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: 6 | ARCHIVED on 24-May-2019 | ISR37093 | 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 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. Project rating of progress towards achievement of PDO has been revised to Satisfactory while overall project implementation progress (IP) is still rated Moderately Satisfactory, with most of the activities under Component one progressing well. Component two activities, the Somali Business Catalytic Fund (SBCF) and the SME Facility (SMEF), closed in January 2019 and April 2019 respectively SCORE has three main components as follows: 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 5/29/2019 Page 1 of 7 The World Bank Implementation Status & Results Report Somali Core Economic Institutions and Opportunities Program (SCORE) (P152241) 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 IN00703174 ►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 3.00 5.00 Date 15-Apr-2016 28-Sep-2018 30-Apr-2019 30-Jun-2020 IN00703177 Number of recommended laws/regulations/amendments/codes enacted in Somaliland (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target 5/29/2019 Page 2 of 7 The World Bank Implementation Status & Results Report Somali Core Economic Institutions and Opportunities Program (SCORE) (P152241) Value 0.00 1.00 1.00 1.00 Date 15-Apr-2016 31-Jan-2018 30-Apr-2019 30-Apr-2019 Expand Economic Opportunties IN00703175 ►Private Capital Mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,213,180.00 6,539,382.00 7,000,000.00 Date 15-Apr-2016 30-Mar-2018 30-Apr-2019 30-Jun-2020 IN00703176 ►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 2,217.00 2,000.00 Date 31-May-2016 30-Mar-2018 30-Apr-2019 30-Jun-2020 IN00703178 ►Total number of addtional direct jobs created in enterprises supported by the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 714.00 2,217.00 2,000.00 Date 15-Apr-2016 31-Jan-2018 30-Apr-2019 30-Jun-2020 IN00703179 Total number of direct jobs for women (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 207.00 634.00 650.00 Date 15-Apr-2016 30-Mar-2018 30-Apr-2019 30-Jun-2020 IN00703180 Total number of direct jobs for youth (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 470.00 1,343.00 800.00 Date 15-Apr-2016 30-Mar-2018 30-Apr-2019 30-Jun-2020 Overall Comments PDO The SME Facility (SMEF) closed at the end of April 2019. It exceeded the target numbers for beneficiaries under the Business Development Services (BDS) and businesses incorporating improved business practices or processing in enterprises supported. 5/29/2019 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 IN00703181 ►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 2.00 Date 16-Jul-2018 28-Sep-2018 30-Apr-2019 30-Jun-2020 IN00703183 ►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 5.00 Date 16-Jul-2018 28-Sep-2018 30-Apr-2019 30-Jun-2020 IN00703185 ►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 21.00 21.00 15.00 Date 15-Apr-2016 28-Sep-2018 28-Sep-2018 30-Jun-2020 IN00703187 ►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 2.00 Date 16-Jul-2018 28-Sep-2018 28-Sep-2018 30-Jun-2020 IN00703189 ►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 No Yes Date 16-Jul-2018 28-Sep-2018 30-Apr-2019 30-Jun-2020 Component 2: Expanding Economic Opportunities IN00703182 ►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 0.00 114.00 194.00 25.00 5/29/2019 Page 4 of 7 The World Bank Implementation Status & Results Report Somali Core Economic Institutions and Opportunities Program (SCORE) (P152241) Date 15-Apr-2016 30-Mar-2018 30-Apr-2019 30-Jun-2020 IN00703184 ►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 Yes Date 02-Jul-2018 28-Sep-2018 30-Apr-2019 30-Jun-2020 IN00703186 ►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 0.00 490.00 1,175.00 1,200.00 Date 15-Apr-2016 30-Mar-2018 30-Apr-2019 30-Jun-2020 IN00703188 ►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 99.00 60.00 Date 15-Apr-2016 30-Mar-2018 30-Apr-2019 30-Jun-2020 IN00703190 ►Number of individuals receiving subsidized BDS or advice financed by the SMEF (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 559.00 861.00 850.00 Date 30-May-2016 30-Mar-2018 30-Apr-2019 30-Jun-2020 IN00703191 ►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 26.00 50.00 Date 16-Jul-2018 30-Mar-2018 30-Apr-2019 30-Jun-2020 IN00703192 ►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 91.00 60.00 Date 16-Jul-2018 30-Mar-2018 30-Apr-2019 30-Jun-2020 Overall Comments IR Despite the final SBCF disbursements falling, the end-line achievement for jobs created in enterprises supported by SBCF was exceed. This is partly because supported businesses maintained the expected amount 5/29/2019 Page 5 of 7 The World Bank Implementation Status & Results Report Somali Core Economic Institutions and Opportunities Program (SCORE) (P152241) of private capital investments at around US$6.5 million even though the SBCF disbursements were less than projected. In addition, the businesses managed to access financing from local banking institutions and family and friends of about US$1 million and US$2.1 million respectively. 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 3.30 0.00 100% P152241 TF-A1698 Closed USD 1.50 1.50 0.00 1.49 0.01 100% P152241 TF-A8094 Effective USD 7.29 7.29 0.00 1.56 5.73 21% 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 Closed 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 5/29/2019 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. 5/29/2019 Page 7 of 7