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International Development Association Report No: PAD3415 Public Disclosure Authorized INTERNATIONAL DEVELOPMENT ASSOCIATION PROJECT APPRAISAL DOCUMENT ON A PROPOSED CREDIT IN THE AMOUNT OF SDR 62.7 MILLION (US$86 MILLION EQUIVALENT) Public Disclosure Authorized TO THE THE REPUBLIC OF MALAWI FOR A FINANCIAL INCLUSION AND ENTREPRENEURSHIP SCALING PROJECT August 3, 2020 Public Disclosure Authorized Finance, Competitiveness and Innovation Global Practice Africa Eastern and Southern 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 May 31, 2020 Currency Unit = Malawi Kwacha (MWK) US$1 = MK 736.1 US$1 = SDR 0.72885235 FISCAL YEAR July 1 – June 30 Regional Vice President: Hafez M. H. Ghanem Country Director: Mara K. Warwick Regional Director: Asad Alam Practice Manager: Niraj Verma Task Team Leaders: Efrem Zephnath Chilima, Randa Akeel ABBREVIATIONS AND ACRONYMS ADF African Development Fund AGCOM Agriculture Commercialization AfDB African Development Bank AS Advisory Service(s) ATS Automated Trading System BDS Business Development Service(s) CAT-DDO Catastrophe Deferred Drawdown Option CEO Chief Executive Officer CPF Country Partnership Framework CSD Central Securities Depository CUCI COVID-19 Urban Cash Initiative DFI Development Finance Institution DFS Digital Financial Services E&S Environmental and Social ELA Emergency Liquidity Assistance ESMS Environmental and Social Management System ESS Environmental and Social Standards EU European Union FA Financing Agreement FInES Financial Inclusion and Entrepreneurship Scaling Project FM Financial Management FSAP Financial Sector Assessment Program FSDS Financial Sector Development Strategy FSTAP Financial Sector Technical Assistance Project GAVI Global Alliance for Vaccines and Immunization GBV Gender-based violence GCF Green Climate Fund GDP Gross Domestic Product GHI Global Hunger Index GRM Grievance Redress Mechanism GRS Grievance Redress Service HCI Human Capital Index HDI Human Development Index ICT Information and Communication Technology IEG Independent Evaluation Group IFC International Finance Corporation IFR Interim Financial Report IPF Investment Project Financing IPDC Internal Procurement and Disposal Committee JET Jobs and Economic Transformation LoC Line of Credit M&E Monitoring and Evaluation MAIIC Malawi Agriculture and Industrial Investment Corporation MCCCI Malawi Confederation of Chambers of Commerce and Industry MFD Maximizing Finance for Development MFI Microfinance Institution MGDS Malawi Growth and Development Strategy MICF Malawi Innovation Challenge Fund MoFEPD Ministry of Finance, Economic Planning and Development MoIT Ministry of Industry and Trade NBM National Bank of Malawi MSMEs Micro, Small, and Medium Enterprises NPL Nonperforming Loan NSFI National Strategy for Financial Inclusion PC Project Coordinator PCG Partial Credit Guarantee PDO Project Development Objective PDU Procurement and Disposal Unit PFI Participating Financial Intermediary PIM Project Implementation Manual PIU Project Implementation Unit PM Project Manager PPSD Project Procurement Strategy for Development PSC Project Steering Committee RBM Reserve Bank of Malawi SACCO Savings and Credit Cooperative SADC Southern Africa Development Community SEP Stakeholder Engagement Plan SMEs Small and Medium Enterprises SMEDI Small and Medium Enterprises Development Institute STEP Systematic Tracking of Exchanges in Procurement TA Technical Assistance TOT Training of Trainers TWG Technical Working Group VC Venture Capital TABLE OF CONTENTS DATASHEET ........................................................................................................................... 2 I. STRATEGIC CONTEXT ...................................................................................................... 8 A. Country Context ............................................................................................................................ 8 B. Sectoral and Institutional Context .............................................................................................. 10 C. Relevance to Higher Level Objectives ............................................................................................. 15 II. PROJECT DESCRIPTION .................................................................................................. 19 A. Project Development Objective ................................................................................................. 19 B. Project Components ................................................................................................................... 20 C. Project Beneficiaries ................................................................................................................... 25 D. Results Chain .............................................................................................................................. 27 E. Rationale for Bank Involvement and Role of Partners ............................................................... 28 F. Lessons Learned and Reflected in the Project Design ................................................................ 28 III. IMPLEMENTATION ARRANGEMENTS ............................................................................ 29 A. Institutional and Implementation Arrangements .......................................................................... 29 B. Results Monitoring and Evaluation Arrangements ......................................................................... 30 C. Sustainability ................................................................................................................................... 31 IV. PROJECT APPRAISAL SUMMARY ................................................................................... 31 A. Technical, Economic and Financial Analysis ................................................................................... 31 B. Fiduciary .......................................................................................................................................... 34 C. Legal Operational Policies ............................................................................................................... 36 D. Environmental and Social ............................................................................................................... 36 V. GRIEVANCE REDRESS MANAGEMENT ............................................................................ 38 VI. KEY RISKS ..................................................................................................................... 39 VII. RESULTS FRAMEWORK AND MONITORING ................................................................... 41 ANNEX 1: Implementation Arrangements and Support Plan .......................................... 49 ANNEX 2: Financial Intermediary Financing ................................................................... 67 ANNEX 3: Building Firm Capabilities .............................................................................. 77 ANNEX 4: Mapping of Business Support Programs in Malawi ......................................... 82 ANNEX 5: Development Finance Institutions in Malawi ................................................. 89 ANNEX 6: Innovative MSME Financing .......................................................................... 92 ANNEX 7: World Bank Group Projects in Malawi Supporting Private Business ................ 94 ANNEX 8: Gender and Human Capital............................................................................ 96 ANNEX 9: Climate Co-Benefits ..................................................................................... 100 ANNEX 10: Financial Outreach/Performance of the Financial institutions .................... 101 Page 1 The World Bank Financial Inclusion and Entrepreneurship Scaling Project (P168577) DATASHEET BASIC INFORMATION BASIC_INFO_TABLE Country(ies) Project Name Malawi Financial Inclusion and Entrepreneurship Scaling Project Project ID Financing Instrument Environmental and Social Risk Classification Investment Project P168577 Moderate Financing Financing & Implementation Modalities [ ] Multiphase Programmatic Approach (MPA) [ ] Contingent Emergency Response Component (CERC) [ ] Series of Projects (SOP) [ ] Fragile State(s) [ ] Performance-Based Conditions (PBCs) [ ] Small State(s) [✓] Financial Intermediaries (FI) [ ] Fragile within a non-fragile Country [ ] 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 25-Aug-2020 30-Sep-2025 Bank/IFC Collaboration No Proposed Development Objective(s) The Project Development Objective (PDO) is to increase access to financial services, promote entrepreneurship and capabilities of MSMEs in Malawi including addressing Coronavirus Disease 2019 (COVID-19) implications. Components Component Name Cost (US$, millions) Page 2 The World Bank Financial Inclusion and Entrepreneurship Scaling Project (P168577) Liquidity Enhancement for MSMEs 65.00 Scaling Entrepreneurship and Building Firm Capabilities 7.50 Enhancing the Enabling Environment for Supporting the Financial Inclusion
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