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Georgia-Relief-And-Recovery-For-Micro-Small-And-Medium-Enterprises-Project.Pdf FOR OFFICIAL USE ONLY Report No: PAD3933 Public Disclosure Authorized INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT PROJECT APPRAISAL DOCUMENT ON A PROPOSED LOAN IN THE AMOUNT OF EUR 85 MILLION (US$102.9 MILLION EQUIVALENT) Public Disclosure Authorized TO GEORGIA FOR GEORGIA RELIEF AND RECOVERY FOR MICRO, SMALL, AND MEDIUM ENTERPRISES APRIL 20, 2021 Public Disclosure Authorized Finance, Competitiveness and Innovation Global Practice Europe and Central Asia Region Public Disclosure Authorized This document is being made publicly available prior to Board consideration. This does not imply a presumed outcome. This document may be updated following Board consideration and the updated document will be made publicly available in accordance with the Bank’s policy on Access to Information. CURRENCY EQUIVALENTS (Exchange Rate Effective as of February 28, 2021) Currency Unit = Georgian Lari (GEL) GEL 3.96 = EUR 1 GEL 3.32 = US$1 EUR 0.83 = US$1 FISCAL YEAR January 1 - December 31 ABBREVIATIONS AND ACRONYMS AEP Anti-Crisis Economic Plan API Application Program Interface ARDA Agricultural and Rural Development Agency CDD Customer Due Diligence CPF Country Partnership Framework CRC Caucasus Research Center DA Designated Account DFIL Disbursement and Financial Information Letter E&S Environmental and Social ECL Expected Credit Loss EFF Extended Fund Facility EG Enterprise Georgia ESCB European System of Central Banks ESCP Environmental and Social Commitment Plan ESG Environmental, Social, and Governance ESMF Environmental and Social Management Framework ESMS Environmental and Social Management Systems EU European Union FDI Foreign Direct Investment FM Financial Management GDP Gross Domestic Product GENIE Georgia National Innovation Ecosystem Project GEOSTAT National Statistics Office of Georgia GHG Greenhouse Gas GITA Georgia’s Innovation and Technology Agency GoG Government of Georgia HoReCa Hospitality, Restaurant, and Catering IDP Internally Displaced Person IFC International Finance Organization IFI International Financial Institution IFR Interim Financial Report IMF International Monetary Fund IRR Internal Rate of Return IPF Investment Project Financing IPS Instant Payment System KYC Know-Your-Customer LEPL Legal Entity of Public Law M&E Monitoring and Evaluation MFI Microfinance Institution MIGA Multilateral Investment Guarantee Agency MOESD Ministry of Economy and Sustainable Development MOF Ministry of Finance MOJ Ministry of Justice MSMEs Micro, Small, and Medium-size Enterprises NAPR National Agency of Public Registry NBG National Bank of Georgia NGO Nongovernmental Organization NPL Nonperforming Loan NPV Net Present Value PBC Performance-Based Condition PCG Partial Credit Guarantee PDO Project Development Objective PFI Participating Financial Institution POM Project Operations Manual PIE Project Implementing Entity PPSD Project Procurement Strategy for Development PwC PricewaterhouseCoopers ROA Return on Assets ROE Return on Equity RTGS Real-Time Gross Settlement System SEP Stakeholder Engagement Plan STEP Systematic Tracking of Exchanges in Procurement SMEs Small and Medium-size Enterprises TF Trust Fund USAID United States Agency for International Development WBG World Bank Group Regional Vice President: Anna M. Bjerde Country Director: Sebastian-A Molineus Regional Director: Lalita M. Moorty Practice Manager: Ilias Skamnelos Task Team Leader(s): Nadeem M. Karmali, Natasha Kapil The World Bank Georgia Relief and Recovery for MSMEs (P173975) TABLE OF CONTENTS DATASHEET ............................................................................................................................. 1 I. STRATEGIC CONTEXT ......................................................................................................... 6 A. Country Context................................................................................................................................ 6 B. Sectoral and Institutional Context .................................................................................................... 6 C. Relevance to Higher Level Objectives ............................................................................................. 10 II. PROJECT DESCRIPTION..................................................................................................... 11 A. Project Development Objective ..................................................................................................... 11 B. Project Components ....................................................................................................................... 12 C. Project Beneficiaries ....................................................................................................................... 22 D. Results Chain .................................................................................................................................. 23 E. Rationale for Bank Involvement and Role of Partners ................................................................... 24 F. Lessons Learned and Reflected in the Project Design .................................................................... 24 III. IMPLEMENTATION ARRANGEMENTS ................................................................................. 25 A. Institutional and Implementation Arrangements .......................................................................... 25 B. Results Monitoring and Evaluation Arrangements......................................................................... 26 C. Sustainability ................................................................................................................................... 27 IV. PROJECT APPRAISAL SUMMARY ........................................................................................ 27 A. Technical, Economic and Financial Analysis (if applicable) ............................................................ 27 B. Fiduciary .......................................................................................................................................... 29 C. Legal Operational Policies ............................................................................................................... 31 D. Environmental and Social ............................................................................................................... 31 V. GRIEVANCE REDRESS SERVICES ......................................................................................... 32 VI. KEY RISKS ....................................................................................................................... 32 VII. RESULTS FRAMEWORK AND MONITORING ......................................................................... 34 Annex 1: Implementation Arrangements and Support Plan ......................................................... 53 Annex 2: Overview of the Private and the Financial Sector .......................................................... 58 Annex 3: Impact of COVID-19 on Firms and Policy Response ........................................................ 64 Annex 4: Financial Intermediary Assessment ............................................................................. 68 Annex 5: Performance-Based Conditions Summary .................................................................... 73 Annex 6: Assessment of Shifts in the CPF .................................................................................. 74 The World Bank Georgia Relief and Recovery for MSMEs (P173975) DATASHEET BASIC INFORMATION BASIC INFO TABLE Country(ies) Project Name Georgia Georgia Relief and Recovery for Micro, Small, and Medium Enterprises Project ID Financing Instrument Environmental and Social Risk Classification Investment Project P173975 Substantial Financing Financing & Implementation Modalities [ ] Multiphase Programmatic Approach (MPA) [✓] Contingent Emergency Response Component (CERC) [ ] Series of Projects (SOP) [ ] Fragile State(s) [ ] Small State(s) [✓] Performance-Based Conditions (PBCs) [ ] Fragile within a non-fragile Country [✓] Financial Intermediaries (FI) [ ] Project-Based Guarantee [ ] Conflict [ ] Deferred Drawdown [ ] Responding to Natural or Man-made Disaster [ ] Alternate Procurement Arrangements (APA) [ ] Hands-on Enhanced Implementation Support (HEIS) Expected Approval Date Expected Closing Date 11-May-2021 30-Jun-2026 Bank/IFC Collaboration No Proposed Development Objective(s) 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. Page 1 of 76 The World Bank Georgia Relief and Recovery for MSMEs (P173975) Components Component Name Cost (US$, millions) Component 1: Financial relief and recovery for MSMEs 82.30 Component 2: Digital payments and financial infrastructure upgrading 14.50 Component 3: Project management and monitoring 5.80 Component 4: Contingent Emergency Response Component (CERC) 0.00 Organizations Borrower: Georgia Implementing Agency: Ministry of Economy and Sustainable Development - Enterprise Georgia Ministry of Economy and Sustainable Development National Bank of Georgia PROJECT FINANCING DATA (US$, Millions) SUMMARY-NewFin1 Total Project Cost 102.90 Total Financing 102.90 of which IBRD/IDA 102.90 Financing Gap 0.00 DETAILS -NewFinEnh1 World Bank Group Financing International Bank for Reconstruction and Development (IBRD) 102.90 Expected Disbursements (in US$, Millions) WB Fiscal Year 2021 2022 2023
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