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World Bank Document Document of The World Bank Public Disclosure Authorized Report No: ICR00001407 IMPLEMENTATION COMPLETION AND RESULTS REPORT (IBRD-48270) ON A Public Disclosure Authorized LOAN IN THE AMOUNT OF US$150 MILLION TO UKRAINE FOR THE ACCESS TO FINANCIAL SERVICES PROJECT Public Disclosure Authorized JUNE 22, 2010 Private and Financial Sector Development Department ECCU2 Unit Europe and Central Asia Region Public Disclosure Authorized CURRENCY EQUIVALENTS Currency Unit = Ukrainian Hryvnia (UAH) Exchange Rate at ICR, April 12, 2010 US$1= UAH 7.9197 Exchange Rate at Appraisal, February 8, 2006 US$1= UAH 5.05 FISCAL YEAR January 1 – December 31 ABBREVIATIONS AND ACRONYMS APL Adaptable Program Loan AFSP Access to Financial Services Project BSMC Bank Selection and Monitoring Commission CAS Country Assistance Strategy CPS Country Partnership Strategy DPL Development Policy Loan ECSSD ECA Environmentally and Socially Sustainable Development Unit ECSPF ECA Private and Financial Sector Development Unit EDP Export Development Project FDI Foreign Direct Investment FIL Financial Intermediary Loans FM Financial Management FMR Financial Management Report GDP Gross Domestic Product ICR Implementation Completion and Results Report ISR Implementation Status Report IT/MIS Information Technology/Management Information Systems MoF Ministry of Finance NBFI Non-Bank Financial Institutions NBU National Bank of Ukraine NPL Non Performing Loan OM Operations Manual PAD Project Appraisal Document PDO Project Development Objective PB Participating Bank PMU Project Management Unit PPF Project Preparation Facility QER Quality Enhancement Review RSME Rural and Small and Medium-Size Enterprises SCRFSM State Commission for Regulation of Financial Services Markets SCSSM State Commission for Securities and Stock Market SLA Subsidiary Loan Agreement SME Small and Medium-Size Enterprises SMI State Mortgage Institution SNG Sub-national Government TA Technical Assistance TOR Terms of Reference UAH Ukrainian Hryvnia (currency) At ICR Time At Project Approval Vice President: Philippe H. Le Houerou Shigeo Katsu Country Director: Martin Raiser Paul G. Bermingham Sector Manager: Lalit Raina Gerardo Corrochano Project Team Leader: Alexander Pankov Hormoz Aghdaey ICR Team Leader: Marius Vismantas ICR Primary Author: Vinod K. Goel UKRAINE Access to Financial Services Project CONTENTS Data Sheet A. Basic Information B. Key Dates C. Ratings Summary D. Sector and Theme Codes E. Bank Staff F. Results Framework Analysis G. Ratings of Project Performance in ISRs H. Restructuring I. Disbursement Graph A. Basic Information ...................................................................................................... i B. Key Dates .................................................................................................................. i C. Ratings Summary ...................................................................................................... i D. Sector and Theme Codes ........................................................................................... ii E. Bank Staff ................................................................................................................... ii F. Results Framework Analysis ...................................................................................... ii G. Ratings of Project Performance in ISRs .................................................................. iv H. Restructuring (if any) ............................................................................................... iv I. Disbursement Profile ................................................................................................ iv 1. Project Context, Development Objectives and Design ............................................... 1 2. Key Factors Affecting Implementation and Outcomes .............................................. 5 3. Assessment of Outcomes ............................................................................................ 9 4. Assessment of Risk to Development Outcome ......................................................... 12 5. Assessment of Bank and Borrower Performance ..................................................... 12 6. Lessons Learned ....................................................................................................... 14 7. Comments on Issues Raised by Borrower/Implementing Agencies/Partners .......... 15 Annex 1. Project Costs and Financing .......................................................................... 16 Annex 2. Outputs by Component ................................................................................. 17 Annex 3. Economic and Financial Analysis ................................................................. 18 Annex 4. Bank Lending and Implementation Support/Supervision Processes ............ 19 Annex 5. Beneficiary Survey Results ........................................................................... 21 Annex 6. Stakeholder Workshop Report and Results ................................................... 22 Annex 7. Summary of Borrower's ICR and/or Comments on Draft ICR ..................... 23 Annex 8. Comments of Co-financiers and Other Partners/Stakeholders ...................... 33 Annex 9. Financial Performance of Participating Banks .............................................. 34 Annex 10. Distribution of Loans by Region, Sector, and Loan & RSME Size ............ 36 Annex 11. List of Supporting Documents .................................................................... 37 MAP .............................................................................................................................. 38 A. Basic Information Access to Financial Country: Ukraine Project Name: Services Project Project ID: P076553 L/C/TF Number(s): IBRD-48270 ICR Date: 08/16/2010 ICR Type: Core ICR Lending Instrument: APL Borrower: UKRAINE Original Total USD 150.0M Disbursed Amount: USD 17.4M Commitment: Revised Amount: USD 17.4M Environmental Category: F Implementing Agencies: Ministry of Finance Ministry of Finance Cofinanciers and Other External Partners: B. Key Dates Revised / Actual Process Date Process Original Date Date(s) Concept Review: 06/06/2002 Effectiveness: 07/12/2007 07/12/2007 Appraisal: 01/31/2006 Restructuring(s): Approval: 06/22/2006 Mid-term Review: 04/30/2009 Closing: 06/30/2010 06/30/2010 C. Ratings Summary C.1 Performance Rating by ICR Outcomes: Unsatisfactory Risk to Development Outcome: High Bank Performance: Moderately Unsatisfactory Borrower Performance: Moderately Unsatisfactory C.2 Detailed Ratings of Bank and Borrower Performance (by ICR) Bank Ratings Borrower Ratings Quality at Entry: Unsatisfactory Government: Moderately Satisfactory Implementing Moderately Quality of Supervision: Satisfactory Agency/Agencies: Unsatisfactory Overall Bank Moderately Overall Borrower Moderately Performance: Unsatisfactory Performance: Unsatisfactory i C.3 Quality at Entry and Implementation Performance Indicators Implementation QAG Assessments Indicators Rating Performance (if any) Potential Problem Project Quality at Entry No None at any time (Yes/No): (QEA): Problem Project at any Quality of No None time (Yes/No): Supervision (QSA): DO rating before Moderately Closing/Inactive status: Unsatisfactory D. Sector and Theme Codes Original Actual Sector Code (as % of total Bank financing) Banking 95 95 Central government administration 1 1 Non-compulsory pensions, insurance and contractual 1 1 savings Sub-national government administration 3 3 Theme Code (as % of total Bank financing) Regulation and competition policy 20 20 Rural markets 40 40 Small and medium enterprise support 40 40 E. Bank Staff Positions At ICR At Approval Vice President: Philippe H. Le Houerou Shigeo Katsu Country Director: Martin Raiser Paul G. Bermingham Sector Manager: Lalit Raina Gerardo M. Corrochano Project Team Leader: Marius Vismantas Hormoz Aghdaey ICR Team Leader: Marius Vismantas ICR Primary Author: Vinod K. Goel F. Results Framework Analysis Project Development Objectives (from Project Appraisal Document) The objective of the APL program is to help increase the contribution of financial markets to economic growth through the prov ision of limited long term finance for rural small and medium enterprises (RSMEs); and institu tional development finance that can ii play a catalyst ro le in develop ment of skills, s ervices and re spective marke t infrastructure. This project (APL1) aim s to increase access to financial services in rural areas, specifically for RSMEs. Revised Project Development Objectives (as approved by original approving authority) (a) PDO Indicator(s) Original Target Formally Actual Value Values (from Revised Achieved at Indicator Baseline Value approval Target Completion or documents) Values Target Years Indicator 1 : Percentage increase in the number of RSME clients of PBs Value quantitative or 4,500 10,000 Qualitative) Date achieved 12/31/2006 06/30/2010 Comments (incl. % achievement) (b) Intermediate Outcome Indicator(s) Original Target Actual Value Formally Values (from Achieved at Indicator Baseline Value Revised approval Completion or Target Values documents) Target Years Indicator 1 : Increase in total volume of longer-term finance extended by PBs to RSMEs Value (quantitative US$450 million US$825 million or Qualitative) Date achieved 12/31/2005 06/30/2010 Comments (incl. % achievement) Indicator 2 : Legislation for new financial services introduced Value 8 (one per year (quantitative 4 2007 on) or Qualitative) Date achieved
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