The World Bank Implementation Status & Results Report Georgia National Innovation Ecosystem (GENIE) Project (P152441) Georgia National Innovation Ecosystem (GENIE) Project (P152441) EUROPE AND CENTRAL ASIA | Georgia | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2016 | Seq No: 11 | ARCHIVED on 22-Dec-2021 | ISR49164 | Implementing Agencies: Ministry of Economy and Sustainable Development, Georgia's Innovation and Technology Agency, Ministry of Finance, Shota Rustaveli National Science Foundation Key Dates Key Project Dates Bank Approval Date: 18-Mar-2016 Effectiveness Date: 21-Jul-2016 Planned Mid Term Review Date: 26-Oct-2018 Actual Mid-Term Review Date: 26-Oct-2018 Original Closing Date: 30-Apr-2021 Revised Closing Date: 31-Mar-2023 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The PDO is to increase innovative activities of firms and individuals in the Borrower's territory and their participation in the digital economy. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Innovation Infrastructure:(Cost $1.59 M) Innovation Services:(Cost $5.05 M) Innovation Financing:(Cost $14.69 M) Project Implementation Support:(Cost $2.07 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions Three of the four indicators to measure progress towards achieving the Project Development Objectives have reached more than 90% of their End of Project targets.  130 startups have been financed by project beneficiaries compared to a target of 140.  1,380 households and firms have been provided access to Internet Services through the GENIE project. The target was 1,200. The vouchers program under component 1 has now closed. 12/22/2021 Page 1 of 7 The World Bank Implementation Status & Results Report Georgia National Innovation Ecosystem (GENIE) Project (P152441)  $7,329,882 in private financing was catalyzed through the GENIE program compared to a target of $7 million. This is an outstanding improvement given that the figure stood $1,646,299 in November 2020. This improvement has come in large part through the accelerator program that ran from June 2020 to May 2021. (An accelerator program provides specialized training, coaching, mentoring, technical consulting and capital to start-ups usually with a view to raising growth financing).  A fourth PDO indicator is on track to reach its target by the end of the Project: 47 new/improved products/services have been introduced to existing or new markets by Project beneficiaries, compared to a target of 70. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic Moderate Moderate Moderate Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Substantial Moderate Moderate Institutional Capacity for Implementation and Substantial Moderate Moderate Sustainability Fiduciary Moderate Moderate Moderate Environment and Social Low Low Low Stakeholders Low Low Low Other -- -- -- Overall Substantial Moderate Moderate Results PDO Indicators by Objectives / Outcomes Increase innovative activities of firms IN01067093 ►New/improved products/services introduced to existing or new markets by Project beneficiaries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 35.00 47.00 70.00 Date 31-Dec-2015 12-Aug-2020 15-Nov-2021 31-Mar-2023 Increase innovative activities of individuals 12/22/2021 Page 2 of 7 The World Bank Implementation Status & Results Report Georgia National Innovation Ecosystem (GENIE) Project (P152441) IN01067094 ►Startups financed by project beneficiaries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 124.00 130.00 120.00 Date 31-Dec-2015 01-Jun-2021 15-Nov-2021 31-Mar-2023 Increase firms' and individuals' participation in the digital economy IN01067095 ►Access to Internet Services (number of beneficiaries subscribed) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,380.00 1,380.00 1,200.00 Date 31-Dec-2014 01-Jun-2021 15-Nov-2021 30-Apr-2021 IN01067096 ►Private financing catalyzed through GENIE programs (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 6,841,037.00 7,329,882.00 7,000,000.00 Date 29-Jul-2016 01-Jun-2021 15-Nov-2021 31-Mar-2023 Intermediate Results Indicators by Components Innovation Infrastructure IN01067097 ►RIHs established, equipped, and operational (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3.00 3.00 3.00 Date 01-Jul-2015 04-Jun-2021 15-Nov-2021 30-Apr-2021 The Tbilisi Techpark is now counted as an RIH Comments: IN01067100 ►CICs established, equipped, and operational (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 4.00 4.00 Date 31-Dec-2015 04-Jun-2021 15-Nov-2021 30-Apr-2021 Comments: please note that the previous count (3) was an error 12/22/2021 Page 3 of 7 The World Bank Implementation Status & Results Report Georgia National Innovation Ecosystem (GENIE) Project (P152441) IN01067102 ►Visitors to CICs and RIHs (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 14,489.00 21,939.00 25,000.00 Date 31-Dec-2015 01-Jun-2021 15-Nov-2021 31-Mar-2023 IN01067107 ►Participants in online programs led by RIHs & CICs (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 764.00 1,420.00 1,500.00 Date 29-Jul-2016 01-Jun-2021 15-Nov-2021 31-Mar-2023 IN01067109 ►Female visitors to CICs and RIHs / participants in online programs (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 64.70 58.80 50.00 Date 12-Aug-2020 01-Jun-2021 15-Nov-2021 31-Mar-2023 Innovation Services IN01067098 ►Participants in structured digital skills training programs (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 574.00 574.00 3,000.00 Date 11-Aug-2020 01-Jun-2021 15-Nov-2021 31-Mar-2023 IN01067105 ►Beneficiaries of business coaching or eCommerce training (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,230.00 1,230.00 2,000.00 Date 31-Dec-2015 01-Jun-2021 15-Nov-2021 31-Mar-2023 IN01067108 ►Individuals obtaining international certification through project training programs (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 354.00 369.00 900.00 12/22/2021 Page 4 of 7 The World Bank Implementation Status & Results Report Georgia National Innovation Ecosystem (GENIE) Project (P152441) Date 04-Aug-2020 01-Jun-2021 15-Nov-2021 31-Mar-2023 IN01067110 ►Females receiving structured training, coaching, mentoring or technical assistance (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 27.00 27.00 50.00 Date 01-Jul-2016 01-Jun-2021 15-Nov-2021 31-Mar-2023 Innovation Financing IN01067103 ►Full-time employees hired by start-ups that have received financing, coaching or mentoring (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 516.00 516.00 500.00 Date 29-Jul-2016 01-Jun-2021 15-Nov-2021 31-Mar-2023 IN01067106 ►Revenue of start-ups that have received financing, coaching or mentoring (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 7,889,147.00 10,960,857.00 4,000,000.00 Date 29-Jul-2016 01-Jun-2021 15-Nov-2021 31-Mar-2023 Project Implementation Support IN01067099 ►Direct project beneficiaries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 17,815.00 25,284.00 35,000.00 Date 31-Dec-2015 01-Jun-2021 15-Nov-2021 31-Mar-2023 IN01067101 Female beneficiaries (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 54.70 53.70 50.00 IN01067104 ►Citizen engagement: user feedback collected from project beneficiaries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 8,516.00 15,165.00 15,000.00 12/22/2021 Page 5 of 7 The World Bank Implementation Status & Results Report Georgia National Innovation Ecosystem (GENIE) Project (P152441) Date 01-Jul-2015 01-Jun-2021 15-Nov-2021 31-Mar-2023 Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P152441 IBRD-85950 Effective USD 40.00 23.50 16.50 19.51 3.99 83% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P152441 IBRD-85950 Effective 18-Mar-2016 28-Mar-2016 21-Jul-2016 30-Apr-2021 31-Mar-2023 Cumulative Disbursements 12/22/2021 Page 6 of 7 The World Bank Implementation Status & Results Report Georgia National Innovation Ecosystem (GENIE) Project (P152441) PBC Disbursement Achievement Disbursed amount in Disbursement % PBC ID PBC Type Description Coc PBC Amount Status Coc for PBC Restructuring History Level 2 Approved on 04-Apr-2019 ,Level 2 Approved on 18-Nov-2020 ,Level Approved on 02-Dec-2020 ,Level Approved on 27-May-2021 Related Project(s) There are no related projects. 12/22/2021 Page 7 of 7