Innovative Startups Fund Project

Abstract*

The objective of the Innovative Startups Fund Project for Jordan is to increase private early stage equity finance for innovative small and medium enterprises (‘SMEs’). There are three components to the project, the first component being equity/quasi equity financing program. Under this activity, the ISSF is expected to invest US$50 million in approximately 200 companies plus US$3.5 million to be provided as investment support to partner investors... Show More

Development Objective

The project’s development objective is to increase private early stage equity finance for innovative small and medium enterprises ('SMEs').

Key Details

Project Details

Project ID
P161905
Status
Active
Team Leader
John Goddard Lopez , Mohamed Abdulkader, Andrius Skarnulis
Borrower 2
Government of Jordan, represented by the Ministry of Planning and International Cooperation (MOPIC)

Country
Jordan
Disclosure Date
April 5, 2017
Approval Date
(as of board presentation)
June 23, 2017
Effective Date
December 19, 2017

Total Project Cost 1
US$ 98.00 million
Implementing Agency
Jordan Loan Guarantee Corporation,Innovative Startups and SMEs Fund
Region
Middle East and North Africa
Fiscal Year 3
2017

Commitment Amount
US$ 50.00 million
Environmental Category
F
Environmental and Social Risk
Not Applicable
Closing Date
June 30, 2025

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED
Last Update Date
December 22, 2023

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 - Environment and Natural Resource Management

FY17 - Climate change11%
- FY17 - Mitigation11%

FY17 - Finance

FY17 - Financial Infrastructure and Access94%
- FY17 - MSME Finance94%

FY17 - Human Development and Gender

FY17 - Gender10%

FY17 - Private Sector Development

FY17 - Enterprise Development10%
- FY17 - Entrepreneurship10%
- FY17 - MSME Development10%
FY17 - Jobs100%
- FY17 - Job Creation100%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
International Bank for Reconstruction and Development	50.00
Local Sources of Borrowing Country	48.00

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**	98.00

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$)
Jun 23, 2017	IBRD-87670	Loan Commitment	50,000,000.00
Dec 19, 2017	IBRD-87670	Fee Charges	125,000.00
Nov 15, 2022	IBRD-87670	Int Charges	558,795.75
Nov 28, 2022	IBRD-87670	Loan Disb	1,000,000.00
Nov 15, 2022	IBRD-87670	Loan Repay	526,850.00
May 15, 2022	IBRD-87670	Int Charges	3,849.14
May 15, 2022	IBRD-87670	Int Charges	22,160.11
May 15, 2022	IBRD-87670	Loan Repay	526,850.00
May 15, 2024	IBRD-87670	Int Charges	30,815.98
May 15, 2024	IBRD-87670	Int Charges	11,414.14
May 15, 2024	IBRD-87670	Int Charges	1,421,282.40
May 15, 2024	IBRD-87670	Loan Repay	677,890.00
May 15, 2024	IBRD-87670	Int Charges	1,150.69
Oct 4, 2023	IBRD-87670	Loan Disb	4,000,000.00
Nov 15, 2023	IBRD-87670	Int Charges	16,239.05
Nov 15, 2023	IBRD-87670	Int Charges	1,211,527.20
Nov 15, 2023	IBRD-87670	Loan Repay	607,490.00
Jun 15, 2023	IBRD-87670	Loan Disb	3,700,000.00
Jun 15, 2020	IBRD-87670	Loan Disb	-18,592,566.00
Jun 15, 2020	IBRD-87670	Loan Disb	18,592,566.00
May 15, 2020	IBRD-87670	Int Charges	35,253.38
May 15, 2020	IBRD-87670	Int Charges	347,961.28
Apr 17, 2020	IBRD-87670	Loan Disb	10,000,000.00
May 15, 2022	IBRD-87670	Int Charges	279,425.06
May 15, 2022	IBRD-87670	Int Charges	657.53
Nov 15, 2021	IBRD-87670	Int Charges	24,390.39
Nov 15, 2021	IBRD-87670	Int Charges	260,213.05
Sep 28, 2021	IBRD-87670	Loan Disb	2,000,000.00
Nov 15, 2020	IBRD-87670	Int Charges	24,687.42
Nov 15, 2020	IBRD-87670	Int Charges	24,979.48
Nov 15, 2020	IBRD-87670	Int Charges	335,659.47
Nov 15, 2020	IBRD-87670	Int Charges	1,912.58
May 15, 2021	IBRD-87670	Int Charges	24,622.05
May 15, 2021	IBRD-87670	Int Charges	265,058.16
May 15, 2023	IBRD-87670	Int Charges	21,009.43
May 15, 2023	IBRD-87670	Int Charges	1,058,631.60
May 15, 2023	IBRD-87670	Loan Repay	543,850.00
Nov 15, 2019	IBRD-87670	Int Charges	37,650.69
Nov 15, 2019	IBRD-87670	Int Charges	420,701.94
May 15, 2019	IBRD-87670	Int Charges	37,036.82
May 15, 2019	IBRD-87670	Int Charges	441,162.38
Apr 19, 2018	IBRD-87670	Loan Disb	20,000,000.00
May 15, 2018	IBRD-87670	Int Charges	67,202.90
May 15, 2018	IBRD-87670	Int Charges	1,592.51
Nov 15, 2018	IBRD-87670	Int Charges	3,561.64
Nov 15, 2018	IBRD-87670	Int Charges	41,505.02
Nov 15, 2018	IBRD-87670	Int Charges	37,650.69
Nov 15, 2018	IBRD-87670	Int Charges	413,501.66
Dec 19, 2017	IBRD-87670	Loan Disb	125,000.00
Nov 15, 2022	IBRD-87670	Int Charges	22,527.41

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Overall Safeguards Rating	Satisfactory	2024-10-11
Progress towards achievement of PDO	Satisfactory	2024-10-11
Financial Management	Satisfactory	2024-10-11
Monitoring and Evaluation	Satisfactory	2024-10-11
Progress towards achievement of PDO	Satisfactory	2024-10-11
Procurement	Satisfactory	2024-10-11
Project Management	Satisfactory	2024-10-11
Financial Management	Satisfactory	2024-10-11
Overall Implementation Progress (IP)	Satisfactory	2024-10-11
Procurement	Satisfactory	2024-10-11
Monitoring and Evaluation	Satisfactory	2024-10-11
Overall Implementation Progress (IP)	Satisfactory	2024-10-11
Project Management	Satisfactory	2024-10-11
Overall Safeguards Rating	Satisfactory	2024-10-11

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 78995000.00 71500000.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Beneficiary Companies Receiving Financing Through the Project Value 0.00 123.00 150.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Beneficiary Companies That Introduced a New Product or Process Value 0.00 100.00 100.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Private Early/Seed Stage Capital Mobilized Through the Project Value 0.00 45435000.00 14500000.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Beneficiary Companies Receiving Private Early/Seed Stage Financing Through the Project Value 0.00 123.00 80.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Private Venture Capital Mobilized Through the Project Value 0.00 33560000.00 57000000.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Beneficiary Companies Receiving Private VC Financing Through the Project Value 0.00 9.00 70.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Beneficiary Companies Led by Women Receiving Financing Through the Project Value 0.00 0.00 38.00
Date June 23, 2017 November 30, 2023
Comment
Beneficiary Companies Led by Youth Receiving Financing Through the Project Value 0.00 0.00 45.00
Date June 23, 2017 November 30, 2023
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Total Financial Intermediaries Receiving Financing Through the Project Value 0.00 17.00 10.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Beneficiary Companies Receiving IR Support and BDS Services Through the Project Value 0.00 706.00 675.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Beneficiaries Satisfied With Services Received and Performance of Funds Value 0.00 93.00 75.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Venture Capital Financial Intermediaries Receiving Financing Through the Project Value 0.00 8.00 6.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Beneficiary Companies Led by Women Receiving IR Support and BDS Services Through the Project Value 0.00 0.00 30.00
Date June 23, 2017 November 30, 2023
Comment
Early/Seed Stage Financial Intermediaries Receiving Financing Through the Project Value 0.00 9.00 4.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Beneficiary Companies Led by Youth Receiving IR Support and BDS Services Through the Project Value 0.00 0.00 30.00
Date June 23, 2017 November 30, 2023
Comment
Beneficiary Companies Receiving IR Support Through the Project Value 0.00 632.00 600.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Beneficiary Companies Receiving BDS Services Through the Project Value 0.00 74.00 75.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Prospective Angel Investors Receiving Training Through the Project Value 0.00 32.00 30.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Beneficiaries Receiving Acceleration Services Through the Project Value 0.00 284.00 150.00
Date June 23, 2017 December 21, 2023 June 27, 2024
Comment
Female Beneficiaries Receiving Acceleration Services Through the Project Value 0.00 0.00 30.00
Date June 23, 2017 November 30, 2023
Comment
Young Beneficiaries Receiving Acceleration Services Through the Project Value 0.00 0.00 40.00
Date June 23, 2017 November 30, 2023
Comment

Private Capital Mobilized	Value	0.00	78995000.00	71500000.00
	Date	June 23, 2017	December 21, 2023	June 27, 2024
	Comment

Beneficiary Companies Led by Women Receiving IR Support and BDS Services Through the Project	Value	0.00	0.00	30.00
	Date	June 23, 2017		November 30, 2023
	Comment

Beneficiary Companies Led by Youth Receiving IR Support and BDS Services Through the Project	Value	0.00	0.00	30.00
	Date	June 23, 2017		November 30, 2023
	Comment

Innovative Startups Fund 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