Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) Development Finance Project (P146319) AFRICA | Nigeria | Finance & Markets Global Practice | IBRD/IDA | Investment Project Financing | FY 2015 | Seq No: 4 | ARCHIVED on 30-Jun-2016 | ISR24491 | Implementing Agencies: FEDERAL MINISTRY OF FINANCE Key Dates Key Project Dates Bank Approval Date:25-Sep-2014 Effectiveness Date:08-May-2015 Planned Mid Term Review Date:30-Mar-2018 Actual Mid-Term Review Date:-- Original Closing Date:31-Dec-2021 Revised Closing Date:31-Dec-2021 Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to increase the availability and access to finance for micro, small, and medium enterprises through eligible financial intermediaries with the support of a new wholesale development finance institution. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Component 1: Technical Assistance and Capacity Building:(Cost $12.00 M) Component 2: Line of Credit Facility:(Cost $445.00 M) Component 3: Credit Guarantee Facility:(Cost $35.00 M) Component 4: Project Management:(Cost $6.75 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Moderately Satisfactory  Moderately Satisfactory Overall Implementation Progress (IP)  Moderately Satisfactory  Moderately Unsatisfactory Overall Risk Rating  High  High 6/30/2016 Page 1 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) Implementation Status and Key Decisions The Project has been effective as of May 08, 2015 and the authorities are actively working on the operationalization of the Development Bank of Nigeria (DBN). The Federal Ministry of Finance has provided NGN20 billion towards minimum capital requirements of the DBN in line with the regulatory requirements of the Central Bank of Nigeria (CBN), and the money has been transferred in the appropriate account in the CBN. The interim Chief Executive Officer (CEO) and interim Chief Operating Officer (COO) have been duly appointed in agreement with DBN shareholders and business premises have been secured. Work is underway on setting up the DBN offices and and independent search firm has been engaged to ensure competitive recruitement of executive management and independent directors. All required policies for licensing purposes have been drafted. It is expected that the DBN will fulfill all licensing requirements by September 2016. 6/30/2016 Page 2 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) 6/30/2016 Page 3 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  High  High Macroeconomic  --  Substantial  Substantial Sector Strategies and Policies  --  Substantial  Substantial Technical Design of Project or Program  --  Moderate  Moderate Institutional Capacity for Implementation and Sustainability  --  High  High Fiduciary  --  Substantial  Substantial Environment and Social  --  Moderate  Moderate Stakeholders  --  High  High Other  --  --  -- Overall  --  High  High Results Project Development Objective Indicators PHINDPDOTBL  Volume of PFIs' MSME Sub-Loans facilitated by Line of Credit Facility (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 445000000.00 Date -- 15-Dec-2015 28-Jun-2016 31-Dec-2021 PHINDPDOTBL  PFIs' MSME Sub-Loan Portfolio at risk (30 days) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date -- 15-Dec-2015 28-Jun-2016 30-Sep-2020 6/30/2016 Page 4 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) PHINDPDOTBL  Volume of PFIs' MSME Sub-Loan facilitated by CGF (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 651000000.00 Date -- 15-Dec-2015 28-Jun-2016 31-Dec-2021 Overall Comments DBN lending operations have not yet started. Intermediate Results Indicators PHINDIRITBL  Volume of DFI’s Wholesale Loans (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 445000000.00 Date -- 15-Dec-2015 28-Jun-2016 31-Dec-2021 PHINDIRITBL  Volume of Guarantees Issued (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 325000000.00 Date -- 15-Dec-2015 28-Jun-2016 31-Dec-2021 6/30/2016 Page 5 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) PHINDIRITBL  DFI Portfolio at Risk (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 0.00 Date -- 15-Dec-2015 28-Jun-2016 31-Dec-2021 PHINDIRITBL  DFI ROA (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date -- 15-Dec-2015 28-Jun-2016 31-Dec-2021 PHINDIRITBL  Number of PFIs reporting to women sub-borrowers (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6.00 Date -- 15-Dec-2015 28-Jun-2016 31-Dec-2021 Overall Comments DBN lending operations have not yet started. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P146319 IBRD-84410 Effective USD 500.00 500.00 0.00 3.63 496.37 1% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date 6/30/2016 Page 6 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Development Finance Project (P146319) P146319 IBRD-84410 Effective 25-Sep-2014 25-Feb-2015 08-May-2015 31-Dec-2021 31-Dec-2021 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 6/30/2016 Page 7 of 7 Public Disclosure Copy