Public Disclosure Copy The World Bank Implementation Status & Results Report Caribbean Investment Facilitation Project (P157484) Caribbean Investment Facilitation Project (P157484) LATIN AMERICA AND CARIBBEAN | Caribbean | Finance, Competitiveness and Innovation Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2016 | Seq No: 2 | ARCHIVED on 29-Jan-2018 | ISR31188 | Implementing Agencies: Caribbean Export Development Agency, Caribbean Export Development Agency Key Dates Key Project Dates Bank Approval Date:18-Apr-2016 Effectiveness Date:12-May-2016 Original Closing Date:30-Nov-2017 Revised Closing Date:30-Nov-2018 Project Development Objectives Project Development Objective (from Project Appraisal Document) 14. The project development objective is to pilot and test an investment facilitation model to enable promising early-stage enterprises to raise capital from private investors, particularly business angel investors. This will be achieved by the provision of investment facilitation grants and support activities to facilitate investments. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name 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 The Caribbean Investment Facilitation Project (CIFP) is a recipient executed project implemented by the Caribbean Export Development Agency (CE) to enable high potential Caribbean start-ups and early-stage enterprises to raise capital from private investors, particularly business angel investors. Since project effectiveness and in FY17, CE has made satisfactory progress in the implementation of the project and towards the project development objectives. Key highlights are as follows: 1/29/2018 Page 1 of 5 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Caribbean Investment Facilitation Project (P157484) 1. The CIFP was launched in September 2016 in Barbados, with participation from the Government of Canada which is the donor for the project. 2. Under Component 1, 16 investment facilitation grants were disbursed while another 3 were approved pending disbursement. 3. Under Component 2, several investment facilitation support activities were carried out since the official launch of the project.CIFP has focused on growing the emerging community of business angels in the Caribbean. It has supported the development of two new angel groups in Trinidad and Tobago, while engaging the existing three angel groups in Jamaica and Barbados respectively. Additional angel outreach has been undertaken in Suriname, Belize and OECS countries. CIFP has also launched a Regional Angel Network (RAIN) to bring the various angel groups in the region under one umbrella. RAIN has launched an online lending platform to share deal flow with angel investors. In addition, CIFP organized the Caribbean's first regional angel investors Forum in May 2017 in partnership with the Wrold Bank. The Forum was attended by leading angels from within and outside the region, as well as lead entrepreneurs and business enablers supported under the EPIC program as well as CIFP. The Forum received high praise from participants and played an important role to strengthen the young angel investors community. Risks Overall Risk Rating Risk Category Rating at Approval Previous Rating Current Rating Overall  --  Moderate  Moderate Results Project Development Objective Indicators PHINDPDOTBL Number of CIFP supported enterprises that receive private investment (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3.00 5.00 10.00 Date 30-Apr-2016 30-Jun-2017 30-Nov-2017 30-Nov-2018 PHINDPDOTBL Total capital mobilized from private investors into CIFP supported enterprises (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 430,000.00 687,300.00 1,000,000.00 Date 29-Apr-2016 30-Jun-2017 30-Nov-2017 30-Nov-2018 1/29/2018 Page 2 of 5 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Caribbean Investment Facilitation Project (P157484) PHINDPDOTBL Number of investors participating in CIFP (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 50.00 60.00 60.00 Date 30-Apr-2016 30-Jun-2017 30-Jun-2017 30-Nov-2018 Overall Comments Intermediate Results Indicators PHINDIRITBL Number of enterprises receiving Investment Facilitation Grants (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 6.00 16.00 20.00 Date 30-Apr-2016 30-Jun-2017 30-Nov-2017 30-Nov-2018 PHINDIRITBL % of women led enterprises receiving Investment Facilitation Grants (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 16.00 16.00 20.00 Date 30-Apr-2016 30-Jun-2017 30-Jun-2017 30-Nov-2018 1/29/2018 Page 3 of 5 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Caribbean Investment Facilitation Project (P157484) PHINDIRITBL Total amount of Investment Facilitation grant funding to enterprises (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 150,000.00 580,900.00 1,000,000.00 Date 30-Apr-2016 30-Jun-2017 30-Nov-2017 30-Nov-2018 PHINDIRITBL Number of enterprises linked to investors (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 20.00 35.00 60.00 Date 30-Apr-2016 30-Jun-2017 30-Nov-2017 30-Nov-2018 PHINDIRITBL Number of enterprises receiving Investor Engagement Training (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 150.00 Date 30-Apr-2016 30-Jun-2017 30-Nov-2017 30-Nov-2018 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P157484 TF-A2555 Effective USD 1.60 1.60 0.00 1.26 0.34 79% Key Dates (by loan) 1/29/2018 Page 4 of 5 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Caribbean Investment Facilitation Project (P157484) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P157484 TF-A2555 Effective 18-Apr-2016 12-May-2016 12-May-2016 30-Nov-2017 30-Nov-2018 Cumulative Disbursements Restructuring History Level 2 Approved on 30-Nov-2017 Related Project(s) There are no related projects. 1/29/2018 Page 5 of 5 Public Disclosure Copy