The World Bank Implementation Status & Results Report Regional Infrastructure Finance Facility (RIFF) Project (P171967) Regional Infrastructure Finance Facility (RIFF) Project (P171967) Eastern and Southern Africa | Eastern and Southern Africa | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2020 | Seq No: 4 | ARCHIVED on 18-May-2022 | ISR50918 | Implementing Agencies: Eastern and Southern African Trade and Development Bank (TDB), Eastern and Southern African Trade and Development Bank (TDB), Common Market for Eastern and Southern Africa (COMESA) Secretariat, Common Market for Eastern and Southern Africa (COMESA) Key Dates Key Project Dates Bank Approval Date: 30-Jun-2020 Effectiveness Date: 05-Oct-2020 Planned Mid Term Review Date: 27-Oct-2022 Actual Mid-Term Review Date: Original Closing Date: 26-Sep-2025 Revised Closing Date: 26-Sep-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective is to expand long-term finance to private firms in selected infrastructure sectors in Eastern and Southern Africa Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Project and Infrastructure Finance Facility:(Cost $325.00 M) COVID-19 Infrastructure Sector SME Facility:(Cost $75.00 M) Technical Assistance:(Cost $25.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions The objective of the project is to expand long-term finance to private firms in selected infrastructure sectors in Eastern and Southern Africa. The project seeks to address one of the main barriers to infrastructure development, i.e. access to suitable finance. The project became effective October 5, 2020, during Covid-19. The global economic downturn caused by the pandemic has weakened the appetite for private investment in infrastructure. As a result several planned transactions did not materialize and disbursements to approved sub-projects have been slower than projected. However, TDB has managed to add several new deals to the pipeline and are optimistic that investor confidence in the sector is being restored and the pent-up demand will result in increased disbursement to the sub-projects in the pipeline. Further, the demand for infrastructure development is likely to increase as infrastructure development is pursued as a path to post-pandemic recovery and green, resilient, inclusive development. Hence the relevance of the objectives and demand for this project will increase even more. 5/18/2022 Page 1 of 7 The World Bank Implementation Status & Results Report Regional Infrastructure Finance Facility (RIFF) Project (P171967) On the technical assistance managed by COMESA, the FY22 workplan was approved by the Bank. The regional off grid renewable energy market assessment has been completed and is currently being shared with key stakeholders for input. In line with its 2022 workplan, several standards are expected to be delivered by end December 2022 for approval by the COMESA Ministers of Infrastructure. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial Substantial Substantial Macroeconomic Substantial Substantial Substantial Sector Strategies and Policies Substantial Substantial Substantial Technical Design of Project or Program Substantial Moderate Moderate Institutional Capacity for Implementation and Moderate Moderate Moderate Sustainability Fiduciary Moderate Moderate Moderate Environment and Social High High High Stakeholders Low Low Low Other Low -- -- Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Private finance mobilized IN01124959 ►Private finance mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 23,000,000.00 23,000,000.00 975,000,000.00 Date 17-Jan-2020 15-Oct-2021 28-Apr-2022 30-Sep-2025 This indicator measures total private sector finance (debt and equity) mobilized from sponsors (including Development Finance Institutions) in the sub-projects to be financed as part of the RIFF. This figure does not include the IDA credit line. The target assumes private mobilization of three times the amount of Comments: component 1 the indicator includes DFI funding mobilized through TDB, while the Private Capital Mobilization as per the reference guide of MDB, 2018 does not include DFI funding. On the deal that is closing under component 1, $10 million has been mobilized from the sponsor and a local bank and IDA has provided $7 million. 5/18/2022 Page 2 of 7 The World Bank Implementation Status & Results Report Regional Infrastructure Finance Facility (RIFF) Project (P171967) TDB has also mobilized funding from another DFI and one export credit agency of a total of US$13 million. So total leverage is 3.3x (7:23) while the leverage to strictly private capital is 1.4x (7:10). IN01124960 ►Number of private firms financed across Eastern and Southern Africa (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.00 2.00 30.00 Date 17-Jan-2020 15-Oct-2021 28-Apr-2022 30-Sep-2025 This indicator tracks the number of firms receiving directly RIFF financing across Eastern and Southern Africa countries. The indicator only tracks the direct sub-borrowers and not the other firms benefiting from RIFF as contractors or suppliers. As one of the sub-project fell through due to sponsor disagreement, the Comments: indicator reflects the sub-project that is nearing financial close and the first SME off-grid transaction also nearing financial close. IN01125041 SMEs across Eastern and Southern Africa countries (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.00 1.00 20.00 Date 17-Jan-2020 15-Oct-2021 28-Apr-2022 30-Sep-2025 IN01125042 ►Average maturity of TDB's Project and Infrastructure Finance Portfolio (Years, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 7.00 8.00 8.00 11.00 Date 17-Jan-2020 15-Oct-2021 28-Apr-2022 30-Sep-2025 Average maturity of TDB Project and Infrastructure Finance portfolio. Indicator is at global portfolio. Target Comments: has been adjusted to reflect only the portion of the portfolio to be supported by IDA. Intermediate Results Indicators by Components Project and Infrastructure Finance Facility IN01125043 ►Jobs created and preserved (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 597.00 1,200.00 20,000.00 Date 17-Jan-2020 15-Oct-2021 28-Apr-2022 30-Sep-2025 Job creation is measured for: i) Direct job creation resulting from RIFF-financed subprojects (construction and operation phases) as well as induced employment, which is the employment created through forward linkages; and ii) total number of existing jobs SMEs that will be preserved through the component 2 along Comments: with jobs in off-grid SMEs. The current value reflects the sub-project nearing completion under component 1 (576 jobs during construction and operations) and the SME off-grid deal (21 jobs) approved by TDB . 5/18/2022 Page 3 of 7 The World Bank Implementation Status & Results Report Regional Infrastructure Finance Facility (RIFF) Project (P171967) IN01125045 ►Generation capacity of energy constructed or rehabilitated (Megawatt, Corporate) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 200.00 Date 17-Jan-2020 15-Oct-2021 28-Apr-2022 30-Sep-2025 IN01125050 ►Number of banks providing local currency facilities to support capital investments in RIFF sub-projects (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.00 1.00 5.00 Date 20-Mar-2020 15-Oct-2021 28-Apr-2022 30-Sep-2025 Number of banks providing local currency facilities to support capital investments in RIFF sub-projects Comments: the first mover deal under component 1 has mobilize a local bank. COVID-19 Infrastructure Sector SME Facility IN01125047 ►People provided with new or improved electricity service (Number, Corporate) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 165,000.00 40,000.00 1,500,000.00 Date 26-Mar-2020 15-Oct-2021 28-Apr-2022 26-Jun-2025 this reflects the number of people having access to off-grid energy under the SME off-grid deal approved Comments: by TDB. This number reflects increased access over the medium term. IN01125049 of which women (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 750,000.00 Date 21-Apr-2020 15-Apr-2021 28-Apr-2022 26-Jun-2025 IN01125052 ►Households provided with access to electricity through off-grid energy solutions (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 6,405.00 375,000.00 Date 21-Apr-2020 15-Apr-2021 28-Apr-2022 26-Jun-2025 Comments: Measures total number of households with access to off-grid energy solutions IN01125054 of which female-headed (Number, Custom Breakdown) 5/18/2022 Page 4 of 7 The World Bank Implementation Status & Results Report Regional Infrastructure Finance Facility (RIFF) Project (P171967) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75,000.00 Date 21-Apr-2020 15-Apr-2021 28-Apr-2022 26-Jun-2025 IN01125055 ►Commercial financial institutions engaged in financing of off-grid energy companies (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 21-Apr-2020 15-Apr-2021 28-Apr-2022 30-Sep-2025 Comments: This indicator tracks the total number of financial sponsors providing financing to participating SMEs. Technical Assistance IN01125044 ►Number of staff trained in COMESA Secretariat, member countries and market participants on off-grid, PPP and E&S (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 31.00 500.00 Date 17-Jan-2020 15-Oct-2021 28-Apr-2022 30-Sep-2025 Number of staff trained in COMESA Secretariat, member countries and market participants receiving Comments: training on off-grid energy, PPP and E&S. Cumulative. IN01125046 ►Number of COMESA policies and guidelines including guidance on the off-grid energy sector (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 21-Apr-2020 15-Oct-2021 28-Apr-2022 30-Sep-2025 Comments: Number of COMESA policies and guidelines including guidance on the off-grid energy sector IN01125048 ►Citizens reached through the consumer education and citizen engagement program satisfied with the program (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 15-Apr-2021 15-Oct-2021 28-Apr-2022 30-Sep-2025 Measures the total percentage of citizens reached through the consumer education and citizen Comments: engagement program which are "satisfied" or "very satisfied" with the program IN01125051 ►Common duties and tariffs for off-grid solar products in place (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target 5/18/2022 Page 5 of 7 The World Bank Implementation Status & Results Report Regional Infrastructure Finance Facility (RIFF) Project (P171967) Value No No No Yes Date 21-Apr-2020 15-Oct-2021 28-Apr-2022 30-Sep-2025 Comments: Common duties and tariffs for off-grid solar products in place IN01125053 ►Regional Quality Assurance Standards for off-grid energy products (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 30-Apr-2020 15-Oct-2021 28-Apr-2022 25-Sep-2025 Regional Standard of Quality Assurance (QA) framework for off-grid energy products prepared and Comments: adopted by COMESA Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P171967 IDA-67110 Effective USD 15.00 15.00 0.00 1.64 13.36 11% P171967 IDA-67120 Effective USD 400.00 400.00 0.00 25.56 374.44 6.4% P171967 IDA-D6780 Effective USD 10.00 10.00 0.00 1.56 8.79 15% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P171967 IDA-67110 Effective 30-Jun-2020 04-Aug-2020 05-Oct-2020 26-Sep-2025 26-Sep-2025 P171967 IDA-67120 Effective 30-Jun-2020 04-Aug-2020 05-Oct-2020 26-Sep-2025 26-Sep-2025 P171967 IDA-D6780 Effective 30-Jun-2020 03-Aug-2020 05-Oct-2020 26-Sep-2025 26-Sep-2025 Cumulative Disbursements 5/18/2022 Page 6 of 7 The World Bank Implementation Status & Results Report Regional Infrastructure Finance Facility (RIFF) Project (P171967) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 5/18/2022 Page 7 of 7