The World Bank Implementation Status & Results Report Green Urban Financing and Innovation Project (P158124) Green Urban Financing and Innovation Project (P158124) EAST ASIA AND PACIFIC | China | Urban, Resilience and Land Global Practice | IBRD/IDA | Investment Project Financing | FY 2019 | Seq No: 1 | ARCHIVED on 27-Aug-2019 | ISR38235 | Implementing Agencies: PEOPLE'S REPUBLIC OF CHINA, Shanghai Green Urban Financing and Services Co., Ltd (FSC) Key Dates Key Project Dates Bank Approval Date: 21-May-2019 Effectiveness Date: Planned Mid Term Review Date: 30-Jun-2023 Actual Mid-Term Review Date: Original Closing Date: 30-Jun-2025 Revised Closing Date: 30-Jun-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to increase access to sustainable, long-term financing for selected green urban investments benefitting local governments in the Yangtze River Delta Region. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Facility Credit Line:(Cost $171.50 M) Credit Enhancement for Risk Management:(Cost $20.00 M) Institutional Strengthening and Project Management:(Cost $8.00 M) 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 This is the initial ISR after board approval. The legal documents for the World Bank loan have not yet been signed by the Chinese government pending State Council’s approval for the overall lending pipeline with the World Bank. World Bank Beijing Office is closely following up with Ministry of Finance (MOF) and National Development and Reform Commission trying to speed up the process. MOF has signed the financing agreement with KFW (Kreditanstalt für Wiederaufbau, German Development Bank) and is now preparing for the signing of the on-lending agreement with Shanghai. Bank's task team is planning to conduct the Project Launch combined with the first implementation support mission in November/December. 8/27/2019 Page 1 of 6 The World Bank Implementation Status & Results Report Green Urban Financing and Innovation Project (P158124) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Low -- Low Macroeconomic Moderate -- Moderate Sector Strategies and Policies Moderate -- Moderate Technical Design of Project or Program Substantial -- Substantial Institutional Capacity for Implementation and Sustainability Substantial -- Substantial Fiduciary Substantial -- Substantial Environment and Social Substantial -- Substantial Stakeholders Low -- Low Other -- -- -- Overall Substantial -- Substantial Results PDO Indicators by Objectives / Outcomes Increase access to sustainable, long-term financing for green urban investments in YRD region IN00734313 ►Total private direct mobilization (PDM) of WB loan (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 800,000,000.00 Date 30-Apr-2019 -- 08-Aug-2019 30-Jun-2025 Financing from private entities on commercial terms put in the WB subprojects, excluding the project Comments: sponsors’ own equity IN00734314 ►Leverage ratio for WB project portfolio (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 7.00 Date 30-Apr-2019 -- 08-Aug-2019 30-Jun-2025 The ratio of total costs of all WB/KfW subprojects divided by WB funding in those subprojects Comments: IN00734315 8/27/2019 Page 2 of 6 The World Bank Implementation Status & Results Report Green Urban Financing and Innovation Project (P158124) ►FSC's Green Bond principles certification obtained (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No -- No Yes Date 30-Apr-2019 -- 08-Aug-2019 30-Jun-2025 Comments: Whether FSC obtains certification for following green bond principles IN00734331 ►Credit rating of FSC obtained (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No -- No Yes Date 30-Apr-2019 -- 08-Aug-2019 30-Jun-2025 Comments: Whether FSC obtains a credit rating IN00734332 ►Number of beneficiaries of urban environmental investments (of which percentage are female) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 20,000,000 (49%) Date 30-Apr-2019 -- 08-Aug-2019 30-Jun-2025 The number of population that are directly benefitted by the urban environmental investments financed by Comments: WB subproject portfolio, and of which, how much percentage are female beneficiaries. Overall Comments PDO This is the initial ISR after the project is approved by the Board on May 21, 2019. The legal documents have not been signed yet. The real implementation has not yet started. Intermediate Results Indicators by Components Facility Credit Line IN00734333 ►Own capital provided by institutional investors to set up the facility paid down (RMB) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 1,000,000,000.00 2,000,000,000.00 Date 30-Apr-2019 -- 08-Aug-2019 30-Jun-2025 The own capital provided by the shareholders of the FSC. The USD dollar amount is around USD300 Comments: million. IN00734336 ►Number of Yangtze River Delta Region LGs benefitting from FSC investment (WB/KfW) portfolio (Number, Custom) 8/27/2019 Page 3 of 6 The World Bank Implementation Status & Results Report Green Urban Financing and Innovation Project (P158124) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 8.00 Date 30-Apr-2019 -- 08-Aug-2019 30-Jun-2025 The number of local governments in the Yangtze River Delta Region that receive benefits of services from Comments: the environmental infrastructure projects to be financed by this Project IN00734337 ►Maintainance of FSC's leverage ratio below 5:1 (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No -- No Yes Date 30-Apr-2019 -- 08-Aug-2019 30-Jun-2025 This leverage ratio is to measure how much capital FSC can leverage for projects using WB’s seed Comments: money. It is calculated by dividing project direct mobilization (PDM) by WB loan amount IN00734338 ►Total volume of lending of WB/KfW loan subprojects portfolio (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 1,500,000,000.00 Date 30-Apr-2019 -- 08-Aug-2019 30-Jun-2025 Comments: This is measured by the total project costs of WB/KfW loan subproject portfolio. IN00734339 ►Average loan tenor of subprojects portfolio (years) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1-2 -- 1-2 8-15 Date 30-Apr-2019 -- 08-Aug-2019 30-Jun-2025 Comments: The total tenor of all the subprojects devided by the number of subprojects IN00734340 ►Concentration of total loan portfolio in three key environmental sectors (water supply, wastewater and waste) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 90.00 Date 30-Apr-2019 -- 08-Aug-2019 30-Jun-2025 Out of total amount of loan portfolio by the FSC, the percentage of lending to subprojects in the three key Comments: sectors Credit Enhancement for Risk Management IN00734334 ►FSC's shadow rating obtained (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target 8/27/2019 Page 4 of 6 The World Bank Implementation Status & Results Report Green Urban Financing and Innovation Project (P158124) Value No -- No Yes Date 30-Apr-2019 -- 08-Aug-2019 30-Jun-2025 Comments: Whether FSC obtains a shadow rating Institutional Strengthening and Project Management IN00734335 ►Number of potential borrowers that access TA services of FSC (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 10.00 Date 30-Apr-2019 -- 08-Aug-2019 30-Jun-2025 Comments: The number of potential end-borrowers that receive TA services provided by FSC Overall Comments IR This is the initial ISR after the project is approved by the Board on May 21, 2019. The legal documents have not been signed yet. The real implementation has not yet started. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed Not P158124 IBRD-89590 USD 200.00 200.00 0.00 0.00 200.00 0% Effective Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date Not P158124 IBRD-89590 21-May-2019 -- -- 30-Jun-2025 30-Jun-2025 Effective Cumulative Disbursements 8/27/2019 Page 5 of 6 The World Bank Implementation Status & Results Report Green Urban Financing and Innovation Project (P158124) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 8/27/2019 Page 6 of 6