The World Bank Implementation Status & Results Report Sint Maarten Enterprise Support Project (P168549) Sint Maarten Enterprise Support Project (P168549) LATIN AMERICA AND CARIBBEAN | St Maarten | Finance, Competitiveness and Innovation Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2019 | Seq No: 5 | ARCHIVED on 30-Jul-2021 | ISR47750 | Implementing Agencies: National Recovery Program Bureau, National Recovery Program Bureau Key Dates Key Project Dates Bank Approval Date: 04-Apr-2019 Effectiveness Date: 05-May-2020 Planned Mid Term Review Date: 15-Nov-2021 Actual Mid-Term Review Date: Original Closing Date: 30-Dec-2024 Revised Closing Date: 30-Dec-2024 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The development objective is to support the recovery of micro, small, and medium sized enterprises through direct financial assistance to contribute to the restoration of economic activity. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Component 1: Direct financial support to MSMEs for investment and working capital:(Cost $33.00 M) Component 2: Study of financial solutions for improved disaster resilience:(Cost $0.40 M) Component 3: Training, project implementation, audit and monitoring and evaluation:(Cost $1.60 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions Project Implementation has accelerated. Lessons learned during the first year of project implementation are being taken into account to further improve project performance. The Project has so far disbursed about US$ 8.5 million representing 25% percent of the total Grant proceeds. Component 1 - Direct financial support to MSMEs for investment and working capital. The number of SMEs with approved grant-loan packages increased from 7 to 62 between January 2021 and July 22, 2021 as the result of a stronger PCU team, improved capacity of the Participating Financial Institutions (PFIs) to process loan requests, streamlined application process, and better communication. Component 2 - Study of financial solutions for disaster resilience to explore instruments, markets, tools, and solutions to improve disaster resilience in Sint Maarten. This component is expected to be launched in the second half of 2021. Component 3 - Training, Project implementation, and monitoring and evaluation including. A small training program has been recently designed and is expected to contribute to strengthening the capacity of the applicants and the beneficiairies. It is expected to be launched in September 2021. 7/30/2021 Page 1 of 6 The World Bank Implementation Status & Results Report Sint Maarten Enterprise Support Project (P168549) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance High Substantial Substantial Macroeconomic Moderate Moderate Moderate Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and High Substantial Substantial Sustainability Fiduciary High Substantial Substantial Environment and Social Moderate Low Low Stakeholders Moderate Moderate Moderate Other Moderate Moderate Moderate Overall High Substantial Substantial Results PDO Indicators by Objectives / Outcomes Support the recovery of micro, small, and medium sized enterprises through financial assistance. IN01023960 ►Cumulative number of MSMEs receiving packages for assets, repairs or working capital (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 7.00 62.00 600.00 Date 28-Feb-2019 15-Jan-2021 22-Jul-2021 30-Dec-2024 IN01024021 ►Cumulative number of women owned or managed MSMEs receiving packages for assets, repairs or working capital (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3.00 20.00 240.00 Date 28-Dec-2018 15-Jan-2021 15-Jun-2021 30-Dec-2024 7/30/2021 Page 2 of 6 The World Bank Implementation Status & Results Report Sint Maarten Enterprise Support Project (P168549) This seeks to measure the outcome for women owned or managed MSME access to the project. The Comments: application form for the project will have a field to capture whether the MSME is owned or managed by a woman and this will be captured by the application forms at the NRPB. IN01024022 ►Volume of grants and loans supported through the project over its lifetime (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 529,937.00 4,200,000.00 33,000,000.00 Date 21-Dec-2018 15-Jan-2021 15-Jun-2021 30-Dec-2024 This indicator is the cumulative volume of grants and loans supported through the project for MSMEs. It will be calculated by summing the quarterly disbursements from the NRPB to the PFIs, and will account for any recycled funds issued as loans only. This will be measured at disbursement and will not account Comments: for loan reflows and so will be measured at the beginning of each quarter. Any unused working capital facilities will be counted as disbursed. IN01024023 ►Volume of grants and loans supported through the project to women owned or managed MSMEs over its lifetime (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 171,623.00 1,500,000.00 13,200,000.00 Date 28-Dec-2018 15-Jan-2021 15-Jun-2021 30-Dec-2024 This seeks to measure the outcome for women owned or managed MSME access to the project. The application form for the project will have a field to capture whether the MSME is owned or managed by a Comments: woman and this will be captured by the application forms at the NRPB and the total amount financed will be compiled. Intermediate Results Indicators by Components Component 1: Direct financial support to MSMEs for investment and working capital IN01024024 ►Cumulative number of MSMEs that are new for participating lenders (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 90.00 Date 28-Feb-2019 15-Jan-2021 15-Jan-2021 29-Dec-2023 Data to be updated during the next supervision mission. This seeks to measure the outcome for increased access to finance (A2F). The application form for the Comments: project will have a field to capture whether the MSME has had a loan with the PFI before and this will be captured by the application forms at the NRPB. IN01024027 ►Percentage of loan packages by volume that include grants (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 80.00 7/30/2021 Page 3 of 6 The World Bank Implementation Status & Results Report Sint Maarten Enterprise Support Project (P168549) Date 21-Dec-2018 15-Jan-2021 22-Jul-2021 29-Dec-2023 This seeks to track the type of packages being issued to ensure that the AR grant-loan facility is being Comments: used. The approved SGCA will have the final breakdown and the NRPB will need to capture these percentages. IN01024029 ►Percentage of beneficiaries that feel project activities reflected their needs (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 21-Dec-2018 15-Jan-2021 15-Jan-2021 29-Dec-2023 A survey will measure the satisfaction of the project's final beneficiaries regarding the activities implemented under the project. During Midterm Review and every year after that, the NRPB will organize workshops (including online virtual workshops) targeting different project stakeholders or beneficiaries. Comments: Workshops will be organized taking into account the type of product or activity, the type of beneficiary, and geographical location. To measure the level of satisfaction amongst the beneficiaries, the NRPB will develop a set of questions and other tools with the support of the WB team. Field visits and interviews in situ will also be considered. IN01024030 ►Percentage of loan packages that are less than US$25,000 (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 28.00 6.00 15.00 Date 28-Dec-2018 15-Jan-2021 22-Jul-2021 29-Dec-2023 To be updated during the next supervision mission. This seeks to track the percentage of packages being issued to the micro segment as defined by package Comments: size to ensure that the facility is including micro enterprises. The approved SGCA will have the final breakdown and the NRPB will need to capture these percentages. IN01024031 ►Percentage of MSME packages that are non-performing (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 28-Dec-2018 15-Jan-2021 22-Jul-2021 29-Dec-2023 This is defined as the total number of outstanding packages that have their long portions non-performing. Comments: Non-performance is defined as 90 days overdue. Component 2: Study of financial solutions for improved disaster resilience IN01024025 ►Study undertaken for improving financial solutions for disasters (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.00 Date 21-Dec-2018 15-Jan-2021 15-Jan-2021 29-Dec-2023 7/30/2021 Page 4 of 6 The World Bank Implementation Status & Results Report Sint Maarten Enterprise Support Project (P168549) This indicator will ensure that the study from Component 2 is complete. Guidance for the TOR for the Comments: study will be provided in the OM. Component 3: Training, project implementation, audit and monitoring and evaluation IN01024026 ►Cumulative number of loan officers trained in MSME lending (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 21-Dec-2018 15-Jan-2021 15-Jan-2021 29-Dec-2023 Comments: This will measure the number of loan officers from FI trained in MSME lending. IN01024028 ►Cumulative Number of enterprises and loan officers trained in business continuity planning (BCP) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 200.00 Date 21-Dec-2018 15-Jan-2021 15-Jan-2021 29-Dec-2023 This will measure the number of enterprises and loan officers from FI trained in business continuity Comments: planning (BCP). Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P168549 TF-A9223 Effective USD 35.00 35.00 0.00 8.59 26.41 25% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P168549 TF-A9223 Effective 04-Apr-2019 05-Mar-2020 05-May-2020 30-Dec-2024 30-Dec-2024 Cumulative Disbursements 7/30/2021 Page 5 of 6 The World Bank Implementation Status & Results Report Sint Maarten Enterprise Support Project (P168549) 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 29-Feb-2020 ,Level Approved on 09-May-2020 Related Project(s) There are no related projects. 7/30/2021 Page 6 of 6