Public Disclosure Authorized LATIN AMERICA AND CARIBBEAN Jamaica Social Development Global Practice IBRD/IDA Investment Project Financing FY 2015 Seq No: 2 ARCHIVED on 29-Jun-2015 ISR19585 Implementing Agencies: Ministry of Science, Technology, Energy and Mining Public Disclosure Authorized Key Dates Key Project Dates Board Approval date:18-jul-2014 Planned Mid Term Review Date:30-Nov-2016 Original Closing Date:31-Jan-2020 Project Development Objectives Effectiveness Date:04-Nov-2014 Actual Mid-Term Review Date:-- 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 Name Component 1: Skills and Capacity to Enhance Employability and Entrepreneurship:(Cost $10.00 M) Public Disclosure Authorized 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 Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating -- Moderate 6/29/2015 Page 1 of 9
Implementation Status and Key Decisions Startup Jamaica is operating and has completed the first round of acquisitions with 3 investments in Jamaican startups for a total of USD 90,000 by Jordanian investor/fund Oasis500. A second round of acquisitions will be launched in the summer of 2015. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- -- Moderate Macroeconomic -- -- Substantial Sector Strategies and Policies -- -- Low Technical Design of Project or Program -- -- Moderate Institutional Capacity for Implementation and Sustainability -- -- Moderate Fiduciary -- -- Low Environment and Social -- -- Low Stakeholders -- -- Moderate Other -- -- -- 6/29/2015 Page 2 of 9
Overall -- -- Moderate Results Project Development Objective Indicators 1. Number of youth earning foreign exchange through global online work (Number, Custom) Value 100.00 -- 100.00 1000.00 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 30.00 -- -- 1400.00 Date 05-Mar-2014 -- -- 31-Jul-2019 2b. Percentage of youth securing new 2D frontline animation jobs who come from inner city communities (Percentage, Custom) Value 0.00 -- -- 50.00 Date 05-Mar-2014 -- -- 31-Jul-2019 Private Capital Mobilized (Amount(USD), Core) Value 0.00 -- 90000.00 7000000.00 6/29/2015 Page 3 of 9
4. Startup companies established through SUJ (Number, Custom) Value 0.00 -- 7.00 150.00 Overall 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 0.00 -- 0.00 2000.00 2. 1 Number of international full series animation projects outsourced to Jamaica per year (Number, Custom) Value 0.00 -- 0.00 30.00 6/29/2015 Page 4 of 9
2.2 Total number of students trained in intensive 2D animation program (Number, Custom) Value 0.00 -- 0.00 2200.00 2.3 Total number of students trained in intensive 3D animation program (Number, Custom) Value 0.00 -- 0.00 270.00 2.4 Total number of students participating in animation certificate program (Number, Custom) Value 0.00 -- 0.00 250.00 6/29/2015 Page 5 of 9
3.1 Number of startups graduating from Startup Jamaica accelerator that successfully raise follow-on capital (Number, Custom) Value 0.00 -- 0.00 33.00 The first round of acceleration will be completed by July 30. As such, it is not yet possible to determine if companies will have obtained follow on capital. 3.2 Percentage of startups graduating stage 3 of Component 2 the project that successfully raise follow-on capital (Percentage, Custom) Value 0.00 -- 0.00 33.33 Too early to determine. 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 0.00 -- 0.00 50.00 Too early to determine. 6/29/2015 Page 6 of 9
3.4 Number of investors taking equity into companies graduating from SUJ accelerator program (Number, Custom) Value 0.00 -- -- 11.00 Date 05-Mar-2014 -- -- 31-Jul-2019 Too early to determine. 4.1 Number of new mobile app startup companies accepted into SUJ accelerator and receiving seed funding (stage 3 of component 2) (Number, Custom) Value 0.00 -- -- 100.00 Date 05-Mar-2014 -- -- 31-Jul-2019 Too early to determine. 4.2 Percentage of startups accepted into SUJ originating from Jamaica/Caribbean (Percentage, Custom) Value 0.00 -- 7.00 50.00 4.3 Total number of people participating in activities/boot camps related to Startup Jamaica (Number, Custom) Value 0.00 -- 300.00 3000.00 6/29/2015 Page 7 of 9
Overall Activities counted in this determination include: 1) SUJ bootcamp in Sept 2014; 2) GenY Hackathon in March 2015; 3) Girls Who Code session in April 2015; 4) DevLabs investor demo day in May 2015; First Angels Jamaica investors pitching day in March 2015. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P148013 IBRD-84050 Effective USD 20.00 20.00 0.00 0.59 19.41 3% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P148013 IBRD-84050 Effective 18-Jul-2014 03-Sep-2014 04-Nov-2014 31-Jan-2020 31-Jan-2020 Cumulative Disbursements Restructuring History There has been no restructuring to date. 6/29/2015 Page 8 of 9
Related Project(s) There are no related projects. 6/29/2015 Page 9 of 9