The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Inclusive Housing Finance Program (P150993) MIDDLE EAST AND NORTH AFRICA | Egypt, Arab Republic of | Finance, Competitiveness and Innovation Global Practice | Requesting Unit: MNC03 | Responsible Unit: GFCMW IBRD/IDA | Program-for-Results Financing | FY 2015 | Team Leader(s): Laurent Gonnet, Jean Michel Lobet, Laila Ashraf AbdelKader Ahmed Seq No: 7 | ARCHIVED on 28-Jun-2019 | ISR37793 | Created by: Jean Michel Lobet on 18-Jun-2019 | Modified by: Jean Michel Lobet on 27-Jun-2019 Program Development Objectives Program Development Objective (from Program Appraisal Document) The objective of the Program is to improve the affordability of formal housing for low-income households in the Arab Republic of Egypt and to strengthen the Social Housing Fund's capacity to design policies and coordinate programs in the social housing sector. Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Implementation Status and Key Decisions Progress towards achievement of PDO and overall implementation progress remain moderately satisfactory. In addition, the issues identified during the mid-term review are being addressed diligently by the Egyptian Government. The Inclusive Housing Finance Program is currently on track to meet its development objective. The Program for Results (PforR) is contributing to improving the affordability of formal housing for low-income households in Egypt and to the strengthening of the Social Housing and Mortgage Finance Fund's capacity to design policies and coordinate programs in the social housing sector. The project was recently restructured to extend its closing date to April 2022 and to change the name of the implementing entity from “Social Housing Fund” to “Social Housing Mortgage Finance Fund” (SHMFF). The delivery of demand-side subsidies for ownership is progressing well with 241,500 households benefiting from the Program as of May 31, 2019. Institutional building measures implemented during the first phase of the program remain operational and functioning well as per the independent verification agent report. Regarding the key issues identified during the mid-term review, namely expiration of the CBE 20 billion EGP credit line, lack of progress on both private sector participation on affordable housing and affordable rental components, key measures have been implemented (or are being implemented) to correct the trajectory of the program. The Government of Egypt has i) established a transition mechanism to replace the CBE credit line to finance the interest rate subsidies through Ministry of Finance’s on-budget allocations; ii) established working groups with private developers to develop new PPP guidelines; and iii) agreed to take actions aiming at developing affordable rental markets including building institutional capacity on rental within SHMFF and developing rental incentive programs. The World Bank team jointly with the government of Egypt will continue supporting the effective implementation of the Program. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P150993 IBRD-84980 Effective USD 500.00 500.00 0.00 321.74 178.26 64% Key Dates (by loan) 6/28/2019 Page 1 of 15 The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P150993 IBRD-84980 Effective 05-May-2015 10-Jun-2015 11-Nov-2015 30-Jun-2020 30-Apr-2022 Program Action Plan Multi-institutional governance structure established and functioning to facilitate coordination across Government Action Description entities (Advisory Committee) Source DLI# Responsibility Timing Timing Value Status Client Due Date 30-Jun-2015 Completed Completion Measurement Comments Establishment and functioning of a housing monitoring and evaluation system and an M&E unit within SHF, and the Action Description preparation of the Multi-Year Plan and Annual Targets informed by the M&E system Source DLI# Responsibility Timing Timing Value Status DLI 2 Client Recurrent Yearly Completed Completion Measurement Comments Establishment by SHF of a functioning mechanism to monitor occupancy and vacancy of housing units by households Action Description receiving demand–side housing subsidy Source DLI# Responsibility Timing Timing Value Status DLI 3 Client Due Date 30-Jun-2016 Completed Completion Measurement Comments Action Description Full staffing of SHF based on agreed organizational structure and staff skills Source DLI# Responsibility Timing Timing Value Status Client Due Date 31-Jan-2016 Completed 6/28/2019 Page 2 of 15 The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Completion Measurement Comments Action Description Integrate housing location criteria and requirement to collect physical coordinates into housing program guidelines Source DLI# Responsibility Timing Timing Value Status Client Due Date 30-Jun-2017 Completed Completion Measurement Comments Action Description Monitoring and enforcement of location criteria for housing programs Source DLI# Responsibility Timing Timing Value Status Client Due Date 30-Jun-2016 Completed Completion Measurement Comments Action Description The annual audited financial statements of the Program are issued on a timely basis and made public. Source DLI# Responsibility Timing Timing Value Status Client Recurrent Yearly Completed Completion Measurement Comments The SHF needs to establish robust integrated grievance redress mechanism and link it to the local level grievance Action Description redress system. SHF will also need to design and implement an improved mechanism for disseminating information. Source DLI# Responsibility Timing Timing Value Status Both Due Date 30-Jun-2016 Completed Completion Measurement 6/28/2019 Page 3 of 15 The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Comments Provide incentives for energy savings among Program beneficiaries through setting targeted energy consumption Action Description rates and awareness leaflets about the best practices for energy saving. Households achieving the targets are subject to incentives. Source DLI# Responsibility Timing Timing Value Status Both Recurrent Continuous Delayed Completion Measurement Comments Action Description Establishment of unified beneficiary database Source DLI# Responsibility Timing Timing Value Status Client Due Date 30-Jun-2016 Completed Completion Measurement Comments The operational and financial management arrangements for the rental subsidy should be laid out in regulation and Action Description detailed in a Procedures Manual, consistent with GSF’s Manual when applicable. Source DLI# Responsibility Timing Timing Value Status Client Due Date 30-Jun-2016 Delayed Completion Measurement Comments SHF programs should be integrated with the State budget, using the national budget classifications and chart of Action Description accounts. Source DLI# Responsibility Timing Timing Value Status Client Due Date 01-Jan-2016 Completed Completion Measurement 6/28/2019 Page 4 of 15 The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Comments For the new rental subsidy programs, beneficiary enrollment, monitoring, and payment databases should be Action Description integrated in the program’s management information system (MIS) Source DLI# Responsibility Timing Timing Value Status Client Due Date 30-Jun-2016 Delayed Completion Measurement Comments Establishment and operation of an internal audit function within SHF providing assurance service for the ownership Action Description and rental programs affiliated with the SHF. Source DLI# Responsibility Timing Timing Value Status Client Due Date 31-Dec-2016 Completed Completion Measurement Comments The SHF and its sub-programs should be subject to periodic and timely reporting on budget execution, using the Action Description GFMIS or an accounting system that can seamlessly feed information into the GFMIS. The financial reports should be publicly available. Source DLI# Responsibility Timing Timing Value Status Client Due Date 30-Jun-2016 Delayed Completion Measurement Comments Raise beneficiaries’ awareness about waste management through distributing leaflets that explain the importance of Action Description waste management at the household level. Source DLI# Responsibility Timing Timing Value Status Client Recurrent Continuous Delayed Completion Measurement 6/28/2019 Page 5 of 15 The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Comments Ensure that beneficiaries use safe buildings through Including building validity certificate among required application Action Description documents Source DLI# Responsibility Timing Timing Value Status Client Recurrent Continuous Delayed Completion Measurement Comments Guidelines and training provided to SHF staff and other stakeholders about addressing occupational safety related to Action Description construction activities and handling of building chemicals and construction wastes Source DLI# Responsibility Timing Timing Value Status Both Due Date 31-Jan-2016 Delayed Completion Measurement Comments Deliver training and capacity building to the SHF and other relevant stakeholders on issues related to land acquisition, Action Description involuntary resettlement Source DLI# Responsibility Timing Timing Value Status Both Due Date 31-Jan-2016 Delayed Completion Measurement Comments Strengthening the institutional Setup through developing comprehensive ToRs for the social team to be hired, and Action Description hiring social officers Source DLI# Responsibility Timing Timing Value Status Both Due Date 31-Jan-2016 Delayed Completion Measurement Comments 6/28/2019 Page 6 of 15 The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Strengthening the institutional capacity through developing and delivering training packages to the relevant teams, Action Description and sharing best practices and similar successful global experiences Source DLI# Responsibility Timing Timing Value Status Both Due Date 31-Mar-2016 Delayed Completion Measurement Comments Action Description Designing and implementing context sensitive information sharing and disclosure mechanisms Source DLI# Responsibility Timing Timing Value Status Both Due Date 31-Mar-2016 Delayed Completion Measurement Comments Action Description Designing and implementing consultation, communication and reaching out plans Source DLI# Responsibility Timing Timing Value Status Both Due Date 31-Mar-2016 Completed Completion Measurement Comments Action Description Establishing robust integrated grievance redress mechanism and link it to the local level grievance redress system Source DLI# Responsibility Timing Timing Value Status Both Due Date 31-Mar-2016 Completed Completion Measurement Comments 6/28/2019 Page 7 of 15 The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Substantial Substantial Macroeconomic -- Substantial Substantial Sector Strategies and Policies -- Substantial Substantial Technical Design of Project or Program -- Substantial Substantial Institutional Capacity for Implementation and Sustainability -- High High Fiduciary -- Substantial Substantial Environment and Social -- Low Low Stakeholders -- Substantial Substantial Other -- -- -- Overall -- Substantial Substantial Results PDO Indicators by Objectives / Outcomes PDO IN00721072 ►Number of targeted households accessing ownership and rental housing units with support from the Program (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 180,463.00 243,450.00 830,000.00 Date 01-Apr-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721073 female-headed households as a percentage of benefeciaries (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 18.70 19.80 24.00 IN00721074 ►Percentage of Program beneficiaries in bottom 20% of the income distribution (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 40.00 34.20 50.00 Date 01-Apr-2015 28-Sep-2018 31-May-2019 30-Jun-2020 6/28/2019 Page 8 of 15 The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Comments IN00721075 ►Percentage of income spent on housing costs by Program beneficiaries (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 37.50 35.00 30.00 Date 01-Apr-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721096 ►Establishment of a housing M&E system functioning and informing the Multi-Year Plan and Annual Targets (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 01-Apr-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments Intermediate Results Indicators by Results Areas Strengthening Governance and Institutional Set-up of Housing Sector IN00721097 ►Completed executive by-laws, organizational structure, financing model, fiduciary arrangements, operating systems for the SHF (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721102 ►SHF fully staffed as per organizational plan (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721111 ►Internal audit function providing assurance services for the ownership and rental programs affiliated with the SHF established and operating (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes 6/28/2019 Page 9 of 15 The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721114 ►Adequate staffing of social officers as per organizational plan (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721116 ►Number of capacity building and training workshops conducted for the hired social workers at the Central and Governorate level. (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 21.00 27.00 27.00 Date 10-Aug-2015 28-Sep-2018 28-Sep-2018 30-Jun-2020 Comments Enhancing Transparency and Accountability of Social Housing Programs IN00721101 ►Mechanism to monitor occupancy of housing post-subsidy established and functioning as per DLI definition (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721106 ►Percentage of rental housing units occupied by targeted beneficiaries at least 1 year after lease (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 75.00 Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721108 ►Percentage of housing units occupied by low-income residents after at least 1 year (AMP) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 85.00 Date 10-Aug-2015 29-Apr-2018 31-May-2019 30-Jun-2020 6/28/2019 Page 10 of 15 The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Comments IN00721113 ►Establish a unified social programs and beneficiary databases (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721115 ►Establish an accountability and transparency mechanism established and functioning as per DLI definition (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721117 ►Average time required to resolve complaints in AMP (days) (Days, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 60.00 30.00 30.00 20.00 Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721118 ►Percentage of resolved complaints received by SHF and Governorate housing offices (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 92.00 90.00 90.00 Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721119 ►Annual published reports on complaints and how issues were resolved, including resolution rates (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments Improving Access to Affordable Housing IN00721100 6/28/2019 Page 11 of 15 The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) ►Number of households receiving demand side housing subsidies (AMP) for new units (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 180,463.00 241,500.00 725,000.00 Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721105 ►Number of households participating in rental subsidy programs (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,578.00 1,950.00 105,000.00 Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721107 ►Number of previously vacant units occupied 1 year after inclusion into the Program (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 91,514.00 85,057.00 30,000.00 Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments Promoting Well Located Social Housing IN00721099 ►Percent of demand-side subsidies supporting the purchase or rental of housing units within a 60 minute travel time to an employment center (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 50.00 Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721104 ►Percent of demand-side subsidies supporting the purchase or rental of housing units within a 45 minute travel time to an employment center (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 50.00 Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721109 ►Percent of demand-side subsidies supporting the purchase or rental of housing units within a 30 minute travel time to an employment center (Percentage, Custom) 6/28/2019 Page 12 of 15 The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 15.00 Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721112 ►Percentage of land made available for SHF developments that complies with location and service criteria stated in Law (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments Promoting Private Sector Participation in Low-Income Housing IN00721098 ►Number of demand-side subsidies supporting the purchase or rental of housing units developed by the private sector (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,945.00 1,950.00 250,000.00 Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721103 ►PPP guidelines publicly disseminated (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments IN00721110 ►%of demand side subsidy supporting the purchase or rental of housing units developed by private sec (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.50 0.76 43.00 Date 10-Aug-2015 28-Sep-2018 31-May-2019 30-Jun-2020 Comments Disbursement Linked Indicators DLI_IND_TABLE 6/28/2019 Page 13 of 15 The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) ►DLI 1 Establishment and operation of an internal audit function within SHF providing assurance service for the ownership and rental programs affiliated with the SHF (Process, 25.00, 60%) Baseline Actual (Previous) Actual (Current) 2020 Value No Yes Yes Yes Date 01-Apr-2014 28-Sep-2018 31-May-2019 -- Comments ►DLI 2 Establishing a housing M&E system functioning and informing the Multi-Year Plan and Annual Targets (Process, 25.00, 20%) Baseline Actual (Previous) Actual (Current) 2020 Value No Yes Yes Yes Date 01-Apr-2014 28-Sep-2018 31-May-2019 -- Comments ►DLI 3 Establishment and functioning of an accountability and transparency mechanism (Process, 50.00, 40%) Baseline Actual (Previous) Actual (Current) 2020 Value No Yes Yes Yes Date 01-Apr-2014 28-Sep-2018 31-May-2019 -- Comments ►DLI 4 Establishment by SHF of a functioning mechanism to monitor occupancy and vacancy of housing units by households receiving demand–side housing subsidy (Process, 50.00, 40%) Baseline Actual (Previous) Actual (Current) 2020 Value No Yes Yes Yes Date 01-Apr-2014 28-Sep-2018 31-May-2019 -- Comments ►DLI 5 Number of households receiving demand-side homeownership subsidies for new housing units in each Fiscal Year during Program implementation under the AMP (Outcome, 225.00, 6%) Baseline Actual (Previous) Actual (Current) 2020 Value 0.00 180,463.00 241,500.00 725.00 6/28/2019 Page 14 of 15 The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Date 01-Apr-2014 28-Sep-2018 31-May-2019 -- Comments ►DLI 6 Number of new households participating in rental subsidy programs in each Fiscal Year during Program implementation (Outcome, 48.75, 1%) Baseline Actual (Previous) Actual (Current) 2020 Value 0.00 1.40 1.95 102.40 Date 01-Apr-2014 28-Sep-2018 31-May-2019 -- Comments ►DLI 7 Percentage of demand-side subsidies provided supporting the purchase or rental of housing units located within a commute of 60 minutes or less to an employment cente (Outcome, 25.00, 20%) Baseline Actual (Previous) Actual (Current) 2020 Value 0.00 100.00 100.00 50.00 Date 01-Apr-2014 28-Sep-2018 31-May-2019 -- Comments ►DLI 8 Number of demand-side subsidies provided supporting the purchase or rental of housing units developed by private sector entities (Output, 50.00, 1%) Baseline Actual (Previous) Actual (Current) 2020 Value 0.00 1,945.00 1,950.00 250.00 Date 01-Apr-2014 28-Sep-2018 31-May-2019 -- Comments 6/28/2019 Page 15 of 15