Public Disclosure Copy The World Bank Implementation Status & Results Report PNG - Small and Medium Enterprise Access to Finance Project (P120707) PNG - Small and Medium Enterprise Access to Finance Project (P120707) EAST ASIA AND PACIFIC | Papua New Guinea | Finance & Markets Global Practice | IBRD/IDA | Financial Intermediary Loan | FY 2011 | Seq No: 9 | ARCHIVED on 03-Jun-2016 | ISR23692 | Implementing Agencies: Key Dates Key Project Dates Bank Approval Date:03-May-2011 Effectiveness Date:15-Sep-2011 Planned Mid Term Review Date:28-Feb-2014 Actual Mid-Term Review Date:28-Oct-2013 Original Closing Date:31-Dec-2024 Revised Closing Date:31-Dec-2024 Project Development Objectives Project Development Objective (from Project Appraisal Document) The proposed development objective of this project is to facilitate access to sustainable credit for small and medium enterprises and thus contribute to incremental growth of SME employment and income. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Risk Share Facility:(Cost $11.90 M) Performance-based TA to participating financial intermediaries:(Cost $2.95 M) TA to enhance SME Capacity:(Cost $5.03 M) TA to the Department of Commerce and Industry:(Cost $6.62 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 6/3/2016 Page 1 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PNG - Small and Medium Enterprise Access to Finance Project (P120707) Implementation Status and Key Decisions The Project became effective on September 15, 2011. All conditions for withdrawal of IDA credit were met for all categories specified in the Financing Agreement as of March 12, 2012 with IDA issuing confirmation letters to the GoPNG. The 1st loss coverage from IDA for RSF with BSP has been transferred to the TF account established for the RSF Component as of June 20, 2012 The Year-to-Date overall implementation is rated as Moderately Satisfactory (MS). The MS rating reflects the delay in 2nd FI selection for RSF and implementation of planned activities under Component 3 (capacity building for SMEs). However, action plan has been agreed among the relevant parties to speed up on the implementation and the project overall implementaiton rating can be upgraded once the agreed targets are met by the next review. Component 1 – RSF with BSP is rated Satisfactory. Component 2 - Performance-Based Grant implementation is rated Satisfactory Component 3 – TA to SMEs is rated Moderately Satisfactory Component 4 – Project Management and TA to Government is rated Satisfactory 6/3/2016 Page 2 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PNG - Small and Medium Enterprise Access to Finance Project (P120707) 6/3/2016 Page 3 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PNG - Small and Medium Enterprise Access to Finance Project (P120707) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  Substantial  Substantial Macroeconomic  --  Moderate  Substantial Sector Strategies and Policies  --  Moderate  Moderate Technical Design of Project or Program  --  Moderate  Moderate Institutional Capacity for Implementation and Sustainability  --  Moderate  Moderate Fiduciary  --  Substantial  Substantial Environment and Social  --  Moderate  Moderate Stakeholders  --  Moderate  Moderate Other  --  --  -- Overall  --  Substantial  Substantial Results Project Development Objective Indicators PHINDPDOTBL  Increase flow of credit to SMEs from BSP (in PNG Kina million) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 51.00 129.00 250.00 Date 01-Aug-2011 30-Jun-2015 31-Dec-2015 30-Jun-2016 Comments The reported currency is in PNG Kina Million. The current Actual shows the total committed value of credit. The Actual (Previous) shows the total outstanding loan value. The total committed value of loans in the previous report was PGK 117 million. End target value is the expected total increase of flow of credit to SMEs in PGK million. 6/3/2016 Page 4 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PNG - Small and Medium Enterprise Access to Finance Project (P120707) PHINDPDOTBL  Number of new SME loans under BSP RSF. (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1304.00 1509.00 1000.00 PHINDPDOTBL  Loans to business owned by women only and women as principal partners (Number of loans) (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value -- 127.00 183.00 -- PHINDPDOTBL  Loans to business owned by women only and women as principal partner (in PGK million) (Amount(USD), Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value -- 17.00 19.00 -- Overall Comments Intermediate Results Indicators 6/3/2016 Page 5 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PNG - Small and Medium Enterprise Access to Finance Project (P120707) PHINDIRITBL  Return on assets (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1.50 -- 2.00 1.50 Date 31-Aug-2011 -- 31-Dec-2015 30-Jun-2016 Comments Source: BSP Annual Report 2015 PHINDIRITBL  Improved SME managerial and financail skills - # trained (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value -- 311.00 412.00 640.00 Date -- 31-Aug-2015 31-Dec-2015 31-Dec-2017 PHINDIRITBL  Numbers of women in SMEs trained (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 164.00 191.00 300.00 PHINDIRITBL  % trainees obtaining the loans (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 4.00 60.00 6/3/2016 Page 6 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PNG - Small and Medium Enterprise Access to Finance Project (P120707) PHINDIRITBL  Improved GoPNG capacity to supoport SME sector (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Baseline survey findings were used to support DCI and other Baseline survey government agencies in Survey findings completed in February the drafting of new SME used by DCI 2014. Dissemination Development Plan for officials in SME Value Baseline survey and training to 2016-2018. DCI plans to policy and Provincial DCI officials do follow-up SME strategy completed. survey to monitor the development changes to support policy implementation. Date -- 31-Jul-2015 31-Dec-2015 30-Jun-2016 PHINDIRITBL  Training of provincial DCI officials (Text, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target The current training plan targets at 40 DCI provincial officers. DCI Value -- 36 36 proposes to expand the training and revise the training targets. Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P120707 IDA-49280 Effective XDR 13.93 13.93 0.00 7.42 6.51 53% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P120707 IDA-49280 Effective 03-May-2011 14-Jun-2011 15-Sep-2011 31-Dec-2024 31-Dec-2024 6/3/2016 Page 7 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PNG - Small and Medium Enterprise Access to Finance Project (P120707) Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 6/3/2016 Page 8 of 8 Public Disclosure Copy