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: 11 | ARCHIVED on 18-Jul-2017 | ISR26826 | Implementing Agencies: Department of Commerce and Industry, Department of Treasury 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 Unsatisfactory Overall Implementation Progress (IP)  Moderately Satisfactory  Moderately Unsatisfactory Overall Risk Rating  Substantial  Substantial 7/18/2017 Page 1 of 9 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, 2012The Year-to-Date overall implementation is rated as Moderately Unsatisfactory. The MU rating reflects the delay in 2nd FI selection for RSF and implementation of planned TA activities. Component 1 – RSF with BSP is rated Satisfactory; 2nd RSF FI implementation is rated Moderately Unsatisfactory (MU). Component 2 - Performance-Based Grant implementation is rated Satisfactory (S)Component 3 – TA to SMEs is rated Moderately Satisfactory (MS)Component 4 – Project Management and TA to Government is rated Moderately Satisfactory (MS) 7/18/2017 Page 2 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PNG - Small and Medium Enterprise Access to Finance Project (P120707) 7/18/2017 Page 3 of 9 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 7/18/2017 Page 4 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PNG - Small and Medium Enterprise Access to Finance Project (P120707) Macroeconomic  --  Substantial  Substantial Sector Strategies and Policies  --  Moderate  Moderate Technical Design of Project or Program  --  Moderate  Moderate Institutional Capacity for Implementation and Sustainability  --  Moderate  Moderate Fiduciary  --  Substantial  Substantial Environment and Social  --  Moderate  Moderate Stakeholders  --  Moderate  Moderate Other  --  --  -- Overall  --  Substantial  Substantial Results Project Development Objective Indicators PHINDPDOTBL  Increase flow of credit to SMEs (in PNG Kina million) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1.00 129.00 146.00 250.00 Date 01-Aug-2011 31-Dec-2015 30-Sep-2016 29-Jun-2018 Comments The unit of measure is in PGK million only, not USD. Will be converted to USD at the end of project using the YTD exchange rate. PHINDPDOTBL  Number of new SME loans (under BSP RSF.) (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 1.00 1,509.00 1,828.00 1,000.00 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 7/18/2017 Page 5 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PNG - Small and Medium Enterprise Access to Finance Project (P120707) Value 1.00 183.00 262.00 100.00 PHINDPDOTBL  Loans to business owned by women only and women as principal partner (in PGK million) (Amount(USD), Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 1.00 19.00 25.00 15.00 Overall Comments BSP RSF has completed with satisfactory results - evaluation of the BSP RSF is under way to draw lessons for future design. Intermediate Results Indicators PHINDIRITBL  Return on assets (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1.50 2.00 2.00 1.50 Date 31-Aug-2011 31-Dec-2015 30-Dec-2016 30-Dec-2016 Comments ROA by BSP only - source: BSP annual report 7/18/2017 Page 6 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PNG - Small and Medium Enterprise Access to Finance Project (P120707) PHINDIRITBL  Improved SME managerial and financail skills - # trained (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1.00 774.00 774.00 640.00 Date 31-Aug-2011 13-Dec-2016 13-Dec-2016 31-Dec-2017 Comments SME Training has completed with satisfactory results PHINDIRITBL  Numbers of women in SMEs trained (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 1.00 391.00 391.00 300.00 PHINDIRITBL  % trainees obtaining the loans (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 20.00 20.00 60.00 PHINDIRITBL  Improved GoPNG capacity to supoport SME sector (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target The SME Baseline The SME Baseline survey findings were survey findings were used to support DCI used to support DCI and Survey findings and NEC in the drafting NEC in the drafting of used by DCI of new SME new SME Development officials in SME Value Baseline survey Development Plan for Plan for 2016-2018 and policy and 2016-2018 and National Economic strategy National Economic Development Strategy. development Development Strategy. The 2nd SME survey is The 2nd SME survey is to be implemented in 7/18/2017 Page 7 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PNG - Small and Medium Enterprise Access to Finance Project (P120707) to be implemented in 2017 to monitor the 2017 to monitor the changes of demands of changes of demands of local SMEs during the local SMEs during the implementation of SME implementation of SME policies. policies. Date 28-Feb-2014 31-Oct-2016 31-Oct-2016 30-Jun-2016 PHINDIRITBL  Training of provincial DCI officials (Text, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 1.00 36.00 36.00 40.00 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 USD 21.91 21.91 0.00 12.09 8.06 55% 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 7/18/2017 Page 8 of 9 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. 7/18/2017 Page 9 of 9 Public Disclosure Copy