The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) Catalyzing Entrepreneurship for Job Creation (P162835) MIDDLE EAST AND NORTH AFRICA | Egypt, Arab Republic of | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2019 | Seq No: 5 | ARCHIVED on 22-Nov-2021 | ISR48589 | Implementing Agencies: Arab Republic of Egypt, Micro, Small, Medium Enterprise Development Agency - MSMEDA Key Dates Key Project Dates Bank Approval Date: 17-Apr-2019 Effectiveness Date: 15-Jan-2020 Planned Mid Term Review Date: -- Actual Mid-Term Review Date: Original Closing Date: 30-Jun-2025 Revised Closing Date: 30-Jun-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to foster job creation and improve other economic opportunities for targeted beneficiaries Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name I - Financial Support to MSMEs:(Cost $146.00 M) II - Risk Capital for Innovative Startups and High Growth SMEs:(Cost $50.00 M) III - Business and Capacity Development:(Cost $3.50 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 Moderate Implementation Status and Key Decisions Implementation support continues to be provided remotely due to the pandemic and associated restrictions/closures and mission suspensions. Despite these challenges, the project is disbursing well and has reached a disbursement rate of 64%. The current disbursement of $127.52 million exceeds the forecast of $76 million by end-FY21 and $121 million by end-FY22 per the PAD. Yearly target indicators are also on track. Component 1: Financial Support to MSMEs has been progressing very well, despite the COVID-19 pandemic. Component 2: Risk Capital for Innovative Start-ups and High-growth SMEs. Over the past 6 months, MSMEDA has further developed the Fund of Fund program (under Component 2), with full mobilization and functioning of Investment Committee (IC) and proactive cultivation of fund managers/RCIs who may apply for MSMEDA investment as per the program parameters. The Bank task-team commends the MSMEDA IVCD team on the progress and momentum over the past 6 months, and will continue to monitor progress and provide implementation support as needed to achieve the targets for the current FY. 11/22/2021 Page 1 of 6 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) Component 3: Business and Capacity Development. PMU's capacities improved in that space over the past months, due to the support of the task team (hosting a number of physical and virtual workshops), and the task team continues to provide the support needed to conduct an Annual Work Plan and Budget, as well as a realistic procurement plan. Under Component 3, MSMEDA has activated the capacity building of its staff, bringing in technical investment and legal advisors/experts to support Component 2 implementation, with plans for further staff training in FY22. Additionally – in partnership with the German Development Agency GIZ – it has developed and activated a training/capacity building program for first-time fund managers; a 5-day training workshop for first-time fund managers was conducted in July 2021 and MSMEDA expects to provide further training/support to these fund managers over the remainder of FY22. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic High Substantial Substantial Sector Strategies and Policies High Moderate Moderate Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Substantial Substantial Substantial Sustainability Fiduciary Moderate Moderate Moderate Environment and Social Moderate Moderate Moderate Stakeholders Moderate Moderate Moderate Other -- -- -- Overall High Moderate Moderate Results PDO Indicators by Objectives / Outcomes Catalyzing Entrepreneurship IN01049514 ►Number of entrepreneurs receiving financing through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 12,881.00 46,483.00 85,200.00 Date 30-Jun-2019 04-May-2021 16-Nov-2021 30-Jun-2025 This indicator measures the total number of beneficiaries receiving debt and equity financing through the Comments: project. 11/22/2021 Page 2 of 6 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) IN01049521 Of which total women (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 22.00 33.00 30.00 IN01049523 Of which women aged over 35 (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 14.00 19.00 10.00 IN01049524 Of which youth (aged 21-35) (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 40.00 41.00 30.00 IN01049525 Of which receive equity financing (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 190.00 Date 28-Jun-2019 04-May-2021 16-Nov-2021 30-Jun-2025 IN01049526 Of which: receive debt financing (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 12,881.00 46,483.00 85,010.00 Date 28-Jun-2019 04-May-2021 16-Nov-2021 30-Jun-2025 Creating Jobs IN01049515 ►Number of jobs created through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 33,808.00 90,448.00 100,000.00 Date 28-Jun-2019 04-May-2021 16-Nov-2021 30-Jun-2025 This number represents the number of jobs for micro enterprises at loan disbursement time. The Number of jobs for medium and small enterprises are calculated for actual formal insured jobs. The jobs before loan are considered as the baseline. Semi-annually the number of jobs after loans are calculated and the Comments: difference between the number of jobs after the loans compared to the baseline are the actual generated jobs. IN01049522 Of which women (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target 11/22/2021 Page 3 of 6 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) Value 0.00 28.00 31.00 30.00 Intermediate Results Indicators by Components Component I, II and III IN01049527 ►Risk capital intermediaries receiving equity financing (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 1.00 10.00 Date 30-Jun-2019 04-May-2021 16-Nov-2021 30-Jun-2025 This indicator measures the total number of financial intermediaries that receive financing through the Comments: project (funds that receive follow-on financing through the project should only be counted once)) IN01049528 of which: seed/acceleration stage (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 1.00 4.00 Date 30-Jun-2019 04-May-2021 16-Nov-2021 30-Jun-2025 IN01049529 of which: SME/Venture capital stage (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6.00 Date 30-Jun-2019 04-May-2021 16-Nov-2021 30-Jun-2025 IN01049530 ►Financial intermediaries receiving debt financing through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 20.00 40.00 30.00 Date 30-Jun-2019 04-May-2021 16-Nov-2021 30-Jun-2025 Total number of Financial Intermediaries that receive debt financing through the Project for on-lending to Comments: microenterprises and SMEs. IN01049531 ►Volume of risk capital mobilized by private sector entities for innovative startups and high-growth SMES (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 89,000,000.00 Date 28-Jun-2019 04-May-2021 16-Nov-2021 30-Jun-2025 11/22/2021 Page 4 of 6 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) The indicator tracks the amount of direct financing (in the form of equity) mobilized by private entities, Comments: using private funding, to finance investments within an IBRD/IDA operation or investments IN01049532 ►Percent of Beneficiaries satisfied with project interventions (Citizen Engagement Indicator) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 70.00 Date 28-Jun-2019 04-May-2021 16-Nov-2021 27-Jun-2025 The percentage of entrepreneurs that are satisfied with the financial services provided through the project. Comments: This is to be outsourced. Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P162835 IBRD-89510 Effective USD 200.00 200.00 0.00 127.52 72.48 64% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P162835 IBRD-89510 Effective 17-Apr-2019 05-May-2019 15-Jan-2020 30-Jun-2025 30-Jun-2025 Cumulative Disbursements 11/22/2021 Page 5 of 6 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) PBC Disbursement Achievement Disbursed amount in Disbursement % PBC ID PBC Type Description Coc PBC Amount Status Coc for PBC Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 11/22/2021 Page 6 of 6