Bolivia - Agro-export Development Program (AEDP) Project

Docmat Of -The World Bank FOR CdFFCIAL VSE OLY Repot No. P-5575-BO MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT OF SDR 16.6 MILLION TO THE REPUBLIC OF BOLIVIA FOR AN AGRO-EXPORT DEVELOPMENT PROGRAM (AEDP) NOVEMBER 26, 1991 Ths document has a restricted dbtribudon and may be und by recipients only in te performance of their offical dies. its contens may not odtewis be disdoed without World Rjnk auhorization.  CURRENCY AND EQUIVALENTS Currency Unit - Boliviano (Bs) Exchange Rate Effective June 1991 US$1.00 - Be 3.525 US$0.28 - Be 1.00 WEIGHTS AND MEASURES Metric System GOVERNMENT OF BOLIVIA FISCAL YEAR January 1 - December 31 ABBREVIATIONS AND ACRO1NYMS ABP - Annual Business Plan AEDP - Agro-Export Development Program ANGOBOL - Bolivian Angora Limited B:.B - Agricultural Bank of Bolivia BEF - The Bolivia Export Foundation CF - Chile Foundation CORDECRUZ - Regional Development Corporation of Santa Cruz EMPROCC - The Enterprise to Process Cochineal EMCASCA - Brazil Nut Company FAD - Finance and Administration Division FINFLOR - Flowers Financing Limited PP - Federation of Peasants GON - Government of the Netherlands IBTA - The National Agricultural Research Institute OM - Operational Manual PPAR - Project Performance Audit Report TD - Technical Division SERVIFLOR - Flowers Service Limited VDF - Vaca Diaz Foundation  FOR OFFICIAL USE ONLY BOLIVIA AGRO-EXPORT DEVELOPMENT PRnG2AM (AEDP) CREDIT AND PROJECT SUMMARY Borrower: The Republic of Bolivia Beneficiaries: The Bolivia Export Foundation (BEF), small farmers and small- to medium-scale entrepreneurs Amount: SDR 16.6 million (US$22.5 million equivalent) Terms: Standard, with 40 years maturity Onlendina Term:s The Government of Bolivia (GOB) would pass on the IDA credit to BEF on the following terms and conditions: (a) for new product development, SDR 9.8 million (US$13.2 million equivalent) as a grant; and (b) for private enterprises, SDR 6.8 million (US$9.3 million equivalent) as loan denominated in dollars for 25 years, including 5 years of grace (interest accrued in Years 1 through 5 would be repaid over Years 6 through 25), carrying interest at a rate equal to either eight percent (8%) or LIBOR plus two percentage points, whichever is the greater. BEF would assume the foreign exchange risk and the GOB the cross-currency risk. Financing Plan IDA US$22.5 million Government of Bolivia US$ 4.1 million Government of the Netherlands US$ 9.0 million Beneficiaries: Contribution to Equity US$ 2.7 million Income from BEF Services USS 1.4 million Total US$39.7 million Economic IRR: 27% Staff ADDraisal Report No: 9633-BO map: IBRD No. 22843 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 TftE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT TO THE REPUBLIC OF BOLIVIA FOR AN AGRO-EXPORT DEVEL.OPMENT PROGRAM (AEDP) 1. The following memorandum and recommendation on a proposed credit to the Republic of Bolivia for SDR 16.6 million (US$22.5 million equivalent) is submitted for approval. The proposed credit, which would be repayable in 40 years, including 10 years of grace, at standard IDA terms, would help to finance an Agro-Export Development Program (AEDP) for Bolivia. The Government of the Netherlands (GOB) would cofinance the AEDP through a grant of US$9.0 million equivalent. 2. Background. During the early 1980s, Bolivia experienced rapidly deteriorating economic conditions, political instability, accumulation of an unsustainable debt burden, and severe macroeconomic mismanagement leading to a crisis with hyperinflation in mid-1985. In order to restore control of the economy, a radical stabilization program was adopted, including massive devaluation of the exchange rate, increases in public sector prices, and reductions in Government expenditures to levels financeable by available funds. The adjustment program was highly successful in stabilizing the economy and in reducing internal and external imbalances. For the first time in nearly a decade the economy attained a positive GDP growth rate of 2.6Z in 1987. Prudent macroeconomic management permitted the recovery to be sustained with steady GD? growth of 2.7S on average through 1990, expected to reach over 42 for 1991. The Government strategy for sustained economic growth is based on maintenance of stable macroeconomic policy; private sector investments in the productive sectors; a shift in the role of the Government to focus its investments on provision of physical infrastructure (e.g. roads, water) and social infrastructure (e.g. education, primary health care); and improving the capacity and the efficiency of public administration. A structural adjustment credit of SDR 30.0 million (US$40.0 million equivalent) was approved by the Board on September 16, 1991 to assist the Government to divest its assets in the productive and banking sectors, and to strengthen financial markets. The new investment, hydrocarbons and mining laws, enacted in 1990/91 have encouraged new private investments in two of the three major growth sectors in Bolivia--the mining and hydrocarbons sectors. The third area of potential growth is agriculture, where significant growth has been recorded over the past few years, but which requires greater investment activity by local entrepreneurs and foreign investors. The proposed Agro-Export Development Program (AEDP), which would be implemented by an autonomous, private self- financing foundation, the Bolivia Export Foundation (BEF), would help to develop the financial and technical mechanisms through which small- and medium-scale farmers, and entrepreneurs can be encouraged and supported to expand production and agroindustrial exports. 3. Agriculture is the most important sector in Bolivia, accounting for about 21% of total GDP in 1989, up from about 18% in 1978, and about 40% of total employment. At about US$111.8 million in 1988, agricultural exports represented about 19% of Bolivia's total legal exports. This almost doubled  in 1989 to US$208 million, representing '5.5% of total legal exporos. Apart from hydrocarbons, agriculture provides the most likely source of export expansion and income growth over the medium term. Traditionally, five producto (coffee, wood and wood products, sugar and leather) have accounted for the bulk of agricultural exports. In 1980, ;his group accounted for 712 of agricultural exports, but their share dropped to about 452 in 1989 as exports of soya and derivatives have grown from US$7 million in 1980 to US$52 million in 1989 (25S of total agricultural exports). Other products with growing markets have been Brazil nuts, which rose from about US$3 million in 1980 to around US$10 million in 1989, and angora wool exports, which increased from US$0.1 million to US$0.4 million between 1987 and 1989. Cochineal and carmine exports were US$0.2 million during 1988-89; and flower exports rose from US$0.04 million in 1987 to over US$0.5 million in 1989. Studies commissioned in 1986/87 indicate that the most promising exports are wood products, livestock, soybeans, coffee, Brazil nuts, flowers, alpaca/llama, leather, and silk. However, the lack of private sector investment is constraining the full development of this potential. . Rationale for IDA Participation. IA's participation in the proposed AEDP would support private sector expansion in the agricultural sector, initially focussing on four products identified during project preparation, with small but established markets abroad. IDA's effort is part of a broader strategy to help accelerate economic growth by diversifying productive activity. IDA has played a leading role in coneeptualizing and designing the AEDP, including the establishment of the BEF, and the mobilization of financing irom GON for preparing and implementing the AEDP. Through its participation IDA would help the BEF to serve as a development mechanism to bridge the transition from public to private sector responsibility for development of the agricultural sector, particularly agroindustrial development focusing on high value agricultural products and small farmers participation. This is an essential function since the evolving finaxcial sector in Bolivia is not yet in a position to provide the full range of se-vices needed to establish and expand new agroindustrial activities. Also, through IDA participation, safeguards have been incorporated in the first five potential enterprises to protect the environment, especially in the Bolivian Amazonia and in the Department of Cochabamba, and to enhance the employment opportunities of rural women. 5. Proiect Obiectives. The proposed AEDP would establish a mechanism to help Bolivian farmers and entrepreneurs produce and export quality agricultural products. The project aims to: (a) develop the capacity of the newly established BEF as a private, autonomous, .elf-financing organization, to establish financially sound, agro-based subsidiaries and joint ventures with small- and medium-scale entrepreneurs and investors; (b) introduce improved technology to expand agricultural production, in an environmentally sound manner; and (c) generate employment and capitpl accumulation in order to improve the incomes and standard of living of poor farmers, women's groups, urban and rural laborers. 6. Detailed Proiect Description. The AEDP would finance three main components: (a) the operations of the BEF, including its enterprise  investment program, which initially is expected to consist of five joint ventures and subsidiaries; (b) the employment of a management firm to provide four experts for the BEE; and (c) the provision by the BEE of technical assistance for carrying out, market research and feasibility studies for identifying new investment opportunities for export of additional agricultural products from Bolivia. Details are given below. 7. The Bolivia Export Foundation (BEF). The BEY, as the executing agency, is the heart of AEDP. The BEP was established by Supreme Resolution on September 20, 1991 as a private, self-financiag, autonomous entity with its own independent Board of Directors, capital and management team. BEF is modeled on Fundaci6n Chile (CF), an autonomous agency jointly established through a grant of US$50.0 million equivalent by the Government of Chile and an American multinational firm in 1976. CF has been successful in establishing financially viable joint ventures and subsidiaries, and in subsequently selling them to private investors. Like CF, BE! was created to give Bolivia the long-term institutional capability for vertically integrating the essential activities required to produce and export agricultural products competitively. 8. Establishment of BEF as a Foundation instead of as a private corporation provides the most appropriate mechanism under Bolivian conditions for both mobilizing and channeling donor, Government and multilateral resources for supporting directly private sector investments. To this end, BEF would act as a one-stop equity financing and technical assistance service cente. forming joint ventures with private producers, investors and exporters. BEF would carefully prescreen potential investors, products, technologies and markets, and carry out feasibility studies before investing its resources. In keeping with its development role, and not to compete with other private sector initiatives, BEF would seek to divest its shares in any enterprise within .ive years of full commercial production. It would use its revenues from sales of enterprises, fees and dividends to pay for its overhead costs, repay loans and to invest in additional enterprises. Although BEF-supported enterprises would pay dividends to their shareholders, the BEF as a foundation, cannot pay dividends. Therefore, while private investors would not participate in BEP itself, IPC and foreign investors could participate in BEF's joint ventures and be paid dividends earned by those ventures. 9. Enterprise Investment Program. Four products were 4dentified during preparation of the AIDP. Feasibility studies were completed to detail the levels of investment needed, to identify markets abroad, and to develop the legal structure for setting up, initially, five joint ventures and subsidiaries for producing and exporting these products. The same feasibility studies were also used to dimension the project's scope and content, the organizational setup, and the environmental safeguards. The four products (angora wool, cochineal, flowers and Brazil nuts) are considered good prospects for expanding exports rapidly. 10. Four products would be produced and exported by the following joint ventures and subsidiaries to be financed by BEF: (a) ANGOBOL (Bolivian Angora  - 4 - Ltd.) would be established initially as a subsidiary of BEF for the purpose of producing and exporting high quality angora hair. ANGOBOL would finance the construction of commercial production, service and administration centers, as well as the cost of on-farm production. Total cost for ANGOBOL including that of the management of the enterprise is estimated at US$5.8 million, of which US$0.8 million would be contributed by beneficiaries over five years; (b) EMPROCC (The Lnterprise to Process Cochineal '/ would be established initially as a subsidiary of BE?. EWPROCC would produce cochirseal in its own oroduction sheds and it would also purchase cochineal from small farmers. The export of dried cochineal and carmine would be done by the marketing division of BEF. Total cost for establishing E1MPROCC and the processing plant is estimated at US$3.9 million of which US$0.1 million would be contributed by the beneficiaries over five years; (c) FINFLOR (Flowers Financing Ltd.) would be established initially as a subsidiary of BEF and it would enter into joint ventures with about 8 to 12 flower producers to expand production and export of quality flowers. The estimated total cost for establishing FINFLOR and its joint ventures would be US$10.3 million, of which flower growers would contribute US$1.7 million cver five years; (d) EMCASCA (Brazil Nut Compary) world be established by BEF and the Federation of Peasants in Riberalta (the Beni Department) to finance construction of a new Brazil nut cracking plant, storage facilities and clearance of narrow access footpaths. The total cost of this investment is estimated at US$2.0 million of which US$0.1 million would be contributed by the beneficiarles over five years; and (e) BEF would form a joint venture with Vaca Diaz Foundation (VDF) to finance rehabilitation of a second cracking plant also in Riberalta. The total cost of the investment and related activities would ba US$0.6 million. Additionally, VDF would manage an agro-forestry program to introdvce alternative farming systems to the slash-snd-burn now practiced in the Amazonia region of Bolivia. US$2.6 million has been tentatively allocated to support the Brazil nut agro-forestry program and GOB has agreed to approach donors for additional funding should the environmental assessment and related studies, now underway with financing from the GON, recommend initiation of a much larger agro-forestry project than is programmed. 11. The Manaaement Team. The second component of AEDP would finance the hiring of an international management firm to help the BEF form and manage its enterprises while concurrently training Bolivian counterpart staff to take over the management of BEF at the end of five years. BEF's Annual Business Plan (ABP) would contain a specific training program and action plan for this purpose. The contract with the firm would stipulate that it would provide four highly qualified professionals who, among them, would bring administrative and financial management expertise to BEF as well as experience in agricultural production and export. The total estimated cost of this component, including administration and fees for Board of Directors is US$5.5 million. 1J An insect parasite of the prickly pear cactus containing carminic acid which is an organic red coloring agent used in the food and cosmetic industries.  12. Productllarket Research and Development. The third component would finance technical assistance for production, marketing research and feasibility studies for developing new products, as well as technical and management consultancy services to improve performance of existing enterprises. During the preparation, additional products such as leather, llama/alpaca, wool, silkg quinoa, potpourri, natural sweeteners (Stevia Rebaudiana), have been identified for further research and development under this component. The total estimated cost of this component would be US$5.4 million. 13. Project Coats and Financing. The total project cost is estimated at US$39.7 million with a foreign exceange component of US$28.8 million (722). Price contingencies total US$4.6 million (13X). The proposed IDA credit of US$22.5 million would finance 572 of total project costs, equivalent to 722 of the project's incremental foreign exchange costs, and 202 of local costs. The balance would be financed as followss US$2.7 million equivalent from the beneficiaries of the enterprises; US$4.1 million equivalent from GOB (US$0.5 million as a loan denominated in dollars carrying interest at a rate equivalent to either 8S or LIBOR plus two percentage points, whichever is greater, and deferral of payments on the onlent IDA funds amounting to US$3.6 million (representing interest during implementation of the initial investments), US$9.0 million equivalent as a grant from GON; and US$1.4 million equivalent from service fees to be charged by BEF for technical and management consultancy services rendered. IDA's credit to the GOB would be passed on to the BEF as follows: (a) US$13.2 million as a grant to finance costs, not directly associated with the investments in joint ventures and subsidiaries; and (b) US$9.3 million as a loan denominated in dollars over 25 years (5 years grace), (interest accrued in Years 1 through 5 would be repaid over Years 6 through 25), cariying interest at a rate equal to either eight percent (8Z) or LIBOR plus two percentage points, whichever is greater for the investment side of BEF's operations. These terms and conditions are covmensurate both with the income projections and financial capacity of BEF to secure this debt and provide investment capital to set up the first five enterprises. IDA would disburse 702 against eligible expenditures, and it would administer GOB's funds which would be disbursed jointly at a ratio of 30s70. A breakdown of costs and a financing plan is shown in Schedule A. Amounts and methods of procurement, together with the disbursement schedule, is shown in Schedule B. A timetable of key project processing events and the status of Bank/IDA Group operations in Bolivia are given in Schedules C and D, respectively. A map is attached, along with the Staff Appraisal Report No. 9633-BO dated November 26, 1991. 14. The Implementation of AEDP. The AEDP would be implemented by BEE with the support of the management firm. The By-Laws of the BEF provide for a Board of a minimum of six and a maximum of 12 members and their alternates. Presently the Board, appointed in June 1991, consists of six directors and their alternates composed of four prominent Bolivian businessmen active in the private sector, one of whom is the President of the Board, and one representative each from the GOB and GON. Each director has one vote. The general manager, who initially would be contracted through a management firm, would seek BEF's Board approval for all investment proposals. All the  - 6 - feasibility studies, environmental assessments, and the legal instruments required for establishing enterprises would be subject to IDA's approval and be in accordance with criteria opelled out in BE!'s Operational Manual (OM), which also spells out its operational and financial policies. BEF's Board of Directors is expected to complete its review in early 1992 of all the feasibility studies and its consultation with private investors and potential benefic.iaries of the AEDP regarding the initial five enterprises. Soon thereafter, BEF could present for IDA's approval the first year ABP for initiation of investments. Each of the enterprises to be financed by BEP sould have it own Board and management team. Each would submit annually its expenditure proposals, backed up with detailed feasibility studiest for BEF's approval. BEF would consolidate and prepari the ABP for review by its Board and submission to IDA by November 30 of each year. Implementation of the AEDP would be monitored regularly. Independent consultants would carry out, on the basis of terms of reference satisfactory to IDA, a mid-term assessment of AEDP's performance after 2-1/2 years from the date of effectiveness of IDA's credit. 15. Actions Agreed. (a) BEE's debt to equity ratio would not exceed 70:30 unless otherwise agreed by IDA; (b) GOB and BEF would use their best endeavors to improve the socioeconomic conditions of farmers' families and laborers associated with investment enterprises satisfactory to IDA, and GOB shall ensure that BEF shall carry out environmental assessments and studies, satisfactory to IDA for any investments; (c) BEF's Board would, within three months after effectiveness, submit the first ABP, and thereafter submit such by November 30 of each yaar; (d) the Ministry of Planning and Coordination would ensure that any other public financed projects to support exports would be compatible in their technical and quality aspects as well as terms and conditions with the AEDP; (e) GOB would ensure that donor support for agro- export projects would contain measures to mitigate against adverse effects from exports on small-scale local entrepreneurs; (f) the Ministry of Industry, Commerce and Tourism would permit exporters participating in AMDP to follow expeditious procedures, satisfactory to IDA; (g) the accounts of each enterprise along with the Special Account, Statements of Expenditures, and BEF's consolidated accounts would be audited annually by independent auditors, satisfactory to IDA; the latter three audit reports to be submitted to IDA within six months after the end of each fiscal year; (h) BEF would retain a qualified management firm for the duration of the project which, inter alia, would train Bolivian counterparts to take over management in the fifth year of the project; (i) BEF would operate in accordance with procedures agreed with IDA as contained in the OK, which can not be modified without IDA's prior approval; (' REP's Board of Directors Selection Committee would, as needed, appoint new directors with skills, experience and qualifications specified in the By-Laws, satisfactory to IDA; (k) BEF would put the monitoring system into operation within six months from the date of effectiveness; (1) BEF would hire independent consultants, satisfactory to IDA, to carry out a mid-term assessment of BE!'s overall performance by no later than 2-1/2 years after loan effectiveness; the consultant's report on BE!'s performance, together with an action program would be submitted to IDA within three months of the commencement of the mid-term review; (i) BEY would provide a brief progress report about the AEDP to IDA by June 30 and December 31 of each year; (n) BEF  shall not lend any funds or provide guarantees for third parties without IDA's or GOB's prior approvall (o) BEY would submit a Project Completion Report vithin six months of the Closing Date; and (p) BEF shall have established at least three enterprises by the time of the mid-term review, urles& otherwise agreed with IDA. Coditigons of Jffectivenes_s (a) financing arravgements between GOB and GON had been entered into; (b) GOB had satisfactorily entered into a subsidiary agreement with BEF for transfer of the proceeds of IDA %-redit; (a) BEF's Board had signed a contract with a management firm for three years renegotiable for two additional years, satisfactory to IDA and the general manager of the management fiTm had taken up his/her position in Bolivia; and (d) the ON, satisfactory to IDA, had been officially adopted by BEY's Board, such ON to require, inter alia, that all procurement and the hiring of consultants be in accordance with Bank Guidelines. ConditiOju of Disbursement for Each Enterprise: No disbursement would be made in resard to any joint venture or subsidiary of BEF until evidence satisfactory to IDA has been provided on the legal establishment of such enterprise (legal opinion). 16. Bepefits and Risks. The financial and economic rates of return for AEDP, based on expected benefits from the five investments already identified, have been estimated at 202 and 272, respectively. Most of AEDP's direct and/or indirect beneficiaries would be small farmers and small- to modium- scale entrepreneurs to be involved in td. first five enterprises. Some 4,iOO permanent jobs are expected to be created, of which an estimated 1,000 wou;.. be for women. The AEDP would substantially increase foreign exchsnge earnings and provide a self-sustaining mechanism capable of identifying and establishing viable new agricultural enterprises. 17. One of the risks is that BEF may fail to establish and manage profitably export-oriented enterprises within the projected time frame. This could happen if the macroeconomic performance and business environment in Bolivia or in international markets were to deteriorate. On the Government's part, it continues to deepen its program of economic adjustment. On BEF's part, its diversified export portfolio should minimize this risk. The AEDP includes safeguards to reduce operational risks related to the implementation of the pro!ect which inter alia include: (a) consultation between IDA and BEP's Board regarding action on the feasibility studies and BEF's work program through the preparation of the Annual Business Plan; (b) strong representation on BEF's Board of Directors of prominent local businessmen and donors to ensure business-like orientation for BEF; (c) the selection of a highly experienced international management firm to ensure that BEF would be managed efficiently; (d) comprehensive criteria agreed with IDA for appraising, * evaluating and implementing investments, including prior approval by IDA of each feasibility study covering economic, financial, technical and social aspects of each investment; and (e) close supervision and monitoring of BEF's operations, including a mid-term performance assessment linked to a monitoring and evaluation system. The mid-term review would identify the problems and make it possible to take remedial actions as necessary, at the early steges of implementation. An event of default under the credit would occur if the BE? is unable to establish at least three enterprises by the time of the mid-term review, unless otherwise agreed with IDA.  18. Recomme dation. I am satisfied that the proposed credit will comply with the Articles of Agreement of the Association and recommend that the Executive Directors approve the proposed credit. Lewis T. Preston President Attecbments Washington, D.C. November 26, 199i  -9- Scbedule A BOLIVIA AGRO-EXPORT DEVELOPMENT PROGRAM (AEDP) Estimated Costs and Financial Plan (US$ million) Local Foreign Total Estimated Costs 1. Enterprise Investments 4.0 15.6 19.6 2. Management Fee - BEF 0.8 3.0 3.8 3. Research & Product Development, Tech. Assistance, Training Office, Equipment, Vehicles, Supplies 1.6 6.5 8.1 4. Interest Long-term 3.2 0.4 3.6 Loans TOTAL BASELINE COST 9.6 25.5 35.1 Price contingencies 1.3 3.3 4.6 TOTAL PROJECT COST 10.9 28.8 39.7 FinancinR Plan IDA 2.2 20.3 22.5 Government of Bolivia 3.7 0.4 4.1 Govt. of the Netherlands 0.9 8.1 9.0 Beneficiaries: Contribution to Equity 2.7 - 2.7 Fees paid for BEF Services 1.4 - 1.4 Total 10.9 28.8 39.7 0R, . S mmS  - 10 - Page 1 of 2 BOLIVIA AGRO-EXPORT DEVELOPI4ENT PROGRAM IAEDP) Summary of Procurement Arrantementse1 (Figures in parentheses are the respective amounts to be financed by IDA) Comionsnt ICBs/ Other liAkI Total Civil works - 12.5 s 12.5 (7.5) (7.5) Vehicles & Equip. - 3.8 ' 3.8 (2.5) (2.5) Consulting Services - 6.4 6.4 (4.0) (4.0) Institutional working capital, and admin. expenditures, etc.) - 13.4 13.4 (8.5) (8.5) Interest 3.6 3.6 TOTAL 22.7 17.0 39.7 (14.0) (8.5) (22.5) Disbursements Amount Catepory (USS million) Goods, works and services including 9.3 701 of operational costs (Part A of the Project) expenditures Institutional strengthening and management 3.8 70S of firms (Part B of the Project) expenditures Goods, works and services 6.9 701 of (Part C of the Project) expenditures Unallocated 2 22.5 I/ Includes US$9.0 million cofinancing from GON. 21 No ICB is atticipated but if a contract should exceed US$3.0 million it would be procured under ICB procedures in accordance with IDA guide- lines. 3/ Items not involving procurement. Al Procurement under commercial practices satisfactory to IDA.  - 11 - Schedule B Page 2 of 2 Estimated IDA Disbursement IDA Fiscal Year 1992 1993 1994 1995 1996 1997 1998 I2 Annual 0.7 2.5 2.7 3.6 4.5 4.5 3.6 0.4 Cumulative 0.7 3.2 5.9 9.5 14.0 18.5 22.1 22.5  - 12 - Schedule C BOLIVIA AGRO-EXPORT DEVELOPMENT PROGRAM (AEDP) Timetable for Rev Project Processing Events (a) Time taken to prepare: 2 years (b) Prepared by: Consultants (c) First IDA Mission: November/December 1989 (d) Appraisal Mission Departure: April 1991 (e) Negotiations: October 30 - November 1, 1991 (f) Planned Date of Effectiveness: April 30, 1992 (g) List of relevant PPARs: Ingavi Rural Development Project (Ln.1211-BO); Ulla Ulla Development Project (Ln. 1510-BO/Cr. 762-BO); Omasuyos- Los Andes Rural Development Project (Cr. 933-BO) dated December 8, 1988.  - 13 - Schedule D A. STATEMENT OF BANK LOANS AND IDA CREDITS IN BOLrVIA (as of September 30, 1991) __________-_--------------------------------------------------____________________ Amount (less cancellations) Credit Fiscal ----------------- Undis- Number Year Borrower Purpose Bank IDA bursed ---------__--------------------------------------------------------__-----_______ 16 Loans and 22 Credits fully disbursed 274.78 301.43 18090 1987 Bolivia Financial Mgt (PFMO) 11.50 0.36 18180 1987 Bolivia Power Sector Rehab 6.80 0.57 18280 1987 Bolivia Reconstr. Import Cr. II 47.10 6.53 18420 1988 Bolivia La Paz Municipal nevt 15.00 3.78 19770 1989 Bolivia Econ Mgt Strength Opn 9.70 3.20 20120 1989 Bolivia Export Corridors 37.00 29.29 20130 1989 Bolivia Mining Sector 35.00 31.91 20920 1990 Bolivia Integrated Health Devt 20.00 17.80 21190 1990 Bolivia Eastern Lowlands 35.00 32.52 21270 1990 Bolivia Social Invest't Fund 20.00 18.61 21340 1990 Bolivia Private Enterprise Devt 16.10 15.45 19253 (S) 1991 Bolivia Financial Sector - C 14.50 6.05 21870 1991 Bolivia Water Supply & Sewerage 35.00 34.28 22160 1991 Bolivia Technology Dev't 21.00 20.40 22790 1991 Bolivia Public Financial Mgt II 11.30 11.56 22980 1991 Bolivia Structural Adjustment Credit 40.00 40.81 375.00 273.12 TOTAL 274.78 676.43 Of which repaid 155.16 11.58 Total held by Bank & IDA 119.62 664.85 Amount sold 0.05 Of which repaid 0.05 Total Undisbursed 244.60 B. STATEMENT OF IFC INVESTMENTS (as of September 30, 1991) Loan Equity Total (In millions of U.S. dollars) ---------------------------------------------------------------__------------__-- Total gross commitments 29.05 11.62 40.67 Less cancellations, terminations, repayments, and sales 10.26 1.20 11.45 Total commitments now held by IFC 18.79 10.42 29.22 Total undisbursed 2.50 3.29 5.80  IBRD 22843 6 aZ, _ B R A Z I L BOLIVIA p6liveft AGRO-EXPORT DEVELOPMENT PROGRAM (AEDP) T. RI. &-h\ MAJOR AGRO-ECOLOGICAL REGIONS ._,OMis j t~ ,AGRO-ECOLOGICAL REGIONS ROADS: - - - D 9 t (NDQ Ama20nia =_ Souaondar Cordillero and Valley Region -- T,ock * S j