The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) WAEMU Affordable Housing Finance (P161658) AFRICA | Western Africa | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2018 | Seq No: 4 | ARCHIVED on 11-Jun-2019 | ISR36682 | Implementing Agencies: CRRH, BOAD, WAEMU, WAEMU Commission Key Dates Key Project Dates Bank Approval Date: 28-Sep-2017 Effectiveness Date: 21-Dec-2017 Planned Mid Term Review Date: 16-Dec-2019 Actual Mid-Term Review Date: -- Original Closing Date: 31-Dec-2022 Revised Closing Date: 31-Dec-2022 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The development objective is to expand access to long-term housing finance in WAEMU, including for underserved households. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Participating Banks Mortgage Refinancing:(Cost $80.00 M) Non-Bank Financial Institutions Mortgage Refinancing:(Cost $50.00 M) Affordable Housing Policies Technical Assistance:(Cost $15.00 M) Technical Assistance for Non-Bank Financial Institutions and CRRH:(Cost $5.00 M) Design of Regional Guarantee Product for Housing Loans:(Cost $5.00 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 WB team welcomes the progress made in the past 6 months at CRRH: the recruitment of key staff has now been completed, the new Board now includes one/third of independent directors, the disbursement schedule is satisfactory, an impact study is being launched to better understand the profile of their end beneficiaries and an E&S workshop is being planned for the refinancing banks. The introduction of the refinancing window for microfinance institutions is the main priority for 2019 in order to better serve households with modest and irregular incomes. The project has allocated US$50 million equivalent (EUR 44.6 million) for this component and the support of CRRH’s Board would be instrumental in that. Disbursements to the WAEMU Commission have been modest and would need to be accelerated. The provision of Public Audited Accounts from the Court of Accounts of the WAEMU Commission has yet to be completed, while the dated condition expires in June 2019. Procurement activities 6/11/2019 Page 1 of 5 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) have been moving slow due to numerous delays; progress still needs to be made on the contracts relating to the support to social housing programs and the Centers of Excellence for Housing. There is strong demand from countries for support on their social housing programs which will be addressed by this activity. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial Substantial Substantial Macroeconomic Moderate Moderate Moderate Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Moderate Moderate Moderate Institutional Capacity for Implementation and Sustainability Substantial Substantial Substantial Fiduciary Substantial Substantial Moderate Environment and Social Moderate Moderate Moderate Stakeholders Substantial Substantial Substantial Other Moderate Moderate Moderate Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes PDO Indicators IN00691792 ►Number of new mortgage loans issued by banks in WAEMU (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 12,000.00 12,000.00 12,000.00 32,000.00 Date 23-Dec-2016 28-Dec-2017 29-May-2019 29-Dec-2022 This indicator should be provided by the BCEAO. At this stage the information has not been received. Comments: IN00691793 ►Number of housing loans issued by banks and non bank financial institutions below FCFA 15 Million refinanced by CRRH (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1,440.00 5,080.00 5,096.00 13,000.00 6/11/2019 Page 2 of 5 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) Date 23-Dec-2016 11-Dec-2018 29-May-2019 29-Dec-2022 Intermediate Results Indicators by Components Participating Banks Mortgage Refinancing IN00691794 ►Outstanding bonds issued by CRRH (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 180,000,000.00 282,000,000.00 282,000,000.00 740,000,000.00 Date 23-Dec-2016 07-Dec-2018 29-May-2019 29-Dec-2022 IN00691798 ►Survey of a sample of beneficiaries by mid-term review to provide feedback on terms and conditions of housing loans (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.00 Date 23-Dec-2016 28-Dec-2018 29-May-2019 29-May-2020 A firm has been identified to undertake the survey, which is still planned to take place by mid-term review Comments: Non-Bank Financial Institutions Mortgage Refinancing IN00691795 ►Number of non-bank financial institutions making use of CRRH refinancing window (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 8.00 Date 23-Dec-2016 30-Apr-2018 29-May-2019 29-Dec-2022 IN00691799 ►Number of housing loans issued by non-bank financial institutions below 10 M FCFA and refinanced by CRRH (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 3,000.00 Date 23-Dec-2016 30-Apr-2018 29-May-2019 29-Dec-2022 Affordable Housing Policies Technical Assistance IN00691796 ►A land and housing price index is established in a research centre, harmonized across all 8 countries and with effective data in at least 2 countries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.00 6/11/2019 Page 3 of 5 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) Date 23-Dec-2016 30-Apr-2018 29-May-2019 29-Dec-2022 IN00691800 ►Number of countries which implement recommendations from the advisory services on affordable housing programs (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 4.00 Date 23-Dec-2016 30-Apr-2018 29-May-2019 29-Dec-2022 Design of Regional Guarantee Product for Housing Loans IN00691797 ►A regional guarantee product for housing loans is available (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.00 Date 23-Dec-2016 30-Apr-2018 29-May-2019 29-Dec-2022 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P161658 IDA-61410 Effective USD 130.00 130.00 0.00 62.65 70.88 47% P161658 IDA-D2360 Effective USD 25.00 25.00 0.00 1.65 23.32 6.6% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P161658 IDA-61410 Effective 28-Sep-2017 13-Oct-2017 21-Dec-2017 31-Dec-2022 31-Dec-2022 P161658 IDA-D2360 Effective 28-Sep-2017 13-Oct-2017 21-Dec-2017 31-Dec-2022 31-Dec-2022 Cumulative Disbursements 6/11/2019 Page 4 of 5 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 6/11/2019 Page 5 of 5