Promoting Innovation for Inclusive Financial Access

Abstract*

The objective of the Promoting Innovation for Inclusive Financial Access Project is to expand access to finance for micro and small enterprises (MSE) in the Arab Republic of Egypt, using innovative financing mechanisms, with a special focus on youth and women, as well as underserved regions. The project comprises of one component, a line of credit to Social Fund for Development, or SFD to finance MSEs, provided through eligible PFIs. The SFD will... Show More

Development Objective

The project development objective (PDO) would be to expand access to finance for MSEs in Egypt, using innovative financing mechanisms, with a special focus on youth and women, as well as underserved regions.

Key Details

Project Details

Project ID
P146244
Status
Closed
Team Leader
Laila Ahmed
Borrower 2
Arab Republic of Egypt

Country
Egypt, Arab Republic of
Disclosure Date
November 12, 2013
Approval Date
(as of board presentation)
April 1, 2014
Effective Date
July 22, 2014

Total Project Cost 1
US$ 300.00 million
Implementing Agency
MSME Development Agency (Formerly The Social Fund for Development)
Region
Middle East and North Africa
Fiscal Year 3
2014

Commitment Amount
US$ 300.00 million
Environmental Category
F
Last Update Date
October 5, 2020
Closing Date
December 31, 2019

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Finance

FY17 - Financial Infrastructure and Access30%
- FY17 - MSME Finance30%
FY17 - Financial Stability40%
- FY17 - Financial Sector oversight and policy/banking regulation & restructuring40%

FY17 - Private Sector Development

FY17 - Enterprise Development30%
- FY17 - MSME Development30%
FY17 - Jobs100%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
International Bank for Reconstruction and Development	300.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	300.00
IDA Commitment	N/A
IBRD + IDA Commitment	300.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	300.00

Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025

No data available.

Detailed Financial Activity as of March 31, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Mar 4, 2015	IBRD-83450	Loan Disb	53,670,956.00
Jul 22, 2014	IBRD-83450	Loan Disb	750,000.00
Jul 22, 2014	IBRD-83450	Fee Charges	750,000.00
Jul 15, 2015	IBRD-83450	Int Charges	426,284.03
Jul 15, 2015	IBRD-83450	Int Charges	706.07
Jun 10, 2015	IBRD-83450	Loan Disb	53,943,080.00
Jan 15, 2016	IBRD-83450	Int Charges	40,058.95
Jan 15, 2016	IBRD-83450	Int Charges	1,204,878.60
Dec 28, 2015	IBRD-83450	Loan Disb	9,009,619.00
Sep 15, 2015	IBRD-83450	Loan Disb	17,091,272.00
Mar 30, 2016	IBRD-83450	Loan Disb	55,196,224.00
Dec 14, 2016	IBRD-83450	Loan Disb	552,620.40
Jul 15, 2016	IBRD-83450	Int Charges	4,549.86
Jul 15, 2016	IBRD-83450	Int Charges	1,794,066.80
Jul 15, 2024	IBRD-83450	Int Charges	56,724.30
Jul 15, 2024	IBRD-83450	Int Charges	8,462,955.00
Jul 15, 2024	IBRD-83450	Loan Repay	6,988,791.00
Apr 1, 2014	IBRD-83450	Loan Commitment	300,000,000.00
Jan 15, 2024	IBRD-83450	Int Charges	116,175.96
Jan 15, 2024	IBRD-83450	Int Charges	8,639,183.00
Jan 15, 2024	IBRD-83450	Loan Repay	6,988,791.00
Jul 15, 2023	IBRD-83450	Loan Repay	6,988,791.00
Jul 15, 2023	IBRD-83450	Int Charges	366,775.40
Jan 15, 2023	IBRD-83450	Int Charges	324,545.62
Jan 15, 2023	IBRD-83450	Int Charges	5,763,017.50
Jan 15, 2023	IBRD-83450	Loan Repay	6,988,791.00
Jul 15, 2023	IBRD-83450	Int Charges	7,467,796.00
Jan 15, 2022	IBRD-83450	Int Charges	1,317,665.90
Jan 15, 2022	IBRD-83450	Loan Repay	6,988,791.00
Jul 15, 2022	IBRD-83450	Int Charges	1,637,429.20
Jul 15, 2022	IBRD-83450	Loan Repay	6,988,791.00
Jul 15, 2021	IBRD-83450	Int Charges	1,462,830.20
Jul 15, 2021	IBRD-83450	Loan Repay	6,988,791.00
Jan 15, 2020	IBRD-83450	Int Charges	9,077.48
Jan 15, 2020	IBRD-83450	Int Charges	4,444,695.00
Sep 8, 2020	IBRD-83450	Loan Disb	-46,850.07
Sep 8, 2020	IBRD-83450	Loan Disb	-5,044.11
Sep 8, 2020	IBRD-83450	Loan Cancel	51,894.18
Jul 15, 2020	IBRD-83450	Int Charges	3,867,500.00
Jan 15, 2021	IBRD-83450	Int Charges	1,594,473.20
Jan 15, 2018	IBRD-83450	Int Charges	2,927,538.80
Jul 15, 2018	IBRD-83450	Int Charges	35,840.29
Jul 15, 2018	IBRD-83450	Int Charges	3,785,336.80
Jan 15, 2019	IBRD-83450	Int Charges	4,847,971.00
Jun 14, 2019	IBRD-83450	Loan Disb	2,961,126.00
Jul 15, 2019	IBRD-83450	Int Charges	5,305,432.50
Aug 23, 2019	IBRD-83450	Loan Disb	627,596.25
Jan 15, 2017	IBRD-83450	Int Charges	2,201,569.00
Jul 15, 2017	IBRD-83450	Int Charges	781.04
Jul 15, 2017	IBRD-83450	Int Charges	2,688,730.00
Jan 9, 2018	IBRD-83450	Loan Disb	10,958,490.00
Dec 7, 2017	IBRD-83450	Loan Disb	13,993,387.00
Sep 29, 2014	IBRD-83450	Loan Disb	81,245,624.00
Jan 15, 2015	IBRD-83450	Int Charges	160,797.94

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Procurement	Satisfactory	2019-07-14
Project Management	Satisfactory	2019-07-14
Progress towards achievement of PDO	Satisfactory	2019-07-14
Financial Management	Satisfactory	2019-07-14
Monitoring and Evaluation	Satisfactory	2019-07-14
Overall Implementation Progress (IP)	Satisfactory	2019-07-14

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 06-29-2020
Outcomes	Substantial
Risk to Development Outcome
Bank Performance	Substantial
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 12-31-2020	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Satisfactory	N/a
Borrower Performance		N/a
Government Performance	Not Rated	N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Youth-owned businesses served by the line of credit Value 0.00 44.00 0.00
Date July 1, 2014 December 31, 2019
Comment
Direct project beneficiaries Value 0.00 174488.00 0.00
Date July 1, 2014 December 31, 2019
Comment
Number of innovative financial products offered to MSEs Value 0.00 3.00 0.00
Date July 1, 2014 December 31, 2019
Comment
Outstanding MSE portfolio of participating Financial Institutions Value LE 1,886 million LE 15,529 million
Date July 1, 2014 December 31, 2019
Comment
Women-owned businesses served by the line of credit Value 0.00 30.00 0.00
Date July 1, 2014 December 31, 2019
Comment
Female beneficiaries Value 0.00 42.00 0.00
Date July 1, 2014 June 30, 2018
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of participating financial leasing companies Value 0.00 4.00 0.00
Date July 1, 2014 December 31, 2019
Comment
Number of venture capital companies and angel investors engaged Value 0.00 1.00 0.00
Date July 1, 2014 December 31, 2019
Comment
Number of women served through the line of credit Value 0.00 73856.00 0.00
Date July 1, 2014 December 31, 2019
Comment
Volume of small financing from the line of credit to participating financial institutions Value 0.00 LE 1470 million
Date July 1, 2013 December 31, 2019
Comment
Volume of microfinancing from the line of credit to participating financial institutions Value 0 LE 630 million
Date July 1, 2014 December 31, 2019
Comment
Person days (defined as 20 in a month) of employment created Value 0.00 23688000.00 0.00
Date July 1, 2014 December 31, 2019
Comment
Number of microfinance enterprise clients Value 0.00 126000.00 0.00
Date July 1, 2014 December 31, 2019
Comment
Portfolio at risk for participating lenders. 90 days Value 0 less than 5 percent
Date July 1, 2014 December 31, 2019
Comment
Number of small enterprise clients Value 0.00 4900.00 0.00
Date July 1, 2014 December 31, 2019
Comment

Youth-owned businesses served by the line of credit	Value	0.00	44.00	0.00
	Date	July 1, 2014	December 31, 2019
	Comment

Direct project beneficiaries	Value	0.00	174488.00	0.00
	Date	July 1, 2014	December 31, 2019
	Comment

Outstanding MSE portfolio of participating Financial Institutions	Value	LE 1,886 million	LE 15,529 million
	Date	July 1, 2014	December 31, 2019
	Comment

Female beneficiaries	Value	0.00	42.00	0.00
	Date	July 1, 2014	June 30, 2018
	Comment

Volume of microfinancing from the line of credit to participating financial institutions	Value	0	LE 630 million
	Date	July 1, 2014	December 31, 2019
	Comment

Portfolio at risk for participating lenders. 90 days	Value	0	less than 5 percent
	Date	July 1, 2014	December 31, 2019
	Comment

Number of small enterprise clients	Value	0.00	4900.00	0.00
	Date	July 1, 2014	December 31, 2019
	Comment