Public Disclosure Copy The World Bank Implementation Status & Results Report Export Finance Intermediation Loan (P116080) Export Finance Intermediation Loan (P116080) EUROPE AND CENTRAL ASIA | Croatia | Finance & Markets Global Practice | IBRD/IDA | Financial Intermediary Loan | FY 2010 | Seq No: 13 | ARCHIVED on 14-Jun-2016 | ISR24048 | Implementing Agencies: Key Dates Key Project Dates Bank Approval Date:04-Aug-2009 Effectiveness Date:25-Nov-2009 Planned Mid Term Review Date:30-Sep-2011 Actual Mid-Term Review Date:15-Sep-2011 Original Closing Date:31-Aug-2013 Revised Closing Date:31-Aug-2016 Project Development Objectives Project Development Objective (from Project Appraisal Document) The PDO is to support the preservation and growth of exports by providing medium and long term working capital and investment finance to exporters and foreign exchange earning companies Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Credit Line:(Cost $202.60 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Satisfactory  Satisfactory Overall Implementation Progress (IP)  Satisfactory  Moderately Satisfactory Overall Risk Rating  Low  Low Implementation Status and Key Decisions The implementation of the Project is rated moderately satisfactory given the lower-than-expected disbursement rate for the additional finance. To date, 6/14/2016 Page 1 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Export Finance Intermediation Loan (P116080) 76 sub-loans (including both the original loan and the additional finance) have been approved through the Project. CEFIL- and CEFIL-AF-funded companies grew by as much as 20.2 percent and increased overall employment by 4.5 percent by March 2016. However, given the continuing slow rate of disbursement, HBOR and the World Bank are taking remedial actions to enlarge the pipeline of eligible projects, including larger loans on a risk- sharing basis with commercial banks, and closely monitor implementation. 6/14/2016 Page 2 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Export Finance Intermediation Loan (P116080) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  Low  Moderate Macroeconomic  --  Moderate  Moderate Sector Strategies and Policies  --  Low  Low Technical Design of Project or Program  --  Low  Low Institutional Capacity for Implementation and Sustainability  --  Low  Low 6/14/2016 Page 3 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Export Finance Intermediation Loan (P116080) Fiduciary  --  Low  Low Environment and Social  --  Low  Low Stakeholders  --  Low  Low Other  --  --  Low Overall  --  Low  Low Results Project Development Objective Indicators PHINDPDOTBL  Level of exports growth or preservation of beneficiary firms (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1.00 1.20 1.20 1.00 Date 04-Aug-2009 01-Mar-2016 01-Apr-2016 31-Aug-2016 PHINDPDOTBL  Volume of medium and long-term lending to firms under the project (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 132.66 137.25 202.60 Date 04-Aug-2009 01-Mar-2016 01-Apr-2016 31-Aug-2016 Overall Comments Intermediate Results Indicators PHINDIRITBL  Quality of Portfolio - Total NPLs as number of loans (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 5.00 5.00 7.00 Date 04-Aug-2009 01-Mar-2016 01-Apr-2016 31-Aug-2016 6/14/2016 Page 4 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Export Finance Intermediation Loan (P116080) PHINDIRITBL  Quality of Portfolio - Total NPLs (in percent) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.53 1.53 7.00 Date 04-Aug-2009 01-Mar-2016 01-Apr-2016 31-Aug-2016 PHINDIRITBL  Level of job creation or preservation (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1.00 1.05 1.05 1.00 Date 04-Aug-2009 01-Mar-2016 01-Apr-2016 31-Aug-2016 PHINDIRITBL  Number of firms financed under the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 65.00 68.00 60.00 Date 04-Aug-2009 01-Mar-2016 01-Apr-2016 31-Aug-2016 PHINDIRITBL  Number of firms with female owners financed (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 4.00 -- Date 04-Aug-2009 01-Mar-2016 01-Apr-2016 31-Aug-2016 Overall Comments Data on Financial Performance 6/14/2016 Page 5 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Export Finance Intermediation Loan (P116080) Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P116080 IBRD-77740 Closed USD 141.22 141.05 0.17 131.58 0.00 93% P116080 IBRD-81930 Effective USD 61.41 61.41 0.00 33.43 28.00 54% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P116080 IBRD-77740 Closed 04-Aug-2009 02-Sep-2009 25-Nov-2009 31-Aug-2013 31-Aug-2013 P116080 IBRD-81930 Effective 20-Sep-2012 29-Oct-2012 24-Jan-2013 31-Aug-2015 31-Aug-2016 Cumulative Disbursements Restructuring History Level 2 Approved on 17-Apr-2015 Related Project(s) 6/14/2016 Page 6 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Export Finance Intermediation Loan (P116080) P129220-Export Finance Intermediation Loan Additional Financing 6/14/2016 Page 7 of 7 Public Disclosure Copy