The World Bank Report No: ISR269 Implementation Status & Results Egypt, Arab Republic of Public Disclosure Copy Third Financial Sector Development Policy Loan (P120470) Project Name: Third Financial Sector Development Policy Loan (P120470) Program Stage: Implementation Seq.No: 1 Status: ARCHIVED Last Modified Date: 01-Mar-2011 Country: Egypt, Arab Republic of Approval FY: 2010 Product Line: IBRD/IDA Region: MIDDLE EAST AND NORTH AFRICA Lending Instrument: Development Policy Lending Implementing Agency(ies): Key Dates Board Approval Date 25-May-2010 Original Closing Date 31-Dec-2011 Planned Mid Term Review Date Last Archived ISR Date Effectiveness Date 23-Jun-2010 Revised Closing Date 31-Dec-2011 Actual Mid Term Review Date Program Development Objectives Program Development Objective (from Program Document) The main development objective of the government#s second generation Financial Sector Reform Program (2009#2012), which is supported by this proposed operation, is to build a more inclusive, efficient, diversified, and resilient financial system, led by private institutions and operating within a stronger regulatory, supervisory and legal environment, which contributes to improved intermediation, expanded access to finance, and sustained growth of the Egyptian economy and combats the adverse consequences of the global economic crisis. Has the Program Development Objective been changed since Board Approval of the Program? Yes No Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Overall Implementation Progress (IP) Satisfactory Public Disclosure Copy Implementation Status Overview The operation was approved by the Board on May 25, 2010, and the Loan Agreement was signed on May 26, 2010. It was ratified by the Parliament on June 14, 2010, and became effective on June 23, 2010. The loan amounting to US$ 500 million was disbursed on June 24, 2010. Results Results Indicators Page 1 of 7 The World Bank Report No: ISR269 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value NPLs-to-total loans 14.80 Date Date Date 30-Jun-2008 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Indicator Baseline Current End Target Indicator Name Value Value Value Provisions-to-NPLs 92.10 Date Date Date 30-Jun-2008 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Indicator Baseline Current End Target Indicator Name Value Value Value Capital adequacy of banking system ratio 14.70 Date Date Date 30-Jun-2008 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Indicator Baseline Current End Target Indicator Name Value Value Value Improvement in Coverage Ratio (provisions-to-total NPLs) 51.80 Public Disclosure Copy Date Date Date 30-Jun-2008 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Page 2 of 7 The World Bank Report No: ISR269 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value Number of financial products offered 10.00 Date Date Date 30-Jun-2008 Type Unit of Measure Comment Comment Comment Custom Indicator Number Indicator Baseline Current End Target Indicator Name Value Value Value Egyptian banks have adopted the Basel II framework 0.00 100.00 Date Date Date 30-Jun-2008 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Indicator Baseline Current End Target Indicator Name Value Value Value Gross non life premium to GDP 0.50 Date Date Date 30-Jun-2009 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Indicator Baseline Current End Target Indicator Name Value Value Value Increase in the number of mutual funds 57.00 Public Disclosure Copy Date Date Date 30-Dec-2009 Type Unit of Measure Comment Comment Comment Custom Indicator Number Page 3 of 7 The World Bank Report No: ISR269 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value Increase in new bond issues 22.00 Date Date Date 30-Dec-2009 Type Unit of Measure Comment Comment Comment Custom Indicator Number Indicator Baseline Current End Target Indicator Name Value Value Value Issuance and enactment of Law 10 of 2009 Date Date Date Type Unit of Measure Comment Comment Comment Custom Indicator Text Indicator Baseline Current End Target Indicator Name Value Value Value Issuance and enactment of Private Pension Funds Law Date Date Date Type Unit of Measure Comment Comment Comment Custom Indicator Text Indicator Baseline Current End Target Indicator Name Value Value Value Percentage of female micro finance clients 50.00 Public Disclosure Copy Date Date Date 30-Jun-2008 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Page 4 of 7 The World Bank Report No: ISR269 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value Increase in investment funds# assets under managemen L.E. 49.5 Billion Date Date Date 30-Dec-2009 Type Unit of Measure Comment Comment Comment Custom Indicator Text Indicator Baseline Current End Target Indicator Name Value Value Value Outstanding Microfinance Portfolio L.E. 2.21 billion Date Date Date Type Unit of Measure Comment Comment Comment Custom Indicator Text Indicator Baseline Current End Target Indicator Name Value Value Value Leasing assets as percent of GDP 0.43 Date Date Date Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Indicator Baseline Current End Target Indicator Name Value Value Value Microfinance, leasing, and factoring companies licensed under new 0.00 Public Disclosure Copy NBFI Law Date Date Date Type Unit of Measure Comment Comment Comment Custom Indicator Number Page 5 of 7 The World Bank Report No: ISR269 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value Individuals receiving Government payments through financial 170,000 cards through institutions Government Payroll project Date Date Date Type Unit of Measure 30-Jun-2008 Comment Comment Custom Indicator Text Comment Indicator Baseline Current End Target Indicator Name Value Value Value Mobile phone payments transactions 0.00 Date Date Date Type Unit of Measure Comment Comment Comment Custom Indicator Number Indicator Baseline Current End Target Indicator Name Value Value Value Mobile phone payment products launched 0.00 Date Date Date Type Unit of Measure Comment Comment Comment Custom Indicator Number Data on Financial Performance (as of 24-Jun-2010) Financial Agreement(s) Key Dates Public Disclosure Copy Project Loan No. Status Approval Date Signing Date Effectiveness Date Closing Date P120470 IBRD-78940 Effective 25-May-2010 26-May-2010 23-Jun-2010 31-Dec-2011 Disbursements (in Millions) Project Loan No. Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P120470 IBRD-78940 Effective USD 500.00 500.00 0.00 500.00 0.00 100.00 Tranches Tranche 1 Description Page 6 of 7 The World Bank Report No: ISR269 A single-tranche loan in the amount of US$500 million Public Disclosure Copy Amount (USD) Expected Release Date Actual Release Date Status 5 24-Jun-2010 Pending Released Key Decisions Regarding Implementation This document could be disclosed. Restructuring History There has been no restructuring to date. Related Operations There are no related projects. Public Disclosure Copy Page 7 of 7