CONSOLIDATED PROJECT FINANCIAL STATEMENTS ENHANCING SMALL AND MEDIUM ENTERPRISES ACCESS TO FINANCE PROJECT. Report on the. of the

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1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Report on the CONSOLIDATED PROJECT FINANCIAL STATEMENTS of the ENHANCING SMALL AND MEDIUM ENTERPRISES ACCESS TO FINANCE PROJECT financed by: - IBRD Loan No BA - IBRD Loan No BA FOR THE YEAR ENDED DECEMBER 31, 2015

2 CONTENTS I Introduction 1 2 Independent Auditor's Report 5 3 Consolidated project financial statements for the year Notes to the consolidated project financial statements 13 APPENDICES A.1 Designated account statement - IBRD Loan No BA - FB&H 14 A2 Local bank account statements - IBRD Loan No BA - FB&H 15 A3 Designated account statement - IBRD Loan No, BA- FB&H 16 A.4 Designated account statement - IBRD Loan No BA - RS 17 B.1 SoE Withdrawal Schedule of IBRD Loan No BA for the year ended December 31, B.2 SoE Withdrawal Schedule of IBRD Loan No BA for the year ended December 31, C-1 Reconciliation between World Bank's disbursement statements in EUR and IBRD Loan account in EUR according to the balance sheet as of December 31, 2015; SoE Withdrawal Schedule of IBRD Loan No BA 20 C.2 Reconciliation between World Bank's disbursement statements in EUR and IBRD Loan account in EUR according to the balance sheet as of December 31, 2015; SoE Withdrawal Schedule of IBRD Loan No BA 21

3 1. Introduction 1.1 Objectives and activities of the Project The State of Bosnia and Herzegovina (the "State"), through its Ministry of Finance and Treasury obtained a loan from the International Bank for Reconstruction and Development (IBRD) - the World Bank Group towards the costs of the Enhancing SMEs Access to Finance Project (the "Project"). Although there are long term structural issues that to be addressed to improve the business environment and competitiveness of the enterprise sector, the current global financial instability implies a focus on dealing with the access to term finance, as the most critical short-term vulnerability for the SME sector. The project development objective is to enhance access to finance for small and medium enterprises in Bosnia and Herzegovina in the context of global financial crisis, Primary beneficiaries of the project would be small and medium enterprise contributing to growth of regional economy and export, which would benefit from improved access to finance. The project would also help the banking sector in Bosnia and Herzegovina to withstand the global economic downturn that has triggered financing difficulties for the enterprise sector. In general, the outcomes of the Project will be measured by two groups of key indicators: (i) number of loans and the amount of medium and long-term credit extended to SMEs in Bosnia and Herzegovina, including exporters, (ii) the payment performance of the sub-borrowers in the project - the number and volume of non-performing sub-loans, and (iii) the investment and export performance of the subborrowers, and the impact on their employment level, Performance indicators of SMEs - final beneficiaries would be monitored throughout the project to offer lessons which may be helpful in designing future crisis response schemes for SMEs in Bosnia and Herzegovina and elsewhere. 1.2 Components and activities of the Project The project has one component: A. Credit Line Component B. Project Management and Monitoring Component (the Federation of Bosnia and Herzegovina only) A. Credit Line Component The Credit Line Component will include funding through PFIs to creditworthy private enterprises for viable projects. The eligible financing will cover investments and/or incremental working capital in industry, agro-processing and the related service sectors. Loan funds will be on-lent by the Entities' MoFs via their respective PlUs to participating financial institutions (PFIs). The sub-loans to PFIs will be extended back-to-back to PFIs loans to final borrowers and under the similar terms and conditions. The decision to extend a sub-loan to final borrowers will be left to PFIs. The PFIs will bear the full credit risk. The credit decisions would be based on thorough financial appraisal of borrower's financial condition and prospects. The sub-loans would be available in EUR or in BAM referenced to EUR. 1

4 1. Introduction 1.2 Objectives and activities of the Project (continued) A. Credit Line Component (continued) Subsidiary financing to PFIs will be extended on variable interest rate basis adjusted semi-annually. Interest rates will be market determined, based on preceding six-months LIBOR rates plus a spread for a selected IBRD loan product. The entities' Ministries of Finance will add a spread needed to cover the cost of project implementation and the related risks which will be reflected in Subsidiary Financing Agreements with PFIs. The spread will be reviewed, from time-to-time, and could be adjusted in line with market dynamics. PFIs will determine the principal, amortization and interest payment schedules for sub-loans to final borrowers on a case-by-case basis, based on cash-flow projections. PFI sub-loans to final borrowers will be extended at domestic credit market rates, and will include a by borrowers to PFIs would generally be made according to typical repayment schedules used by the respective PFt. There will be no sub-loan prepayment penalties, and interest will be charged on a declining balance formula. The final beneficiaries must be privately owned and duly licensed and registered with the tax authorities. They should be active in manufacturing, food production or agro-processing, or in related services. Enterprises will be required to demonstrate prior operating experience in the activity to be financed and should be in a sound financial condition. The creditworthiness of final borrowers will be assessed by the PFIs. Sub-loans would finance investments, repair or modernization, and/or incremental working capital. Sub-loans proceeds could be used for the equipment and raw materials, repairs to facilities and only minor construction. Each credit application would be accompanied by a viable business plan, financial statements before and after the project, and cash-flow projections. B. Project Management and Monitoring Component The Project Management and Monitoring Component finances costs of the project management and monitoring, including financial management, audits, procurement, environmental compliance supervision and other activities related to a project management and coordination in the Federation of Bosnia and Herzegovina ("FB&H"). 1.3 Financing of the Project IBRD Loan No BA The State is the borrower of the International Bank for Reconstruction and Development (IBRD) Credit No BA, amounting to the equivalent of EUR 47,800,000 Under the terms of the subsidiary finance agreements between the State, on one side, and FB&H and Republika Srpska ("RS"), on the other side, funds of the equivalent of EUR 28,680,000 have been lent to FB&H and funds of the equivalent of EUR 19,120,000 have been lent to RS. 2

5 1. Introduction (continued) 1.3 Financing of the Project (continued) IBRD Loan No BA (continued) Categories of cost items to be financed out of the proceeds of the Credit, the allocation of the amounts of the Credit to each category and the percentage of expenditure for cost items so to be financed in each category are as follows: Item Amount of the Loan allocated % of expenditure to be (in EUR) financed (1) Sub-loans under Part 1.A of the Project 27,900, % Goods, consultants' services and operating costs under Part 1.B of the Project (3) Unallocated under Part 1 of the Project 300, % (4) Sub-loans under Part 2.B of the Project 19,072, % (5) Front-end fee 119,500 Amount payable pursuant to Section 2.03 of this Agreement in accordance with Section 2.07 (b) of the General Conditions Subtotal 47,800,000 On October 15, 2012 the proceeds of the Credit was reallocated (Part A - FB&H) as follows: EUR 300,000 from Category 3: Unallocated under Part 1 of the Project to Category 2: Goods consultants services and operating costs under Part 1.B of the Project. A revision of the table set forth in Schedule 1 to the Development Credit Agreement incorporating these changes is follow: Item Amount of the Loan allocated % of expenditure to be fiped (in EUR) financed (1) Sub-loans under Part 1.A of the Project 27,900, % Goods, consultants' services and operating 708,300 costs under Part 1.1B of the Project (3) Unallocated under Part 1 of the Project - (4) Sub-loans under Part 2.B of the Project 19,072, % (5) Front-end fee 11 9,500 Amount payable pursuant to Section 2.03 of this Agreement in accordance with Section 2.07 (b) of the General Conditions Subtotal 47,800,000 3

6 1. Introduction (continued) 1.3 Financing of the Project IBRD Loan No BA The State is the borrower of the International Bank for Reconstruction and Development (IBRD) Credit No BA, amounting to the equivalent of EUR 90,100,000. Under the terms of the project agreements between the State, on one side, and FB&H and RS, on the other side, funds of the equivalent of EUR 54,060,000 have been lent to FB&H and funds of the equivalent of EUR 36,040,000 have been lent to RS. Categories of cost items to be financed out of the proceeds of the Credit, the allocation of the amounts of the Credit to each category and the percentage of expenditure for cost items so to be financed in each category are as follows: Item Amount of the Loan allocated %o xedtr fiped ob (in EUR) fnne (1) Sub-loans under Part 1 A of the Project 53,924, % (2) Sub-loans under Part 2,B of the Project 35,949, % (3)Section Subtotal Amount payable pursuant to (3) Font-nd fe ,250in of this Agreement accordance with Section 2.07 e (b) of the General Conditions so,949,001 4

7 Deloitte. Deloitte d.o.o. Jadranska bb Sarajevo Bosnia and Herzegovina Tel: +387 (0) Fax: +387 (0) Independent Auditor's Report To the State of Bosnia and Herzegovina, Ministry of Finance and Treasury Attn. of Minister of Finance and Treasury H.E. Mr. Vjekoslav Bevanda Report on the consolidated project financial statements We have audited the accompanying consolidated project financial statements of the Enhancing Small and Medium Enterprises Access to Finance Project (the "Project"), which comprise of Summary of sources and uses of funds, Balance sheet, Designated account statements, Statements of Credit withdrawals as of and for the year ended December 31, 2015, and a summary of significant accounting policies and other explanatory notes for the years then ended, financed under IBRD Loan No BA and IBRD Loan No BA. These project financial statements have been prepared on the cash basis of accounting based on International Public Sector Accounting Standard ("IPSAS"), as described in Note 4.1. Responsibility for the consolidated project financial statements The State of Bosnia and Herzegovina, i.e. the management of the implementing foundation 'OdRaz' in the Federation of Bosnia and Herzegovina and of the project implementation unit in Republika Srpska (the "Management') is responsible for the preparation and fair presentation of these consolidated project financial statements on the cash basis of accounting based on IPSAS, as described in Note 4.1, and on "Guidelines: Annual Financial Reporting and Auditing for World Bank - Financed Activities" issued by Financial Management Sector Board ("FMSB"), and for such internal control as the Management determines is necessary to enable the preparation of the consolidated project financial statements that are free from material misstatement, whether due to fraud or error. Auditor's responsibility Our responsibility is to express an opinion on the consolidated project financial statements based on our audit. We conducted our audit in accordance with the International Standards on Auditing and "Guidelines: Annual Financial Reporting and Auditing for World Bank - Financed Activities" issued by FMSB. Those Standards and Guidelines require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated project financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the special purpose consolidated project financial statements. An audit also includes assessing of the accounting principles used and significant estimates made by the Management, as well as evaluating the overall statement presentation. We believe that our audit provides a reasonable basis for our opinion. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of mernmber firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms Member of Deloitte Touche Tohmatsu Limited

8 Report on the consolidated project financial statements (continued) Opinion In our opinion, the accompanying consolidated project financial statements present fairly, in all material aspects, the financial position of the Project as of December 31, 2015, and of the funds received and disbursed during the years then ended, in accordance with basis of accounting described in Note 4.1. Report on other requirements In addition, with respect to the Statements of Expenditure, adequate supporting documentation has been maintained to support claims to the World Bank for reimbursements of expenditures incurred; and all expenditures included in withdrawal applications and reimbursed against are eligible for financing under the Project. Deloitte d.o.o. Sead anov, director and licensed auditor Mirza Bihorac, licensed auditor Sarajevo, Bosnia and Herzegovina May 6,

9 3. Consolidated project financial statements for the year Summary of sources and uses of funds under the IBRD Loan No BA, IBRD Loan No BA, Government contribution and Other income Ref. Actual Cumulative Cumulative Cumulative Cumulative budget variance FINANCING IBRD Loan No BA ,800,000 28,680,000 47,800,000 - IBRD Loan No BA ,813,091 74,040,899 Covernment contribution - IBRD Loan 29,244,818 90,100,000 16,059,101 No 7839-BA (RS only) , (6,496) Other income (FB&H only) (213) TOTAL FINANCING ,813, ,847,608 57,925, ,900,000 16,052,392 PROJECT EXPENDITURE By Category Sub-loans under Part 1.A of the Project 26,856,737 81,817,344 54,960,607 81,824,850 7,506 Goods, consultants' services and operating costs under Part 1,1 of the Project 141, ,019 Sub-loans under Part 1.A of the 574, ,300 (7,719) Project 4,003,822 37,966,820-55,022,100 17,055,280 Front-end fee - 344, , ,750 - Bank charges 257 7, (7,776 TOTAL EXPENDITURE 3,2 31,002, ,852,709 55,741, ,900,000 17,047,291 PROJECT EXPENDITURE By Component Credit line component 30,860, ,921,983 54,960, ,984,850 17,062,867 Project management and monitoring coordination 142, , ,150 (15.576) TOTAL EXPENDITURE ,002, ,852,709 55,741, ,900,000 17,047,291 7

10 3. Consolidated project financial statements for the year 2015 (continued) Summary of sources and uses of funds under the IBRD Loan agreement No BA Ref. Actual Cumulative Cumulative Cumulative Cumulative budget variance FINANCING IBRD Loan No BA 47,800,000 Initial deposit - - 5,800,000 Direct payments - 13,780,856 13,780,856 SoE replenishments - 28,099,644 28,099,644 Front-end fee - 119, ,500 TOTAL FINANCING ,800,000 47,800,000 47,800,000 - PROJECT EXPENDITURE By Category Sub-loans under Part 1 A of the Project - 27,892,281 27,892,281 27,900,000 7,719 Goods, consultants' services and operating costs under Part 1B of the Project 141, , , ,300 (7,719) Sub-loans under Part 2.B of the Project - 19,072,200 19,072,200 19,072,200 Front-end fee - 119, , ,500 - TOTAL EXPENDITURE ,776 47,800,000 47,685,224 47,800,000 8

11 3. Consolidated project financial statements for the year 2015 (continued) Summary of sources and uses of funds under the IBRD Loan agreement No BA FINANCING Actual Cumulative Cumulative Cumulative Cumulative Ref budget variance IBRD Loan No BA 90,100,000 Initial deposit - 11,000,000 11,000,000 Direct payments SoE replenishments 29,813,091 62,815,649 33,002,558 Front-end fee - 225, ,250 TOTAL FINANCING ,813,091 74,040,899 44,227,808 90,100,000 16,059,101 PROJECT EXPENDITURE By Category Sub-loans under Part I.A of the Project 26,856,656 53,924,850 27,068,194 53,924,850 - Sub-loans under Part 2.2 of the Project * 4,003,822 18,894,620 14,890,798 35,945,900 17,055,280 Front-end fee - 225, , ,250 - Bank charges 257 1,280 1, TOTAL EXPENDITURE ,860,735 73,046,000 42,185,265 90,100,000 17,054,000 Difference of EUR 4,033,822 for cost category "Sub-loans under Part 2.8 of the Project", between Actual 2015 and Cumulative 2015 in Note 3.1.2, and Total 2015 and Cumulative 2014 in Appendix 8.2, relates to the expenditure made in 2015, but not claimed through SoE applications until the date of this report. " These bank charges were not claimed from the World Bank as they are illegible expenses that should be reimbursed from the Government of Republika Srpska. 9

12 3. Consolidated project financial statements for the year 2015 (continued) Summary of sources and uses of funds under Government contribution (IBRO Loan No BA) - RS only FINANCING Actual Cumulative Cumulative Cumulative Cumulative Ref budget variance Government contribution - 6,496 6, ( 6496) TOTAL FINANCING 3.1-6,496 6, ) PROJECT EXPENDITURE By Category Bank charges. 6, ( 496 TOTAL EXPENDITURE 3.2-6,496 6,496-6,496) 10

13 3. Consolidated project financial statements for the year 2015 (continued) Summary of sources and uses of funds under Other income (FB&H only) FINANCING Actual Cumulative Cumulative Cumulative Cumulative Ref budget variance Interest - IBRD Loan No BA ) TOTAL FINANCING PROJECT EXPENDITURE By Category Sub-loans under Part 1.A of the Project TOTAL EXPENDITURE (213) 11

14 3. Consolidated project financial statements for the year 2015 (continued) 3.2 Consolidated balance sheet as of December 31, 2015 showing accumulated funds of the Project and bank balances concerning World Bank funding ASSETS December 31, December 31, Ref Project expenditure under IBRD Loan No BA ,800,000 47,658,224 Project expenditure under IBRD Loan No BA ,046,000 42,185,265 Project expenditure under Government contribution ,496 6,496 Project expenditure under Other income ,852,709 89,850,117 Designated account - IBRD Loan No BA - FB& H A.1-293,469 Designated account - IBRD Loan No BA- FB&H A.3-2,041,474 Designated account - IBRD Loan No BA- RS A.4 994,899 1, ,899 2,36,012 Total assets 121,847,608 92,186,129 LIABILITIES IBRD Loan No BA C.1 47,800,000 47,800,000 IBRD Loan No BA C.2 74,040,899 44,227,808 Other income - FB&H Expenditure under IBRD Loan No BA paid by 'OdRaz' A.2-151,612 Government contribution - IBRD Loan No BA- RS 313 6,496 6,496 Total liabilities 121,847,608 92,186,129 12

15 4. Notes to the consolidated project financial statements 4.1 Basis of preparation and accounting records These project financial statements have been prepared in accordance with the International Public Sector Accounting Standard: "Financial Reporting under the Cash Basis of Accounting" issued by the Public Sector Committee of the International Federation of Accountants, and incorporate the accounting policies below, which have been consistently followed in all material respects and comply with the "Guidelines: Annual Financial Reporting and Auditing for World Bank - Financed Activities" issued by the Financial Management Sector Board. 4.2 Accounting policies The Project's fiscal year is January 1 to December 31 for the recording of all transactions. Cash basis of accounting All receipts and expenses under IBRD Loan are recorded on actual receipt and payment basis of accounting as per approved categories. Project expenditure is stated at original cost on the balance sheet. Direct payments Direct payments concern the amounts paid directly from the IBRD Loan accounts of the World Bank. Statement of Expenditure (SoE) Statements of Expenditure are used to state the expenditure under IBRD Loans during a certain period. These statements are sent to the World Bank's disbursement department who authorises the payment of the expenditure through the Designated accounts. Currency conversions The reporting currency is Euro (EUR). Sources and use of funds (payments to suppliers and contractors) in currencies other than EUR have been converted to EUR using the currency rate at the moment of the transaction. Bank balances, recorded on the balance sheet at year-end, have been converted at year-end rate. Designated accounts This is the total amount of the withdrawals from the IBRO Loan accounts for the Project. IBRD Loan accounts are in EUR. Interest on Designated account Interest earned on the Designated account belongs to the Borrower. 13

16 APPENDIX A.1 Account owned by: DESIGNATED ACCOUNT STATEMENT - FB&H Ministry of Finance and Treasury of Bosnia and Herzegovina Account No.: Depository Bank: Address: Related Credit: Currency: UniCredit Bank d.d. Kardinala Stepinca b.b., Mostar IBRD Loan No BA EUR Ref. EUR Opening balance January 1, ,469 Add: Deduct: Transfer to Local bank account - IBRD Loan No BA A.2 293, ,469 Ending balance December 31,

17 APPENDIX A.2 LOCAL BANK ACCOUNT STATEMENT- FB&H Account owned by: Foundation for Sustainable Development 'OdRaz' Account No.: Depository Bank: Address: Related Credit: Currency: UniCredit Bank d.d. Kardinala Stepinca b.b., Mostar IBRD Loan No BA BAM Ref. BAM EUR Opening balance January 1, _(296,527 ( 12 Add: Transfer from Designated account - IBRD Loan No BA A.1 573, , , ,469 Deduct Payments to suppliers - Expenditure under IBRD Loan No BA 277, ,776 Payments to suppliers - Expenditure under Other income , ,857 Ending balance December 31, This account represents expenditure for common departments for all projects implemented by "OdRaz" 15

18 APPENDIX A.3 Account owned by: DESIGNATED ACCOUNT STATEMENT - FB&H Ministry of Finance and Treasury of Bosnia and Herzegovina Account No.: Depository Bank: Address: Related Credit: Currency: Nova banka a.d. Kralja Alfonsa XIII 37 a, Banja Luka IBRD Loan No BA EUR Ref. EUR Opening balance January 1, ,041,474 Add: World Bank replenishment B.2 24,815,182 24,815,182 Deduct: Payments to suppliers - Expenditure under IBRD Loan No BA 26,856,656 26,856,656 Ending balance December 31,

19 APPENDIX A.4 Account owned by: DESIGNATED ACCOUNT STATEMENT - RS Ministry of Finance and Treasury of Bosnia and Herzegovina Account No.: Depository Bank: Address: Related Credit: Nova Banka a.d. Kraija Alfonsa XIll 37 a IBRD Loan No BA Currency: EUR Ref. EUR Opening balance January 1, 2015 _ 1,069 Add: World Bank replenishments B.2 4,997,909 Deduct: 4,997,909 Payments to suppliers - Expenditure under IBRD Loan No BA 4,003,822 Bank charges 257 4,004,079 Ending balance December 31, ,899 17

20 APPENDIX B.1 SoE Withdrawal Schedule of IBRD Loan No BA for the year ended December 31, 2015 Goods, consultants' services and Sub-loans operating Sub-loans under Part costs under under Part Initial 1.A of the Part 1.8 of 2 of the Front- Total Total deposit Project the Project Project end fee application disbursed Previous years 141,776 27,892, ,243 19,072, ,500 47,658,224 47,800,000 Total direct payments FBiH-33* , ,776 Total SoE applications , Total , ,776 Cumulative ,776 27,892, ,019 19,072, ,500 47,800,000 47,800,000 * Application No. FBiH-33 was submitted to the Ministry of Finance and Treasury of Bosnia and Herzegovina. However, this application has not been submitted to the World Bank yet. 18

21 Consolidated project financial statements for the year ended December APPENDIX B.2 SoE Withdrawal Schedule of IBRD Loan No BA for the year ended December 31, 2015 Sub-loans Sub-loans under under Part Initial Part 1.A of the 2.8 of the Front- Total Total deposit Project Project end fee application disbursed Previous years 11,000,000 27,068,194 14,890, ,250 42,184,242 44,227,808 Total Direct payments - 12-F-SME * ,435, F-SME * ,523, F-SME - 4,104, ,104,273 4,104, F-SME - 951, , , F-SME - 3,612, ,612,277 3,612, F-SME - 2,071, ,071,068 2,071, F-SME - 1,840, ,840,651 1,840, F-SME - 2,046, ,046,489 2,046, F-SME - 2,618, ,618,074 2,618, F-SME - 2,474, ,474,999 2,474, F-SME (1,694,735) 2,832, ,832,557 1,137, F-SME * - 2,622, ,622, F-SME " - 1,620, ,620, F-SME " 61, ,581-5-RS-SME " ,997,909 Total SoE applications (1,694,736) 26,856, ,856,656 29,813,091 Total 2015 (1,694,735) 26,856, ,856,656 29,813,091 Cumulative ,305,255 63,924,850 14,890,798-* 225,250 73,044,720 74,040,899 * Applications No. 12-F-SME and No. 13-F-SME were replenished in 2015, but expenses were made in Applications No. 23-F-SME, No. 24-F-SME and No. 24-F-SME were deducted from Initial deposit in 2016 Difference of EUR 4,003,822 for cost category "Sub-loans under Part 2.8 of the Project", between Actual 2015 and Cumulative 2015 in Note 3.1.2, and Total 2015 and Cumulative 2014 in Appendix B.2, relates to the expenditure made in 2015, but not claimed through SoE applications until the date of this report. -"Application No. 5-RS-SME was replenished in 2015, but expenses were made in

22 APPENDIX CA Reconciliation between World Bank's disbursement statements in EUR and IBRD Loan account in EUR according to the consolidated balance sheet as of December 31, 2015; SoE Withdrawal Schedule of IBRD Loan No BA Changes in IBRD Loan (in EUR) Original amount _ 47,800,000 Disbursed in previous years 47,800,000 Total disbursed in 2015 Cumulative disbursements 47,800,000 Calculated undisbursed balance as of December 31, 2016 Undisbursed balance as per World Bank Summary for December

23 APPENDIX 0.2 Reconciliation between World Bank's disbursement statements in EUR and IBRD Loan account in EUR according to the consolidated balance sheet as of December 31, 2015; SoE Withdrawal Schedule of IBRD Loan No BA Changes in IBRD Loan (in EUR) Original amount 90,100,000 Disbursed in previous years 44,227, F-SME 13-F-SME 14-F-SME 15-F-SME 16-F-SME 17-F-SME 18-F-SME 19-F-SME 20-F-SME 21-F-SME 22-F-SME 5-R-SME Total disbursed in ,435,308 2,523,218 4,104, ,003 3,612,277 2,071,068 1,840,651 2,046,489 2,618,074 2,474,999 1,137,822 4,997,909 29,813,091 Cumulative disbursements 74,040,899 Calculated undisbursed balance as of December 31, ,059,101 Undisbursed balance as per World Bank Summary for December ,059,101 21