gAJ 3T^Cd D _cmat of The World Bank FOR OMCLAL USE ONLY MICWFTClHE COPY Report Nc. :P- .i874 ClHA Type: (PM) Title: SHANGHAT PORT RESTRU(CTIUR1NG & tepuot N. P-5874-A Auithor: FARTHASARATHI, M. S. Ext.:82925 Room:F'8053 Dept.:ASTIN IMEORAND AIND RECOMO TION OF THE PRESIDENT OF TUE IRTIONAL BANK FOR RECONSTRUCTION AM D O1PNT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMUNT EQIIVALUT TO US$150 NTION TO THE PEOPLE'S REPUIC OF CHINA FOR A *SUNCUAX PORT RNESTRUCT AND DEVELOPMENT PROJECT NOVEMBER 24, 1992 hids document has a restricted distibution and my be used by recipients only in the performane of their oei'l duties. Its contents may not othrwise be disclosed without World Baw authorization. CURRENCY EQUIVALENTS (as of July 1, 1992) Curremcy Name - Renminbi Currency Unit - Yuan (Y) - 100 Fen $1.00 Y y 5.45 $0.18 - Y 1.0 $1.0 million - Y 5.45 million $183,486 - Y 1 million IEIGHTS AND MEASURES 1 cubic meter - 35.31 cubic feet 1 ton - 1.1023 tone (short) tph - ton per hour ppm - parts per million TEU - twenty-foot equivalent unit ABBREVIATIONS AND ACRONYMS ETA Environmental Impact Assessment GOC - Government of China HOC - Ministry of Communications SMG - Shanghai Municipal Government SPA - Shanghai Port Authority FISCAL YA January 1 - December 31 FOR OMCIAL USE ONLY CHIN SHANGHAI PORT RESTRUCTURING AND DEVELOPMENT PROJECT Loan and Project Summary Borrower: People's Republic of China Beneficiary: Shanghai Port Authority (SPA) Amogint: $150 million equivalent Terms: 20 years, including five years of grace, at the Bwak's standard variable interest rate Onlendina Terms. 20 years, including five years of grace, at an interest rate equal to 90 percent of the Bank's variable interest rate per annum, with a 0.75 percent per annum commitment fee on the unwithdrawn balance. The foreign exchange risk will be borne by the Shanthai Port Authority. Financint Plan: Local Foreirn Total ----------- -($ million) --------- SPA 228.5 45.8 274.3 IBRD - 150.0 Total 2 28.5 Economic Rate of Return: 37 percent Staff Appraisal Renort: Report No. 11120-CHA Msasp IBRD No.24093 This document has a restricted distribution and may be used by recipients only in the perlorman-e of their official duties. Its contents may not othuwise be disclosed without World Bank au,hotizaioo. HEFfRhEDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE PEOPLE'S REPUBLIC OF CHINA FO_R A WRIA-GNI PORT RESTRUCTURING AND DEVELOPMENT PROJECT 1. I submit for your approval the following memorandum and recommenda- tion on a proposed loan to the People's Republic of China for the equivalent of $150 million to help finance the Shanghai Port Restructuring and Develop- ment Project. The loan would be at the Bank's standard variable intere;t rate, with a maturity of 20 years, including five years of grace. The pro- ceeds of the loan would be onlent through the Shpnghai Municipal Govenmment (SMG) to the Shanghai Port Authority (SPA) for 20 years, including five years of grace, at an interest rate equal to 90 percent of the Bank's variable interest rate per annum and a 0.75 percent commitment fee per annum on the outstanding balance. SPA wvould bear the foreign exchange risk. 2. Backaround. One of the most important challenges facing the -anage- mont of China's ports is how to adapt the ports to changing circumstances brought about by economic reform. While China has done well to expand physi- cal facilities in the past decade, port operations, by and large, are insuffi- cient to respond to continuing rapid growth in the economy. This is partly due to poor hinterland linkages and outdated port management and operational procedures. The Government is giving high priority to modernizing and expand- ing ports' capacities to facilitate the country's foreign and internal trade. Ports in China are gradually becoming more market oriented; this process started with decentralization of large ports in 1985. The Shanghai Port Authority (SPA) was among the first batch of ports that were moved from the Central Government to the Municipal Governments, with increased autonomy pro- vided to the managements in financial and operational areas. Notable progress has since been witnessed in enterprise management reforms, investment plan- ning, pricing policy, and environmental protection. 3. Shanghai Port is the largest port in China, tenth in the world and is the hub of international and domestic regional trade for China. Accounting for a substantial part of the country's manufacturing output, especially for the export trade, the Shanghai area generates a large volume of port traffic, amounting to over 140 million tons in 1991, of which about 100 million tons were handled at SPA's facilities comprising some 140 berths on the Huangpu River, many of them in the city center. SPA's traffic volume is expected to increase to 135 million tons by the year 2005. To handle this growth and to minimize the environmental impact of port operations on the city by gradually transferring city center cargo operations to outlying areas, SPA drew up a long-term plan for developing port facilities away from the Huangpu River, initially on the Yangtze River and later in Hangzhou Bay south of Shanghai city. This plan was reviewed by an international panel of experts jointly set up by SPA and the Bank. The panel endorsed the broad direction of future development of port facilities proposed by SPA in its plan. The sites selected for development under the proposed project have been approved by the Ministry of Communications (HOC) and the Shanghai Municipal Government (SMG) and incorporated in the Metro Master Plan for Shanghai. -2- 4. SMG and the Bank have been closely associated to develop an Economic Reform Action Plan aimed at rationalizing the future pattern of the city's development and at establishing the basis for the Bank's assistance to the Municipality. Great emphasis is placed by SMG on the development of Pudong, the area east of the Husagpu River, which is seen as providing the opportunity and the cornerstone for the restructuring of Shanghai's enterpriass and the reorientation of urban growth away from the city center. SMG also attaches considerable importance to the transfer of city center port operations to locations outside the Huangpu River on both environmental and land use consid- erations. But a major obstacle to SPA doing so up to now hts been the finan- cial burden involved in developing new facilities, particularly when SPA would get no compensation for the land surrendered by it. SMG has recently decided that a major part of the proceeds from the auctioning of such surrendered land for alternative uses would be given to the entity affected. This should enable SPA to plan for an accelerated transfer of its operations away from the city center. The proposed project is thus an integral part of Shanghai's reform and restructuring process. 5. Lessons Learned from Previous Bank ODerations. Of the seven port projects in which the Bank has beon involved in China so far, only the first, namely, the Three Ports Project (Loan 2207-CHA), is fully implemented. Physi- cal implementation was in general problem-free and there were substantial cost savings due to bids being lower than appraisal estimates. The project perfor- umnce audit faulted the procurement process leading to selection of less than fully qualified contractors; it also identified a need for long-term strateaic port investment planning. These lessons are reflected in subsequent port projects in Chlna. Also, the development of a long-term development plan for Shanghai port was a precondition to the appraisal of the proposed project. Subsequent projects have met the need for several studies in the port and shipping svbsectors addressing both physical planning needs and operational, institutional and financial aspects and have included, in particular, a con- tainerixation study, an intermodal cargo distribution study, and a port opti- mization study. Recent investments in conttiner terminals have benefited from the results and recommendations of these studies. The Government is also carrying out a study to set up a port costing and management information sys- tem under bilateral grant financing. A study focusing on the future strategy for port development in the southern half of China's coast is also currently being carried out by Chinese experts under Bank guidance. 6. Rationale for Bank Involvement. The Bank Group's assistance strat- egy for China assigns high priority to removing infrastructure bottlenecks and to introducing financial and management reforms to increase utilization of existing facilities, and to modernizing and expanding transport facilities. The Bank is involved in promoting well planned intermodal transport operations and avoiding pollution and keeping the environment clean. The proposed proj- ect is consistent with the Bank's objectives. In addition to supporting the Government in Implementing efficiency improvement measures and focusing on capacity expansion, the Bank is broadening its strategy to assist in the design and implementation of institutional and sectoral reforms covering pric- ing, deregulation of services, transfer of advanced technology, and investment planning. Thus, the Bank's efforts have been instrumental in developing, designing and carrying out these studies, mainly with the cooperation of Chinese experts, in order to develop local expertise for continuing attention to policy issues. - 3 - 7. Proiect ObJectives. The proposed project will focus on: (a) ratio- nalizing the long-term development of the port and the use of its facilities by gradually shifting port operations aWay from the congested city center and by promoting terminal specialization; (b) providing needed additional capacity in a rational, optimal and environmentally sound way; (c) increasing effi- ciency by introducing modern techniques of operational and financial manage- ment; and (d) providing a basis for the Bank to continue its dialogue (i) with the Government on the development of the most appropriate strategy for the future development of ports in China and (ii) with SPA on the long-term plan- ning* development and operation of terminal facilities in Shanghai port. As port operations are shifted out of the city center, it will rele&se valuable urban waterfront land for other more appropriate commercial purposes. 8. Proiect Descrintion. The proposed project consists of: (a) formu- lation and implementation of an action plan for restructuring the existing port facilities on the Huangpu River to rationalize their use and gradually move cargo operations away from the city center; (b) the provision of new and replacement cargo handling equipment (for axisting terminals) to improve cargo handling efficiency and promote terminal specialization; (c) measures to improve SPA's financial condition through tariff restructuring, computeriza- tion of accounting, auditing and budgetary control; (d) construction of new terminals (first stage) at Waigaoqiao and Luojing, and the procurement and installation of the necessary cargo-handling equipment for operating the ter- minals; and (e) technical assistance and training, particularly in the areas of institutional and financial reforms. 9. - cifically, the project would financet (a) the provision of equipment for four berths in the planned new container/break-bulk general cargo terminal of Waigaoqiao; (b) the construction of, and the provision of equipment for, coal berths at Luojing; (c) the purchase of equipment both for replacement and for additions to the existing fleet in the present port areas including the Guangang and Baoshan terminals constructed under the ongoing Ningbo-Shanghai Ports Project (Ln 3006-CMA); and (d) technical assistance and training in the areas of corporate planning, financial management, tariff restructuring and operations management. 10. Proiect Imnlementation. Project implementation will be the respon- sibility of SPA, under the general supervision of MOC. SPA is being assisted by the Third Harbor Engineering Investigation and Design Institute in the design of the Luojing and Waigaoqiao facilities. Construction supervision will be undertaken by the Capital Construction Department of SPA. External consultants will assist SPA in appropriate areas. The project cost is esti- mated at $424.3 million equivalent, with a foreign exchange component of $195.8 million equivalent, of which the Bank will finance $150.0 million. A breakdown of costs and financing plan are shown in Schedule A. Amounts and methods of disbursements, and the disbursement schedule are shown in Schedule B. A timetable of key project proceosing events and the status of Bank Group operations in China are given in Schedules C and D, respectively. A map is also attached. The Staff Appraisal Report, No. 11120-CEA, dated November 23, 1992, is being distributed separately. The project is expected to be com- pleted by the end of 1998, with a loan closing date of June 30, 1999. 11. Actions Atreed. During negotiations, SPA agreed to: (a) install, by December 31, 1994, a port costing system based on the results of the ongoing Port Costing and Management Information System study and restructure tariffs -4- by June 30, 19951 (b) carry out, by October 31, 1994, a cargo unitization study; (c) complete, by December 31, 1994, a study for shifting bulk fertili- zer handling away from existing city center facilities, prepare an action plan acceptable to the Bank by December 31, 1995, and thereafter implement itt (d) take all steps to: (i) generate sufficient funds to cover operating costs, deot obligations and to achieve a self-financing ratio of not less than 20 percent for 1993 and 45 percent thereafter, (ii) incur additional debt only when the debt service ratio is at a minimum of 1.4 for 1993 and 2.5 thereaf- ter, and (iii) maintain an annual working ratio of 61 percent or better com- mencing fiscal year 1993; and (e) send to the Bank a proposed corporate plan- ning system by June 30, 1994, and, tailing ilto account the Bank's comments, implement it by June 30, 1995. Retroactive financing of up to $15.0 million is proposed to enable SPA to proceed with the procurement of some items of equipment for Waigaoqiao where the first berth is expected to be ready for operation by early 1993; retroactive financing would apply to payments made after June 30, 1992. 12. Justification and Risks. While the Shanghai port facilities along Huangpu river ate experiencing congestion, the traffic at the same time is increasing. The main focus of the economic analysis was, therefore, on the ieixefits from relieving congestion in the port. The proposed project will yr.ald quantifiable benefits from savings in cargo handling costs, ship time (both waiting and operating time), and cargo time. In addition, there will be large benefits from reduced environmental pollution in the case of coal and other equipment for the rehabilitated berths. The weighted average economic rate of return of this project is 36.7 percent, with the returns on individual components ranging from 17.5 percent for coal terminals to 52.5 percent for bulk fertilizer berths. The container berths will also have a high rate of return of 49.9 percent. The main project risk is possible delay in construc- tion or equipment procurement, but, on the basis of the preparations already made by SPA and its past record, this risk is not considered to be a serious one. On the institutional side, SPA could face considerable financial risks if it does not adopt managerial/financial reforms in a timely manner. In order to mitigate such risks, agreements were reached with SPA on actions to be taken to improve the tariff system to reflect costs and on institutional improvements, which would enable SPA to take appropriate remedial measures in a timely manner. These improvements should help SPA to achieve financial viability. 13. Environment Aspects. Most of SPA's existing facilities are located along the Huangpu River and surrounded by high density residential and commer- cial neighborhoods. This has generated complaints from the local population about dust, noise and vehicu3ar traffic. New terminals planned under the project away from the Huangpu River will help mitigate the situation. The quality of the water of the Huangpu River, particularly in the lower reaches, is poor and the underlying sediment is contaminated due to a combination of untreated sanitary sewage, storm water drainage and industrial effluents from small enterprises being dumped into the river. The quantities of wastewater thus discharged into the river system in Shanghai are estimated at approxi- mately 1.3 million tone of industrial effluents, 610 million tons of sanitary sewage and 0.5 million tons of ship waste per annum. The Bank is addressing these problems through the Shanghai Sewerage Project (Ln 2794/Cr 1779-CHA), the Ship Waste Disposal Project (Ln 2391-CXA GEF 10398-CHA) and a proposed Shanghai environment project. 14. As required by national laws, SPA undertook environmental impact assessments (SZAs) of the proposed developments at Luojing and Waigaoqiao through the Shanghai Environmental Protection Sciences Research Institute. The reports were completed in 1939, and have been reviewed and approved by SMG. Care will be taken to ensure that the engineering designs of the new terminals and the technical specifications of the equipment to be procured will incorporate the necessary mitigating measures prescribed in the EIAs. SPA agreed, during negotiations, to implement the required mitigative mea- sures, operate appropriate environmental protection facilities, and monitor compliance with Central Government and Shanghai Municipal environmental laws and regtlations. 15. The anticipated impact of the proposed Jevelopments at Luojing and Waigaoqiao on the hydrological regime is minimal. The land-side facilities at Luojing will be constructed in an area currently bermed for coal ash waste disposal, while Waigaoqiao is in a .ainly agricultural area. Wharves are to be constructed of the open-pile-structure type for minimal effects on the currents and the littoral zone and for minimal dredging in the future. Even as early as 1982, the state of the marshlands and littoral zone, which includes the project sites, was found to be relatively weak and has not been rated by experts as a wetland resource, probably due to the impact attributable to industrial effluents having been dumped in the area in the past. 16. Three hundred and seventy families at the site of the Waigaoqiao terminal have already been resettled in new housing constructed by SPA. Resettled families were given financial compensation in addition to new hous- ing. Discussion with mambers of resettled families selected on a random basis revealed that the resettlement terms were, if anything, generous and satisfac- tory. 17. Proiect Sustainability. SPA has a good record of providing adequate resources, human, financial and organizational, to maintain its assets. It has a well established maintenance organization with a reasonable level of funding, and as a result its facilities and equipment are adequately main- tained. With a future capital expansion program in litie with economic devel- opment in the region, SPA will, however, face additional funding requirements. Under the ongoing and proposed reform process, increasing port activities and greater financial autonomy, SPA is capable of meeting its increased financial demands. The proposed project should be a sustainable investment as it focuses on much-needed major capital expenditures, supported by institutional development and training. 18. Recommendation. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank and recommend that the Executive Directors approve the proposed loan. Lewis T. Preston President Attacbments Washington, D.C. November 24, 1992 -6 - Schedule A CHINA 8HANGH&I PORT RASTRUCTURING AND DEVELOPMENT PROJECT gAtimated Cost and Finane-in Plan ($ million) Local Foreign Total Estimated Cost la Civil works 163.13 25.12 188.25 Equipment 19.91 128.25 148.16 Technical assistance/ training 0.15 1.65 1.80 Base Cost 183.19 155.02 338.21 Physical contingency 18.31 15.36 33.67 Price contingency 27.01 25.39 52.40 Total Project Cost 2424. 2L8 ti^_2 Financing Plan SPA 228.51 45.77 274.28 IBID - 150.00 150.00 Total 228.1 195.77 424.28 la Exclusive of duties and taxes from which the project is exempt. - 7 Schedule B OINm SHANGHAI PORT RESTRUCTURING AND DEVELOPMENT PROJECT Procurement Method and Disbursements ($ million) Procurement method Total project Project component ICB LCB Other NBF cost Civil vorha 26.04 210.32 236.16 (8.83) (8.83) Equipment 180.12 3.00 3.00 186.12 (133.52) (3.00) (3.00) (139.52) Technical assistance and training 1.80 1.80 (1.65) (1.65) =tal 206.16 3. 4.80 210.32 424.28 (142.35) (3.00) (4.65) (150.00) Noteo Figures in parentheses are the amounts to be financed by the Bank. Disbursement Catexory Amount Rxvenditures to be Financed Civil works 8.83 342 of total expenditures Equipment 139.52 1001 of foreign expenditure, 1002 of local expenditure (ex-factory), and 752 of other local expenditures Consultant services and 1.65 1002 of total expenditure training Total 150.00 Estimated Disbursements _ IBRD Fiscal Year 1993 1994 1995 1996 1997 1998 1999 Annual 2.0 14.5 22.5 33.0 31.5 36.0 10.5 Cumulative 2.0 16.5 39.0 72.0 103.5 139.5 150.0 - 8 - 8~~~~~~~chedulet C SHANGHAI PORT RESTUCyTURING AND DVELOPMENT M=OJECT Zlmtable of Rel roisect Processina Events Time taken to prepare the project : One year Prepared by * Government and SPA First Bank mission s May 1991 Appraisal mission departure s May 1992 Negotiations I October 25-30, 1992 Planned date of effectiveness s April 1993 (tentative) List of relevant PCRI and PPARs s China: Three Ports Project PPAR no. 969i dated June 10, 1991 The project was appraised byt Messrs. M.S. Parthasarathi, Principal Transport Ecouimist, Ismail Mobarek, Principal Port Engineer, L.C. Chung, Senior Port Operation Specialist (Asia Technical Department); and M.N. Rasheed, Senior Financial Analyst, and H.R. Yen, Research Analyst (China and Mongolia Depart- ment, east Asia and Pacific Regional Office). -9- Schedule 0 Page 1 STATUS OF BANK GROUP OPERATIONS IN THE P!OPLE'S REPUSLIC OF CHINA A. STATEMENT OF DANK LOANS AND IDA CREDITS (As of Septemter 30, 1992) LoanW Amount (US million) Credit Bor* (net of cancetlations) Number FY rower Purpose Bank IDA Undisb.(a) 18 loans and 25 credits have been fully disbursed. 1549.63 1430.7 Of t.'Ich SECAL: 294 /1932 88 PRC Rural Sector AdJ. 200.0 93.2 1411 84 PRC Polytechnic & TV Universfty 85.0 3.5 1551 85 PRC University Development 11 - 145.0 4.1 2493 85 PRC Second Power 117.0 6.2 2501 8S PRC Changcun (Luan) Coal Mining 79.5 - 36.7 2540 85 PRC Railway It 220.0 - 44.7 1664 86 PRC Technical Cooperation Credit tl 20.0 13.2 1671 86 PRC Provincial Universities - 120.0 0.7 2678/1680 86 PRC Third Railway 160.0 70.0 79.0 2689 86 PRC Tianjin Por, 130.0 46.3 2706 86 PRC Seilungang Thermal Power 225.0 19.9 2707 86 PRC Yantan Hydroelectric 52.0 - 2.3 2723/1713 86 PRC Rural Health & Preventive Med. 15.0 65.0 36.5 1733 87 PRC Red Soils Area Development - 40.0 0.1 2775 87 PAC Shuikou Hydroelectric 140.0 14.1 2783/1763 87 PRC Industrial Credit IV (CIS IV) 250.0 50.0 89.1 2784 87 PRC Shanghai Machine Tools 100.0 15.4 1764 87 PRC Xinjiang Agricultural Dev. - 70.0 15.6 2794/1779 87 PRC Shanghai Sewerage 45.0 100.0 78.4 2811/1792 87 PRC Seiiing-Tianjin-Tanggu Expressway 25.0 125.0 35.6 2812/1793 87 PRC Gansu Provincial Dev. 20.0 150.5 74.5 1835 87 PRC Planning Support & Special Studies - 20.7 12.7 2838 87 PRC Fertilizer Rational2zation 97.4 - 10.9 2852 87 PRC Wujing Thermat Power 190.0 - 50.7 1871 88 PRC Rural Credit t1 170.0 13.4 2877/1845 88 PRC Huangpu Port 63.0 25.0 58.1 2907/1875 88 PRC Dalian Port 71.0 25.0 16.3 1885 88 PRC Northern Irrigation 103.0 43.4 2926/1887 88 PRC .,astaL Lands Dev. 40.0 (60.0)(b) 13.9 1908 88 PRC teacher Training 50.0 7.8 2943 88 PRC Pharmaceuticals 127.0 11.3 2951/1917 88 PRC Sichuan Highway 75.0 S0.0 78.8 2952 88 PRC Shaanxi Highway 50.0 9.1 1918 88 PRC Daxing An Ling Forestry 56.9 8.7 2955 88 PRC Beilungang II 165.0 32.9 2958 88 PRC Phosphate Dev. 62.7 - 43.2 2968 8 PRC Rai(way IV 200.0 - 85.7 1984 89 PRC ifangxi Provincial Highway 61.0 34.4 1997 89 PRC Shaanxi Agricultural Dev. - 106.0 71.9 2006 89 PRC Textbook Development - 57.0 2.8 2009 89 PRC Integrated Reg. Health - 52.0 40.0 3006 89 PRC Ningbo & ShanghaI Ports 76.4 23.2 3007 89 PRC Xiamen Port 36.0 25.9 3022 89 PRC Tianjin Light Industry 154.0 - 109.4 3060/2014 89 PRC Itner Mongolia Railway 70.0 80.0 78.5 2097 89 PRC Shandong Agriculture Dev. 109.0 34.2 3066 89 PRC Hubei Phosphate 137.0 123.1 3073/2025 89 PRC Shandong Prov. Highway 60.0 50.0 56.8 - 10 - Schedule 0 Page 2 Loan/ Amount (USS million) Credit S°'- (net of cancellations) Number FY rower Purpose Bank IDA Undisb. (a) 3075 89 PRC Fifth Industrial Credit 300.0 200.3 2097 90 PRC Jiangxi Agric. Dev. 60.0 43.6 2114 90 PRC Vocational & Tech. Educ. 50.0 39.0 2145 90 PRC National Afforestation 300.0 224.2 2159 90 PRC Nobel Agricultural Dev. 150.0 101.9 2172 91 PRC Nfd-Yanotie Agricultural oov. 64.0 48.6 3265/2182 91 PRC Rural Credit IV 73.0 200.0 149.1 3274/2186 91 PRC Rural tetust Tech (SPARK) 50.0 64.3 106.1 3286/2201 91 PRC Nedius-Sized Cities 0ev. 79.4 89.0 142.9 3288 91 PRC Shanghai Industrial 0ev. 150.0 148.5 2210 91 PRC Key Studies ODewlopment 131.2 123.6 2219 91 PRC Liaoning Urban Infrastructure * 77.8 44.9 3316/2226 91 PRC Jiangsu Provl. Transport 100.0 53.6 101.4 2242 91 PRC Henan Agricul. Dev. 110.0 100.6 3337/2256 91 PAC Irrig. Agricut. Intensif. 147.1 187.9 259.5 3387 92 PRC Ertan Hydroelectric 380.0 224.5 2294 92 PRC Tarim Basin - 125.0 117.8 2296 92 PRC Shanghai Netro Transport 60.0 60.3 3406 92 PRC Railways V 330.0 - 324.0 3412/2305 92 PRC Daguangba Nultipurpose 30.0 37.0 59.4 2307 92 PRC Guangdo AOP * 162.0 168.6 3415/2312 92 PRC Beijfng Enviroam nt 45.0 80.0 122.1 2317 92 PRC Infectious and Endemic Disease Cont - 129.6 130.2 3433 92 PRC tanshi Therml Power 180.0 147.6 2336 92 PRC Rurat Water Supply and Sanitation 1 . 107.5 2339 92 PRC Edue. Oevelopment in Poor Provs. - 130.0 128.0 3443 92 PAC Regional Cement Industry (c) 82.7 82.7 3462 92 PRC Zouxisn Thermal Power (e) 310.0 - 310.0 3471 92 PRC ihejiaWg Provincial Highway 220.0 - 206.0 2387 92 PRC tianjin Urban Devt. g Envir. (c) 100.0 106.4 2391 92 PRC Ship Waste Disposal (e) - 15.0 16.0 2411 93 PRC Sichuan Agricultural Doevt. (c) - 147.0 156.3 3515 93 PRC Shuikou Hydroelectric II (e) 100.0 100.0 2423 93 PRC Financial Sector Tech.Assist.Cc) * 60.0 61.1 ............................... ......... Total 7559.4 6060.7 6175.6 of which has been repaid 535.1 1.1 Total now held by Bank and IDA 7024.3 6059.6 Amount sold: Of which repaid Total Undisbursed 3502.9 2672.7 6175.6 (a) As credits are denominated i SORs (since IDA Reptenishment VI), undisbursed $OR credit balancs are converted to dollars at the current exchange rate between the doltar and the SOR. In some cases, therefore, the undisbursed balance indicates a dollar amount oreat than the original principal credit amount expressed in dollars. (b' Credit fully disbursed. Cc) Not yet effective. - 11 - Schedule D Page 3 8. STATEMENT OF IfC INVESTHETS (As of September 30, 1992) Invest- Type of Loan Equity Total ment No. FY Borrower Business ..... (USS Million) ------- 813/2178 85191 Guangzhou and Peugeot Automobile 15.0 4.5 19.5 974 87 China Investment Co. Investment 3.0 0.0 3.0 1020 87 Shenzhen China 8ieyele 17.5 2.5 20.0 Bicycles Co. Ltd. manufacture 1066 88 Crown Electron!os Electronics 15.0 15.0 1119 89 Shenzhen Chronar Solar Solar (a) 2.0 1.0 3.0 Energy Energy Total Gross Comaitments 52.5 8.0 60.5 Less cancellations, terminations 2.0 - 2.0 repayment and sales Total Coumitments now Held by IFC 50.5 8.0 58.5 Total Undisbursed 0.0 - 0.0 (a) Loan subsequently cancelled. 10/20/92 EA2DR IBRD 24093 121 0~~~ ,~~~~~~~~~~~~~~~~~~~~~~~--- 0e' .CcunSy Bomndar;is. Da o _.osh21W 12 n NO. \ ) - .iamen I GBqEPALSHANGAI PORT PROJEC , ,\S( AGH I P PROJ 6, f.cr.Vm0ou,b\ J) ) t v SGS~~~~~~~gi PROPOT PROJECT //~~~~~~~~~~~~~~~ FftVI _ lSROŁECIS //~~~~~~~~~~~~~N E13SIG PORT FAaulE > .~~~~~~~~~~~~~~~ ROADS AE~~~~~~~~~~- LRALRADS ftwia.v V 11WFdwbd=nAcn# 0 2 4 6 a l ::k1.^ - fs/ l ' l l