Financing Innovative Startups and Small and Medium Enterprises Project

Abstract*

The development objective of Financing Innovative Startups and Small and Medium Enterprises Project for Morocco is to facilitate the increase of private equity and quasi-equity finance for innovative startups and small and medium enterprises in the Project Area. This project has three components. 1) The first component, Financing Program, will target the following funding categories: angel/seed, early-stage, and VC stage. It has the following subcomponents:... Show More

Development Objective

The project objective is to facilitate the increase of private equity and quasi-equity finance for innovative startups and small and medium enterprises in the Project Area.

Key Details

Project Details

Project ID
P150928
Status
Active
Team Leader
Samia Mouline
Borrower 2
Kingdom of Morocco

Country
Morocco
Disclosure Date
June 10, 2016
Approval Date
(as of board presentation)
March 10, 2017
Effective Date
June 28, 2017

Total Project Cost 1
US$ 50.00 million
Implementing Agency
Tamwilcom (formerly La Caisse Centrale de Garantie)
Region
Middle East and North Africa
Fiscal Year 3
2017

Commitment Amount
US$ 50.00 million
Environmental Category
F
Last Update Date
November 7, 2023
Closing Date
November 30, 2025

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 - Private Sector Development

FY17 - Business Enabling Environment100%
- FY17 - Innovation and Technology Policy100%
FY17 - Enterprise Development100%
- FY17 - Entrepreneurship100%
- FY17 - MSME Development100%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
International Bank for Reconstruction and Development	50.00

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.

Detailed Financial Activity as of March 31, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Nov 15, 2023	IBRD-87240	Int Charges	420,655.30
Nov 15, 2023	IBRD-87240	Int Charges	88,853.14
Nov 15, 2023	IBRD-87240	Loan Repay	494,574.94
Nov 15, 2023	IBRD-87240	Loan Repay	628,125.00
May 15, 2021	IBRD-87240	Int Charges	450,993.72
May 15, 2020	IBRD-87240	Int Charges	449,737.50
May 15, 2022	IBRD-87240	Int Charges	454,762.50
May 15, 2022	IBRD-87240	Loan Repay	628,125.00
May 15, 2022	IBRD-87240	Int Charges	1,639.10
May 15, 2022	IBRD-87240	Int Charges	98,346.23
May 15, 2022	IBRD-87240	Loan Repay	472,818.38
Mar 10, 2017	IBRD-87240	Loan Commitment	50,000,000.00
May 15, 2024	IBRD-87240	Int Charges	4,672.23
May 15, 2022	IBRD-87240	Int Charges	2,860.83
Nov 15, 2022	IBRD-87240	Int Charges	4,733.14
May 15, 2023	IBRD-87240	Int Charges	4,655.97
Nov 15, 2023	IBRD-87240	Int Charges	4,733.14
May 15, 2021	IBRD-87240	Int Charges	4,846.28
May 15, 2021	IBRD-87240	Int Charges	110,665.82
Nov 15, 2020	IBRD-87240	Int Charges	6,585.27
Nov 15, 2020	IBRD-87240	Int Charges	147,527.36
Nov 12, 2021	IBRD-87240	Loan Disb	-21,119,342.00
Nov 15, 2021	IBRD-87240	Int Charges	108,307.02
May 15, 2022	IBRD-87240	Int Charges	1,795.14
Nov 15, 2021	IBRD-87240	Int Charges	4,733.14
Jun 23, 2020	IBRD-87240	Loan Disb	1,187,000.00
May 15, 2020	IBRD-87240	Int Charges	7,682.01
May 15, 2020	IBRD-87240	Int Charges	256,200.39
Dec 8, 2020	IBRD-87240	Loan Disb	1,232,342.50
May 15, 2018	IBRD-87240	Loan Disb	-25,125,000.00
May 15, 2018	IBRD-87240	Int Charges	30,838.18
May 15, 2018	IBRD-87240	Int Charges	300,648.53
May 15, 2019	IBRD-87240	Int Charges	18,192.96
Nov 15, 2018	IBRD-87240	Int Charges	21,358.88
Nov 15, 2018	IBRD-87240	Int Charges	133,299.84
Jun 25, 2019	IBRD-87240	Loan Disb	8,500,000.00
May 15, 2019	IBRD-87240	Int Charges	187,184.17
Nov 15, 2019	IBRD-87240	Int Charges	291,191.60
Nov 15, 2019	IBRD-87240	Int Charges	10,169.17
Jun 28, 2017	IBRD-87240	Fee Charges	125,000.00
Jun 29, 2017	IBRD-87240	Loan Disb	25,000,000.00
Nov 15, 2017	IBRD-87240	Int Charges	15,674.65
Nov 15, 2017	IBRD-87240	Int Charges	210,520.12
Jun 25, 2018	IBRD-87240	Loan Disb	10,200,000.00
Jun 28, 2017	IBRD-87240	Loan Disb	125,000.00
Nov 15, 2022	IBRD-87240	Int Charges	91,632.23
Nov 15, 2022	IBRD-87240	Loan Repay	473,910.75
Nov 15, 2022	IBRD-87240	Int Charges	-92,179.86
Nov 15, 2022	IBRD-87240	Loan Repay	-473,363.12
Nov 15, 2022	IBRD-87240	Int Charges	92,179.86
Nov 15, 2022	IBRD-87240	Loan Repay	473,363.12
Nov 15, 2018	IBRD-87240	Int Charges	447,225.00
May 15, 2018	IBRD-87240	Loan Disb	25,125,000.00
Nov 12, 2021	IBRD-87240	Loan Disb	20,846,248.00
Nov 12, 2021	IBRD-87240	Loan Disb	-20,846,248.00
Nov 12, 2021	IBRD-87240	Loan Disb	20,846,248.00
Nov 15, 2021	IBRD-87240	Int Charges	454,762.50
Nov 15, 2020	IBRD-87240	Int Charges	449,737.50
Nov 15, 2019	IBRD-87240	Int Charges	450,993.72
May 15, 2019	IBRD-87240	Int Charges	449,737.50
May 15, 2024	IBRD-87240	Loan Repay	628,125.00
May 15, 2024	IBRD-87240	Int Charges	84,292.61
May 15, 2024	IBRD-87240	Loan Repay	492,708.78
May 15, 2024	IBRD-87240	Int Charges	409,286.28
Nov 15, 2022	IBRD-87240	Int Charges	443,393.47
Nov 15, 2022	IBRD-87240	Loan Repay	628,125.00
May 15, 2023	IBRD-87240	Int Charges	0.01
May 15, 2023	IBRD-87240	Int Charges	-0.01
May 15, 2023	IBRD-87240	Int Charges	432,024.38
May 15, 2023	IBRD-87240	Loan Repay	628,125.00
May 15, 2023	IBRD-87240	Int Charges	93,662.61
May 15, 2023	IBRD-87240	Loan Repay	495,189.40

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Progress towards achievement of PDO	Satisfactory	2025-03-19
Project Management	Satisfactory	2025-03-19
Procurement	Moderately Satisfactory	2025-03-19
Procurement	Satisfactory	2025-03-19
Project Management	Satisfactory	2025-03-19
Monitoring and Evaluation	Moderately Satisfactory	2025-03-19
Financial Management	Moderately Satisfactory	2025-03-19
Overall Implementation Progress (IP)	Satisfactory	2025-03-19
Progress towards achievement of PDO	Satisfactory	2025-03-19
Overall Implementation Progress (IP)	Satisfactory	2025-03-19
Financial Management	Moderately Satisfactory	2025-03-19
Monitoring and Evaluation	Moderately Satisfactory	2025-03-19

COMPLETION RATINGS

No data available.

INDEPENDENT EVALUATION RATINGS

No data available.

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Private Capital Mobilized Value 0.00 47300000.00 30000000.00
Date September 30, 2016 December 31, 2023 December 31, 2024
Comment
Private Angel/Seed Stage Capital Mobilized Through the Project Value 0.00 10080000.00 5000000.00
Date September 30, 2016 December 31, 2023 December 31, 2024
Comment
Private Venture Capital Mobilized Through the Project Value 0.00 35020000.00 25000000.00
Date September 30, 2016 December 31, 2023 December 31, 2024
Comment
Beneficiaries that introduced a new or, improved on an existing, product, process, or service under the projects Value 0.00 500.00 100.00
Date September 30, 2016 December 31, 2023 December 31, 2024
Comment
SMEs receiving private equity financing through the project Value 0.00 39.00 60.00
Date September 30, 2016 December 31, 2023 December 31, 2024
Comment
SMEs receiving private Angel/Seed equity financing through the project Value 0.00 12.00 20.00
Date September 30, 2016 December 31, 2023 December 31, 2024
Comment
SMEs receiving private VC equity financing through the project Value 0.00 27.00 40.00
Date September 30, 2016 December 31, 2023 December 31, 2024
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Investment management company contracted to manage the Angel/Seed fund Value 0.00 0.00 1.00
Date September 30, 2016 December 31, 2023 December 31, 2024
Comment
Number of entrepreneurs receiving pre-seed grants and soft loans through the project Value 0.00 986.00 200.00
Date September 30, 2016 December 31, 2023 December 31, 2024
Comment
Private Fund Managers contracted to manage new public-private funds under the project Value 0.00 3.00 2.00
Date September 30, 2016 December 31, 2023 December 31, 2024
Comment
Percent female entrepreneurs receiving pre-seed grants through the project Value 0.00 7.00 25.00
Date September 30, 2016 September 10, 2018 December 31, 2023
Comment
Public-private funds Shareholder Agreements completed Value 0.00 3.00 2.00
Date September 30, 2016 December 31, 2023 December 31, 2024
Comment
Entrepreneurs receiving mentoring and investment readiness support Value 0.00 986.00 100.00
Date September 30, 2016 December 31, 2023 December 31, 2024
Comment
Angel Network developed through the project Value 0.00 0.00 1.00
Date September 30, 2016 December 31, 2023 December 31, 2024
Comment
Angel network members who received training through the project Value 0.00 0.00 10.00
Date September 30, 2016 September 10, 2018 December 31, 2023
Comment
Beneficiaries satisfied with services received and performance of PIs (%) Value 0.00 90.00 75.00
Date October 26, 2022 December 31, 2023 December 31, 2024
Comment

Private Capital Mobilized	Value	0.00	47300000.00	30000000.00
	Date	September 30, 2016	December 31, 2023	December 31, 2024
	Comment

Beneficiaries that introduced a new or, improved on an existing, product, process, or service under the projects	Value	0.00	500.00	100.00
	Date	September 30, 2016	December 31, 2023	December 31, 2024
	Comment

Beneficiaries satisfied with services received and performance of PIs (%)	Value	0.00	90.00	75.00
	Date	October 26, 2022	December 31, 2023	December 31, 2024
	Comment

Financing Innovative Startups and Small and Medium Enterprises Project

Abstract*

Development Objective

Key Details

Project Details

Sectors

Themes

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Project Map

Finances

Financing Plan (US$ Millions)

Total Project Financing (US$ Millions)

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

Detailed Financial Activity as of March 31, 2025

Ratings

IMPLEMENTATION RATINGS

COMPLETION RATINGS

INDEPENDENT EVALUATION RATINGS

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INTERMEDIATE RESULTS INDICATORS