The World Bank Report No: ISR11146 Implementation Status & Results Tanzania Tanzania - Housing Finance Project (P117242) Public Disclosure Copy Operation Name: Tanzania - Housing Finance Project (P117242) Project Stage: Implementation Seq.No: 6 Status: ARCHIVED Archive Date: 30-Jun-2013 Country: Tanzania Approval FY: 2010 Product Line: IBRD/IDA Region: AFRICA Lending Instrument: Financial Intermediary Loan Implementing Agency(ies): Key Dates Board Approval Date 09-Mar-2010 Original Closing Date 31-Dec-2015 Planned Mid Term Review Date 04-Mar-2013 Last Archived ISR Date 26-Dec-2012 Effectiveness Date 21-Jan-2011 Revised Closing Date 31-Mar-2015 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective (PDO) is to expand the access to affordable housing finance for the purchase, construction or upgrading of housing. The objective will be achieved through the creation of a mortgage liquidity facility and a housing microfinance fund, and a program of technical assistance and capacity building, addressing issues in the supply of housing, the mortgage market and housing micro-finance. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Development of the Mortgage Market 33.00 Development of Housing Microfinance 5.00 Expansion of Affordable Housing Supply 2.00 Overall Ratings Public Disclosure Copy Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Unsatisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Unsatisfactory Overall Risk Rating Implementation Status Overview An implementation support mission was held between March 4 - 13, 2013. The objectives of the mission were to carry out a comprehensive review of project implementation including further follow up on the establishment of the HMFF since the last implementation support mission in October 2012, as stated in the mission announcement letter sent on February 25, 2013 Page 1 of 4 The World Bank Report No: ISR11146 The supervision mission reviewed progress towards achieving the Project's Development Objective (PDO). The mission confirmed that the project had faced a low disbursement rate and very limited movement in the project indicators since the last Implementation Support Mission. These are affected by various circumstances in the current situation. Based on the mission's findings, the ratings for progress towards PDO and Implementation Progress were both downgraded to Moderately Unsatisfactory (Oct 2012 rating - Moderately Satisfactory). Public Disclosure Copy The World Bank received a project restructuring request letter on October 4, 2012 for amendment of Financing Agreement and Project Agreement to allow TMRC to pre-finance as well as refinance mortgage portfolios from Participating Mortgage Lenders, and the details for finalizing the project restructuring were agreed during this mission. After the mission, the signing of the amendment documents was completed and the project restructuring was formally finalized in May 2013. The completion of this project restructuring allows progress of project implementation to be accelerated, and the Tanzania Mortgage Refinance Company (TMRC) to pre-finance as well as refinance mortgage portfolios from Participating Mortgage Lenders. Locations Country First Administrative Division Location Planned Actual Tanzania Dar es Salaam Region Dar es Salaam Region Results Project Development Objective Indicators Indicator Name Core Unit of Measure Baseline Current End Target A - Total number of housing finance loans Number Value 0.00 636.00 3470.00 provided: A1. Refinanced Housing Mortgage Date 31-Mar-2010 12-Oct-2012 09-Mar-2015 Loans Comments A - Total number of housing finance loans Number Value 462.00 1090.00 8000.00 provided: A2. Housing Microfinance Loans Date 31-Mar-2010 12-Oct-2012 31-Mar-2015 Comments B - Mortgage debt outstanding/GDP Percentage Value 0.45 0.25 1.00 Date 09-Mar-2010 12-Oct-2012 31-Mar-2015 Comments C - Mortgage interest rate (%) Percentage Value 18.00 18.00 12.00 Public Disclosure Copy Date 31-Mar-2010 12-Oct-2012 31-Mar-2015 Comments Intermediate Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target 1a - Number of financial institutions refinanced Number Value 0.00 1.00 10.00 by TMRC Date 31-Mar-2010 12-Oct-2012 31-Mar-2015 Comments Page 2 of 4 The World Bank Report No: ISR11146 1b # Outstanding volume of loans refinanced Text Value 0 105 billion by the TMRC (TZS) Date 31-Mar-2010 12-Oct-2012 31-Mar-2015 Comments Public Disclosure Copy 2a - Number of credit institution providing Number Value 4.00 7.00 12.00 housing microfinance loans Date 31-Mar-2010 12-Oct-2012 31-Mar-2015 Comments 2b # Volume of housing microfinance loans Text Value 354 million 5.6 billion outstanding (TZS) Date 09-Mar-2010 12-Oct-2012 31-Mar-2015 Comments 2c - Number of housing microfinance loans Number Value 0.00 0.00 2500.00 extended by HMFF Date 09-Mar-2010 12-Oct-2012 31-Mar-2015 Comments 3a - Number of new housing units approved for Number Value 3000.00 3600.00 7500.00 construction Date 31-Mar-2010 12-Oct-2012 31-Mar-2015 Comments Data on Financial Performance (as of 28-Feb-2013) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P117242 IDA-47120 Effective 09-Mar-2010 31-Mar-2010 21-Jan-2011 31-Dec-2015 31-Mar-2015 Disbursements (in Millions) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P117242 IDA-47120 Effective XDR 25.60 25.60 0.00 6.72 18.88 26.00 Disbursement Graph Public Disclosure Copy Page 3 of 4 The World Bank Report No: ISR11146 Public Disclosure Copy Key Decisions Regarding Implementation Key findings as well as ratings were discussed at the wrap-up meeting held on March 13. 2013 The full Aide Memoire has been cleared by Sector Manager and is attached to this ISR. Restructuring History Level two Approved on 10-Feb-2013 Related Projects There are no related projects. Public Disclosure Copy Page 4 of 4