The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Sierra Leone Economic Diversification Project (P164212) AFRICA WEST | Sierra Leone | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2021 | Seq No: 2 | ARCHIVED on 15-Jul-2021 | ISR47453 | Implementing Agencies: Ministry of Tourism & Cultural Affairs, Ministry of Finance, Ministry of Trade and Industry, Republic of Sierra Leone Key Dates Key Project Dates Bank Approval Date: 28-Jul-2020 Effectiveness Date: 10-Nov-2020 Planned Mid Term Review Date: -- Actual Mid-Term Review Date: Original Closing Date: 31-Oct-2025 Revised Closing Date: 31-Oct-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) To increase investment, Small and Medium Enterprise (SME) growth, and entrepreneurship in non-mining productive sectors in the Recipient’s territory. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Improving Business Environment and Capacity Building:(Cost $11.00 M) SMEs and Entrepreneurship:(Cost $25.50 M) Project Management and Evaluation:(Cost $3.50 M) Contingent emergency response Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions The Sierra Leone Economic Diversification Project was approved on July 28, 2020 by the Board of Directors. The Financing Agreement was signed on July 26, 2018. The project became effective on November 10, 2020. The second virtual implementation support mission (ISM) was conducted from June 15 to June 22, 2020. The project has experienced delays due to COVID-19 and is making progress towards operationalization of PCU. 7/15/2021 Page 1 of 8 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) 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 Moderate Moderate Moderate Other High High High Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Private sector investment leveraged IN01014084 ►Amount of private sector investment leveraged through project activities, including co-investments in and from SMEs and start-ups supported by the project, and investments in upgraded destinations (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6,000,000.00 Date 30-Jun-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 Amount (cumulative) of private sector investment leveraged through project activities, including co- Comments: investments in and from SMEs and start-ups supported by the project, and investments in upgraded destinations. Average percentage increase in gross sales by firms supported by the project IN01014085 ►Average percentage increase in gross sales by firms supported by the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 30-Jun-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 7/15/2021 Page 2 of 8 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Comments: Average percentage increase in gross sales by firms supported by the project IN01014086 Average percentage increase in gross sales by women-owned/managed firms supported by the project. (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 30-Jun-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 Intermediate Results Indicators by Components Component 1:Business Environment & Capacity Building IN01014087 ►Improvement in the overall business enabling environment, as measured by selected Ease of Doing Business Scores (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 47.50 47.20 47.20 60.00 Date 03-Aug-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 Improvement in the overall business enabling environment, as measured by selected Ease of Doing Comments: Business Scores IN01014090 ►Number of new businesses registered using single window or SME centers implemented by the project (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2,500.00 Date 03-Aug-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 Comments: Number of new businesses registered using single window or SME centers implemented by the project IN01014093 Number of new business that are women-owned or managed that registered using single window or SME centers implemented by the project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 700.00 Date 30-Jun-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 IN01014097 ►Reduction in Days to Obtain Construction Permit (Days, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 182.00 182.00 182.00 142.00 7/15/2021 Page 3 of 8 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Date 05-Aug-2019 17-Dec-2020 21-Jun-2021 31-Oct-2025 Comments: Reduction in Days to Obtain Construction Permit IN01014098 ►Number of digitized land title records accessible at the Office of Administrator and Registrar General by the project (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 100,000.00 Date 03-Aug-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 Comments: Number of digitized land title records accessible at the Office of Administrator and Registrar General IN01014101 ►Number of new loans secured by movables (as registered by the Collateral Registry, cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 412.00 412.00 412.00 2,000.00 Date 03-Aug-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 Comments: Number of loans secured by movables as registered by the Collateral Registry IN01014103 Number of new loans secured by movables for women owned or managed firms, cumulative (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 45.00 45.00 45.00 500.00 Date 05-Aug-2019 17-Dec-2020 21-Jun-2021 31-Oct-2025 IN01014104 ►Number of reforms implemented as a result of training and/or policy reviews undertaken (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 7.00 Date 05-Aug-2019 17-Dec-2020 21-Jun-2021 31-Oct-2025 Comments: Number of reforms implemented as a result of training and/or policy reviews undertaken Component 2: SMEs and Entrepreneurship IN01014089 ►Number of business owners visiting SME Solutions centers per month (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 150.00 Date 06-Aug-2018 17-Dec-2020 21-Jun-2021 31-Oct-2025 7/15/2021 Page 4 of 8 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Comments: Number of business owners visiting SME Solutions centersper month IN01014091 Number of business owners visiting SME Solution Centers per month who are women (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 60.00 Date 05-Aug-2019 17-Dec-2020 21-Jun-2021 31-Oct-2025 IN01014095 ►Number of destinations upgraded, cumulative (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6.00 Date 28-Jun-2019 17-Dec-2020 21-Jun-2021 31-Oct-2025 Comments: Number of destinations where planned project upgrades are completed IN01014096 ►Number of new jobs created as a direct result of activities undertaken in component 2 of the project (cumulative). (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 450.00 Date 30-Jun-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 Comments: Number of new jobs created as a direct result of activities undertaken in component 2 of the project. IN01014099 Number of new jobs for women created as a direct result of activities undertaken in component 2 of the project (cumulative). (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 135.00 Date 30-Jun-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 IN01014100 ►Number of international visitors to the country, per year (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 57,000.00 57,000.00 57,000.00 62,590.00 Date 31-Dec-2019 17-Dec-2020 21-Jun-2021 31-Oct-2025 Comments: Number of visitors to the country, per year IN01014102 ►Number of entrepreneurs that achieve first sales, (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 7/15/2021 Page 5 of 8 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Value 0.00 0.00 0.00 40.00 Date 05-Aug-2019 17-Dec-2020 21-Jun-2021 31-Oct-2025 Comments: Number of entrepreneurs that achieve first sales (of which are women-owned/led) IN01014105 Number of entrepreneurs who are women supported by the project that achieve first sales (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 30-Jun-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 IN01014106 ►Number of new entrepreneurs who participated in hackathons, trainings, pitch nights and other activities organized by entrepreneurship institutions supported by the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 250.00 Date 03-Aug-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 Number (cumulative) of new entrepreneurs who participated in hackathons, trainings, pitch nights and Comments: other activities organized by entrepreneurship institutions supported by the project IN01014107 Number of new women entrepreneurs who participated in hackathons, trainings, pitch nights and other activities organized by entrepreneurship institutions supported by the project (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 125.00 Date 03-Aug-2020 17-Dec-2020 21-Jun-2021 30-Oct-2025 IN01014108 ►Percentage of SMEs supported by the project that increased their number of buyers (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 03-Aug-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 Comments: Percentage of SMEs supported by the project that increased their number of buyers IN01014109 Percentage of SMEs supported by the project that increased their number of buyers which are women-owned or managed firms (Percentage, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 30-Jun-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 IN01014110 ►Number of companies that the project invested in (Number, Custom) 7/15/2021 Page 6 of 8 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 03-Aug-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 Comments: Number of companies that the project invested Component 3: Project Management and Evaluation IN01014088 ►Number of public private dialogue consultations held for project activities (cumulative) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 03-Aug-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 Comments: Number of public private dialogue consultations held for project activities IN01014092 ►Percentage of reported grievances actually addressed within a specified period of time (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 95.00 Date 03-Aug-2020 18-Dec-2020 21-Jun-2021 31-Oct-2025 Comments: Percentage of reported grievances actually addressed within a specified period of time IN01014094 ►Percentage of beneficiaries reporting satisfaction with project activities (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 80.00 Date 03-Aug-2020 17-Dec-2020 21-Jun-2021 31-Oct-2025 Comments: Percentage of beneficiaries reporting satisfaction with project activities Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed 7/15/2021 Page 7 of 8 The World Bank Implementation Status & Results Report Sierra Leone Economic Diversification Project (P164212) P164212 IDA-D7020 Effective USD 40.00 40.00 0.00 3.68 38.28 8.8% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P164212 IDA-D7020 Effective 28-Jul-2020 18-Aug-2020 10-Nov-2020 31-Oct-2025 31-Oct-2025 Cumulative Disbursements 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. 7/15/2021 Page 8 of 8