The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) SOUTH ASIA | Bangladesh | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 10 | ARCHIVED on 29-Jul-2022 | ISR52048 | Implementing Agencies: Bangladesh Bank, Ministry of Finance Key Dates Key Project Dates Bank Approval Date: 05-Apr-2017 Effectiveness Date: 22-Jan-2018 Planned Mid Term Review Date: 19-Oct-2020 Actual Mid-Term Review Date: 20-Dec-2020 Original Closing Date: 30-Jun-2022 Revised Closing Date: 30-Apr-2024 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The PDO is to increase long-term financing for infrastructure and to build capacity of the local financial institutions for promoting private sector-led infrastructure financing in Bangladesh. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Long-Term Infrastructure Financing Component:(Cost $403.70 M) Technical Assistance Component:(Cost $13.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Moderate Substantial Implementation Status and Key Decisions In the backdrop of initial implementation lag, COVID-induced slow down at field level construction works, and protracted Environmental and Social Risk Management (ESRM) review cycle given the weak country capacity, the World Bank management extended the closing date of Bangladesh Investment Promotion and Financing Facility II (IPFF II) Project from June 30, 2022 to April 30, 2024 at the request of the government. It may be mentioned that IPFF II project has developed a robust pipeline of sub-projects in diverse sectors including renewable energy, port, industrial park, telecommunication, waste management, information and communication technology (ICT). The project has so far financed six sub-projects in diverse sectors with disbursement of USD184 million, which is around 51 percent of the total project allocation of USD356 million. The existing pipeline is set to absorb the entire remaining project allocation amount of USD 173 million and the construction works are expected to be completed before the new closing date of April 30, 2024. 7/29/2022 Page 1 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial Substantial Substantial Macroeconomic Moderate Substantial High Sector Strategies and Policies Low Low Moderate Technical Design of Project or Program Moderate Moderate Moderate Institutional Capacity for Implementation and Moderate Moderate Moderate Sustainability Fiduciary Moderate Moderate Moderate Environment and Social Substantial High High Stakeholders Moderate Moderate Moderate Other Low Low Moderate Overall Moderate Moderate Substantial Results PDO Indicators by Objectives / Outcomes Increasing long-term financing for infrastructure & building capacity of the local fin. institutions IN01158641 ►Equity investments from private sector entrepreneurs under IPFF II (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 45,000,000.00 55,000,000.00 95,000,000.00 Date 30-Jun-2017 15-Dec-2021 30-Jun-2022 30-Apr-2024 Given the pipeline sub-projects now under application review process, total private sector Equity Comments: investments is on track for surpassing US$ 100 million. IN01158642 ►Long term debt financing for infrastructure under IPFF II (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 120,000,000.00 170,000,000.00 406,700,000.00 Date 30-Jun-2017 15-Dec-2021 30-Jun-2022 30-Apr-2024 7/29/2022 Page 2 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) Considering the scheduled disbursement of long-term debt financing pending completion and clearance of Comments: the Environmental and Social Impact Assessment (ESIA) the end target is very much achievable. IN01158643 ►Total investments in infrastructure under IPFF II (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 250,000,000.00 308,000,000.00 610,000,000.00 Date 30-Jun-2017 15-Dec-2021 30-Jun-2022 30-Apr-2024 This indicator combines all debt and equity financing mobilized and crowded in from all private and public sector sources through the IPFF II Project platform. Given the pipeline sub-projects accounting for total Comments: investments over US$1.0 billion, it is expected that the total investments mobilized by IPFF II will be over US$700 million by the project closing date. IN01158644 ►Private Capital Mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 90,000,000.00 125,000,000.00 260,000,000.00 Date 30-Jun-2017 15-Dec-2021 30-Jun-2022 30-Apr-2024 Intermediate Results Indicators by Components Long-Term Infrastructure Financing Component IN01158645 ►Financing volumes through innovative financial instruments deployed for financing of infrastructure (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30,000,000.00 Date 30-Jun-2017 15-Dec-2021 30-Jun-2022 30-Apr-2024 IN01158647 ►At least 20 domestic financial institutions use IPFF II credit line (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 18.00 20.00 20.00 Date 30-Jun-2017 15-Dec-2021 30-Jun-2022 30-Apr-2024 IN01158649 ►Female beneficiaries from IPFF II (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 105.00 125.00 200.00 7/29/2022 Page 3 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) Date 30-Jun-2017 15-Dec-2021 30-Jun-2022 30-Apr-2024 IN01158651 ►Affected citizens' satisfaction with infrastructure subprojects (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 65.00 65.00 75.00 Date 30-Jun-2017 15-Dec-2021 30-Jun-2022 30-Apr-2024 The formal satisfaction survey has been delayed due to COVID-19 pandemic. Results of feedback through alternative a survey is currently being designed and its results will be reflected in the following Comments: ISR. IN01158652 ►PFIs maintain eligibility criteria (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 30-Jun-2017 15-Dec-2021 30-Jun-2022 30-Apr-2024 Technical Assistance Component IN01158646 ►The capacity of financial institutions participating in IPFF II to undertake financial analysis of infrastructure projects is strengthened - number of staff trained (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 80.00 90.00 200.00 Date 30-Jun-2017 30-Sep-2021 30-Jun-2022 30-Apr-2024 IN01158648 ►Environmental assessments are undertaken for all infrastructure projects financed under the facility in coordination with the DoE (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 30-Jun-2017 30-Sep-2021 30-Jun-2022 30-Apr-2024 IN01158650 ►E&S capacity developed; staff trained (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 70.00 92.00 200.00 Date 30-Jun-2017 30-Sep-2021 30-Jun-2022 30-Apr-2024 Performance-Based Conditions 7/29/2022 Page 4 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P159429 IDA-60040 Effective USD 100.00 100.00 0.00 50.68 52.62 49% P159429 IDA-60050 Effective USD 256.70 256.70 0.00 133.10 125.96 51% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P159429 IDA-60040 Effective 05-Apr-2017 05-Nov-2017 22-Jan-2018 30-Jun-2022 30-Apr-2024 P159429 IDA-60050 Effective 05-Apr-2017 05-Nov-2017 22-Jan-2018 30-Jun-2022 30-Apr-2024 Cumulative Disbursements 7/29/2022 Page 5 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) Restructuring History Level 2 Approved on 08-Jun-2022 Related Project(s) There are no related projects. 7/29/2022 Page 6 of 6