The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) Land Bank Financial Intermediation Project (P150008) AFRICA | South Africa | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 4 | ARCHIVED on 04-Mar-2019 | ISR35826 | Implementing Agencies: Land and Agricultural Development Bank of South Africa, Land and Agriculture Development Bank of South Africa Key Dates Key Project Dates Bank Approval Date: 23-Jan-2017 Effectiveness Date: 29-Sep-2017 Planned Mid Term Review Date: 31-Oct-2019 Actual Mid-Term Review Date: -- Original Closing Date: 01-Apr-2022 Revised Closing Date: 01-Apr-2022 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project's development objective is to sustainably scale up Land Bank's financing, specifically to benefit emerging farmers. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Line of Credit for Agricultural Financing:(Cost $93.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions The project became effective on September 29, 2017. The project is at an early stage of implementation. The disbursements under the project are at 7.1 percent as of February 27, 2019. Risks 3/4/2019 Page 1 of 5 The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Substantial Substantial Macroeconomic Moderate Substantial Substantial Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Moderate Moderate Moderate Institutional Capacity for Implementation and Sustainability Moderate Moderate Moderate Fiduciary Low Moderate Moderate Environment and Social Moderate Moderate Moderate Stakeholders Moderate Moderate Moderate Other -- -- -- Overall Moderate Moderate Moderate Results PDO Indicators by Objectives / Outcomes PDO is to sustainably scale up Land Bank’s financing, specifically to benefit emerging farmers IN00605418 ►Volume of wholesale loans disbursed under the project (minimum) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 65,100,000.00 Date 31-Oct-2016 -- 28-Jan-2019 01-Apr-2022 IN00605416 ►Volume of direct value chain loans disbursed under the project (minimum) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 27,900,000.00 Date 31-Oct-2016 -- 28-Jan-2019 01-Apr-2022 IN00605419 ►Total NPL rate under the line of credit (maximum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 10.00 Date 31-Oct-2016 -- 28-Jan-2019 01-Apr-2022 IN00605409 ►Direct project beneficiaries (minimum) (Number, Custom) 3/4/2019 Page 2 of 5 The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 1,100.00 Date 31-Oct-2016 -- 28-Jan-2019 01-Apr-2022 Overall Comments PDO Due to delay in utilization of first drawdown, the progress against PDO indicators has been delayed. The PDO indicators are directly linked to utilization under the line of credit component. It is expected that utilization of first drawdown and initiation/utilization of second drawdown would help in progress against PDO indicator on volume of direct value chain loans disbursed under the project. On PDO indicator on volume of wholesale loans disbursed under the project, the rollout of ESMS for PFIs is expected to commence only in second half of 2019 which will further delay progress under this indicator. Intermediate Results Indicators by Components Line of Credit for Agricultural Financing IN00605417 ►Increase in outstanding loan portfolio of Land Bank (minimum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 37,796,688,000.00 -- 6.00 10.00 Date 31-Dec-2015 -- 31-Mar-2018 01-Apr-2022 IN00605421 Increase in CB outstanding loan portfolio (minimum) (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 31,607,333,000.00 -- 4.70 10.00 Date 31-Dec-2015 -- 31-Mar-2018 01-Apr-2022 IN00605422 Increase in REM outstanding loan portfolio (minimum) (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 489,051,000.00 -- 1.00 20.00 Date 31-Dec-2015 -- 31-Mar-2019 01-Apr-2022 IN00605410 ►Land Bank liabilities that are long-term (over 1 year) (minimum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 31.00 -- 56.80 40.00 Date 31-Dec-2015 -- 31-Mar-2018 01-Apr-2022 IN00605408 3/4/2019 Page 3 of 5 The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) ►Return on Average Equity (minimum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 6.78 -- 4.40 6.78 Date 31-Dec-2015 -- 31-Mar-2018 01-Apr-2022 IN00605407 ►Return on Average Assets (minimum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1.12 -- 0.53 1.12 Date 31-Dec-2015 -- 31-Mar-2018 01-Apr-2022 IN00605420 ►Total NPL rate for Land Bank (maximum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 3.72 -- 6.70 10.00 Date 31-Dec-2015 -- 31-Mar-2018 01-Apr-2022 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P150008 IBRD-86860 Effective USD 93.00 93.00 0.00 6.64 86.36 7.1% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P150008 IBRD-86860 Effective 23-Jan-2017 10-Apr-2017 29-Sep-2017 01-Apr-2022 01-Apr-2022 Cumulative Disbursements 3/4/2019 Page 4 of 5 The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 3/4/2019 Page 5 of 5