The World Bank Report No: ISR3043 Implementation Status & Results Egypt, Arab Republic of Public Disclosure Copy EG-MORTGAGE FINANCE (P093470) Operation Name: EG-MORTGAGE FINANCE (P093470) Project Stage: Implementation Seq.No: 8 Status: ARCHIVED Last Modified Date: 13-Apr-2011 Country: Egypt, Arab Republic of Approval FY: 2007 Product Line: IBRD/IDA Region: MIDDLE EAST AND NORTH AFRICA Lending Instrument: Financial Intermediary Loan Implementing Agency(ies): Egyptian Mortgage Refinance Company Key Dates Board Approval Date 06-Jul-2006 Original Closing Date 31-Jul-2011 Planned Mid Term Review Date Last Archived ISR Date 05-Sep-2010 Effectiveness Date 08-May-2007 Revised Closing Date 31-Jul-2011 Actual Mid Term Review Date 04-Jul-2010 Project Development Objectives Project Development Objective (from Project Appraisal Document) The project's development objective is for primary lenders in the financial market (viz., both banks and non-bank lenders) to provide longer-term, market-based mortgage loan financing for residential housing. Such financing is scarce at present, in part because primary lenders do not have reliable access to sources of term finance on favorable terms that could help them to mitigate the associated business and lending risks. The Egyptian Company for Mortgage Refinancing (ECMR) will provide such a source. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost ECMR mortgage refinancing program 208.10 Overall Ratings Public Disclosure Copy Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Low Implementation Status Overview The World Bank loan, amounting to LE 214.2 million is now fully disbursed. The last payment was made for LE 12.5 million on 21 January 2011. Although there was a slight lag in disbursement during the early stages of the project, the operation got disbursed ahead of schedule. The full disbursement of the World Bank loan means that the Egyptian Mortgage Refinance Company (EMRC) is now fully reliant on its own fundraising capabilities to continue operations. To date, most of project outcome and output indicators have been achieved. Results Page 1 of 4 The World Bank Report No: ISR3043 Project Development Objective Indicators Public Disclosure Copy Indicator Baseline Current End Target Indicator Name Value Value Value Growth in volume of market-based mortgage loans extended by 300 million 4000 million 4000 million primary lenders (annually). Date Date Date 05-Jun-2006 10-Jan-2011 19-Jul-2012 Type Unit of Measure Comment Comment Comment Custom Indicator Text Reduced during Mid Term Review and amended following the January 2011 mission, and subsequent change of government Indicator Baseline Current End Target Indicator Name Value Value Value Lengthening of term to maturity structure of market-based mortgage 7 16 15 lending.(years) Date Date Date 05-Jun-2006 10-Jan-2011 19-Jul-2012 Type Unit of Measure Comment Comment Comment Custom Indicator Text Intermediate Results Indicators Indicator Baseline Current End Target Indicator Name Value Value Value Number of primary lenders extending mortgage loans. 2 6 6 Date Date Date 05-Jun-2006 10-Jan-2011 19-Jul-2012 Type Unit of Measure Public Disclosure Copy Comment Comment Comment Custom Indicator Text Reduced during Mid Term Review and amended following the January 2011 mission, and subsequent change of government Page 2 of 4 The World Bank Report No: ISR3043 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value Volume of PML borrowings from the ECMR (LE millions) Nil 400 million 1200 million Date Date Date 05-Jun-2006 10-Jan-2011 19-Jul-2012 Type Unit of Measure Comment Comment Comment Custom Indicator Text Volume increased due to the National Housing Program which involves subsidized housing and subsidized 20 year mortgage loans. Data on Financial Performance (as of 24-Jan-2011) Financial Agreement(s) Key Dates Project Loan No. Status Approval Date Signing Date Effectiveness Date Closing Date P093470 IBRD-73960 Effective 06-Jul-2006 12-Nov-2006 08-May-2007 31-Jul-2011 Disbursements (in Millions) Project Loan No. Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P093470 IBRD-73960 Effective USD 37.10 37.10 0.00 39.06 0.00 105.00 Disbursement Graph Public Disclosure Copy Page 3 of 4 The World Bank Report No: ISR3043 Public Disclosure Copy Key Decisions Regarding Implementation EMRC will play a key role in supporting in the Affordable Mortgage Finance Program, catering low- and middle-income segments of the society. Restructuring History There has been no restructuring to date. Related Projects There are no related projects. Public Disclosure Copy Page 4 of 4