The World Bank Malawi Agricultural Commercialization Project (P158434) REPORT NO.: RES38193 RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF THE MALAWI AGRICULTURAL COMMERCIALIZATION PROJECT APPROVED ON MAY 23, 2017 TO THE REPUBLIC OF MALAWI Agriculture and Food Global Practice Eastern and Southern Africa Region Regional Vice President: Hafez M. H. Ghanem Country Director: Mara K. Warwick Regional Director: Mark R. Lundell Practice Manager/Manager: Holger A. Kray Task Team Leaders: Francisco Javier Obreque Arqueros, Efrem Zephnath Chilima, Meeta Sehgal The World Bank Malawi Agricultural Commercialization Project (P158434) ABBREVIATIONS AND ACRONYMS AGCOM Agricultural Commercialization Project ACE Agriculture Commodity Exchange AHCLX Auction Holdings Limited Commodity Exchange CERC Contingency Emergency Response Component COVID-19 Corona Virus Disease 2019 EIA Environmental Impact Assessment ESMF Environmental and social Management Framework FI Financial Institutions ha hectare HH Households km kilometer LMI Last Mile Infrastructure MBRS Malawi Business Registration System MoT Ministry of Trade MT Metric ton MTR Mid-Term Review PAs Productive Alliances PCGF Partial Credit Guarantee Fund PDO Project Development Objective PIU Project Implementation Unit POs Producer Organizations RF Results Framework SPS Sanitary and Phytosanitary Standards WRS Warehouse Receipt System XDR Special Drawing Rights The World Bank Malawi Agricultural Commercialization Project (P158434) BASIC DATA Product Information Project ID Financing Instrument P158434 Investment Project Financing Original EA Category Current EA Category Partial Assessment (B) Partial Assessment (B) Approval Date Current Closing Date 23-May-2017 31-May-2023 Organizations Borrower Responsible Agency Ministry of Agriculture, Irrigation and Water Republic of Malawi Development,Ministry of Finance, Economic Planning and Development,Ministry of Trade Project Development Objective (PDO) Original PDO The Project Development Objective is to increase commercialization of agriculture value chain products selected under the project. OPS_TABLE_PDO_CURRENTPDO Summary Status of Financing (US$, Millions) Net Ln/Cr/Tf Approval Signing Effectiveness Closing Commitment Disbursed Undisbursed IDA-60480 23-May-2017 02-Feb-2018 30-May-2018 31-May-2023 95.00 31.61 67.99 Policy Waiver(s) Does this restructuring trigger the need for any policy waiver(s)? No The World Bank Malawi Agricultural Commercialization Project (P158434) I. PROJECT STATUS AND RATIONALE FOR RESTRUCTURING 1. This Restructuring Paper seeks the Regional Vice-President’s approval for a Level 2 restructuring of the Malawi Agricultural Commercialization (AGCOM) Project. The proposed changes cover the Project Development Objective (PDO), results framework, budget reallocation and the categories of disbursement. These changes follow the activation of the Contingency Emergency Response Component (CERC) in August 2019 and reflect the recommendations of the Mid-Term Review (MTR) mission carried out in September 2020. The post-CERC restructuring could not be carried out immediately after the activation of the CERC1 and the proposed changes are to have retroactive effect and finance the expenditures incurred as of the CERC’s activation date. 2. The restructuring addresses the following five areas: (a) incorporating a CERC-related outcome in the PDO statement; (b) strengthening the results framework; (c) adjusting components and cost; (d) reallocating between disbursement categories and creating a disbursement category for CERC expenditures; and (e) updating disbursement estimates. 3. The Project is on track to start delivering the expected results on the ground. AGCOM was flagged as a problem project in July 2019 when the Implementation Progress rating was downgraded to Moderately Unsatisfactory because of slow implementation of Component 1 (Building Productive Alliances, PA). The September 2020 MTR mission concluded that the Project was starting to demonstrate results, after laying the foundations for success during the first half of Project implementation: all necessary coordination bodies are in place, a competent Project Implementation Unit (PIU) is managing the Project, all critical manuals are approved and being followed, all relevant stakeholders are trained, the private sector is actively engaging in the Project, and the pipeline of investments is well-advanced. During the MTR, the Task Team and the Government agreed on key actions that would allow the upgrade of the implementation rating. All actions are on track as follows: (a) the Project has contracted the Partial Credit Guarantee (PCG) Agent and the PCG Fund will be available for producer organizations in March 2021; (b) 30 PA subprojects are under implementation, including one youth-only subproject and one women-only subproject; 5 Producer Organizations (POs) are about to sign the implementation agreements, and 88 full proposals are being evaluated; (c) a potential pipeline of last-mile infrastructure investments worth US$10 million is identified and the PIU is committed to submitting the first subprojects to the Bank by March 2021; and 1 Following the activation of the CERC, the Government with Bank support was focused on overcoming massive implementation issues of the emergency response. Later, after the onset of the COVID-19 pandemic in Malawi in March 2020, the Government expressed interest in requesting a new CERC, but this only materialized a few months later in a request to scale up the procurement of maize for humanitarian assistance in the ongoing CERC. The request was rejected by the World Bank due to lack of justification. Later after the rerun elections held in July 2020, the new Administration took time to settle in and it was not possible to agree on the terms of the restructuring. The Task Team took advantage of the MTR to push that discussion and agree on the budget readjustment. The Government needed time to propose the reallocation of categories and ended up sending the formal request to the Bank in December 2020. The World Bank Malawi Agricultural Commercialization Project (P158434) (d) overall disbursement has exceeded 30 percent of the total credit funds (as of February 2021 it is 31.73 percent). The Project has already benefited 3,000 households with secured land tenure and achieved 4 out of 12 proposed automatized systems, policies and regulatory instruments to support agriculture business and commercialization. The CERC has been successfully completed: 21,000 MT of maize were procured for humanitarian assistance, and 2,000 ha of irrigated agriculture and 100 km of roads and bridges were rehabilitated. It is worth noting that, as of February 2021, the COVID-19 pandemic has only had mild negative impacts in the implementation. The PA-approach is expected to contribute to bouncing back Malawi’s overall economy following the effects of the COVID-19 pandemic, in particular on the supply side in value chains. 4. The Project is in compliance with all applicable World Bank policies. The Project has submitted all interim financial reports and audited financial statements on time, all of which were unqualified. There are no outstanding issues related to procurement and all safeguard instruments are in place and cleared by the World Bank. The Grievance Redress Mechanism is fully operational. Prior to activating the CERC, an addendum to the project ESMF was developed and cleared by the World Bank, including appropriate guidance for managing the environmental and social risks and impacts of the proposed expected emergency activities. This restructuring does not cause any changes in financial management, procurement, and implementation arrangements, and no new safeguard policies are triggered. II. DESCRIPTION OF PROPOSED CHANGES A. PDO 5. The PDO is being revised to add the CERC related outcome. The original PDO was “to increase commercialization of agriculture value chain products selected under the Project”. The proposed amended PDO are “to increase commercialization of agriculture value chain products selected under the Project and to provide immediate and effective response to an Eligible Crisis or Emergency”. B. Results Framework 6. The Results Framework is being adjusted in line with the CERC-related outcome as well as to reduce targets considering the reduction of budget and to strengthen the overall results chain. The MTR served to critically examine the results framework and agree on changes in order to improve future reporting as well as to better reflect the outcomes of the Project activities. Therefore, at the PDO level, all the three original indicators are replaced by the following four indicators:  Increase in sales by POs within PAs. The increase of sales better reflects the Project’s contribution to increased commercialization.  Value chain products with at least 50 percent increase in commercialization. It reflects those value chain products with the greatest benefits from the project, after aggregating and comparing sales in all PAs for each value chain before and after project support.  Farmers reached with agricultural assets and services. It reflects the number of farmers that are improving commercialization.  Beneficiaries of emergency response. This is a new indicator added to reflect the number of beneficiaries benefiting from the CERC. The World Bank Malawi Agricultural Commercialization Project (P158434) 7. Table 1 presents the proposed changes. The CERC included the purchase of maize for humanitarian assistance and the rehabilitation of irrigation and transport infrastructure, which are also reflected at the intermediate level. All end-of- project targets have been revised considering the reduction in budget for the original project components to cover the needs of the CERC. The progress achieved until the restructuring has been retained in the Results Framework, which will help to assess progress under the Project until the time of restructuring. Table 1. Proposed changes in the Results Framework Original PDO: To increase commercialization of agriculture value chain products selected under the project. Revised PDO: To increase commercialization of agriculture value chain products selected under the project and to provide immediate and effective response to an eligible crisis or emergency. Current PAD indicators Proposed changes Original Proposed Rationale targets targets Project Development Objective indicators NEW New: Increase in sales - An additional It better reflects the increased level of of Producer 15,000 commercialization attributable to the Organizations (POs) MT/year (from Project (a supplemental indicator reflects within PAs 15,000 MT at the increase in value: US$10 million). The entry to estimate is based on real data from the 30,000 MT per current portfolio under implementation (30 year at exit, PAs). equivalent to a 100 percent increase) NEW New: Value chain 5 It reflects those value chains with the products with at least greatest benefits from the project. No value 50 percent increase in chain is prescribed, however based on the commercialization current portfolio and pipeline of PAs some of the value chains that are most likely to profit from the project are milk, soya, cassava and groundnut. 1 Increase in yield of Downgraded to 50% 16,000 MT Increase in yields is understood as a step commodities by intermediate level, towards increased commercialization, but in supported Producer target reduced, unit fact producing more does not necessarily Organizations adjusted mean commercializing more. The target is participating in Productive adjusted to be more realistic. The estimate Alliance is based on real data from the current portfolio under implementation (30 PAs). 2 Producer groups that Removed 300 groups This is covered by the sales indicator. The meet market fulfillment of the sale agreement is the best specifications defined by way to gauge both the extent of reaching off-takers market specifications and off-takers fulfilling their obligations. 3 Value of gross sales from Removed US$85 Replaced by the increase in sales agriculture value chain million products supported by the Project NEW New: Number of 391,000 This reflects the outcome of intervention beneficiaries of Individual after the cyclone Idai (CERC). It includes emergency response beneficiaries direct and indirect beneficiaries The beneficiaries include the beneficiaries for Maize, roads and Irrigation schemes. The World Bank Malawi Agricultural Commercialization Project (P158434) Intermediate results indicators 4 Productive alliances Removed 200 Considered redundant, covered by the established alliances number of subprojects 5 Subprojects financed with Adjusted: Supplemental 250 200 Target is revised due to the reduction in matching grants indicators are included subprojects budget after the CERC. It includes supplemental indicators that reflect implementation progress: - Subproject agreements signed - Subproject agreements signed (youth-led subprojects and women-only subprojects) 6 Buyers who fulfill their Removed 100 buyers Refers to removal of indicator #2 obligations under the commercialization agreement or business plan of PA 7 Loans from Financial Replaced by: POs 150 loans 50 POs This indicator better reflects how the PCG Institutions supported by accessing financing instrument helps to achieve the PDO, by the partial credit supported by the PCGF means of allowing POs to access financing guarantee fund (PCGF) (for example, working capital). It also reflects a reduction of budget as a result of CERC reallocation. 8 Last mile infrastructure Replaced by: POs 50 50 POs This indicator better reflects how the subprojects implemented benefited by last-mile subprojects infrastructure helps to achieve the PDO, by infrastructure means of supporting PO activities (for subprojects instance, physical access to markets). implemented 9 Agricultural actors that Replaced by: 60 actors 4,038 The access to warehouse receipt system is receive FI loans by using beneficiaries of the beneficiaries directly affected by prices: the higher the warehouse receipt warehouse receipt prices the lower the access to warehouse system receipt system and vice versa. The baseline is 3,511 beneficiaries who accessed warehouse receipt in 2019/20 in the ACE and AHCLX Commodity exchanges. The project seeks to maintain and increase this number by at least 15 percent (527). Target of 4,038 beneficiaries by 2023. 10 Number of warehouses Removed 60 Only one indicator on WRS will be that introduced warehouses maintained warehouse receipt system 11 Project supported 50 organiza- 15 Target is revised to be more realistic Agro-business tions organizations that obtained one or more certifications (disaggregated by type of certification) 12 Smallholders/farmers/ben No change 80% 80% eficiaries (male and female farmers or businesses) satisfied with services The World Bank Malawi Agricultural Commercialization Project (P158434) 13 Farmers reached with Target revised; 70,000 40,000 Target is revised due to the changes in agricultural assets and upgraded to PDO farmers budget after the CERC. It only includes services. indicator beneficiaries of the matching grants and of last-mile infrastructure investments that are not counted under the matching grant. 14 Agriculture Business Replaced by: 20 reforms 12 reforms This indicator will report the following related reforms Automatized systems, items: undertaken policies and regulatory 1. Reduction in time it takes to register a instruments workplace from 28 to 5 days. (achieved) implemented to 2. Reduction in frequency and duration of support agriculture blackouts through improvement in business and transmission and distribution system, commercialization; upgrading of Nkula and interconnector with target is revised Zambia (achieved) 3. Reduction in number of days it takes to get an Environmental Impact Assessment certificate (EIA). (achieved) 4. Warehouse Receipt system (achieved) 5. Malawi Business Registration System (MBRS) 6. Automation of business License in MoT and councils 7. Automation of sanitary and phytosanisanitary (SPS) 8. Review the Special Crops Act and General- purpose Act 9. Review of cooperatives Act 10. Structured market: system policy and bill 11. Review of various veterinary registrations 12. Investment and Export Promotion Act Regulations NEW New: Number of 12,000 HHs It reflects the outcome of the Land smallholder households subcomponent. Some of the households will with secure land tenure be part of POs within PAs. NEW New: Volume of maize 21,000 MT It reflects the approved intervention of the delivered to NFRA CERC after cyclone Idai NEW New: Area under 2,000 ha It reflects the approved intervention of the Irrigation through CERC after cyclone Idai rehabilitated systems NEW New: Distance 100 km It reflects the approved intervention of the rehabilitated or CERC after cyclone Idai improved under roads C. Component and costs, reallocation between categories, and disbursement estimates 8. The CERC envelope of US$20 million was allocated using existing undisbursed and uncommitted funds under other components of the Project. This Level 2 restructuring proposes a revision of the project budget at appraisal to meet the financial needs of the CERC and reflect the reductions in other components. In the interim, CERC expenditures have been recorded under the Disbursement Category 1, but according to the CERC guidelines a dedicated category is to be created. Tables 2 and 3 include the changes in the budget and categories of disbursement, respectively. It is, however, important to note the following aspects: The World Bank Malawi Agricultural Commercialization Project (P158434) a. Due to the appreciation of XDR, as of February 2021, the Project has more funds than at appraisal (equivalent to US$100 million); the gains resulting from exchange rate fluctuations have been spread across the components. b. Category 6 is reduced significantly because the proposed study was reduced in scope; when the terms of reference for the study were crafted, other activities outside the Project had filled most of the information gaps identified at appraisal. c. The disbursement category under CERC (8) includes all related expenditures according to the CERC Manual authorized in August 2019: purchase of maize and rehabilitation of damaged irrigation schemes, roads and bridges. The effect is to be retroactive. 9. Based on the actual level of disbursement, the available funds, and the implementation plan for the remaining time of the project, the disbursement estimates have been updated. Table 2: Redistribution among components Planned budget, Changes Revised budget US$ M allocation, US$ M Component 1 Building Productive Alliances 62.0 -6.5 55.5 Subcomponent 1.1 Horizontal Alliances 10.3 -2.2 8.1 Subcomponent 1.2 Productive Alliances 33.3 -3.8 29.5 Subcomponent 1.3 Last-mile Infrastructure for Productive Alliances 18.4 -0.5 17.9 Component 2 Support Investment Enabling Services 23.0 -7.4 15.6 Subcomponent 2.1 Access to Agricultural Financing 7.3 -4.0 3.3 Subcomponent 2.2 Access to Land for Commercial Agriculture 7.3 -1.2 6.1 Subcomponent 2.3 Support for Business Enabling Services 8.4 -2.2 6.2 Component 3 Contingent Emergency Response Component (CERC) 0 +20.0 20.0 Component 4 Project Coordination and Management 10.0 -1.1 8.9 Total 95.0 100.0 Table 3: Redistribution among categories Category Original (XDR M) Proposed (XDR M) (1) Goods, works, non-consulting, consulting, Training and Operational Costs 29.3 24.5 (2) Matching Grants 21.4 17.1 (3) PCGF 2.2 1.7 (4) Consulting services PCGF/Part 1.2(c)(ii) 0.2 0.2 (5) LMI 13.3 10.6 (6) Consulting WRS/Part 2.1 1.5 0.2 (7) Unallocated 2.2 1.8 (8) Emergency Expenditures 0 14.0 Total 70.1 70.1 The World Bank Malawi Agricultural Commercialization Project (P158434) III. SUMMARY OF CHANGES Changed Not Changed Project's Development Objectives ✔ Results Framework ✔ Components and Cost ✔ Reallocation between Disbursement Categories ✔ Disbursement Estimates ✔ Implementing Agency ✔ DDO Status ✔ PBCs ✔ Loan Closing Date(s) ✔ Cancellations Proposed ✔ Disbursements Arrangements ✔ Overall Risk Rating ✔ Safeguard Policies Triggered ✔ EA category ✔ Legal Covenants ✔ Institutional Arrangements ✔ Financial Management ✔ Procurement ✔ Implementation Schedule ✔ Other Change(s) ✔ Economic and Financial Analysis ✔ Technical Analysis ✔ Social Analysis ✔ Environmental Analysis ✔ The World Bank Malawi Agricultural Commercialization Project (P158434) IV. DETAILED CHANGE(S) OPS_DETAILEDCHANGES_PDO_TABLE PROJECT DEVELOPMENT OBJECTIVE Current PDO The Project Development Objective is to increase commercialization of agriculture value chain products selected under the project. Proposed New PDO To increase commercialization of agriculture value chain products selected under the Project and to provide immediate and effective response to an Eligible Crisis or Emergency OPS_DETAILEDCHANGES_COMPONENTS_TABLE COMPONENTS Current Current Proposed Proposed Cost Action Component Name Component Name Cost (US$M) (US$M) COMPONENT 1: BUILDING COMPONENT 1: BUILDING 62.00 Revised 55.50 PRODUCTIVE ALLIANCES PRODUCTIVE ALLIANCES COMPONENT 2: SUPPORT COMPONENT 2: SUPPORT INVESTMENT ENABLING 23.00 Revised INVESTMENT ENABLING 15.60 SERVICES SERVICES COMPONENT 3: CONTINGENT COMPONENT 3: CONTINGENT EMERGENCY RESPONSE 0.00 Revised EMERGENCY RESPONSE 20.00 COMPONENT (CERC) COMPONENT (CERC) COMPONENT 4: PROJECT COMPONENT 4: PROJECT COORDINATION AND 10.00 Revised COORDINATION AND 8.90 MANAGEMENT MANAGEMENT TOTAL 95.00 100.00 OPS_DETAILEDCHANGES_REALLOCATION _TABLE REALLOCATION BETWEEN DISBURSEMENT CATEGORIES Financing % Current Allocation Actuals + Committed Proposed Allocation (Type Total) Current Proposed IDA-60480-001 | Currency: XDR iLap Category Sequence No: 1 Current Expenditure Category: Gds,Wks,NCS,CS excl.Tng,OC(see more 29,300,000.00 15,755,587.36 24,500,000.00 100.00 100.00 The World Bank Malawi Agricultural Commercialization Project (P158434) iLap Category Sequence No: 2 Current Expenditure Category: Matching Grants PO Sub Pr. Pt1.2b 21,400,000.00 107,075.05 17,100,000.00 100.00 100.00 iLap Category Sequence No: 3 Current Expenditure Category: PCGF under Pt 1.2c.i 2,200,000.00 0.00 1,760,000.00 100.00 100.00 iLap Category Sequence No: 4 Current Expenditure Category: Consulting Services Pt. 1.2c.ii 200,000.00 0.00 200,000.00 100.00 100.00 iLap Category Sequence No: 5 Current Expenditure Category: Last mile Sub Pr. Pt. 1.3` 13,300,000.00 0.00 10,600,000.00 100.00 100.00 iLap Category Sequence No: 6 Current Expenditure Category: Consulting Services Pt. 2.1 1,500,000.00 0.00 200,000.00 100.00 100.00 iLap Category Sequence No: 7 Current Expenditure Category: Unallocated 2,200,000.00 0.00 1,740,000.00 100 Current Expenditure Category: Emergency Expenditures under Part G of the iLap Category Sequence No: 8 Project 0.00 0.00 14,000,000.00 100 Total 70,100,000.00 15,862,662.41 70,100,000.00 OPS_DETAILEDCHANGES_DISBURSEMENT_TABLE DISBURSEMENT ESTIMATES Change in Disbursement Estimates Yes Year Current Proposed 2017 75,525.00 0.00 2018 7,774,895.00 0.00 The World Bank Malawi Agricultural Commercialization Project (P158434) 2019 14,658,025.00 3,277,771.00 2020 23,084,810.00 22,759,626.79 2021 23,125,660.00 14,000,000.00 2022 19,406,125.00 41,000,000.00 2023 6,874,960.00 18,962,602.21 . The World Bank Malawi Agricultural Commercialization Project (P158434) . Results framework COUNTRY: Malawi Malawi Agricultural Commercialization Project Project Development Objectives(s) The Project Development Objective is to increase commercialization of agriculture value chain products selected under the project. Project Development Objective Indicators by Objectives/ Outcomes RESULT_FRAME_TBL_PDO Indicator Name PBC Baseline Intermediate Targets End Target 1 To increase commercialisation of agriculture value chain products selected under the project Increase in Yield of commodities by supported Producer Organisations participating in Productive 0.00 50.00 Alliance (Percentage) Action: This indicator has been Marked for Deletion Producer groups that meet market specificatios 0.00 300.00 defined by off-takers (Number) Action: This indicator has been Marked for Deletion Value of gross sales from agriculture value chain 0.00 8,500,000,000.00 products supported by the Project (Amount(USD)) Action: This indicator has been Marked for Deletion Increase in sales of producer organizations within 0.00 3,000.00 15,000.00 productive alliances (Metric tons/year) Rationale: Action: This indicator is New This indicator better reflects the increased level of commercialization attributable to the Project. The World Bank Malawi Agricultural Commercialization Project (P158434) RESULT_FRAME_TBL_PDO Indicator Name PBC Baseline Intermediate Targets End Target 1 Supplemental sub indicator: Value of sales 0.00 2,000,000.00 10,000,000.00 (Amount(USD)) Rationale: This sub indicator is supplemental and has a different unit of measure (amount USD) compared to the parent indicator (in metric Action: This indicator is New tons/year). It represents the monetized increase in sales using real prices, but rectifying values considering currency exchange fluctuations and inflation to maintain comparability in the reports. Value chain products with at least 50% increase in 0.00 1.00 5.00 commercialization (Number) Rationale: It reflects those value chains with the greatest benefits from the project. No value chain is prescribed, however based on the portfolio Action: This indicator is New under implementation at the time the Restructuring is processed, some of the value chains that are most likely to profit from the project are milk, soya, cassava and groundnut. Farmers reached with agricultural assets or 0.00 30,000.00 40,000.00 services (CRI, Number) Action: This indicator is New Farmers reached with agricultural assets or 0.00 4,000.00 16,000.00 services - Female (CRI, Number) Action: This indicator is New to provide immediate and effective response to an eligible crisis or emergency (Action: This Objective is New) Beneficiaries of emergency response (Number) 0.00 391,000.00 391,000.00 Rationale: Action: This indicator is New This reflects the outcome of intervention after the cyclone Idai (CERC). It includes direct and indirect beneficiaries. The World Bank Malawi Agricultural Commercialization Project (P158434) RESULT_FRAME_TBL_PDO Indicator Name PBC Baseline Intermediate Targets End Target 1 PDO Table SPACE Intermediate Results Indicators by Components RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 2 3 4 5 6 COMPONENT 1: BUILDING PRODUCTIVE ALLIANCES 4. Productive alliances 0.00 5.00 25.00 80.00 130.00 170.00 200.00 200.00 established (Number) Action: This indicator has been Marked for Deletion 6. Buyers who fulfill their obligations under the commercialization 0.00 5.00 20.00 45.00 70.00 90.00 100.00 100.00 agreement or business plan of PA (Number) Action: This indicator has been Marked for Deletion Subprojects financed with matching grants 0.00 10.00 200.00 (Number) Action: This indicator has been Revised The World Bank Malawi Agricultural Commercialization Project (P158434) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 2 3 4 5 6 Youth-based producer organizations 0.00 20.00 accessing matching grants (Number) Rationale: Action: This indicator POs with agreement signed has been Revised Subproject agreements signed 0.00 210.00 210.00 (Number) Action: This indicator is New Women-only producer organizations 0.00 20.00 accessing matching grants (Number) Action: This indicator is New 7. Number of loans from Financial Institutions supported by the partial 0.00 0.00 20.00 60.00 90.00 120.00 150.00 150.00 credit guarantee fund (PCGF) (Number) Action: This indicator has been Marked for Deletion The World Bank Malawi Agricultural Commercialization Project (P158434) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 2 3 4 5 6 7.a Value of loans disbussed by FIs with support of the partial 0.00 0.00 1,400,000.00 3,300,000.00 5,700,000.00 8,600,000.00 12,000,000.00 12,000,000.00 credit guarantee fund (Amount(USD)) Action: This indicator has been Marked for Deletion 8. Number of last mile infrastructure 0.00 0.00 10.00 20.00 35.00 45.00 50.00 50.00 subprojects implemented (Number) Action: This indicator has been Marked for Deletion Producer organizations accessing financing supported by the Partial 0.00 20.00 50.00 Credit Guarantee Fund (Number) Action: This indicator is New Producer Organizations benefited by last-mile 0.00 30.00 50.00 infrastructure subprojects (Number) Action: This indicator is New The World Bank Malawi Agricultural Commercialization Project (P158434) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 2 3 4 5 6 Increase in yield of commodities by supported producer organizations 0.00 5,000.00 16,000.00 participating in Productive Alliance (Metric tons/year) Rationale: Action: This indicator is Increase in yields is understood as a step towards increased commercialization. New COMPONENT 2: SUPPORT INVESTMENT ENABLING SERVICES 9. Number of agricutural actors that receive FI 0.00 0.00 10.00 25.00 35.00 50.00 60.00 60.00 loans by using warehouse receipt (Number) Action: This indicator has been Marked for Deletion 9.a Proportion of women members of PO that receive FI 0.00 0.00 20.00 30.00 35.00 35.00 40.00 40.00 loans by using warehouse receipt (Percentage) The World Bank Malawi Agricultural Commercialization Project (P158434) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 2 3 4 5 6 Action: This indicator has been Marked for Deletion 9.b Total Value of loans received using Warehouse receipt 0.00 0.00 588,000.00 1,400,000.00 2,500,000.00 4,200,000.00 4,200,000.00 4,200,000.00 system for project beneficiaries (Amount(USD)) Action: This indicator has been Marked for Deletion 10. Number of warehouses that 0.00 3.00 15.00 30.00 40.00 50.00 60.00 60.00 introduced warehouse receipt system (Number) Action: This indicator has been Marked for Deletion Project supported Agro- business organizations that obtained one or 0.00 5.00 15.00 more certifcations (disaggregated by type of certification) (Number) Action: This indicator has been Revised The World Bank Malawi Agricultural Commercialization Project (P158434) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 2 3 4 5 6 Automatized systems, policies and regulatory instruments implemented to support 0.00 6.00 12.00 agriculture business and commercialization (Number) Rationale: Action: This indicator has The name is expanded to better reflect the content of the indicator. It reflects significant improvements in the policy and institutional environment for doing been Revised business in the country. Beneficiaries of the warehouse receipt 3,511.00 3,800.00 4,100.00 system (Number) Action: This indicator is New Number of smallholder households with secure 0.00 10,000.00 12,000.00 land tenure (Number) Action: This indicator is New COMPONENT 4: PROJECT COORDINATION AND MANAGEMENT 12. Smallholders/farmers/be neficiaries (male and 0.00 40.00 70.00 80.00 80.00 female farmers or businesses) satisfied with The World Bank Malawi Agricultural Commercialization Project (P158434) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 2 3 4 5 6 services provided by the project (Percentage) 12.a Female farmers satisfied with services provided by the 0.00 80.00 project, % of all respondents (Percentage) Action: This indicator has been Revised Farmers reached with agricultural assets and 0.00 40,000.00 services. (Number) Action: This indicator has been Marked for Deletion Female farmers reached with 0.00 16,000.00 agricultural assets and services (Number) Action: This indicator has been Marked for Deletion CERC (Action: This Component is New) Volume of maize delivered to National 0.00 21,000.00 Food Reserve Agency (Metric ton) The World Bank Malawi Agricultural Commercialization Project (P158434) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 2 3 4 5 6 Action: This indicator is New Area under irrigation through rehabilitated 0.00 2,000.00 systems (Hectare(Ha)) Action: This indicator is New Distance improved with rehabilitated transport 0.00 100.00 works (Kilometers) Action: This indicator is New IO Table SPACE The World Bank Malawi Agricultural Commercialization Project (P158434)