The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) REPORT NO.: RES44837 RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF FINANCIAL INCLUSION SUPPORT PROJECT IN BURKINA FASO APPROVED ON APRIL 30, 2019 TO BURKINA FASO FINANCE, COMPETITIVENESS AND INNOVATION AFRICA WEST Regional Vice President: Ousmane Diagana Country Director: Soukeyna Kane Regional Director: Abebe Adugna Dadi Practice Manager/Manager: Consolate K. Rusagara Task Team Leader(s): Maria Eileen Pagura, Tenin Fatimata Dicko The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) ABBREVIATIONS AND ACRONYMS CCU CERC Coordination Unit CERC Contingent Emergency Response Component COVID-19 Novel Coronavirus CR Crisis Response DA Designated Account DDO Deferred Drawdown Option EA Environment Assessment EAP Emergency Action Plan ESMF Environment and Social Management Framework FISP Financial Inclusion Support Project FM Financial Management GIM-UEMOA Groupement Interbancaire Monétique de l'Union Economique et Monétaire Ouest-Africaine ICT Information Communication Technology ICTA Information and Communication Technology Agency IUFR Interim Unaudited Financial Report MFI Microfinance institution MINEFID Ministry of Finance, Economy and Development MSME Micro, Small and Medium Enterprises NPD National Planning Department PBC Performance Based Condition PDO Project Development Objective PIU Project Implementation Unit PPCG Partial Portfolio Credit Guarantee RF Results Framework RVP Regional Vice President VC Video Conference WA Withdrawal Application The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) BASIC DATA Product Information Project ID Financing Instrument P164786 Investment Project Financing Original EA Category Current EA Category Partial Assessment (B) Partial Assessment (B) Approval Date Current Closing Date 30-Apr-2019 30-Apr-2025 Organizations Borrower Responsible Agency Ministry of Economy, Finance and Development Directorate of Treasury and Public Accounting Project Development Objective (PDO) Original PDO The Project Development Objective is to increase access to digital financial services and facilitate access to credit for targeted beneficiaries. OPS_TABLE_PDO_CURRENTPDO Summary Status of Financing (US$, Millions) Net Ln/Cr/Tf Approval Signing Effectiveness Closing Commitment Disbursed Undisbursed IDA-63960 30-Apr-2019 10-May-2019 06-Sep-2019 30-Apr-2025 100.00 27.12 76.29 Policy Waiver(s) Does this restructuring trigger the need for any policy waiver(s)? No The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) I. PROJECT STATUS AND RATIONALE FOR RESTRUCTURING A. PROJECT STATUS 1. The Financial Inclusion Support Project (FISP), a six-year project, was approved on April 30, 2019 and became effective on September 6, 2019. The project is progressing well and is on track to achieve its Project Development Objective (PDO). Both the PDO and Implementation Progress were rated ‘Moderately Satisfactory’ during the last virtual implementation support mission from January 18-28, 2021, and overall project disbursement is at 26.9 percent. The disbursement target for FY21 has been achieved. 2. The original Project Development Objective is “to increase access to digital financial services and facilitate access to credit for targeted beneficiaries”. Targeted beneficiaries refer to individuals, farmers, women, youth and SMEs that are unserved and underserved financially. The PDO remains relevant and attainable by the end of the project. To that end, the Project comprises the following four components: (a) Component 1: Increasing the usage of transaction account (b) Component 2: Strengthening institutional capacity for enhanced financial inclusion (c) Component 3: Increasing farmers’ and SMEs’ access to credit (d) Component 4: Project management 3. Component 1: Increasing the usage of transaction accounts (US$28.3 million, of which $2.5 disbursed): This component comprises key investments to enable the digitization of government payments and the digital transformation of microfinance services. The main achievements under this component pertain to the digitizing of government payments, namely the National Treasury’s connection to the regional payment systems: STAR-UEMOA and SICA-UEMOA and the underlying diagnostics for digitization pilots at the Social Security Office (Caisse Nationale de Securité Sociale, CNSS), the Autonomous Retirees Pension Plan (Caisse Autonome de Retraite des Fonctionnaires, CARFO). 4. Component 2: Strengthening institutional capacity for enhanced financial inclusion (US$8.7 million, of which $0.75 million disbursed): This component comprises key investments to strengthen the supervision of the microfinance sector, the capacity of the national fund for women’s economic activities (Fonds d’Appui aux Activités Rénumeratrices des Femmes, FAARF) and to strengthen consumer protection and their financial capability. The underlying diagnostics for this component were financed under associated trust funds, so the disbursement level is low at less than one percent. However, disbursement for this component will accelerate in FY22 with planned investment in IT systems, equipment and staff training. 5. Component 3: Increasing farmers’ and SMEs’ access to credit (US$54.5 million, of which $22.4 million disbursed): This component comprises investment to establish the partial portfolio credit guarantee (PPCG) and to enhance the capacity of small and medium enterprises. The main achievement of this component has been the establishment of the PPCG, which is covering loans for MSMEs, women entrepreneurs and farmers. Currently, this component has disbursed 41.1 percent. Disbursements will continue to accelerate further in the second half of FY21 and early FY22 as an additional six financial institutions will begin using the PPCG. 6. Component 4: Project management (US$8.5 million, of which $1.25 disbursed): This project implementation unit (PIU) is fully operational, with additional technical specialists hired for digital finance, microfinance, and SME development. The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) Additional assistance was also procured to assist the team in establishing the monitoring and evaluation system. Currently, this component has disbursed 35.7 percent, not including the US$5 million unallocated amount of the budget. 7. Burkina is facing an unprecedented health and economic emergency with the global COVID-19 pandemic. The Restructuring Paper seeks approval for restructuring the Financial Inclusion Support Project (FISP) to support economic recovery from Covid-19 crisis. The restructuring aims primarily to reallocate and repurpose $10 million from Components 3 and 4 of the Project to Component 3, Sub-component 3.1 to establish a Crisis Response (CR) window within the Partial Portfolio Credit Guarantee (PPCG). The CR window will cover restructured loans for micro, small and medium enterprises (MSMEs) affected by the novel coronavirus (COVID-19) pandemic. The restructuring will include the no-cost addition of new activities within the Sub-Component 1.1, notably to enhance the National Treasury’s to enhance its banking functionality and connection to regional payments and clearinghouse system. This will promote the use of contactless and cashless payment means. Lastly, a new, zero budget Contingent Emergency Response Component (CERC) will be added to the Project. B. RATIONALE FOR RESTRUCTURING 8. The compounding effect of the Covid-19 crisis with other shocks (drought, floods) threatens to increase the vulnerability of households and SMEs across the country. The high occurrence of drought/flood is resulting in food insecurity with entire country already classified IPC Phase 3, i.e. in food crisis. The following additional economic impacts of the Covid- 19 pandemic are being felt: (a) A reduction of up to 57 percent of the total turnover generated by private companies since the beginning of the crisis; (b) An overall decrease in revenues for 93 percent of economic players and a stagnation for 5 percent; (c) 80 percent of the SMEs claim to have financial problems. SMEs experienced difficulties as well related to marketing (55 percent), to pay salaries (49 percent), to pay taxes (47 percent), to make social security contributions (26 percent), to pay rent (16 percent); (d) A reduction in working hours in the following sectors: trade (42 percent of companies), crafts (38 percent) and industry (32 percent). Redundancies and reassignment of employees to other activities are not much observed, with proportions not exceeding 4 percent of companies in each sector. (e) The survey data indicates that if the situation worsens, more than half of firms would implement planned staff reductions, on average reducing staff from nine to six employees (CCI-BF, 2020b). 9. The government’s economic recovery plan has a funding gap of approximately 40 billion FCFA (US$ 73 million). Given the uncertainty about the length and scale of the outbreak and economic crisis it is crucial to mobilize resources from the private financial sector to support economic recovery. Failures in firms’ access to finance could potentially lead to bankruptcy, loss of jobs and income, and transmission into the banking sector, all of which could eventually increase the governments’ liabilities. 10. To protect from failures in households and firms’ access to finance which could potentially lead to bankruptcy, loss of jobs, livelihoods and income, and transmission into the banking sector, the Central Bank of West African States (BCEAO) has taken four main measures, including: (i) liquidity support measures, (ii) financial and prudential measures, (iii) measures to finance the health response of States, and (iv) measures to promote electronic payments. However, the moratorium on loan repayment and other measures granted by the BCEAO as part of the Covid-19 crisis response expired on December 31, 2020, thus heightening the need for the new crisis response window of the PPCG. The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) 11. The proposed restructuring aims to establish a new crisis window within the existing partial portfolio credit guarantee fund (PPCG) to enhance MSMEs’ resilience to the Covid-19 pandemic and/or severe climate shocks. The Covid-19 pandemic has caused a significant drop in cash flow and income for many micro, small and medium enterprises (MSMEs). Cash strapped businesses will no longer be able to service their bank loans or cover their operating costs (salaries, rent, etc.). To ensure the survival of the MSMEs affected by the pandemic and to enable them to restart on a solid basis it is critical to encourage banks and microfinance institutions to restructure loans rather than declaring borrowers in default. Through loan restructuring the aim is to facilitate the servicing of these loans by lowering interest rates, extending maturity and/or increasing the amount of credit. A PPCG on restructured loans will reduce the risk borne by financial institutions. The new crisis response window will crowd-in private financial sector to help address the negative impacts brought on by the crisis. For example, US$10 million crisis window capital endowment will provide guarantee coverage to US$22.5 million in loans extended. 12. In addition to establishing the crisis response window, the proposed restructuring will include making a no-cost adjustment to Component 1, namely, to enhance National Treasury’s capacity to more efficiently make and receive digital payments. The new activities are in line with the BCEAO measures on promoting electronic payments as part of the covid response as well as the National Treasury’s transition to contactless and cashless payment means. The activities will also strengthen the National Treasury’s banking functionality and establishing a single treasury account. As indicated above, a new, no-cost CERC component will be added to the project. II. DESCRIPTION OF PROPOSED CHANGES 13. This is the first project restructuring request since project approval, April 30, 2019. 14. Changes to the PDO. There are no proposed changes to the PDO. It will remain as, “to increase access to digital financial services and facilitate access to credit for targeted beneficiaries”. Targeted beneficiaries refer to individuals, farmers, women, youth and SMEs that are unserved and underserved financially. 15. Changes to Components: The proposal is to reallocate US$10 million of the IDA credit to Component 3 to establish the new crisis response window in the PPCG. The total IDA financing for the project will remain $100 million. The following changes by component will be made: (a) Component 1 – Sub-component 1.1: Digitization of government payments (no-cost change to US$20.5 million allocation): The project restructuring for this sub-component will support the following new activities: (a) strengthening treasury’s banking functionality; and (b) connecting treasury to the GIM-UEMOA (Groupement Interbancaire Monetique de l'Union Economique et Monetaire Ouest-Africaine) payment system. The project will no longer support the activity for ensuring SWIFT electronic transfer services for the treasury. The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) (b) Component 3 - Sub-component 3.2: Strengthening SME business development services (Indicative reduction in allocation from US$13.5 million to US$8.5 million): A portion of Sub-component 3.2 budget, US$5 million, will be reallocated to Sub-component 3.1. The project will continue to support SME business development services and SMEs, albeit at a smaller scale than planned. The capacity development plan of SME business development services providers and SMEs will be adjusted accordingly. (c) Component 4: Project Management (Indicative reduction in allocation from US$8.5 million to US$3.5 million): The unallocated portion of the budget, consisting of US$5.0 million will be reallocated to Sub-component 3.1. This change will not require any reduction of planned project activities. (d) Component 5 – Contingency Emergency Relief Component (CERC): The project restructuring proposes to include adding a fifth component, CERC, to increase flexibility to address future contingency emergency relief efforts. The CERC component would be added with a zero allocation from the IDA financing. 16. Changes in the Results Framework (RF). The proposed revisions to the RF are detailed in Table 2. In addition to these modifications, intermediate targets have been updated in the system. Table 2. PDO and Intermediate Indicators to be added and/or modified to the RF Indicators Data Source Target Indicator Description Rationale (achieved by April 30, 2025) New PDO Indicator 1. Number SME SOFIGIB, Société 2,000 This indicator measures the This indicator is being borrowers covered Financière de cumulative number of SMEs added to reflect the new by the PPCG crisis Garantie covered by the PPCG crisis activity added to the response window. Interbancaire du response window. project – establishing the Burkina. PPCG crisis response window. Of which women- SOFIGIB 20 This is a gender linked This supplemental indicator led enterprises indicator to measure is added to capture the (percentage) percentage of women-led gender coverage of the enterprises are covered PPCG crisis response under PPCG crisis window. window. Revised PDO Indicators - Adding supplemental indicators on gender to the core ones below 2. Number SOFIGIB, PIU 12,000 This is a gender linked This supplemental indicator (cumulative) of indicator to measure the is added to capture the farmers, SMEs, number of loans covered by gender coverage of the women-led the PPCG are for women-led PPCG. enterprise enterprises. borrowers covered by the partial portfolio credit guarantees. 4,000 The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) Number women- led SME borrowers who are covered by the partial portfolio credit guarantees (Number) 3. Volume of PFIs Project 100,000 This is a gender linked This supplemental indicator lending to farmers, implementation indicator to measure the is added to capture the SMEs and women- unit percentage of guarantees gender coverage of the led enterprises that cover women-led PPCG guarantee fund. based on enterprises. guarantees issued by PPCG in thousands of USD. Of which women- 10 led enterprises” (percentage) New Intermediate Result Indicators 4. Volume of national National 20,000 This indicator measures the The indicator is being treasury Treasury number of transactions of added to reflect the new transactions the National Treasury cleared activity in Sub-component processed through through the GIM-UEMOA 1.1, digitization of GIM-UEMOA system. government payments. payments platform. 5. Consumers Ministry of 200 This indicator measures the The supplemental indicator reached by Finance percent of female is added to monitor gender financial education beneficiaries that receive coverage of the activity. campaign via financial education via mobile phone mobile phone. Of which are 20 female beneficiaries (percentage) 6. Number of SMEs 30 This indicator measures the The supplemental indicator awarded a number of entrepreneurs is added to monitor gender business grant that have received a business coverage of the activity. through the grant through the business business plan plan competition. competition. Of which women-led SMEs (percentage) 20 The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) 7. Cases from the Project 100 This indicator measures the This indicator is added to Grievance Redress implementation percent of complaint cases monitor the citizen Mechanism unit resolved in a timely manner. engagement in the project. resolved in a timely manner Change in end-target of existing intermediate indicators under Component 3 8. Number of SMEs Ministry of Trade 1,000 - The end target is being provided with and Commerce reduced commensurate business with the reduction in development financing towards the services. activity Original End Target: 2,000 Revised End Target: 1,000 9. Number of SMEs Ministry of Trade 30 - The end target is being awarded a and Commerce reduced commensurate business grant with the reduction in through the financing towards the business plan activity. competition. Original End Target: 40 Revised End Target: 30 Of which women- This is a gender linked led SMEs 20 indicator to measure the At least 20 percent of the (Percentage) percentage of business plan grant recipients will be competition winners that women-led SMEs. are women. Change in wording of existing intermediate indicators 10. Volume of national National 20,000 This indicator measures the Indicator was modified to treasury Treasury number of transactions due measure transaction transactions to the new connection of the volume rather than the processed through regional payments system. action of establishing the the SICA-WAEMU connection. payments platform 11. Microfinance Ministry of Yes The indicator measures the Indicator was modified resolution Finance action of establishing a from “microfinance framework resolution framework for the resolution framework established microfinance sector. adoption” to “microfinance resolution framework established”. 12. FAARF clients FAARF 30 The indicator measures the Indicator was modified (exclusively percentage of FAARF clients from “FAARF clients linked female) who that have graduated to to formal financial accessed formal formal financial institutions. services” to “FAARF clients financial services have accessed formal (percent). financial services”. The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) 17. Reallocation of Funds Among Components and Categories (a) Change in Component Costs: A total of US$10 million from Components 3 and 4 will be reallocated to the Component 3, Sub-component 3.1 to support the establishment of the crisis response window in the PPCG. The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) Table 3: Project Costs and Financing by Component Project Component Original Component Proposed Proposed Allocation Reallocation Amount Component (US$ million) (US$ million) Allocation after Proposed Reallocation (US$ million) Component 1. Increasing usage of 28.30 28.30 transaction accounts Sub-component 1.1: Digitization of 20.50 20.50 Government Payments Sub-Component 1.2: Digital Transformation 7.80 7.80 of MFIs Component 2. Strengthening 8.70 8.70 institutional capacity for enhanced financial inclusion Sub-component 2.1: Strengthen the 3.50 3.50 soundness and sustainability of the microfinance sector Sub-Component 2.2: Enhancing FAARF’s 1.20 1.20 capacity to facilitate client graduation Sub-Component 2.3: Strengthen Consumer 4.00 4.00 Protection and Financial Education Component 3. Increasing farmers’, SMEs’ 54.50 5.00 59.50 and women’s access to credit Sub-component 3.1: Strengthening credit 41.00 10.00 51.00 supply for farmers and SMEs Sub-Component 3.2: Strengthening SME 13.50 -5.00 8.50 business development services Component 4. Project Management 8.50 -5.00 3.50 Sub-component 4.1: Project Management 3.50 3.50 Sub-Component 4.2: Unallocated Resources 5.00 -5.00 0.00 Component 5. CERC – new component -- 0.00 0.00 (b) Reallocation between disbursement categories: A total of US$10 million will be reallocated from Category 1 and Unallocated to Category 2 (PPCG endowment) under Part 3.A of the project. The remaining funds from the project preparation advance have been reallocated to Category 1. The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) Table 4: Change in Expenditure Category (EURO) Project Category Project Category Cost at Approval Project Category Cost after Proposed (EUR) Reallocation (EUR) (1) Goods, works, non- 46,240,000 44,689,720.45 consulting services, and consulting services for the Project (2) PPCG endowment Part 30,650,000 39,410,000.00 3.A of the Project (3) Seed Grants under Part 5,250,000 3,500,000.00 3.B of the Project (4) Refund of the 1,080,000 279.55 Preparation Advance Unallocated 4,380,000 0 III. SUMMARY OF CHANGES Changed Not Changed Results Framework ✔ Components and Cost ✔ Reallocation between Disbursement Categories ✔ Disbursements Arrangements ✔ Disbursement Estimates ✔ Implementing Agency ✔ DDO Status ✔ Project's Development Objectives ✔ PBCs ✔ Loan Closing Date(s) ✔ Cancellations Proposed ✔ Overall Risk Rating ✔ Safeguard Policies Triggered ✔ EA category ✔ Legal Covenants ✔ The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) Institutional Arrangements ✔ Financial Management ✔ Procurement ✔ Implementation Schedule ✔ Other Change(s) ✔ Economic and Financial Analysis ✔ Technical Analysis ✔ Social Analysis ✔ Environmental Analysis ✔ IV. DETAILED CHANGE(S) OPS_DETAILEDCHANGES_COMPONENTS_TABLE COMPONENTS Current Current Proposed Proposed Cost Action Component Name Component Name Cost (US$M) (US$M) Increasing the usage of Increasing the usage of 28.30 28.30 transactions accounts transactions accounts Strengthening institutional Strengthening institutional capacity for enhanced financial 8.70 capacity for enhanced financial 8.70 inclusion inclusion Increasing farmers’ and SMEs’ Increasing farmers’ and SMEs’ 54.50 54.50 access to credit access to credit Project management 8.50 Project management 8.50 TOTAL 100.00 100.00 OPS_DETAILEDCHANGES_REALLOCATION _TABLE REALLOCATION BETWEEN DISBURSEMENT CATEGORIES Financing % Current Allocation Actuals + Committed Proposed Allocation (Type Total) Current Proposed IDA-63960-001 | Currency: EUR The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) iLap Category Sequence No: 1 Current Expenditure Category: G,W,N/CS EXCPT P.3.A(I)&P3.BC 46,240,000.00 1,554,140.74 44,689,720.45 100.00 100.00 iLap Category Sequence No: 2 Current Expenditure Category: PPCG CAPITALIZATION P.3A(I) 30,650,000.00 8,384,695.94 39,410,000.00 100.00 100.00 iLap Category Sequence No: 3 Current Expenditure Category: SEED GRANTS P.3B 5,250,000.00 0.00 3,500,000.00 100.00 100.00 iLap Category Sequence No: 4 Current Expenditure Category: PPF REFINANCING 1,080,000.00 279.55 279.55 iLap Category Sequence No: 5 Current Expenditure Category: UNALLOCATED 4,380,000.00 0.00 0.00 Total 87,600,000.00 9,939,116.23 87,600,000.00 OPS_DETAILEDCHANGES_DISBURSEMENT_TABLE DISBURSEMENT ESTIMATES Change in Disbursement Estimates Yes Year Current Proposed 2019 101,800.00 0.00 2020 10,517,100.00 10,517,100.00 2021 19,435,300.00 14,500,000.00 2022 25,442,500.00 25,500,000.00 2023 20,970,100.00 23,921,300.00 2024 17,971,600.00 20,000,000.00 2025 5,561,600.00 5,561,600.00 . The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) . Results framework COUNTRY: Burkina Faso Financial Inclusion Support Project in Burkina Faso Project Development Objectives(s) The Project Development Objective is to increase access to digital financial services and facilitate access to credit for targeted beneficiaries. Project Development Objective Indicators by Objectives/ Outcomes RESULT_FRAME_TBL_PDO Indicator Name PBC Baseline Intermediate Targets End Target 1 2 Increased access to digital financial services and credit for targeted beneficiaries. Percentage of social services beneficiaries (CNSS and CARFO) that 0.00 10.00 20.00 30.00 receive social benefits paid into their transaction accounts. (Percentage) Action: This indicator has been Revised Percentage of customs payments made 0.00 30.00 electronically. (Percentage) Action: This indicator has been Revised Percentage of MFI clients receiving loan disbursement or making transactions 0.00 30.00 using mobile money accounts that are linked to their MFI accounts (Percentage) Action: This indicator has been Revised Number (cumulative) of farmers, SMEs, women-led enterprise borrowers who 0.00 2,000.00 8,000.00 12,000.00 are covered by the partial portfolio credit guarantees. (Number) The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) RESULT_FRAME_TBL_PDO Indicator Name PBC Baseline Intermediate Targets End Target 1 2 Action: This indicator has been Revised Of which women-led SMEs (Number) 0.00 1,000.00 2,000.00 4,000.00 Action: This indicator is New Number women-led SME borrowers who are covered by the partial portfolio credit 0.00 4,000.00 guarantees. (Number) Action: This indicator has been Marked for Deletion Volume of PFIs lending to farmers, SMEs and women-led enterprises based on 0.00 25,000.00 50,000.00 100,000.00 guarantees issued by PPCG in thousands of USD. (Number (Thousand)) Action: This indicator has been Revised Of which percentage women-led SMEs 0.00 2.00 7.00 10.00 (Percentage) Action: This indicator is New Number of SME borrowers who are covered by the PPCG crisis window. 0.00 500.00 1,000.00 2,000.00 (Number) Rationale: Action: This indicator is New This indicator is being added to reflect the new activity added to the project - establishing the PPCG crisis response window. Of which women-led enterprises 0.00 5.00 10.00 20.00 (Percentage) Action: This indicator is New The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) PDO Table SPACE Intermediate Results Indicators by Components RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 2 Increasing usage of transaction accounts. Volume of national treasury transactions processed through the SICA-WAEMU 0.00 5.00 10.00 20.00 payments platform established. (Number (Thousand)) Action: This indicator has been Revised Number of MFIs that allow loan disbursement and repayment through a 0.00 4.00 6.00 8.00 mobile money account (“wallet-to- account”) (Number) Action: This indicator has been Revised Volume transactions processed through national treasury connection to GIM- 0.00 5.00 10.00 20.00 UEMOA payments platform. (Number (Thousand)) Action: This indicator is New Strengthening institutional capacity for enhanced financial inclusion Revised MF supervisory risk-based No Yes Yes Yes system operational. (Yes/No) Action: This indicator has been Revised Completion rate of planned on-site MFI 50.00 70.00 90.00 100.00 inspections. (Percentage) Action: This indicator has been Revised The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 2 Microfinance resolution framework No Yes Yes Yes established (Yes/No) Action: This indicator has been Revised Number of consumers reached by financial education campaign via mobile 0.00 50.00 100.00 200.00 phone. (Number (Thousand)) Action: This indicator has been Revised Of which female beneficiaries 0.00 5.00 10.00 20.00 (Percentage) Action: This indicator is New Observatory on financial services No Yes Yes Yes established. (Yes/No) Action: This indicator has been Revised Percentage of complaints resolved by the 0.00 25.00 50.00 75.00 Obervatory. (Percentage) Action: This indicator has been Revised Percentage of FAARF clients (who are exclusively female) who accessed formal 0.00 10.00 20.00 30.00 financial services (Percentage) Action: This indicator has been Revised Increasing farmers' and SMEs' access to credit. Percentage of non-performing loans of 8.00 7.00 6.00 5.00 the PPCG. (Percentage) Action: This indicator has been Revised The World Bank Financial Inclusion Support Project in Burkina Faso (P164786) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 2 Number of SMEs reached with business 0.00 500.00 750.00 1,000.00 development services. (Number) Action: This indicator has been Revised Number of SMEs reached with the 0.00 30.00 30.00 30.00 business plan competition. (Number) Action: This indicator has been Revised Of which women-led SMEs 0.00 10.00 15.00 20.00 (Percentage) Action: This indicator is New Percentage of women-led enterprises 0.00 20.00 40.00 50.00 reached with BDS (Percentage) Action: This indicator has been Revised Project management Project monitoring and evaluation system No Yes Yes Yes established (Yes/No) Action: This indicator has been Revised Cases from the Grievance Redress Mechanism resolved in a timely manner 0.00 50.00 75.00 100.00 (Percentage) Action: This indicator is New IO Table SPACE The World Bank Financial Inclusion Support Project in Burkina Faso (P164786)