The World Bank Implementation Status & Results Report Access to Longer Term Finance for Micro, Small and Medium Enterprises Project (P159515) Access to Longer Term Finance for Micro, Small and Medium Enterprises Project (P159515) LATIN AMERICA AND CARIBBEAN | Argentina | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 10 | ARCHIVED on 03-May-2022 | ISR50942 | Implementing Agencies: Argentine Republic, Banco de Inversión y Comercio Exterior (BICE) Key Dates Key Project Dates Bank Approval Date: 18-Nov-2016 Effectiveness Date: 05-Oct-2018 Planned Mid Term Review Date: 22-Jun-2020 Actual Mid-Term Review Date: 11-Jun-2020 Original Closing Date: 30-Nov-2021 Revised Closing Date: 30-Jun-2022 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objectives (PDO) are to improve access to, and strengthen the framework for the provision of, longer term finance for eligible micro, small and medium enterprises. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Line of credit:(Cost $45.14 M) Institutional capacity building of BICE, financial infrastructure reforms, credit guarantee fund, and capacity building for MSMEs:(Cost $4.55 M) Project management:(Cost $0.18 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions The Project continues making important progress. Under the line of credit component, as of April 1, 2022, US$ 39 million has been on-lent to MSMEs. US$8 million were disbursed for investment purposes and US$31 million were disbursed for working capital purposes. Moreover, the Ministerio de Desarrollo Productivo (MdP) continues making satisfactory progress in four key areas for enabling access to finance for MSMEs: i) the development of the new MSME digital platform; ii) the development of the Data Repository (Legajo Único Económico y Financiero); iii) the action plan on electronic credit invoices, and iv) insolvency work. The WB team is providing close implementation and technical support to BICE and MdP. 5/3/2022 Page 1 of 5 The World Bank Implementation Status & Results Report Access to Longer Term Finance for Micro, Small and Medium Enterprises Project (P159515) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Substantial Substantial Macroeconomic Substantial Substantial Substantial Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Moderate Moderate Moderate Institutional Capacity for Implementation and Moderate Moderate Moderate Sustainability Fiduciary Moderate Moderate Moderate Environment and Social Substantial Moderate Moderate Stakeholders Moderate Moderate Moderate Other -- Moderate Moderate Overall Substantial Moderate Moderate Results PDO Indicators by Objectives / Outcomes Improve access to, and strengthen the framework for the provision of, longer term finance for MSMEs IN01125870 ►Ratio of the average portfolio maturity of MSME sub-loans under the project, over the average portfolio maturity of PFI’s MSME lending portfolio not financed under the project. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 >1 >1 >1 Date 28-Feb-2017 10-Aug-2021 01-Apr-2022 30-Jun-2022 IN01125876 ►BICE has a dedicated unit for risk management of second tier operations, with improved capacity for quantitative and qualitative analysis of risks (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 21-Nov-2016 10-Aug-2021 01-Apr-2022 30-Jun-2022 IN01125877 ►SME platform operated by SEPYME (Yes/No, Custom) 5/3/2022 Page 2 of 5 The World Bank Implementation Status & Results Report Access to Longer Term Finance for Micro, Small and Medium Enterprises Project (P159515) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 21-Nov-2016 10-Aug-2021 01-Apr-2022 30-Jun-2022 Intermediate Results Indicators by Components Component 1: Line of credit IN01125878 ►Volume of Bank Support: Lines of Credit - SME (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 29,860,877.60 39,000,000.00 54,000,000.00 Date 28-Feb-2017 21-Sep-2021 01-Apr-2022 30-Jun-2022 IN01125879 ►Number of sub-loans provided by selected PFIs to MSMEs with Project funds (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 112.00 131.00 210.00 Date 28-Feb-2017 10-Aug-2021 01-Apr-2022 30-Jun-2022 IN01125883 ►Percentage of MSME beneficiaries that feel project sub-finance reflected their needs (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 100.00 75.00 Date 28-Feb-2017 10-Mar-2021 01-Apr-2022 30-Jun-2022 Component 2: Institutional capacity building, financial infrastructure reforms, MSME support IN01125880 ►Insolvency regulatory framework amendments proposed to the National Excecutive Power. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 28-Feb-2017 10-Aug-2021 01-Apr-2022 30-Jun-2022 IN01125881 ►Design and implementation of the Data Repository (Legajo Único Financiero y Económico) (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target 5/3/2022 Page 3 of 5 The World Bank Implementation Status & Results Report Access to Longer Term Finance for Micro, Small and Medium Enterprises Project (P159515) Value No No No Yes Date 06-Sep-2018 10-Aug-2021 01-Apr-2022 30-Jun-2022 IN01125882 ►An action plan to support and encourage a greater use of the Electronic Credit Invoice developed and under implementation (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 15-Oct-2021 15-Sep-2021 01-Apr-2022 30-Jun-2022 Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P159515 IBRD-86590 Effective USD 50.00 50.00 0.00 45.09 4.91 90% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P159515 IBRD-86590 Effective 18-Nov-2016 20-Apr-2018 05-Oct-2018 30-Nov-2021 30-Jun-2022 Cumulative Disbursements 5/3/2022 Page 4 of 5 The World Bank Implementation Status & Results Report Access to Longer Term Finance for Micro, Small and Medium Enterprises Project (P159515) Restructuring History Level 2 Approved on 23-Jan-2018 ,Level 2 Approved on 04-Oct-2018 ,Level 2 Approved on 19-Oct-2021 Related Project(s) There are no related projects. 5/3/2022 Page 5 of 5