The World Bank JM Youth Employment in Digital and Animation Industries (P148013)

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1 Public Disclosure Authorized LATIN AMERICA AND CARIBBEAN Jamaica Social, Urban, Rural and Resilience Global Practice Global Practice IBRD/IDA Investment Project Financing FY 2015 Seq No: 5 ARCHIVED on 19-Jan-2017 ISR26567 Implementing Agencies: Public Disclosure Authorized Key Dates Key Project Dates Bank Approval Date:18-Jul-2014 Planned Mid Term Review Date:04-Jul-2016 Original Closing Date:31-Jan-2020 Project Development Objectives Effectiveness Date:04-Nov-2014 Actual Mid-Term Review Date:18-Nov-2016 Revised Closing Date:31-Jan-2020 Public Disclosure Authorized Project Development Objective (from Project Appraisal Document) The Proposed Development Objective for this operation is to support youth employment in the digital and animation industries in Jamaica Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Public Disclosure Authorized Name Component 1: Skills and Capacity to Enhance Employability and Entrepreneurship:(Cost $10.00 M) Component 2: Establishment of Startup Jamaica:(Cost $5.60 M) Component 3. Early Stage Investment for Tech Startups:(Cost $1.60 M) Component 4. Support to Science, Technology and Innovation:(Cost $0.80 M) Component 5: Project Administration:(Cost $2.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Unsatisfactory Moderately Unsatisfactory Overall Implementation Progress (IP) Moderately Unsatisfactory Unsatisfactory 1/19/2017 Page 1 of 10

2 Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions The YEDAI project has been slow in achieving its intended results until now. At present the overall disbursement level remains at a low 9% over the total project value. Despite the availability of funds allocated by the Ministry of Finance for FY16-FY17, delays in implementation of activities have resulted in very low expenditure levels to the extent that the full budget allocation has not been utilized. A Mid-Term Review (MTR) of the project was conducted by the World Bank team in November Key findings of the MTR include: - Processes and procedures within MSET proved to be cumbersome and resulted in a general lack of activity on a number of fronts with regards to all project components; - The project could benefit from aligning more closely with the new administration priorities and as such a restructuring of the operation is being considered. With regards to project components the following have been observed: 1) Capacity building activities under component 1 should expand from purely 2D and 3D animation to respond to market driven demands, including emerging fields such as virtual reality, visual effects, animation for apps and augmented reality. In addition, the project will invest in the establishment of an animation incubation center to foster the generation of creative content from Jamaica and attract business in this area. 2) A new location for Startup Jamaica (component 2) is being considered, to ensure safe and 24/7 access to the accelerator for entrepreneurs. Recruitment of a new CEO is currently ongoing. A new acceleration process is expected to be operational from March 2017; 3) Component 3 is less relevant today than originally envisioned at the project onset, mostly due to development in the entrepreneurial ecosystem in Jamaica that have outpaced the project. As such, this component will need to be revised significantly during the restructuring. 4) Component 4 will need to be revised in order to align it with the emerging view of establishing a single innovation and technology hub that would host Startup Jamaica and the animation incubation center. 1/19/2017 Page 2 of 10

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4 Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Moderate Moderate Macroeconomic -- Substantial Substantial Sector Strategies and Policies -- Low Low Technical Design of Project or Program -- Moderate Substantial Institutional Capacity for Implementation and Sustainability -- Substantial High Fiduciary -- Low Moderate Environment and Social -- Low Low Stakeholders -- Moderate Moderate Other Overall -- Moderate Moderate Results Project Development Objective Indicators PHINDPDOTBL 1. Number of youth earning foreign exchange through global online work (Number, Custom) Value , /19/2017 Page 4 of 10

5 PHINDPDOTBL 2a. Number of youth who participate in one of the animation training program (component 1) and become employed by the animation industry (Number, Custom) Value , PHINDPDOTBL 2b. Percentage of youth securing new 2D frontline animation jobs who come from inner city communities (Percentage, Custom) Value Date 05-Mar Jul-2019 PHINDPDOTBL Private Capital Mobilized (Amount(USD), Core) Value , , ,000, PHINDPDOTBL 4. Startup companies established through SUJ (Number, Custom) 1/19/2017 Page 5 of 10

6 Value Overall Comments Intermediate Results Indicators 1.1 Number of youth participating in one-day training sessions through the program focused on opportunities for global online work (Number, Custom) Value , Number of international full series animation projects outsourced to Jamaica per year (Number, Custom) Value Total number of students trained in intensive 2D animation program (Number, Custom) Value , /19/2017 Page 6 of 10

7 2.3 Total number of students trained in intensive 3D animation program (Number, Custom) Value Total number of students participating in animation certificate program (Number, Custom) Value Number of startups graduating from Startup Jamaica accelerator that successfully raise follow-on capital (Number, Custom) Value Percentage of startups graduating stage 3 of Component 2 the project that successfully raise follow-on capital (Percentage, Custom) Value /19/2017 Page 7 of 10

8 3.3. Percentage of startup companies graduating from Startup Jamaica accelerator program receiving follow-on capital from Jamaican or Caribbean angel investors/angel networks (Percentage, Custom) Value Number of investors taking equity into companies graduating from SUJ accelerator program (Number, Custom) Value Number of new mobile app startup companies accepted into SUJ accelerator and receiving seed funding (stage 3 of component 2) (Number, Custom) Value Percentage of startups accepted into SUJ originating from Jamaica/Caribbean (Percentage, Custom) Value /19/2017 Page 8 of 10

9 4.3 Total number of people participating in activities/boot camps related to Startup Jamaica (Number, Custom) Value , Date 05-Mar Apr Apr Jul-2019 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P IBRD Effective USD % Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P IBRD Effective 18-Jul Sep Nov Jan Jan-2020 Cumulative Disbursements 1/19/2017 Page 9 of 10

10 Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 1/19/2017 Page 10 of 10