The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Sierra Leone Economic Diversification Project (P164212) AFRICA WEST | Sierra Leone | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2021 | Seq No: 1 | ARCHIVED on 24-Dec-2020 | ISR44275 | Implementing Agencies: Ministry of Tourism & Cultural Affairs, Ministry of Finance, Ministry of Trade and Industry, Republic of Sierra Leone Key Dates Key Project Dates Bank Approval Date: 28-Jul-2020 Effectiveness Date: 10-Nov-2020 Planned Mid Term Review Date: -- Actual Mid-Term Review Date: Original Closing Date: 31-Oct-2025 Revised Closing Date: 31-Oct-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) To increase investment, Small and Medium Enterprise (SME) growth, and entrepreneurship in non-mining productive sectors in the Recipient’s territory. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Improving Business Environment and Capacity Building:(Cost $11.00 M) SMEs and Entrepreneurship:(Cost $25.50 M) Project Management and Evaluation:(Cost $3.50 M) Contingent emergency response Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO -- Satisfactory Overall Implementation Progress (IP) -- Satisfactory Overall Risk Rating -- Substantial Implementation Status and Key Decisions The implementation has started off steadily as outlined below; 1..Component 1: Improving Business Environment and Capacity Building. Subcomponent 1.1: Streamlining Government to Business Interactions (G-2-B) Business registration and licensing - UNCTAD contract to prepare a feasibility study under review by the Bank. Construction Permit System and Digitalization of Land Records - A road map is being developed by Ministry of Lands Housing and Country Planning. Land - Digitization of Existing Records and Legal and Administrative reform: The Bank will prepare an updated 10-year Implementation plan for the National Land Policy. Subcomponent 1.2: Strengthening Access to Finance Infrastructure: 12/24/2020 Page 1 of 9 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) a. Conducting analysis of the legal and regulatory framework for movable assets - Expression of interest to be issued by PCU. b. Enhance compliance and usage of the Collateral Registry - ToR to be prepared by February 2021 to upgrade the registry. c. Prudential regulations to for the new Borrowers and Lenders Act - ToR have been prepared to engage a consultant to draft the regulations. d. Information and communications campaigns to reach women and persons with disability - The Office of the Administrator and Registrar General and Corporate Affairs Commission have prepared the concept note and they will present it to PCU. e. Build the knowledge of the financial sector and professional associations- PCU is working with the Bank of Sierra Leone (BoSL) on this. Subcomponent 1.3: Building Institutional Capacity; a. Training to build capacity and knowledge of staff in key agencies related to the objectives of the project. A plan is in place to complete a needs assessment for capacity building of Ministries Departments and Agencies. 1. Component 2: SMEs and Entrepreneurship. Subcomponent 2.1: Public Goods Investment -US$16.5 million - The subcomponent involves investments in strategic public goods. a. Destination Improvements Sub-Projects -Work is underway to survey and vest land to the MoTCA for the six tourism destination upgrades. This should be completed by end January 2021. A decision was made to start with the destination upgrades in Tacugama (visitor education center), Leicester Peak (visitor viewpoint), and Bureh beach (beach recreation and jetty) for design and works supervision. It was also agreed that work on the following should be started;  Land titles of the 3 sites be prepared and provided to include ownership.  Architectural drawings and construction Supervision including bills of quantities be prepared for the three sites.  World Bank Environment and Social safeguards specialist will review the sites and advise on appropriate safeguard instruments.  Management of each of these three sites be identified and documentary evidence provided. a. SME Solution Centres - PCU to prepare the terms of reference for preparation of the feasibility study. The feasibility study will analyze all the relevant factors (technical structure, logistics, financial sustainability) crucial to the delivery of the SME Solution Centers. a. Tourism Rebranding - A firm is being identified to start work on the Marketing Strategy. In addition, the MoTCA plans to develop a ToR for domestic tourism campaigns to relaunch 2021 as the year of domestic tourism. A ToR for this activity is not yet developed and it is urgent given the proposed implementation timing. Subcomponent 2.2: Supporting Start-ups, SMEs and the Entrepreneurship. Supporting the Entrepreneurship Ecosystem - PCU to develop call for proposal for Universities and tertiary institutions Supporting Start-Ups and SMEs -  PCU to develop instrument to support COVID recovery for selected SMEs  PCU to develop annex operational manual for support to SMEs and Startups  PCU to develop TOR to hire Accelerators and incubators  PCU to develop call for proposal for capacity building for incubators Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial -- Substantial Macroeconomic High -- High Sector Strategies and Policies Substantial -- Substantial Technical Design of Project or Program Substantial -- Substantial Institutional Capacity for Implementation and Substantial -- Substantial Sustainability Fiduciary Substantial -- Substantial Environment and Social Moderate -- Moderate Stakeholders Moderate -- Moderate Other High -- High 12/24/2020 Page 2 of 9 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Overall Substantial -- Substantial Results PDO Indicators by Objectives / Outcomes Private sector investment leveraged IN00917289 ►Amount of private sector investment leveraged through project activities, including co-investments in and from SMEs and start-ups supported by the project, and investments in upgraded destinations (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 6,000,000.00 Date 30-Jun-2020 -- 17-Dec-2020 31-Oct-2025 Amount (cumulative) of private sector investment leveraged through project activities, including co- Comments: investments in and from SMEs and start-ups supported by the project, and investments in upgraded destinations. Average percentage increase in gross sales by firms supported by the project IN00917290 ►Average percentage increase in gross sales by firms supported by the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 15.00 Date 30-Jun-2020 -- 17-Dec-2020 31-Oct-2025 Comments: Average percentage increase in gross sales by firms supported by the project IN00917486 Average percentage increase in gross sales by women-owned/managed firms supported by the project. (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 15.00 Date 30-Jun-2020 -- 17-Dec-2020 31-Oct-2025 Intermediate Results Indicators by Components Component 1:Business Environment & Capacity Building IN00917487 ►Improvement in the overall business enabling environment, as measured by selected Ease of Doing Business Scores (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 12/24/2020 Page 3 of 9 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Value 47.50 -- 47.20 60.00 Date 03-Aug-2020 -- 17-Dec-2020 31-Oct-2025 Improvement in the overall business enabling environment, as measured by selected Ease of Doing Comments: Business Scores IN00917490 ►Number of new businesses registered using single window or SME centers implemented by the project (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 2,500.00 Date 03-Aug-2020 -- 17-Dec-2020 31-Oct-2025 Comments: Number of new businesses registered using single window or SME centers implemented by the project IN00917493 Number of new business that are women-owned or managed that registered using single window or SME centers implemented by the project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 700.00 Date 30-Jun-2020 -- 17-Dec-2020 31-Oct-2025 IN00917496 ►Reduction in Days to Obtain Construction Permit (Days, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 182.00 -- 182.00 142.00 Date 05-Aug-2019 -- 17-Dec-2020 31-Oct-2025 Comments: Reduction in Days to Obtain Construction Permit IN00917499 ►Number of digitized land title records accessible at the Office of Administrator and Registrar General by the project (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 100,000.00 Date 03-Aug-2020 -- 17-Dec-2020 31-Oct-2025 Comments: Number of digitized land title records accessible at the Office of Administrator and Registrar General IN00917500 ►Number of new loans secured by movables (as registered by the Collateral Registry, cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 412.00 -- 412.00 2,000.00 Date 03-Aug-2020 -- 17-Dec-2020 31-Oct-2025 12/24/2020 Page 4 of 9 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Comments: Number of loans secured by movables as registered by the Collateral Registry IN00917502 Number of new loans secured by movables for women owned or managed firms, cumulative (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 45.00 -- 45.00 500.00 Date 05-Aug-2019 -- 17-Dec-2020 31-Oct-2025 IN00917505 ►Number of reforms implemented as a result of training and/or policy reviews undertaken (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 7.00 Date 05-Aug-2019 -- 17-Dec-2020 31-Oct-2025 Comments: Number of reforms implemented as a result of training and/or policy reviews undertaken Component 2: SMEs and Entrepreneurship IN00917488 ►Number of business owners visiting SME Solutions centers per month (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 150.00 Date 06-Aug-2018 -- 17-Dec-2020 31-Oct-2025 Comments: Number of business owners visiting SME Solutions centersper month IN00917491 Number of business owners visiting SME Solution Centers per month who are women (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 60.00 Date 05-Aug-2019 -- 17-Dec-2020 31-Oct-2025 IN00917495 ►Number of destinations upgraded, cumulative (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 6.00 Date 28-Jun-2019 -- 17-Dec-2020 31-Oct-2025 Comments: Number of destinations where planned project upgrades are completed IN00917497 ►Number of new jobs created as a direct result of activities undertaken in component 2 of the project (cumulative). (Number, Custom) 12/24/2020 Page 5 of 9 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 450.00 Date 30-Jun-2020 -- 17-Dec-2020 31-Oct-2025 Comments: Number of new jobs created as a direct result of activities undertaken in component 2 of the project. IN00917498 Number of new jobs for women created as a direct result of activities undertaken in component 2 of the project (cumulative). (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 135.00 Date 30-Jun-2020 -- 17-Dec-2020 31-Oct-2025 IN00917501 ►Number of international visitors to the country, per year (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 57,000.00 -- 57,000.00 62,590.00 Date 31-Dec-2019 -- 17-Dec-2020 31-Oct-2025 Comments: Number of visitors to the country, per year IN00917503 ►Number of entrepreneurs that achieve first sales, (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 40.00 Date 05-Aug-2019 -- 17-Dec-2020 31-Oct-2025 Comments: Number of entrepreneurs that achieve first sales (of which are women-owned/led) IN00917504 Number of entrepreneurs who are women supported by the project that achieve first sales (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 15.00 Date 30-Jun-2020 -- 17-Dec-2020 31-Oct-2025 IN00917506 ►Number of new entrepreneurs who participated in hackathons, trainings, pitch nights and other activities organized by entrepreneurship institutions supported by the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 250.00 Date 03-Aug-2020 -- 17-Dec-2020 31-Oct-2025 12/24/2020 Page 6 of 9 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Number (cumulative) of new entrepreneurs who participated in hackathons, trainings, pitch nights and Comments: other activities organized by entrepreneurship institutions supported by the project IN00917507 Number of new women entrepreneurs who participated in hackathons, trainings, pitch nights and other activities organized by entrepreneurship institutions supported by the project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 125.00 Date 03-Aug-2020 -- 17-Dec-2020 30-Oct-2025 IN00917508 ►Percentage of SMEs supported by the project that increased their number of buyers (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 30.00 Date 03-Aug-2020 -- 17-Dec-2020 31-Oct-2025 Comments: Percentage of SMEs supported by the project that increased their number of buyers IN00917509 Percentage of SMEs supported by the project that increased their number of buyers which are women-owned or managed firms (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 15.00 Date 30-Jun-2020 -- 17-Dec-2020 31-Oct-2025 IN00917510 ►Number of companies that the project invested in (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 10.00 Date 03-Aug-2020 -- 17-Dec-2020 31-Oct-2025 Comments: Number of companies that the project invested Component 3: Project Management and Evaluation IN00917489 ►Number of public private dialogue consultations held for project activities (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 30.00 Date 03-Aug-2020 -- 17-Dec-2020 31-Oct-2025 Comments: Number of public private dialogue consultations held for project activities IN00917492 12/24/2020 Page 7 of 9 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) ►Percentage of reported grievances actually addressed within a specified period of time (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 95.00 Date 03-Aug-2020 -- 18-Dec-2020 31-Oct-2025 Comments: Percentage of reported grievances actually addressed within a specified period of time IN00917494 ►Percentage of beneficiaries reporting satisfaction with project activities (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 80.00 Date 03-Aug-2020 -- 17-Dec-2020 31-Oct-2025 Comments: Percentage of beneficiaries reporting satisfaction with project activities Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P164212 IDA-D7020 Effective USD 40.00 40.00 0.00 0.00 41.44 0% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P164212 IDA-D7020 Effective 28-Jul-2020 18-Aug-2020 10-Nov-2020 31-Oct-2025 31-Oct-2025 Cumulative Disbursements 12/24/2020 Page 8 of 9 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) 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. 12/24/2020 Page 9 of 9