The World Bank Report No: ISR15083 Implementation Status & Results Croatia Export Finance Intermediation Loan (P116080) Public Disclosure Copy Operation Name: Export Finance Intermediation Loan (P116080) Project Stage: Implementation Seq.No: 9 Status: ARCHIVED Archive Date: 12-Sep-2014 Country: Croatia Approval FY: 2010 Product Line: IBRD/IDA Region: EUROPE AND CENTRAL ASIA Lending Instrument: Financial Intermediary Loan Implementing Agency(ies): Key Dates Board Approval Date 04-Aug-2009 Original Closing Date 31-Aug-2013 Planned Mid Term Review Date 30-Sep-2011 Last Archived ISR Date 01-Jan-2014 Effectiveness Date 25-Nov-2009 Revised Closing Date 31-Aug-2015 Actual Mid Term Review Date 15-Sep-2011 Project Development Objectives Project Development Objective (from Project Appraisal Document) The PDO is to support the preservation and growth of exports by providing medium and long term working capital and investment finance to exporters and foreign exchange earning companies Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Credit Line 202.60 Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Public Disclosure Copy Overall Risk Rating Low Low Implementation Status Overview The implementation of the Project remains satisfactory. The additional finance is now effective and being implemented however the disbursement rate for the additional finance is low. CEFIL-funded companies experienced a large increase of their export revenues, growing by as much as 31.4 percent by 2014. With the crisis leaving many people jobless, access to favorable medium term finance through CEFIL enabled most of the companies to preserve the current workforce and even create new jobs. Collectively, by June 2014, companies increased the overall employment level by 2.4 percent. Through the program the companies benefited from competitive cost of capital, which helped them strengthen their long-term business opportunities, and attained access to finance at times of constrained financing. Page 1 of 5 The World Bank Report No: ISR15083 Locations Country First Administrative Division Location Planned Actual Croatia Bjelovarsko-Bilogorska Zupanija Bjelovarsko-Bilogorska Zupanija ✔ Public Disclosure Copy Croatia Brodsko-Posavska Zupanija Brodsko-Posavska Zupanija ✔ Croatia Istarska Zupanija Istarska Zupanija ✔ Croatia Koprivnicko-Krizevacka Zupanija Koprivnicko-Krizevacka Zupanija ✔ Croatia Krapinsko-Zagorska Zupanija Krapinsko-Zagorska Zupanija ✔ Croatia Medimurska Zupanija Medimurska Zupanija ✔ Croatia Osjecko-Baranjska Zupanija Osjecko-Baranjska Zupanija ✔ Croatia Pozesko-Slavonska Zupanija Pozesko-Slavonska Zupanija ✔ Croatia Primorsko-Goranska Zupanija Primorsko-Goranska Zupanija ✔ Croatia Varazdinska Zupanija Varazdinska Zupanija ✔ Croatia Zadarska Zupanija Zadarska Zupanija ✔ Croatia Zagrebacka Zupanija Zagrebacka Zupanija ✔ Croatia Grad Zagreb Grad Zagreb ✔ Results Project Development Objective Indicators Public Disclosure Copy Page 2 of 5 The World Bank Report No: ISR15083 Indicator Name Core Unit of Measure Baseline Current End Target Level of exports growth or preservation of Number Value 1.00 1.31 1.00 beneficiary firms Date 04-Aug-2009 02-Jun-2014 31-Aug-2015 Public Disclosure Copy Comments The indicator was refined to Cumulative outturn (2010, The target is to maintain or describe more accurately 2011, 2012 and 2013 increase the total volume of what is measured based on financed) of participating exports. the PAD. The baseline companies. indicates the volume of exports at the time when a sub-borrower joins the project. Unit of measure in the current PAD is percentage (%), however, the Team decided to continue with Unit of measure being number, in order not to lose the historical data. Volume of medium and long-term lending by Amount(USD) Value 0.00 144.50 202.60 PFIs to firms under the project Date 04-Aug-2009 02-Jun-2014 31-Aug-2015 Comments The indicator was refined to In EUR terms (as stipulated in In EUR terms (as stipulated in describe more accurately the PAD) this amounts to the PAD) this amounts to what is measured based on EUR 105.1 million. EUR 150 million (including the PAD and moved to the both the original and PDO level to describe additional financing). morecorrectly the flow of results in the project. Intermediate Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target Quality of Portfolio - Total NPLs as number of Number Value 0.00 8.00 7.00 loans Date 04-Aug-2009 10-Dec-2013 31-Aug-2015 Public Disclosure Copy Comments Unit of measure in the current Representing 11.94% of the Less than 7. PAD is percentage (%). total number of approved loans. Quality of Portfolio - Total NPLs (in percent) Percentage Value 0.00 6.95 7.00 Date 04-Aug-2009 10-Dec-2013 31-Aug-2015 Comments Above indicator is percentage Less than 7 of total NPLs in terms of the amount of approved loans. Level of job creation or preservation Number Value 1.00 1.02 1.00 Page 3 of 5 The World Bank Report No: ISR15083 Date 04-Aug-2009 02-Jun-2014 31-Aug-2015 Comments The indicator was refined to Actual current progress to The target is to maintain or describe more accurately date is 1.024 or 2.4% growth increase the employment Public Disclosure Copy what is measured based on of level of jobs. level. the PAD. Unit of measure in the current PAD is percentage (%), Number of firms financed by PFIs under the Number Value 0.00 66.00 60.00 project Date 04-Aug-2009 02-Jun-2014 31-Aug-2015 Comments The indicator was refined to The revised end target of this describe more accurately indicator is already achieved. what is measured based on To date, the average loan the PAD. amount extended to exporters amounted EUR 1.61 million. Number of firms with female owners financed Number Value 0.00 0.00 Date 02-Jun-2014 31-Aug-2015 Comments New indicator for information To date, from additional only finance only one loan has been approved and disbursed. Data on Financial Performance (as of 15-Jul-2014) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P116080 IBRD-77740 Closed 04-Aug-2009 02-Sep-2009 25-Nov-2009 31-Aug-2013 31-Aug-2013 P116080 IBRD-81930 Effective 20-Sep-2012 29-Oct-2012 24-Jan-2013 31-Aug-2015 31-Aug-2015 Disbursements (in Millions) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed Public Disclosure Copy P116080 IBRD-77740 Closed USD 141.22 141.05 0.17 131.58 0.00 93.00 P116080 IBRD-81930 Effective USD 61.41 61.41 0.00 17.25 45.44 28.00 Disbursement Graph Page 4 of 5 The World Bank Report No: ISR15083 Public Disclosure Copy Key Decisions Regarding Implementation None. Restructuring History There has been no restructuring to date. Related Projects P129220-Export Finance Intermediation Loan Additional Financing Public Disclosure Copy Page 5 of 5