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: 8 | ARCHIVED on 08-Dec-2015 | ISR21740 | 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 12/8/2015 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 mainly reflects the delay in implementation of planned activities for Component 1 (2nd FI for RSF), Component 3 (capacity building for SMEs) and Component 4 (capacity building of DCI). 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 (MS) Component 4 – Project Management and TA to Government is rated Moderately Satisfactory (MS) 12/8/2015 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) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  Substantial  Substantial Macroeconomic  --  Moderate  Moderate Sector Strategies and Policies  --  Moderate  Moderate Technical Design of Project or Program  --  Moderate  Moderate Institutional Capacity for Implementation and Sustainability  --  Substantial  Moderate Fiduciary  --  Substantial  Substantial Environment and Social  --  Moderate  Moderate Stakeholders  --  Moderate  Moderate Other  --  --  -- Overall  --  Substantial  Substantial 12/8/2015 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) 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 49.50 51.00 100.00 Date 01-Aug-2011 31-Dec-2014 30-Jun-2015 30-Jun-2016 Comments The reported unit is PNG Kina million, not US$ The actual amount shows the YTD Committed amount under RSF. PHINDPDOTBL  Number of new SME loans under BSP RSF. (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 983.00 1304.00 500.00 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 -- 83.00 127.00 -- PHINDPDOTBL  Loans to business owned by women only and women as principal partner (in PGK million) (Amount(USD), Custom Supplement) 12/8/2015 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) Baseline Actual (Previous) Actual (Current) End Target Value -- 14.70 17.00 -- Overall Comments Intermediate Results Indicators PHINDIRITBL  Return on assets (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1.50 -- -- 1.50 Date 31-Aug-2011 -- -- -- Comments According to the RSF Beneficiary Survey conducted in mid 2015, 55% of the SMEs indicated that sales increased due to the loan, but cannot provide the ROA ratio. Further survey needs to be developed to capture this indicator once the RSF is ramped up. New TA activities for SMEs borrowers have been planned on financial management. PHINDIRITBL  Improved SME managerial and financail skills - # trained (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value -- 86.00 311.00 640.00 Date -- 15-Mar-2015 31-Aug-2015 30-Dec-2016 Comments Total # trained, including women entrepreneurs. 12/8/2015 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  Numbers of women in SMEs trained (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 24.00 164.00 300.00 PHINDIRITBL  % trainees obtaining the loans (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.00 4.00 60.00 PHINDIRITBL  Improved GoPNG capacity to supoport SME sector (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Baseline survey Survey findings Baseline survey completed in February used by DCI completed in February 2014. Dissemination and officials in SME Value Baseline survey 2014. Dissemination is training to Provincial DCI policy and under way. officials completed. strategy development Date -- 28-Feb-2014 31-Jul-2015 30-Jun-2016 Comments DCI plans to conduct the 2nd SME Survey in 2nd half of 2016 to monitor the progress and develop a full SME database. 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 Value -- -- 36 officers. DCI proposes to expand the training and 12/8/2015 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) 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 6.86 7.07 49% 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 Cumulative Disbursements 12/8/2015 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) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 12/8/2015 Page 8 of 8 Public Disclosure Copy