Public Disclosure Copy

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1 Public Disclosure Authorized MIDDLE EAST AND NORTH AFRICA Egypt, Arab Republic of Finance & Markets Global Practice Recipient Executed Activities Investment Project Financing FY 2015 Seq No: 3 DRAFT ISR22026 Implementing Agencies: Public Disclosure Authorized Key Dates Key Project Dates Bank Approval Date:25-Jul-2014 Original Closing Date:31-Oct-2018 Project Development Objectives Effectiveness Date:28-Sep-2014 Revised Closing Date:31-Oct-2018 Public Disclosure Authorized Project Development Objective (from Project Appraisal Document) The project development objective (PDO) would be to support the development and implementation of the institutional, regulatory and supervisory framework of the microfinance sector to promote inclusive finance. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Public Disclosure Authorized Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Implementation Status and Key Decisions The project is progressing well. A list of achievements since effectiveness include: 1. The issuance of Presidential Decree no.141 of 2014 on regulating microfinance activity was published in the Egyptian Gazette; and the issuance of related decisions and rules necessary to regulate the activity and determine licensing requirements for the companies and NGOs; 2. The establishment of microfinance unit in EFSA to supervise civil associations and NGOs microfinance activities with a competent head appointed and appointing key staff; and the issuance of directive no. 159 of 2014 regulating the functions of the microfinance unit; 12/15/2015 Page 1 of 8

2 3. The formation of the Board of trustees with representation from all key stakeholders including the Central Bank of Egypt, the Social Fund for Development, Ministry of Social Solidarity, NGOs and other relevant bodies. The Board of Trustees meets regularly to follow up on the activities; 4. Extensive training and workshops,10 held in various governorates latest using videoconferences to link 3 cities simultaneously and MF NGO 2 day training & readiness residential boot camp organized; 5. Producing 6 instructional/educational videos to help understand licensing process and key rules; 6. Microfinance union charter issued, board elected, and the 2nd MF Union general assembly were held; 7. MF policy manual published; 8. MF agreement finalized with credit bureau; 9. MF financial reporting rules decree issued; 10. MF NGO prudential reporting software ready. Pipeline activities include: (i) technical assistance to Efsa to establish a solid MIS system to help monitor the development of the microfinance industry in Egypt, promote financial inclusion and improve performance of the involved parties in this area; (ii) TA in drafting a comprehensive regulation / circular on financial consumer protection which comprises relevant rules and procedures for all microfinance institutions; (iii) providng a brief overview of bottlenecks of the current regulation and supervision on microfinance in Egypt and needs to enhance/improve it (as outcome of the meetings and workshops); (iv) training and capacity building to the MF unit staff; (v) TA in drafting changes to the insurance law to accommodate micro insurance; (vi) TA for innovative MF microleasing and Sharia compliant schemes. 12/15/2015 Page 2 of 8

3 Risks Overall Risk Rating Risk Category Rating at Approval Previous Rating Current Rating Overall Low -- Low Results Project Development Objective Indicators New regulatory framework effective for MFIs, including NGOs-MFIs (Yes/No, Custom) 12/15/2015 Page 3 of 8

4 Value N Y Y Y Number of MFIs licensed by EFSA under the Microfinance Law (Number, Custom) Value Number of NGOs engaged in microfinance activities (reported by the Microfinance NGOs Oversight Board) (Number, Custom) Value Direct project beneficiaries (Number, Core) Value Female beneficiaries (Percentage, Core Supplement) Value /15/2015 Page 4 of 8

5 Overall Comments Intermediate Results Indicators Issuance of the Microfinance Regulations by EFSA (Yes/No, Custom) Value N Y Y Y Frequency of meetings of the Microfinance NGOs Board of Trustees (Number, Custom) Value Microfinance Unit established and operational at EFSA (Yes/No, Custom) Value N Y Y Y Number of staff of MFIs trained (Amount(USD), Custom) Value /15/2015 Page 5 of 8

6 Microfinance sector reports disclosed by EFSA (Number, Custom) Value Number of training programs for Microfinance Unit staff (Amount(USD), Custom) Value Microfinance sector reports disclosed by EFSA (Number, Custom) Value Date 28-Nov Jun Jun Oct-2018 Number of staff and clients trained workshops, study tours, and capacity building events (Number, Custom) Value /15/2015 Page 6 of 8

7 Number of awareness initiaties and consumer protection initiatives launched and implemented by EFSA (Amount(USD), Custom) Value Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P TF Effective USD % Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P TF Effective 26-Aug Aug Sep Oct Oct-2018 Cumulative Disbursements 12/15/2015 Page 7 of 8

8 Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 12/15/2015 Page 8 of 8