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Malawi-Financial-Sector-Technical Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No: ICR00004184 IMPLEMENTATION COMPLETION AND RESULTS REPORT (IDA-48970) ON A CREDIT IN THE AMOUNT OF SDR 18.1 MILLION Public Disclosure Authorized (US$28.2 MILLION EQUIVALENT) TO THE THE REPUBLIC OF MALAWI MINISTRY OF FINANCE, ECONOMY AND DEVELOMENT FOR THE MALAWI - FINANCIAL SECTOR TECHNICAL ASSISTANCE PROJECT (P122616) Public Disclosure Authorized May 29, 2019 Finance, Competitiveness and Innovation Global Practice Africa Region Public Disclosure Authorized This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. CURRENCY EQUIVALENTS (Exchange Rate Effective Currency Unit = Malawi Kwacha (MK) MK 726.35 = US$1 US$1 = SDR 0.71 FISCAL YEAR January 1 – December 31 ABBREVIATIONS AND ACRONYMS ACH Automated Clearing House ADR Alternative Dispute Resolution ATM Automated Teller Machine ATS Automated Transfer System CAS Country Assistance Strategy CSD Central Securities Deposit CDS Central Depository System CPFL Consumer Protection and Financial Literacy DFID U.K. Department for International Development EFT Electronic Funds Transfer FIU Financial Intelligence Unit FM Financial Management FSAP Financial Sector Assessment Program FSDT Financial Sector Deepening Trust FSPU Financial Sector Policy Unit FSTAP Financial Sector Technical Assistance Project GCI Global Competitiveness Index GDP Gross Domestic Product GoM Government of Malawi IFMIS Integrated Financial Management Information System IFR Interim Financial Report IMF International Monetary Fund ISR Implementation Status and Results Report M&E Monitoring and Evaluation MFI Microfinance Institution MGDS Malawi Growth and Development Strategy MFSDS Malawi Financial Sector Development Strategy MFSDT Multi-Donor Financial Sector Deepening Trust MNO Mobile Network Operators MOF Ministry of Finance MSB Malawi Savings Bank MSE Malawi Stock Exchange MSMEs Micro, Small, and Medium Enterprises MTR Midterm Review M&E Monitoring and Evaluation NBFI Non-Bank Financial Institution NFIS National Financial Inclusion Strategy PAD Project Appraisal Document PDO Project Development Objective PIU Project Implementation Unit RBM Reserve Bank of Malawi RTGS Real Time Gross Settlement SACCO Savings and Credit Cooperative STEP Systematic Tracking of Exchanges in Procurement TOR Terms of Reference TPH Transactional Processing Hub TTL Task Team Leader Vice President: Hafez Ghanem Country Director: Bella Bird Senior Global Practice Director: Sebastian-A Molineus Practice Manager: Niraj Verma Task Team Leader(s): Thilasoni Benjamin Musuku, Efrem Zephnath Chilima ICR Main Contributor(s): Sathyanadhan Achath TABLE OF CONTENTS DATA SHEET ............................................................................................................................ 1 ABSTRACT ............................................................................................................................... 5 I. PROJECT CONTEXT AND DEVELOPMENT OBJECTIVES ............................................................. 8 A. CONTEXT AT APPRAISAL .........................................................................................................8 B. SIGNIFICANT CHANGES DURING IMPLEMENTATION (IF APPLICABLE) ..................................... 14 II. OUTCOME ...................................................................................................................... 17 A. RELEVANCE OF PDOs ............................................................................................................ 17 B. ACHIEVEMENT OF PDOs (EFFICACY) ...................................................................................... 18 D. JUSTIFICATION OF OVERALL OUTCOME RATING .................................................................... 22 E. OTHER OUTCOMES AND IMPACTS (IF ANY) ............................................................................ 22 III. KEY FACTORS THAT AFFECTED IMPLEMENTATION AND OUTCOME ........................................ 25 A. KEY FACTORS DURING PREPARATION ................................................................................... 25 B. KEY FACTORS DURING IMPLEMENTATION ............................................................................. 27 IV. BANK PERFORMANCE, COMPLIANCE ISSUES, AND RISK TO DEVELOPMENT OUTCOME ............. 28 A. QUALITY OF MONITORING AND EVALUATION (M&E) ............................................................ 28 B. ENVIRONMENTAL, SOCIAL, AND FIDUCIARY COMPLIANCE ..................................................... 29 C. BANK PERFORMANCE ........................................................................................................... 30 D. RISK TO DEVELOPMENT OUTCOME ....................................................................................... 31 V. LESSONS AND RECOMMENDATIONS .................................................................................. 33 ANNEX 1. RESULTS FRAMEWORK AND KEY OUTPUTS ................................................................. 36 ANNEX 2. BANK LENDING AND IMPLEMENTATION SUPPORT/SUPERVISION .................................. 56 ANNEX 3. PROJECT COST BY COMPONENT ................................................................................ 58 ANNEX 4. EFFICIENCY ANALYSIS ............................................................................................... 59 ANNEX 5. BORROWER, CO-FINANCIER AND OTHER PARTNER/STAKEHOLDER COMMENTS............... 60 ANNEX 6. SUPPORTING DOCUMENTS (IF ANY) ......................................................................... 117 ANNEX 7. SPLIT RATING CALCULATION ................................................................................... 118 ANNEX 8. MALAWI BASELINE FINANCIAL LITERACY AND CONSUMER PROTECTION HOUSEHOLD SURVEY 119 ANNEX 9. MALAWI FOLLOW-UP FINANCIAL LITERACY AND CONSUMER PROTECTION SURVEY ....... 127 The World Bank Malawi - Financial Sector Technical Assistance Project (P122616) DATA SHEET BASIC INFORMATION Product Information Project ID Project Name P122616 Malawi - Financial Sector Technical Assistance Project Country Financing Instrument Malawi Investment Project Financing Original EA Category Revised EA Category Not Required (C) Not Required (C) Organizations Borrower Implementing Agency Ministry of Finance, Economic Planning and Reserve Bank of Malawi Development Project Development Objective (PDO) Original PDO The project aims to increase access to finance for the currently unbanked, but bankable, population of Malawi. Page 1 of 132 The World Bank Malawi - Financial Sector Technical Assistance Project (P122616) FINANCING Original Amount (US$) Revised Amount (US$) Actual Disbursed (US$) World Bank Financing 28,200,000 28,200,000 26,280,042 IDA-48970 Total 28,200,000 28,200,000 26,280,042 Non-World Bank Financing 0 0 0 Borrower/Recipient 0 0 0 Total 0 0 0 Total Project Cost 28,200,000 28,200,000 26,280,042 KEY DATES Approval Effectiveness MTR Review Original Closing Actual Closing 24-Mar-2011 22-Dec-2011 03-Nov-2014 31-Aug-2016 29-Jun-2018 RESTRUCTURING AND/OR ADDITIONAL FINANCING Date(s) Amount Disbursed (US$M) Key Revisions 29-Oct-2015 17.55 Change in Results Framework Change in Components and Cost Change in Loan Closing Date(s) Reallocation between Disbursement Categories Change in Implementation Schedule 28-Aug-2017 25.09 Change in Results Framework Change in Loan Closing Date(s) Change in Legal Covenants Change in Implementation Schedule KEY RATINGS Outcome Bank Performance M&E Quality Moderately Satisfactory Moderately Satisfactory Modest Page 2 of 132 The World Bank Malawi - Financial Sector Technical Assistance Project (P122616) RATINGS OF PROJECT PERFORMANCE IN ISRs Actual No. Date ISR Archived DO Rating IP Rating Disbursements (US$M) 01 22-Sep-2011 Satisfactory Satisfactory .15 02 29-Jun-2012 Satisfactory Satisfactory 1.63 03 05-Jan-2013 Satisfactory Satisfactory 1.63 04 06-Jul-2013 Satisfactory Moderately Satisfactory 5.88 05 29-Dec-2013 Satisfactory Satisfactory 6.83 06 25-Jun-2014 Satisfactory Satisfactory 11.22 07 15-Jan-2015 Moderately Satisfactory Moderately Satisfactory 13.97 08 08-Sep-2015 Moderately Satisfactory Moderately Satisfactory 17.55 09 19-Feb-2016 Moderately Satisfactory Satisfactory 17.55 10 09-Sep-2016 Moderately Satisfactory Satisfactory 19.20 11 23-Apr-2017 Moderately Satisfactory Satisfactory 24.09 12 16-Mar-2018 Moderately Satisfactory Moderately Satisfactory 25.09 13 15-Jun-2018 Moderately Satisfactory Satisfactory 25.09 SECTORS AND THEMES Sectors Major Sector/Sector (%) Financial Sector 100 Public Administration - Financial Sector 100 Themes Major Theme/ Theme (Level 2)/ Theme (Level 3) (%) Private Sector Development 40 Business Enabling Environment 40 Regulation and Competition Policy 40 Page 3 of 132 The World Bank Malawi - Financial Sector Technical Assistance Project (P122616) Finance 55 Financial Stability 24 Financial Sector oversight and policy/banking 12 regulation & restructuring Financial Sector Integrity 12 Financial Infrastructure and Access 31 Financial inclusion 31 Public Sector Management 6 Public Administration 6 State-owned Enterprise Reform and 6 Privatization ADM STAFF Role At Approval At ICR Regional Vice President: Obiageli Katryn Ezekwesili Hafez M. H. Ghanem Country Director: Olivier P. Godron Bella Deborah Mary Bird Senior Global Practice Director: Marilou Jane D. Uy Sebastian-A Molineus Practice Manager: Michael J. Fuchs
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