| Financier | Commitments |
|---|---|
| International Bank for Reconstruction and Development | 102.90 |
| International Bank for Reconstruction and Development | 102.90 |
Georgia Relief and Recovery for Micro, Small, and Medium Enterprises
Abstract*
The development objective of Relief and Recovery for Micro, Small and Medium Enterprises Project for Georgia is to provide relief to micro, small, and medium-size enterprises and support their recovery, including by strengthening the enabling environment for access to finance. This project has four components. 1) The first component, Financial relief and recovery for MSMEs, has the following sub-components: (i) Grants for micro and small firms; (ii)... Show More
Development Objective
The Project Development Objective (PDO) is to provide relief to micro, small, and medium-size enterprises and support their recovery, including by strengthening the enabling environment for access to finance.
Key Details
Project Details
P173975
Active
Natalia Tsivadze , Lucero Burga Bravo De Rueda
Georgia,Georgia
November 11, 2020
(as of board presentation)
May 11, 2021
August 17, 2021
US$ 102.90 million
Enterprise Georgia,Ministry of Economy and Sustainable Development,Ministry of Economy and Sustainable Development,National Bank of Georgia,Enterprise Georgia,Ministry of Economy and Sustainable Development,Ministry of Economy and Sustainable Development,National Bank of Georgia
2021
US$ 102.90 million
N/A
Substantial
June 30, 2027
Yes
BANK APPROVED
November 28, 2023
Finances
Financing Plan (US$ Millions)
Total Project Financing (US$ Millions)
| Product Line | IBRD/IDA |
|---|---|
| IBRD Commitment | 102.90 |
| IDA Commitment | N/A |
| IBRD + IDA Commitment | 102.90 |
| Lending Instrument | |
|---|---|
| Grant Amount | N/A |
| Total Project Cost** | 102.90 |
Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025
No data available.
| Period | Financier | Transaction Type | Amount (US$) |
|---|---|---|---|
| Dec 20, 2023 | IBRD-92390 | Loan Disb | 1,640,700.00 |
| Aug 15, 2024 | IBRD-92390 | Loan Disb | -7,156,825.00 |
| Aug 15, 2024 | IBRD-92390 | Int Charges | 70,203.08 |
| Aug 15, 2024 | IBRD-92390 | Int Charges | 643.40 |
| Feb 15, 2024 | IBRD-92390 | Loan Disb | -13,956,800.00 |
| Jul 22, 2024 | IBRD-92390 | Loan Disb | 2,722,125.00 |
| Mar 25, 2024 | IBRD-92390 | Loan Disb | 2,163,600.00 |
| May 29, 2024 | IBRD-92390 | Loan Disb | 2,169,400.00 |
| Feb 15, 2024 | IBRD-92390 | Int Charges | 4,104.82 |
| Feb 15, 2024 | IBRD-92390 | Int Charges | 79,681.19 |
| Feb 15, 2024 | IBRD-92390 | Int Charges | 203,722.31 |
| Jun 2, 2023 | IBRD-92390 | Loan Disb | 1,938,150.00 |
| Aug 3, 2023 | IBRD-92390 | Loan Disb | 3,280,200.00 |
| Oct 27, 2023 | IBRD-92390 | Loan Disb | 5,805,800.00 |
| Aug 15, 2024 | IBRD-92390 | Int Charges | 12,039.33 |
| May 11, 2021 | IBRD-92390 | Loan Commitment | 102,900,000.00 |
| Feb 15, 2024 | IBRD-92390 | Int Charges | 264.73 |
| Feb 15, 2024 | IBRD-92390 | Loan Disb | 13,956,800.00 |
| Aug 15, 2024 | IBRD-92390 | Int Charges | 11,650.52 |
| Aug 15, 2024 | IBRD-92390 | Int Charges | 228,634.55 |
| Aug 15, 2024 | IBRD-92390 | Int Charges | 147,638.14 |
| Aug 15, 2024 | IBRD-92390 | Int Charges | 277,152.03 |
| Feb 15, 2023 | IBRD-92390 | Int Charges | 3,280.24 |
| Feb 15, 2023 | IBRD-92390 | Int Charges | 11,381.51 |
| Aug 15, 2023 | IBRD-92390 | Loan Disb | 6,888,420.00 |
| Aug 15, 2024 | IBRD-92390 | Loan Disb | 7,156,825.00 |
| Feb 15, 2024 | IBRD-92390 | Int Charges | 11,216.01 |
| Feb 15, 2024 | IBRD-92390 | Int Charges | 3,204.05 |
| Feb 15, 2024 | IBRD-92390 | Int Charges | 221,297.06 |
| Feb 15, 2024 | IBRD-92390 | Int Charges | 143,119.47 |
| Aug 15, 2022 | IBRD-92390 | Int Charges | 3,140.91 |
| Aug 15, 2022 | IBRD-92390 | Loan Disb | 714,280.00 |
| Feb 15, 2022 | IBRD-92390 | Loan Disb | 354,562.50 |
| Feb 15, 2023 | IBRD-92390 | Loan Disb | 11,397,475.00 |
| Aug 15, 2023 | IBRD-92390 | Int Charges | 224,628.56 |
| Aug 15, 2023 | IBRD-92390 | Int Charges | 3,348.54 |
| Aug 15, 2023 | IBRD-92390 | Int Charges | 11,429.04 |
| Aug 15, 2024 | IBRD-92390 | Int Charges | 3,406.41 |
| Dec 2, 2021 | IBRD-92390 | Loan Disb | 113,400.00 |
| Apr 22, 2022 | IBRD-92390 | Loan Disb | 270,400.00 |
| Aug 8, 2022 | IBRD-92390 | Loan Disb | 458,640.00 |
| Feb 15, 2022 | IBRD-92390 | Int Charges | 140,999.90 |
| Feb 15, 2022 | IBRD-92390 | Int Charges | 727.62 |
| Aug 15, 2024 | IBRD-92390 | Int Charges | 65,834.85 |
| Oct 5, 2023 | IBRD-92390 | Loan Disb | 6,311,400.00 |
| Feb 15, 2023 | IBRD-92390 | Int Charges | 103,011.91 |
| Feb 15, 2023 | IBRD-92390 | Int Charges | 68,988.34 |
| Mar 28, 2023 | IBRD-92390 | Loan Disb | 1,623,450.00 |
| Feb 15, 2023 | IBRD-92390 | Loan Disb | -11,397,475.00 |
| Aug 15, 2023 | IBRD-92390 | Int Charges | 3,244.16 |
| Aug 15, 2023 | IBRD-92390 | Int Charges | 96,582.68 |
| Aug 15, 2023 | IBRD-92390 | Int Charges | 42,424.63 |
| Aug 15, 2023 | IBRD-92390 | Int Charges | 539.24 |
| Aug 15, 2023 | IBRD-92390 | Loan Disb | -6,888,420.00 |
| Feb 15, 2023 | IBRD-92390 | Int Charges | 23.11 |
| Feb 15, 2023 | IBRD-92390 | Int Charges | 25.62 |
| Aug 15, 2022 | IBRD-92390 | Loan Disb | -714,280.00 |
| Feb 15, 2022 | IBRD-92390 | Loan Disb | -354,562.50 |
| Aug 15, 2022 | IBRD-92390 | Int Charges | 106,908.12 |
| Aug 15, 2022 | IBRD-92390 | Int Charges | 423.75 |
| Sep 16, 2022 | IBRD-92390 | Loan Disb | 8,487,250.00 |
| Dec 27, 2022 | IBRD-92390 | Loan Disb | 1,491,700.00 |
| Dec 28, 2022 | IBRD-92390 | Loan Disb | 43,553.33 |
| Dec 8, 2022 | IBRD-92390 | Loan Disb | 735,560.00 |
| Aug 17, 2021 | IBRD-92390 | Loan Disb | 250,027.50 |
| Aug 17, 2021 | IBRD-92390 | Fee Charges | 250,027.50 |
Ratings
IMPLEMENTATION RATINGS
| Name | Review | Date |
|---|---|---|
| Progress towards achievement of PDO | Satisfactory | 2024-12-02 |
| Monitoring and Evaluation | Satisfactory | 2024-12-02 |
| Overall Implementation Progress (IP) | Moderately Satisfactory | 2024-12-02 |
| Procurement | Moderately Satisfactory | 2024-12-02 |
| Project Management | Satisfactory | 2024-12-02 |
| Financial Management | Satisfactory | 2024-12-02 |
| Progress towards achievement of PDO | Satisfactory | 2024-12-02 |
| Monitoring and Evaluation | Satisfactory | 2024-12-02 |
| Overall Implementation Progress (IP) | Moderately Satisfactory | 2024-12-02 |
| Procurement | Moderately Satisfactory | 2024-12-02 |
| Project Management | Satisfactory | 2024-12-02 |
| Financial Management | Satisfactory | 2024-12-02 |
COMPLETION RATINGS
No data available.
INDEPENDENT EVALUATION RATINGS
No data available.
Results Framework
PROJECT DEVELOPMENT OBJECTIVE INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Establishment of an upgraded movable collateral registry Value No No Yes Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Volume of financial support provided to MSMEs affected by the pandemic (GEL million) Value 0 117 450 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Revenue multiplier: ratio of revenue-weighted average annual change in MSME revenue of Project beneficiaries, divided by the average change of revenue in their respective sector Value NA NA >1 Date December 31, 2020 September 30, 2023 December 31, 2025 Comment Survivorship ratio: ratio of inactive enterprises to total beneficiaries of Enterprise Georgia, divided by ratio of inactive enterprises to total active enterprises in the economy Value NA NA <1 Date December 31, 2020 September 30, 2023 December 31, 2025 Comment Number of digital transactions facilitated through the new instant payment system (million) Value 0.00 0.00 17.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Volume of financial support provided to MSMEs affected by the pandemic (GEL million) Value 0 117 450 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Revenue multiplier: ratio of revenue-weighted average annual change in MSME revenue of Project beneficiaries, divided by the average change of revenue in their respective sector Value NA NA >1 Date December 31, 2020 September 30, 2023 December 31, 2025 Comment Survivorship ratio: ratio of inactive enterprises to total beneficiaries of Enterprise Georgia, divided by ratio of inactive enterprises to total active enterprises in the economy Value NA NA <1 Date December 31, 2020 September 30, 2023 December 31, 2025 Comment Number of digital transactions facilitated through the new instant payment system (million) Value 0.00 0.00 17.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Establishment of an upgraded movable collateral registry Value No No Yes Date June 30, 2021 September 30, 2023 June 30, 2026 Comment
INTERMEDIATE RESULTS INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Volume of grants disbursed to MSMEs under the Project (GEL million) Value 0 23 70 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Establishment of a functional KYC registry Value No No Yes Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Number of enterprises supported by co-financing of interest payments under the Project Value 0.00 215.00 200.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Approval of amendments to legal framework for secured transactions Value No No Yes Date June 30, 2021 September 30, 2023 December 31, 2024 Comment Volume of loans supported by co-financing under the Project (GEL million) Value 0 178 83 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Establishment of a working group for KYC Registry Value No No Yes Date June 30, 2021 September 30, 2023 June 30, 2023 Comment Number of guarantees issued under the Project Value 0.00 110.00 200.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Preparation of technical specifications for the modernization of the collateral registry Value No No Yes Date June 30, 2021 September 30, 2023 March 31, 2025 Comment Volume of loans guaranteed with support of the Project (GEL million) Value 0 93 420 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment NPL ratio of co-financing of interest payments program (%) Value The historic NPL ratio for EG's programs is 0.6% 0 NPL ratio in the co-financing loan portfolio shoul Date June 30, 2021 September 30, 2023 June 30, 2026 Comment NPL ratio of the partial credit guarantee program (%) Value The historic NPL ratio for EG's programs is 0.6% 0 NPL ratio of the PCG program should be below 8% Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Number of MSMEs receiving training and/or technical assistance for digital transformation and/or COVID-proofing Value 0.00 0.00 300.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Share of volume of financial support under the Project channeled to investments in the green economy and climate financing (%) Value 0.00 0.00 15.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment EG Citizen Engagement: share of MSMEs reporting that programs reflected their needs (%) Value 0.00 0.00 60.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Institutional actions to strengthen the grants program Value NA EG (1) adopted of a robust M&E framework, which im EG has adopted a robust M&E framework and used evi Date November 30, 2020 September 30, 2023 December 31, 2025 Comment Institutional actions to strengthen the co-financing of interest payments program Value EG does not have evaluation systems and measures i NA EG has adopted a robust M&E framework and conducte Date November 30, 2020 September 30, 2023 December 31, 2025 Comment Institutional actions to strengthen the partial credit guarantees program Value EG currently does not have a monitoring system, a EG adopted a financial modelling tool. EG has strengthened the design and implementation Date November 30, 2020 September 30, 2023 December 31, 2025 Comment Introduction of a managerial skills program Value No No Yes Date November 30, 2020 September 30, 2023 December 31, 2025 Comment Share of financial resources (grants, co-financing, guarantees) under the Project channeled to women-inclusive firms Value 24.00 40.00 35.00 Date December 31, 2020 September 30, 2023 December 31, 2025 Comment Volume of retail transactions recorded in the IPS (GEL billion) Value 0.00 0.00 10.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Number of MSMEs supported by grants under the Project Value 0.00 1027.00 5000.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Share of instant payment transactions (%) Value 0.00 0.00 15.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Volume of grants disbursed to MSMEs under the Project (GEL million) Value 0 23 70 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Establishment of a functional KYC registry Value No No Yes Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Number of enterprises supported by co-financing of interest payments under the Project Value 0.00 215.00 200.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Approval of amendments to legal framework for secured transactions Value No No Yes Date June 30, 2021 September 30, 2023 December 31, 2024 Comment Volume of loans supported by co-financing under the Project (GEL million) Value 0 178 83 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Establishment of a working group for KYC Registry Value No No Yes Date June 30, 2021 September 30, 2023 June 30, 2023 Comment Number of guarantees issued under the Project Value 0.00 110.00 200.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Preparation of technical specifications for the modernization of the collateral registry Value No No Yes Date June 30, 2021 September 30, 2023 March 31, 2025 Comment Volume of loans guaranteed with support of the Project (GEL million) Value 0 93 420 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment NPL ratio of co-financing of interest payments program (%) Value The historic NPL ratio for EG's programs is 0.6% 0 NPL ratio in the co-financing loan portfolio shoul Date June 30, 2021 September 30, 2023 June 30, 2026 Comment NPL ratio of the partial credit guarantee program (%) Value The historic NPL ratio for EG's programs is 0.6% 0 NPL ratio of the PCG program should be below 8% Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Number of MSMEs receiving training and/or technical assistance for digital transformation and/or COVID-proofing Value 0.00 0.00 300.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Share of volume of financial support under the Project channeled to investments in the green economy and climate financing (%) Value 0.00 0.00 15.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment EG Citizen Engagement: share of MSMEs reporting that programs reflected their needs (%) Value 0.00 0.00 60.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Institutional actions to strengthen the grants program Value NA EG (1) adopted of a robust M&E framework, which im EG has adopted a robust M&E framework and used evi Date November 30, 2020 September 30, 2023 December 31, 2025 Comment Institutional actions to strengthen the co-financing of interest payments program Value EG does not have evaluation systems and measures i NA EG has adopted a robust M&E framework and conducte Date November 30, 2020 September 30, 2023 December 31, 2025 Comment Institutional actions to strengthen the partial credit guarantees program Value EG currently does not have a monitoring system, a EG adopted a financial modelling tool. EG has strengthened the design and implementation Date November 30, 2020 September 30, 2023 December 31, 2025 Comment Introduction of a managerial skills program Value No No Yes Date November 30, 2020 September 30, 2023 December 31, 2025 Comment Share of financial resources (grants, co-financing, guarantees) under the Project channeled to women-inclusive firms Value 24.00 40.00 35.00 Date December 31, 2020 September 30, 2023 December 31, 2025 Comment Volume of retail transactions recorded in the IPS (GEL billion) Value 0.00 0.00 10.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Number of MSMEs supported by grants under the Project Value 0.00 1027.00 5000.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment Share of instant payment transactions (%) Value 0.00 0.00 15.00 Date June 30, 2021 September 30, 2023 June 30, 2026 Comment