The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Sierra Leone Economic Diversification Project (P164212) WESTERN AND CENTRAL AFRICA | Sierra Leone | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2021 | Seq No: 4 | ARCHIVED on 29-Jun-2022 | ISR51556 | Implementing Agencies: Ministry of Finance, Ministry of Tourism & Cultural Affairs, Ministry of Trade and Industry, Republic of Sierra Leone Key Dates Key Project Dates Bank Approval Date: 28-Jul-2020 Effectiveness Date: 10-Nov-2020 Planned Mid Term Review Date: -- Actual Mid-Term Review Date: Original Closing Date: 31-Oct-2025 Revised Closing Date: 31-Oct-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) To increase investment, Small and Medium Enterprise (SME) growth, and entrepreneurship in non-mining productive sectors in the Recipient’s territory. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Improving Business Environment and Capacity Building:(Cost $11.00 M) SMEs and Entrepreneurship:(Cost $25.50 M) Project Management and Evaluation:(Cost $3.50 M) Contingent emergency response Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions An implementation support mission (ISM) was conducted from March 28 – April 1, 2022. The project is under implementation after delays due to COVID-19. However making steady progress and key issues are as follows: Steady progress is being made as follows: Collateral Registry – The Collateral Registry redevelopment was completed, and it is live. It was launched on December 20, 2021. A total 964 assets have been registered in the collateral registry. A communication strategy was developed, and a company has been contracted to conduct public sensitization and awareness campaign on collateral registry for the next 12 months. Component 2: SMEs and Entrepreneurship: Ecosystem Mapping Exercise. This activity seeks to promote entrepreneurship (MSME) through strengthened capacity of entrepreneurship support organizations including universities. This activity has been completed and the tool launched. 6/29/2022 Page 1 of 8 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial Moderate Moderate Macroeconomic High Moderate High Sector Strategies and Policies Substantial Low Low Technical Design of Project or Program Substantial Moderate Moderate Institutional Capacity for Implementation and Substantial Low Low Sustainability Fiduciary Substantial Substantial Substantial Environment and Social Moderate Moderate Moderate Stakeholders Moderate Moderate Moderate Other High Moderate Moderate Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Private sector investment leveraged IN01145003 ►Amount of private sector investment leveraged through project activities, including co-investments in and from SMEs and start-ups supported by the project, and investments in upgraded destinations (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6,000,000.00 Date 30-Jun-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 Amount (cumulative) of private sector investment leveraged through project activities, including co- Comments: investments in and from SMEs and start-ups supported by the project, and investments in upgraded destinations. Average percentage increase in gross sales by firms supported by the project IN01145004 ►Average percentage increase in gross sales by firms supported by the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target 6/29/2022 Page 2 of 8 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Value 0.00 0.00 0.00 15.00 Date 30-Jun-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Average percentage increase in gross sales by firms supported by the project IN01145005 Average percentage increase in gross sales by women-owned/managed firms supported by the project. (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 30-Jun-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 Intermediate Results Indicators by Components Component 1:Business Environment & Capacity Building IN01145091 ►Improvement in the overall business enabling environment, as measured by selected Ease of Doing Business Scores (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 47.50 47.20 47.20 60.00 Date 03-Aug-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 Improvement in the overall business enabling environment, as measured by selected Ease of Doing Comments: Business Scores IN01145094 ►Number of new businesses registered using single window or SME centers implemented by the project (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2,500.00 Date 03-Aug-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Number of new businesses registered using single window or SME centers implemented by the project IN01145099 Number of new business that are women-owned or managed that registered using single window or SME centers implemented by the project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 700.00 Date 30-Jun-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 IN01145100 ►Reduction in Days to Obtain Construction Permit (Days, Custom) 6/29/2022 Page 3 of 8 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Baseline Actual (Previous) Actual (Current) End Target Value 182.00 182.00 182.00 142.00 Date 05-Aug-2019 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Reduction in Days to Obtain Construction Permit IN01145102 ►Number of digitized land title records accessible at the Office of Administrator and Registrar General by the project (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 100,000.00 Date 03-Aug-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Number of digitized land title records accessible at the Office of Administrator and Registrar General IN01145104 ►Number of new loans secured by movables (as registered by the Collateral Registry, cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 412.00 412.00 412.00 2,000.00 Date 03-Aug-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Number of loans secured by movables as registered by the Collateral Registry IN01145106 Number of new loans secured by movables for women owned or managed firms, cumulative (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 45.00 45.00 45.00 500.00 Date 05-Aug-2019 10-Nov-2021 01-Apr-2022 31-Oct-2025 IN01145108 ►Number of reforms implemented as a result of training and/or policy reviews undertaken (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 7.00 Date 05-Aug-2019 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Number of reforms implemented as a result of training and/or policy reviews undertaken Component 2: SMEs and Entrepreneurship IN01145093 ►Number of business owners visiting SME Solutions centers per month (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 6/29/2022 Page 4 of 8 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Value 0.00 0.00 0.00 150.00 Date 06-Aug-2018 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Number of business owners visiting SME Solutions centersper month IN01145096 Number of business owners visiting SME Solution Centers per month who are women (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 60.00 Date 05-Aug-2019 10-Nov-2021 01-Apr-2022 31-Oct-2025 IN01145098 ►Number of destinations upgraded, cumulative (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6.00 Date 28-Jun-2019 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Number of destinations where planned project upgrades are completed IN01145101 ►Number of new jobs created as a direct result of activities undertaken in component 2 of the project (cumulative). (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 450.00 Date 30-Jun-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Number of new jobs created as a direct result of activities undertaken in component 2 of the project. IN01145103 Number of new jobs for women created as a direct result of activities undertaken in component 2 of the project (cumulative). (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 135.00 Date 30-Jun-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 IN01145105 ►Number of international visitors to the country, per year (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 57,000.00 57,000.00 57,000.00 62,590.00 Date 31-Dec-2019 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Number of visitors to the country, per year IN01145107 6/29/2022 Page 5 of 8 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) ►Number of entrepreneurs that achieve first sales, (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 40.00 Date 05-Aug-2019 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Number of entrepreneurs that achieve first sales (of which are women-owned/led) IN01145109 Number of entrepreneurs who are women supported by the project that achieve first sales (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 30-Jun-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 IN01145110 ►Number of new entrepreneurs who participated in hackathons, trainings, pitch nights and other activities organized by entrepreneurship institutions supported by the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 250.00 Date 03-Aug-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 Number (cumulative) of new entrepreneurs who participated in hackathons, trainings, pitch nights and Comments: other activities organized by entrepreneurship institutions supported by the project IN01145111 Number of new women entrepreneurs who participated in hackathons, trainings, pitch nights and other activities organized by entrepreneurship institutions supported by the project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 125.00 Date 03-Aug-2020 10-Nov-2021 01-Apr-2022 30-Oct-2025 IN01145112 ►Percentage of SMEs supported by the project that increased their number of buyers (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 03-Aug-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Percentage of SMEs supported by the project that increased their number of buyers IN01145113 Percentage of SMEs supported by the project that increased their number of buyers which are women-owned or managed firms (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 6/29/2022 Page 6 of 8 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Date 30-Jun-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 IN01145114 ►Number of companies that the project invested in (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 03-Aug-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Number of companies that the project invested Component 3: Project Management and Evaluation IN01145092 ►Number of public private dialogue consultations held for project activities (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 03-Aug-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Number of public private dialogue consultations held for project activities IN01145095 ►Percentage of reported grievances actually addressed within a specified period of time (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 95.00 Date 03-Aug-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Percentage of reported grievances actually addressed within a specified period of time IN01145097 ►Percentage of beneficiaries reporting satisfaction with project activities (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 80.00 Date 03-Aug-2020 10-Nov-2021 01-Apr-2022 31-Oct-2025 Comments: Percentage of beneficiaries reporting satisfaction with project activities Performance-Based Conditions Data on Financial Performance 6/29/2022 Page 7 of 8 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P164212 IDA-D7020 Effective USD 40.00 40.00 0.00 6.43 34.63 16% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P164212 IDA-D7020 Effective 28-Jul-2020 18-Aug-2020 10-Nov-2020 31-Oct-2025 31-Oct-2025 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 6/29/2022 Page 8 of 8