China - Third Technical Cooperation Project

Document of The World Bank FOR OFFICIAL USE ONLY Report No. P-5088-CHA MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT OF SDR 23.1 MILLION ($30 MILLION EQUIVALENT) TO THE PEOPLE'S REPUBLIC OF CHINA FOR A THIRD TECHNICAL COOPERATION PROJECT JUNE 8, 1989 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.  CURRENCY EQUIVALENTS (May, 1989) Currency Unit - Yuan (Y) US$1.00 = Y 3.71 Y 1.00 = US$0.27 FISCAL YEAR January 1 to December 31 WEIGHTS AND MEASURES 1 meter (m) = 3.28 feet (ft) 1 kilometer (km) = 0.62 miles 1 hectare (ha) = 2.47 acres 1 mu = 0.067 ha 1 ton (t) = 1,000 kg = 2,205 pounds 1 kg = 2.2 pounds ABBREVIATIONS IDA - International Development Association MOF - Ministry of Finance SPC - State Planning Commission TCC - Technical Cooperation Credit TCC I - First Technical Cooperation Credit TCC II - Second Technical Cooperation Credit TCC III - Third Technical Cooperation Credit UNDP - United Nations Development Program  FOR OFFICIAL USE ONLY CHINA THIRD TECHNICAL COOPERATION PROJECT Credit and Project Summary Borrower: People's Republic of China Beneficiaries: The Subproject Entities Amount: SDR 23.1 million ($30 million equivalent) Credit Terms: Standard, with 35 years maturity Financing Plan: Government $12.0 million IDA $30.0 million Total $42.0 million Economic Rate of Return: Not applicable. Staff Appraisal Report: None; Technical Annex attached instead. 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.   MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT TO THE PEOPLE'S REPUBLIC OF CHINA FOR A THIRD TECHNICAL COOPERATION PROJECT 1. I submit for your approval the following memorandum and recommendation on a proposed Credit of SDR 23.1 million ($30 million equivalent) to the People's Republic of China. The proposed credit, which would help finance the Third Technical Cooperation Project, would be on standard IDA terms, with 35 years maturity. 2. Background. With the expansion of Bank Group operations in China, there is a large and growing demand for technical assistance for project preparation and implementation. To date, two Technical Cooperation Credits (TCCs) have provided $30 million mainly to finance the preparation of investment projects for subsequent financing by the Bank and IDA, but also other related studies and staff training. TCC I (Credit 1412-CHA), approved in FY84 and closed on December 31, 1988, financed 29 subprojects, which resulted in the preparation of 20 projects and subsequent Bank/IDA lending totalling more than $2.1 billion. The Project Completion Report for TCC I is currently under preparation. TCC II (Credit 1664-CHA), approved in FY86, is under implementation. Fourteen subprojects have been approved, committing more than 50Z of the credit amount, and additional subprojects currently in the pipeline are expected to raise the commitment level close to 60% by mid-1989. The Plann- ing Support and Special Studies Project (Credit 1825-CHA), approved in FY87, provided $20.7 million to finance planning studies intended as inputs to China's 8th Five Year Plan (1990-95), special studies of an inter-sectoral or innovative nature, and institutional development activities including in-service education and training of officials, mainly in central government agencies responsible for the implementation of China's economic, financial and industrial reforms. The Bank and IDA have also financed substantial amounts of technical assistance out of the proceeds of loans and credits for investment projects. Virtually every project has a technical assistance component, which in most cases is financed by the Bank or IDA. Total lending to date by the Bank and IDA for technical assistance components exceeds $300 million. 3. The Bank's portfolio of projects in China is rapidly increasing. Project financed technical assistance is likewise increasing. Accordingly, the Bank and the Government have carried out two reviews of technical assistance activities in China. As in other countries the technical assistance components of some projects are lagging somewhat in implementation as compared with the physical components for the following reasons: (a) implementing agencies are sometimes reluctant to utilize loan or credit funds as compared to grant funds; (b) the technical assistance components of some projects are not designed to the same degree of detail during project preparation as are the other components; as a result, additional effort is required later to define the exact scope of work and implementation arrangements; and (c) there is a need to strengthen the management and coordination of technical assistance on the Government's side. As a result of these reviews, several actions have been taken including ensuring that there is a clear commitment on the part of the implementing agency for the technical assistance component, and that there is full understanding on its  - 2 - scope prior to approval of the loan or credit. For its part the Government has created a Technical Assistance and Training Division within the World Bank Oper- ations Department of the Ministry of Finance (MOF) which is charged among its other responsibilities with the monitoring and coordination of project related technical assistance. 4. Other donors, including United Nations Development Program (UNDP) and some bilateral sources, also provide some technical assistance in support of Bank-financed projects in China. The Bank has worked particularly closely with UNDP in providing technical assistance for project preparation. UNDP has to date committed $4.8 million in grant funds for technical assistance for preparation of projects expected to be financed by the Bank and IDA, including two umbrella projects totalling $4.4 million. 5. Rationale for Bank Involvement. Responsibility for project preparation rests with the government agency concerned. While the quality of engineering studies by local consultants and design institutes is mostly satisfactory, they do not always incorporate the latest technology, and their economic and financial analysis often requires substantial strengthening. Thus, the judicious injection of foreign consultants' expertise to assist in the preparation and/or review of feasibility studies is often needed to ensure optimal project scope and design and to complete preparation to the point where it is suitable for Bank/IDA financing. Assistance with the preparation of technical specifications and tender documents for international competitive bidding is also required from time to time. Accordingly, the principal rationale for IDA involvement is the technical assistance required for project preparation during the next 3-5 years (when Bank/IDA lending is expected to exceed $2 billion annually). 6. In addition to the growing demand for technical assistance for project preparation and implementation referred to above, there is also a growing demand for other kinds of technical assistance. For example, Bank-financed projects increasingly have broader sectoral objectives, specifically the strengthening of sector planning and management institutions that are not principal project beneficiaries or revenue-earning entities. TCC II financing was recently used to support the development of the Chemical Planning Institute (under the Phosphate Development Project) and the Henan Drug Quality Institute (under the Pharmaceuticals Project). A second type of technical assistance required is for small national components of projects which are mainly provincially-based and funded. For example, the proposed Rural Industrial Technology Project will promote rural industrialization in several provinces but also requires support from the State Science and Technology Commission (SSTC) at the national level. Because SSTC is neither a project beneficiary nor a revenue-sharing entity, it is difficult to provide funding on appropriate terms for SSTC from the proceeds of the investment project. A third category of technical assistance required is for sector studies related to but not directly in support of project implementation. An example of such a study is the Tianjin Industry Sector Strategy Study, to be financed under TCC II. The proposed project would therefore help finance technical assistance in these areas too. 7. Project Objectives. The specific objectives of the project are to: (a) provide an assured and flexible source of financing for technical assistance  -3- for the preparation of projects to be financed by the Bank and IDA; and, in appropriate cases, for their implementation; (b) strengthen the Government's capacity to select and prepare investment projects; and (c) strengthen institutions involved with Bank Group operations including the core agencies. 8. Project Description. Like its predecessors, the proposed project would be a line of credit to finance subprojects which meet certain eligibility criteria for project preparation and other activities. Specifically, the proposed project would finance feasibility studies or other technical assistance required for preparing projects for which Bank or IDA financing has been, or is expected to be requested. It would also finance other technical assistance required to support achievement of broader institutional and strategy-definition objectives, national components, and selected project-related studies. An illustrative list of subprojects is attached to the Memorandum of the President (see Attachment 1 to the Technical Annex). 9. Agreed Actions. Under TCCs I and II, MOF has required repayment of TCC funds by subproject beneficiaries, which has in practice limited their use mainly for subprojects related specifically to project preparation by revenue earning ministries and agencies. In order to broaden both the use of, and access to TCC III funds in light of the needs outlined above (para. 6), the Government has agreed that (a) all line ministries and agencies would have access to TCC funds, whether or not they are revenue earning entities, and that the amount of the credit available to non-revenue earning entities would be about $5 million; (b) MOF would pass on the proceeds of TCC III to non-revenue earning entities either in the form of loans repayable in local currency or, in exceptional cases, on a grant basis; and (c) funding for subprojects for revenue earning entities would be repaid in foreign currency at maturities and interest rates established in accordance with standard internal policies and procedures which are acceptable. 10. Benefits and Risks. The project would strengthen China's ability to prepare sound investment projects. It would also help to strengthen the pipeline of well prepared projects suitable for financing by the Bank and IDA. In addition, it would provide a readily available source of funds for other technical assistance activities in support of broader sectoral objectives and project-related studies. Given the nature of this repeater project, there are no special risks. 11. Recommendations. I am satisfied that the proposed Credit would comply with the Articles of Agreement of the Association and recommend that the Executive Directors approve the proposed Credit. Barber B. Conable President Attachments by Willi A. Wapenhans Washington, D.C. June 8, 1989  -4- Technical Annex Page 1 of 2 CHINA THIRD TECHNICAL COOPERATION PROJECT Project Administration and Implementation 1. The World Bank Operations Department of MOF would be responsible for overall coordination and subproject processing. Before considering subprojects for project preparation, MOF would verify with the State Planning Commission the status of the proposed follow-up investment project. It would also determine that no UNDP or other suitable grant funds were readily available for the purpose before submitting the subproject for approval by IDA. MOF would ensure effective coordination among the departments and agencies involved in subproject implementation and that a suitably qualified project coordinator would serve until the Closing Date, with the assistance of other competent MOF staff as required. 2. Line ministries and other agencies would present requests for TCC financing to MOF. These requests would in many cases result from discussion with line ministry staff during project preparation missions by Bank staff. MOF would review proposals on a case-by-case basis; proposals supported by MOF would be forwarded to IDA for approval. The line ministry or agency would handle all technical aspects of the subprojects and would contract consultants, arrange study tours and other training and procure equipment. MOF would provide administrative assistance when needed and would maintain records on the status of each subproject, documenting the elapsed time between various steps in subproject processing and the contracting of consultants. The Government would maintain procedures satisfactory to IDA for supervising the work of consultants and reviewing their reports and recommendations. IDA could terminate withdrawals for a particular subproject in cases of delays exceeding six months in the effectiveness of contracts for consultants. Project Cost and Financing 3. The proposed project would cover a three-year commitment period (FY90-92). The total project cost is estimated to be $42 million, with a foreign exchange cost of about $27 million. The proposed IDA credit would be SDR 23.1 million ($30 million equivalent) and would finance the entire foreign exchange cost. About $3 million of the local currency costs covering the cost of local consultants and some locally procured equipment would also be financed. The Government would finance the remaining $12 million of local costs principally for subproject counterpart personnel drawn from line ministries and local design institutes. No allowance has been made for physical and price contingencies as the project is essentially a line of credit to help finance a program defined in financial terms and for which the specific requirements are not known precisely. Cost estimates for consultants, training, and equipment are based on experience under the first and second TCCs. 4. The proposed credit amount is based on an estimate of the technical assistance requirements for project preparation during FY90-92, and for other requirements in support of the Bank's program in China which are not financed  Technical Annex Page 2 of 2 from the proceeds of loans and credits made for investment projects as described in para. 6 of this Memorandum. 5. Based on experience with earlier projects, it is estimated that 35-40 subprojects or activities would be financed from the third TCC. The method of implementation for each subproject and allocations from the credit would be agreed between the Government and IDA. The list of proposed subprojects covering about 0B of the credit amount was reviewed with the Government during negotiations (see Attachment 1). Procurement and Disbursement 6. Consultant services to be financed from the proposed credit would be contracted in accordance with the Bank's Guidelines for the Use of Consultants. Equipment to be financed from the credit would be limited and the cost of most individual items is expected to be small. Procurement of items and groups of items estimated to cost $200,000 or more for each contract (if any) would be through international competitive bidding in accordance with Bank Procurement Guidelines. Domestic manufacturers would receive a preference of 15% or the applicable customs duty, whichever is less, in bid evaluation. Items and groups of items estimated to cost less than $200,000 for each contract and not exceeding an aggregate amount of $3 million may be procured on the basis of quotations from at least three qualified suppliers. Proprietary items may be procured through direct purchase in accordance with procedures acceptable to IDA. Prior review by IDA would be required for equipment contracts estimated to be $200,000 or more. 7. It is estimated that about 70% of the credit would finance consultant services and about 30Z would finance study tours, other training and equipment. IDA would finance (i) 100Z of expenditures for consultant services; (ii) 10OZ of expenditures for overseas study tours and other training; (iii) for equipment, 100Z of foreign expenditures for direct imports, 1002 of local ex-factory costs for locally manufactured items and 75Z of local expenditures for other items procured locally. To facilitate disbursement, a Special Account to be maintained in US dollars with an authorized allocation of $1,500,000 would be established in a bank on terms and conditions satisfactory to IDA. Replenishment of the Special Account would be made monthly or whenever amounts withdrawn are equal to 50% of the initial deposit. For expenditures relating to training, overseas study tours and contracts for goods and services each valued less than $200,000 equivalent, reimbursements would be made on the basis of Statement of Expenditures (SOEs). Documents supporting the SOEs would be retained at MOF and made available for review by IDA supervision missions. Monitoring and Evaluation 8. MOF would be responsible for monitoring the project and would collect, review and evaluate information regarding individual subprojects. Semi-annual progress reports in an agreed format would be forwarded to IDA. The line ministries would be responsible for monitoring the progress of individual subprojects. Project-related accounts would be audited by independent auditors acceptable to IDA and the audit report would be provided to IDA within six months of the end of each fiscal year. The Government intends to request the Audit Administration of China to conduct the audits for this project.  -6- Technical Annex Attachment 1 CHINA THIRD TECHNICAL COOPERATION PROJECT Illustrative List of Subproject. Subprojoct. Amount Second Teacher Training Project Preparation 2,000,000 (and Project Related TA) Key Studies Development Project Related TA 1,600,000 Ertan Hydroolectric Project Preparation 800,000 (Supplemental Allocation) Zouxian Thermal Power Project 1,500,000 Preparation Electronic. Dovelopment 2,000,000 Project Preparation Petrochemical Project Preparation 2,000,000 Fertilizer Marketing Development 500,000 Project Preparation Machine Tool Project Preparation 500,000 Xinjiang Hydrological/Area Development 2,500,000 Study Irrigation Rehabilitation Project 500,000 Preparation Irrigation Subsector Loan Preparation 1,000,000 Xialongde Dom Study 2,500,000 Yellow River Economic Modelling Study 1,800,000 Shanghai Port Project Preparation 600,000 and Implementation Hangzhou-Ningbo Highway Project 80,000 Preparation Xian-Baoji Highway and Rural Road 120,000 Project Preparation Kaifeng-Zhenzhou-Louyang Highway 100,000 Project Proparation Provincisl Agricultural Projects' 1,000,000 Preparation (4-5 subprojects) Health Projects Preparation 500,000 (and Project Related TA) Scionce and Technology 500,000 (various projects) Note: Selected subprojocts may be financed from remaining TCC II uncommitted funds.  -7- Schedule A CHINA THIRD TECHNICAL COOPERATION PROJECT Estimated Costs and Financing Plan Estimated Costs Local Foreign Total ------ (US$ million) ------ Consultant Services 2.0 19.0 21.0 Training 4.0 5.0 9.0 Equipment 1.0 3.0 4.0 National Personnel 8.0 - 8.0 Total 15.0 27.0 42.0 Financing Plan IDA 3.0 27.0 30.0 Governxment 12.0 - 12.0 Total 15.0 27.0 42.0  -8- Schedule B Page 1 CHINA THIRD TECHNICAL COOPERATION PROJECT Procurement Method and Disbursements Project Element Procurement Method ICB Other Total ----- (US$ million) ----- Consultant Services - 21.0 21.0 (-) (21.0)a/ (21.0) Training 9.0 9.0 C-) (5.5) (5.5) Equipment 1.0 3.0 4.0 (1.0) (2.5)b/ (3.5) National Personnel 8.0 8.0 (-) (-) (-) Total 1.0 41.0 42.0 (1.0) (29.0) (30.0) a/ Consultant services financed by IDA would be contracted in accordance with the Bank's Guidelines for the Use of Consultants. b/ The other procurement methods are prudent shopping requiring written quotations from at least three suppliers and direct purchase for proprietary items. Note: Figures in parentheses are the respective amounts financed by IDA.  Schedule B Page 2 Disbursements Category Amount Z (US$ million) Consultants, training programs 100o Equipment 1OOZ of foreign expenditures, 100l of local expenditures ex- factory 751 of local expenditures for other items procured locally Total 30.0 Estimated Disbursements IDA Fiscal Year 90 91 92 93 94 95 96 --- (US$ million) -------------- Annual 0.7 2.6 5.5 7.0 6.5 4.5 3.2 Cumulative 0.7 3.3 8.8 15.8 22.3 26.8 30.0  -10- Schedule C CHINA THIRD TECHNICAL COOPERATION PROJECT Timetable of Key Project Processing Events (a) Time taken to prepare: Six months (b) Prepared by: Government with IDA assistance (c) IDA preparation mission: February, 1989 (d) Negotiations: May 1989 (e) Planned dated of effectiveness: October 1989 (f) List of relevant PCRs and PPARs: None. PCR for First Technical Cooperation Credit under preparation.  Schedule D Page 1 ot 3 STA`if F i'. A 'AP '' PEFPLE' S REPUBLIC OF CHINA A I t 'At. AlA I DA cREDITS a? N l I, 989) Loanl Amount (US$ million) Credit Fisi al (net of cancellations) Number Year Bo IwI , i' Bank IDA Undisbursed i/ Two loans and1 jive c:e2ir~ have 1'. t .11 Cii: sed 167.97 333.50 - 1297 81 I AYT! I Ii.', b k-eat - 75 .40 0.50 2226/1313 83 } i K 2 1. 4 0.60 30.00 1.22 2231 83 PE1 i'l I Ii'1 162.40 - 16.64 2252 83 OF' I I!y if -Wtt iu) 100 . 80 - 20.52 2261/1347 83 i't >2 'li-1'. lang) 25.30 45.00 0.42 1411 84 PP I. < I T ,V itniVP sit y - 85.00 21.04 1412 84 PP . 'iiAt - 10.00 1.03 1417 84 FPl I ' :,nilt - 100.00 20.53 2382 84 F Rt i lvi' u.n i 1, t i i 145.40 - 36.26 2394 84 PP: R i LIhi'. 220.00 - 26.10 1472 84 PP. PliT H i{i I tt & MFtili al Educ . - 85.00 19.30 2426 84 p let : ci i 'I t Ka it aniay) 99. 50 - 24.56 2434/1491 84 P'P , l t , dit I ICAP II) 105.00 70.00 20.43 2444/1500 84 Pp.! Ag i i IT a t innl II 45.30 (23.50)1/ 14.61 1516 85 P O_ A1'r II I'tra pe.ai tl . I l - 25.00 10.06 1551 85 PP.2 t!>i ., r .ity Invel 1pnrir l - 145.00 53 .34 2493 85 PRO f, I i 117.00 - 28.94 2501 85 PR! Iin i., is Mining 120.50 - 101.76 1577 85 PRO" Ste I. - 40.00 12.08 1578 85 PRO. Fintal 4;t1 SIupply - 80.00 44.48 2539/1594 85 pR,O 1pi w.gv I'w i 42.60 30.00 27.27 2540 85 PRC, aa.' il 235.00 - 190.40 2541 85 PRC Fe! t i l iji pn I i a , i i ih t at inn & 97 .00 - 15.11 F.), l. , ^ 'av in g 1605 85 PFfP F ' .y {':I I.,l,'mnit - 47.30 32.63 2579/1606 85 PRO fS' ) Llg ..ba.lhu Area Development 17.00 75.00 47.57 2580 85 ElR 'W i> .,l -. , i..d Tn hnli'i, al 25.00 - 11.74 A' t iii' 1642 86 F L R I .,. l i lii t I - 90.00 14.19 2659/1663 8b6 f I II,. ' : I : I I It I I I (B II1) 75.00 25.00 17.77 1664 84 0P2 r , !Ki.. .I-aJit II - 20.00 19.36 1671 86 i I:. i i . . it ';c; - 1 20.00 69.76 2678/1680 86 Pi 1 i . 160.00 70.00 217.16 2689 86b i S n t i i. 13fl.t00 - 114.37 1689 86 l ; F ": i I F 11, : i i i > - 60.00 17.41 2706 86 PR' F" ii n1' '1 -' 1nni1 JiL1Wtvt 225.00 - 132.30 2707 86 F P ,t ! tI i 52.00 - 25.86 2708 86 il , .l t.- i t nil A) Iiiaisa1 30.00 - 16 .35 2723/1713 8b P i : ':. .'-Iilt i\VF' MtId. 15.00 65.00 68.22 1733 87 >Pi! P t i j 40.00 14.30 2775 87 fR. .ul.uO !1 I i 'lj Ti, 140.00 - 93.65 2783/1763 87 PP0C I0, tilit IV (1218 IV) 250.00 50.00 188.80 2784 87 PP.'!: iic)t i hla tink, If osF 100.00 - 98 . 16  Schedule D -12- Page 2 of 3 Loan/ Amount (USS million) Credit Fiscal (net of cancellations) Number Year Boriower Putiplose Bank IDA Undisbursed b/ 1764 87 PRl Xiji Ia r, Agr 1 ilt iial Dev elopment - 70.00 57.19 2811/1792 87 PR0 Beijing- Tia i ji iiTadIggu Expressway 25.00 125.00 131.59 2812/1793 87 PRC Cansu Piovi- i al Development 20.00 150.50 146.78 1835 87 PRC Planrnirng, 1,pp',t & Spec( ial Studies - 20.70 18.56 2794/1779 87 PR(: Shanghai m;egwerage 45 00 100.00 132.86 2838 87 PRC FPrt ilizer Rat inalizat ion 97.40 - 93.85 2852 87 PRC Wujirig Thetnual Power 190.00 - 172.11 1871 88 PRC Ruial C4-dJit III - 170.00 88.01 2877/1845 88 PRC Hluangpu (I' t 63.0 25.00 82.40 2907/1875 88 PRC Dalian Pirt 71.0 25.00 88.03 1885 88 PRC Northeirn Itrrigation - 103.00 88.71 2924/1887 88 PRC Coastal Lands Developiment 40.00 60.00 81.94 1908 88 PRC Teaehpi Traiuiirng - 50.00 42.85 2943 88 PRC Phara (eut i als 127.00 - 127.00 2951/1917 88 PRC Sichuani Highway 75.00 50.00 121.63 2952 88 PRC Shaanxi Highway 50.00 - 50.00 1918 88 PRC Daxing An Ling Forestry - 56.90 44.37 2955 88 PRC Beiliinganig 1i 165.00 - 165.00 2958 88 PRC Phosphate Development 62.7 - 62.70 2967/1932 88 PRC RSAL 200.00 (100.00)1/ 57.01 2968 88 PRC Railway IV 200.00 - 200.00 1984 89 PRC Jiangxi Provincial Highway 3/ - 61.00 57.74 1997 89 PRC Shaanxi Agricultural Dev. 2/ - 106.00 101.79 3006 89 PRC Ningbo & Shanighai Ports 76.40 - 76.40 3007 89 PRC Xiamen Port 2/ 36.00 - 36.00 3022 89 PRC Tianjin Light Industry 2/ 154.00 - 154.00 Total 4,640.87 2,989.30 of which has been repaid 100.43 - Total now held by Bank and IDA 4,540.44 2,989.30 Amount sold: Of which repaid - - Total Undisbursed 2,928.33 1,456.39 4,384.72 a/ The status of the projects listed in Part A is described in a separate report on all Bank/IDA financod projects In execution, which in updated twice yearly and circulated to the Executive Diroctoro on Apri l 30 and October 31. b/ As credits are denominated in SDRn (Since IDA Replenishment VI), undisbursed SDR credit balances are converted to dollars at the current exchange rate between the dol lar and the SDR. In some caoes, therefore, the undisbursed balance indicates a dollar amount greater than the originxl principal credit amount expressed In dollars. Notes: 1/ Credit fully disbursed. 2/ Not yet signed. 3/ Not yet effective.  Schedule D -13- Page 3 of 3 B. STATEMENT OF IFC INVESTMENTS (as of March 31, 1989) Invest- Fiscal Type of Loan Equity Total ment no. year Obligor business -- (US$ million) -- 813 1985 Guangzhou and Peugeot Automobile 15.00 2.00 17.00 974 1987 China Investment Co. Investment 3.00 0.04 3.04 1020 1987 Shenzen China Bicycle 5.00 - 5.00 Bicycles Co. Ltd. Manufacture 1988 Crown Electronics Electronics 15.00 - 15.00 Total Gross Commitments 38.00 2.04 40.04 Less cancellations, terminations repayment and sales - - - Total Commitments now Held by IFC 38.00 2.04 40.04 Total Disbursed 37.40 2.04 39.44 Total Undisbursed .60 0 .6