The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Tunisia Innovative Startups and SMEs Project (P167380) MIDDLE EAST AND NORTH AFRICA | Tunisia | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2019 | Seq No: 3 | ARCHIVED on 09-Dec-2020 | ISR43890 | Implementing Agencies: Caisse de Depots et de Consignations, Republic of Tunisia Key Dates Key Project Dates Bank Approval Date: 14-Jun-2019 Effectiveness Date: 23-Jul-2020 Planned Mid Term Review Date: -- Actual Mid-Term Review Date: Original Closing Date: 31-Dec-2026 Revised Closing Date: 31-Dec-2026 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective is to increase access to finance and support the growth of innovative startups and small and medium enterprises Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Equity and Quasi-Equity Financing for Innovative Startups and SMEs:(Cost $62000000.00 M) Ecosystem and Firm-Level Support for Innovative Startups and SMEs:(Cost $8000000.00 M) Project Management and Capacity Building:(Cost $5000000.00 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 Substantial Substantial Implementation Status and Key Decisions The Innovative Startups and SMEs Project in the amount of EUR 66.90 million (US$75 m equivalent) was approved by the World Bank Group Board of Executive Directors on June 14, 2019. The Loan Agreement and the Project Agreements were signed on January 30, 2020, and became effective on July 23, 2020. There are four conditions of disbursement to be fulfilled before the project could start disbursing. Some progress were made in that regard, and it is expected that the conditions would be fulfilled and start disbursing at the beginning of 2021. 12/9/2020 Page 1 of 9 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial Substantial Substantial Macroeconomic High High High Sector Strategies and Policies Substantial Substantial Substantial Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Substantial Substantial Substantial Sustainability Fiduciary Substantial Substantial Substantial Environment and Social Moderate Moderate Moderate Stakeholders Substantial Substantial Substantial Other -- -- -- Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Access to finance and growth of innovative startups and SMEs IN00905842 ►Private capital mobilized for innovative startups and SMEs through the project (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 55,146,667.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 This indicator measures the risk capital mobilized (less management fees) from private investors to Comments: finance equity and quasi-equity investments in innovative startups and SMEs directly linked to the project. IN00905843 Of which: Private sector capital mobilized for innovative startups (Amount(USD), Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 40,186,667.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905844 Of which: Private sector capital mobilized for innovative SMEs (Amount(USD), Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target 12/9/2020 Page 2 of 9 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Value 0.00 0.00 0.00 14,960,000.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905845 ►Innovative startups and SMEs receiving financing through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 280.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 This indicator measures the total number of innovative startups and SMEs that receive public and private Comments: financing through the project. IN00905851 Of which: Innovative startups (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 230.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905852 Of which: Innovative SMEs (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 50.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905853 Of which: Benefited from deal-flow and firm-level support provided by the project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 112.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905854 Of which: Women-owned or led startups and SMEs (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 56.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905855 Of which: Innovative startups and SMEs located in interior regions (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 28.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905856 12/9/2020 Page 3 of 9 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) ►Increase in annual revenue of beneficiary startups and SMEs three years after receiving support through the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 19.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 This indicator measures the weighted average increase in annual revenue of innovative startups and Comments: SMEs three years after receiving financial and/or non-financial support through the project IN00905857 Of which: Innovative startups (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 20.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905858 Of which: Innovative SMEs (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 Intermediate Results Indicators by Components Equity and Quasi-Equity Financing for Innovative Start-ups and SMEs IN00905859 ►Financial intermediaries receiving financing through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 12.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 This indicator measures the number of financial intermediaries that receive financing through the project for onward investment in startups and SMEs. Angel/VC fund managers will classified as those receiving Comments: funds primarily for seed and early stage investments; PE fund managers will be classified as those receiving funds for growth-stage investments; and co-investors will be classified as those receiving co- financing as part of co-investment on a deal-by-deal basis. IN00905862 Of which: Angel/VC funds (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905865 Of which: PE funds (Number, Custom Breakdown) 12/9/2020 Page 4 of 9 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905868 Of which: Financial intermediaries receiving co-financing for direct investments (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 Ecosystem and Firm-Level Support for Innovative Startups and SMEs IN00905860 ►Ecosystem intermediaries receiving grants through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 This indicator measures the number of ecosystem intermediaries that receive grants (DEAL and SAIL) Comments: through the project IN00905863 Of which: Newly-established intermediaries (<1 year old) (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905866 Of which: Established intermediaries (>1 years old) (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905869 ►Innovative startups receiving concept development grants through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 This indicator measures the number of SMEs receiving concept development grants (AIR) through the Comments: project IN00905870 12/9/2020 Page 5 of 9 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Of which: Women-owned or led startups (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905872 Of which: Located in interior regions (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 8.00 Date 14-Jun-2019 -- 12-Nov-2020 31-Dec-2026 IN00905872 ►Of which: Located in interior regions (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 8.00 Date 14-Jun-2019 -- 12-Nov-2020 31-Dec-2026 This indicator measures the number of innovative startups located in interior regions receiving concept Comments: development grants through the project IN00905873 ►Innovative startups receiving investment readiness grants through the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 This indicator measures the number of innovative startups receiving investment readiness grants (AIR2) Comments: through the project IN00905874 Of which: Women-owned or led startups (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905875 Of which: Located in interior regions (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 3.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905876 ►Innovative SMEs receiving technology adoption and investment readiness grants through the project (Number, Custom) 12/9/2020 Page 6 of 9 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 This indicator measures the number of innovative SMEs technology adoption and investment readiness Comments: grants through the project IN00905877 Of which: Women-owned or led SMEs (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905879 Of which: Located in interior regions (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 3.00 Date 14-Jun-2019 -- 12-Nov-2020 31-Dec-2026 IN00905879 ►Of which: Located in interior regions (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 3.00 Date 14-Jun-2019 -- 12-Nov-2020 31-Dec-2026 This indicator measures the number of innovative SMEs located in interior regions receiving technology Comments: adoption and investment readiness grants through the project Project Management and Capacity Building IN00905861 ►Project beneficiaries satisfied with the implementation of the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905864 Of which: Financial and ecosystem intermediaries (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 IN00905867 12/9/2020 Page 7 of 9 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Of which: Innovative startups and SMEs (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 14-Jun-2019 17-Apr-2020 12-Nov-2020 31-Dec-2026 Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P167380 IBRD-89840 Effective USD 75.00 75.00 0.00 0.19 74.81 0.3% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P167380 IBRD-89840 Effective 14-Jun-2019 30-Jan-2020 23-Jul-2020 31-Dec-2026 31-Dec-2026 Cumulative Disbursements 12/9/2020 Page 8 of 9 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) PBC Disbursement Achievement Disbursed amount in Disbursement % PBC ID PBC Type Description Coc PBC Amount Status Coc for PBC Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 12/9/2020 Page 9 of 9