Public Disclosure Copy The World Bank Implementation Status & Results Report LB Supporting Innovation in SMEs Project (P127306) LB Supporting Innovation in SMEs Project (P127306) MIDDLE EAST AND NORTH AFRICA | Lebanon | Finance & Markets Global Practice | IBRD/IDA | Specific Investment Loan | FY 2013 | Seq No: 7 | ARCHIVED on 06-Oct-2016 | ISR22841 | Implementing Agencies: Kafalat Key Dates Key Project Dates Bank Approval Date:31-Oct-2012 Effectiveness Date:03-Feb-2015 Planned Mid Term Review Date:20-Feb-2017 Actual Mid-Term Review Date:-- Original Closing Date:30-Jun-2018 Revised Closing Date:30-Jun-2018 Project Development Objectives Project Development Objective (from Project Appraisal Document) The project’s development objective is to encourage the equity investment market to increase the supply of early stage investment finance for financially viable, new, and existing innovative firms. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Innovation in SMEs (iSMEs) Funding Program:(Cost $27.50 M) Project Management:(Cost $2.50 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  High  High Implementation Status and Key Decisions 10/6/2016 Page 1 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report LB Supporting Innovation in SMEs Project (P127306) The iSME project was approved by the World Bank Group Board of Executive Directors on October 31, 2012 and ratified by Parliament on October 1, 2014. It became Effective on February 3, 2015. The iSME website was established (http://www.kafalatisme.com.lb/) with information about the project activities and how to apply for funding. Kafalat has established partnerships with 6 Investor Partners to co-invest in potential opportunities: MEVP, Berytech Fund II, Leap Ventures, Saned Equity Partners, IM Capital, and Y Venture Partners. Investment funds interested in becoming a co-investor partner to the iSME Fund can contact Kafalat through the information provided on the website. 10/6/2016 Page 2 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report LB Supporting Innovation in SMEs Project (P127306) 10/6/2016 Page 3 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report LB Supporting Innovation in SMEs Project (P127306) 10/6/2016 Page 4 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report LB Supporting Innovation in SMEs Project (P127306) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  Substantial  Substantial Macroeconomic  --  Substantial  Substantial Sector Strategies and Policies  --  Moderate  Moderate Technical Design of Project or Program  --  Substantial  Substantial Institutional Capacity for Implementation and Sustainability  --  Moderate  Moderate Fiduciary  --  Moderate  Moderate Environment and Social  --  Low  Low Stakeholders  --  Low  Low Other  --  --  -- Overall  --  High  High Results Project Development Objective Indicators PHINDPDOTBL  a) Total number of firms receiving equity financing leveraging investors and the iSME funding program (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 1.00 110.00 10/6/2016 Page 5 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report LB Supporting Innovation in SMEs Project (P127306) Date 04-Feb-2015 25-May-2015 21-Jul-2016 30-Jun-2018 PHINDPDOTBL  No. of beneficiary firms, women owned (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 04-Feb-2015 25-May-2015 21-Jul-2016 30-Jun-2018 PHINDPDOTBL  b) Total amount of equity financing received (leveraged) through the project, leveraging investors and the iSME funding program (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 500000.00 50000000.00 Date 04-Feb-2015 25-May-2015 21-Jul-2016 30-Jun-2018 PHINDPDOTBL  c) Total number of firms receiving equity financing leveraging investors only (as a result of a Grant) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 10.00 30.00 Date 04-Feb-2015 25-May-2015 21-Jul-2016 30-Jun-2018 PHINDPDOTBL  a) Number of new/ improved products/processes offered (Number, Custom) 10/6/2016 Page 6 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report LB Supporting Innovation in SMEs Project (P127306) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 60.00 166.00 Date 04-Feb-2015 25-May-2015 21-Jul-2016 30-Jun-2018 PHINDPDOTBL  b) Number of new start-ups created under the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 61.00 70.00 Date 04-Feb-2015 25-May-2015 21-Jul-2016 30-Jun-2018 PHINDPDOTBL  b) No. of new jobs created in beneficiary SMEs (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 5.00 180.00 Date 04-Feb-2015 25-May-2015 21-Jul-2016 30-Jun-2018 PHINDPDOTBL  No. of new jobs created, of which % are filled by women (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 04-Feb-2015 25-May-2015 21-Jul-2016 30-Jun-2018 Overall Comments Intermediate Results Indicators 10/6/2016 Page 7 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report LB Supporting Innovation in SMEs Project (P127306) PHINDIRITBL  Intermediate Result Indicator 1: No. of firms applying for Phase 1 proof of concept grants (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 6.00 112.00 400.00 Date 04-Feb-2015 25-May-2015 21-Jul-2016 30-Jun-2018 PHINDIRITBL  Intermediate Result Indicator 2: No. of firms receiving proof of concept grants (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 60.00 200.00 Date 04-Feb-2015 25-Mar-2015 21-Jul-2016 30-Jun-2018 PHINDIRITBL  Intermediate Result Indicator 3: Vol. of proof of concept grants (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 6.00 54.50 1000.00 Date 04-Feb-2015 25-May-2015 21-Jul-2016 30-Jun-2018 PHINDIRITBL  Intermediate Result Indicator 4: No. of firms applying for equity (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.00 8.00 170.00 Date 04-Feb-2015 25-May-2015 21-Jul-2016 30-Jun-2018 10/6/2016 Page 8 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report LB Supporting Innovation in SMEs Project (P127306) PHINDIRITBL  Intermediate Result Indicator 5: No. of firms successfully receiving equity (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 1.00 150.00 Date 04-Feb-2015 25-May-2015 21-Jul-2016 30-Jun-2018 PHINDIRITBL  Intermediate Result Indicator 6: Total vol. of Phase equity investments (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.00 10.00 1500.00 Date 04-Feb-2015 25-May-2015 21-Jul-2016 30-Jun-2018 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P127306 IBRD-82020 Effective USD 30.00 30.00 0.00 5.53 24.47 18% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P127306 IBRD-82020 Effective 31-Oct-2012 13-Feb-2013 03-Feb-2015 30-Jun-2018 30-Jun-2018 Cumulative Disbursements 10/6/2016 Page 9 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report LB Supporting Innovation in SMEs Project (P127306) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 10/6/2016 Page 10 of 10 Public Disclosure Copy