Public Disclosure Copy The World Bank Implementation Status & Results Report Croatia Innovation and Entrepreneurship Venture Capital Project (P152130) Croatia Innovation and Entrepreneurship Venture Capital Project (P152130) EUROPE AND CENTRAL ASIA | Croatia | Trade & Competitiveness Global Practice | IBRD/IDA | Investment Project Financing | FY 2016 | Seq No: 1 | ARCHIVED on 19-Nov-2015 | ISR21020 | Implementing Agencies: Hamag-Bicro Key Dates Key Project Dates Bank Approval Date:07-Jul-2015 Effectiveness Date:06-Oct-2015 Planned Mid Term Review Date:10-Apr-2017 Actual Mid-Term Review Date:-- Original Closing Date:30-Sep-2021 Revised Closing Date:30-Sep-2021 Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to strengthen risk capital financing for innovative SMEs and startups in Croatia Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Component 1: Pilot Venture Capital Fund:(Cost $17.10 M) Component 2: Seed Co-Investment Fund:(Cost $2.74 M) Component 3: Technical Assistance:(Cost $1.64 M) Unallocated amount:(Cost $0.44 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  --  Moderately Satisfactory Overall Implementation Progress (IP)  --  Moderately Satisfactory Overall Risk Rating  --  Substantial 11/19/2015 Page 1 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Croatia Innovation and Entrepreneurship Venture Capital Project (P152130) Implementation Status and Key Decisions The Project Steering Committee – responsible for the coordination and supervision of the Project – was established on September 15th, 2015. In addition, all conditions precedent to the effectiveness of the Loan Agreement have been met on October 6th. Specifically, the Subsidiary Agreement has been executed, HAMAG-BICRO has established the Project Implementation Unit (PIU) and it has adopted the Project Operations Manual. To further strengthen its capacity, the PIU is in the process to hire consultants for FM and procurement functions. A Request of Expression of Interest will be published by the end of November, 2015. PIU is also drafting the terms of the tender to select the Fund Manager who will manage the Venture Capital Fund (Component 1). At present, the activities under the Technical Assistance (Component 3) and Seed Co-Investment Fund (Component 2) are expected to start by February 2016, as planned. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  Substantial  --  Substantial Macroeconomic  Substantial  --  Substantial Sector Strategies and Policies  Moderate  --  Moderate Technical Design of Project or Program  High  --  High Institutional Capacity for Implementation and Sustainability  High  --  High Fiduciary  High  --  High Environment and Social  Low  --  Low Stakeholders  Moderate  --  Moderate Other  Low  --  Low 11/19/2015 Page 2 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Croatia Innovation and Entrepreneurship Venture Capital Project (P152130) Overall  Substantial  --  Substantial Results Project Development Objective Indicators PHINDPDOTBL  Total number of firms receiving risk capital financing from the Seed Co-investment Fund (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 15.00 Date 01-Oct-2015 -- 22-Oct-2015 01-Oct-2020 PHINDPDOTBL  Total number of firms receiving risk capital financing from the Venture Capital Fund (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 12.00 Date 01-Oct-2015 -- 22-Oct-2015 01-Oct-2020 PHINDPDOTBL  Number of firms receiving investment that successfully introduced a new product, process, service, or upgraded the quality of an ex isting product, process, or service (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 14.00 Date 01-Oct-2015 -- 22-Oct-2015 01-Oct-2020 PHINDPDOTBL  Training provided (to government staff, investors and potential investees) under the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 133.00 Date 01-Oct-2015 -- 22-Oct-2015 01-Oct-2020 11/19/2015 Page 3 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Croatia Innovation and Entrepreneurship Venture Capital Project (P152130) Overall Comments Intermediate Results Indicators PHINDIRITBL  Total amount of risk capital financing provided from the Seed Co-Investment Fund and leveraged from private investors (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 5.48 Date 01-Oct-2015 -- 23-Oct-2015 01-Oct-2020 PHINDIRITBL  Private sector investment leveraged by the Seed Co-Investment Fund (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 3.29 Date 01-Oct-2015 -- 23-Oct-2015 01-Oct-2020 PHINDIRITBL  Co-investors in firms alongside the Seed Co-Investment Fund (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 8.00 Date 01-Oct-2015 -- 23-Oct-2015 01-Oct-2020 PHINDIRITBL  Total amount of risk capital financing provided by the public sector through the Pilot VC Fund and by the private sector investing in the fund (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 21.92 Date 01-Oct-2015 -- 23-Oct-2015 01-Oct-2020 11/19/2015 Page 4 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Croatia Innovation and Entrepreneurship Venture Capital Project (P152130) PHINDIRITBL  Private sector investment leveraged into the Pilot VC Fund (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 8.77 Date 01-Oct-2015 -- 23-Oct-2015 01-Oct-2020 PHINDIRITBL  Co-investors in the Pilot VC Fund (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 4.00 Date 01-Oct-2015 -- 23-Oct-2015 01-Oct-2020 PHINDIRITBL  Training provided to investors under the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 44.00 Date 01-Oct-2015 -- 23-Oct-2015 01-Oct-2020 PHINDIRITBL  Training provided to potential investees (entepreneurs) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 44.00 Date 01-Oct-2015 -- 23-Oct-2015 01-Oct-2020 11/19/2015 Page 5 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Croatia Innovation and Entrepreneurship Venture Capital Project (P152130) PHINDIRITBL  Training provided to government officials (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 44.00 Date 01-Oct-2015 -- 23-Oct-2015 01-Oct-2020 PHINDIRITBL  Training provided to female investees (entrepreneurs) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 4.00 Date 01-Oct-2015 -- 23-Oct-2015 01-Oct-2020 PHINDIRITBL  Training provided to female government officials (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 4.00 Date 01-Oct-2015 -- 23-Oct-2015 01-Oct-2020 PHINDIRITBL  Number of SMEs/startups satisfied with quality of services provided under the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 27.00 Date 01-Oct-2015 -- 23-Oct-2015 01-May-2020 Overall Comments Data on Financial Performance 11/19/2015 Page 6 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Croatia Innovation and Entrepreneurship Venture Capital Project (P152130) Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P152130 IBRD-85180 Effective USD 21.92 21.92 0.00 0.00 21.92 0% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P152130 IBRD-85180 Effective 07-Jul-2015 08-Jul-2015 06-Oct-2015 30-Sep-2021 30-Sep-2021 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 11/19/2015 Page 7 of 7 Public Disclosure Copy