The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) Catalyzing Entrepreneurship for Job Creation (P162835) MIDDLE EAST AND NORTH AFRICA | Egypt, Arab Republic of | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2019 | Seq No: 9 | ARCHIVED on 28-Jun-2023 | ISR56373 | Implementing Agencies: Arab Republic of Egypt, Micro, Small, Medium Enterprise Development Agency - MSMEDA Key Dates Key Project Dates Bank Approval Date: 17-Apr-2019 Effectiveness Date: 15-Jan-2020 Planned Mid Term Review Date: 12-Mar-2023 Actual Mid-Term Review Date: 12-Mar-2023 Original Closing Date: 30-Jun-2025 Revised Closing Date: 30-Jun-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to foster job creation and improve other economic opportunities for targeted beneficiaries Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name I - Financial Support to MSMEs:(Cost $146.00 M) II - Risk Capital for Innovative Startups and High Growth SMEs:(Cost $50.00 M) III - Business and Capacity Development:(Cost $3.50 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Low Moderate Implementation Status and Key Decisions The Project, now post-midterm review, is on track to achieving its Project Development Objective (PDO). Component 1: Financial Support to MSMEs is progressing well and is disbursing to the end beneficiary in a timely manner; exceeding all set targets. Component 2: Risk Capital for Innovative Start-ups and High-growth SMEs. Over the past period, MSMEDA has further developed the Fund of Fund program (under Component 2), with full mobilization and functioning of Investment Committee (IC) and proactive cultivation of fund managers/RCIs who may apply for MSMEDA investment as per the program parameters. 5 deals have been already completed and the component is currently on track on its key targets. Component 3: Business and Capacity Development. Under this component, MSMEDA has activated the capacity building of its staff, bringing in technical investment and legal advisors/experts to support Components 1 and 2 implementations, with plans for further staff training in FY23. MSMEDA has also successfully hosted the annual African Private Equity and Venture Capital Association conference (AVCA 2023, May 1-5, 2023) in Egypt with participation from over 500 private equity and venture fund managers and investors from Africa and other regions, under the auspices 6/28/2023 Page 1 of 6 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) of The Prime Minister of Egypt. Through the leveraged numerous other entrepreneurship eco-systems events such as Techne Alex, Techne Drifts, Techne Cairo to deliver capacity building workshops targeting Component 2 beneficiaries. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Low Low Macroeconomic High Substantial Substantial Sector Strategies and Policies High Low Low Technical Design of Project or Program Substantial Low Low Institutional Capacity for Implementation and Substantial Low Moderate Sustainability Fiduciary Moderate Low Low Environment and Social Moderate Moderate Moderate Stakeholders Moderate Low Low Other -- -- -- Overall High Low Moderate Results PDO Indicators by Objectives / Outcomes Catalyzing Entrepreneurship IN01297084 ►Number of entrepreneurs receiving financing through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 125,983.00 184,403.00 85,200.00 Date 30-Jun-2019 31-May-2022 25-Jun-2023 30-Jun-2025 This indicator measures the total number of beneficiaries receiving debt and equity financing through the Comments: project. IN01297091 Of which total women (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target 6/28/2023 Page 2 of 6 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) Value 0.00 42.00 43.00 30.00 IN01297093 Of which women aged over 35 (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 24.00 26.00 10.00 IN01297094 Of which youth (aged 21-35) (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 46.00 43.00 30.00 IN01297095 Of which receive equity financing (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 70.00 123.00 190.00 Date 28-Jun-2019 31-May-2022 25-Jun-2023 30-Jun-2025 IN01297096 Of which: receive debt financing (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 125,913.00 184,280.00 85,010.00 Date 28-Jun-2019 31-May-2022 25-Jun-2023 30-Jun-2025 Creating Jobs IN01297085 ►Number of jobs created through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 227,490.00 351,387.00 100,000.00 Date 28-Jun-2019 31-May-2022 25-Jun-2023 30-Jun-2025 This number represents the number of jobs for micro enterprises at loan disbursement time. The Number of jobs for medium and small enterprises are calculated for actual formal insured jobs. The jobs before loan are considered as the baseline. Semi-annually the number of jobs after loans are calculated and the Comments: difference between the number of jobs after the loans compared to the baseline are the actual generated jobs. IN01297092 Of which women (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 34.00 37.00 30.00 Intermediate Results Indicators by Components 6/28/2023 Page 3 of 6 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) Component I, II and III IN01297097 ►Risk capital intermediaries receiving equity financing (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 5.00 10.00 Date 30-Jun-2019 31-May-2022 25-Jun-2023 30-Jun-2025 This indicator measures the total number of financial intermediaries that receive financing through the Comments: project (funds that receive follow-on financing through the project should only be counted once)) IN01297098 of which: seed/acceleration stage (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3.00 3.00 4.00 Date 30-Jun-2019 31-May-2022 25-Jun-2023 30-Jun-2025 IN01297099 of which: SME/Venture capital stage (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.00 2.00 6.00 Date 30-Jun-2019 31-May-2022 25-Jun-2023 30-Jun-2025 IN01297100 ►Financial intermediaries receiving debt financing through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 56.00 61.00 30.00 Date 30-Jun-2019 31-May-2022 25-Jun-2023 30-Jun-2025 Total number of Financial Intermediaries that receive debt financing through the Project for on-lending to Comments: microenterprises and SMEs. IN01297101 ►Volume of risk capital mobilized by private sector entities for innovative startups and high-growth SMES (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 35,211,667.00 51,706,631.32 89,000,000.00 Date 28-Jun-2019 31-May-2022 25-Jun-2023 30-Jun-2025 The indicator tracks the amount of direct financing (in the form of equity) mobilized by private entities, Comments: using private funding, to finance investments within an IBRD/IDA operation or investments IN01297102 ►Percent of Beneficiaries satisfied with project interventions (Citizen Engagement Indicator) (Percentage, Custom) 6/28/2023 Page 4 of 6 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 70.00 Date 28-Jun-2019 31-May-2022 25-Jun-2023 27-Jun-2025 The percentage of entrepreneurs that are satisfied with the financial services provided through the project. This is to be outsourced. The implementing entity has hired a qualified firm to conduct the survey, which has presented an inception Comments: report to guide the survey’s implementation. The survey’s implementation will commence upon receiving clearance from the national statistical agency (CAPMAS). Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P162835 IBRD-89510 Effective USD 200.00 200.00 0.00 168.32 31.68 84% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P162835 IBRD-89510 Effective 17-Apr-2019 05-May-2019 15-Jan-2020 30-Jun-2025 30-Jun-2025 Cumulative Disbursements 6/28/2023 Page 5 of 6 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 6/28/2023 Page 6 of 6