40.00 36.00 40.00 Date 01-Jul-2014 31-Dec-2017 12-Dec-2018 31-Dec-2019 Direct project beneficiaries (Number, Custom) IN00561590 ►Direct project beneficiaries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 156,185.00 169,041.00 103,900.00 Date 01-Jul-2014 31-Dec-2017 12-Dec-2018 31-Dec-2019 IN00561603 Female beneficiaries (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target 12/24/2018 Page 2 of 6 The World Bank Implementation Status & Results Report Promoting Innovation for Inclusive Financial Access (P146244) Value 0.00 41.00 41.00 37.00 Number of innovative financial products offered to MSEs IN00561591 ►Number of innovative financial products offered to MSEs (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3.00 3.00 3.00 Date 01-Jul-2014 31-Dec-2017 12-Dec-2018 31-Dec-2019 Outstanding MSE portfolio of participating Financial Institutions IN00561601 ►Outstanding MSE portfolio of participating Financial Institutions (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1,886 LE Million LE 30.2 billion LE 30.2 billion 15,929 LE Million Date 01-Jul-2014 31-Dec-2017 12-Dec-2018 31-Dec-2019 Women-owned businesses served by the line of credit IN00561602 ►Women-owned businesses served by the line of credit (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 41.00 41.00 37.00 Date 01-Jul-2014 31-Dec-2017 12-Dec-2018 31-Dec-2019 Intermediate Results Indicators by Components Lines of Credits to MSMEs IN00561592 ►Number of participating financial leasing companies (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3.00 3.00 3.00 Date 01-Jul-2014 31-Dec-2017 12-Dec-2018 31-Dec-2019 IN00561593 ►Number of venture capital companies and angel investors engaged (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3.00 3.00 1.00 12/24/2018 Page 3 of 6 The World Bank Implementation Status & Results Report Promoting Innovation for Inclusive Financial Access (P146244) Date 01-Jul-2014 31-Dec-2017 12-Dec-2018 31-Dec-2019 IN00561594 ►Number of women served through the line of credit (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 63,953.00 69,602.00 38,500.00 Date 01-Jul-2014 31-Dec-2017 12-Dec-2018 31-Dec-2019 IN00561595 ►Volume of small financing from the line of credit to participating financial institutions (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1749.51 LE Million 1787 LE Million 1,470 LE Million Date 01-Jul-2013 31-Dec-2017 12-Dec-2018 31-Dec-2019 IN00561596 ►Volume of microfinancing from the line of credit to participating financial institutions (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 630 LE Million 1828 LE Million 630 LE Million Date 01-Jul-2014 31-Dec-2017 12-Dec-2018 31-Dec-2019 IN00561597 ►Person days (defined as 20 in a month) of employment created (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 65,562,720.00 70,736,160.00 23,688,000.00 Date 01-Jul-2014 31-Dec-2015 12-Dec-2018 31-Dec-2019 IN00561598 ►Number of microfinance enterprise clients (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 149,552.00 162,806.00 126,000.00 Date 01-Jul-2014 31-Dec-2017 12-Dec-2018 31-Dec-2019 IN00561599 ►Portfolio at risk for participating lenders. 90 days (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 less than five percent less than five percent less than five percent Date 01-Jul-2014 31-Dec-2017 12-Dec-2018 31-Dec-2019 IN00561600 ►Number of small enterprise clients (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 12/24/2018 Page 4 of 6 The World Bank Implementation Status & Results Report Promoting Innovation for Inclusive Financial Access (P146244) Value 0.00 5,461.00 6,706.00 4,900.00 Date 01-Jul-2014 31-May-2017 12-Dec-2018 31-Dec-2019 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P146244 IBRD-83450 Effective USD 300.00 300.00 0.00 296.41 3.59 99% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P146244 IBRD-83450 Effective 01-Apr-2014 12-Apr-2014 22-Jul-2014 31-Dec-2019 31-Dec-2019 Cumulative Disbursements 12/24/2018 Page 5 of 6 The World Bank Implementation Status & Results Report Promoting Innovation for Inclusive Financial Access (P146244) Restructuring History Level 2 Approved on 29-Oct-2017 Related Project(s) There are no related projects. 12/24/2018 Page 6 of 6