The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Tunisia Innovative Startups and SMEs Project (P167380) MIDDLE EAST AND NORTH AFRICA | Tunisia | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2019 | Seq No: 1 | ARCHIVED on 23-Oct-2019 | ISR38597 | Implementing Agencies: Caisse de Depots et de Consignations, Republic of Tunisia Key Dates Key Project Dates Bank Approval Date: 14-Jun-2019 Effectiveness Date: -- Planned Mid Term Review Date: -- Actual Mid-Term Review Date: Original Closing Date: 31-Dec-2026 Revised Closing Date: 31-Dec-2026 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective is to increase access to finance and support the growth of innovative startups and small and medium enterprises Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Equity and Quasi-Equity Financing for Innovative Startups and SMEs:(Cost $62000000.00 M) Ecosystem and Firm-Level Support for Innovative Startups and SMEs:(Cost $8000000.00 M) Project Management and Capacity Building:(Cost $5000000.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO -- Moderately Satisfactory Overall Implementation Progress (IP) -- Moderately Satisfactory Overall Risk Rating -- Substantial Implementation Status and Key Decisions The Innovative Startups and SMEs Project in the amount of EUR 66.90 million (US$75 m equivalent) was approved by the World Bank Group Board of Executive Directors on June 14, 2019. The legal agreements have not been signed yet, and the project is therefore not yet effective. 10/23/2019 Page 1 of 8 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial -- Substantial Macroeconomic High -- High Sector Strategies and Policies Substantial -- Substantial Technical Design of Project or Program Substantial -- Substantial Institutional Capacity for Implementation and Sustainability Substantial -- Substantial Fiduciary Substantial -- Substantial Environment and Social Moderate -- Moderate Stakeholders Substantial -- Substantial Other -- -- -- Overall Substantial -- Substantial Results PDO Indicators by Objectives / Outcomes Access to finance and growth of innovative startups and SMEs IN00745347 ►Private capital mobilized for innovative startups and SMEs through the project (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 55,146,667.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 This indicator measures the risk capital mobilized (less management fees) from private investors to Comments: finance equity and quasi-equity investments in innovative startups and SMEs directly linked to the project. IN00745348 Of which: Private sector capital mobilized for innovative startups (Amount(USD), Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 40,186,667.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 IN00745349 Of which: Private sector capital mobilized for innovative SMEs (Amount(USD), Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 14,960,000.00 10/23/2019 Page 2 of 8 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 IN00745350 ►Innovative startups and SMEs receiving financing through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 280.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 This indicator measures the total number of innovative startups and SMEs that receive public and private Comments: financing through the project. IN00745371 Of which: Innovative startups (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 230.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 IN00745372 Of which: Innovative SMEs (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 50.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 IN00745373 Of which: Benefited from deal-flow and firm-level support provided by the project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 112.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Jun-2025 IN00745374 Of which: Women-owned or led startups and SMEs (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 56.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Jun-2025 IN00745375 Of which: Innovative startups and SMEs located in interior regions (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 28.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Jun-2025 IN00745376 ►Increase in annual revenue of beneficiary startups and SMEs three years after receiving support through the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 19.00 10/23/2019 Page 3 of 8 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 This indicator measures the weighted average increase in annual revenue of innovative startups and Comments: SMEs three years after receiving financial and/or non-financial support through the project IN00745377 Of which: Innovative startups (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 20.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 IN00745378 Of which: Innovative SMEs (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 15.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Jun-2025 Intermediate Results Indicators by Components Equity and Quasi-Equity Financing for Innovative Start-ups and SMEs IN00745379 ►Financial intermediaries receiving financing through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 12.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 This indicator measures the number of financial intermediaries that receive financing through the project for onward investment in startups and SMEs. Angel/VC fund managers will classified as those receiving Comments: funds primarily for seed and early stage investments; PE fund managers will be classified as those receiving funds for growth-stage investments; and co-investors will be classified as those receiving co- IN00745382 financing as part of co-investment on a deal-by-deal basis. Of which: Angel/VC funds (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 5.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 IN00745385 Of which: PE funds (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 2.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 IN00745388 Of which: Financial intermediaries receiving co-financing for direct investments (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target 10/23/2019 Page 4 of 8 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Value 0.00 -- 0.00 5.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 Ecosystem and Firm-Level Support for Innovative Startups and SMEs IN00745380 ►Ecosystem intermediaries receiving grants through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 15.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 This indicator measures the number of ecosystem intermediaries that receive grants (DEAL and SAIL) Comments: through the project IN00745383 Of which: Newly-established intermediaries (<1 year old) (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 5.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 IN00745386 Of which: Established intermediaries (>1 years old) (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 10.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 IN00745389 ►Innovative startups receiving concept development grants through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 75.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 This indicator measures the number of SMEs receiving concept development grants (AIR) through the Comments: project IN00745390 Of which: Women-owned or led startups (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 15.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Jun-2025 IN00745391 Of which: Located in interior regions (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 8.00 10/23/2019 Page 5 of 8 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Date 14-Jun-2019 -- 17-Sep-2019 30-Jun-2025 IN00745392 ►Innovative startups receiving investment readiness grants through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 30.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 This indicator measures the number of innovative startups receiving investment readiness grants (AIR2) Comments: through the project IN00745393 Of which: Women-owned or led startups (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 6.00 Date 14-Jun-2019 -- 17-Sep-2019 14-Jun-2025 IN00745394 Of which: Located in interior regions (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 3.00 Date 14-Jun-2019 -- 17-Sep-2019 14-Jun-2025 IN00745395 ►Innovative SMEs receiving technology adoption and investment readiness grants through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 30.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 This indicator measures the number of innovative SMEs technology adoption and investment readiness Comments: grants through the project IN00745396 Of which: Women-owned or led SMEs (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 6.00 Date 14-Jun-2019 -- 17-Sep-2019 14-Jun-2025 IN00745397 Of which: Located in interior regions (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 3.00 Date 14-Jun-2019 -- 17-Sep-2019 14-Jun-2025 Project Management and Capacity Building IN00745381 10/23/2019 Page 6 of 8 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) ►Project beneficiaries satisfied with the implementation of the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 75.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Oct-2026 IN00745384 Of which: Financial and ecosystem intermediaries (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 75.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Jun-2025 IN00745387 Of which: Innovative startups and SMEs (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 75.00 Date 14-Jun-2019 -- 17-Sep-2019 30-Jun-2025 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed Not P167380 IBRD-89840 USD 75.00 75.00 0.00 0.00 75.00 0% Effective Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date Not P167380 IBRD-89840 14-Jun-2019 -- -- 31-Dec-2026 31-Dec-2026 Effective Cumulative Disbursements 10/23/2019 Page 7 of 8 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 10/23/2019 Page 8 of 8