The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) SOUTH ASIA | Bangladesh | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 8 | ARCHIVED on 26-Jan-2021 | ISR45283 | Implementing Agencies: Bangladesh Bank, Ministry of Finance Key Dates Key Project Dates Bank Approval Date: 05-Apr-2017 Effectiveness Date: 22-Jan-2018 Planned Mid Term Review Date: 19-Oct-2020 Actual Mid-Term Review Date: 20-Dec-2020 Original Closing Date: 30-Jun-2022 Revised Closing Date: 30-Jun-2022 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The PDO is to increase long-term financing for infrastructure and to build capacity of the local financial institutions for promoting private sector-led infrastructure financing in Bangladesh. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Long-Term Infrastructure Financing Component:(Cost $403.70 M) Technical Assistance Component:(Cost $13.00 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 Moderate Moderate Implementation Status and Key Decisions A Mid-Term Review (MTR) Mission was recently undertaken for the World Bank supported Bangladesh Investment Promotion and Financing Facility II (IPFF II) Project implemented by Bangladesh Bank (BB). The key finding during the MTR mission is that one of the key reasons for slow implementation of the project has been the objective of promoting longer term capital assets through money markets instruments and institutions. As such, the MTR mission recommended for linking the IPFF II project activities to capital markets institutions and instruments. Studies conducted under the World Bank Group Joint Capital Markets Development Program (JCAP) indicated that strengthening ICT enabled institutional capacity of Bangladesh Securities and Exchange Commission (BSEC) and setting of interoperability standards for the market participants will go a long way in strengthening the depth and breadth of the markets where the stronger ICT-enabled market platforms will provide for real time capital markets transaction by the investors from domestic as well as international sources. The enhanced provision for entry and exit from the capital markets and digital business process platform for the BSEC will promote transaction of diverse financing instruments including infrastructure bonds, derivative securities, and overall enhanced intermediation of longer term financing in the country. 1/26/2021 Page 1 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial Substantial Substantial Macroeconomic Moderate Substantial Substantial Sector Strategies and Policies Low Low Low 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 High High Stakeholders Moderate Moderate Moderate Other Low Low Low Overall Moderate Moderate Moderate Results PDO Indicators by Objectives / Outcomes Increasing long-term financing for infrastructure & building capacity of the local fin. institutions IN00947179 ►Equity investments from private sector entrepreneurs under IPFF II (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 25,000,000.00 35,000,000.00 95,000,000.00 Date 30-Jun-2017 30-Jun-2020 12-Jan-2021 30-Jun-2022 Given the pipeline sub-projects now under application review process, total private sector Equity Comments: investments is on track for surpassing US$ 100 million. IN00947180 ►Long term debt financing for infrastructure under IPFF II (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 51,000,000.00 67,000,000.00 406,700,000.00 1/26/2021 Page 2 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) Date 30-Jun-2017 30-Jun-2020 12-Jan-2021 30-Jun-2022 Considering the scheduled disbursement of long-term debt financing pending completion and clearance of Comments: the Environmental and Social Impact Assessment (ESIA) the end target is very much achievable. IN00947271 ►Total investments in infrastructure under IPFF II (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 120,000,000.00 150,000,000.00 610,000,000.00 Date 30-Jun-2017 30-Jun-2020 12-Jan-2021 30-Jun-2022 This indicator combines all debt and equity financing mobilized and crowded in from all private and public sector sources through the IPFF II Project platform. Given the pipeline sub-projects accounting for total Comments: investments over US$1.0 billion, it is expected that the total investments mobilized by IPFF II will be over US$700 million by the project closing date. IN00947272 ►Private Capital Mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 30,000,000.00 50,000,000.00 260,000,000.00 Date 30-Jun-2017 30-Jun-2020 30-Jun-2020 30-Jun-2022 Intermediate Results Indicators by Components Long-Term Infrastructure Financing Component IN00947273 ►Financing volumes through innovative financial instruments deployed for financing of infrastructure (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30,000,000.00 Date 30-Jun-2017 30-Jun-2020 12-Jan-2021 30-Jun-2022 IN00947275 ►At least 20 domestic financial institutions use IPFF II credit line (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 17.00 17.00 20.00 Date 30-Jun-2017 30-Jun-2020 12-Jan-2021 30-Jun-2022 IN00947277 ►Female beneficiaries from IPFF II (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 1/26/2021 Page 3 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) Value 0.00 50.00 90.00 200.00 Date 30-Jun-2017 30-Jun-2020 12-Jan-2021 30-Jun-2022 IN00947279 ►Affected citizens' satisfaction with infrastructure subprojects (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 60.00 60.00 75.00 Date 30-Jun-2017 30-Jun-2020 12-Jan-2021 30-Jun-2022 The formal satisfaction survey has been delayed due to COVID-19 pandemic. Results of feedback through alternative a survey is currently being designed and its results will be reflected in the following Comments: ISR. IN00947280 ►PFIs maintain eligibility criteria (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 30-Jun-2017 30-Jun-2020 12-Jan-2021 30-Jun-2022 Technical Assistance Component IN00947274 ►The capacity of financial institutions participating in IPFF II to undertake financial analysis of infrastructure projects is strengthened - number of staff trained (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 50.00 50.00 200.00 Date 30-Jun-2017 30-Jun-2020 30-Jun-2020 30-Jun-2022 IN00947276 ►Environmental assessments are undertaken for all infrastructure projects financed under the facility in coordination with the DoE (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 30-Jun-2017 30-Jun-2020 30-Jun-2020 30-Jun-2022 IN00947278 ►E&S capacity developed; staff trained (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 55.00 55.00 200.00 Date 30-Jun-2017 30-Jun-2020 30-Jun-2020 30-Jun-2022 1/26/2021 Page 4 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P159429 IDA-60040 Effective USD 100.00 100.00 0.00 31.34 78.31 29% P159429 IDA-60050 Effective USD 256.70 256.70 0.00 82.52 183.79 31% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P159429 IDA-60040 Effective 05-Apr-2017 05-Nov-2017 22-Jan-2018 30-Jun-2022 30-Jun-2022 P159429 IDA-60050 Effective 05-Apr-2017 05-Nov-2017 22-Jan-2018 30-Jun-2022 30-Jun-2022 Cumulative Disbursements PBC Disbursement Achievement Disbursed amount in Disbursement % PBC ID PBC Type Description Coc PBC Amount Status Coc for PBC 1/26/2021 Page 5 of 6 The World Bank Implementation Status & Results Report Bangladesh Investment Promotion and Financing Facility Project II (IPFF II) (P159429) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 1/26/2021 Page 6 of 6