The World Bank Implementation Status & Results Report Rwanda Housing Finance Project (P165649) Rwanda Housing Finance Project (P165649) AFRICA EAST | Rwanda | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2019 | Seq No: 5 | ARCHIVED on 26-May-2021 | ISR46881 | Implementing Agencies: Development Bank of Rwanda, Government of Rwanda Key Dates Key Project Dates Bank Approval Date: 29-Nov-2018 Effectiveness Date: 10-Apr-2019 Planned Mid Term Review Date: 30-Nov-2021 Actual Mid-Term Review Date: Original Closing Date: 31-Dec-2023 Revised Closing Date: 31-Dec-2023 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) To expand access to housing finance to households and to support capital market development in Rwanda. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Provision of Long-Term Finance to Expand Housing Finance:(Cost $117.00 M) Technical Assistance and Implementation Support:(Cost $3.00 M) Provision of Infrastructure for Affordable Housing Development Projects:(Cost $30.00 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 The Rwanda Housing Finance Project (RHFP) is a US$150 million five-year project aiming at expanding access to housing finance to households and to support capital market development in Rwanda. The IDA Scale-up Facility (SUF) credit was approved by the Board on November 29, 2018 and became effective on April 10, 2019. The credit has disbursed 16 percent as of April 2021. The project is implemented by the Rwanda Development Bank (BRD) and includes two components: (1) Provision of Long-term Finance to Expand Housing Finance through a line of credit (LoC) extended to financial institutions (US$117 million equivalent) and (2) Technical Assistance and Implementation Support (US$3 million equivalent). Component two finances analytical work and capacity building to (i) enhance the housing demand-side and (ii) support the reform agenda to improve the enabling environment for the supply of affordable housing. Following project restructuring, a new component – (3) Provision of Infrastructure for Affordable Housing Development Projects (US$30 million equivalent) – was added through reallocation of US$30 million from component one to increase the availability of affordable housing with the provision of infrastructure to eligible affordable housing development projects. The COVID-19 has disrupted the supply of houses and its impact on jobs has slowed demand for mortgages. 5/26/2021 Page 1 of 7 The World Bank Implementation Status & Results Report Rwanda Housing Finance Project (P165649) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic Moderate Substantial Substantial Sector Strategies and Policies Substantial Substantial Substantial Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Substantial Substantial Substantial Sustainability Fiduciary Moderate Moderate Moderate Environment and Social Moderate Substantial Substantial Stakeholders Moderate Moderate Moderate Other Substantial Substantial Substantial Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Number of housing loans financed by this project IN00997769 ►Number of housing loans financed by this project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6,000.00 Date 31-Dec-2017 18-Sep-2020 30-Apr-2021 31-Dec-2024 This indicator measures the number of housing loans financed by this project. Currently, there are mortgage applications being processed by two PFIs and disbursements are expected in the coming Comments: month. The team will assess progress on these during the mission. Number of housing loans financed by financial institutions IN00997770 ►Number of housing loans financed by financial institutions (Percentage, Custom) 5/26/2021 Page 2 of 7 The World Bank Implementation Status & Results Report Rwanda Housing Finance Project (P165649) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 29-Dec-2017 18-Sep-2020 30-Apr-2021 31-Dec-2024 This indicator measures the percentage increase of housing loans financed by Rwandan financial institutions (increase in the total number of housing loans issued by Rwandan financial institutions Comments: compared to baseline (number of housing loans issued in 2018) Number of bonds issued by RMRC IN00997871 ►Number of bonds issued by RMRC (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.00 Date 29-Dec-2017 18-Sep-2020 30-Apr-2021 29-Dec-2023 Comments: This indicator measures the number of bonds issued by the RMRC on the capital market. Volume of bonds issued by RMRC IN00997872 ►Volume of bonds issued by RMRC (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10,000,000.00 Date 31-Dec-2018 18-Sep-2020 30-Apr-2021 29-Dec-2023 Comments: This indicator measures the volume of bonds (USD) issued by the RMRC on the capital market. Intermediate Results Indicators by Components Provision of Long-Term Finance to Expand Housing Finance IN00997873 ►Number of Participating Financial Institutions (LoC) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 5.00 5.00 5.00 Date 29-Dec-2017 30-Oct-2020 30-Apr-2021 29-Dec-2023 This indicator measures the number of financial institutions which access the line of credit for mortgage financing under this project. Comments: 5/26/2021 Page 3 of 7 The World Bank Implementation Status & Results Report Rwanda Housing Finance Project (P165649) IN00997876 ►Number of Participating Financial Institutions (Shareholders of RMRC) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 3.00 Date 29-Dec-2017 30-Oct-2020 30-Apr-2021 29-Dec-2023 Comments: This indicator measures the number of financial institutions which become shareholders of the RMRC. IN00997877 ►Average maturity of housing loans financed by the project (Years, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 31-Dec-2018 30-Oct-2020 30-Apr-2021 29-Dec-2023 Comments: This indicator measures the average maturity of housing loans financed by the project. IN00997878 ►Project beneficiaries satisfied with access to housing finance (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 80.00 Date 31-Dec-2018 30-Oct-2020 30-Apr-2021 31-Dec-2024 This indicator measures the satisfaction of project beneficiaries with access to housing finance. The definition of project beneficiaries for this indicator extends beyond direct project beneficiaries to cover a wider range of relevant public and private stakeholders. This indicator will build on the successful and tested format of thematic roundtable discussions which were held with key stakeholders within the GoR, Comments: developers, financial sector representatives, and nongovernmental organizations engaged in housing development and finance to seek their feedback on project design and implementation arrangements. The team will maintain these consultations throughout the lifetime of the project through annual roundtable discussions and report on their outcomes in supervision reports. Technical Assistance and Implementation Support IN00997874 ►Number of entities receiving technical assistance (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.00 3.00 8.00 Date 29-Dec-2017 30-Oct-2020 30-Apr-2021 29-Dec-2023 This indicator measures the number of entities receiving technical assistance and capacity building under Comments: the project. Provision of Infrastructure for Affordable Housing Development Projects 5/26/2021 Page 4 of 7 The World Bank Implementation Status & Results Report Rwanda Housing Finance Project (P165649) IN00997875 ►Number of new affordable residential housing units receiving GoR Infrastructure Support (Number, Custom, PBC) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6,000.00 Date 30-Sep-2020 30-Oct-2020 30-Apr-2021 29-Dec-2023 Performance-Based Conditions IN00997879 ►PBC 1 Number of new affordable residential housing units receiving GoR Infrastructure Support (Number, Output, 8,000,000.00, 0.00%) Baseline Actual (Previous) Actual (Current) December 2023 Value 0.00 0.00 0.00 -- Date -- 30-Oct-2020 30-Apr-2021 -- IN00997880 ►PBC 2 Number of new affordable residential housing units receiving GoR Infrastructure Support (Number, Output, 5,000,000.00, 0.00%) Baseline Actual (Previous) Actual (Current) December 2023 Value 0.00 0.00 0.00 -- Date -- 30-Oct-2020 30-Apr-2021 -- IN00997881 ►PBC 3 Number of new affordable residential housing units receiving GoR Infrastructure Support (Number, Output, 2,000,000.00, 0.00%) Baseline Actual (Previous) Actual (Current) December 2023 Value 0.00 0.00 0.00 -- Date -- 30-Oct-2020 30-Apr-2021 -- IN00997882 ►PBC 4 Number of new affordable residential housing units receiving GoR Infrastructure Support (Number, Outcome, 15,000,000.00, 0.00%) 5/26/2021 Page 5 of 7 The World Bank Implementation Status & Results Report Rwanda Housing Finance Project (P165649) Baseline Actual (Previous) Actual (Current) December 2023 Value 0.00 0.00 0.00 -- Date -- 30-Oct-2020 30-Apr-2021 -- Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P165649 IDA-63430 Effective USD 150.00 150.00 0.00 25.12 127.99 16% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P165649 IDA-63430 Effective 29-Nov-2018 12-Dec-2018 10-Apr-2019 31-Dec-2023 31-Dec-2023 Cumulative Disbursements 5/26/2021 Page 6 of 7 The World Bank Implementation Status & Results Report Rwanda Housing Finance Project (P165649) 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 06-Nov-2020 Related Project(s) There are no related projects. 5/26/2021 Page 7 of 7