| Financier | Commitments |
|---|---|
| International Bank for Reconstruction and Development | 50.00 |
Access to Finance for Small and Medium Enterprises
Abstract*
The overall objective of the Access to Finance for Small and Medium Enterprises is to support the development of Armenia's small and medium-scale rural businesses by improving the ability of farmers and rural entrepreneurs to access markets and by stimulating market-oriented private and public investments in rural areas. The project consists of four components to be implemented over four years. The major focus will be to support the continued development... Show More
Development Objective
To maintain or increase Armenian small and medium enterprises' access to medium term finance.
Key Details
Project Details
P115109
Closed
Karen Grigorian
N/A
January 13, 2009
(as of board presentation)
February 24, 2009
April 16, 2009
US$ 50.00 million
N/A
2009
US$ 50.00 million
F
May 8, 2013
December 31, 2012
BANK APPROVED
Finances
Financing Plan (US$ Millions)
Total Project Financing (US$ Millions)
| Product Line | IBRD/IDA |
|---|---|
| IBRD Commitment | 50.00 |
| IDA Commitment | N/A |
| IBRD + IDA Commitment | 50.00 |
| Lending Instrument | |
|---|---|
| Grant Amount | N/A |
| Total Project Cost** | 50.00 |
Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025
No data available.
| Period | Financier | Transaction Type | Amount (US$) |
|---|---|---|---|
| Jul 15, 2019 | IBRD-76570 | Loan Repay | 845,000.00 |
| Jan 15, 2019 | IBRD-76570 | Loan Repay | 825,000.00 |
| Jan 15, 2017 | IBRD-76570 | Loan Repay | 745,000.00 |
| Jul 15, 2017 | IBRD-76570 | Int Charges | 361,409.00 |
| Jul 15, 2017 | IBRD-76570 | Loan Repay | 765,000.00 |
| Jul 15, 2015 | IBRD-76570 | Int Charges | 119,891.64 |
| Jul 15, 2015 | IBRD-76570 | Loan Repay | 695,000.00 |
| Jan 15, 2016 | IBRD-76570 | Int Charges | 149,559.78 |
| Jan 15, 2016 | IBRD-76570 | Loan Repay | 710,000.00 |
| Jul 15, 2016 | IBRD-76570 | Int Charges | 246,093.31 |
| Jul 15, 2016 | IBRD-76570 | Loan Repay | 730,000.00 |
| Jul 15, 2013 | IBRD-76570 | Int Charges | 140,777.77 |
| Jan 15, 2014 | IBRD-76570 | Int Charges | 120,111.10 |
| Jan 15, 2015 | IBRD-76570 | Int Charges | 108,438.36 |
| Jan 15, 2015 | IBRD-76570 | Loan Repay | 675,000.00 |
| Jul 15, 2014 | IBRD-76570 | Int Charges | 103,069.44 |
| Jul 15, 2014 | IBRD-76570 | Loan Repay | 660,000.00 |
| Jan 15, 2024 | IBRD-76570 | Int Charges | 15,043.47 |
| Jan 15, 2024 | IBRD-76570 | Int Charges | 1,044,700.50 |
| Jan 15, 2024 | IBRD-76570 | Loan Repay | 1,055,000.00 |
| Jul 15, 2024 | IBRD-76570 | Int Charges | 7,318.39 |
| Jul 15, 2024 | IBRD-76570 | Int Charges | 1,019,828.30 |
| Jul 15, 2024 | IBRD-76570 | Loan Repay | 1,080,000.00 |
| Feb 24, 2009 | IBRD-76570 | Loan Commitment | 50,000,000.00 |
| Jan 15, 2023 | IBRD-76570 | Int Charges | 674,251.70 |
| Jan 15, 2023 | IBRD-76570 | Loan Repay | 1,005,000.00 |
| Jan 15, 2023 | IBRD-76570 | Int Charges | 42,223.65 |
| Jan 15, 2023 | IBRD-76570 | Int Charges | 83.45 |
| Jul 15, 2023 | IBRD-76570 | Loan Repay | 1,030,000.00 |
| Jul 15, 2023 | IBRD-76570 | Int Charges | 47,624.76 |
| Jul 15, 2023 | IBRD-76570 | Int Charges | 896,163.50 |
| Jul 15, 2022 | IBRD-76570 | Int Charges | 138,207.55 |
| Jul 15, 2022 | IBRD-76570 | Loan Repay | 935,321.70 |
| Jan 15, 2022 | IBRD-76570 | Int Charges | 93,619.20 |
| Jan 15, 2022 | IBRD-76570 | Loan Repay | 955,000.00 |
| Aug 9, 2022 | IBRD-76570 | Loan Repay | 44,678.31 |
| Jul 15, 2020 | IBRD-76570 | Int Charges | 444,505.90 |
| Jul 15, 2020 | IBRD-76570 | Loan Repay | 890,000.00 |
| Jan 15, 2021 | IBRD-76570 | Int Charges | 130,860.80 |
| Jan 15, 2021 | IBRD-76570 | Loan Repay | 910,000.00 |
| Jul 15, 2021 | IBRD-76570 | Int Charges | 112,039.75 |
| Jul 15, 2021 | IBRD-76570 | Loan Repay | 935,000.00 |
| Jul 15, 2019 | IBRD-76570 | Int Charges | 676,898.75 |
| Jan 15, 2020 | IBRD-76570 | Int Charges | 533,600.00 |
| Jan 15, 2020 | IBRD-76570 | Loan Repay | 865,000.00 |
| Jan 15, 2018 | IBRD-76570 | Int Charges | 393,474.80 |
| Jan 15, 2018 | IBRD-76570 | Loan Repay | 785,000.00 |
| Jul 15, 2018 | IBRD-76570 | Int Charges | 475,944.00 |
| Jul 15, 2018 | IBRD-76570 | Loan Repay | 805,000.00 |
| Jan 15, 2019 | IBRD-76570 | Int Charges | 0.01 |
| Jan 15, 2019 | IBRD-76570 | Int Charges | 621,531.56 |
| Jan 15, 2017 | IBRD-76570 | Int Charges | 283,005.80 |
Ratings
IMPLEMENTATION RATINGS
| Name | Review | Date |
|---|---|---|
| Progress towards achievement of PDO | Highly Satisfactory | 2012-12-29 |
| Financial Management | Satisfactory | 2012-12-29 |
| Monitoring and Evaluation | Satisfactory | 2012-12-29 |
| Counterpart Funding | Satisfactory | 2012-12-29 |
| Project Management | Satisfactory | 2012-12-29 |
| Overall Implementation Progress (IP) | Satisfactory | 2012-12-29 |
| Overall Safeguards Rating | Moderately Satisfactory | 2012-12-29 |
| Procurement | Moderately Satisfactory | 2012-12-29 |
COMPLETION RATINGS
| INDICATOR | IMPLEMENTATION COMPLETION & RESULTS REPORT: 06-28-2013 |
|---|---|
| Outcomes | Substantial |
| Risk to Development Outcome | Modest |
| Bank Performance | Substantial |
| Borrower Performance | Substantial |
| Government Performance | Substantial |
| Implementing Agency | Substantial |
INDEPENDENT EVALUATION RATINGS
| INDICATOR | ICR REVIEW: 05-21-2014 | PROJECT PERFORMANCE ASSESSMENT REPORT: |
|---|---|---|
| Outcome Rating | Satisfactory | N/a |
| Risk To Development Outcome | Moderate | N/a |
| Bank Performance | Moderately Satisfactory | N/a |
| Borrower Performance | Satisfactory | N/a |
| Government Performance | Satisfactory | N/a |
| Implementing Agency | Satisfactory | N/a |
| Icr Quality | Satisfactory | N/a |
| M&e Quality | Substantial | N/a |
Results Framework
PROJECT DEVELOPMENT OBJECTIVE INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Cumulative amount of medium term credit granted by the PFIs under the project (including revolving funds) Value 0.00 91554695.00 50000000.00 Date April 16, 2009 October 31, 2012 December 31, 2012 Comment The target was highly exceeded. This indicator measures the cumulative amount of the credit line disbursed to SMEs by the PFIs,including the use of the revolving funds. On average the medium and long term lending counts 98% of the total SME portfoliothroughout all project implementation period (under AFSME facility both by volume and number of loans). Due to the difficulty of estimating the use of revolving funds, the loan amount was used as the min target for cumulative lendingamount.
INTERMEDIATE RESULTS INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Number of non-performing SME loans (more than 30 days delinquent) / total number of loans (NPLs defined by CBA as Category II, III and IV loans) Value 7.57 6.64 5.00 Date April 16, 2009 September 30, 2012 December 31, 2012 Comment SMEs for the entire banking system. This indicator is the number of non-performing loans to total loans for all banking system. It was monitored to indicate thegeneral quality of lending portfolios in the banking system. Non-performing loans (more than 30 days delinquent) / total loans Value 7.00 1.01 5.00 Date September 15, 2009 October 31, 2012 December 31, 2012 Comment NPL level for all banks The target was highly exceeded (NPL portfolio was much lower than targeted). This refers to amount of NPLs on loans advanced byPFIs under the AFSME project. % of number of NPLs is 0.93. Volume of Bank Support: Lines of Credit - SME Value 0.00 50000000.00 50000000.00 Date April 16, 2009 October 31, 2011 September 28, 2011 Comment The target was fully met. The full loan amount disbursed to the PFIs (4 months before the extended closing date). Outstanding SME Loan Portfolio Value 0.00 0.00 0.00 Date January 25, 2012 September 28, 2011 Comment According to the MSME finance core indicator guidelines, the baseline is optional The team did not get the information form the PFIs/CBA. The MSME finance core indicators were added retrospectively to the ISR based on corporate requirements for World Bank monitoringpurposes. According to the MSME finance core indicator guidelines, targets were not provided as they were not feasible (and notused for measuring project success). No of active loan accounts -SME Value 0.00 0.00 0.00 Date January 25, 2012 September 28, 2011 Comment According to the MSME finance core indicator guidelines, the baseline is optional SME data is not consistently available as the CBA does not mandate its separate reporting. The MSME finance core indicators were added retrospectively to the ISR based on corporate requirements for World Bank monitoringpurposes. According to the MSME finance core indicator guidelines, targets were not provided as they were not feasible (and notused for measuring project success). Portfolio at Risk - SME Value 0.00 1.80 0.00 Date June 30, 2012 Comment According to the MSME finance core indicator guidelines, the baseline is optional Return on Assets/Equity Value 0.00 0.80 0.00 Date September 30, 2012 Comment According to the MSME finance core indicator guidelines, the baseline is optional Cumulative number of SMEs financed by the PFIs from the Credit Line (including the revolving funds) Value 0.00 6816.00 2500.00 Date April 16, 2009 October 31, 2012 December 31, 2012 Comment The target was highly exceeded. While it was expected that medium size of the loans in the portfolio will be USD 20,000, theactualimplementation comes to proof that the medium size of the loans is much lower – about USD 11,103, which allowed providingloans to more SMEs that initially was planned. Percentage of project-supported institutions that are reporting on this indicator Value 0.00 87.00 0.00 Date June 30, 2012 Comment Percentage of project-supported institutions that are reporting on this indicator Value 0.00 87.00 0.00 Date September 30, 2012 Comment Number of times PFIs' total SME lending increased compared the amount drawn under the project Value 1 5 >1 Date July 31, 2008 July 31, 2012 December 28, 2012 Comment Additional lending by PFIs to SMEs is 5 times the amount drawn down under the project cumulatively. SME portfolio of the PFIs hasgrown more than 2.4 times since 2008 (baseline year) and reached AMD 256.4 bln as of June 2012 (AMD106.5 bln in 2008).