Public Disclosure Copy The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) Land Bank Financial Intermediation Project (P150008) AFRICA | South Africa | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 3 | ARCHIVED on 17-Jul-2018 | ISR32824 | Implementing Agencies: Land and Agricultural Development Bank of South Africa, Land and Agriculture Development Bank of South Africa Key Dates Key Project Dates Bank Approval Date:23-Jan-2017 Effectiveness Date:29-Sep-2017 Planned Mid Term Review Date:31-Oct-2019 Actual Mid-Term Review Date:-- Original Closing Date:01-Apr-2022 Revised Closing Date:01-Apr-2022 Project Development Objectives Project Development Objective (from Project Appraisal Document) The project's development objective is to sustainably scale up Land Bank's financing, specifically to benefit emerging farmers. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Line of Credit for Agricultural Financing:(Cost $93.00 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  Moderate  Moderate Implementation Status and Key Decisions The project became effective on September 29, 2017. The project is at an early stage of implementation. The disbursements under the project are at 7.1 percent as of June 25, 2018. 7/17/2018 Page 1 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  Moderate  Substantial  Substantial Macroeconomic  Moderate  Substantial  Substantial Sector Strategies and Policies  Moderate  Moderate  Moderate Technical Design of Project or Program  Moderate  Moderate  Moderate Institutional Capacity for Implementation and Sustainability  Moderate  Moderate  Moderate Fiduciary  Low  Moderate  Moderate Environment and Social  Moderate  Moderate  Moderate Stakeholders  Moderate  Moderate  Moderate Other  --  --  -- Overall  Moderate  Moderate  Moderate Results Project Development Objective Indicators PHINDPDOTBL  Volume of wholesale loans disbursed under the project (minimum) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- -- 65,100,000.00 Date 31-Oct-2016 -- -- 01-Apr-2022 PHINDPDOTBL  Volume of direct value chain loans disbursed under the project (minimum) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- -- 27,900,000.00 Date 31-Oct-2016 -- -- 01-Apr-2022 7/17/2018 Page 2 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) PHINDPDOTBL  Direct project beneficiaries (minimum) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- -- 1,100.00 Date 31-Oct-2016 -- -- 01-Apr-2022 PHINDPDOTBL  Total NPL rate under the line of credit (maximum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- -- 10.00 Date 31-Oct-2016 -- -- 01-Apr-2022 Overall Comments Since disbursements under the project started in June 2018, the PDO level indicators will be updated in the next ISR based on the use of funds. Intermediate Results Indicators PHINDIRITBL  Increase in outstanding loan portfolio of Land Bank (minimum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 37,796,688,000.00 -- -- 10.00 Date 31-Dec-2015 -- -- 01-Apr-2022 PHINDIRITBL  Increase in CB outstanding loan portfolio (minimum) (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 31,607,333,000.00 -- -- 10.00 Date 31-Dec-2015 -- -- 01-Apr-2022 7/17/2018 Page 3 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) PHINDIRITBL  Increase in REM outstanding loan portfolio (minimum) (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 489,051,000.00 -- -- 20.00 Date 31-Dec-2015 -- -- 01-Apr-2022 PHINDIRITBL  Total NPL rate for Land Bank (maximum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 3.72 -- -- 10.00 Date 31-Dec-2015 -- -- 01-Apr-2022 PHINDIRITBL  Land Bank liabilities that are long-term (over 1 year) (minimum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 31.00 -- -- 40.00 Date 31-Dec-2015 -- -- 01-Apr-2022 PHINDIRITBL  Return on Average Assets (minimum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1.12 -- -- 1.12 Date 31-Dec-2015 -- -- 01-Apr-2022 7/17/2018 Page 4 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) PHINDIRITBL  Return on Average Equity (minimum) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 6.78 -- -- 6.78 Date 31-Dec-2015 -- -- 01-Apr-2022 Overall Comments The intermediate result indicators will be updated based on Land Bank audited financial statements for the period ending March 2018 expected to be released by August 2018. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P150008 IBRD-86860 Effective USD 93.00 93.00 0.00 6.64 86.36 7.1% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P150008 IBRD-86860 Effective 23-Jan-2017 10-Apr-2017 29-Sep-2017 01-Apr-2022 01-Apr-2022 Cumulative Disbursements 7/17/2018 Page 5 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Land Bank Financial Intermediation Project (P150008) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 7/17/2018 Page 6 of 6 Public Disclosure Copy