The World Bank Implementation Status & Results Report OECS MSME Guarantee Facility Project (P157715) OECS MSME Guarantee Facility Project (P157715) LATIN AMERICA AND CARIBBEAN | OECS Countries | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2019 | Seq No: 11 | ARCHIVED on 22-Dec-2023 | ISR59421 | Implementing Agencies: Eastern Caribbean Partial Credit Guarantee Corporation, Government of Antigua and Barbuda, Government of Grenada, Government of Saint Lucia, Government of Saint Vincent and the Grenadines, Government of St Kitts and Nevis, Government of the Commonwealth of Dominica Key Dates Key Project Dates Bank Approval Date: 05-Jul-2018 Effectiveness Date: 12-Jul-2019 Planned Mid Term Review Date: 21-Jun-2022 Actual Mid-Term Review Date: 21-Jun-2022 Original Closing Date: 30-Jun-2023 Revised Closing Date: 28-Feb-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The development objective is to facilitate additional financial intermediation for MSMEs by supporting the establishment of a regional partial guarantee corporation. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Capitalize the Partial Credit Guarantee Fund:(Cost $8.10 M) Project Management, Operating Costs and Lender Training:(Cost $1.90 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions Despite the continued challenges of MSME lending in the Eastern Caribbean Currency Union (ECCU), project implementation has gained some additional momentum in 2023. To help increase the number of guarantees, the EPCGC has developed new policies and enhanced the efficiency of its operations, hired consultants in select areas, and undertaken efforts to promote stakeholder sensitization across all islands, among others. 12/22/2023 Page 1 of 5 The World Bank Implementation Status & Results Report OECS MSME Guarantee Facility Project (P157715) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic High High High Sector Strategies and Policies Moderate Substantial Substantial Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Substantial Moderate Moderate Sustainability Fiduciary Substantial Moderate Moderate Environment and Social Substantial Moderate Moderate Stakeholders Low Low Low Other Low -- -- Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Establishment of a regional partial guarantee corporation IN01385472 ►Number of Guaranteed Loans (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 52.00 72.00 250.00 Date 03-Jul-2018 19-Jul-2023 11-Dec-2023 28-Feb-2025 IN01385473 ►Total amount of outstanding guaranteed loans through Project (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2,387,491.11 3,768,181.48 12,000,000.00 Date 03-Jul-2018 19-Jul-2023 11-Dec-2023 28-Feb-2025 IN01385474 ►Number of loan officers trained in MSME credit assessment (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 12/22/2023 Page 2 of 5 The World Bank Implementation Status & Results Report OECS MSME Guarantee Facility Project (P157715) Value 0.00 137.00 137.00 45.00 Date 03-Jul-2018 28-Sep-2022 28-Sep-2022 28-Feb-2025 Intermediate Results Indicators by Components Capitalize the Partial Credit Guarantee Fund IN01385475 ►Number of MSMEs receiving guaranteed loans through Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 50.00 67.00 250.00 Date 03-Jul-2018 19-Jul-2023 11-Dec-2023 28-Feb-2025 IN01385481 ►Share of guarantees issued to women owned or managed MSMEs (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 38.50 38.90 30.00 Date 03-Jul-2018 19-Jul-2023 11-Dec-2023 28-Feb-2025 IN01385482 ►Percentage of funding through guaranteed loans with maturity more than one year (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 70.00 Date 03-Jul-2018 19-Jul-2023 11-Dec-2023 28-Feb-2025 IN01385483 ►The ratio of equity to outstanding guarantees (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.59 0.58 1.00 Date 03-Jul-2018 19-Jul-2023 11-Dec-2023 28-Feb-2025 IN01385484 ►Proportion of guarantees paid-out (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.01 5.00 Date 18-Jul-2018 19-Jul-2023 11-Dec-2023 28-Feb-2025 IN01385485 12/22/2023 Page 3 of 5 The World Bank Implementation Status & Results Report OECS MSME Guarantee Facility Project (P157715) ►Percentage of beneficiaries that feel project activities reflected their needs (Citizen Engagement Indicator) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 82.10 95.20 75.00 Date 03-Jul-2018 15-Mar-2022 30-Sep-2023 28-Feb-2025 Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P157715 IBRD-88830 Effective USD 2.00 2.00 0.00 1.95 0.05 97% P157715 IDA-62640 Effective USD 2.00 2.00 0.00 1.94 0.06 97% P157715 IDA-62650 Effective USD 2.00 2.00 0.00 1.88 0.12 94% P157715 IDA-62660 Effective USD 2.00 2.00 0.00 1.94 0.06 97% P157715 IDA-62670 Effective USD 2.00 2.00 0.00 1.86 0.10 95% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P157715 IBRD-88830 Effective 05-Jul-2018 28-Sep-2018 12-Jul-2019 30-Jun-2023 28-Feb-2025 P157715 IDA-62640 Effective 05-Jul-2018 28-Sep-2018 12-Jul-2019 30-Jun-2023 28-Feb-2025 P157715 IDA-62650 Effective 05-Jul-2018 28-Sep-2018 12-Jul-2019 30-Jun-2023 28-Feb-2025 P157715 IDA-62660 Effective 05-Jul-2018 21-Sep-2018 12-Jul-2019 30-Jun-2023 28-Feb-2025 P157715 IDA-62670 Effective 05-Jul-2018 22-Sep-2018 12-Jul-2019 30-Jun-2023 28-Feb-2025 Cumulative Disbursements 12/22/2023 Page 4 of 5 The World Bank Implementation Status & Results Report OECS MSME Guarantee Facility Project (P157715) Restructuring History Level 2 Approved on 27-Sep-2022 Related Project(s) There are no related projects. 12/22/2023 Page 5 of 5