The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) Catalyzing Entrepreneurship for Job Creation (P162835) MIDDLE EAST AND NORTH AFRICA | Egypt, Arab Republic of | IBRD/IDA | Investment Project Financing (IPF) | FY 2019 | Seq No: 11 | Archived on 04-Sep-2024 | ISR01211 Implementing Agencies: Micro, Small, Medium Enterprise Development Agency - MSMEDA 1. OBJECTIVE 1.1 Development Objective Original Development Objective (Approved as part of Approval package on 16-Apr-2019) The project development objective is to foster job creation and improve other economic opportunities for targeted beneficiaries Has the Development Objective been changed since Board Approval of the Project Objective? No 2. COMPONENTS Name I - Financial Support to MSMEs:(Cost 146,000,000.00) II - Risk Capital for Innovative Startups and High Growth SMEs:(Cost 50,000,000.00) III - Business and Capacity Development:(Cost 3,500,000.00) 3. OVERALL RATINGS Name Previous Current Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Moderate Moderate 4. KEY ISSUES & STATUS Sep 04, 2024 Page 1 of 7 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) 4.1 Implementation Status and Key Decisions The Project, now post-midterm review, is on track to achieving its Project Development Objective (PDO). Component 1: Financial Support to MSMEs. This component is progressing well and disbursing to the end beneficiary on time. It has exceeded all set targets. Component 2: Risk Capital for Innovative Start-ups and High-Growth SMEs. Over the reporting period, MSMEDA has further developed the Fund of Funds program, with full mobilization and functioning of the Investment Committee (IC) and proactive cultivation of fund managers/RCIs who may apply for MSMEDA investment as per the program parameters. Seven deals have already been completed and the component is currently on track with its key targets. Component 3: Business and Capacity Development. Under this component, MSMEDA has activated the capacity-building activities of its staff, bringing in technical investment and legal advisors/experts to support the implementation of Components 1 and 2, with plans for further staff training in FY25. 5. SYSTEMATIC OPERATIONS RISK-RATING TOOL Rating at Approval Last Approved Rating Risk Category Approval Package - ISR Seq. 010 - 31 Jan Proposed Rating 17 Apr 2019 2024 Political and Governance Moderate Low Low Macroeconomic High Substantial Substantial Sector Strategies and Policies High Low Low Technical Design of Project or Program Substantial Low Low Institutional Capacity for Implementation and Substantial Moderate Moderate Sustainability Fiduciary Moderate Low Low Environment and Social Moderate Moderate Moderate Stakeholders Moderate Low Low Overall High Moderate Moderate Sep 04, 2024 Page 2 of 7 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) 6. RESULTS 6.1 PDO Indicators by PDO Outcomes Catalyzing Entrepreneurship Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.00 Jun/2019 184,403.00 25-Jun-2023 199,619.00 31-Dec-2023 85,200.00 Jun/2025 Number of entrepreneurs Comments on This indicator measures the total number of beneficiaries receiving debt and equity financing receiving financing through achieving targets through the project. the project (Number) 0.00 43.00 43.00 30.00 Of which total women Comments on Number of women entrepreneurs that receive financing through the project (Percentage) achieving targets 0.00 26.00 26.00 10.00 Of which women aged Comments on Numer of women above 35 years old who receive financing through the project over 35 (Percentage) achieving targets 0.00 43.00 43.00 30.00 Of which youth (aged Comments on entrepreneurs under 35 years old that receive financing through the project 21-35) (Percentage) achieving targets Of which receive equity 0.00 Jun/2019 123.00 25-Jun-2023 90.00 31-Dec-2023 190.00 Jun/2025 financing (Number) Of which: receive debt 0.00 Jun/2019 184,280.00 25-Jun-2023 199,529.00 31-Dec-2023 85,010.00 Jun/2025 financing (Number) Comments on Number of beneficiaries receiving debt financing through the project Page 3 of 8 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) achieving targets Creating Jobs Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.00 Jun/2019 351,387.00 25-Jun-2023 408,829.00 31-Dec-2023 100,000.00 Jun/2025 Comments on This number represents the number of jobs for micro enterprises at loan disbursement time. Number of jobs created achieving targets The Number of jobs for medium and small enterprises are calculated for actual formal insured through the project jobs. The jobs before loan are considered as the baseline. Semi-annually the number of jobs (Number) after loans are calculated and the difference between the number of jobs after the loans compared to the baseline ar the actual generated jobs. 0.00 37.00 37.00 30.00 Of which women Comments on Percentage of women employed as a result of a job created by entrepreneurs receiving (Percentage) achieving targets financing through the project 6.2 Intermediate Results Indicators by Components I - Financial Support to MSMEs Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Financial intermediaries 0.00 Jun/2019 61.00 25-Jun-2023 77.00 31-Dec-2023 30.00 Jun/2025 receiving debt financing Comments on Total number of Financial Intermediaries that receive debt financing through the Project for through the project achieving targets on-lending to microenterprises and SMEs. (Number) Page 4 of 8 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) II - Risk Capital for Innovative Startups and High Growth SMEs Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.00 Jun/2019 5.00 25-Jun-2023 7.00 31-Dec-2023 10.00 Jun/2025 Risk capital intermediaries Comments on This indicator measures the total number of financial intermediaries that receive financing receiving equity financing achieving targets through the project (funds that receive follow-on financing through the project should only be (Number) counted once)) of which: 0.00 Jun/2019 3.00 25-Jun-2023 4.00 31-Dec-2023 4.00 Jun/2025 seed/acceleration stage Comments on total number of financial intermediaries that receive financing through the project at the seed (Number) achieving targets or acceleration stage of which: SME/Venture 0.00 Jun/2019 2.00 25-Jun-2023 3.00 31-Dec-2023 6.00 Jun/2025 capital stage (Number) Volume of risk capital 0.00 Jun/2019 51,706,631.32 25-Jun-2023 204,566,872.32 31-Dec-2023 89,000,000.00 Jun/2025 mobilized by private sector Comments on The indicator tracks the amount of direct financing (in the form of equity) mobilized by private entities for innovative achieving targets entities, using private funding, to finance investments within an IBRD/IDA operation or startups and high-growth investments SMES (Amount(USD)) III - Business and Capacity Development Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.00 Jun/2019 0.00 25-Jun-2023 0.00 31-Dec-2023 70.00 Jun/2025 Comments on The percentage of entrepreneurs that are satisfied with the financial services provided through Percent of Beneficiaries satisfied with project achieving targets the project. This is to be outsourced. interventions (Citizen Engagement Indicator) (Percentage) The implementing entity has hired a qualified firm to conduct the survey, which has presented an inception report to guide the survey’s implementation. The survey’s implementation will Page 5 of 8 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) commence upon receiving clearance from the national statistical agency (CAPMAS). Page 6 of 8 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) 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-89510 Effective 200.00 200.00 0.00 177.63 22.37 88.81% 7.3 Key Dates (by loan) Loan/Credit/TF Status Approval Signing Effectiveness Orig. Closing Rev. Closing IBRD-89510 Effective 17-Apr-2019 05-May-2019 15-Jan-2020 30-Jun-2025 30-Jun-2025 8. KEY DATES Sep 04, 2024 Page 6 of 7 The World Bank Implementation Status & Results Report Catalyzing Entrepreneurship for Job Creation (P162835) Key Events Planned Actual Approval 17-Apr-2019 17-Apr-2019 Effectiveness 01-Feb-2020 15-Jan-2020 Mid-Term Review No. 01 12-Mar-2023 12-Mar-2023 Operation Closing/Cancellation 30-Jun-2025 9. RESTRUCTURING HISTORY 10. ASSOCIATED OPERATION(S) There are no associated operations Sep 04, 2024 Page 7 of 7