The World Bank Report No: ISR8926 Implementation Status & Results Cote d'Ivoire Cote d'Ivoire - SME Revitalization and Governance Project (P115398) Public Disclosure Copy Operation Name: Cote d'Ivoire - SME Revitalization and Governance Project Project Stage: Implementation Seq.No: 5 Status: ARCHIVED Archive Date: 29-Dec-2012 (P115398) Country: Cote d'Ivoire Approval FY: 2010 Product Line: IBRD/IDA Region: AFRICA Lending Instrument: Specific Investment Loan Implementing Agency(ies): Key Dates Board Approval Date 20-Oct-2009 Original Closing Date 31-Jan-2014 Planned Mid Term Review Date 10-Sep-2012 Last Archived ISR Date 10-Jul-2012 Effectiveness Date 20-May-2010 Revised Closing Date 31-Jan-2014 Actual Mid Term Review Date 23-Oct-2012 Project Development Objectives Project Development Objective (from Project Appraisal Document) The objective of the project is to help improve the performance of the SME sector in Cote d'Ivoire and the investment climate that affects it. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Component 1: Direct Support to SMEs 7.50 Component 2: Investment Climate and Governance Reform 5.50 Component 3: Institutional Support and Project Implementation 2.00 Overall Ratings Previous Rating Current Rating Public Disclosure Copy Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Implementation Status Overview The SME Revitalization and Governance project became effective in May 2010, but its implementation virtually came to a halt between December-June 2011, as a result of the post- electoral conflict in Cote d'Ivoire. After resumption of project activities in June 2011, overall implementation of the project remained limited for several months (it was only as of September 2011 that all the components were mobilized and disbursement conditions met.) Given the slow mobilization, the PARE-PME was rated by the WB as MU and as a problem project in the region's portfolio---thereby requiring close supervision and proactive measures. On this basis, a detailed action plan was agreed with the authorities in September 2011 (and updated in subsequent missions in February and June 2012) to serve as a roadmap for the PIU and stakeholders to help realize targeted activities and make Page 1 of 4 The World Bank Report No: ISR8926 progress toward the project's development objective. This ISR traces project implementation status between June and November 2012. Project activities have picked up significantly since June 2012, and the project is gaining visibility and traction. Public Disclosure Copy The project has sustained notable progress across components: 1) The Commercial Court of Abidjan formally opened in October 2012, with the rentrée judiciaire, and took initial decisions. 2) The MCF-PME (mutuelle de credit) started operations since August 2012, following its capitalization and started awarding credits. 3) The One-stop shop (CFE) has been integrated within CEPICI, and is fully equipped. An official inauguration will be scheduled in December. 4) The Unité de Lutte Contre le Racket launched a start-up call center and intensified its communication, capacity building, and investigative functions. These achievements translated into an increase in the disbursement rate that more than doubled from 22% in June to 46% percent in November 2012. Building on this trend, disbursements are expected to reach 60% by end January 2013 and 70% by end-June 2013. Project governance arrangements have significantly improved. The steering committee is now more representative (with the formal entry of CEPICI, the Presidency, the Ministry of SME) and dynamic, and has held regular meetings and strategic reviews. The PIU staff has been strengthened (including with regard to the M/E function) and a full time "chef de projet" has been recruited. Communication between project stakeholders has also improved. The recent supervision mission agreed to process a level II restructuring to formalize the changes to the project steering committee and beneficiairies, the modification to the M/E framework, and reallocation of proceedings that have not been engaged so far by the matching grant (FCFA 240m). A request letter will be submitted by the Government during December 2012 and the restructuring will be finalized by February 2013. A detailed action plan has been updated and annexed to the mission AM to serve as a roadmap to accelerate project implementation and strengthen the project's governance. The team will continue to closely supervise the operation to follow up on the implementation of the action plan. Locations Country First Administrative Division Location Planned Actual Cote d'Ivoire Region des Lagunes Abidjan Results Project Development Objective Indicators Indicator Name Core Unit of Measure Baseline Current End Target P1. Number of New SME Registered - P2. Days Value 0.00 Public Disclosure Copy Number of New Jobs Generated Date 31-Jan-2010 31-Jan-2014 Comments Intermediate Results Indicators Page 2 of 4 The World Bank Report No: ISR8926 Indicator Name Core Unit of Measure Baseline Current End Target A1.1 Average percentage change in MFC/PME Percentage Value lending to SME members Date 31-Jan-2014 Public Disclosure Copy Comments Project Report MFC/PME Financial Statement Data on Financial Performance (as of 13-Dec-2012) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P115398 IDA-H5280 Effective 20-Oct-2009 26-Nov-2009 20-May-2010 31-Jan-2014 31-Jan-2014 Disbursements (in Millions) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P115398 IDA-H5280 Effective XDR 9.60 9.60 0.00 4.61 4.99 48.00 Disbursement Graph Public Disclosure Copy Key Decisions Regarding Implementation Project activities have picked up since June 2012. Much awaited institutions such as the Commercial Court, the MCF, and the One-stop shop are operationalized. Page 3 of 4 The World Bank Report No: ISR8926 Restructuring History Level two Approved on 08-Nov-2011 Public Disclosure Copy Related Projects There are no related projects. Public Disclosure Copy Page 4 of 4