The World Bank Implementation Status & Results Report Inclusive Access to Finance (P163225) Inclusive Access to Finance (P163225) EUROPE AND CENTRAL ASIA | Turkey | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2018 | Seq No: 1 | ARCHIVED on 15-Jan-2019 | ISR34744 | Implementing Agencies: TÜRKİYE SINAİ KALKINMA BANKASI A.Ş. (TSKB), TÜRKİYE SINAİ KALKINMA BANKASI A.Ş. (TSKB) Key Dates Key Project Dates Bank Approval Date: 22-May-2018 Effectiveness Date: 21-Dec-2018 Planned Mid Term Review Date: -- Actual Mid-Term Review Date: -- Original Closing Date: 30-Jun-2023 Revised Closing Date: 30-Jun-2023 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The PDO is to improve access to longer-term finance for (i) women-inclusive enterprises and (ii) enterprises in less developed sub-regions affected by SuTP influx. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Component 1:(Cost $200.00 M) Component 2:(Cost $200.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO -- Moderately Satisfactory Overall Implementation Progress (IP) -- Moderately Satisfactory Overall Risk Rating -- Low Implementation Status and Key Decisions Following the Board approval and signing of Loan Agreement in June 2018, TSKB (the Borrower) worked on meeting two conditions of effectiveness: (I) approval of Operations Manual; and (ii) signing of Subsidiary Financing Agreement (SFA) with at least two qualified Participating Financing Institutions (PFI) under the wholesale component. Following the review and no-objection from the World Bank (WB), TSKB signed SFAs with Is Bank and Seker Bank in the week of December 3. At the same time, the Operations Manual, acceptable to the WB, was approved by TSKB. Following the declaration of effectiveness on December 21st, 2018, the first disbursements under the Loan are expected to take place in early 2019. 1/15/2019 Page 1 of 6 The World Bank Implementation Status & Results Report Inclusive Access to Finance (P163225) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate -- Moderate Macroeconomic Substantial -- Substantial Sector Strategies and Policies Low -- Low Technical Design of Project or Program Low -- Low Institutional Capacity for Implementation and Sustainability Low -- Low Fiduciary Low -- Low Environment and Social Low -- Low Stakeholders Low -- Low Other Low -- Low Overall Low -- Low Results PDO Indicators by Objectives / Outcomes Improve access to longer-term finance for women-inclusive and less developed sub-regions enterprises IN00569609 ►Ratio of the average maturity of SME sub-financing under the project, over the average maturity of the PFIs SME portfolio not financed under the project. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 >1 Date 31-May-2018 -- 09-Jan-2019 31-May-2022 IN00569663 ►Ratio of the average maturity of LE sub-financing under the project, over the average maturity of the Borrower's LE portfolio not financed under the project. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 >1 Date 31-May-2018 -- 09-Jan-2019 31-May-2022 IN00569629 ►Volume of Bank support (cumulative, US$ million) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 400.00 1/15/2019 Page 2 of 6 The World Bank Implementation Status & Results Report Inclusive Access to Finance (P163225) Date 31-May-2018 -- 09-Jan-2019 31-May-2022 Intermediate Results Indicators by Components Wholesale Component; on-lending funds through qualified PFIs IN00569630 ►Number of PFIs under the project (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 2.00 5.00 Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00569660 ►Number of enterprises assessed through Project Gender Toolkit (Cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 50.00 Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00569747 ►Number of LE beneficiaries financed under the project (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 40.00 Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00569741 ►Number of beneficiary enterprises that completed implementation of a gender action plan (Cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 15.00 Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00569753 ►Based on Core Indicator: Portfolio Quality: Portfolio at risk (%) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target n/a Value n/a -- 0.00 Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00569754 ►Based on Core Indicator: Financial Sustainability: Return on Assets (%) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value n/a -- n/a n/a 1/15/2019 Page 3 of 6 The World Bank Implementation Status & Results Report Inclusive Access to Finance (P163225) Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00569755 ►Based on Core Indicator: Financial Sustainability: Return on Equity (%) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value n/a -- n/a n/a Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00569756 ►Compliance with prudential regulation (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value n/a -- compliant n/a Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00569757 ►Citizen Engagement: SMEs and LEs that feel project sub-finance reflected their needs (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- n/a n/a Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00578157 ►Percentage point difference between the total employment growth in beneficiary enterprises under the Project and employment growth in the respective sectors (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 >0 Date 31-May-2018 -- 10-Jan-2019 31-May-2022 TSKB Direct Lending; lending to eligible beneficiary SMEs and LEs IN00569736 ►Percentage point difference between female employment growth in beneficiary enterprises and female employment growth in the respective sectors (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 >0 Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00569659 ►Percentage point difference between employment growth in beneficiary enterprises located in less developed regions and employment growth in the respective sectors (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 >0 Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00569742 ►Number of women-inclusive beneficiary enterprises financed under the project (cumulative) (Number, Custom) 1/15/2019 Page 4 of 6 The World Bank Implementation Status & Results Report Inclusive Access to Finance (P163225) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 70.00 Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00569720 ►Percent of sub-finance financing beneficiary enterprise sub-projects in the least developed sub-regions (Cumulative) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 7.50 Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00569746 ►Number of SME beneficiaries financed under the project (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 240.00 Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00569751 ►Based on Core Indicator: Outstanding MSME finance portfolio (USD million) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value n/a -- n/a n/a Date 31-May-2018 -- 10-Jan-2019 31-May-2022 IN00569752 ►Based on Core Indicator: Number of active MSME finance accounts (not cumulative) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value n/a -- n/a n/a Date 31-May-2018 -- 10-Jan-2019 31-May-2022 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P163225 IBRD-88600 Effective USD 400.00 400.00 0.00 1.00 399.00 0.3% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date 1/15/2019 Page 5 of 6 The World Bank Implementation Status & Results Report Inclusive Access to Finance (P163225) P163225 IBRD-88600 Effective 22-May-2018 07-Jun-2018 21-Dec-2018 30-Jun-2023 30-Jun-2023 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 1/15/2019 Page 6 of 6