Public Disclosure Copy The World Bank Implementation Status & Results Report Ethiopia: SME Finance Project (P148447) Ethiopia: SME Finance Project (P148447) AFRICA | Ethiopia | Finance & Markets Global Practice | IBRD/IDA | Investment Project Financing | FY 2016 | Seq No: 1 | ARCHIVED on 29-Sep-2016 | ISR25105 | Implementing Agencies: National Bank of Ethiopia, Development Bank of Ethiopia, Ministry of Industry Key Dates Key Project Dates Bank Approval Date:17-May-2016 Effectiveness Date:-- Planned Mid Term Review Date:30-Oct-2018 Actual Mid-Term Review Date:-- Original Closing Date:31-Aug-2022 Revised Closing Date:31-Aug-2022 Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to increase access to finance for Eligible Small and Medium Enterprises in the Recipient's territory. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Financial Services to SMEs:(Cost $193.00 M) Enabling Environment for SME Finance:(Cost $0.80 M) Business Development Services for SMEs:(Cost $2.50 M) Project Management, Communication and Impact Evaluation:(Cost $3.70 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  --  Satisfactory Overall Implementation Progress (IP)  --  Satisfactory Overall Risk Rating  --  Substantial 9/29/2016 Page 1 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Ethiopia: SME Finance Project (P148447) Implementation Status and Key Decisions The project has been declared effective only on September 1, 2016 and the first implementation mission is scheduled to take place on Sept 19-23. A more detailed ISR will then be submitted after the mission. For the time being, the project team confirms that a very active cooperation with national counterparts in the Ministry of Industry and in the Development Bank of Ethiopia has started. This cooperation has allowed the finalization of an articulated Project Implementation Manual, whose submission to the World Bank represented a condition of effectiveness and that received official No Objection on August 31, 2016. The Development Bank of Ethiopia has hired an environmental and social risks specialist, as required in the PAD and clear TORs for the Project Management Team have been agreed and approved. The TORs for the key members of the Project Implementation Unit in the Ministry of Industry have also been approved and the hiring process is ongoing. Moreover DBE has been working closely with the TA providers of the (DFID-funded) PEPE in order to start the due diligence of financial institutions that have expressed an interest in participating in the project. Finally, the team continued to work closely with the colleagues in the European Investment Bank (EIB) in order to align the procedures under the same Operations Manual and support the co-financing of the project by EIB. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  Moderate  --  Substantial Macroeconomic  Moderate  --  Moderate Sector Strategies and Policies  Low  --  Low Technical Design of Project or Program  Substantial  --  Substantial Institutional Capacity for Implementation and Sustainability  Moderate  --  Moderate Fiduciary  Substantial  --  Substantial Environment and Social  Low  --  Low Stakeholders  Moderate  --  Moderate Other  --  --  -- Overall  Substantial  --  Substantial Results Project Development Objective Indicators PHINDPDOTBL  Volume of Financial Support to SMEs under the credit facility (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 269000000.00 9/29/2016 Page 2 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Ethiopia: SME Finance Project (P148447) Date 17-Aug-2016 -- 08-Sep-2016 31-Aug-2022 PHINDPDOTBL  Number of SMEs Reached with Financial Services under the credit facility (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 2152.00 Date 17-Aug-2016 -- 08-Sep-2016 31-Aug-2022 PHINDPDOTBL  Portfolio Quality under the credit facility (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 5.00 Date 17-Aug-2016 -- 08-Sep-2016 31-Aug-2022 Overall Comments Intermediate Results Indicators PHINDIRITBL  Number of Loans/ Leases disbursed to SMEs under the credit facility (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 3873.00 Date 17-Aug-2016 -- 08-Sep-2016 31-Aug-2022 9/29/2016 Page 3 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Ethiopia: SME Finance Project (P148447) PHINDIRITBL  Collateral Registry Established (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 17-Aug-2016 -- 08-Sep-2016 31-Aug-2022 PHINDIRITBL  Insolvency Diagnostic Completed (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 17-Aug-2016 -- 08-Sep-2016 31-Aug-2022 PHINDIRITBL  Number of SMEs that received training through a BDS Program under the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 912.00 Date 01-Feb-2016 -- 08-Sep-2016 31-Aug-2022 PHINDIRITBL  Report drafted on citizen engagement survey (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 20-Apr-2016 -- 08-Sep-2016 31-Aug-2022 Overall Comments Data on Financial Performance 9/29/2016 Page 4 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Ethiopia: SME Finance Project (P148447) Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed Not P148447 IDA-57930 XDR 144.80 144.80 0.00 0.00 144.80 0% Effective Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date Not P148447 IDA-57930 17-May-2016 15-Jun-2016 -- 31-Aug-2022 31-Aug-2022 Effective Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 9/29/2016 Page 5 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Ethiopia: SME Finance Project (P148447) 9/29/2016 Page 6 of 6 Public Disclosure Copy