document of the world bankdocuments.worldbank.org/curated/en/... · iyf international youth...

Document of

The World Bank

Report No.: ICR00003647

IMPLEMENTATION COMPLETION AND RESULTS REPORT (TF-15010)

ON A

TRUST FUND GRANT

IN THE AMOUNT OF US$0.6 MILLION

TO THE

CENTER OF ARAB WOMEN FOR TRAINING AND RESEARCH

FOR A

ENHANCING MICROFINANCE AMONGST WOMEN AND YOUTH IN MENA

January 16, 2016

Finance and Markets Global Practice Middle East and North Africa

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

CURRENCY EQUIVALENTS

(Exchange Rate Effective January 5, 2016) Currency Unit = Tunisian Dinars (TND)

TND 2.05 = US$1 US$1.00 = TND 2.05

FISCAL YEAR 2016

ABBREVIATIONS AND ACRONYMS

ABA Alexandria Business Association AMC Associations de Micro-Crédit BAM Bank Al-Maghrib BDS Business Development Services CAWTAR Center of Arab Women for Training and Research CGAP Consultative Group to Assist the Poor CMVI Centre Mohammed VI Pour la Microfinance Solidaire CPS Country Partnership Strategy EAP East Asia and the Pacific ECA Eastern Europe and Central Asia ED Executive Director FM Financial Management IBRD International Bank of Reconstruction and Development IC Individual Consultants IDA International Development Association

GIZ German Agency for International Cooperation (Deutsche Gesellschaft für Internationale Zusammenarbeit)

IFC International Finance Corporation IMF International Monetary Fund ISN Interim Strategy Note ISR Implementation Status and Results Report IYF International Youth Foundation MDTF Multi-donor Trust Fund MENA Middle East and North Africa M&E Monitoring and Evaluation MFI Microfinance Institution MSME Micro, Small, and Medium Enterprise NGO Nongovernmental Organization PDO Project Development Objective PIU Project Implementation Unit TOT Training of Trainers SME Small and Medium-Sized Enterprises TA Technical Assistance TF Trust Fund TTL Task Team Leader WBG World Bank Group

Senior Global Practice Director: Gloria M. Grandolini

Practice Manager at time of ICR preparation Aurora Ferrari Practice Manager at time of ICR completion Jean Pesme

Project Team Leader: Peter McConaghy and Teymour Abdel Aziz ICR Team Leader: Peter McConaghy

MIDDLE EAST AND NORTH AFRICA Enhancing Microfinance Amongst Women and Youth in MENA Project

TABLE OF 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

1. Project Context, Development Objectives and Design ............................................... 1 2. Key Factors Affecting Implementation and Outcomes .............................................. 9 3. Assessment of Outcomes .......................................................................................... 18 4. Assessment of Risk to Development Outcome ......................................................... 26 5. Assessment of Bank and Borrower Performance ..................................................... 26 6. Lessons Learned ....................................................................................................... 28 7. Comments on Issues Raised by Borrower/Implementing Agencies/Partners .......... 29 Annex 1. Project Costs and Financing .......................................................................... 30 Annex 2. Outputs by Component ................................................................................. 31 Annex 3. Economic and Financial Analysis ................................................................. 32 Annex 4. Grant Preparation and Implementation Support/Supervision Processes ....... 34 Annex 5. Beneficiary Survey Results ........................................................................... 36 Annex 6. Stakeholder Workshop Report and Results ................................................... 38 Annex 7. Summary of Borrower's ICR and/or Comments on Draft ICR ..................... 39 Annex 8. Comments of Cofinanciers and Other Partners/Stakeholders ....................... 45 Annex 9. List of Supporting Documents ...................................................................... 46

MAP

A. Basic Information

Country: Middle East and North Africa (MENA)

Project Name:

MNXTA: Enhancing Microfinance Amongst Women and Youth in MENA

Project ID: P144655 L/C/TF Number(s): TF-15010

ICR Date: 11/20/2015 ICR Type: Core ICR

Lending Instrument: Technical Assistance Loan

Grantee: Center of Arab Women for Training and Research (CAWTAR)

Original Total Commitment:

US$0.60 million Disbursed Amount: US$0.60 million

Revised Amount: US$0.60 million

Environmental Category: C

Implementing Agencies: CAWTAR

Cofinanciers and Other External Partners: B. Key Dates

Process Date Process Original Date Revised / Actual

Date(s)

Concept Review: 12/27/2012 Effectiveness: 06/26/2013 08/23/2013

Appraisal: 03/14/2013 Restructuring(s): – 09/24/2014

Approval: 06/18/2013 Mid-term Review: 05/11/2014 07/05/2014

Closing: 12/31/2014 06/30/2015 C. Ratings Summary C.1 Performance Rating by ICR

Outcomes: Satisfactory

Risk to Development Outcome: Substantial

Bank Performance: Satisfactory

Grantee Performance: Satisfactory

C.2 Detailed Ratings of Bank and Borrower Performance (by ICR) Bank Ratings Borrower Ratings

Quality at Entry: Satisfactory Government: Satisfactory

Quality of Supervision: Satisfactory Implementing Agency/Agencies:

Satisfactory

Overall Bank Performance:

Satisfactory Overall Borrower Performance:

Satisfactory

C.3 Quality at Entry and Implementation Performance Indicators

Implementation Performance

Indicators QAG Assessments (if

any) Rating

Potential Problem Project at any time (Yes/No):

No Quality at Entry (QEA):

None

Problem Project at any time (Yes/No):

No Quality of Supervision (QSA):

None

DO rating before Closing/Inactive status:

Satisfactory

D. Sector and Theme Codes

Original Actual

Sector Code (as % of total Bank financing)

Microfinance 100 80

Small, medium-sized enterprise (SME) Finance - 20

Theme Code (as % of total Bank financing)

Financial Consumer Protection and Financial Literacy 30 30

Micro, Small and Medium-sized Enterprises (MSMEs) support

40 40

Other Financial Sector Development 30 30 E. Bank Staff

Positions At ICR At Approval

Vice President: Hafez M. H. Ghanem Inger Andersen

Country Director: Marie Francoise Marie-Nelly Neil Simon M. Gray

Practice Manager/Manager: Aurora Ferrari/Jean Pesme Simon C. Bell

Project Team Leader: Teymour Abdel Aziz/Peter McConaghy

Teymour Abdel Aziz/Peter McConaghy

ICR Team Leader: Peter McConaghy Peter McConaghy

ICR Primary Author: Peter McConaghy Peter McConaghy F. Results Framework Analysis

Project Development Objectives (from Project Appraisal Document)The objective of the project was to enhance microfinance access and usage amongst women and youth in Morocco, Tunisia, and Egypt.

Revised Project Development Objectives (as approved by original approving authority) n.a. (a) PDO Indicator(s)

Indicator Baseline Value

Original Target Values (from

approval documents)

Formally Revised

Target Values

Actual Value Achieved at

Completion or Target Years

Indicator 1: % increase of women and youth project beneficiaries with access to financial services (credit, savings, or other)

Value Quantitative or Qualitative)

2.65% 7.65% – 8.65%

Date achieved 08/26/2013 06/30/2015 – 06/30/2015 Comments (incl. % achievement)

Target exceeded. Target 113% achieved.

Indicator 2: % of project beneficiaries that report demand-side analysis has allowed them to expand financial access to women and youth through products, services, or related investments

Value (Quantitative or Qualitative)

0 60% – 80%

Date achieved 08/28/2013 06/30/2015 – 05/29/2015

Comments (incl. % achievement)

Target exceeded. 80% of project beneficiaries reported that the demand-side analysis has allowed them to expand financial access to women and youth through products, services, and related investments. Target 130% achieved

Indicator 3: % increase in beneficiaries reporting having the know-how to make responsible financial choices for themselves and their families; participants may report increased access/usage of financial services


0 5% – 27%

Date achieved 08/28/2013 06/30/2015 – 03/30/2015


Target exceeded. The CAWTAR saw a 27% increase in the number of beneficiaries reporting having a financial objective and employing tools such as budgeting, savings, and financial negotiation to achieve these objectives Target 540% achieved.

Indicator 4: % increase in outstanding loan portfolio targeted to women and youth for participating microfinance institutions (MFIs)


0 5% – Not Collected

Date achieved 08/26/2013 06/30/2015 – – Comments (incl. % achievement)

The CAWTAR completed a rapid response survey among financial institutions soliciting this information. Responses received indicated that the work of the project supported the provision of financial service to women and youth

Indicator 5: Number of changes to operational and strategic policies that enhance efficiency and outreach to women and youth based on knowledge exchanges for participating MFIs


0 9 – 5

Date achieved 08/28/2013 06/30/2015 – 05/15/2015


Target partially achieved. Repeated qualitative evidence gathered from the project indicates that over half of the MFIs and financial institutions participating in knowledge exchange workshops launched or modified policies aimed at promoting financial inclusion among women and youth

(b) Intermediate Outcome Indicator(s)

Indicator Baseline Value

Original Target Values (from

approval documents)

Formally Revised Target

Values

Actual Value Achieved at

Completion or Target Years

Indicator 1: Demand-side report published Value (Quantitative or Qualitative)

No Yes – Yes


Target achieved. Tunisia Digital Finance Study.

Indicator 2: Number of analytical notes published Value (Quantitative or Qualitative)

0 3 – 4


Target exceeded. The project produced four high quality analytical products: (a) Tunisia Financial Inclusion Diagnostic, (b) MENA Financial Inclusion Landscape Analysis, (c) Tunisia Financial Education Diagnostic, and (d) Digital Finance Study.

Indicator 3: Demand-side report published (Binary - Yes/No) Value (Quantitative or Qualitative)

No Yes – Yes


Target achieved. The dissemination of the Tunisia Digital Finance Study was completed on April 16, 2015.

Indicator 4: Number of people reached with dissemination campaign Value (Quantitative or Qualitative)

0 5,000 – 4,000

Date achieved 08/17/2013 06/30/2015 – 06/30/2015


Target partially achieved. Indicator was 80% achieved, although existing web pages and dissemination pieces are still active and thus indicator is expected to be met over time.

Indicator 5: Number of women and youth who completed classroom-based financial literacy training (50% micro-entrepreneurs).


0 600 – 1,192


Target exceeded. 1,192 beneficiaries were trained through the program, 70% of whom were women. 512 micro-businesses were supported through the project.

Indicator 6: Number of women and youth who have completed financial literacy modules via e-learning (% micro-entrepreneurs).


0 900 – 645


Target partially achieved. It is estimated that 645 women and youth beneficiaries completed financial literacy modules through e-learning.

Indicator 7: Number of trainers trained within MFIs and other participating financial institutions. Value (Quantitative or Qualitative)

0 120 – 120


Target achieved. 120 trainers were trained.

Indicator 8: Number of training of trainers (TOT) sessions held Value (Quantitative or Qualitative)

0 5 – 7


Target exceeded. 7 TOT sessions were held. Target 140% achieved.

Indicator 9: Number of MFIs that have participated in knowledge exchange workshops Value (Quantitative or Qualitative)

0 9 – 9


Target achieved. 9 MFIs including 40 credit agents. Target 100% achieved.

G. Ratings of Project Performance in ISRs

No. Date ISR Archived

DO IP Actual Disbursements

(US$, millions) 1 11/02/2013 Moderately Satisfactory Satisfactory 0.00 2 03/15/2014 Satisfactory Satisfactory 0.12 3 10/22/2014 Satisfactory Satisfactory 0.31 4 03/03/2015 Satisfactory Satisfactory 0.42

H. Restructuring (if any)

Restructuring Date(s)

Board Approved PDO

Change

ISR Ratings at Restructuring

Amount Disbursed at

Restructuring in US$, millions

Reason for Restructuring & Key Changes Made

DO IP

09/24/2014 S S 0.24

The project benefited from a six-month extension to allow the CAWTAR to finalize a large mobile banking study which was launched in October 2014 and co-financed through the MENA Regional MSME technical assistance (TA) facility. It also allowed the CAWTAR to more effectively deliver on South-South learning events under Component 3 of the project South-South Learning and Training of Key Microfinance Institutions.

I. Disbursement Profile

1

1. Project Context, Development Objectives and Design

1.1 Context at Appraisal

Regional Background

1. The project was prepared during a period when policymakers across the Middle East and North Africa (MENA) region were grappling with the economic and social instability caused by the Arab Spring revolutions. In early 2011, Tunisia and Egypt experienced an unprecedented popular uprising, driven largely by underlying social disparities, allegations of corruption against the governments, and broad frustration with lack of employment opportunities. Protests swept Tunisia in December 2010 and January 2011, which culminated in the ousting of the then sitting president, Ben Ali, and his regime, after 23 years in power.

2. The Egyptian revolution began on January 25, 2011 in response to similar calls for anticorruption, transparency, and economic and social inclusion. Millions of protesters from a range of socioeconomic and religious backgrounds demanded the overthrowing of the Egyptian president, Hosni Mubarak. Mubarak resigned in February 2011, turning power over to the Supreme Council of the Armed Forces. This was followed by a period of significant instability and a series of provisional governments, first led by the Muslim Brotherhood, which encountered opposition from secularists and the military. On July 03, 2013, Morsi was deposed by a coup d'état, led by the minister of defense, General Abdel Fattah El-Sisi, who was eventually elected president in a 2014 election.

3. While the Arab Spring did not result in a direct revolution in Morocco, it put real pressure on the Moroccan state for democratic change. In March 2011, Mohammed VI proposed a package of constitutional reforms that garnered the support of the electorate in a referendum held on July 1, 2011. The 2011 Constitution introduced a new institutional model based on separate, balanced, and complementary powers. The primary changes were strengthening the role of the parliament in its oversight of the government, elevating the prime minister as the head of government, enhancing the independence of the judiciary, combating corruption through improved access to public services and advancing regional decentralization of governance.

4. Political and social transitions in MENA placed significant pressure on economic growth and stability in the region. When the project was prepared, unemployment levels in MENA were above those of all other regions. Youth unemployment stood at approximately 25 percent. Two out of three people in the region are under 30 years old and youth make up one-third of the working age population. In Egypt and Tunisia, unemployment in 2013 increased about four percentage points from before the Arab Spring1 (see figure 1). Economies across the region were characterized by high levels of informality—in no MENA country did the formal private sector employ more than 20 percent of workers.

5. With regard to the region’s macroeconomic outlook, with the exception of Libya, fiscal deficits worsened significantly in all the transition economies since 2010. Distortions were inflated due to rising expenditures on fuel subsidies and significant expansion in public sector

1 Data taken from: MENA Monitor No. 3. World Bank, 2013, and the International Monetary Fund statistics

2

expenditures. Current account positions also deteriorated, with government debt up 4–12 percentage points on average between 2011 and 2013. In Egypt, domestic investment fell (to 16.7 percent of gross domestic product) as did foreign direct investment (0.8 percent of gross domestic product) in FY12, which contributed to a widening fiscal deficit. Banks opted for purchasing less risky, high-yield government bonds and treasury bills. Credit to the government-to-total credit reached 63 percent in June 2013, while credit to the private sector credit dropped to 27 percent, as compared to 58 percent and 32 percent in June 2012 (figure 2).

Figure 1. Select MENA Unemployment and Labor Force Participation Statistics (Project Preparation Period)

Source: International Monetary Fund and International Labour Organization data 2010.

Sector Background

6. A critical challenge in the aftermath of the Arab Spring revolutions was determining how the financial sector can work better for the poor, youth, and small businesses in MENA. Underdeveloped banking infrastructure, including outdated collateral regimes, weak banking competition, and flaws in the institutional and legal framework governing nonbank financial institutions, contributed to limited access in the region. Countries in the region have large banking systems and some of the highest rates of credit concentration in the world. The top 20 exposures

Figure 2. Egypt - Credit to Government and Private Sector-to-Total Credit

Source: Central Bank of Egypt (2013).

20%

30%

40%

50%

60%

70%

Feb‐06

Jun‐06

Oct‐06

Feb‐07

Jun‐07

Oct‐07

Feb‐08

Jun‐08

Oct‐08

Feb‐09

Jun‐09

Oct‐09

Feb‐10

Jun‐10

Oct‐10

Feb‐11

Jun‐11

Oct‐11

Feb‐12

Jun‐12

Oct‐12

Feb‐13

Jun‐13

Government Private Sector

3

to total equity stood at 242 percent in 2011, reflecting the focus of banks on large enterprises.2 Only 8 percent of total bank loans go to small and medium enterprises (SMEs) in MENA, although this figure ranges widely from 24 percent in Morocco to 2 percent in the Gulf Cooperation Council. The total estimated financing gap for micro, small and medium enterprises (MSMEs) in MENA is US$320–390 billion.

7. At the household level, the Arab world suffers from one of the highest levels of financial exclusion in the world. According to Findex data released in 2011, MENA was well below developing world averages with regard to account penetration (17 percent vs. 43 percent), with a large gender gap in account ownership (23 percent vs. 13 percent). In addition to significant access barriers, usage of financial services is very low. 17 percent of adults report not accessing their accounts in a typical month. There is comparatively little formal savings behavior in MENA. Only 23 percent of account holders in MENA use their account to save. Among youth, only 1 percent saved at a formal financial institution in 2011 (see figure 3).

Figure 3. Financial Inclusion in MENA

Source: Select Findex Data (2012)

8. Microfinance markets in the region were operating well below potential. Lending by microfinance providers in 2011 reached only 1.8 percent of the adult population, half the proportion in South Asia or Latin America and the Caribbean. Even in Morocco, the country that has made most progress in developing the industry, microcredit loans barely exceeded 1 percent of total bank credit (in amount) compared to 7 percent in Latin America and the Caribbean and 5 percent in Africa.

9. Low levels of microfinance penetration in the MENA region can be attributed to deficient regulation, underdeveloped financial infrastructure, limited product offerings by

2 World Bank. 2011. Financial Access and Stability: A Road Map to Financial Access in the Middle East and North Africa.

0 20 40 60 80 100

Kuwait

Oman

Qatar

Bahrain

United Arab Emirates

Saudi Arabia

Morocco

Lebanon

Algeria

Tunisia

Jordan

Syrian Arab Republic

West Bank and Gaza

Djibouti

Iraq

Egypt, Arab Rep.

Yemen, Rep.

Account at a formal financial institution (age 15+)

Developing High income

4

microfinance institutions (MFIs), and low levels of financial literacy. Certain MFIs do not have access to credit registries or credit bureaus and have not been integrated into the formal credit information system. Credit assessment and risk management techniques tend to be outdated, implying that lenders often have to rely on collateral that is expensive to register and may not be readily enforceable. A few countries have introduced legislation that allows for other legal forms of microfinance providers, such as finance companies or banks. Microsavings are offered on a very limited scale in the region and are found only in West Bank and Gaza, Syria, and Yemen, and are only offered by a few institutions. In addition, Islamic financing instruments comprise only a small fraction of microfinance supply. Indonesia, Bangladesh, and Afghanistan (none of which are in MENA) account for 80 percent of the global outreach of Islamic microfinance. There is a significant shortage of demand-side research that analyzes why the demand, usage, and access to microfinance services remain low.

10. Existing evidence in the region suggested that financial capability was an important barrier preventing people across the region from accessing and using the formal financial system. A national Financial Capability Survey, completed in 2013 in Morocco, found that adults were able to answer an average of three out of seven questions assessing basic numeracy skills and knowledge of financial concepts. In recent years, the MENA region has seen a variety of programs launched by financial service providers, public authorities, and nongovernmental organizations (NGOs). However, little knowledge had been shared across the region regarding the efficiency or impact of such programs in fostering improved financial behavior, in better protecting clients, or in increasing usage of formal financial services. Similarly, programs were often piloted independent of each other, with little cross-country knowledge sharing to inform best practices and to leverage existing resources.

Box 1. Microfinance and Gender

Microfinance is considered a successful example of gender-inclusive development. Globally, 75 percent of more than 204 million customers served by MFIs are women, including 82 percent of the 137.5 million poorest clients (Microcredit Campaign Report 2014). Women are viewed as key beneficiaries of MFIs because they are often responsible for the well-being of the family and thus seen as a conduit for conferring income and consumption smoothing benefits to the greatest number of people. Microfinance also supports females’ economic empowerment because it creates opportunities for business expansion and productive investment at the household level, bypassing many socioeconomic barriers that prevent women from participating in the local economy. Qualitative and quantitative studies (for example, those from the international NGO Women’s World Banking) have demonstrated that the access to microfinance services empowers women through an increased likelihood to own assets (land, houses, and so on), greater control over household assets, and an ability to invest and grow in microbusinesses.

An impact evaluation in Morocco3 estimated the effect of a leading MFI in Morocco (Al Amana) opening 60 new branches in sparsely populated rural areas on credit allocation, consumption, and business activity, among others. The main effect of improved access to credit was to expand the scale of existing self-employment activities of households, including both keeping livestock and agricultural activities. The evaluation revealed important limitations to female empowerment in rural areas in Morocco. The studies found that only a small proportion of women borrow in rural areas. Out of those women who borrowed, there was little change with regard to bargaining power in the household, decision making, or mobility between villages. This impact evaluation highlights the significant economic and social challenges low-income women face even when financial services are extended to them. The impact evaluation brings important insights into these challenges and as a result helps policymakers structure more effective interventions.

3 See: Crépon, Devoto, Duflo, and Pariente: Estimating the impact of microcredit on those who take it up: Evidence from a randomized experiment in Morocco. Working Paper. 2014.

5

Rational for Bank Assistance

11. The project was congruent with high-level strategy outlined by the World Bank and the governments of Morocco, Tunisia, and Egypt at the time of preparation. Pillar one of the Country Partnership Strategy for Morocco (FY2010–13) (Report No. 67694-MA), discussed by the Bank’s Board of Executive Directors on January 26, 2010, states that the structural transformation of the Moroccan economy will require a comprehensive and coordinated set of policies in many areas, underpinned by a financial sector that better serves smaller firms and microenterprises. The proposed operation aimed to address the access to finance gaps for households, women, and micro-firms in the Moroccan economy. The Interim Strategy Note (ISN) for Tunisia (FY2013–14) (Report No. 67692-TN), discussed by the Board on July 3, 2012, is organized around three pillars: (a) laying the foundation for renewed sustainable growth and job creation; (b) promoting social and economic inclusion; and (c) strengthening governance, voice, transparency, and accountability. The ISN for Egypt (FY2013–14) (Report No. 66443-EG), discussed by the Board on June 28, 2012, was focused on economic management, jobs, and inclusion. Access to microfinance services promotes growth through providing micro-entrepreneurs capital for productive investment that can lead to employment creation. Microfinance also promotes social and economic inclusion through providing the poor with tools to smooth consumption and manage risk. Thus the intervention was in line with the objectives of the Moroccan, Tunisian, and Egyptian authorities.

12. The project itself was fully aligned with the existing MENA regional strategy in 2012 which focused on (a) governance, (b) economic and social inclusion, (c) private sector-led job creation, and (d) shared and sustainable growth. The project directly supported Pillar two and Pillar three through integrating low-income vulnerable populations into the formal financial sector as a mechanism to promote poverty reduction, welfare management, and employment through micro and small businesses. The trust fund (TF) financing the project was fully aligned with the existing MENA regional strategy.

1.2 Original Project Development Objectives (PDO) and Key Indicators

13. The objective of the project was to enhance microfinance access and usage amongst women and youth in Morocco, Tunisia, and Egypt. This was to be achieved through improving the financial capability4 of women and youth as well as developing tools that enable financial service providers to better serve women and youth segments sustainably. Microfinance access was intended to promote job creation, income generation, and economic inclusion among women and youth in Morocco, Tunisia, and Egypt.

1.3 Revised PDO (as approved by original approving authority) and Key Indicators, and reasons/justification

4 Financial capability is the ability to apply knowledge about financial products and services to take effective actions regarding the current and future management of money. It includes the ability to save, borrow, and spend wisely; to generate stable cash flows; and to manage the challenges associated with costly life cycle events (Staschen and Nelson quoted in New Microfinance Handbook 2013).

6

14. There were no revisions to the original PDO or key indicators.

1.4 Main Beneficiaries

15. As identified in project documents, the project’s beneficiaries fell into three categories. The activities first and foremost benefited low-income women and youth in Egypt, Morocco, and Tunisia who did not have access to formal financial services. These beneficiaries included women and youth micro-entrepreneurs, those who made their living in the informal sector, and those living in areas (rural or urban) not well served by formal financial institutions. The project worked with beneficiaries who are potential future clients of financial institutions as well as those who have micro businesses.

16. Second, the project benefited financial service providers, particularly through South-South learning exchanges and training of key MFIs on topics including financial literacy, building the business case for serving women and youth, and operational efficiency. Third, the project benefited a broad set of stakeholders involved in the microfinance community of practice in MENA, including regional associations (for example, Sanabel), central banks, community and civil society organizations, and research institutions. Findings from the demand analysis and financial tool kit will be made public and will be widely disseminated.

17. The project aimed to build the infrastructure necessary to advance microfinance access to the region as a whole through developing a network of financial literacy trainers, developing financial literacy tool kits, and producing demand-side knowledge that is sought to improve the ability of financial service providers to serve women and youth. Dedicated efforts were made to make outputs (demand-side analysis and the financial literacy tool kit) available to clients and beneficiaries of investment lending projects

1.5 Original Components

18. The project sought to enhance microfinance services amongst women and youth in MENA through (a) completing a demand-side analysis that captures key constraints to accessing and using formal and informal financial services in Egypt, Tunisia, and Morocco (US$168,390); (b) developing and implementing financial literacy modules targeted at youth and women (US$287,400); and (c) improving institutional performance of financial service providers through South-South learning exchanges and training of key MFIs (US$66,000).

Detailed Description

Component 1: Demand-side Analysis of Access to Finance Constraints Amongst Women and Youth

19. This component sought to finance a demand analysis in Egypt, Morocco, and Tunisia consisting of (a) demand-side surveys; (b) focus group discussions; (c) existing household survey analysis; and (d) geographical strata analysis5 that uncovered barriers to accessing

5 Geographical strata analysis: An analysis of the proximity versus access trends between clients and financial service providers within a particular community.

7

and using the formal financial system for women and youth. At the time of project preparation there had been no comprehensive analytical work done on establishing demand-side constraints to microfinance in the MENA region. Key emphasis was to be placed on understanding the financial needs of women and youth and understanding what factors (for example, geographic, gender, economic, and cultural) constrain access and usage of formal financial services. Use of informal financial services was also to be investigated. It was intended that this demand analysis was to help inform a broader Bank MENA microfinance strategy.

Box 2. Development Objective Deep Dive: Using Financial Inclusion Research Insights to Promote Market Systems Development

The project sought to combine existing supply-side analyses (which mainly identified the volume of microfinance activities with new demand-side insight) to inform what interventions are needed to promote access and usage of microfinance services in the MENA region. For example, the demand-side understanding of how financial management (FM) is interwoven with livelihood strategies (risk management, asset building, responding to emergencies) would help understand how to develop microfinance products suitable to the needs of women and youth. Understanding what delivery channels (branchless banking, loan officers in villages, online banking) are most suitable to women and youth will help develop overall operational strategies for MFIs and other financial service providers.

Component 2: Develop and Implement Financial Literacy Modules Targeted to Youth and Women

20. Recognizing that financial literacy remains a key impediment to access to financial services, particularly among women and youth who often face acute socioeconomic challenges, this component sought to develop and implement a financial education tool kit targeted to low-income, unbanked women and youth in Egypt, Morocco, and Tunisia. The tool kit was to be developed for use by MFIs, financial service providers, and related NGOs in Egypt, Morocco, and Tunisia. The project was to conduct training of trainers (TOT) across Morocco, Egypt, and Tunisia, thereby, enhancing market infrastructure required to support financial literacy in the region. In addition to women and youth associations and participating financial institutions, modules were to be disseminated to regulators and government stakeholders. Tool kits’ topics were to include basic numeracy, savings and investment, budgeting, accounting, accessing financial service (including branchless banking), and financial products. The component was to work with leading MFIs (Enda, Alexandria Business Association [ABA]), service providers (Centre Mohammed VI [CMVI] in Morocco, Sanabel), and governments to identify beneficiaries. In addition, the team sought to develop innovative learning tools including the use of videos, pamphlets, and social media outlets as a way to broaden outreach and relevance for women and youth.

Component 3: South-South Learning and Training of Key MFIs

21. This component sought to enhance the capacity of MFIs to effectively serve women and youth through targeted learning exchanges between MFIs in Egypt, Morocco, and Tunisia, and leading MFIs in MENA. Learning exchanges were to focus on operational and strategic investments needed to better serve women and youth with financial services. Learning exchanges were to also focus on integrating financial literacy modules into MFI operations, particularly to better serve women and youth clients. A regional workshop on financial literacy was to be organized, in close coordination with Sanabel, the regional microfinance network for MENA. The workshop was to be an opportunity to disseminate findings of the demand-side survey (Component 1) and to bring together MFIs in the region to participate in peer learning regarding strategies on

8

effectively reaching women and youth. The component was also to organize a TOT session for MFIs and service providers across the region.

1.6 Revised Components

22. There were no revisions to the original design of the components.

1.7 Other significant changes

23. The Center of Arab Women for Training and Research (CAWTAR) had originally intended to complete a large-scale demand-side survey (applying, for example, a nationally representative FinScope methodology) under the first component of the project. It was decided early on during implementation to focus this survey on Tunisia given that Moroccan authorities had recently completed a similar exercise and other sources of donor funding were present for access to finance issues in Egypt.6 Tunisian authorities (Ministry of Finance, Central Bank, Microfinance Regulator) decided it was not the appropriate time to conduct a large-scale demand-side survey given competing priorities. As an alternative, the project advanced on a series of more tailored analytical products that relate to better understanding the perceptions, usage, and barriers to financial services among low-income Tunisians. These products included the following:

Analysis of mobile money and the innovation landscape in Tunisia (analysis of regulatory/legal framework, existing supply and operational models, survey highlighting demand for and use of mobile money, strategy for sector expansion, link to broader development benefits, and so on)

Snapshot of financial inclusion in Tunisia (document summarizing existing financial inclusion data, strengths and weaknesses of the sector, key players, government strategies, and demand-side barriers)

Snapshot of financial education in Tunisia (analysis of existing efforts and players, market gaps, and strategies for sectoral expansion) which will be the basis for the CAWTAR's five year financial education strategy

Analytical summary of qualitative research completed by the CAWTAR (over the past nine months, the CAWTAR has completed over 14 focus group discussions [9 in Tunisia and 5 in Morocco] with over 130 participants examining how low-income women and youth meet their financial needs through a variety of formal and informal financial services. The proposed output will be a brief analytical piece summarizing these findings.)

Video explaining microfinance and development benefits in the Tunisian context with key focus on household level microeconomic support

6 See Morocco Financial Inclusion and Capability Survey. Report: Washington: World Bank, 2014.

9

2. Key Factors Affecting Implementation and Outcomes

2.1 Project Preparation, Design and Quality at Entry

24. Analytical and research work in the sector: The project was informed by recent research work on the microfinance sector utilizing a variety of approaches, including randomized control trials, financial diary research, qualitative focus groups, and analytical studies.7 Impact evaluations have found that while microcredit access is crucial for low-income households to smooth consumption, manage risks, invest productively, and respond to financial shocks, it often has little impact on poverty alleviation.8 Similarly, improved data, for example, global Findex data and FinMark Trust FinScope surveys, have pointed out that despite exponential growth in the microfinance sector, a significant majority of the world’s poor are not served by formal financial services. These research findings have led to a shift in industry thinking away from enhancing MFIs alone toward a focus on better understanding demand-side constraints and client needs. These findings have also acknowledged the need for effective and appropriate supporting functions such as financial literacy and improved analytical data.

25. The project design was informed by extensive consultation with leading operational and research experts on global microfinance. Extensive consultations took place between the Bank team and the Consultative Group to Assist the Poor (CGAP)—an independent policy and research center housed at the Bank in charge of advancing the global financial inclusion agenda through research, learning, and guiding regulation for governments, service providers, donors, and investors. The Bank team also consulted extensively with global technical teams that were leading financial inclusion initiatives as well as researchers within the Financial and Private Sector Development Unit of the Development Economics Research Group.

26. The project’s design further benefited from a three-country appraisal mission which (a) structured the technical design, partnership, and implementation arrangements; (b) conducted an institutional assessment of the CAWTAR (the project’s main implementing agent); and (c) conducted consultations with the microfinance sector in the region through meetings with key government regulators, MFIs, and donors. Key lessons learned from these consultations included the (a) need to draw on existing financial literacy modules and adapt them for regional linguistic, economic, and sociocultural specificities; (b) need to make the demand-side analysis relevant to financial service providers to inform business decisions and overall operations; (c) need for close coordination with active donors in the region and the International Finance Corporation (IFC); and (d) need for consistent communication to key market players in

7 For example, national level FinMark Trust FinScope surveys www.finmark.org.za and Global Findex databases www.data.worldbank.org/data-catalog/financial_inclusion; Also see Financial Access Initiativehttp://financialaccess.org/; Abdul Latif Jameel Poverty Action Lab http://www.povertyactionlab.org/about-j-pal; Innovations for Poverty Action http://poverty-action.org/ 8 See Bauchet, Marhsall, Starita, Thomas, and Yalouris. Latest Findings from Randomized Evaluations of Microfinance. Report. Washington: CGAP, December 2011.

10

the region to avoid duplication of efforts and ensure outputs (financial literacy modules, demand-side surveys) are effectively disseminated accordingly.

Project Design

27. Overall project design was appropriate and customized to the key country context and relevant institutional arrangements in each country. An implementation plan was developed for each country (Egypt, Morocco, and Tunisia) which leveraged local partnerships and other institutional arrangements. The activities outlined were appropriate for budget considerations, technical considerations, and institutional assessments. Components and activities proposed at project design appeared achievable given the resources allocated and implementation horizon. Bank preparation at project design was comprehensive, with project documents, aide memoires, and supporting documentation clearly outlining activities, objectives, implementation arrangements, and supervisory structures that were required to satisfactorily implement the project.

28. The results framework appeared sufficiently robust and achievable. The indicators (see Table 1) were chosen in line with the key development objectives and international best practices with regard to financial inclusion as well as with core pillars of the MENA Multi-donor Trust Fund (MDTF), specifically increasing social and economic inclusion, creating jobs, and accelerating sustainable growth. Because the project was a pilot and the implementing agency was new to the provision of financial education services, the project included relatively easy to measure, observable indicators on first-order outcomes (levels of financial inclusion, self-reported levels of financial capability, percentage of beneficiaries with access to financial services, and so on). One indicator (percentage increase in outstanding loan portfolio targeted at women and youth) was difficult to measure during project implementation and thus could have been reviewed more closely during project preparation. Rapid response surveys were completed at key moments during project implementation to ascertain outcome indicators for Components 1 and 2. These surveys were implemented by the CAWTAR and overseen during project supervision by Bank staff. As a pilot, project implementation was designed to focus on learning in an effort to scale up financial inclusion projects targeted at women and youth. Results indicators were chosen to match, as closely as possible, core sector indicators related to microfinance, including the percentage of beneficiaries with access to financial services and the number of micro businesses served.

Table 1. Project Indicators

Component Project Level Results Indicators MDTF Outcome

Indicators

1. Demand-side Analysis

Demand-side report published (binary)

Guidance notes published (Y/N) Launch event completed

(binary) Number of people reached with

dissemination campaign Video produced (binary)

Percentage of beneficiaries who feel that demand-side analysis allows them to expand financial access to women and youth through products, services, or related investments9

9 Will be captured through a rapid response survey targeted at demand-side analysis beneficiaries including financial service providers, donors, investors, governments, clients, and community groups.

11

Component Project Level Results Indicators MDTF Outcome

Indicators Percentage of women

and youth project beneficiaries with access to financial services (credit, savings, or other)

2. Financial Literacy Modules

Total number of women and youth who have completed financial literacy training (with percentage of micro-entrepreneurs)

Total number of women and youth who have completed financial literacy modules through e-learning (percentage of micro-entrepreneurs)

Total number of beneficiaries reached with dissemination campaign

Percentage of beneficiaries reporting having the know-how to make responsible financial choices for themselves and their families; participants may report increased access and usage of financial services

3. South-South Learning and Training of MFIs

Number of MFIs that have participated in knowledge exchange workshops by Setpember 2014 (number of beneficiaries)

Number of trainers trained within MFIs

Number of changes to operational and strategic policies that enhance efficiency and outreach to women and youth based on knowledge exchanges for participating MFIs

Increase in outstanding loan portoflio targeted at women and youth among participating MFIs

12

Figure 4. Project Intervention Framework

29. The project’s institutional arrangements reflected a clear understanding of the institutional capacity of the implementing agency, the CAWTAR. While the CAWTAR was the primary implementing agency for the project, technical support was built into the project design in the form of an independent senior advisor and technical consultants. Similarly, partnerships were outlined during project preparation to leverage resources and address potential capacity constraints of the CAWTAR (see section 2.2 for more detail). The CAWTAR directly hired and supervised all consultants, in conjunction with the Bank team that provided strategic advice during project implementation.

30. Country and sector risks. A complete institutional, procurement, and FM assessment was completed during project appraisal. The overall risk rating was deemed Moderate. The institutional expertise and past experience of the CAWTAR in successfully managing Bank and other donor projects as well as the extensive consultation with project partners helped minimize substantial project and stakeholder risks. The relative geographic complexity of the project was highlighted as a risk during project preparation (three countries and relatively short implementation period). However, it was noted that the existing NGO and civil society networks of the CAWTAR in Tunisia, Egypt, and Morocco as well as effective project management, consistent and timely reporting, and proactive identification of challenges could help ensure those risks are minimized. At the sectoral level, access to finance challenges were well understood in the region and key players (authorities, MFIs, banks, financial literacy training providers) were consulted during project preparation. Thus sectoral risk was considered Moderate.

2.2 Implementation

31. The project became effective on August 23, 2013 upon the CAWTAR, the beneficiary, countersigning the grant agreement. The project had an 18-month implementation period and was expected to close in January 2015. The project was financed by the MENA MDTF.

Demand-side analysis

Tunisia Financial Inclusion Snapshot; Tunisia Financial Education Diagnostic, Digital Finance Study, regional workshop on financial education (April 2015)

Interventions for vulnerable populations

(women/youth) Financial literacy program

Supporting economic resilience and employability

of women and youth

Tunisia Digital Finance Study; National Steering Committee on Digital Finance; Policy Dialogue with Central Bank

Digital Finance Study, Policy Dialogue, and

technical assistance (TA) to Central Bank of Tunisia

Regulatory and legal reform

Analytical work and knowledge to inform

policy

13

32. Project implementation was completed over 24 months and was conducted through three primary phases:

September 2013–February 2014. Investment in preparation for delivery of activities and launch of large work streams. This included (a) finalizing partnership accords with key partners in Tunisia (Enda, the International Youth Foundation [IYF]), Morocco (CMVI), and Egypt (Sanabel); (b) hiring a senior advisor (Alice Negre) to provide strategic guidance throughout project implementation; (c) completing a qualitative study analyzing barriers to accessing and using the formal financial system for women and youth in Morocco, Tunisia, and Egypt (Component 1); (d) implementing TOT sessions to develop a network of young financial educators in Tunisia (Component 2); (e) organizing South-South learning exchanges between MFIs in Egypt, Morocco, and Tunisia (Component 3); and (f) developing and testing a monitoring and evaluation (M&E) system to track trainers and women and youth beneficiaries.

February 2014–December 2015. Scaling up of key project activities including financial literacy activities in Tunisia, Morocco, and Egypt through a variety of partnerships with key institutions in Tunisia (Enda, IYF, Bureau d'Emploi), Morocco (CMVI), and Egypt (Sanabel) and through multiple delivery channels (classroom-based, e-learning, peer learning). The CAWTAR advanced on developing a variety of analytical works ranging from shorter diagnostics on the financial inclusion and education landscape in Tunisia to a larger study on mobile payments and innovation.

January 2015–June 30, 2015. Accelerating the financial education program in Egypt and continuing the programs in Morocco and Tunisia; conducting a demand-side study on digital payments in Tunisia which examines the financial behavior of low-income Tunisians and key barriers to adoption of mobile financial services (cofinanced by the joint IFC-World Bank MENA MSME TA facility); organizing a two-day workshop on the role of financial literacy in advancing financial inclusion (held in Tunis on April 22–23), and developing a long-term financing plan to promote operational sustainability beyond project closing. During this period, the Bank team encouraged the CAWTAR to expand partnership arrangements to include a greater number of commercial financial institutions in Tunisia to promote sustainability of the intervention over the long term.

33. Institutional arrangements. Overall, the institutional arrangements of the project worked as expected. Key project features included the following:

Partnerships. The CAWTAR leveraged expertise and financial resources through partnerships with public, private, local, and international organizations, particularly with respect to implementation of the financial literacy training program. Partnerships allowed for the CAWTAR to develop materials and launch activities in timely fashion and to reach a more diverse set of women/youth beneficiaries. The project has also blended local actors and expertise with international experts (for example, microfinance opportunities).

14

Working at multiple levels of the market system. The project sought to catalyze market development through working at the micro-level (women and youth, financial service providers), the meso-level (support services and infrastructure), and the macro-level (legislation, regulation, and supervision). Working at all levels of the market system allowed for progress through a variety of channels and helped accomplish development objectives even if work on one level of the market became temporarily stalled.

Flexibility and an allowance for experimentation. The project design explicitly allowed for flexibility in implementation to accommodate shifting political economy realities as well as the institutional setup among key players in each of the three implementing countries. The CAWTAR developed a different model for implementation of the financial literacy training in each country. For example, in Morocco, the CMVI conducted an initial TOT, leveraging their over 20 years of experience. In Tunisia, where the market for financial education was nascent, the CAWTAR staff were initially trained by the CMVI staff and became national trainers themselves. Similarly, the CAWTAR experimented with training of different subsegments within women and youth. For example, based on demand from civil society, the CAWTAR completed financial literacy training for physically handicapped (blind, deaf) Tunisians in Southern Tunisia (the city of Sfax).

Stringent supervision. To ensure milestones were met and outputs were completed in a quality manner, the Bank team had daily interaction with the CAWTAR to provide technical guidance and supervise progress. Calls were scheduled weekly or biweekly to update the work plan. A reputable global financial inclusion consultant based in Tunis was contracted to provide advice to the CAWTAR team. This consultant also acted as a market facilitator for the Digital Finance Study, coordination the work of the national steering committee.

Table 2. Project Partnership Framework

Country Partner Institution Role

Component 1: Demand-side Analytical Work

Tunisia

National steering committee for digital finance; public authorities (Central Bank, Ministry of Finance, Ministry of Telecommunications, Tunis Post, microfinance regulator); and private institutions (microfinance institutions, banks, payment providers, telecommunications companies)

Validation of report outcomes, discussion of policy implications, dialogue with key actors

Component 2: Financial Literacy Modules

Morocco CMVI Initial TOT support; curriculum development; and beneficiary selection

Tunisia Employment Office/Bureau D’emploi, IYF, Enda, Noncredit NGOs (TAMSS, Femmes et Progrès), ODC Pano, Mercy Corps

Local institutions train final beneficiaries using the CAWTAR trainers; beneficiary selection and assistance with curriculum development

15

Egypt Sanabel (regional microfinance association), MFIs (Lead Foundation, ABA), CEOSS

Sanabel providing logistical support in identifying TOT and beneficiary selection

Component 3: South-South Learning and Capacity Building of Key MFIs

MENA region wide

Sanabel, Microfinance Opportunities, Morocco National Foundation for Financial Education, Juntos Finanzas, Arab Monetary Fund

Technical partners, South-South knowledge exchange

List of Participating Financial Institutions (non-exhaustive)

Tunisia Enda, Taysir, Tunisia Post, Microcred Tunisia, Advans, Attijari, CFE Desjardins,

Financial education program, participating in national steering committee for digital finance, South-South learning event

Morocco Al Amana, Attawfiq, Al-Bard Bank, Financial education program, South-South learning event

Egypt ABA, Lead Foundation, DBACD Financial education program, South-South learning event

Note: TAMSS = Tunisian Association for Management and Social Stability; DBACD = Dakahliya Businessmen’s Association for Community Development

34. Documentation. The project has four aide memoires and four Implementation Status and Results Reports (ISRs), each covering a period of approximately six months. Documentation provided sufficient detail of implementation which was completed by regular supervision summaries by the CAWTAR.

35. Supervision. The project’s task team leaders (TTLs) were two technical level staff in the Finance & Markets global practice. The senior TTL (Teymour Abdel Aziz) was in charge of strategic guidance while the junior TTL (Peter McConaghy) was in charge of operational management and real-time supervision of the project. The team was supported by a senior specialist (Laurent Gonnet) based in Tunisia who provided strategic advice throughout implementation.

36. Request for extension. The project benefited from a six-month extension to allow the CAWTAR to finalize the Mobile Banking Study which launched in October 2014 and was cofinanced through the MENA Regional MSME TA facility. It also allowed the CAWTAR to more effectively deliver on South-South learning events under Component 3 of the project. Finally, the extension was used to build partnerships with a greater number of financial service providers to promote long-term sustainability of the financial literacy program launched after project completion. A phase two fundraising strategy was developed during this period. FM colleagues advised the team to extend the closing date, given the Bank begins the process of recovery of the designated account by gradually reducing the advance amount six months before project closing.

2.3 Monitoring and Evaluation (M&E) Design, Implementation and Utilization

37. An M&E system was designed during project preparation to capture key development outcomes as outlined in the results framework. An administration database was setup by the CAWTAR. Beneficiary surveys were completed regularly during the implementation of the financial education program. Before each session, the CAWTAR would administer an exam to assess the relative financial education levels of beneficiaries. A survey was administered to these beneficiaries three months after the completion of financial education training. Surveys were a

16

series of 15 questions and were collected directly by the project implementation unit (PIU) at regular intervals after financial literacy training took place. About 68 percent of beneficiaries (811 individuals) of financial literacy training responded to feedback surveys. Specific attention was placed on capturing the impact of financial literacy training on levels of financial inclusion and relative levels of financial capability, including budgeting, saving, debt management, use of financial products, and knowledge of financial service providers. Questions posed in the survey centered on financial behavior (financial objective, budget preparation, and use of financial services including savings and money transfers), financial inclusion (access to formal financial institutions including banks, MFIs, and so on), risk management (debt levels, debt repayment, and so on), financial negotiation, and crisis management. The CAWTAR carried out this beneficiary survey throughout project implementation.

38. The project was subject to two programmatic reviews by the U.K. Department for International Development and was presented twice (June 2014 and April 2015) at MENA MDTF steering committee meetings. The project benefited from regular reporting of project outcomes to the MENA MDTF secretariat. Results were reported to the MDTF secretariat on a quarterly basis.

Financial Management and Disbursement Rating: Satisfactory

39. The CAWTAR administrative and financial management unit were well structured and had previous experience in managing projects financed by the Bank and other donors. The FM assessment upon preparation judged FM risk to be low. The CAWTAR’s financial management unit was responsible for maintaining an FM system acceptable to the Bank, fulfilling Bank procedures with respect to disbursements and financial monitoring. The CAWTAR has had significant previous experience with Bank operations. The total amount of the grants under management since 2006 was US$4.3 million. In addition, the CAWTAR was managing many other projects financed by international donors. For example, the CAWTAR at the time of project preparation was managing US$3 million financed by leading donors including the IYF, German Agency for International Cooperation (Deutsche Gesellschaft für Internationale Zusammenarbeit, GIZ), Oxfam, and others.

40. FM arrangements and management of the project were deemed adequate and provided (a) accurate financial information and (b) reasonable assurance that project funds were being used for the purpose attended. A budget and procurement plan was updated regularly and shared with Bank staff accordingly. Bank FM staff participated in every supervision mission. Three interim financial reports were prepared during the course of the project and included (a) a statement on sources and uses of funds for the reporting period; (b) a statement on use of funds by component and expenditure category; (c) a reconciliation statement of the designated account, and (d) budget analysis including execution forecasts and discrepancies. The disbursement reached US$598,788 or 98 percent of the total grant amount, as of June 30, 2014. A project audit was completed in April 2015 which examined both FM- and procurement-related aspects of the project. A Tunis-based FM team examined the audit report and found it an accurate reflection of the use of funds.

17

Procurement Rating: Satisfactory

41. The procurement assessment upon entry found overall procurement risk to be Moderate and that CAWTAR had the capacity to meet procurements and associated procurement requirements. The CAWTAR’s administrative and FM unit have extensive experience with project management and have in the past effectively applied procedures of FM and procurement to comply with the specific procedures of the financing institutions.

42. The CAWTAR’s executive director provided overall responsibility for compliance with procurement procedures, while the actual day-to-day monitoring fell on the project management team with the involvement of relevant departments. The CAWTAR followed its institutional manual of procedures and relied on a controller who is in charge of checking the compliance with procedures on whether it is proper to the CAWTAR or required by the financing institutions.

43. Procurement was limited to consulting services and technical support in delivery of activities. The mitigation measures identified in the project paper and discussed with the Bank team at the time of the procurement risk assessment were adequately implemented, particularly regular updating of the procurement plan. The CAWTAR adequately supervised procurement procedures and ensured that they met the minimum number of bidders and followed accurate evaluation procedures. The CAWTAR should be commended for diligently and expediently following procurement procedures, particularly for complex deliverables including the Digital Finance Study, which involved a four-month competitive procurement process and an evaluation committee comprising key financial sector actors in Tunisia. Overall procurement performance is deemed Satisfactory. The CAWTAR effectively followed procedures in a timely manner which supported broader implementation of the program.

2.4 Safeguard and Fiduciary Compliance

44. There were no safeguard and fiduciary compliance issues during the implementation of the project. Regular audits and interim financial reports were prepared and delivered as required throughout implementation support missions. The project was supported by a two person Tunis-based FM team which had regular follow up with the CAWTAR to ensure fiduciary reporting obligations were met on time. Within the CAWTAR PIU, one consultant was hired full time in March 2014 to manage the FM aspects of the project.

2.5 Post-completion Operation/Next Phase

45. Based on the performance and results of the project, next phase arrangements have been pursued by the CAWTAR and relevant government authorities. The CAWTAR has extended its financial literacy program through a follow-on project financed by the GIZ and Agfund and is expanding its financial literacy training geographically (to include Jordan) and technically (to include technical areas such as business development services and entrepreneurship). The CAWTAR is also working with Microfinance Opportunities, a global NGO specializing in financial literacy training, to raise funds to establish a center for financial education for the MENA region.

18

46. Authorities have advanced sectoral reforms aimed at enhancing financial inclusion and financial education across the region. As a direct result of the high-level workshop organized as part of the third component of the project, the Arab Monetary Fund (a regional body composed of Central Bank representatives) has placed financial education as a priority in its regional working group on financial inclusion. The Bank, in cooperation with the Arab Monetary Fund, GIZ, and the Central Bank of Morocco, is organizing a policy event on financial education in February 2016.

47. As a result of the completed Tunisia Digital Finance Study, authorities are now in discussion with the Bank on follow-up TA, specifically a strategy leading to the establishment of a national switch that will process digital financial services and create de facto interoperability between banks and mobile operators. The TA will include support in the design and structure of the switch, strengthening the supervisory regime overseeing mobile payments in Tunisia, and possibly the facilitation of pilot projects with providers to demonstrate market potential for public authorities.

48. Financial education has been prioritized by Moroccan authorities, as evidenced by multiple projects being launched by the Central Bank and the Ministry of Finance, focused on expanding financial education training, improving empirical knowledge on financial capability, and integrating financial education into the national school system. Egyptian authorities continue to stress the importance of financial education and have a number of programs under development through the Egyptian Banking Institute housed at the Central Bank.

3. Assessment of Outcomes

3.1 Relevance of Objectives, Design and Implementation Rating: Satisfactory

49. The project was highly relevant to government priorities across the region as well as global development objectives being pursued by the World Bank Group. At the corporate level, financial inclusion— access and use of quality financial services, including credit, savings, payments, and insurance—is an enabler and a catalyst for achieving the Bank Group's goals of ending extreme poverty by 2030 and boosting shared prosperity for the bottom 40 percent of the population in all developing countries. The proposed project was directly in line with the Bank’s global initiative to provide universal financial access by 2020. At the microeconomic level, access and use of appropriate financial services improves household welfare through increased incomes, lower vulnerability, and an increase in productive investment. Financial inclusion can also spur household enterprise activity, offering greater opportunity and choice to low-income families. Financial inclusion can also help address joblessness because it helps grow enterprises, many of whom are stifled by the lack of access to credit and savings services that will enable them to invest in fixed capital, expand, and employ more people. The project also supported the MENA strategy from 2012–2014 which placed a central focus on economic and social inclusion and private sector-led jobs.

50. Because the project focused directly on empowering women and youth through microfinance, this proposal addressed critical issues raised in the 2011 and 2012 World Development Reports on gender and jobs, respectively, and the October 2012 MENA flagship report on jobs. The project was unique because it focuses on clients (through demand-side analysis

19

and financial literacy modules) rather than institutions and supply of microfinance alone. The proposed activities are built off a pipeline of investment lending projects within the Finance & Markets global practice, including the Morocco MSME Development Project (Report No. 68550-MA), Egypt Enhancing Access to Finance for Micro and Small Enterprise Project (Report No. 51529-EG), and the Tunisia MSME Development Project (Report No. 62655-TN).

51. The project helped prioritize financial sector development in the region among government authorities. After the Arab Spring revolutions, financial inclusion was identified as a key driver to promote economic opportunity among vulnerable and excluded individuals. However, policymakers recognized that the region suffered from the highest levels of financial exclusion in the world and that policies to promote financial inclusion were far behind other regions in the world. Analytical work completed under Component 1 provided important tools through which to dialogue on key financial sector reforms, particularly for the microfinance and digital finance sector in Tunisia. For example, in Tunisia, key conclusions of the Tunisia Financial Inclusion Snapshot include

identifying a high-level advocate for financial inclusion;

coordinating a national financial inclusion strategy;

conducting a thorough market study to obtain nationally-representative and up-to-date data on market characteristics;

clarifying the role of different public and private actors in the market (for example, Tunisian Post, banks, microfinance institutions, mobile network operators, and so on);

addressing potential refinancing difficulties in a context of scarce liquidity; and

developing a robust consumer protection framework to manage sectoral growth and address ongoing challenges.

52. This dialogue is being translated into reforms through complementary lending operations being pursued in Morocco, Tunisia, and Egypt by both the Bank and other development partners.

53. The project launched the first regional financial education training program across MENA. The M&E framework developed suggests that training supported financial inclusion outcomes. The percentage of beneficiaries receiving financial literacy training in Tunisia with access to a savings account increased from 26 percent to 32 percent during the project period. The program has also launched a dialogue with key market players on expanding financial literacy efforts in the MENA region through the following channels:

Further integration of government actors in national financial education efforts

Diversification of tools (further introduction of new technology)

Expanding scope, scale, targeting (school children, housebound women, university students) and geographic diversification (focus on rural areas)

20

Development of sustainability mechanisms including cost-recovery contracts with clients

Greater focus on impact evaluation and more stringent monitoring of financial education initiatives over a longer time horizon

Use of regional policymaking bodies (for example, Arab Monetary Fund, Gulf funds, and standard-setting bodies) to accelerate policymaking favorable to financial education

3.2 Achievement of Project Development Objectives Rating: Satisfactory

54. Achievement of PDOs is rated as Satisfactory based on project accomplishments in relation to project objectives and key performance indicators. By project closing, the achievement of the PDO indicators were as follows:

(a) Indicator 1: 5 percent increase in access to financial services (credit, savings, or other) among women and youth project beneficiaries. Of those beneficiaries receiving financial literacy training, the percentage with access to a savings account increased from 26 percent to 32 percent during the project period. 21 percent of financial literacy participants report increased volume and frequency of savings.

(b) Indicator 2: 60 percent of project beneficiaries who report demand-side analysis has allowed them to expand financial access to women and youth through products, services, or related investments. Based on the CAWTAR’s June 2015 implementation report, 80 percent of market actors in Tunisia report that demand-side analysis has allowed them to expand financial service access to women and youth through improved products, services, and related investments. This was supported by a widespread dissemination campaign under Component 1 of the project, particularly for the Tunisia Financial Inclusion Snapshot. The CAWTAR, CGAP, and the Bank, with the support of Amarante Consulting, set up a consultative steering committee to review key outputs of the Tunisia Digital Finance Study. This steering committee was composed of key market actors (the Central Bank, Ministry of Finance, Ministry of Telecommunication, Microfinance Regulator, Tunisia Post, Société Monetique Tunisienne, mobile network operators, microfinance institutions, banks, and other donors) which provided technical feedback throughout the implementation of the study. Meetings of this steering committee were held once or twice a month to supervise progress realized to date and discuss strategic recommendations based on the study’s conclusion. Alice Negre, the CGAP representative in Tunisia and senior advisor on the MDTF project, facilitated this steering committee.

21

Figure 5. Effect of MDTF Financial Literacy Training on Financial Capability Indicators (Financial Objectives, Budget Preparation, Bank Account Penetration, and Savings)

Source: The CAWTAR M&E System.

(c) Indicator 3: 5 percent increase in beneficiaries reporting having the know-how to make responsible financial choices for themselves and their families. Participants may report increased access/usage of financial services. The CAWTAR saw a 27 percent increase in the number of beneficiaries reporting having a financial objective and employing tools such as budgeting, savings, and financial negotiation to achieve these objectives.

(d) Indicator 4: 5 percent increase in outstanding loan portfolio targeted to women and youth for participating MFIs. The CAWTAR completed a rapid response survey among financial institutions soliciting this information. While responses received indicated that the work of the project supported the provision of financial service to women and youth, it was not possible to ascertain the exact percentage of the loan portfolio that resulted from the project.

(e) Indicator 5: Number of changes to operational and strategic policies that enhance efficiency and outreach to women and youth based on knowledge exchanges for participating MFIs. Rapid response surveys and qualitative evidence gathered from both the CAWTAR and during project supervision indicate that over half of the MFIs and financial institutions participating in knowledge exchange workshops launched or modified policies aimed at promoting financial inclusion among women and youth. For example, Enda working with IFC advisory to review repayment conditions on individual loan product; Taysir microfinance introducing

22

dedicated messaging on individual loan products for women; and IFC advisory scaling up work related to gender-based lending. Similarly, public authorities including the Moroccan and Tunisian Ministries of Finance launched formal initiatives shortly after the April 2014 financial education workshop to promote the financial inclusion of women and youth. The Bank is presently engaged in assisting the authorities in implementing these related activities.

55. By project closing, the achievement of the intermediate indicators were as follows:

(a) Indicator 1: Demand-side Report Published (yes/no). Yes, Tunisia Digital Finance Study.

(b) Indicator 2: Three analytical notes published. The project produced four high quality analytical products. (a) Tunisia Financial Inclusion Diagnostic, (b) MENA Financial Inclusion Landscape Analysis, (c) Tunisia Financial Education Diagnostic, and (d) Tunisia Digital Finance Study.

(c) Indicator 3: Launch event completed (yes/no). Yes. The dissemination of the Tunisia Digital Finance Study was completed on April 16, 2015.

(d) Indicator 4: The dissemination campaign will reach out to 5,000 people. It is estimated that approximately 4,000 people have been reached through the dissemination of analytical products and financial education tools using a variety of dissemination methods, including websites, launch events, marketing materials, YouTube hits, and workshops.

(e) Indicator 5: 600 women and youth completed classroom-based financial literacy training (50 percent micro-entrepreneurs). 1,192 beneficiaries were trained through the program, 70 percent of whom were women. 512 micro businesses were supported through the project.

(f) Indicator 6: 900 women and youth who have completed financial literacy modules through e-learning (percentage of micro-entrepreneurs). It is estimated that 645 women and youth beneficiaries completed financial literacy modules through e-learning.

(g) Indicator 7: 120 trainers trained within MFIs and other participating financial institutions. 120 were trained during project implementation.

(h) Indicator 8: Five TOT sessions held. Seven of these training sessions were organized during project implementation.

(i) Indicator 9: Nine MFIs have participated in knowledge exchange workshops. Nine MFIs (40 credit agents) successfully participated in the regional financial literacy conference organized in April 2014.

23

3.3 Efficiency Rating: Moderately Satisfactory

56. The framework used to calculate efficiency is based on a comparison of reputable international financial literacy programs. This framework was deemed as appropriate given the significant fluctuations in the cost of programs globally as well as the fact that this project was a pilot which can be expected to be scaled if deemed efficient by government authorities, service providers, and international donors. The program’s investments yielded relatively high returns as compared to verified international comparisons of financial literacy programs. A total of US$258,090 was spent on developing and implementing the financial literacy training: US$71,200 was spent on program development and US$186,890 was spent on the implementation of the financial literacy training program at a cost of US$89 per person including both traditional and e-learning financial literacy modules. The cost per beneficiary of the e-learning program was US$87 while the cost per beneficiary of classroom-based learning was US$91. The overall costs incurred related to product design and development (content, curriculum, technical assistance for material development) and dissemination (training, learning events, campaigns, radio programs, and so on). The fact that training led to increases in financial inclusion boasts well for efficiency measures, as access to the formal financial system is positively correlated with income generation, a reduction in household vulnerability, and an increase in formal economic activity.

57. International comparisons of the cost of financial literacy training range from US$1.98 (financial service provider, opportunity bank of Malawi) to US$500 (Free to Grow, South Africa).10 In reality, this calculation and international comparison is difficult—expenses specific to financial education can be challenging to isolate and the number of people reached are often broad estimates. The project rightfully developed financial education e-learning tools (computer-based program targeted to university students) and diversified pedagogical tools (into radio and videos) to experiment with the role of technology in lowering costs. The overall efficiency for the financial literacy program is deemed appropriate given the program was a pilot. A scaled up version of the program will refine approaches and more explicitly take efficiency into account.

58. Component 1 of the project (market building through producing analytical demand-side work) incurred an expense of US$232,319. Five major analytical products were developed with this budget: the Tunisia Financial Inclusion Snapshot, Tunisia Digital Finance Survey (two outputs—market study and operational model), a video on microfinance, and a summary of qualitative research the CAWTAR completed on demand-side barriers to access to finance across the MENA region. While the financial inclusion and digital finance work received larger-scale dissemination efforts, all products are currently being used to advance country dialogue on relevant topics. Competitive procurement procedures helped ensure cost minimization. The Tunisia Digital Finance Study was 50 percent co-financed by a related TF (MENA MSME TA facility) which contributed to improved efficiency measures through leveraging resources. The market facilitation

10 For more on international comparisons, see “Financial Literacy: A Step for Clients towards Financial Inclusion” Monique Cohan and Candace Nelson and “Microfinance Opportunities” prepared for the 2011 Microcredit Summit Campaign.

24

approach used under the Tunisia Digital Finance Survey was deemed cost efficient. Emphasis was placed on dialogue of national actors over policy issues related to digital finance rather than a heavy reliance on consultants providing top-down technical assistance.11

3.4 Justification of Overall Outcome Rating Rating: Satisfactory

59. The overall outcome rating for the project is Satisfactory, reflecting the rating for relevance of objectives, design, and implementation (section 3.1), the Satisfactory rating for achievement of PDOs (section 3.2), and the Moderate rating for efficiency (section 3.3).

3.5 Overarching Themes, Other Outcomes and Impacts

(a) Poverty Impacts, Gender Aspects, and Social Development

60. The project had positive impacts on poverty, gender, and social development. Of the beneficiaries, 70 percent were women and 100 percent of beneficiaries were considered low-income with financial literacy training being conducted in regions (either urban or rural) with high poverty rates and a high proportion of vulnerable families. Data from the M&E system confirm that the intervention had a positive effect on financial inclusion and thus indirectly through household benefits including income generation, private-sector employment, and livelihood management.

(b) Institutional Change/Strengthening

61. The project was instrumental in establishing a financial education program within the CAWTAR. This is now an active work stream for CAWTAR, with the CAWTAR expanding its financial education program, since project closing, to include Jordan. The analytical work (Component 1) and capacity building (Component 3) has improved the ability of stakeholders, particularly government authorities and regulators, to understand which interventions are needed to develop inclusive finance in the region. These products have also equipped the Bank and other development actors with analytical and empirical information to advocate for necessary sectoral reforms in the financial sector. The dissemination and consultation conducted surrounding these analytical products have allowed a better understanding of the incentives and interests of both public and private actors to advance on financial sector reform items. Thus the project met the objective of using small grant funding to kick-start and catalyze needed reforms in the region.

(c) Other Unintended Outcomes and Impacts (positive or negative)

62. Positive development outcomes were realized that were not initially envisioned in the project’s design. During phase one of the project (September 2013–February 2014), the project combined financial literacy training with entrepreneurship training through a complementary program funded by the IYF and implemented by the CAWTAR. Thus the project piloted interventions which sought to reinforce employment skills through promoting financial inclusion

11 For more on the market facilitation approach used under the Digital Finance Study in Tunisia, see http://www.cgap.org/blog/how-speed-dating-led-progress-digital-finance-tunisia

25

among beneficiaries. Realizing the nexus between financial literacy and employability in vulnerable regions in Tunisia, the CAWTAR partnered with the Tunisian Ministry of Social Affairs under the Bank’s Participatory Service Delivery for Reintegration Project (TF-11069) to provide training to refugee and Tunisian migrants facing social unrest in the southern regions of Tataouine and Medenine bordering Libya. The government of Tunisia has formally requested financial inclusion be included as a pillar of a future Bank operation focused on promoting employability in lagging regions. Similarly, the government of Tunisia has included financial inclusion as a pillar of its recently launched financial sector modernization strategy.

3.6 Summary of Findings of Beneficiary Survey and/or Stakeholder Workshops

63. Beneficiary surveys were completed periodically after the completion of financial education modules. These surveys were collected directly by the PIU at regular intervals after financial literacy training took place. Of the total beneficiaries of financial literacy training, 68 percent (811 individuals) responded to feedback surveys. Specific attention was placed on capturing the impact of financial literacy training on levels of financial inclusion and relative levels of financial capability, including budgeting, saving, debt management, use of financial products, and knowledge of financial service providers. Questions posed in the survey centered on financial behavior (financial objective, budget preparation, use of financial services including savings and money transfers), financial inclusion (access to formal financial institutions including banks, MFIs, and so on), risk management (debt levels, debt repayment, and so on), financial negotiation, and crisis management. The CAWTAR carried out this beneficiary survey throughout project implementation.

64. Key results of the surveys include the following:

27 percent increase in the number of beneficiaries reporting having a financial objective and employing tools such as budgeting, savings, and financial negotiation to achieve these objectives

44 percent increase in the number of beneficiaries responding that they regularly prepare a budget

5% percent increase in access to financial services (credit, savings, or other) among women and youth project beneficiaries. Of those beneficiaries receiving financial literacy training, the percentage with access to a savings account increased from 26 percent to 32 percent during the project period. 21 percent of financial literacy participants report increased volume and frequency of savings.

17 percent increase in the number of beneficiaries stating debt repayment is a priority and 16 percent increase in the number of beneficiaries regularly repaying their debts

31 percent increase in beneficiaries stating they are aware of microfinance institutions

23 percent increase in the number of beneficiaries stating knowledge of conducting a financial negotiation

26

4. Assessment of Risk to Development Outcome Rating: Substantial

65. The risk associated with the political and institutional context, as well as the relatively complex technical design of the project, was well outlined in the project preparation documents. Mitigation strategies were developed and followed effectively during project implementation.

66. The primary risk to the development outcome is in the sustainability of the financial literacy program developed through the project. Financial education training is by nature a costly activity, as is follow-up with beneficiaries to determine broader development outcomes. While the CAWTAR has taken steps to promote sustainability through developing a second phase project with other donors, the intervention itself still operates on a grant-based model. Throughout the final six months of the project, the CAWTAR was working on developing a cost-recovery model for financial literacy training. The objective is to create a market whereby financial service providers, governments, and other actors pay for financial literacy services, thereby promoting cost recovery and sustainability of the services offered by the CAWTAR. Developing this market will require additional investments in strategy and coordination and could be the focus of future discrete TA engagements.

67. The analytical work produced under Component 1 of the project is significantly more sustainable because quality public documents have been produced which are now in consistent use by key market players, including governments and other donors.

68. Significant resources were dedicated to building the capacity of the CAWTAR staff to become technical experts in financial education in the MENA region. Training was delivered in content development as well as in M&E aspects of the program. This also applied to project partners. The fact that the CAWTAR’s financial education program still exists is a positive indication of the project having effectively translated technical knowledge to CAWTAR staff and partners.

5. Assessment of Bank and Borrower Performance

5.1 Bank Performance

(a) Bank Performance in Ensuring Quality at Entry Rating: Satisfactory

69. The Bank’s performance at ensuring quality at entry is deemed Satisfactory. The project was extensively prepared. The project benefited from a three-country appraisal mission, a follow-up implementation support mission, and extensive institutional, procurement, and FM assessments that extended well-beyond minimum procedures requested by the MENA MDTF. The project’s identification and design was congruent with the country assistance strategies and ISNs in the region and complemented larger investment lending projects focused on access to finance. The project promoted an innovative regional approach given the high levels of financial exclusion seen across the MENA region and the need to mobilize policy change through analytical work and regional knowledge exchange. This was seen as both congruent with the MENA regional strategy and in line with development approaches which seek to catalyze change through policy dialogue and joint action on regional levels rather than working at the individual country level.

27

70. Additional attention could have been placed on promoting sustainability in project design, perhaps by dedicating resources from project launch on building a commercial market for financial education training. However, ensuring quality at entry through focusing on sustainability must be balanced with the fact that project activities were a pilot and in line with the TF’s overall objectives of providing catalytic funding to launch activities related to key development priorities in the MENA region. The results framework seemed adequate and supporting of the overall PDO of the project, although it did not include explicit indicators related to sustainability.

(b) Quality of Supervision Rating: Satisfactory

71. Bank implementation support missions were provided routinely and included day-to-day support provided by both Bank headquarters and the Tunisia-based task teams, including a senior advisor, and FM and procurement specialists based in Tunisia. Through the project, implementation support missions included a mix of skill sets including (a) implementation support provided by the operations analyst; (b) FM training and support provided by two FM specialists over the course of the project; (c) procurement training and support provided by one procurement specialist; (d) an operational TTL specializing in microfinance sector development and (e) a variety of senior technical staff providing advice, particularly with regard to quality control and engagement with authorities on sectoral reforms through Component 1 of the project.

72. Bank guidelines for supervision require an ISR every six months and an initial ISR due within three months of project approval. Four ISRs were produced and an implementation support mission completed approximately every five months throughout project implementation. In addition, the project benefited from a second layer of reporting to MENA MDTF donors. The project was presented at two high-level donor meetings which added a layer of quality control during the implementation period.

Table 3. Summary of ISR Sequence

No. Date ISR Archived

DO IP Actual Disbursements

(US$, millions) 1 11/02/2013 Moderately Satisfactory Satisfactory 0.00 2 03/15/2014 Satisfactory Satisfactory 0.12 3 10/22/2014 Satisfactory Satisfactory 0.31 4 03/03/2015 Satisfactory Satisfactory 0.42

(c) Justification of Rating for Overall Bank Performance Rating: Satisfactory

73. Overall Bank performance is rated Satisfactory reflecting the ratings for quality of entry and quality of supervision. While the team could have done more to ensure sustainability in project design, performance supported effective project implementation and attainment of the PDOs.

5.2 Borrower Performance

(a) Government Performance Rating: n.a.

28

(b) Implementing Agency or Agencies Performance Rating: Satisfactory

74. The CAWTAR’s performance is rated as Satisfactory. The CAWTAR delivered on all activities and components outlined in the results framework and in many instances far exceeded the initial outcome measures developed. For example, the number of analytical products developed under Component 1 of the project (four) exceeded initial expectations (three) as did the number of beneficiaries trained through the classroom-based financial education program (1,192 versus 600 originally intended). Work was completed in a quality manner and incorporated technical feedback from development partners. The CAWTAR effectively leveraged resources through innovative partnerships launched in every country the project was active. The CAWTAR also leveraged resources through matching funding with complementary sources. For example, under Component 1 of the project, the Digital Finance Study was financed 50 percent by the Bank’s MSME TA facility. This allowed the project to deliver a more complex analytical product and contributed positively to attaining the PDO. The CAWTAR should be commended for building up implementation capacity relatively quickly during the first four months of the project. The CAWTAR should also be commended for being proactive in developing a second phase of the project, capitalizing on the resources of donor partners. While the project focused on three countries, a majority of the analytical products under Component 1 were focused on Tunisia. This was an explicit decision made during the first six months of the project, as the Moroccan and Egyptian authorities were significantly more advanced on analytical work related to financial inclusion. Key results indicators were achieved across all three countries as illustrated in the results framework.

(c) Justification of Rating for Overall Borrower Performance Rating: Satisfactory

75. Overall rating for borrower performance, in this case, the CAWTAR, is rated as Satisfactory, reflecting performance and quality during project preparation and implementation.

6. Lessons Learned

76. The project allowed for a credible platform to advance sectoral reform and to promote financial inclusion in the MENA region. The funding was flexible enough to allow work on multiple levels of the market system (legal/regulatory framework, direct beneficiaries, dialogue with authorities) and on a variety of subtopics within financial inclusion (digital finance, financial education, data and monitoring, and so on). Implementation requires flexibility, significant follow up with key project partners, a dedicated M&E system, and an integration with broader country programs both within the Bank and at national levels. Some key lessons learnt include the following:

Attaining buy-in from national actors. Working with the CAWTAR, a credible regional NGO and a technically sound implementing agent, allowed for objectivity and a relatively swift implementation procedure. National actors acted as partners during project implementation, but were not the main implementing agencies. Working uniquely through national actors would not have produced the same level of implementation speed. There was, however, a trade off with sustainability. While

29

national actors have prioritized financial inclusion and financial education in the light of this project, initiatives launched, particularly with regard to financial education and digital finance, are not embedded permanently in national structures.

Sustainability of financial education initiatives. While the CAWTAR’s financial education program demonstrated impressive initial results which were very promising with regard to volume and short-term behavior (the number of beneficiaries trained and increased use of transaction accounts), it is uncertain whether the initiative is sustainable. The CAWTAR is currently looking for a fresh round of grant financing to expand its financial education program. More investment is needed to build a commercial market for financial education with financial institutions paying NGOs and others to deliver such services. The project was, however, successful in prioritizing financial education among authorities.

Integration with upcoming Bank TA and lending operation. The analytical work pursued under Component 1 of the project opened dialogue on microfinance sector reform in Tunisia and how national actors can prioritize financial education in the MENA region, mainly through high-level policy dialogue with government authorities across the three countries and with the Arab Monetary Fund’s taskforce on financial inclusion. Forging links between analytical work being pursued under MDTF funding with broader operational agendas in the region is critical.

Results monitoring. In certain instances, the results indicators were inadequate or too ambitious to be captured regularly throughout project implementation. It is important to work closely with clients/borrowers on developing a realistic, robust, and accurate results framework from the project inception stage. Connected, emphasis during supervision missions should be placed on not only ensuring intermediate indicators are met but that PDO-level indicators are effectively being tracked and monitored.

7. Comments on Issues Raised by Grantee/Implementing Agencies/Donors

(a) Grantee/Implementing agencies

n.a.

(b) Cofinanciers/Donors

n.a.

(c) Other partners and stakeholders

n.a.

30

Annex 1. Project Costs and Financing

(a) Project Cost by Component (in US$, millions equivalent)

Components Appraisal Estimate (US$, millions)

Actual/Latest Estimate (US$, millions)

Percentage of Appraisal

Total Baseline Cost 600,000 600,000 100.00 1. Demand-side Analysis to Promote Access to Finance Amongst Women and Youth

194,490 232,913 0.38

2. Develop and Implement Financial Literacy Modules Targeted to Women and Youth

313,470 258,090 0.43

3. South-South Learning and Capacity Building of Key MFIs

92,070 108,997 0.18

Total Project Costs 600,000 600,000 – Project Preparation Costs 8,000 8,000 0.013 0 0 0.00 Total Financing Required 600,000 600,000 –

(b) Financing

Source of Funds Type of

Cofinancing

Appraisal Estimate

(US$, millions)

Actual/Latest Estimate

(US$, millions)

Percentage of Appraisal

TFs – 0.00 0.00 – MENA MDTF – 0.60 0.00 0.00

31

Annex 2. Outputs by Component

1. Demand-Side Analysis of Access to Finance Constraints Amongst Women and Youth

Analyse pour le développement des paiements mobiles et de l'innovation digitale en Tunisie’

Tunisia Financial Inclusion Snapshot

Tunisia Financial Education Diagnostic

Regional qualitative landscape study on financial behavior and constraints (over 150 participants across three countries)

Video on microfinance in Tunisia

(Note: These outputs were made publically available through either the website of the CAWTAR or the Bank and related communication).

Market building: Created national steering committee on digital finance bringing together diverse actors to address policy constraints.

Formal TA follow up by the Central Bank on financial infrastructure (interoperability).

Stakeholders report being better informed on key market constraints and tools to advance policy dialogue for lending operations (for example, G&J DPL).

Stakeholders have a much better understanding of the interventions needed to develop digital finance in Tunisia over the long term. Process allowed a better understanding of the incentives and interests of both public and private actors.

2. Develop and Implement Financial Literacy Modules Targeted to Youth and Women

Over 1,000 women and youth in Tunisia, Morocco, and Egypt have participated in three-day financial literacy training covering debt management, financial negotiation, savings, and budgeting

80 trainers formed across region E-learning modules, radio spots,

and cartoons developed

Increased financial inclusion (access to formal financial system increased from 26 percent to 32 percent).

27 percent increase in the number of beneficiaries reporting having a financial objective and employing budgeting and financial negotiation to achieve objectives.

On average, 21 percent of financial literacy participants report increased volume and frequency of savings.

3. South- South Learning and Training of Key market players

Large-scale workshop on financial literacy delivered during April 28–29, 2015 in Tunis

Regional TOT delivered on April 30, 2015

Goal was operational changes amongst MFIs, regional network of trainers, and incentives for improved product development.

Repeated qualitative evidence that workshop and analytical work has informed policy to promote financial inclusion in Tunisia; for example, Enda working with IFC advisory to review repayment conditions on individual loan products; and Taysir microfinance introducing dedicated messaging on individual loan products for women.

Arab Monetary Fund task force on financial inclusion has prioritized.

32

Annex 3. Economic and Financial Analysis

1. The program’s investments yielded relatively high economic and financial returns as compared to verified international comparisons of financial literacy programs. A total of US$258,090 was spent on developing and implementing the financial literacy training: US$71,200 was spent on program development and US$186,890 was spent on the implementation of the financial literacy training program at a cost of US$89 per person including both traditional and e-learning financial literacy modules. The cost per beneficiary of the e-learning program was US$87 while the cost per beneficiary of classroom-based learning was US$91. The overall costs incurred related to product design and development (content, curriculum, technical assistance for material development) and dissemination (training, learning events, campaigns, radio programs, and so on). International comparisons of the cost of financial literacy training range from US$1.98 (financial service provider - opportunity bank of Malawi) to US$500 (Free to Grow-South Africa).12 In reality, this calculation and international comparison is difficult—expenses specific to financial education can be challenging to isolate and the number of people reached are often broad estimates. The project rightfully developed financial education e-learning tools (computer-based program targeted at university students) and diversified pedagogical tools (into radio and videos) to experiment with the role of technology in lowering costs.

2. The project used financial inclusion as a tool to contribute to broader economic development, employment, and poverty reduction goals among beneficiary households in Tunisia, Morocco, and Egypt. At the microeconomic level, access and use of appropriate financial services improves household welfare through increased incomes, lower vulnerability, and an increase in productive investment. Financial inclusion can also spur household enterprise activity, offering greater opportunity and choice to low-income families. Financial inclusion can also help address joblessness because it helps grow enterprises, many of whom are stifled by lack of access to credit and savings services that would enable them to invest in fixed capital, expand, and employ more people.

3. The levels of financial inclusion of the 1,192 beneficiaries receiving financial literacy training increased from 26 percent to 32 percent as a result of the project. It was expected that half of these beneficiaries (596) had informal home-based micro businesses. Similarly, financial literacy outcomes improved with the CAWTAR seeing a 27 percent increase in the number of beneficiaries reporting having a financial objective and employing tools such as budgeting, savings, and financial negotiation to achieve these objectives. Similarly, 21 percent of beneficiaries reported an increase in volume and frequency of savings.

4. Because of the small budget and catalytic nature of the program, it was impossible for the project to rigorously quantify the associated increase in household welfare or contribution to poverty reduction as a result of the increases in financial inclusion related to financial literacy training. The overall M&E framework suggests that an additional 381 individuals can be

12 For more on international comparisons, see “Financial Literacy: A Step for Clients towards Financial Inclusion.” Monique Cohan and Candace Nelson. Microfinance Opportunities. Prepared for the 2011 Microcredit Summit Campaign.

33

considered financially included and 191 microbusinesses better placed to access the formal financial system given a onetime expense of US$34,671.

5. Comparing the program to international evaluations suggests that the project yielded relatively positive returns. The fact the program resulted in positive improvements to financial inclusion and capability is a significant achievement and supports broader economic development objectives, which financial inclusion can help achieve. In 2013, the Bank’s Finance and Private Sector Development Research Group conducted a meta-analysis of 188 evaluations to determine whether financial education can be helpful in improving financial outcomes. Approximately 40 of the 188 studies cited the intervention as either having no impact or only a modest impact from the intervention, which may not justify the cost of financial education. The authors conclude that while financial education initiatives do tend to have a positive impact on savings, they can be relatively small in magnitude. Similarly, the authors find little to no impact of financial education on retirement savings, loan defaults, and financial record keeping.

6. The meta-analysis also finds that more entertaining, interactive approaches to teaching financial education are more likely to result in improved financial capability and tend to offer a higher value given required cost outlays. The fact that the CAWTAR invested heavily in developing its e-learning program suggests improved development outcomes when factoring in international best practice.

7. A scaled-up version of this pilot project should provide (a) a comparative analysis of financial inclusion support programs featuring financial education to provide an indication of intended efficiency and development outcomes and (b) build in a multiyear rigorous evaluation to better ascertain intervention impacts. The time frame of financial literacy training should also be evaluated with reference to international best practice.

34

Annex 4. Grant Preparation and Implementation Support/Supervision Processes

(a) Task Team members

Names Title Unit Responsibility/

Specialty Lending/Grant Preparation

Teymour Abdel Aziz (Co-TTL) Senior Economist GFMDR

Co-TTL/financial sector development, financial inclusion, microfinance, SME finance

Peter McConaghy (Co-TTL) Financial Sector Specialist GFMDR Co-TTL/financial inclusion, microfinance, financial sector development, SME finance

Sahar Nasr Lead Economist GFMDR

Team member/MSME finance, banking sector development, gender and finance, financial infrastructure, capital markets development

Laurent Gonnet Senior Financial Sector Specialist

GFMDR

Team member/MSME finance, banking sector development, gender and finance, financial infrastructure, capital markets development

Philippe de Meneval Senior Private Sector Development Specialist

MNC01 Team member/trade, innovation, SME development

Moez Makhlouf Financial Management Specialist – Financial Management Assessment

Slaheddine Ben-Alima Procurement Specialist – Procurement Assessment

Randa Akeel Senior Economist GFMDR Team member/gender, access to finance

Sara al Rowais Private Sector Development Specialist

GFMDR Team member/access to finance

Steve Wan Operations Analyst GFMDR Team member/operations management

Mehdi El Batti Financial Management Specialist – Team member/financial management supervision

Shirley Foronda Financial Management Specialist – Team member/financial management supervision

Fabio Isoldi Procurement Specialist GGODR Team member/procurement supervision

Walid Dhouibi Procurement Specialist GGODR Team member/procurement supervision

Supervision/ICR Peter McConaghy Financial Sector Specialist GFMDR ICR Author

Steve Wan Operations Analyst GFMDR Team member/operations management

Rinku Chandra Lead Financial Sector Specialist GFMDR Team member/advisor Consultants

Alice Negre Senior Advisor n.a. Advisor across all project components

35

Nadine Chehade Senior Technical Specialist n.a. Tunisia Financial Inclusion Snapshot

Gabriela Dumont Technical Specialist n.a. Tunisia Financial Education Diagnostics

(b) Staff Time and Cost

Stage of Project Cycle Staff Time and Cost (Bank Budget Only)

No. of staff weeks US$, thousands (including travel

and consultant costs) Lending

Total: 0.00 0.00 Supervision/ICR – – Total: 26.2 100,000.00

36

Annex 5. Beneficiary Survey Results

1. Beneficiary surveys were completed regularly during the implementation of the financial education program. Before each session, the CAWTAR would administer an exam assessing the relative financial education levels of beneficiaries. A survey was administered to these beneficiaries three months after the completion of financial education training. Surveys were a series of 15 questions and were collected directly by the PIU at regular intervals after financial literacy training took place. About 68 percent of total beneficiaries (811 individuals) of financial literacy training responded to feedback surveys. Specific attention was placed on capturing the impact of financial literacy training on levels of financial inclusion and relative levels of financial capability, including budgeting, saving, debt management, usage of financial products, and knowledge of financial service providers. Questions posed in the survey centered on financial behavior (such as do you have a financial objective; have you prepared a budget; and usage of financial services, including savings and money transfers); financial inclusion (access to formal financial institutions including banks, MFIs, and so on); risk management (debt levels, debt repayment, and so on); financial negotiation; and crisis management. The CAWTAR carried out this beneficiary survey throughout project implementation.

2. Key results of the surveys include the following:

27 percent increase in the number of beneficiaries reporting having a financial objective and employing tools such as budgeting, savings, and financial negotiation to achieve these objectives.

44 percent increase in the number of beneficiaries responding that they regularly prepare a budget.

5 percent increase in access to financial services (credit, savings, or other) among women and youth project beneficiaries. Of those beneficiaries receiving financial literacy training, the percentage with access to a savings account increased from 26 percent to 32 percent during the project period. Around 21 percent of financial literacy participants report increased volume and frequency of savings.

17 percent increase in the number of beneficiaries stating debt repayment is a priority and 16 percent increase in the number of beneficiaries regularly repaying their debt.

31 percent increase in beneficiaries stating they are aware of microfinance institutions.

23 percent increase in the number of beneficiaries stating knowledge of conducting a financial negotiation.

3. Based on the CAWTAR’s June 2015 implementation report, 80 percent of market actors in Tunisia report that demand-side analysis has allowed them to expand financial service access to women and youth through improved products, services, and related investments.

4. Rapid response surveys and qualitative evidence gathered from both the CAWTAR and during project supervision indicate that over half of the MFIs and financial institutions

37

participating in knowledge exchange workshops launched or modified policies aimed at promoting financial inclusion among women and youth. For example, Enda working with IFC advisory to review repayment conditions on individual loan product; Taysir microfinance introducing dedicated messaging on individual loan products for women; and IFC advisory scaling up work related to gender-based lending. Similarly, public authorities, including the Moroccan and Tunisian Ministries of Finance, launched formal initiatives shortly after the April 2014 financial education workshop to promote the financial inclusion of women and youth. The Bank is presently engaged in assisting the authorities in implementing these related activities.

38

Annex 6. Stakeholder Workshop Report and Results

Not applicable.

39

Annex 7. Summary of Grantee's ICR and/or Comments on Draft ICR

English Summary of Analysis of Project Success Factors

1. A key project success factor was the use of partnerships during project implementation in conjunction with Bank support. Local NGOs and MFIs assisted with beneficiary targeting and with testing and diffusion of analytical and training products developed through the project. Regional and international organizations specializing in financial education (CMVI in Morocco, Sanabel in Egypt, the Organisation for Economic Co-operation and Development, the International Labour Organization, and Microfinance Opportunities) assisted with knowledge sharing and ensuring that the project was following international best practices. Having state actors and the private sector involved assisted with testing and rolling out of financial education products under the second component of the project.

2. The role of the Bank was decisive for effective implementation of the project. In addition to traditional project supervision and overseeing technical and financial reporting, the CAWTAR perceived the Bank to be a key partner in project implementation. The Bank ensured quality control for a variety of analytical and training tools developed in the context of the project, facilitated connections with a number of different institutions and individuals considered experts in financial inclusion in the region (for example, CGAP, microfinance opportunities) and assisted in creating synergies and linkages with complementary Bank projects (for example, Participatory Service Delivery for Reintegration SPF, P127212).

Original Comments Received (in French)

3. Le projet de « Renforcement de la microfinance chez les femmes et la jeunesse dans la région MENA » mis en œuvre par le centre de la femme arabe pour la formation et la recherche « CAWTAR » en partenariat avec la banque mondiale au Maroc, Tunisie, Egypte (Septembre 2013-Juin 2015) est l’un des premiers programmes régionaux dans la région visant à améliorer l’accès et le recours de la microfinance chez les femmes et les jeunes.

4. Dans sa première composante Le projet a permis le développement d'un ensemble d'outils analytiques, y compris :

3 Etudes qualitatives sur les Obstacles d’accès des femmes et des jeunes aux services financiers dans chacun des 3 pays du projet (20 focus groupes, 190 Participant(e)s). Ces études ont mis en relief d’une part le manque de services financiers adaptés à la création d’entreprises ou au support de la micro entreprise, et d’informations concernant l’ensemble des services financiers. D’autre part, une carence de connaissances de la population cible des institutions financières mais aussi des outils pour la bonne prise de décisions financières tels que la planification, l’épargne etc.

Un diagnostic de l'inclusion financière en Tunisie qui a permis de dresser un état des lieux de l’inclusion financière en Tunisie alors que la Vision Concertée pour le Développement de la Microfinance en Tunisie 2011-2014, stratégie nationale publiée en 2011, a récemment expiré.

40

Un Diagnostic des Initiatives en matière d’Education financière en Tunisie. Ce diagnostic a confirmé l’absence en Tunisie d’une stratégie nationale d’EF, ni d’organisme ou de mécanisme de coordination pour promouvoir ce sujet. Malgré cela, l’état des lieux est encourageant. Un panel varié d’acteurs a déjà démarré des initiatives d’EF, testant une multitude d’outils traditionnels et parfois innovants – clips vidéo, e-learning, technologie USSB - et ce de manière relativement complémentaire dans le choix de la cible, visant notamment les femmes, les entrepreneurs, les migrants, ou les jeunes sans emploi.

Une étude sur « Le développement des paiements mobiles et de l'innovation digitale pour la promotion de l’inclusion financière en Tunisie ». Cette étude a comporté un volet étude de marché (12 focus groups, 1 234 entretiens en face à face), un diagnostic de l'existant, et un processus de coordination par le CGAP avec les acteurs du secteur (Banque centrale, le Ministère des Finances, Ministère des télécommunications, de la microfinance régulateur, la Tunisie de poste, Société Monétique Tunisienne, mobiles opérateurs de réseaux, les institutions de microfinance, les banques et autres bailleurs de fonds) via des réunions régulières.

5. L'étude débouche sur deux rapports:

(a) Le rapport de l'étude de marché. L’étude souligne qu’en dépit des 12 millions de comptes bancaires et postaux recensés, 64 percent des adultes tunisiens sont exclus ou mal servis par le secteur financier formel. De nombreux détails sont donnés sur l'utilisation des services financiers traditionnels et des services financiers mobiles. Des recommandations sont faites, en particulier pour le développement de nouveaux services.

(b) Le rapport sur le modèle opérationnel. Après une description du modèle actuel, une analyse de ses points forts et de ses contraintes, le rapport propose des ajustements et un plan d'actions pour leur mise en œuvre. Le modèle recommandé a été discuté lors des diverses réunions du comité de pilotage de l’étude et est globalement aligné sur la perception et les intentions des divers acteurs. Toutefois, la faisabilité de la mise en œuvre de deux recommandations reste en discussion - comme cela est précisé dans le rapport.

6. La production et la dissémination de ces outils analytique ont contribuées à une meilleure compréhension des obstacles à l’accès aux services financiers que rencontrent les femmes et les jeunes ainsi que la compréhension de leurs besoins financiers spécifiques. L’implication des acteurs clés (femmes, jeunes, prestataires de services financiers, bailleurs de fonds, investisseurs, gouvernements…) lors de la production de ces outils a permis de structurer des interventions pertinentes et concertées de manière à intensifier la portée de la microfinance.

7. Dans sa deuxième composante le projet a développé et a mis en œuvre un ensemble d’outils d’éducation financière destinés aux femmes et aux jeunes de faibles revenus exclus du système bancaire en Égypte, au Maroc et en Tunisie dans l’objectif d’améliorer la capacité financière des femmes et des jeunes non bancarisés dans la région.

41

8. Plus de 1,000 bénéficiaires ont reçu des cours d’éducation financière en classe dans les trois pays. Les thématiques traitées lors de ces sessions concernaient la budgétisation, la gestion de la dette, l’épargne, les services financiers et la négociation financière. Ces formations ont ciblées les client(e)s des Institutions de microfinance, les bénéficiaires des ONGs locales, sans emploi, Entrepreneurs.

9. A travers les 3 sessions de formation de formateurs en matière d’éducation financière au profit des agents des IMFs et des membres d’association (62 bénéficiaires) le projet a également développé une communauté de pratique naissante mais croissante de formateurs spécialisés en Education financière dans la région.

10. Les résultats d’un sondage réalisé auprès des bénéficiaires des formations démontrent que le pourcentage de femmes et des jeunes possédant un compte d'épargne dans une institution financière formelle a augmenté de 26 percent à 32 percent.

11. En plus des outils traditionnels de renforcement de capacité (session de formation en présentielle) et dans l’optique d’une large diffusion et de durabilité le projet a investi dans la production, la diffusion et l’utilisation de méthodes innovantes en matière d’éducation financière.

Les modules E-learning

12. Le CAWTAR avec l’assistance technique de Microfinance Opportunités a développé une plateforme d’apprentissage en ligne en matière d’Education financière constitué de quatre modules (Introduction, Budget, Epargne et Gestion de la dette). Ce cours est destiné aux Client(e)s des Institutions de Microfinance, Le personnel des Institutions de Microfinance et Le personnel et les membres des ONGs.

Production d’outils et supports d’information/sensibilisation en matière d’éducation financière

13. Quatre outils ont été élaborés dans le cadre du projet

Vidéo sur les différentes sessions de formations réalisées en matière d’éducation financière en Tunisie.

o Une vidéo de 11 minutes sur les formations de formateurs et les formations des bénéficiaires en éducation financière Tunisie

Avec pour objectif de:

- Informer sur les formations effectuées

- Tracer l’évolution des formateurs depuis leur propre formation de formateurs jusqu’à la formation qu’ils délivrent aux bénéficiaires

- Sensibiliser sur l’importance de la formation en matière d’éducation financière

42

Vidéo sur l’importance du microcrédit.

o Cette vidéo explique en quoi le microcrédit est utile pour les personnes à bas revenu et qui sont généralement exclus du système bancaire. La vidéo donne des détails sur le mode de délivrance du microcrédit et l’impact sur la fixation des taux d’intérêt.

Bande Vidéo 2D sur l’importance de la bonne préparation de Budget

o Une vidéo de 3 minutes retrace les différentes étapes de la préparation d’un budget.

o Cette vidéo a pour objectif de sensibiliser sur l’importance d’adopter un comportement financier sain et d’aider à développer les compétences et les connaissances nécessaires à la prise des bonnes décisions améliorant la situation financière quel que soit le revenu (salaire fixe ou temporaire, bourse universitaire, argent de poche…)

Capsule Radio

o Une capsule radio de 2 minutes pour sensibiliser sur l’importance d’adopter un comportement financier rationnel à travers une budgétisation périodique favorisant l’épargne et évitant le surendettement. Ce spot radio a été l’objet d’une campagne de diffusion du spot radio via les radios régionales: Oasis Fm (Gabes), Jrid Fm (Tozeur), Nefzaoua Fm (Kebili), Sawt el Manajem (Gafsa), Radio 6 (Tunis).

o Tous les outils développés ont été disséminés à travers les réseaux sociaux (facebook, Youtube), le mailing List CAWTAR (Journalistes, ONGs, institutions gouvernementales, IMFs, formateurs, bénéficiaires des formations) et également lors des évènements et les sessions de formation.

Système de Tracking et Objectives du Projet

14. Un système Informatisé de Tracking a été mis en place pour pouvoir assurer le suivi des différentes sessions de formations réalisées dans le cadre du projet.

15. Avant chaque session les participants aux sessions de formations sont soumis à un test déterminant leurs connaissances et comportements financiers. Une évaluation post formation a eu lieu 3 mois après la session pour connaitre les acquis. Les principaux résultats relatifs à 70 percent des participants sont présentés ci-dessous.

16. Au-delà des objectifs de cette composantes fixés au départ et qui ont été largement dépassés le projet a pu initier des mécanismes pour garantir la durabilité des efforts nécessaires pour améliorer la capacité financière des femmes et des jeunes et cela à travers le développement d’outils innovants, la création d’une comité de pratique (essentiellement au sein des IMFset des ONGs locales) ainsi que la mise à disposition des modules d’éducation financière à un large éventail de parties prenantes.

43

17. Les outils innovants sont encore en cours d’utilisation même après la fin du projet, les IMFs bénéficiaires continuent de faire un travail quotidien de sensibilisation/formation en matière d’éducation financière.

18. Le CAWTAR est devenu une référence en matière d’éducation financière dans la région. Des demandes lui sont parvenues de différents partenaires (IMFs, ONGs…) de la région et des sessions de formation (TOT et Formations) ont été réalisées même après la clôture du projet.

Renforcement des Capacités des IMF

19. Afin de renforcer la capacité des IMF à servir efficacement les femmes et les jeunes, le projet et dans sa troisième composante a permis à des IMFs de bénéficier des sessions de formations de formateurs en matière d’éducation financière (40 agents de Crédit de 9 Institutions de micro finance en Egypte et en Tunisie) ainsi que des échanges d’apprentissage ciblés entre les différents acteurs de la région. Le projet a permis à 5 formateurs de participer à la Conférence Sanabel (La microfinance à la croisée des chemins ; évolutions actuelles, et perspectives d’avenir dans les pays arabe, Dubaï 29-30 Septembre 2014).

20. Le 28-29 Avril 2015, des décideurs, des représentants de Banques centrales, des fournisseurs de services financiers, des bailleurs de fonds, des ONGs et des experts de 14 pays se sont réunis à Tunis pour discuter les meilleures pratiques émergentes en matière d'éducation financière dans la région MENA et dans le monde et de mettre en perspectives les efforts des acteurs clés, y compris les fournisseurs de services et les autorités nationales, pour développer une communauté d’éducation financière, dans un effort de soutient à l'inclusion financière et le développement économique, en particulier pour les groupes marginalisés, notamment les femmes et les jeunes.

21. Cette conférence, organisée conjointement par le CAWTAR, la banque mondiale et Microfinance Opportunities, a joué le rôle d’une plateforme efficace de partage de meilleures pratiques régionales et d'apprendre les nouvelles tendances mondiales, en particulier par rapport à l’utilisation de la technologie pour faire progresser l'éducation financière.

Raisons de la Réussite du Projet

22. L’une des raisons de la réussite du projet était l’efficacité des différents partenariats qu’a pu nouer le CAWTAR avec l’appui de la banque mondiale tout au long de la mise en œuvre du projet. Les ONGs locales et les IMFs ont aidé à un meilleur ciblage et à une large diffusion des outils produites. Des organismes régionaux et internationaux spécialisés (Centre Mohamed 6 au Maroc, Sanabel OCDE, ILO, Microfinance opportunities) ont facilité l’échange des pratiques et des outils en matière d’éducation financière. L’implication des acteurs étatique, et le secteur privé a permis une meilleur orientation et appropriation des outils analytiques produites par le projet.

23. Le rôle de la banque mondiale était décisif pour la réussite de ce projet. En plus de travail classique de supervision et de suivi de la bonne mise en œuvre technique et financière du projet (reporting, contact, assistance…) la banque mondiale a joué un rôle de partenaire.

24. La banque a assuré le contrôle de qualité et une large diffusion des différents outils produits dans le cadre du projet, a facilité le contact avec un certains nombres d’acteurs et de personnes

44

ressources dans la région et dans le monde notamment dans le domaine de l’inclusion financière (CGAP, microfinance opportunitiess…) et elle a aidé le CAWTAR à nouer des liens avec d’autre initiatives mener par la banque mondiale (Projet prestation de services participatifs en faveur de la réintégration à Médenine et Tataouine).

45

Annex 8. Comments of Cofinanciers and Other Partners/Stakeholders

Not applicable.

46

Annex 9. List of Supporting Documents

Blogs and Feature Articles

CAWTAR (Center of Arab Women for Training and Research). 2014. Enhancing Microfinance Amongst Women and Youth Project. Video, 2014. https://www.youtube.com/watch?v=VsaIIEPCRRo. McConaghy, Peter. 2013. “A Boost for Microfinance in the Arab World.” Arab Voices and Views (blog), August 29. http://blogs.worldbank.org/arabvoices/boost-microfinance-arab-world. McConaghy, Peter, and Alice Negre. 2015. “How Speed-Dating Led to Progress on Digital Finance in Tunisia.” CGAP (blog), August 31. http://www.cgap.org/blog/how-speed-dating-led-progress-digital-finance-tunisia. Negre, Alice, and Nadine Chehade. 2015. “Financial Inclusion Opportunities and Challenges in Tunisia.” CGAP (blog), October 20. http://www.cgap.org/blog/financial-inclusion-opportunities-and-challenges-tunisia. World Bank. 2015a. “Opportunities and Challenges for Promoting Financial Inclusion in Tunisia.” World Bank (Feature Story), October 13. http://www.worldbank.org/en/news/feature/2015/10/13/opportunities-and-challenges-for-expanding-financial-inclusion-in-tunisia. ———. 2015b. “Catalyzing Financial Education to Promote Financial Inclusion in MENA.” World Bank (Feature Story), May 22. http://www.worldbank.org/en/news/feature/2015/05/22/catalyzing-financial-education-to-promote-financial-inclusion-in-mena. Analytical Outputs (published)

Amarante Consulting. 2015a. Services Financiers Mobiles et Inclusion Financière en Tunisie. Partie I. Etude de marché. ———. 2015b. Services Financiers Mobiles et Inclusion Financière en Tunisie. Partie II. Recommandations pour l’amélioration du modèle opérationnel. CAWTAR (Center of Arab Women for Training and Research). 2015. Microcredit to Promote Employment and Growth in Tunisia. https://www.youtube.com/watch?v=zanVHDMptPg. Nadine, Chehade, Alice Negre, and Peter McConaghy. 2015. Snapshot Financial Inclusion in Tunisia. Low-Income Households and Micro-Enterprises 2015.

47

Preparation and Supervisory Documents

World Bank. 2013a. Project Paper (PP). Enhancing Microfinance amongst Women and Youth. Project Number P144655. ———. 2013b. Enhancing Microfinance amongst Women and Youth, Sequence 1. Report No: ISR 133325 (Archived 2-Nov 2013). ———. 2014a. Enhancing Microfinance amongst Women and Youth, Sequence 2. Report No: ISR 9240 (Archived 15-March 2014). ———. 2014b. Enhancing Microfinance amongst Women and Youth, Sequence 3. Report No: ISR 16424 (Archived 22-October 2014). ———. 2015. Enhancing Microfinance amongst Women and Youth, Sequence 4. Report No: ISR 85609 (Archived 3-March 2015).

49

MAP