PNPM Mandiri Revolving Loan Fund (RLF) - PNPM Support Facility

PNPM SUPPORT FACILITY (PSF)
Project Proposal
Project Title:
Objective:
Executing Agency:
Estimated Duration:
Estimated Budget:
Geographic
Coverage:
Implementation
Arrangements:
PNPM Mandiri Revolving Loan Fund (RLF) Capacity-Building and
Sustainability Project
The objective of the five year Project is to support the capacity building,
restructuring and institutionalization of the PNPM RLF scheme and strengthen
linkages between the PNPM RLFs and the commercial microfinance sector so
as to help ensure growth and sustainability in the provision of financial services
to the poor.
World Bank
Entire duration of the Project: 2010 – 2014 (5 years).
Funding is being requested for activities covering August 2011-December
2012.
A total of US$ 31,000,000 has been tentatively committed for the five year
Project. A first allocation of US$4,211,000 was approved by the JMC on 15
January 2010. This proposal is seeking JMC approval for a second allocation of
US$ 4,679,866.
Four provinces (3,300 RLFs):
• Central Java and D.I.Yogyakarta
• West Sumatra and East Nusa Tenggara (NTT)
To implement activities presented in this Project Proposal, the World Bank will
use funding from the PSF Trust Fund to issue grants/sub-contracts to qualified
service providers.
I. Background
1. PNPM Mandiri and its predecessor projects (KDP and UPP), have provided financing for
community-managed revolving loan funds (RLFs) since their inception over a decade ago. PNPM’s
provision of RLFs has been focused on facilitating access to credit for the poor, especially women, to
overcome market failure. Access to credit from commercial banks, including banks which specialize in
microfinance provision such as BRI, is indeed still very low in Indonesia, particularly in rural villages and
low-income urban neighborhoods. Research conducted under this Project (2009) 1 shows that less than 18%
of Indonesians have access to credit from the banking sector, while only 20% of poor households have access
to banking services. The original of the Government of Indonesia (GoI) for the PNPM RLFs was that loan
provision under PNPM would help poor people start-up and grow businesses, thus becoming more bankable,
which would encourage the commercial banks to become more active in servicing the productive poor.
2. These RLFs have become a significant national, community-based revolving fund operation
reaching poor people who typically have no or limited access to other sources of credit. Over the past 10
years, the revolving loan programs under PNPM have continued to grow and reached a significant volume,
scale and outreach. The volume of RLFs under PNPM is much larger than originally estimated. According
to latest data and estimates, the RLF capital in both PNPM Rural and Urban has reached more than US$600
million and about 700,000 groups (many of them women groups), with an estimated outreach of nearly 5
million individual borrowers. Client surveys suggest that RLFs have had positive impacts on household
income, business development, job creation and children’s education. 2
1 The World Bank (2009), Improving Access to Financial Services in Indonesia
2 See MICRA Microcredit Strategy Formulation Mission for PNPM, November 2008, page 39 “Program Impact”.

3. Yet, there is little evidence that the original GoI objective of supporting the uptake of RLF
borrowers by commercial banks has been achieved. The sheer volume of funds currently revolving in
PNPM communities reinforces the need to put the RLFs on a clear path towards sustainability. RLFs present
an inherently high potential risk of misuse of fund and corruption, as well as a potentially high incidence of
non-performing loans. A number of measures have been taken to reinforce formal and social controls on
RLFs operation, resulting in improvements in redress processes and repayment rates on new loans, which
now exceed 80%. Phasing-out the GoI’s direct support of RLFs by supporting the transition of the RLFs
from being a government-backed scheme to becoming operationally and financially independent
microfinance institutions has been defined by GoI as a strategic objective. Addressing systemic issues faced
by current RLFs operations under PNPM (e.g. improve oversight and capacity building, data accuracy and
reporting etc.) also requires attention during a transition period.
4. In its meeting on January 15 2010 meeting, the JMC approved a concept for a five year,
US$ 31 million PNPM Mandiri Revolving Loan Fund (RLF) Capacity-Building and Sustainability
Project. The overall goal of the Project is to contribute to poverty reduction initiatives within the target
communities by scaling-up sustainable access to finance to support the larger underserved population and the
development and expansion of microenterprises. US$ 4.2 million for were allocated for start-up activities.
With this proposal, the Project team seeks approval for a second allocation for activities to be implemented
from August 2011 to December 2012.
II.
Project Description & Progress to Date
5. The Project acts as a bridge between Cluster 2 (community empowerment) and Cluster 3
(access to finance for the poor and for private sector development) of the GoI’s overall national
poverty reduction strategy. The Project’s strategic value lies in its potential to leverage debt from
commercial banks for the benefit of Indonesia’s poorer communities. This will induce client level social
and economic improvements such as increases in business sales, household income, employment, assets,
spending on education and health, financial literacy, increased self-esteem.
6. The Project’s development objective is to support the capacity building, restructuring and
institutionalization of the PNPM RLF scheme and strengthen linkages between the PNPM RLFs
and the commercial microfinance sector so as to help ensure growth and sustainability in the
provision of financial services to the poor. Specifically, the Project has four key components:
a) Develop and implement a strategy to support the capacity building and institutionalization of the
PNPM RLFs.
b) Strengthen linkages between the RLFs and the commercial financial sector so as to help ensure
growth and sustainability in the provision of financial services to the poor.
c) Develop and establish a monitoring and supervision system to provide fiduciary oversight of the
microfinance operations and to track the institutional development and performance of the RLFs.
d) Develop a clear policy and strategy for the phasing-out of Government’s direct support of RLFs
by supporting the transition of the RLFs from being a government-backed scheme to becoming
operationally and financially independent microfinance institutions.
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Towards RLFs’ self-sustainability Component 4
(Policy and Strategy)
Component 3
(Monitoring and Supervision System)
Component 2
(Bank Linkage)
Component 1 (Capacity Building and Institutionalization)
Sub-Component 1-A: RLF’s needs Assessment
Sub-Component 1-B: Legal Review & TA
Sub-Component 1-c: Capacity Building
Sub-Component 1-D: Support for MIS
The World Bank Executed Period
(2010- 2013)
GoI Executed
(2014)
7. Overall implementation progress to date. The first US $ 4.2 million allocation has supported
project start-up activities, which are well underway. Milestones reached to date include: project locations
selected; UPKs mapped; project concept socialized to key stakeholders at central, regional and provincial
levels, as well as to a number of UPKs; and assessments of PNPM Mandiri RLFs nearly completed for Rural
and well underway for Urban. Procurement of core technical assistance packages is in the final stages.
Detailed information on progress to date under each component is provided in Annex 2.
III.
New Activities under Each Component
8. Component 1. Capacity Building and Institutionalization. This component will support the
restructuration and improved performance of current PNPM RLF operations through the provision of
technical assistance and training which take into account variances in human capital, operating procedures
and future legal structure of the RLFs. An in-depth assessment of a representative sample of RLFs (15% or
507), which will foster a better understanding of RLFs’ current performance on core indicators (e.g.
Governance, Management and Financial Performance), development potential and capacity building needs,
will be completed by September 2011. Funding is being requested to start preparations and launch the
following activities:
a. A Legal Review, which will a) clarify the ownership of the RLFs capital and b) determine the
appropriate legal structure for RLFs based on a menu of institutional options, which will take into
account the institutional capacity of RLFs as well as their local context. An international expert on
legal issues associated with micro-finance schemes has already been hired to support the replication
of international best practice, and a local legal firm expected to start working in July 2011. The Legal
Review should be completed by the end of 2011.
b. Consulting Services for Capacity Building: This activity will be conducted after the completion of
the aforementioned RLFs assessment, drawing on its findings. The Project will develop and conduct a
customized capacity building program in two provinces in Java to restructure and improve
performance of current RLF operations. In a second stage, capacity building will be rolled out to off-
Java and to PNPM Urban RLFs, for a total of over 3,000 RLFs. A firm will be contracted to oversee
implementation. Work is expected to start in July 2011 and should be completed by the end of 2012.
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c. Implementation Support for RLF MIS: This activity will also start upon completion of the RLF
assessment. The Project will develop a robust data recording and information system that captures
transactional data of the groups and UPKs to help improve the efficiency and effectiveness of RLF
operations and ensure that RLF data fed into PNPM’s MIS is reliable. This is a critical activity, as the
ongoing RLF assessments suggest that RLF data is unreliable. Accurate and transparent data will
improve governance and increase opportunities for bank linkages. Implementation is expected to
start in July 2011 and to be completed by the end of 2012.
9. Component 2. Bank Linkages. Activities under this component will support the establishment
of actual linkages between RLFs and the commercial financial sector, building on the activities conducted
under Component 1 and based on a “graduating institution” concept. RLFs whose performance is rated as
“excellent” and “good” under component 1, will receive support to develop relationships with banks as
soon as they can be registered as a suitable legal entity. For other RLFs, alternative and/or gradual linkage
options will be explored. Ways to accelerate linkages between PNPM RLFs borrowers themselves will
also be explored. The feasibility and cost of creating commercial bank linkages including an effective
incentive scheme (e.g. providing loan funds for on-lending to RLFs) will be finally determined after the
ongoing assessment of the financial soundness of the RLFs and further dialogue with commercial banks.
Funding is being requested to start preparations and launch the following activities:
a) Revision of Current Standard Operating Procedures: The activity will assist GoI in reviewing,
updating and upgrading current SOPs for PNPM RLFs to ensure that RLFs accounting follows
international best practice and support RLF borrowers with good track records in accessing to formal
financial services. The on-going needs assessment conducted by M-Cril includes a review of SOPs. It
findings will be utilized by the Project team to provide technical assistance to GoI for the revision of
SOPs.
b) Product Design: This activity will support the upgrading of RLFs as a financial product (e.g.
adjustment of loan size and repayment schedule) to respond to the needs expressed by borrowers and
RLFs staff during the aforementioned assessments and explore the feasibility of developing new
products (e.g. micro-insurance, savings etc.). Upgraded product design (e.g. aligning RLF ceiling
with the government’s partial guarantee program - KUR) will support the graduation of RLFs and
their linkages with commercial institutions.
10. Component 3. Monitoring and Supervision System: A project logical framework was
developed as part of start-up activities to support Project monitoring and evaluation (M&E). The Project
involves inherent challenges as over 3,000 RLFs, with high variance as regards capacity and incentives
(especially between rural and urban UPKs), will need to be supervised and monitored on an ongoing basis.
Ensuring that appropriate monitoring and supervision systems based on internationally accepted performance
indicators and standards are put in place is therefore important.
a) Design of Impact Assessments: In collaboration with the PSF M&E team, the Project team will
design a mixed-methods evaluation to assess the Project impacts on borrowers’ welfare (inc.
sustainability of their businesses) and access to financial services.
11. Component 4. Policy and Strategy: The aforementioned activities under Component 1 to 3 will
provide a solid foundation for the development of a long-term strategy to phase out the Government’s
direct support to the RLFs and establish sustainable RLF operations. The Project team will provide
technical assistance to GoI in the form of policy briefings and discussion notes summarizing the findings
of ongoing and planned assessments and laying-out options for consideration by decision-makers.
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IV.
Estimated Budget
12. A total of US$ 31 million has been committed by the JMC for the Project over the five year
period. An initial budget of US$ 4.211 million was allocated for start-up activities by the JMC meeting on
January 15 2010, and has been released accordingly.
13. The Project team is seeking approval of an additional allocation of US$ 4,679,866 for new
activities to be conducted between August 2011 and December 2012. A breakdown of the budget is
provided in the table below. Reallocations across expense categories may be needed during the course of
implementation.
Category
Aug 2011 - Dec 2012 (US$)
Component 1
Legal and Regulatory Advisory Services 785,000
Training and Capacity-Building Support 1,984,000
Improving Monitoring and Information System (MIS) for RLFs
operations
1,100,000
Component 2
Bank Linkage Scheme 1,000,000
Component 3&4
Monitoring & Evaluations / Strategy & Policy recommendations 300,000
Implementation costs of above all (Component 1- 4)
Operating Costs (inc. costs for travel/field trips, workshops etc.) 346,000
WB staff 402,500
Consultants 315,000
SUB TOTAL 6,232,500
Contingency (approx 5% of total budget) 311,625
TOTAL 6,544,125
Start-up (‘Phase 1’) activities – Balance on 1 st JMC allocation 2,058,366
TOTAL FOR NEW ALLOCATION 4,679,866
V. Implementation Arrangements
14. The Task Team Leader for this Project is based within the Finance and Private Sector
Development (FPD) Unit of the World Bank Office in Jakarta, and cooperates closely with the PNPM
Support Facility (PSF) and the World Bank task teams for both PNPM Rural and Urban.
15. Project activities will be World Bank executed. The GoI expressed its preference for this
modality, which makes it easier to test out different approaches while a parallel dialogue is being
conducted between different government agencies on longer-term strategy for the RLF scheme and the
Bank team coordinates with the National Team of Poverty Reduction (TNP2K). A gradual handing over
of project components will take place once adequate arrangements have been agreed upon with concerned
government stakeholders. The project will be fully handed over to GoI at the beginning of Year 5, at the
latest.
16. GoI oversight and strategic guidance. In light of the large stake the GoI has in the PNPM
Mandiri program, ensuring broad ownership over the Project among regional and national stakeholders is
of crucial importance. The Bank team coordinates with key stakeholders at national and regional level,
including Bappnas, Coordinating Ministry of People’s Welfare, Ministry of Home Affairs, Ministry of
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Public Works, National Team of Poverty Reduction (TNP2K) etc. To this end, a working group
comprising relevant ministries (i.e. the Ministry of Home Affairs, the Ministry of Public Work and
Bappenas) has been established, ensuring adequate institutional representation of oversight agencies for
both PNPM Rural and Urban. The Project team is also assisting GoI in establishing working groups at the
regional level. The Project will support the GoI in ensuring that regular information shared and discussed
with key stakeholders through existing structures such as the TNP2K and Pokja Pengendali.
VI.
Key Performance Indicators
17. The indicators presented below are for the entire, five year program. Early results for the indicators
highlighted in italic will materialize after the completion of proposed new activities in December
2012.
Objectives and Outcomes
Overall Goal
Achieve poverty reduction in PNPM target
communities by scaling up of sustainable access
to financial services by Indonesia’s poorer
communities
Project Development Objective(PDO)
Sustainable provision of financial services by
RLF in four selected provinces through
restructuring and improving the performance of
RLF operations
(“Building a bridge between cluster 2 and
cluster 3”)
Component 1 : Eligible RLF have the capacity
to manage the funds in a professional way and
based on good practice MF principles
Component 2: Linkages between the RLFs and
the commercial financial sector are established
Component 3: Effective and timely monitoring
and supervision system for RLF is in place
Component 4: Clear policy and strategy for
sustainable RLF operations is developed and
agreed (including a phasing-out of the
Government’s direct support to RLFs)
Result Indicators
Impact assessment indicators (tbd)
1. Increase in no. and amount of loans to groups and
their members.
2. Improvements in the types and quality of products
and services offered (e.g. savings services)*
3. No of RLF that cover the full operating cost from
their interest spread*
4. No. or % of RLFs that have received high quality
microfinance technical assistance and training.
5. No. or % of RLFs that have improved in their
rating based on key performance indicators.
6. No. or % of RLFs that have institutionalized in a
legal form that is appropriate to the local
context.*
7. No. or % of RLFs with linkages with commercial
banks
8. Increased access to sustainable sources of
financing: (i) bank loan amounts (ii) leverage ratio
9. No. or % of RLFs that receive less/no block grants
and achieve financial self-sufficiency (for good
performing RLFs) or are liquidated (for poor
performing RLFs)*
10. No. or % of RLFs for which regular, complete and
timely performance rating results are available
11. No. or % of RLFs under supervision of a qualified
financial supervisory agency*
12. Key stakeholders have agreed on initial strategy
before implementation
13. No. of good practice inputs provided to and
adopted by PNPM Mandiri
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14. By end of year 5, key stakeholders agree on longterm
strategy and phasing-out of direct
government support*
ANNEX 1: LIST OF PROJECT ACTIVITIES (FIVE YEAR PROGRAM)
Component 1 - Capacity Building of RLFs
1.1 Assessment of RLF capacity and capacity building needs in both rural and urban PNPM
1.2 Develop and clearly define good microfinance principles adapted to RLF
1.3 Assessment of support provided by the PNPM facilitators to (i) the RLF for a) establishment and b)
on-going operations , (ii) formation and guidance of SPP (groups)
a. Can this function be integrated in the UPK system? e.g. TPK
b. If a. cannot: Can the UPK hire outside technical assistance?
1.4 Legal assessment and options for RLF legal status
1.5 Design capacity building measures based on institutional development strategies
(Ref. Component 4 Policy and Strategy)
1.6 Develop eligibility criteria (based on graduation philosophy) for RLF capacity building
1.7 Implement capacity building and training for eligible RLFs
Component 2 – Bank Linkages:
2.1 Identify early potential RLF candidates for bank linkage
2.2 Identify potential banks and initiate discussions on feasibility and type of linkages
2.3 Develop linkage models, incl. potential role as agents for banks:
• Bank – UPK
• Bank – SPP
• Bank – individual
2.4 Establish eligibility criteria for a. RLFs and b. banks
2.5 Initiate first demonstration and show cases of pilot linkages
2.6 Evaluate pilot linkages and refine linkage models
2.7 Conduct regional linkage workshops to socialize and disseminate the concept
2.8 Develop and implement a linkage training program for RLFs “how to deal with a bank”
2.9 Conduct short exposure programs for banks to gain a direct insight into RLF operations
2.10 Develop a cadre of “linkage facilitators” (e.g. twinning FK with a bank officer)
2.11 Implement bank linkages
2.12 Monitor and evaluate bank linkages
Component 3 – Monitoring and Supervision System
3.1 Develop a project monitoring system based on PDO, outcomes, indicators and activities
3.2 Develop a RLF rating system (governance, management and financial performance)
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3.3 Develop an institutional performance monitoring system based on RLF rating system and up to date
financial reporting standards
3.4 Develop institutional performance monitoring system into a supervisory rating system
3.5 Determine an appropriate supervisory agency (or agencies: non-prudential vs prudential)
3.6 Conduct capacity building of supervisors
Component 4 – Policy and Strategy
4.1 Develop initial strategy for restructuring and improving rural RLF operations based on 100 RLFs in
CJ/Yog (year 2)
- Institutional development strategies and options (as basis for capacity building – Component 1)
- Transition from grant (BLM) to loans “phasing-out of BLM, phasing-in of bank loan”
- Potential legalization of RLFs
4.2 Develop initial strategy for restructuring and improving urban RLF operations
4.3 Develop refined strategy for rural and urban RLFs in four pilot provinces (year 3)
4.4 Provide lessons learned and good practice inputs to PNPM Mandiri on an incremental basis
4.5 Develop long-term policy and strategy for sustainable RLF operations and nationwide replication by
the government, including exit strategy for the government’s direct support for RLFs (year 5)
ANNEX 2. DETAILED DESCRIPTION OF PROGRESS TO DATE
18. Overall implementation progress. Implementation is well underway, with project locations selected;
UPKs mapped; project concept socialized to key stakeholders at central, regional and provincial levels, as
well as to a number of UPKs; and assessments of PNPM Mandiri Revolving Loan Funds (RLFs) nearly
completed for Rural and well underway for Urban. Procurement of core technical assistance packages is in
the final stages. General progress and progress by component is detailed below. More information about the
components is included in Annex 2.
19. Project preparation. Following project approval by the JMC in January 2010, the core project team
was established; a Child Trust Fund was created and JMC-approved budget of US$4.211 million
transferred to the TF account. A series of meetings were held with national level counterparts, the
Ministry of Home Affairs, Bappenas, Coordinating Ministry for People’s Welfare (Menko Kesra), NMC,
donors and the Social Development team in the World Bank Indonesia’s PSF Office.
20. A working group of relevant stakeholders from the Government has been established. A first
meeting, chaired by Bappenas, was held on 5 November 2010. On that occasion, the working group
endorsed the selection of the two off-Java provinces (i.e., West Sumatra and East Nusa Tenggara (NTT)).
Working group meetings at both national and regional level are expected to be held on a regular basis in
due course.
21. The Project concept note has also been subjected to the World Bank internal peer review and was
approved on 11 November 2010. Specifically, the World Bank management approved implementation of the
Project by the Bank and the allocation of staff and management resources. The peer review also included
external microfinance specialists from CGAP.
22. Inventory and mapping of RLFs. An inventory and mapping of all existing Revolving Loan Funds
(RLFs) in the four provinces in both rural and urban areas was conducted (see table below). The project will
broadly target approximately 3,300 RLFs, with the majority (75%) in Java. Furthermore, the RLFs in PNPM
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Urban are larger in number but much smaller in size as they are located at the village (kelurahan) level as
opposed to RLFs under PNPM Rural which are operating at the sub-district (kecamatan).
Pilot Province Rural RLFs Urban RLFs Total RLFs
1 Central Java 444 1,795 2,239 68%
2 Yogyakarta (DIY) 56 169 225 7%
3 West Sumatra 141 340 481 15%
4 East Nusa Tenggara (NTT) 245 110 355 11%
Total 886 2,414 3,300 100%
RLF sample for assessment 266 241 507 15%
Note: Number of RLFs is as of December 2010. Numbers will fluctuate with formation of new groups.
Component 1: Capacity Building and Institutionalization
23. This component is largely on track. Socialization of the new pilot program began in May 2010
with regional and local governments and local stakeholders in both Central Java and Yogyakarta for
PNPM Rural. In a series of field workshops, initial inputs on the project concept were obtained from
more than 1,000 UPK representatives and Kecamatan facilitators. This also included field visits to RLF
operations in Central Java, Yogyakarta, and some other provinces. Following agreement to start
expansion of the program to PNPM Urban RLFs from early 2011, the program has now been socialized to
nearly 300 PNPM Urban Economic Facilitators, City Coordinators and Assistant City Coordinators in
Central Java and Yogyakarta, and received support from Bappeda in both locations. The project has placed
one core team member with the PNPM Urban team in the World Bank to support project preparation and
implementation.
24. Sub-component 1-A: Revolving Loan Fund Assessments. One of the first major project activities
is the in-depth assessment of a sufficiently large number of RLFs to gain a better understanding of the
operations, the development potential and the capacity building needs of RLFs. Given the large number
of RLFs in the pilot provinces, a representative sample of 507 RLFs – approx. 15% of the total - has been
chosen for the in-depth assessment. In line with the initial proposal, the assessment is being conducted in
four stages: (i) a first batch of 100 rural RLFs in Central Java and Yogyakarta was completed in March
2011; (ii) 50 remaining rural RLFs in the same area have been completed in May 2011; (iii) 197 urban
RLFs in Central Java and Yogyakarta will be completed by end-July 2011; and (iv) 116 rural RLFs and
44 urban RLFs in West Sumatra and NTT are planned to be finalized by October 2011.
25. The consulting firm to carry out the assessments of the RLFs was contracted in October 2010
following a six-month procurement process under World Bank guidelines. The following steps have been
conducted regarding the RLF assessment:
• November 2010 – Initial assessment (pre-test) of 14 rural RLFs conducted
• December 2010 – Assessment methodology reviewed in a technical workshop and fine-tuned for
rollout
• March 2011:
- Assessment of 100 rural RLFs completed
- Mid-term review of rural assessments shared in workshop with key central, regional and
provincial stakeholders
• April 2011 - Initial assessment (pre-test) of 10 urban RLFs conducted
• May 2011:
- Assessment of additional 50 rural RLFs completed
- Assessment methodology for urban RLFs reviewed in a technical workshop and fine-tuned
for rollout
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- Assessment of additional 187 urban RLFs begin (to be completed end-July)
26. Sub-component 1-B: Legal Review. A second major assessment has been launched to clarify the
ownership of the RLF capital and to determine the appropriate legal structure for RLFs based on a menu
of institutional options. The procurement process to select a legal firm to support this activity is in the
final stages. A part time international legal expert has been hired to support this activity.
27. Sub-component 1-C: Consulting Services for Capacity Building. Following the initial assessment,
the Project will develop and conduct a customized program of capacity building in the two provinces in
Java in order to restructure and improve performance of current RLF operations. In a second stage,
capacity building will be rolled out to off-Java and to PNPM Urban RLFs. Terms of Reference (TOR)
were developed for the assignment, RFP issued and procurement is in the final stages. Implementation is
expected to start in July 2011.
28. Sub-component 1-D: Implementation Support for RLF MIS. The Project will develop a robust
data recording and information system that captures transactional data of the groups and UPKs to help
improve the efficiency and effectiveness of RLF operations and provide data to PNPM stakeholders. This
is a critical activity, as the assessments underway now reveal that the RLF data is weak. Accurate and
transparent data will improve governance and increase opportunities for bank linkages with and
sustainability of the RLFs. TORs for the assignment were developed, RFP issued and procurement is in
the final stages. Implementation is expected to start in July 2011.
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