The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Innovative Startups Fund Project (P161905) MIDDLE EAST AND NORTH AFRICA | Jordan | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 3 | ARCHIVED on 21-Sep-2018 | ISR33999 | Implementing Agencies: Jordan Loan Guarantee Corporation, Government of Jordan, Innovative Startups and SMEs Fund Key Dates Key Project Dates Bank Approval Date: 23-Jun-2017 Effectiveness Date: 19-Dec-2017 Planned Mid Term Review Date: 07-Dec-2020 Actual Mid-Term Review Date: -- Original Closing Date: 30-Nov-2023 Revised Closing Date: 30-Nov-2023 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project’s development objective is to increase private early stage equity finance for innovative small and medium enterprises ("SMEs"). Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Equity/Quasi Equity Financing Program:(Cost $44.75 M) Deal-Flow Creation Support:(Cost $3.13 M) Project Management, Coordination, and Monitoring and Evaluation:(Cost $2.00 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 This project of US $50 million to support the establishment of the Innovative Startups and SMEs Fund (ISSF) was approved by the World Bank's Board of Executive Directors on June 23, 2017. It was declared effective on December 19, 2017. The ISSF Manager has been recruited and selected following a competitive recruitment process. The ISSF Manager has recruited the key positions needed to make the ISSF operational, finalized the investment strategy, and developed a launch plan. Progress towards the launch of the ISSF has continued steadily, and is expected in September 2018. 9/21/2018 Page 1 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic Substantial Substantial Substantial Sector Strategies and Policies Substantial Substantial Substantial Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Sustainability Substantial Substantial Substantial Fiduciary High High High Environment and Social Moderate Low Low Stakeholders Low Low Low Other -- -- -- Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Private Capital Mobilized IN00576950 ►Private Capital Mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 71,500,000.00 Date 23-Jun-2017 30-Aug-2017 14-Sep-2018 30-Nov-2023 IN00577013 Private Early/Seed Stage Capital Mobilized Through the Project (Amount(USD), Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 14,500,000.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 IN00577014 Private Venture Capital Mobilized Through the Project (Amount(USD), Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 57,000,000.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 9/21/2018 Page 2 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Benefciary Companies Receiving Financing Through the Project IN00576949 ►Beneficiary Companies Receiving Financing Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 150.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 IN00577008 Beneficiary Companies Receiving Private Early/Seed Stage Financing Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 80.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 IN00577009 Beneficiary Companies Receiving Private VC Financing Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 70.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 IN00577010 Beneficiary Companies Led by Women Receiving Financing Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 25.00 IN00577011 Beneficiary Companies Led by Youth Receiving Financing Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 30.00 IN00577012 Beneficiary Companies Graduating From the Deal Flow Component Receiving Financing Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 100.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 Beneficiary Companies That Introduced a New Product or Process IN00577005 ►Beneficiary Companies That Introduced a New Product or Process (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 100.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 9/21/2018 Page 3 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Overall Comments PDO The ISSF will launch officially at end of September 2018. As such it is too early in project implementation to meaningfully assess and report on results indicators. Intermediate Results Indicators by Components Equity/Quasi Equity Financing Program IN00577001 ►Total Financial Intermediaries Receiving Financing Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 10.00 Date 23-Jun-2017 30-Aug-2017 14-Sep-2018 30-Nov-2023 IN00577015 Venture Capital Financial Intermediaries Receiving Financing Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 6.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 IN00635453 Early/Seed Stage Financial Intermediaries Receiving Financing Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 4.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 IN00577003 ►Shareholder or Partnership Agreements Signed With Equity Finance Providers/Financial Intermediaries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 3.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 Deal-Flow Creation Support IN00577007 ►Beneficiary Companies Receiving IR Support and BDS Services Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 675.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 IN00577018 9/21/2018 Page 4 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Beneficiary Companies Led by Women Receiving IR Support and BDS Services Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 30.00 IN00577019 Beneficiary Companies Led by Youth Receiving IR Support and BDS Services Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 30.00 IN00577020 Beneficiary Companies Receiving IR Support Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 600.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 IN00577021 Beneficiary Companies Receiving BDS Services Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 75.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 IN00577004 ►Prospective Angel Investors Receiving Training Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 30.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 IN00577002 ►Beneficiaries Receiving Acceleration Services Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 150.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 IN00577016 Female Beneficiaries Receiving Acceleration Services Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 30.00 IN00577017 Young Beneficiaries Receiving Acceleration Services Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 40.00 9/21/2018 Page 5 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Project Management, Coordination, and Monitoring and Evaluation IN00577006 ►Beneficiaries Satisfied With Services Received and Performance of Funds (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 75.00 Date 23-Jun-2017 -- 14-Sep-2018 30-Nov-2023 Overall Comments IR The ISSF will launch officially at end of September 2018. As such it is too early in project implementation to meaningfully assess and report on results indicators. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P161905 IBRD-87670 Effective USD 50.00 50.00 0.00 20.13 29.88 40% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P161905 IBRD-87670 Effective 23-Jun-2017 21-Aug-2017 19-Dec-2017 30-Nov-2023 30-Nov-2023 Cumulative Disbursements 9/21/2018 Page 6 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 9/21/2018 Page 7 of 7