The World Bank                                                                                                                                            Report No: ISR15528


                                                                                                Implementation Status & Results
                                                                                                           Morocco
                                                                                  MA Capital Market Development & SME Finance DPL (P147257)
Public Disclosure Copy




                         Project Name:    MA Capital Market Development & SME Finance DPL                Program Stage: Implementation            Seq.No: 1    Status: ARCHIVED      Archive Date:   01-Jul-2014
                                          (P147257)
                                                                            Country: Morocco                                       Approval FY:        2014
                         Product Line: IBRD/IDA                             Region: MIDDLE EAST AND NORTH AFRICA                   Lending Instrument: Development Policy Lending
                         Implementing Agency(ies): Ministry of Economy and Finance

                         Key Dates
                         Board Approval Date      29-Apr-2014        Original Closing Date 31-Dec-2014             Planned Mid Term Review Date                         Last Archived ISR Date
                         Effectiveness Date                          Revised Closing Date 31-Dec-2014              Actual Mid Term Review Date

                         Program Development Objectives
                         Program Development Objective (from Program Document)

                         �         A. Deepening capital markets by broadening the range of instruments and investors
                         �         B. Reforming pension system to ensure continued institutional demand for capital market securities
                         �         C. Fostering solutions for the financing of small and young enterprises
                         �         D. Consolidating oversight to balance greater access with continued financial stability
                         Has the Program Development Objective been changed since Board Approval of the Program?

                             Yes          No


                         Overall Ratings
                                                                Previous Rating                      Current Rating
                         Progress towards achievement of PDO                                         Satisfactory
                         Overall Implementation Progress (IP)                                        Satisfactory

                         Implementation Status Overview
Public Disclosure Copy




                         All 9 Prior Actions have been met. The First Capital Market Development and Small and Medium-Sized Enterprise Finance Development Policy Loan (DPL) is the first in a series of
                         two Programmatic series and is a single tranche operation (Euro 217.6 million). The DPL was approved by the World Bank Group's Board of Directors on April 29, 2014. Signing of
                         the Loan Agreement between the Government of Morocco and IBRD took place on May 27, 2014.


                         Results
                         Results Indicators




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                               The World Bank                                                                                                                                                 Report No: ISR15528



                         Indicator Name                                   Core Unit of Measure                        Baseline                            Current                             End Target
                         N/A                                                     Date                  Value
                                                                                                       Date
Public Disclosure Copy




                                                                                                       Comments


                         Data on Financial Performance (as of 30-Apr-2014)
                         Financial Agreement(s) Key Dates
                         Project               Ln/Cr/Tf                 Status              Approval Date                 Signing Date             Effectiveness Date        Original Closing Date     Revised Closing Date
                         P147257               IBRD-83630               Not Effective       29-Apr-2014                                                                      31-Dec-2014               31-Dec-2014

                         Disbursements (in Millions)
                         Project               Ln/Cr/Tf                 Status              Currency           Original            Revised             Cancelled           Disbursed           Undisbursed      % Disbursed
                         P147257               IBRD-83630               Not Effective       USD                           300.00              300.00                0.00               0.00            300.00          0.00

                         Tranches
                         Tranche 1
                         Description
                         Single Tranche

                         Amount (USD)           Expected Release Date      Actual Release Date                                       Status
                                           300 15-Aug-2014                                                                               Pending                    Released


                         Key Decisions Regarding Implementation
                         The loan is expected to be made effective in the next few weeks.

                         Restructuring History
                         There has been no restructuring to date.
Public Disclosure Copy




                         Related Operations
                         There are no related projects.




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