The World Bank Implementation Status & Results Report Somali Core Economic Institutions and Opportunities Program (SCORE) (P152241) Somali Core Economic Institutions and Opportunities Program (SCORE) (P152241) AFRICA | Somalia | Finance, Competitiveness and Innovation Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2016 | Seq No: 5 | ARCHIVED on 26-Nov-2018 | ISR33660 | Implementing Agencies: Government of Somaliland Ministry of Planning and Development, Ministry of Finance, Federal Republic of Somalia Ministry of Finance Key Dates Key Project Dates Bank Approval Date: 20-Jan-2016 Effectiveness Date: 16-May-2016 Planned Mid Term Review Date: 18-Dec-2017 Actual Mid-Term Review Date: 18-Dec-2017 Original Closing Date: 30-Jun-2020 Revised Closing Date: 30-Jun-2020 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objectives are to: (i) improve the enabling environment for private and financial sector development; and (ii) catalyze private investment and job creation. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Component 1: Strengthening Core Economic Institutions:(Cost $9.89 M) Component 2: Expanding Economic Opportunities:(Cost $16.41 M) Component 3: Program Management:(Cost $2.20 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 High High Implementation Status and Key Decisions SCORE’s project development objective (PDO) is to: (i) improve the enabling environment for financial and private sector development; and (ii) catalyze private investment and job creation in key productive and service sectors. Both progress towards achievement of PDO and overall project implementation progress (IP) are rated Moderately Satisfactory, with most of the activities under Component one progressing well. Implementation activities under Component were modified to reflect lessons learned and recommendations arising from the mid-term review (MTR). As such, the closing dates for the Somali Business Catalytic Fund (SBCF) and the SME Facility (SMEF) was extended to January 2019 and March 2019 respectively, from May 2018. SCORE has three main components as follows: 11/26/2018 Page 1 of 7 The World Bank Implementation Status & Results Report Somali Core Economic Institutions and Opportunities Program (SCORE) (P152241) Component 1: Strengthening Core Economic Institutions. This component has three sub-components and aims to strengthen the institutional setting that underpin financial and private sector development by improving the framework for financial system supervision and regulation as well as reducing the transaction costs associated with starting and operating a formal business, and port sector management. This component is executed by the beneficiary institutions through PIUs and the status of project implementation for each of the three components is Moderately Satisfactory. Component 2: Expanding Economic Opportunities. This component directly addresses the needs of the private sector in the Somali peninsula. The component finances the SBCF, a matching grant scheme that supports new investments to SMEs. In addition to SBCF, the component finances an SME facility (SMEF) that provides technical assistance and business services designed to assist Somali entrepreneurs to launch, manage, and grow successful businesses. Component 3: Project Management. This component aims to facilitate the implementation arrangements for the project by supporting the operation of the Project Implementation Units (PIUs), which is the responsible implementing agency of the project with support from the Project Steering Committee. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance High High High Macroeconomic High High High Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Sustainability High High High Fiduciary High High High Environment and Social Moderate Substantial Substantial Stakeholders Moderate Moderate Moderate Other High High High Overall High High High Results PDO Indicators by Objectives / Outcomes Strengthen Core Economic Institutions IN00604774 ►Number of recommended laws/regulations/amendments/codes enacted or policies adopted (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 3.00 5.00 Date 15-Apr-2016 31-Jan-2018 28-Sep-2018 30-Jun-2020 IN00604821 Number of recommended laws/regulations/amendments/codes enacted in Somaliland (Number, Custom Breakdown) 11/26/2018 Page 2 of 7 The World Bank Implementation Status & Results Report Somali Core Economic Institutions and Opportunities Program (SCORE) (P152241) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.00 1.00 1.00 Date 15-Apr-2016 31-Jan-2018 31-Jan-2018 30-Apr-2019 Expand Economic Opportunties IN00604775 ►Private Capital Mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 643,000.00 1,213,180.00 7,000,000.00 Date 15-Apr-2016 31-Jan-2018 30-Mar-2018 30-Jun-2020 IN00642397 ►Additional number of direct jobs created in enterprises supported by the SBCF (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 714.00 2,000.00 Date 31-May-2016 -- 30-Mar-2018 30-Jun-2020 IN00604812 ►Total number of addtional direct jobs created in enterprises supported by the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 20.00 714.00 2,000.00 Date 15-Apr-2016 31-Jan-2018 31-Jan-2018 30-Jun-2020 IN00604823 Total number of direct jobs for women (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 20.00 207.00 650.00 Date 15-Apr-2016 31-Jan-2018 30-Mar-2018 30-Jun-2020 IN00604824 Total number of direct jobs for youth (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 20.00 470.00 800.00 Date 15-Apr-2016 31-Jan-2018 30-Mar-2018 30-Jun-2020 Overall Comments PDO The changes made to Component two of the project because of the restructuring include the continuing to operate the SME Facility (SMEF) to March 2019 and not May 2018 as originally anticipated. As such, it seems likely that the target numbers for beneficiaries under Business Development Services (BDS) and businesses incorporating improved business practices or processes in enterprises supported by SMEF might be met. 11/26/2018 Page 3 of 7 The World Bank Implementation Status & Results Report Somali Core Economic Institutions and Opportunities Program (SCORE) (P152241) Intermediate Results Indicators by Components Component 1: Strengthening Core Economic Institutions IN00613849 ►Component 1(c): Total number of diagnostic reports on port sector (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 2.00 2.00 Date 16-Jul-2018 -- 28-Sep-2018 30-Jun-2020 IN00609948 ►Component 1 (c): Number of FGS/Ports Authority officials trained on management of ports concession agreements (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 5.00 5.00 Date 16-Jul-2018 -- 28-Sep-2018 30-Jun-2020 IN00604814 ►Total annual number of actionable on-site and off-site examination reports issued (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 21.00 15.00 Date 15-Apr-2016 31-Jan-2018 28-Sep-2018 30-Jun-2020 IN00609909 ►Component 1 (b): Total number of diagnostic reports on legal, regulatory, institutional and infrastructure setting aimed at supporting business registration and operations (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 2.00 2.00 Date 16-Jul-2018 -- 28-Sep-2018 30-Jun-2020 IN00609900 ►Component 1 (a): Inter-bank payment, clearing and settlement system live and operational (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No -- No Yes Date 16-Jul-2018 -- 28-Sep-2018 30-Jun-2020 Component 2: Expanding Economic Opportunities IN00604816 11/26/2018 Page 4 of 7 The World Bank Implementation Status & Results Report Somali Core Economic Institutions and Opportunities Program (SCORE) (P152241) ►Total annual increase in revenue of firms supported by SBCF and SMEF that received training and advisory services (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 114.00 25.00 Date 15-Apr-2016 31-Jan-2018 30-Mar-2018 30-Jun-2020 IN00609899 ►Component 1 (a): Core-banking and accounting system at CBS live and operational (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No -- Yes Yes Date 02-Jul-2018 -- 28-Sep-2018 30-Jun-2020 IN00604818 ►Number of individuals receiving subsidized TVET or other forms of training financed by the SMEF (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 565.00 490.00 1,200.00 Date 15-Apr-2016 31-Jan-2018 30-Mar-2018 30-Jun-2020 IN00604819 ►Citizen engagement: Proportion of STEP beneficiaries who consider that design and/or implementation of project subjected to consultation is responsive to their view (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 60.00 Date 15-Apr-2016 31-Jan-2018 30-Mar-2018 30-Jun-2020 IN00604817 ►Number of individuals receiving subsidized BDS or advice financed by the SMEF (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 497.00 559.00 850.00 Date 15-Apr-2016 31-Jan-2018 30-Mar-2018 30-Jun-2020 IN00609954 ►Component 2 (b) : Percentage of Business Development Services (BDS) providers with repeat clientele and/or new clientele because of SMEF TA support disaggregated to show female workers and women enter (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 50.00 Date 16-Jul-2018 -- 30-Mar-2018 30-Jun-2020 IN00609956 ►Component 2 (b): Percentage of businesses incorporating improved business practices or processes because of SMEF TA support (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 60.00 Date 16-Jul-2018 -- 30-Mar-2018 30-Jun-2020 11/26/2018 Page 5 of 7 The World Bank Implementation Status & Results Report Somali Core Economic Institutions and Opportunities Program (SCORE) (P152241) Overall Comments IR It seems likely that the target for private capital mobilized and jobs created in enterprises supported by SBCF might not be met. This is because the final disbursement amount on SBCF is expected to fall below US $7.0 million and may be as low as US $6.5 million mainly due to drop outs of grant beneficiaries in Southern Somalia. The reduced disbursements might reduce enterprise expansion Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P152241 TF-A1688 Effective USD 3.30 3.30 0.00 3.28 0.02 99% P152241 TF-A1698 Effective USD 1.50 1.50 0.00 1.33 0.17 88% P152241 TF-A8094 Effective USD 7.29 7.29 0.00 0.53 6.76 7% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P152241 TF-A1688 Effective 20-Jan-2016 15-Feb-2016 16-May-2016 30-Apr-2019 30-Jun-2020 P152241 TF-A1698 Effective 20-Jan-2016 15-Feb-2016 27-May-2016 30-Apr-2019 30-Apr-2019 P152241 TF-A8094 Effective 12-Jul-2018 25-Aug-2018 25-Aug-2018 30-Jun-2020 30-Jun-2020 Cumulative Disbursements 11/26/2018 Page 6 of 7 The World Bank Implementation Status & Results Report Somali Core Economic Institutions and Opportunities Program (SCORE) (P152241) Restructuring History Level 2 Approved on 30-Apr-2018 ,Level 2 Approved on 08-Aug-2018 Related Project(s) There are no related projects. 11/26/2018 Page 7 of 7