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Tunisia - MNA Micro, Small and Medium Enterprise Financing Facility Project (Inglês)

Ratings of MNA Micro, Small and Medium Enterprise Financing Facility Project for Tunisia were as follows: outcome was satisfactory, Bank performance was satisfactory, and monitoring and evaluation quality was substantial. Some of the lessons learned include: (i) the addition of microfinance and patient capital financing instruments in 2014 during the project’s additional finance (AF) provided significant development benefits to the overall operation; (ii) an Line of Credit (LOC) does not address structural inefficiencies as to why banks do not lend to SMEs, including collateral requirements, risk management processes internal to a bank, and the inherent riskiness of working with smaller firms who have less financial and operational track record; (iii) results frameworks capturing the changes in loan portfolios of Micro, Small, and Medium Enterprises (MSMEs) among Participating Financial Institutions (PFIs) may not adequately capture the overall social and economic impact of an LOC; (iv) future project should consider dedicated resources for systematic data collection and related quality control, including through the assistance of a dedicated consulting firm; (v) the reporting requirements could have been reviewed more consistently throughout project implementation with a focus on efficiency and agility; (vi) given that there was no requirement for leasing companies to serve companies rather than individuals with the financing, a large portion of funding went to the financing of vehicles; (vii) more comprehensively coupling financing with Technical Assistance (TA) to PFIs assists the market in making the required operational changes to serve Small and Medium Enterprises (SMEs) more efficiently; (ix) the project rightfully assessed design options including risk‐sharing mechanisms at project preparation and incorporated long‐term financing elements during the AF; and (x) it seems imperative that if an Adaptable Program Loan (APL) is to be used for future projects, more attention needs to be provided to fully use its design features during implementation.

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