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Project Appraisal Document Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No: PAD1362 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT PROJECT APPRAISAL DOCUMENT ON A PROPOSED LOAN Public Disclosure Authorized IN THE AMOUNT OF US$50 MILLION TO THE KINGDOM OF MOROCCO FOR A FINANCING INNOVATIVE STARTUPS AND SMALL AND MEDIUM ENTERPRISES PROJECT Public Disclosure Authorized February 16, 2017 Finance and Markets Global Practice Middle East and North 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 January 4, 2017) Currency Unit = Moroccan Dirhams (MAD) MAD 1 = US$0.10 US$1 = MAD 10.16 FISCAL YEAR January 1 – December 31 ABBREVIATIONS AND ACRONYMS AFEM Moroccan Women CEOs’ Association (Association des Femmes chefs d’Entreprises du Maroc) AMIC Moroccan Association of Equity Investors (Association Marocaine Des Investisseurs en Capital) AMMC Moroccan Capital Market Authority (Autorité Marocaine du Marchés des Capitaux) BAM Bank Al-Maghrib CCG Central Guarantee Agency (Caisse Centrale de Garantie) CDG Asset Management Company (Caisse des Dépôts et de Gestion) CDVM Capital Market Regulator (Conseil Déontologique des Valeurs Immobilières) CAGR Compound Annual Growth Rate CGEM Association of Moroccan Enterprises (Confédération Générale des Entreprises du Maroc) CNRST National Center for Scientific and Technical Research (Centre National de la Recherche Scientifique et Technique) CSE Casablanca Stock Exchange DA Designated Account DB Doing Business DFI Development Finance Institution DTFE Department of the Treasury and External Finance (Direction du Trésor et des Finances Extérieures) ESMF Environmental and Social Management Framework ESMS Environmental and Social Management System EU European Union FII Fonds Innov Invest FM Financial Management FS Financial Statement GDP Gross Domestic Product GOM Government of Morocco IC Investment Committee IFC International Finance Corporation IPO Initial Public Offering IR Investment Readiness IRR Internal Rate of Return LA Loan Agreement M&E Monitoring and Evaluation MNF Maroc Numeric Fund MoEF Ministry of Economy and Finance MoITIDE Ministry of Industry, Trade, Investment, and Digital Economy MSME Micro, Small, and Medium Enterprise NCB National Competitive Bidding OECD Organisation for Economic Co-operation and Development OPCC Capital Investment Organization (Organisme de Placement Collectif en Capital) PA Project Agreement PDO Project Development Objective PE Private Equity PEFA Public Expenditure and Financial Accountability PI Partner Intermediaries (financial and non-financial) PM Project Manager PMU Project Management Unit POM Project Operations Manual R&D Research and Development REM Morocco Enterprise Network (Réseau Entreprendre Maroc) RMIE National Network of Business Incubation (Réseau Maroc Incubation et Essaimage) S.A Corporation (Société Anonyme) SA Subsidiary Agreement SAS Limited Liability Company (Société par Actions Simplifiée) SC Steering Committee SCA Limited Share Partnership (Société en Commandite par Actions) SOE State-Owned Enterprise TC Technical Committee TOR Terms of Reference VC Venture Capital Regional Vice President: Hafez Ghanem Country Director: Marie Francoise Marie-Nelly Senior Global Practice Director: Ceyla Pazarbasioglu Practice Manager Jean Pesme Task Team Leader: Randa Akeel MOROCCO Financing Innovative Startups and SMEs Project TABLE OF CONTENTS I. STRATEGIC CONTEXT .................................................................................................1 A. Country Context ............................................................................................................ 1 B. Sectoral and Institutional Context ................................................................................. 2 C. Higher-Level Objectives to which the Project Contributes .......................................... 9 D. Relationship to Country Partnership Framework and the MENA Regional Strategy 10 E. Relationship to other World Bank Projects ................................................................ 10 F. International Finance Corporation .............................................................................. 11 II. PROJECT DEVELOPMENT OBJECTIVES ..............................................................11 A. PDO............................................................................................................................. 11 B. Project Area ................................................................................................................ 12 C. Project Beneficiaries ................................................................................................... 12 D. PDO-Level Results Indicators .................................................................................... 12 III. PROJECT DESCRIPTION ............................................................................................13 A. Project Components .................................................................................................... 13 B. Project Financing ........................................................................................................ 17 C. Project Cost and Financing ......................................................................................... 17 D. Lessons Learned and Reflected in the Project Design ................................................ 17 IV. IMPLEMENTATION .....................................................................................................18 A. Institutional and Implementation Arrangements ........................................................ 18 B. Results Monitoring and Evaluation ............................................................................ 19 C. Sustainability............................................................................................................... 19 V. KEY RISKS ......................................................................................................................20 A. Overall Risk Rating and Explanation of Key Risks .................................................... 20 VI. APPRAISAL SUMMARY ..............................................................................................22 A. Economic and Financial Analysis ............................................................................... 22 B. Technical ..................................................................................................................... 25 C. Financial Management ................................................................................................ 27 D. Procurement ................................................................................................................ 28 E. Social (including Safeguards) ..................................................................................... 29 F. Environment (including Safeguards) .......................................................................... 30 G. Citizen/Client Engagement Mechanism ..................................................................... 31 H. World Bank Grievance Redress .................................................................................. 31 Annex 1: Results Framework and Monitoring .........................................................................32 Annex 2: Detailed Project Description .......................................................................................43 Annex 3: Implementation Arrangements ..................................................................................64 Annex 4: Implementation Support Plan ....................................................................................87 Annex 5: Country Financial And Entrepreneurship Support Ecosystem ..............................89 Annex 6: Project Stakeholder Consultations ..........................................................................110 . PAD DATA SHEET Kingdom of Morocco Financing Innovative Startups and SMEs Project (P150928) PROJECT APPRAISAL DOCUMENT . MIDDLE EAST AND NORTH AFRICA 0000009282 Report No.: PAD1362 . Basic Information Project ID EA Category Team Leader(s) P150928 F - Financial Intermediary Randa Akeel Assessment Lending Instrument Fragile and/or Capacity Constraints [ ] Investment Project Financing Financial Intermediaries [ x ] Series of Projects [ ] Project Implementation Start Date Project Implementation End Date 10-March-2017 30-April-2023 Expected Effectiveness Date Expected Closing Date 20-June-2017 31-Dec-2023 Joint IFC No Senior Global Practice Practice Manager/Manager Country Director Regional Vice President Director Marie Francoise Marie- Jean Pesme Ceyla Pazarbasioglu Hafez Ghanem Nelly . Borrower: Kingdom of Morocco Responsible Agency: La Caisse Centrale de Garantie Contact: Taoufiq Lahrach Title: Secretary General Telephone No.: +212 5 37 71 68 68 Email: [email protected] . Project Financing Data(in US$, millions) [ X ] Loan [ ] IDA Grant [ ] Guarantee [ ] Credit [ ] Grant [ ] Other Total Project Cost: 50.00 Total Bank Financing: 50.00 Financing Gap: 0.00 . i Financing Source Amount Borrower 0.00 International Bank for Reconstruction and Development 50.00 Total 50.00 . Expected Disbursements (in US$, millions) Fiscal Year 2017 2018 2019 2020 2021 2022 2023 2024 0000 0000 Annual 25.00 15.00 10.00 00.00 0.00
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