The World Bank Report No: ISR12390 Implementation Status & Results Haiti Haiti Post-Disaster Partial Credit Guarantee Program Support Project (P121391) Public Disclosure Copy Operation Name: Haiti Post-Disaster Partial Credit Guarantee Program Support Project Stage: Implementation Seq.No: 6 Status: ARCHIVED Archive Date: 17-Dec-2013 Project (P121391) Country: Haiti Approval FY: 2011 Product Line: IBRD/IDA Region: LATIN AMERICA AND CARIBBEAN Lending Instrument: Specific Investment Loan Implementing Agency(ies): Key Dates Board Approval Date 14-Dec-2010 Original Closing Date 28-Feb-2017 Planned Mid Term Review Date 31-Mar-2013 Last Archived ISR Date 17-May-2013 Effectiveness Date 22-Feb-2011 Revised Closing Date 28-Feb-2017 Actual Mid Term Review Date 11-Sep-2012 Project Development Objectives Project Development Objective (from Project Appraisal Document) The objective of the Project is to support the development of a partial credit guarantee program by the Recipient to help (i)financial institutions restart lending; and (ii) financial sector borrowers overcome the impact of the Emergency. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Supporting the Provision of Partial Credit Guarantees 2.50 Financial Sector Technical Assistance 0.50 Overall Ratings Previous Rating Current Rating Public Disclosure Copy Progress towards achievement of PDO Satisfactory Unsatisfactory Overall Implementation Progress (IP) Moderately Satisfactory Unsatisfactory Overall Risk Rating Moderate Substantial Implementation Status Overview The restructuring of the project, so as to implement the second Pillar of the Partial Credit Guarantee Fund was approved at the end of January 2014, and the amended Financing Agreement was signed on March 5. The second Pillar of the guarantee Fund will focus on SME and housing loans. The corresponding operations manual was issued by FDI. Locations Page 1 of 4 The World Bank Report No: ISR12390 Country First Administrative Division Location Planned Actual Haiti Departement de l'Ouest Arrondissement de Port-au-Prince Public Disclosure Copy Haiti Departement de l'Ouest Port-au-Prince Results Project Development Objective Indicators Indicator Name Core Unit of Measure Baseline Current End Target Total volume of overdue loans at the end of Percentage Value 3.60 2.92 5.00 each calendar year (NPL Ratio) Date 31-Mar-2012 30-Jun-2013 31-Dec-2016 Comments This is the new baseline after NPLs increased slightly. This As indicated in the the restructuring of the project indicator has to be monitored restructuring it is unlikely that carefully, as it may reflect the the low rate of NPLs will be consequences of unsafe maintained throughout the lending practices in the project, because this level context of the strong growth was reached thanks to a of the loan portfolio steep increase in credit, and the call of a state guarantee by the public bank BNC which significantlydecreased the NPL for this bank, the third largest of the market with 20% market share Total volume of outstanding loan portfolio at Number Value 41000.00 58800.00 56000.00 the end of each calendar year Date 31-Mar-2012 30-Jun-2013 31-Dec-2016 Comments The amounts shown are in the stock of loans continued The amounts shown are in Millions of Gourdes to increased by 13.5% in the Millions of Gourdes last semester. Outstanding SME Loan Portfolio Amount(USD) Value 0.00 0.00 800.00 Public Disclosure Copy Date 12-Apr-2013 31-Oct-2013 31-Dec-2016 Comments the indicator is related to the The pillar 2 guarantee fund Amounts shown are SME loan portfolio supported has not been launched yet expressed in Millions of by the project- the pillar 2 Gourdes needs to be launched so as to measure this indicator Percentage of project-supported institutions Percentage Value 0.00 0.00 2000.00 that are reporting on this indicator Sub Type Supplemental Page 2 of 4 The World Bank Report No: ISR12390 Total of SME benefitting from the project Number Value 0.00 0.00 2000.00 Date 12-Apr-2013 31-Oct-2013 31-Dec-2016 Comments The Pillar 2 has not been Public Disclosure Copy launched yet Number of women benefitting from Guarantees Number Value 0.00 0.00 300.00 under the program Date 12-Apr-2013 31-Oct-2013 31-Dec-2016 Comments This indicator is a core one The Pillar 2 has not been that has been adapted to fit launched yet the program (the core is the Percentage of active loans to women – Microfinance) Intermediate Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target The design and implementation of measures Yes/No Value No Yes No alongside the PCGP to remove some obstacles Date 30-Jun-2010 31-Oct-2013 30-Dec-2015 to credit growth. Comments The project is supporting, in coordination with IFC actions to define a suitable framework for the operation of credit bureaus. TheCentral Bank will establish a credit registry, once suitable regulations are in place. Data on Financial Performance (as of 23-May-2013) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P121391 IDA-H6300 Effective 14-Dec-2010 07-Jan-2011 22-Feb-2011 28-Feb-2017 28-Feb-2017 Public Disclosure Copy Disbursements (in Millions) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P121391 IDA-H6300 Effective XDR 2.00 2.00 0.00 1.59 0.41 79.00 Disbursement Graph Page 3 of 4 The World Bank Report No: ISR12390 Public Disclosure Copy Key Decisions Regarding Implementation The launch of the second pillar is pending the co-financing by the Government of Haiti. Restructuring History CD Decision on 29-Jan-2013 Related Projects There are no related projects. Public Disclosure Copy Page 4 of 4