The World Bank Implementation Status & Results Report Kenya Jobs and Economic Transformation (KJET) Project (P179381) Kenya Jobs and Economic Transformation (KJET) Project (P179381) EASTERN AND SOUTHERN AFRICA | Kenya | IBRD/IDA | Investment Project Financing (IPF) | FY 2024 | Seq No: 1 | Archived on 18-Mar-2024 | ISR00140 Implementing Agencies: Ministry of Co-operatives and Micro, Small and Medium Enterprises (MSME) Development, Ministry of Investment, Trade, and Industry 1. OBJECTIVE 1.1 Development Objective Original Development Objective (Approved as part of Approval package on 11-Dec-2023) To increase private sector investments, access to markets and sustainable finance to create and improve jobs Has the Development Objective been changed since Board Approval of the Project Objective? No 2. COMPONENTS Name Strengthening Business and Investment Enabling Reforms:(Cost 10,000,000.00) Enhancing MSME Cluster Competitiveness :(Cost 85,000,000.00) Scaling Up Green Financing and Strengthening Climatic Resilience for SMEs :(Cost 45,000,000.00) Project Management, Monitoring and Evaluation:(Cost 10,000,000.00) 3. OVERALL RATINGS Name Current Progress towards achievement of PDO Satisfactory Overall Implementation Progress (IP) Satisfactory Overall Risk Rating Substantial 4. KEY ISSUES & STATUS Mar 18, 2024 Page 1 of 11 The World Bank Implementation Status & Results Report Kenya Jobs and Economic Transformation (KJET) Project (P179381) 4.1 Implementation Status and Key Decisions Status: Following the board approval in December 2023, the project is working with the Government of Kenya towards meeting the effectiveness conditions in order to commence with project implementation 5. SYSTEMATIC OPERATIONS RISK-RATING TOOL Rating at Approval Risk Category Approval Package - 11 Dec Proposed Rating 2023 Political and Governance Moderate Moderate Macroeconomic Substantial Substantial Sector Strategies and Policies Low Low Technical Design of Project or Program Substantial Substantial Institutional Capacity for Implementation and Substantial Substantial Sustainability Fiduciary Substantial Substantial Environment and Social Substantial Substantial Stakeholders Moderate Moderate Overall Substantial Substantial Mar 18, 2024 Page 2 of 11 The World Bank Implementation Status & Results Report Kenya Jobs and Economic Transformation (KJET) Project (P179381) 6. RESULTS 6.1 PDO Indicators by PDO Outcomes To increase private sector access to markets and sustainable finance to create and improve jobs Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year No. of jobs improved and 0 Oct/2023 0 08-Mar-2024 0 08-Mar-2024 45424 Dec/2028 created by project interventions (Number) Percentage of participating 0 Aug/2023 0 08-Mar-2024 0 08-Mar-2024 60 Dec/2028 firms with increased average annual sales (Percentage) of which accessed new 0 Oct/2023 0 08-Mar-2024 0 08-Mar-2024 40 Dec/2028 market opportunities (Percentage) Private capital mobilized 0 Aug/2023 0 08-Mar-2024 0 08-Mar-2024 27000000 Dec/2028 (PCM) through project interventions (Amount(USD)) No. of participating firms 0 Aug/2023 0 08-Mar-2024 0 08-Mar-2024 12 Dec/2028 with green investments supported by the Green Investment Fund(GIF) (Number) 6.2 Intermediate Results Indicators by Components Mar 18, 2024 Page 3 of 11 The World Bank Implementation Status & Results Report Kenya Jobs and Economic Transformation (KJET) Project (P179381) Strengthening Business and Investment Enabling Reforms Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Integrated OSOS system for No Oct/2023 No 08-Mar-2024 No 08-Mar-2024 Yes Dec/2028 investment and business facilitation applying the risk- based approach (Yes/No) Number of administrative 0 Oct/2023 0 08-Mar-2024 0 08-Mar-2024 30 Dec/2028 procedures for investment and OSOS (Number) Number of investment leads 0 Nov/2023 0 08-Mar-2024 0 08-Mar-2024 20 Dec/2028 generated through investment outreach activities by KenInvest (Number) Enhancing MSME Cluster Competitiveness Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year No. of Sub projects executed 0 Oct/2023 0 08-Mar-2024 0 08-Mar-2024 600 Dec/2028 with co-investments (Number) Percentage of beneficiaries in 0 Oct/2023 0 08-Mar-2024 0 08-Mar-2024 60 Dec/2028 project clusters with improved business practices (Percentage) of which women 0 Oct/2023 0 08-Mar-2024 0 08-Mar-2024 60 Dec/2028 (Percentage) No. of women receiving 0 Oct/2023 0 08-Mar-2024 0 08-Mar-2024 800 Dec/2028 dedicated BDS trainings Mar 18, 2024 Page 4 of 11 The World Bank Implementation Status & Results Report Kenya Jobs and Economic Transformation (KJET) Project (P179381) tailored to the specific needs of women (Number) Scaling Up Green Financing and Strengthening Climatic Resilience for SMEs Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Number of Investment funds 0 Aug/2023 0 08-Mar-2024 0 08-Mar-2024 2 Dec/2028 co-investing in or with GIF to support SMEs implement green investments (Number) No. of SMEs with access to 0 Oct/2023 0 08-Mar-2024 0 08-Mar-2024 150 Dec/2028 contingent credit option from the climate disaster credit facility (Number) The GIF independent fund No Oct/2023 0 08-Mar-2024 0 08-Mar-2024 Yes Dec/2028 manager has been selected through a transparent and competitive process. (Yes/No) PBC GIF has been duly established No Oct/2023 0 08-Mar-2024 0 08-Mar-2024 Yes Dec/2028 by the selected fund manager(s) with the selected legal form and domicile, and has received the relevant licenses, permits, and approvals required to start operations. (Yes/No) PBC The GIF governance structure No Oct/2023 0 08-Mar-2024 0 08-Mar-2024 Yes Dec/2028 (such as a board if required in the legal form, Advisory Mar 18, 2024 Page 5 of 11 The World Bank Implementation Status & Results Report Kenya Jobs and Economic Transformation (KJET) Project (P179381) Committee and/or Investment Committee) has been duly constituted in accordance with relevant laws and policies. (Yes/No) PBC GIF fund mgmt. team has No Oct/2023 0 08-Mar-2024 0 08-Mar-2024 Yes Dec/2028 been assembled and appointed in accordance with relevant laws and policies governing the GIF and the fund manager and has developed investment and risk management policies. (Yes/No) PBC The GIF has completed First No Oct/2023 0 08-Mar-2024 0 08-Mar-2024 Yes Dec/2028 Close with at least one investor other than KDC. (Yes/No) PBC The GIF has achieved fund No Oct/2023 0 08-Mar-2024 0 08-Mar-2024 Yes Dec/2028 level PCM ratio with Final Closing completed. (Yes/No) PBC The GIF has identified the No Oct/2023 0 08-Mar-2024 0 08-Mar-2024 Yes Dec/2028 applicable bankable pipeline of green investments that has been developed and adopted and has signed its first investment deal that is fully compliant with its investment po (Yes/No) PBC Mar 18, 2024 Page 6 of 11 The World Bank Implementation Status & Results Report Kenya Jobs and Economic Transformation (KJET) Project (P179381) Project Management, Monitoring and Evaluation Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Percentage of project-related 0 Aug/2023 0 08-Mar-2024 0 08-Mar-2024 100 Dec/2028 grievances addressed (Percentage) of which women 0 Aug/2023 0 08-Mar-2024 0 08-Mar-2024 100 Dec/2028 (Percentage) Satisfaction rating by project 0 Aug/2023 0 08-Mar-2024 0 08-Mar-2024 70 Dec/2028 beneficiaries on providing feedback/effective engagement during the term of the project (Percentage) of which women 0 Aug/2023 0 08-Mar-2024 0 08-Mar-2024 80 Dec/2028 (Percentage) No. of women accessing new 0 Oct/2023 0 08-Mar-2024 0 08-Mar-2024 6813 Dec/2028 or improved jobs due to project interventions (Number) Percentage. of participating 0 Oct/2023 0 08-Mar-2024 0 08-Mar-2024 60 Dec/2028 women owned or led firms with increased average annual sales (Number) 6.3 Performance Based Conditions (PBC) Actual (Current) PBC Name Baseline Closing Period Value Date Mar 18, 2024 Page 7 of 11 The World Bank Implementation Status & Results Report Kenya Jobs and Economic Transformation (KJET) Project (P179381) 1.1 : The GIF independent Value No Yes fund manager has been selected through a transparent and Allocated Amount 0.00 0.00 938,000.00 competitive process. (Yes/No) 1.2 : GIF has been duly Value No Yes established by the selected fund manager(s) with the selected legal form and domicile, and has received the relevant licenses, Allocated Amount 0.00 0.00 938,000.00 permits, and approvals required to start operations. (Yes/No) 1.3 : The GIF governance Value No Yes structure (such as a board if required in the legal form, Advisory Committee and/or Investment Committee) has Allocated Amount 0.00 0.00 938,000.00 been duly constituted in accordance with relevant laws and policies. (Yes/No) 2.1 : GIF fund mgmt. team Value No Yes has been assembled and appointed in accordance with relevant laws and policies governing the GIF Allocated Amount 0.00 0.00 938,000.00 and the fund manager and has developed investment Mar 18, 2024 Page 8 of 11 The World Bank Implementation Status & Results Report Kenya Jobs and Economic Transformation (KJET) Project (P179381) and risk management policies. (Yes/No) 2.2 : The GIF has completed Value No Yes First Close with at least one investor other than KDC. Allocated Amount 0.00 0.00 1,876,000.00 (Yes/No) 3.1 : The GIF has achieved Value No Yes fund level PCM ratio with Final Closing completed. Allocated Amount 0.00 0.00 9,380,000.00 (Yes/No) 3.2 : The GIF has identified Value No Yes the applicable bankable pipeline of green investments that has been developed and adopted and has signed its first Allocated Amount 0.00 0.00 22,512,000.00 investment deal that is fully compliant with its investment po (Yes/No) Mar 18, 2024 Page 9 of 11 The World Bank Implementation Status & Results Report Kenya Jobs and Economic Transformation (KJET) Project (P179381) 7. DATA ON FINANCIAL PERFORMANCE 7.1 Cumulative Disbursements 7.2 Disbursements (by loan) Loan/Credit/TF Status Original Revised Cancelled Disbursed Undisbursed % Disbursed Not IDA-74500 150.00 150.00 0.00 0.00 154.33 0% Effective 7.3 Key Dates (by loan) Loan/Credit/TF Status Approval Signing Effectiveness Orig. Closing Rev. Closing Not IDA-74500 11-Dec-2023 31-Dec-2028 31-Dec-2028 Effective Mar 18, 2024 Page 10 of 11 The World Bank Implementation Status & Results Report Kenya Jobs and Economic Transformation (KJET) Project (P179381) 8. KEY DATES Key Events Planned Actual Approval 11-Dec-2023 11-Dec-2023 Effectiveness 27-May-2024 Mid-Term Review No. 01 01-Jun-2026 Operation Closing/Cancellation 31-Dec-2028 9. RESTRUCTURING HISTORY There has been no restructuring to date 10. ASSOCIATED OPERATION(S) There are no associated operations Mar 18, 2024 Page 11 of 11