Mexico - Forestry Development Project

Document or The World Bank FOR OFFICIAL USE ONLY RpRqth No.P-4887-ME MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN WITH THE GUARANTEE OF THE UNITED MEXICAN STATES IN AN AMOUNT EQUIVALENT TO US$45.5 MILLION TO NACIONAL FINANCIERA, S.N.C. FOR A FORESTRY DEVELOPMENT PROJECT AUGUST 2, 1989 This document has a resticted distribution and may be used by recipiens ony In the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENTS Currency Unit = Mexican Peso (t) USS1. = MaxS 2,519 i Moxl.66 = USSO.OMOa MexS 1 million * uSSS9s WEIGHYS AND MEASURES The metric system Is used throughout this report except for some forest products measurments which are expressed In American units such as board feet. S =a cubic meter of wood (solid) l000 bf = one thousand board feet or .442 a ha = hectare (about 2.5 acres) mt = metric ton (1000 kg or 2200 lbs) GLOSSARY OF ABTREVIA.TQNS BANXICO - Banco de Mexico (Bank of lexic*) DOGNF - Direccion General do Normatividad Forestal (General Directorate of Forestry FAO/CP Food and Agriculture Organization of the U.N. Cooperative Program with the World Bank FICART - Fide comiso pars Credito en Areas de Riego y de Temporal (Fidelcomiso for Credit in Rainfed and Irrigated Aress) FIRA - Fondo de Carantia y Fomento pare la Agriculture, Ganaderits Avicultura y Fideicomisos Agricolas (Trust Funds for the Development of Agriculture, Livestock nd Avlculture) FODEF - Fond* para el Fideicomiso del Desarrollo Forestal (Fund for Forestry Dve lopmonim) GIRA - Generat Interest Rate Agreement INI - Institute Nacional Indigenetet (National Amerindian Institute) NAFIN - Nacional Financiera, S.N.C. (National Financing Agency) PCU - Unidad Coordinadora del Proyacto (Project Coordination Unit) PROFORMEX - Productos Forest les Mexicano. (Forestry Parastatal in the State of Durango) PROFORTARAH - Productos Forestslea Tarahumarah (Forestry Parastatal In the state of Chihuahua) SARH - Secretaria de Agricultura y Recuraos HlTdraulicos (Secretariat of Agriculture and Water Resources) SCT - Secretaril de Comunicaciones y Transportes (Secretariat of Cozmunications and Transport) SEDUE - Secreteria do Desarrollo Urbana y Ecologis (Secretariat of Urban Development and Ecology) SHCP - Secretaria de Hacienda y Credito PubIlico (Secretariat of Finance and Public Credit) SPP - Socreteria de Progrmascion y Presupuesto (Secretariat of Programming and Budget) UAF - Unidad de Administracion Forestal (Forestry Administration Unit) FISCAL YEAR Government of Mexico a January 1 to December 81 States of Durango and Chihuahua - January 1 to December 81 Project a January 1 to Decemeo r 81 J Average exchange rate at the time of appraisal was 2,200 (September 1833)  FOR OFFMCIAL USE ONLY MEXICO FORESTRY DEVELOPMENT PROJECT Loan and Project Summarv Borrower s Nacional Financiera, S.N.C. Beneficiariess - Secretariat of Agriculture and Water Resources (SARH) - Secretariat of Cammunications and Transport (SCT) - Secretariat of Urban Development and Ecology (SEDUE) - Natural Amerindian Institute (INI) - Agricultural Trust Funds in Bank of Mexico (FIRA) mainly onlending by coxmercial banks - Trust Fund for Credit in Rainfed and Irrigated Areas (FICART) for onlending by National Rural Credit Bank (BANRURAL). Amount s US$45.5 million equivalent Retroactive Financins s US$4.5 million equivalent retroactive to 12 months prior to loan signature to cover eligible expenditures under the project. Terms t Repayment in 17 years, including a five-year grace period at the Bank's standard variable interest rate. Local Foreign Total Financina Plan s Government 37.2 0.0 37.2 IBRD 35.1 10.4 45.5 Subborrowers 4.1 0.0 4.1 Financial Intermediaries 4.3 0.0 4.3 TOTAL 80.7 10.4 91.1 Economic Rate of Return s n.a. Staff AnDraisal Report s No. 7432-ME MaP t IBRD 20757 This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  EKORANDUI AND REC0NMEND&TION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO NACIONAL FINANCIERA, S.N.C. WITH TEE GUARAXTES OF THE UNITED MEXICAN STATES FOR A FORESTRY DEVELOPMENT PROJECT 1. The following memorandum and recommendation on a proposed loan to Nacional Financiera, S. N. C. (NAFIN) for U.S.$45.5 million equivalent is submitted for approval. The proposed loan would be repayable in 17 years on a fixed amortization schedule, including 5 years of grace, at the Bank's standard variable interest rate and would help finance a forestry development project. 2. Backxround. With proper management of its productive, but currently degraded temperate forests (i.e., the pine-oak forests of the Sierra Madre range), Mexico can assure vigorous natural regeneration and incremental growth, and therefore greatly improve those forests in both environmental and economic terms. With about 27.5 million ha of such forest having an inventory of around 2.0 billion m3 and an estimated current annual increment of over 27.3 million m3, Mexico is well endowed. Degradation of these forests over the past century, however, has depleted the wood resource and other flora and fauna, caused erosion and reduced productivity. Log production is well below the annual increment and the forestry subsector's contribution to GDP is only 1.82 (1986). Furthermore, despite its resources, Mexico has had a negative net trade balance for forest products since the late 1970s, (about US$55 million in 1986). These problems are largely reflections of (a) the non-integrated nature of the forestry sector in Mexico---the forests are owned largely by the 'social sector" (i.e., elidos and communities) but exploited on terms unfavorable to those forest land holders, under concessions granted to industries owned largely by private and parastatal firms---; (b) gradual degradation of the forest resource in the last 100 years due to lack of management and inefficient utilization; (c) inadequacy of the flow of credit for forestry investments---i.e., to replace the largely obsolete and inefficient forest products manufacturing facilities---due to (i) inadequate promotional capabilities of the banking system and (ii) lack of project preparation skills on the part of potential subborrowers; and (d) an inadequate forest roads infrastructure which has led to erosion and increased transport costs. 3. The Government, since 1986, has given the forestry sector priority in its development plans through a number of policy and legislative initiatives which establish a basis for systematically addressing these issues. Specifically, it passed a new Forestry Law (April 1986), a National Forests and Rainforests Program (PRONABOSE) in 1984 and a General Law of Ecological Equilibrium and Environmental Protection (1988). These documents form the legal basis for the government's forestry strategy which aims to inter alia, promote the vertical and horizontal integration of the forestry operations of social- and private-sector forest landowners by (i) providing them with technical assistance and financing, and (ii) selling off inefficient para3tatal forestry firms and thereby cancelling the  unpopular concessions on eiido and community lands. These measures would allow forest producers to more efficiently manage and harvest their forests---thus assuring improved natural regeneration and growth---and to transport, manufacture and market their own forest products. This in turn, would allow the forest producers to supply their own mills and concomitantly increase log sales to private sector industries. To further reduce coste of production and to decrease the water runoff and erosion common with poorly designed and maintained roads, the Government strategy also aims to improve the forestry road intork and to establish user- financed road maintenance operations. (Unlike the situation in many tropical rainforest areas worldwide, the well-defined land tenure situation coupled with relatively poor agricultural soils in the project area, ensure that road improvements will not bring new influxes of settlers or increase pressure on the forests and soils of the region). The Government selected the states of Durango and Chihuahua for this pilot investment effort because (a) their forestry sectors are the most important in Mexico and wlthout the project, these sectors and the environment would be seriously threatened by the further depletion of the forest resource base-while with the project, these sectors have the most potential for growth and development; (b) these states have the most favorable social and economic environment for successg and (c) they have made many changes in forestry institutions needed to permit effective implementation of project activities not the least of which has been the divestiture of the two parastatal forestry firms PROFORTARAH (in Chihuahua) and PROFORMEX (in Durango). 4. Rationale for Bank Involvement. The Bank has sought to assist in the development and conservation of the Mexican forestry sector since it carried out a sector review with FAO/CP in the late 1970's at the Government's request. The Bank's involvement in the sector is consistent with and supportive of the Bank's lending strategy in Mexico, which seeks to improves (a) environmental protection; (b) productivity, particularly in the use of natural resources; (c) the balance of trade; and (d) the incomes of the rural population, in particular, those of Amerindian communities, by making available more direct financial and technical assistance. It is also consistent with the Government's forestry sector development strategy (para. 3). The Bank's involvement in the forestry sector is essential in order to make available the financing needed tot provide technical assistance and institutional strengthening, particularly for environmental monitoring and protection; increase credit availability for productive investments in the forestry sector; and improve forest road infrastructure to eliminate erosion and to lower transportation costs. These activities are not likely to be assisted by other donors, or carried out with the same intensity, without the encouragement provided by Bank financing. The proposed project would be the Bank's first forestry development and conservation project in Mexico (the IFC has financed a small-scale pulpmill in Durango and a forestry project is being prepared in the States of Osaaca and Guerrero for possible financing by the IDB). The successful implementation of this initial project would allow the Government to replicate it in other states. 5. Proiect Ob-ectives. The project has the objectives of: (a) improving productivity and environmental protection by introducing rational  -3 forest management pract.L.z-es, rehabilitating the forestry road network, monitoring forestry activities, strengthening parks and reserves administration and financing research and protection of endangered species; (b) increasing the efficiency of forestry activities in Durango and Chihuahua by financing equipment and technical assistance to improve forest management, harvesting, and industrial technology and to permit the vertical and horizontal integration of forest producers' operations; (c) improving the quality of life by increasing rural and urban employment and family income, especially in the traditionally impoverished Amerindian communities; and (d) strengthening the management and coordination capabilities of federal and state forestry and conservation institutions. 6. Pro1ect Descrintion. The project would finance: (a) a line of credit for forest producers to finance the purchase of equipment for improving forest management activities, logging, transport, road maintenance and wood processing and to provide working capital for operations such as seasonal log purchase; (b) the rehabilitation of forestry roads; (c) institutional development including technical assistance and training for beneficiaries of the credit line and for staff of the executing and monitoring agencies; (d) environmental protection consisting of (i) rehabilitating the forestry road network to reduce erosion caused by poorly designed and maintained roads, (ii) monitoring of that road rehabilitation and forest harvesting activities; (iii) preparation of an environmental baseline study to aid the monitoring process in the project area; (iv) research into endangered species of flora and fauna; (v) improving infrastructure for national parks and reserves in the project area; and (e) special studies including (i) pre-feasibility studies for pulp mills in Durango and Chihuahua; (ii) testing of the pulpability of native oak species; (iii) aerial photo coverage of the project area for monitoring and management purposes; and (iv) preparation of a second-stage forestry development program. The Bank loan would finance US$45.5 million or 50Z of total project costs (US$91.1 million). 7. The project would be implemented by the Secretariat of Agriculture and Water Resources (SARH). Technical assistance would be provided by consultants, Forestry Administrative Unit (UAF) specih ists and forestry staff of SARH in the two states. Credit would be channeled through FIRA and FICART to the commercial banks and BANRURAL respectively. These banks would onlend to subborrowers at positive interest rates and other terms consistent with those of the General Interest Rate Agreement (GIRA). The Secretariat of Communications and Transport (SCT) would design and supervise the forest road rehabilitation component and coordinate the contractor procurement process. Tne Secretariat of Urban Development and Ecology (SEDUE) would monitor the project's environmental impact and coordinate improvement of national parks and reserves and the studies of endangered species. The National Amerindian Institute (INI) would participate in the development of work plans and the monitoring of project activities in Amerindian communities to assure equal participation of these groups in project benefits. 8. Agreed Actions. During negotiations agreement was obtained from the Government to ensure that: (a) adequate and timiely counterpart funds would be provided; (b) interest rates stipulated under GIRA would apply to the forestry development credit; (c) SARM would carry out and submit to the  -4- Bank for its review and approval by January 31, 1990, an environmental baseline sttldy of the project area and before June 30, 1991, the study to increase production of pulp; (d) SARH would prepare and submit to the Bank, semi-annual monitoring reports including those on environmental protection and Amerindian activities prepared respectively, by SEDUE and INI and; (e) SARH would enter into agreements with road users to guarantee maintenance of each section of forestry road rehabilitated under the project. The condition of loan effectiveness would be that the Borrower (NAFIN) has entered into contractual arrangements satisfactory to the Bank with the Guarantor (Government) providing for transfer of the proceeds of the loan to the Guarantor for carrying out the non-credit component and for further transfer to FIRA and FICART for the credit components. 9. Prolect Benefits. The project would inter alia, (a) improve environmental protection in the project i-ea; (b) stimulate increased production and efficiency in the forestry sector; (c) ameliorate the balance of trade deficit in forest products; and (d) increase employment and wages for the rural poor, especially in the traditionally impoverished Amerindian communities. The rates of return on the investments to be financed by the credit line are estimated to be over 24Z while those for forest road rehabilitation activities vary from 121 to over 100X. 10. Risks. Project risks center on three areas: (a) institutional capacity for implemeutation and coordination; and (b) availability of adequate counterpart funds. Close monitoring and evaluation and strong technical assistance has been included in the project design to ensure that proper attention is paid to these issues. Project design has been kept as simple as possible to minimize institutional staffing and coordination risks and to keep counterpart funding requirements well within the Government's fiscal capabilities. Government assurances of provision of adequat- and timely counterpart financing throughout the project are included as legal covenants. 1. Recommendations. 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. Barber Conable President Attachments Washington, D. C. August 2, 1989  Schedule A MEXICO MEXICO FORESTRY DEVELOPMENT PROJECT Estimated Costs auld Financing Plan Local ForeliRn Total (US$million) Estimated Costs: al Credit for forestry development 43.3 4.0 47.3 Forest Road Rehabilitation 23.1 2.5 25.6 Institutional Development and Training 3.1 0.9 4.0 Environmental Protection 1.6 1.0 2.6 Special Studies 0.4 0.5 0.9 Baseline Costs 71.5 8.9 80.4 Physical Contingencies 4.7 0.8 5.5 Price Contingencies 4.5 0.7 5.2 Total Prolect Costs 80.7 10.4 91.1 a/ Excluding about U.S.$14.0 million in taxes (consisting principally of value added tax-IVA) and dutias. Local Foreign Total (US$million) Financing Plan: Government of Mexico 37.2 0.0 37.2 IBRD 35.1 10.4 45.5 Subborrowers 4.1 0.0 4.1 Financial Intermediaries 4.3 0.0 4.3 80.7 10.4 91.1  6. Schedule 3 Procuret Arranaemt l Project Total Expenditure ZOB LCB ShoDping Other Cogts ---_----$------ Uhillion)--------- .-u$............. Civil Works - 33.6 - - 33.6 (17.1) (17.1) Equipment, Materials, - - 0.8 5.8 6.6 & Consultant Services - - (0.4) (3.4) (3.8) Forestry Credit - - - 48.1 48.1 (23.2) (23.2) Project Administration - - - 2.8 2.8 and Training (1.4) (1.4) - -_ _ -_ _ _.__ __ ...... -______ Total - 33.6 0.8 56.7 91.1 - (17.1) (0.4) (28,0) (45.5) Disbursements Amount Disbursements Catenorv (Us$ million) I of 3xDenditures Civil Works. 15.4 701 of expenditures. b/ institutional Development, 4.7 1002 of foreign ezpendftures and Training & Consultant 702 of local expenditures. b) Services Equipment and 0.3 1002 of foreign expenditures and Materials 702 of local expenditures. bl Credit 20.6 702 of the amount disbursed for subloans. bl Unallocated 4.5 TOTAL 45.5 Estimated Disbursements: Bank FY 1990 1991 1992 1S23 1994 1995 1996 -----------------------(US$ millIons)------------------- Annual 5.9 cl 7.8 8.5 8.5 8.0 6.0 0.8 Cumulative 5.9 13.7 22.2 30.7 38.7 44.7 45.5 a/ Va!uos in parentheses are amounts to be financed by the Bank. b/ The 70Z would be maintained until June 30, 1991 or the date on which the aggregate with t;i.-ls under the Loan reaches the equivalent of US$15.0 million. Thereafter the opv mntage to be applied would be 40Z. c/ Includes inL' Xi deposit of US$2.5 million into the Special Account.  -7- Schedule C MEXICO FORESTRY DEVELOPMENT PROJECT Timetable of Rey Prolect Processing Events (a) Time taken to prepares 2.0 years (b) Prepared bys National Forestry Commission (CONAFOR) with FAOICP and Bank assistance. (c) First Bank Missiont March, 1986 (d) Appraisal mission departure: June 29, 1988 (e) Negotiations: July 17, 1989 (f) Planned date of effectiveness: October 1989 Cg) List of relevant PCRs and PPARs: none  - 8 - Schedule D STATUS OF eANK GROUP OPERATIONS IN MEXICO 1/ Page 1 of 2 __,__._........... .......... A. Statement of Bank Loans (As of March 81, 1989) (Us* MlIIIon) .............. __._...---------------------------------------------------_-_--______--------------. ________._____ - -------- Pimcol Amount lees Undla- Loan No. Year Borrowor Purpose Cance lltlono burged 76 loans fully dieburned 6,462.00 1706-5 1979 NAFIN Irrigatlon 61.60 15.14 1868-5 1980 NAFIN Irrlgotlon 64.40 16.16 1990 161 BANOSRAS Urban Development II 144.16 10.01 2048 1982 NAfIN Integrated Rural Dov. 175.00 8.07 2142 1982 NAFIN Capltal (oode Industry 162.80 0.40 2154 1982 NAFIN Pollut:on Control 18.09 4.40 2262 1988 NAFIN Agricultural Marketing 115.00 12.21 2281 1968 SANOBRAS Third Water Supply 100.80 80.84 2826 19S8 NAFIN Third Sm/bad Industry 175.00 1.84 2881 1968 8ANCOMEXT Export Development 850.00 4.22 2420 164 OANOSRAS Highways 200.00 85.00 2450 1964 SANPESCA Ports 56.40 89.22 2526 196 NAFIN Chlopas Agrlc. Dcv. 58.00 42.68 2548 1985 NAFIN Sm/Med Scale Mining II 105.00 89.12 2659 1986 NAFIN Vocational Eduection 61.00 28.90 2576 1965 eANOBRAS Raillwys V 800.00 167.84 2612 1o6 SALRAS Low Incoma Housing I 150.00 26.07 2658 1966 NAFIN Proderith II 68.80 71.20 2606 1986 eANOSRAS Earthquake Rehob 400.00 J8.55 268e 1986s SANORAS Muntclpal Strengthening 40.00 86.62 2669 1986 SAN40RAS Solid Waste Pilot 25.00 19.56 2746 1967 SANCOMEXT Trade Policy Loan I so o .OC 10.59 2746 1967 NAFIN Industriel Recovery 150.00 55.88 2747 1967 NAFIN Technology Development 46.00 84.67 2777 1967 BANCOMEXT Export Development II 250.00 S8.l6 2624 1987 BANOBRAS Urbn Transport 125.00 101.12 2687 1987 NAFIN Agricultural Credit 400.00 51.55 2866 8/ 1967 NAFIN Sm/Med Industries IV 100.00 100.00 2659 1967 NAFIN Agricultural Extension 20.00 16.95 2675 1967 OANOORAS Highw y Maintenance 185.00 126.00 2876 le96 NAFIN Manpower Trainlng 60.00 68.66 2918 1986 NAFIN Steel Sector Restruct. 400.00 842.68 2916 1986 NAFIN Agricultural Soctor Loan 800.00 201.99 2919 8/ 1986 NAFZi Fertillier Sector Loan 265.00 266.00 2946 8/ 1986 BANORAS Ports Rehabilitation 50.00 50.00 2947 8/ 1996 9ANOUPAS Housing Finance 800.00 800.00 Total 11,459.86 Of which has been rpald 8,112.85 Total now outstanding s,a34.80 Amount sold s 92.84 Of which has been repaid: 92.84 0.00 Total now held by Bank 2/ 6,846.so Total undlsbursed 2,449.18 _____________________ 1/ The status of the projects listed In Part A Is In a separate report on all Bank/IDA financed projects In execution, which Is updated twice yearly and circulated to the Executive Directors on April 80 and October 81. 2/ Prior to exchange adjustment. 8/ Not yet effective.  - 9 - Schedule D Page 2 of 2 MEXICO S. Statement of IFC Investments As March 91, 1989 (USS Million) Fiscal -----Original Approvals--------- Year Obligor Type of Business Loan Equity Total ---------------. ----. ---------------__-------------------------------------------------__._------- _________ 1968/69 Industrial Perfect Circle, S.A. a/ Industrial Equipment 0.80 0.00 0.60 1958 Bristol do Mexico, S.A. a/ A.C. Engine Overhal 0.60 0.00 0.60 1981 Aceros Solea, S.A. a/ Twist Drills 0.30 0.00 0.80 1962/5/6/8 Fundidora Monterray, S.A. a/ Steel 2.30 21.40 28.70 1988 Tubos de Acero de Mexico Stainless Steel Pipes 0.90 0.10 1.00 19683 Quimica del Rey S.A. a/ Sodium Sulphate 0.70 0.00 0.70 1984/8 Industria del Hierro, S.A. Construction Equipment 0.00 2.00 2.00 1970 Minera del Norte a/ Iron Ore Mining 1.50 Q fO 1.60 1971 Celanes Mexicans, S.A. a/ Texti'es 12.00 0 tO 12.00 1972 Promotors Papel Periodicos, S.A. de C.V. a/ Pulp and Paper 0.00 D/ b/ 1973/9 Cementos Veracruz, S.A. Cement 15.90 0.00 15.90 1974/81 Cancur. Aristos Hotel Tourism 1.00 0.80 1.80 197S/78 Maxinox, S. A. St,inloss Steel 12.00 8.20 15.20 1978/81/84 Papeles Ponderosa, S.A. Pulp and Paper 10.70 6.00 15.70 1978 Tereftalatos Mexicanos, S.A. Petrochemical 19.00 0.00 19.00 1979/81/87 Hotel Camino Real Ixtapa, S.A. Tourism 0.00 4.20 4.20 1979/84 Empresas Tolteca, S.A. Cement 168.00 7.90 175.90 1979 Conductores Monterray, S.A. Electrical Wire A Cable 18.00 0.00 16.00 1980 Industries Resistol, S.A. Particle Board 26.00 0.00 25.00 1980 Vidrio Plano de Mexico, S.A. Flat Glass 114.90 0.00 114.90 1980 Mlnora Real de Angeles, S.A. Mining 110.00 0.00 110.00 1881/86 Celulosicos Centauro, S.A. Pulp and Paper 59.60 0.00 69.60 1981 Corporacion Ag o- Industrial S.A. Agri-Business 11.80 3.00 14.80 '984 Capital Goods Facility a/ Capital Goods Financing 100.00 0.00 100.00 1984/88 Metals., S. A. Auto Chaess 8.00 1.40 9.40 1986 Proteison, S.A. do C.V. Agri-Business 2.00 0.80 2.90 1986 Promociones Industriales Mexicanas, S.A. de C.V. Petrochemical 18.40 0.00 16.40 1986 Celulosa y Papel de Durango, S.A. de C.V. Pulp and Paper 10.00 3.10 18.10 1987 Agromex Phase I (AESA) Veg and Fruit Processing 1.60 0.50 2.00 1987 Industries Sulfex, S.A. do C.V. Chemical A Petrochemical 2.00 0.60 2.60 1988 Sealed Power do Mexico Auto Assembly 9.00 0.00 9.00 1988 Spssco, S.A. de C.V. Cement 46.00 0.00 46.00 1988 Salumi, S.A. de C.V. Food and Food Processing 20.10 2.00 22.10 1988 Crescent Market Aggregates Construction Material 87.00 0.00 87.00 1989 Orupo Femacl Visa Consumer Goods Conglamorat 80.00 0.00 80.00 1989 Serfin Development Finance 60.00 0.00 80.00 1989 Polimar (ASS) Petrochemical 14.S0 0.00 14.50 Gross Total Commitments 990.80 55.40 1046.20 Less Cancellations, Terminations, Repayments and Sales 690.20 28.40 718.0 Total Commitments Now Held by IFC 800.60 27.00 827.60 Total Undisbursed (Including Participants) 76.60 0.10 76.70 ------------------------------------------------------------------___---------__------------------------------- a/ Investments which have been fully cancelled, terminated, written off, sold, or repaid. - b/ US2S,000.  o a. ol Mop UNITED STATES "3r f \ ~~~OF CA 30A . 7j ur .FORESTRY DEVELOPMENT PROJECT AUW. 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