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Maldives Competitiveness and Growth Project

Abstract*

The development objective of the Competitiveness and Growth Project for Maldives is to strengthen private participation in and financial sustainability of state-owned enterprises (SOE), and the support mechanisms for the competitiveness of small and medium enterprises. The project comprises of three components. The first component, accelerating SOE reforms consist of following sub-components: (i) increasing private participation in ownership of select...

* The project abstract is drawn from the PAD, SAR or PGD and may not accurately reflect the project's current nature

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Development Objective

The project development objective is to strengthen private participation in and financial sustainability of State-Owned Enterprises, and the support mechanisms for the competitiveness of small and medium enterprises.

Key Details

Project Details

  • P179286

  • Active

  • Karina Baba , Erdem Atas

  • Republic of Maldives

  • Maldives

  • January 18, 2023

  • (as of board presentation)

    May 12, 2023

  • June 23, 2023

  • US$ 12.00 million

  • Ministry of Finance

  • South Asia

  • 2023

  • US$ 15.00 million

  • N/A

  • December 13, 2023

  • June 30, 2028

  • Yes

  • BANK APPROVED

  • Notes

Finances

Financing Plan (US$ Millions)

No data available.
Financier Commitments
IDA Credit 7.50
IDA Grant 7.50

Total Project Financing (US$ Millions)

Product Line IBRD/IDA
IBRD Commitment N/A
IDA Commitment 15.00
IBRD + IDA Commitment 15.00
Lending Instrument
Grant Amount N/A
Total Project Cost** 12.00

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

Download:
No data available.
Financier Approval Date Closing Date Principal Disbursed Repayments Interest, Charges & Fees

Detailed Financial Activity as of January 31, 2025

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No data available.
Period Financier Transaction Type Amount (US$)
Dec 12, 2023 IDA-E1690 Loan Disb 496,435.70
May 1, 2024 IDA-73050 Int Charges 1,422.05
May 12, 2023 IDA-73050 Loan Commitment 7,500,000.00
Dec 12, 2023 IDA-73050 Loan Disb 496,435.70
May 12, 2023 IDA-E1690 Loan Commitment 7,500,000.00
May 1, 2024 IDA-73050 Int Charges 1,422.05

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name Review Date
Progress towards achievement of PDO Satisfactory 2024-12-16
Financial Management Satisfactory 2024-12-16
Overall Implementation Progress (IP) Moderately Satisfactory 2024-12-16
Monitoring and Evaluation Satisfactory 2024-12-16
Procurement Moderately Satisfactory 2024-12-16
Project Management Satisfactory 2024-12-16

COMPLETION RATINGS

No data available.

INDEPENDENT EVALUATION RATINGS

No data available.

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATORBASELINECURRENTTARGET
  • SOEs taken to marketValue0.000.005.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • SMEs receiving commercial loans based on alternative credit scoresValue0.000.00100.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Significant SOEs that establish clear public service obligations (PSO) reform plansValue0.000.005.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Of which women-owned/ledValue0.000.0030.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Revenue increase of supported men-owned/led SMEsValue0.000.0020.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Revenue increase of supported women-owned/led SMEsValue0.000.0030.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment

INTERMEDIATE RESULTS INDICATORS

INDICATORBASELINECURRENTTARGET
  • Private participation in/with SOEsValue0.000.00100000000.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Unique requests for alternative credit scores from the Credit Information BureauValue0.000.00500.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • SOEs expressing satisfaction with project activities that address stakeholder concernsValue0.000.0075.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • SOE private participation plans and due diligences completed and approved by the MoFValue0.000.0012.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Firms benefiting from private sector initiativesValue0.000.0050.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • SMEs expressing satisfaction on project activities that address stakeholder concernsValue0.000.0075.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • SMEs that introduced an innovationValue0.000.0020.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Grievances addressed within two weeksValue0.000.0075.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Issuance of SOE private participation and governance reform policies that apply to all SOEs that address stakeholder and other (e.g., ESG) concernsValue0.000.002.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Of which women-owned/ledValue0.000.006.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Approval of SOE-specific Corporate Governance Improvement Action PlansValue0.000.005.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Of which climate related innovationValue0.000.004.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Strengthened SOE monitoring capability through the initial annual publication of KPI based operational dataValue0.000.005.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Women-owned/led SMEs that complete the SME growth acceleration programValue0.000.0015.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Publication of SOE subsidy reform policyValueNoNoYes
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment
  • Of which able to secure commercial loansValue0.000.0010.00
    DateMay 1, 2023November 30, 2023June 30, 2028
    Comment