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 | IBRD/IDA | Investment Project Financing (IPF) | FY 2019 | Seq No: 12 | Archived on 20-Feb-2025 | ISR03236 Implementing Agencies: Caisse de Depots et de Consignations 1. OBJECTIVE 1.1 Development Objective Original Development Objective (Approved as part of Approval package on 14-Jun-2019) The Project Development Objective is to increase access to finance and support the growth of innovative startups and small and medium enterprises Has the Development Objective been changed since Board Approval of the Project Objective? No 2. COMPONENTS Name Equity and Quasi-Equity Financing for Innovative Startups and SMEs:(Cost 62,000,000.00) Ecosystem and Firm-Level Support for Innovative Startups and SMEs:(Cost 8,000,000.00) Project Management and Capacity Building:(Cost 5,000,000.00) 3. OVERALL RATINGS Name Previous Current Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial 4. KEY ISSUES & STATUS Feb 21, 2025 Page 1 of 10 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) 4.1 Implementation Status and Key Decisions Despite progress in the Project's implementation with five child funds approved so far and general appreciation of the ecosystem support program , the overall performance in terms of progress made towards achieving the Project Development Objective to date remains Moderately Satisfactory. It will be necessary to accelerate the investments in startups and increase the number of SMEs/Startups beneficiaries to reach the end targets. The disbursement rate at the end of December 2024 is 52.55% with an undisbursed balance of US$36.26 million. 5. SYSTEMATIC OPERATIONS RISK-RATING TOOL Rating at Approval Last Approved Rating Risk Category Approval Package - ISR Seq. 011 - 08 Aug Proposed Rating 14 Jun 2019 2024 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 Moderate Moderate Overall Substantial Substantial Substantial Feb 21, 2025 Page 2 of 10 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) 6. RESULTS 6.1 PDO Indicators by PDO Outcomes Access to finance and growth of innovative startups and SMEs Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Private capital mobilized for 0.00 Jun/2019 38,703,288.06 30-Jun-2024 40,661,749.85 30-Sep-2024 55,146,667.00 Dec/2026 innovative startups and SMEs Comments on This indicator measures the risk capital mobilized (less management fees) from private through the project achieving targets investors to finance equity and quasi-equity investments in innovative startups and SMEs (Amount(USD)) directly linked to the project. Of which: Private sector 0.00 Jun/2019 34,550,517 30-Jun-2024 35,411,119.77 30-Sep-2024 40,186,667.00 Dec/2026 capital mobilized for Comments on This indicator measures the financing mobilized (less management fees) from private innovative startups achieving targets investors and intermediaries to finance equity investments in innovative startups directly (Amount(USD)) linked to the project. Of which: Private sector 0.00 Jun/2019 4,152,771.06 30-Jun-2024 5,250,630.08 30-Sep-2024 14,960,000.00 Dec/2026 capital mobilized for Comments on This indicator measures the risk capital mobilized from private investors to finance equity innovative SMEs achieving targets and quasi-equity investments in innovative SMEs directly linked to the project. (Amount(USD)) Innovative startups and SMEs 0.00 Jun/2019 152.00 30-Jun-2024 177 30-Sep-2024 280.00 Dec/2026 receiving financing through Comments on This indicator measures the total number of innovative startups and SMEs that receive the project (Number) achieving targets public and private financing through the project. 0.00 Jun/2019 146.00 30-Jun-2024 169 30-Sep-2024 230.00 Dec/2026 Of which: Innovative Comments on This indicator measures the total number of innovative startups that receive public and startups (Number) achieving targets private financing through the project. 0.00 Jun/2019 6.00 30-Jun-2024 8 30-Sep-2024 50.00 Dec/2026 Feb 21, 2025 Page 3 of 10 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Of which: Innovative Comments on This indicator measures the total number of innovative SMEs that receive public and private SMEs (Number) achieving targets financing through the project. Of which: Benefited 0.00 Jun/2019 129.00 30-Jun-2024 149 30-Sep-2024 112.00 Dec/2026 from deal-flow and Comments on This indicator measures the total number of startups and SMEs that received deal flow or firm-level support achieving targets firm-level support and subsequently raised equity and/or quasi-equity investment through provided by the project the project (Number) Of which: Women- 0.00 Jun/2019 80.00 30-Jun-2024 95 30-Sep-2024 56.00 Dec/2026 owned or led startups Comments on This indicator measures the number of women-owned or -led innovative startups and tech- and SMEs (Number) achieving targets SMEs that receive financing through the project. Of which: Innovative 0.00 Jun/2019 61.00 30-Jun-2024 72 30-Sep-2024 28.00 Dec/2026 startups and SMEs Comments on This indicator measures the number of startups and SMEs based in interior regions, or with located in interior achieving targets the bulk of operations in interior regions, that receive public and private financing through regions (Number) the project. Increase in annual revenue of 0.00 Jun/2019 0.00 30-Jun-2024 0.00 30-Sep-2024 19.00 Dec/2026 beneficiary startups and Comments on This indicator measures the weighted average increase in annual revenue of innovative SMEs three years after achieving targets startups and SMEs three years after receiving financial and/or non-financial support through receiving support through the project the project (Percentage) 0.00 Jun/2019 0.00 30-Jun-2024 0.00 30-Sep-2024 20.00 Dec/2026 Of which: Innovative Comments on This indicator measures the increase in annual average revenue of innovative startups three startups (Percentage) achieving targets years after receiving financial and/or non-financial support through the project. 0.00 Jun/2019 0.00 30-Jun-2024 0.00 30-Sep-2024 15.00 Dec/2026 Of which: Innovative Comments on This indicator measures the increase in annual average revenue of innovative SMEs three SMEs (Percentage) achieving targets years after receiving financial and/or non-financial support through the project 6.2 Intermediate Results Indicators by Components Feb 21, 2025 Page 4 of 10 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Equity and Quasi-Equity Financing for Innovative Startups and SMEs Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.00 Jun/2019 8.00 30-Jun-2024 9 30-Sep-2024 12.00 Dec/2026 Comments on This indicator measures the number of financial intermediaries that receive financing Financial intermediaries achieving targets through the project for onward investment in startups and SMEs. Angel/VC fund managers receiving financing through will classified as those receiving funds primarily for seed and early stage investments; PE the project (Number) 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. 0.00 Jun/2019 3.00 30-Jun-2024 4.00 30-Sep-2024 5.00 Dec/2026 Of which: Angel/VC Comments on This indicator measures the number of angel/VC funds receiving financing for seed and early funds (Number) achieving targets stage investments in innovative startups. There was an error in last reporting shared by GoT counterparts this decreased number here. 0.00 Jun/2019 1.00 30-Jun-2024 1.00 30-Sep-2024 2.00 Dec/2026 Of which: PE funds Comments on This indicator measures the number of PE funds receiving financing for investments in (Number) achieving targets growth stage innovative startups and SMEs Of which: Financial 0.00 Jun/2019 4.00 30-Jun-2024 4.00 30-Sep-2024 5.00 Dec/2026 intermediaries Comments on This indicator measures the number of financial intermediaries that receive co-financing receiving co-financing achieving targets through the project for direct co-investments in innovative SMEs for direct investments (Number) Ecosystem and Firm-Level Support for Innovative Startups and SMEs Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.00 Jun/2019 19.00 30-Jun-2024 19.00 30-Sep-2024 15.00 Dec/2026 Feb 21, 2025 Page 5 of 10 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Ecosystem intermediaries Comments on This indicator measures the number of ecosystem intermediaries that receive grants (DEAL receiving grants through the achieving targets and SAIL) through the project project (Number) Of which: Newly- 0.00 Jun/2019 3.00 30-Jun-2024 3.00 30-Sep-2024 5.00 Dec/2026 established Comments on This indicator measures the number of new ecosystem intermediaries that receive grants intermediaries (<1 year achieving targets through the project old) (Number) Of which: Established 0.00 Jun/2019 16.00 30-Jun-2024 16.00 30-Sep-2024 10.00 Dec/2026 intermediaries (>1 Comments on This indicator measures the number of established intermediaries that receive grants years old) (Number) achieving targets through the project. Innovative startups receiving 0.00 Jun/2019 103.00 30-Jun-2024 124 30-Sep-2024 75.00 Dec/2026 concept development grants Comments on This indicator measures the number of SMEs receiving concept development grants (AIR) through the project achieving targets through the project (Number) Of which: Women- 0.00 Jun/2019 67.00 30-Jun-2024 82 30-Sep-2024 15.00 Dec/2026 owned or led startups Comments on This indicator measures the number of women-owned or -led startups receiving concept (Number) achieving targets development grants (AIR) through the project Of which: Located in 0.00 Jun/2019 55 30-Jun-2024 66 30-Sep-2024 8.00 Dec/2026 interior regions Comments on This indicator measures the number of innovative startups located in interior regions (Number) achieving targets receiving concept development grants through the project Innovative startups receiving 0.00 Jun/2019 25.00 30-Jun-2024 25.00 30-Sep-2024 30.00 Dec/2026 investment readiness grants Comments on This indicator measures the number of innovative startups receiving investment readiness through the project achieving targets grants (AIR2) through the project (Number) Of which: Women- 0.00 Jun/2019 8.00 30-Jun-2024 8.00 30-Sep-2024 6.00 Dec/2026 owned or led startups Comments on This indicator measures the number of women-owned and led startups receiving investment (Number) achieving targets readiness grants through the project 0.00 Jun/2019 5.00 30-Jun-2024 5.00 30-Sep-2024 3.00 Dec/2026 Feb 21, 2025 Page 6 of 10 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Of which: Located in Comments on This indicator measures the number of innovative startups located in interior regions interior regions achieving targets receiving investment readiness grants through the project (Number) Innovative SMEs receiving 0.00 Jun/2019 0.00 30-Jun-2024 0.00 30-Sep-2024 30.00 Dec/2026 technology adoption and Comments on This indicator measures the number of innovative SMEs technology adoption and investment readiness grants achieving targets investment readiness grants through the project through the project (Number) Of which: Women- 0.00 Jun/2019 0.00 30-Jun-2024 0.00 30-Sep-2024 6.00 Dec/2026 owned or led SMEs Comments on This indicator measures the number of women-owned or led SMEs receiving technology (Number) achieving targets adoption and investment readiness grants through the project Of which: Located in 0.00 Jun/2019 0.00 30-Jun-2024 0.00 30-Sep-2024 3.00 Dec/2026 interior regions Comments on This indicator measures the number of innovative SMEs located in interior regions receiving (Number) achieving targets technology adoption and investment readiness grants through the project Project Management and Capacity Building Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.00 Jun/2019 87.50 31-Jul-2024 87.50 30-Sep-2024 75.00 Dec/2026 Comments on As part of its Monitoring and Evaluation framework, the project launched a survey in achieving targets February 2024 for beneficiaries of component 2.1 “Ecosystem and Firm-Level Support for Innovative Startups and SMEs” for year 2023. At the time of the survey 147 startups and Project beneficiaries satisfied Startups Support Organization (SSO) were supported by the program – 103 startups by AIR, with the implementation of 25 startups by AIR2 and 19 SSOs by DEAL. The survey was addressed to all beneficiaries of the project (Percentage) the fifth and sixth session of AIR, fifth session of AIR2 and the third and fourth session of DEAL AIR2. Areas of focus include (i) efficiency of application process to benefit from the program; (ii) transparency of selection process; (iii) efficiency of contracting process; (iv) efficiency of disbursement; (v) global satisfaction scoring; and (vi) recommendations or suggestions. Compiled results show positive feedback with 6% neutral, 6% unsatisfied, 44% satisfied and 44% very satisfied. Feb 21, 2025 Page 7 of 10 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Of which: Financial and 0.00 Jun/2019 100.00 31-Jul-2024 100.00 30-Sep-2024 75.00 Dec/2026 ecosystem Comments on This indicator measures the percentage of project beneficiaries that are satisfied with the intermediaries achieving targets project interventions. The feedback obtained will be used to inform potential changes or (Percentage) adjustments to the project design and/or delivery mechanisms during the life of the project 0.00 Jun/2019 84.60 31-Jul-2024 84.60 30-Sep-2024 75.00 Dec/2026 Of which: Innovative Comments on This indicator measures the percentage of project beneficiaries that are satisfied with the startups and SMEs achieving targets project interventions. The feedback obtained will be used to inform potential changes or (Percentage) adjustments to the project design and/or delivery mechanisms during the life of the project Feb 21, 2025 Page 8 of 10 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) 7. DATA ON FINANCIAL PERFORMANCE 7.1 Cumulative Disbursements 7.2 Disbursements (by loan) Loan/Credit/TF Status Original Revised Cancelled Disbursed Undisbursed % Disbursed IBRD-89840 Effective 75.00 75.00 0.00 40.16 36.26 52.55% 7.3 Key Dates (by loan) Loan/Credit/TF Status Approval Signing Effectiveness Orig. Closing Rev. Closing IBRD-89840 Effective 14-Jun-2019 30-Jan-2020 23-Jul-2020 31-Dec-2026 31-Dec-2026 8. KEY DATES Feb 21, 2025 Page 9 of 10 The World Bank Implementation Status & Results Report Tunisia Innovative Startups and SMEs Project (P167380) Key Events Planned Actual Approval 14-Jun-2019 14-Jun-2019 Effectiveness 23-Jul-2020 23-Jul-2020 Mid-Term Review No. 01 15-Dec-2023 11-Dec-2023 Operation Closing/Cancellation 31-Dec-2026 9. RESTRUCTURING HISTORY 10. ASSOCIATED OPERATION(S) There are no associated operations Feb 21, 2025 Page 10 of 10