The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Innovative Startups Fund Project (P161905) MIDDLE EAST AND NORTH AFRICA | Jordan | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 8 | ARCHIVED on 26-Oct-2021 | ISR48454 | Implementing Agencies: Jordan Loan Guarantee Corporation, Government of Jordan, Innovative Startups and SMEs Fund Key Dates Key Project Dates Bank Approval Date: 23-Jun-2017 Effectiveness Date: 19-Dec-2017 Planned Mid Term Review Date: 23-Dec-2021 Actual Mid-Term Review Date: Original Closing Date: 30-Nov-2023 Revised Closing Date: 27-Jun-2024 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project’s development objective is to increase private early stage equity finance for innovative small and medium enterprises ("SMEs"). Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Equity/Quasi Equity Financing Program:(Cost $44.75 M) Deal-Flow Creation Support:(Cost $3.13 M) Project Management, Coordination, and Monitoring and Evaluation:(Cost $2.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions This project has supported the establishment of the Innovative Startups and SMEs Fund (ISSF), a US$98 million Fund of Funds of which US$50 million is co-financed through an IBRD Loan. It was approved by the World Bank's Board of Executive Directors on June 23, 2017. The ISSF was launched in Jordan on September 23, 2018. The project was restructured May 5, 2020 to mitigate the impact of the COVID-19 outbreak on the Jordanian entrepreneurial and startup ecosystem. The ISSF is actively receiving applications from the private sector for investment and support, including the deployment of the newly introduced COVID-19 convertible notes. To date, ISSF activities have benefited 426 startups and innovative SMEs with equity/ quasi-equity (directly and indirectly) and trainings across all sectors. ISSF has become Jordan one-stop shop for the innovation ecosystem and has crowded-in $44.63M of private capital from more than 26 local, regional and global co-investors. Despite the COVID-19 pandemic, ISSF made notable progress across all four activities under the Deal-Flow Creation Support namely the Entrepreneurship Enablement & Development Program (EEDP), Jordan’s Angel Investor Network (JAIN), the 10/26/2021 Page 1 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Incubation & Acceleration Development Program (IADP) and the Deal-flow Marketplace Platform (DMP). The project Mid-Term Review (MTR) will be completed by the end of calendar year 2021. More information can be found online at: https://issfjo.com/home/ Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic Substantial Moderate Moderate Sector Strategies and Policies Substantial Moderate Moderate Technical Design of Project or Program Substantial Moderate Moderate Institutional Capacity for Implementation and Substantial Moderate Moderate Sustainability Fiduciary High Moderate Moderate Environment and Social Moderate Low Low Stakeholders Low Moderate Moderate Other -- Moderate Moderate Overall Substantial Moderate Moderate Results PDO Indicators by Objectives / Outcomes Private Capital Mobilized IN01045260 ►Private Capital Mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 36,540,000.00 44,634,000.00 71,500,000.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 IN01045263 Private Early/Seed Stage Capital Mobilized Through the Project (Amount(USD), Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 16,540,000.00 21,134,000.00 14,500,000.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 10/26/2021 Page 2 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) IN01045265 Private Venture Capital Mobilized Through the Project (Amount(USD), Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 20,000,000.00 23,500,000.00 57,000,000.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 Beneficiary Companies Receiving Financing Through the Project IN01045261 ►Beneficiary Companies Receiving Financing Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 34.00 43.00 150.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 IN01045264 Beneficiary Companies Receiving Private Early/Seed Stage Financing Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 33.00 42.00 80.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 IN01045266 Beneficiary Companies Receiving Private VC Financing Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.00 1.00 70.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 IN01045267 Beneficiary Companies Led by Women Receiving Financing Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 50.00 25.58 25.00 IN01045268 Beneficiary Companies Led by Youth Receiving Financing Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 30.00 46.51 30.00 Beneficiary Companies That Introduced a New Product or Process IN01045262 ►Beneficiary Companies That Introduced a New Product or Process (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 10/26/2021 Page 3 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Value 0.00 7.00 30.00 150.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 Intermediate Results Indicators by Components Equity/Quasi Equity Financing Program IN01045269 ►Total Financial Intermediaries Receiving Financing Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 6.00 9.00 10.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 IN01045272 Venture Capital Financial Intermediaries Receiving Financing Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.00 4.00 6.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 IN01045274 Early/Seed Stage Financial Intermediaries Receiving Financing Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 5.00 4.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 Deal-Flow Creation Support IN01045270 ►Beneficiary Companies Receiving IR Support and BDS Services Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 216.00 333.00 675.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 IN01045273 Beneficiary Companies Led by Women Receiving IR Support and BDS Services Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 31.00 18.00 30.00 IN01045275 Beneficiary Companies Led by Youth Receiving IR Support and BDS Services Through the Project (Percentage, Custom Supplement) 10/26/2021 Page 4 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 33.00 41.00 30.00 IN01045276 Beneficiary Companies Receiving IR Support Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 209.00 320.00 600.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 IN01045277 Beneficiary Companies Receiving BDS Services Through the Project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 14.00 13.00 75.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 IN01045278 ►Prospective Angel Investors Receiving Training Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 11.00 32.00 30.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 IN01045279 ►Beneficiaries Receiving Acceleration Services Through the Project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 51.00 150.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 IN01045280 Female Beneficiaries Receiving Acceleration Services Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 45.16 30.00 IN01045281 Young Beneficiaries Receiving Acceleration Services Through the Project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 81.81 40.00 Project Management, Coordination, and Monitoring and Evaluation IN01045271 ►Beneficiaries Satisfied With Services Received and Performance of Funds (Percentage, Custom) 10/26/2021 Page 5 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 23-Jun-2017 18-Feb-2021 05-Oct-2021 30-Nov-2023 Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P161905 IBRD-87670 Effective USD 50.00 50.00 0.00 32.13 17.88 64% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P161905 IBRD-87670 Effective 23-Jun-2017 21-Aug-2017 19-Dec-2017 30-Nov-2023 27-Jun-2024 Cumulative Disbursements 10/26/2021 Page 6 of 7 The World Bank Implementation Status & Results Report Innovative Startups Fund Project (P161905) PBC Disbursement Achievement Disbursed amount in Disbursement % PBC ID PBC Type Description Coc PBC Amount Status Coc for PBC Restructuring History Level 2 Approved on 05-May-2020 ,Level Approved on 08-Jun-2020 Related Project(s) There are no related projects. 10/26/2021 Page 7 of 7