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: 6 | ARCHIVED on 19-Aug-2015 | ISR20158 | Implementing Agencies: Key Dates Key Project Dates Board 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 and the first disbursement took place in June 28, 2013. As of December 19, 2014, the project has disbursed 99.4 percent of the total loan amount (USD 50 million) for materialized losses and expected losses (advance). The team requested the PIU to submit a SOE 8/19/2015 Page 1 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) for materialized losses - which constitute the final eligible project expenditure - for the period covering December 31, 2014: The PIU will need to continue submitting SOEs for materialized losses - which constitute the final eligible project expenditure - throughout the duration of the project, which will be monitored by the team. The overall risk rating remains 'moderate', reflecting satisfactory project progress. Risks Systematic Operations Risk-rating Tool 8/19/2015 Page 2 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) 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 4.00 4.00 10.00 Date 01-Aug-2012 19-Dec-2014 19-Dec-2014 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 8.00 8.00 20.00 Date 01-Aug-2012 19-Dec-2014 19-Dec-2014 31-Jan-2018 Overall Comments Intermediate Results Indicators 8/19/2015 Page 3 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) PHINDIRITBL  Increase in nr of MSME accounts covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 505.00 170.00 170.00 10.00 Date 01-Aug-2012 19-Dec-2014 19-Dec-2014 31-Jan-2018 PHINDIRITBL  Increase in volume of MSME portfolio covered by guarantees ($ million) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 93.00 213.00 213.00 20.00 Date 01-Aug-2012 19-Dec-2014 19-Dec-2014 31-Jan-2018 PHINDIRITBL  Increase in nr of loans for SME start-ups covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 55.00 -- -- -- Date 01-Aug-2012 19-Dec-2014 19-Dec-2014 -- PHINDIRITBL  Increase in volume of loans for SME start-ups covered by guarantees (MAD million) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 22.00 37.00 37.00 -- Date 01-Aug-2012 19-Dec-2014 19-Dec-2014 -- 8/19/2015 Page 4 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) PHINDIRITBL  Increase in nr of investment loans for existing SMEs covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 172.00 119.00 119.00 -- Date 01-Aug-2012 19-Dec-2014 19-Dec-2014 -- PHINDIRITBL  Increase in volume of investment loans for existing SMEs covered by guarantees (MAD million) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 71.00 267.00 267.00 -- Date 01-Aug-2012 19-Dec-2014 19-Dec-2014 -- PHINDIRITBL  Increase in nr of loans for very small enterprises covered by guarantees (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 278.00 237.00 237.00 -- Date 01-Aug-2012 19-Dec-2014 19-Dec-2014 -- PHINDIRITBL  Increase in volume of loans for very small enterprises covered by guarantees (MAD million) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 10.00 226.00 226.00 -- Date 01-Aug-2012 19-Dec-2014 19-Dec-2014 -- Overall Comments Data on Financial Performance 8/19/2015 Page 5 of 7 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. 8/19/2015 Page 6 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report MA MSME Development Project (P129326) 8/19/2015 Page 7 of 7 Public Disclosure Copy