The World Bank Implementation Status & Results Report Kosovo Financial Sector Strengthening Project (P165147) Kosovo Financial Sector Strengthening Project (P165147) EUROPE AND CENTRAL ASIA | Kosovo | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2019 | Seq No: 2 | ARCHIVED on 25-Mar-2020 | ISR40910 | Implementing Agencies: Kosovo Credit Guarantee Fund, Ministry of Finance, Central Bank of Kosovo Key Dates Key Project Dates Bank Approval Date: 14-May-2019 Effectiveness Date: -- Planned Mid Term Review Date: -- Actual Mid-Term Review Date: Original Closing Date: 31-Dec-2023 Revised Closing Date: 31-Dec-2023 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The objective of the Project is to improve access to finance for Micro, Small and Medium Size Enterprises by strengthening the financial and technical capacity of the Kosovo Credit Guarantee Fund. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Enhancing the Credit Guarantee Framework:(Cost $24.00 M) Project Implementation and Institutional Strengthening of KCGF:(Cost $1.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions Kosovo Financial Sector Strengthening Project (FSSP) P152881 was approved by the World Bank Board on May 14th, 2019. The financing Agreements was signed in September 19, 2019. In order for the project to be effective, the next steps are: singing Parliamentary Ratification of the Project and signing of the Subsidiary Agreement between the Ministry of Finance and Kosovo Credit Guarantee Fund. 3/25/2020 Page 1 of 5 The World Bank Implementation Status & Results Report Kosovo Financial Sector Strengthening Project (P165147) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance High High High Macroeconomic Moderate Moderate Moderate Sector Strategies and Policies Low Low Low Technical Design of Project or Program Low Low Low Institutional Capacity for Implementation and Moderate Moderate Moderate Sustainability Fiduciary Substantial Substantial Substantial Environment and Social Moderate Moderate Moderate Stakeholders Low Low Low Other Low Low Low Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Improved access to finance for MSMEs IN00816183 ►Total amount of guaranteed loans through Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 130,000,000.00 Date 31-Dec-2019 11-Sep-2019 13-Mar-2020 31-Dec-2023 This is the total amount of loans guaranteed by the KCGF during the Project to lenders (in Euros). This Comments: will be tracked cumulatively and will include outstanding, expired or cancelled loans. IN00816184 ►Number of Guaranteed Loans (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3,154.00 4,260.00 3,700.00 Date 30-Apr-2019 31-Jul-2019 31-Jan-2020 31-Dec-2023 This will be calculated as the cumulative number of guaranteed loans approved by the KCGF, a given share of which will be targeted to women. The KCGF will track approved guarantees, expired or cancelled Comments: guarantees, and the net number of guarantees used. 3/25/2020 Page 2 of 5 The World Bank Implementation Status & Results Report Kosovo Financial Sector Strengthening Project (P165147) Intermediate Results Indicators by Components Enhancing the Credit Guarantee Framework IN00816185 ►Number of MSMEs receiving guaranteed loans through project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2,000.00 Date 30-Apr-2019 11-Sep-2019 13-Mar-2020 31-Dec-2023 IN00816217 ►Share of guarantees issued to firms with no credit history (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 25.00 29.00 33.00 30.00 Date 26-Dec-2018 31-Jul-2019 31-Jan-2020 21-Dec-2022 IN00816219 ►Share of guarantees issued to women owned or managed MSMEs (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 11.00 12.00 5.00 Date 26-Dec-2018 31-Jul-2019 31-Jan-2020 21-Dec-2022 Share of guarantees issued to women owned or managed MSMEs. Comments: IN00816220 ►The ratio of outstanding guarantees to equity (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.15 2.80 below 2.5 Date 31-Dec-2019 31-Jul-2019 31-Jan-2020 31-Dec-2023 The ratio of outstanding guarantees to equity will be used to measure stability. The ratio is aimed to be Comments: kept under 2.5 throughout the Project. IN00816221 ►Proportion of guarantees paid-out (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.05 0.28 below 5 percent Date 26-Dec-2018 31-Jul-2019 31-Jan-2020 31-Dec-2023 The ratio of guarantees paid out to total guarantees provided. The target is to keep this ratio below 5 Comments: percent throughout the Project. 3/25/2020 Page 3 of 5 The World Bank Implementation Status & Results Report Kosovo Financial Sector Strengthening Project (P165147) IN00816222 ►Percentage of beneficiaries that feel project activities reflected their needs (Citizen Engagement Indicator) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 26-Dec-2018 11-Sep-2019 13-Mar-2020 21-Dec-2022 A survey will measure the satisfaction of the Project's final beneficiaries regarding the activities implemented under the project. During mid-term review and every year after that, the KCGF will organize workshops targeting different project stakeholders or beneficiaries. Workshops will be organized taking Comments: into account the type of product or activity and the type of beneficiary. To measure the level of satisfaction among the beneficiaries, the KCGF will develop a set of questions and other tools with the support of the WB team. Field visits and interviews will also be considered. Project Implementation and Institutional Strengthening IN00816216 ►Procurement, Financial Management and Environmental Monitoring capacity of the KCGF is improved (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target No distinct functions for No distinct functions for No distinct functions Procurement, FM and Value procurement, FM and procurement, FM and for procurement, FM environmental environment environment and environment specialists are hired. Date 26-Dec-2018 13-Sep-2019 13-Sep-2019 21-Dec-2022 IN00816218 ►Number of loan officers trained (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 600.00 Date 31-Dec-2019 13-Sep-2019 13-Mar-2020 31-Dec-2023 Comments: Number of loan officers (of financial institutions including banks and MFIs) trained by KCGF. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed Not P165147 IDA-64160 USD 25.00 25.00 0.00 0.00 24.78 0% Effective Key Dates (by loan) 3/25/2020 Page 4 of 5 The World Bank Implementation Status & Results Report Kosovo Financial Sector Strengthening Project (P165147) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date Not P165147 IDA-64160 14-May-2019 23-Sep-2019 -- 31-Dec-2023 31-Dec-2023 Effective Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 3/25/2020 Page 5 of 5