Uganda - Enterprise Development Project

Cones. of The World Bank FOR OFCAL USE ONLY Repr N P-5590-UG MEMORANDUM AND RECO1IENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED IDA CREDIT OF SDR 49.3 MILLION ($65.6 MILLION EQUIVALENT) TO THE REPUBLIC OF UGANDA FOR AN ENTERPRISE DEVELOPMENT PROJECT OCTOBER 31, 1991 This document has a restricted distribution and may be used by recipients only ia the performance of their official duties. Its coatents may not otherwise be disclosed without World Bank authorization. GLOSSARY APPERD - Action Plan for PE Reform and Divestiture ASAC - Agriculture Sector Adjustment Credit BOU - Bank of Uganda DS - Divestiture Secretariat EDP - Enteprise Development Project ERC - Economic Recovery Credit ERP - Economic Recovery Program FSAC - Financial Sector Adjustment Credit ITCRF - Investment Term Credit Refinance Fund PB - Participating Bank PE - Public Enteprise PES - Public Enterprise Secretariat PIES - Public Industrial Enterprise Secretariat RF - Restructuring Fund SAC - Structural Adjustment Credit TMF - Technology and Management Fund UDB - Uganda Development Bank UDC - Uganda Development Corporation CURRENCY EQUIVALENTS Currency Unit - Uganda Shillings (Ush) US$1.00 = Ush 700.00 Ushl.00 = US$O.00143 WEIGHTS AND MEASURES Metric System FISCAL YEAR Government - July 1 - June 30 BOU - July 1 - June 30 UDB - July 1 - June 30 FOR OFFICIAL USE ONLY REPUBLIC OF UGANDA ENTERPRISE DEVELOPMENT PROJECT Credit and Project Summary Government of Uganda Beneficiary: Ministry of Finance Cdit Amot: SDR 49.3 million (US$65.60 million equivalent) TS81M: Standard, with 40 years maturity Onl ng terms: 32 percent interest rate, 7 years (to beneficiary enterprises) finaning Plan: Government US$ 15.64 million Sub-borrowers US$ 10.00 million ]QA US$ 65.60 millio TOTALJ~ US$ 91.24 million Economic Rate oifReturn: Not applicable * Staff ApAi Re : Report No. 9739-UG This document has a restricted distribution and may be used by recipients only in the perforn.w -,e of their offcial duties. Its contents may not otherwise be disclosed without World Bank - -0 i Ation. MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PRO'OSED CREDIT TO THE REPUBLIC OF UGANDA FOR AN ENEPRISE DEVEEMENM RJC 1. I submit for your approval the following memorandum and recommendation on a proposed development credit to the Republic of Uganda for SDR 49.3 million for the equivalent of US$65.6 million to help finance a project for both private sector development and public . enterprise reform in Uganda. The proposed credit would be on standard IDA terms with a maturity of 40 years. A portion (US$41 million equivalent) would be relent to enterprises for seven years, including two years grace, with interest at 32 percent per annum. 2. BackgrWn: Dspie credible improvements in macroeconomic performance over the last three years, Uganda's economic recovery remains fragile. The fiscal and external imbalances both remain high, as does inflation. Production and distribution continue to be seriously impaired. The levels of domestic investment and production activity are determined largely by donor financing because the productive sectors generate little foreign exchange. The economy is characterized by widespread financial distress which, coupled with low domestic savings, constrain expanding the supply of goods and services. Without concerted demand- management and supply-side measures, the country's prospects would be cloudy at best. 3. The next stage of the ongoing Economic Recovery Program (ERP) is intended to address economic stability while establishing the macroeconomic and institutional conditions for a self-sustaining growth path. A series of adjustment programs is under way to promote liberalization, export diversification, financial sector rehabilitation, and domestic capacity-building through institutional reform, training, and technical assistance. The measures proposed under these programs are expected to introduce financial discipline and strike an appropriate balance between market allocation and administrative control of the economy. Tho measures should also provide the foreign exchange resources for expanding imports to maintain satisfactory growth. 4. On the supply side, the ability of production and distribution to respond to a better economic framework depends critically on direct and immediate measures to improve the working of markets and enterprises. In agriculture, most of the growth impetus will come from abroad, and actions to expand and diversify agricultural exports have been initiated. In industry, the scope for efficient import substitution and for exporting remains untapped due to three main deficiencies. First, large and inefficient public enterprises (PEs) dominate industrial production capacity. Second, both public and private enterprises are hampered by devastated infrastructure, poor management, insufficient equipment, and inappropriate technology. Third, until recently the investment climate has been poor, and regulatory and incentive framework has been uncertain and often opaque . 5. Develooment Strategy and Rationale for the Profect. Through IDA's support of the Government's ERP, a combination of policy, regulatory, and institutional reforms has taken hold. The stage is now set to focus on underlying structural constraints, not only to deal with critical short-term problems but also to ensure sustainable growth and nontraditional exports in the medium to long term. Several recent studies have helped Identify the required reforms in the private and public sectors. For private sector's development: (a) a *private sector assessment" identified support measures, including improving the business and operating environment for -2- enterprises; (b) a study on the technology and management support needs of Ugandan enterprises defined measures to facilitate entering and paying for technology and management contracts; (c) a study on small enterprises identified measures to facilitate their access to bank finance. Separately, a financial sector review defined programs to enhance the efficiency of the financial sector to provide financial resources and services for economic recovery and expansion, including rehabilitating viable government banks and increasing the involvement of private commercial banks in productive areas other than trade financing. This Enterprise Development Project (EDP), in supporting measures to foster private sector development, (a) implements one element of financial sector reform by encouraging all (including private) commercial banks to undertake term lending, and (b) supports the development of an action plan for nontraditional exports. 6. For the public enterprise (PE) sector, studies under the ongoing Public Enterprises Project (1962-UG) helped define the building blocks for PE Reform: one study focused on the overall PE reform program and strategy; another defined an action program for divestiture. The studies have culminated in the Government's Policy for PE Reform and Divestiture, and in the Action Plan for PE Reform and Divestiture (APPERD). At the core of the policy and the plan is an integrated package of policies, programs, and specific lists of PEs for divestiture or restructuring. With a focus on more than 130 commercially oriented PEs, the APPERD will, in suitable phases, liquidate all nonviable PEs while reducing the Government's equity and control over most of the remaining ones. This plan will reduce the size of the PE sector, and reduce its dependence on government finance. The plan will also improve the output and performance of the remaining PEs, provide the needed supply response for economic stability and growth, and strengthen the institutional arrangements for ensuring autonomy and accountability. In this context, the Uganda Development Corporation (UDC) will divest itself of its holding company role over all its subsidiary PEs. The Project supports the initial (five year) phase of APPERD, including liquidation of 21 PEs, privatization of 38 PEs, and restructuring of 12 PEs. 7. The Project's focus on these supply-side measures is timely, for these complement the elements of various programs. The Government's formal adoption and publication of its Policy for PE Reform and Divestiture, supplemented by the policy framework reflected in ERC H and SAC (with a focus on private sector development), provide the backdrop for the project. 8. Proect Ojectiv. The project aims to (a) improve the operating environment for all enterprises, public or private; (b) generate a supply response from all enterprises; and (c) reduce budgetary deficits. The third objective would be achieved by reducing the size of the PE sector, improving the performance of the remaining PEs, and ensuring greater financial discipline for them. More specifically, the project seeks to assist the Government to implement some essential measures to support enterprise development, and a program of PE reform and divestiture. For enterprise development, the measures include enhancing the role of private enterprises by reducing the size of the public enterprise sector; facilitating access to term finance, including that for small enterprises; and facilitating access of all enterprises to improved management and technology. For PE reform and divestiture, the measures include reducing the role of the Government as an investor in the productive sector and improving the performance of the PEs that remain. Their performance will be improved through (i) greater autonomy and accountability, (i) physical and financial restructuring of selected viable PBs, which will also enable them in future to approach banks (instead of the Government) for financial inputs on commercial terms, and (iii) enhancing financial discipline. 9. Proect Decpi. The project would finance local and foreign exchange requirements through investment support, financial support, and technical assistance. -3- and tian- al s r would come from an Investment Term Credit Refinance Fund, a Technology and Management Fund, a Restructuring Fund, and a Credit Guarantee Fund. The Investment Ter Credit enae Fund is a line ofcredt o f $25 m for all enterprises, to be used for the rehabilitation of PEs after divestiture, and for rehabilitation or new investment for exports or for import substitution. The Bank of Uganda (BOU) will be the apex bank for the fund which will cater to Uganda's transitional term finance needs until the financial sector can be rehabilitated to generate that finance. Accredited banks (expected to include private commercial banks) will have access to this credit for on-lending to viable private and public enterprises. The Tecnology and Management Fund ($11 m) will be set up to ensure availability of foreign exchange for periodic payments for technology and management contracts. This fund will enhance the access by enterprises to technological and management support; the enterprises will, however, buy the foreign exchange with their own local funds. The Fund will be managed by the Bank of Uganda. The Restructuring Fund ($16 m) will address the one-time physical and financial restructuring needs of viable PEs to enable them to seek future financial assistance from commercial banks. It will be managed by the Uganda Development Bank (UDB) on behalf of the government. The Credit Guarantee Fund (equivalent of $1 million), created from the Government's own resources, will support a (modification of an existing small enterprises) Credit Guarantee Scheme. 10. The Investment Term Credit Refinance Fund will refinance any commercial bank or credit institution which becomes a participating bank by satisfying the criteria of accreditation. These criteria include compliance with prudential banking regulations, adequacy of capital, adequacy of organizational arrangements, and unqualified certification of annual financial statements (particularly in regard to provision for bad debts). The criteria for eligibility of subborrowers include the technical and financial viability of the project and specified minimum for the debt*equity ratio, current ratio, owner contribution to project costs, and debt service cover. The Government will bear the foreign exchange risk. The Government's policy to review and adjust the interest rates quarterly and maintain positive interest rates will continue to apply to the lending rate to beneficiaries under the project. The Government intends to liberalize interest rates according to a phased program of financial sector reform and adjustment. The refinance rate for participating banks will be 60 percent of the maximum lending rate for development loans. To redefine the refinance rates at a later stage when deposit and lending rates are effectively liberalized, new mechanisms will be defined in consultation with IDA. The above regime of interest rates and subborrower eligibility will also govern the operation of the Restructuring Fund. 11. The technical asistan mpnnt ($11.5 m) of the project would finance management and technical training, consultant services, and equipment and materials for these programs. The relevant institutional arrangements are to be strengthened: (a) in the Bank of . Uganda for the Investment Term Credit Refinance Fund, the Technology and Management Fund, and the Credit Guarantee Fund; (b) in the Uganda Development Bank for operation of the Restructuring Fund; (c) ia Individual PEs, for the preparation of Corporate Restructuring Plans, * and for training; (d) in the Public Entprise Secretariat, in the Ministry of Finance, for implementing APPERD, defining the changes to the legal framework implied in APPERD, and designing and implementing an improved system for appointment of top management of PBs on the basis of transparency, and professional merit; and (e) in the Ministry of Comnerce, Cooperatives and Marketing for studies to develop an action plan for nontraditional exports. 12. The project would be carried out over five years. Total project cost is estimated at US$91.2 million equivalent, with foreign exchange costs of US$65.6 million (71.9%). Detailed costs and the financing plan are in Schedule A. Amounts and methods of procurement and -4- disbursement schedules are in Schedule B. A timetable of key processing events and the status of Bank Group operations in Uganda are in Schedules C and D. Staff Appraisal Report No. 9739- UG, dated October 31, 1991, is being distributed separately. 13. Lsons Learne dProject Sustainability. Experience from the ongoing Public Enterprise Project, and from Bank's lending for PE reform and divestiture and for technical assistance has guided project design including ensuring sustqinability of the project. That design includes defining the scope of the yearly programs, to be agreed in advance with IDA, and the annual reviews of achievements. It covers the structure, scope, and role of the EDP implementation team. It specifies the requirement for the government to explicitly indicate and earmark its budgetary commitments for the project each year. And it provides the flexibility to modify the list of PEs under the program in an annual review, consistent with set criteria for selecting the PEs for divestiture and restructuring. 14. Rationale for IDA Involvement. Improvement in the performance of the enterprise sector in Uganda is a key element for economic stability and sustained growth. There is need to provide supply-side impetus to complement the various IDA-assisted adjustments programs that are ongoing or proposed. These in,!tde (a) the Structural Adjustment Credit (FY92), to support improvement of the investment climate and the regulatory environment which the EDP complements by improving the operating environment for all enterprises; (b) a future Financial Sector Adjustment Credit (FSAC), which the EDP complements by facilitating term lending by private commercial banks; and (c) the ongoing Agriculture Sector Adjustment Credit (ASAC - FY91), which EDP complements by supporting the divestiture of some agriculture sexor PEs. 15. Agred Acions. Agreement was reached with the Government, B , and UDB during negotiations as follows. (a) For the enterprise development program: (i ' ie inancing arrangements, lending terms, and operational arrangements under the Investmeut fern Credit Refinance Fund, and the Credit Guarantee Fund. (ii) Measures to maintain positive real interest rates. (b) For the PE reform and divestiture program: (i) The Government's Policy for PE Reform and Divestiture, including the criteria for government equity participation in PEs. (ii) The five-year Action Plan for PE Reform and Divestiture (APPERD), including the elimination of the holding company role of UDC. (iii) The financing arrangements, lending terms, and the operational arrangements under the Restructuring Fund; including the criteria for rehabilitation of PEs. (c) For project management and implementation: (i) 'IBe role and functions of the institutions and committees charged with implementing the programs. (ii) Thresholds for IDA approval of proposals under the various funds. (iii) Review by IDA, of annual work programs including the governments budgetary provisions for the program and the specific lists of PEs to be divested or restructured. (iv) Annual review of achievements, and a mid-term project review. 16. The Conditions of Effectiveness include (a) publicizing the Government's Policy for PE Reform and Divestiture adopted in September 1991; (b) setting up the various funds and accounts; (c) providing IDA with statement of the role and responsibilities of EDP Implementation Team and appointing the Project Manager; and (d) sending to IDA, after its adoption by the Government, the five-year APPERD. The Conditions of Disbursement (applicable to the relevant component of the project) include (i) signing the Subsidiary Financing and Management Agreements by the Government with BOU and UDB; (ii) appointing the Director for Divestiture, and th* Director for the Public Enterprise Secretariat; (iii) enacting legislation for PE Reform and Divestiture; (iv) divesting UDC of its holding company role; (v) issuing a circular outlining the lending terms and conditions for the Investment Term Credit Refinance Fund; (vi) BOU signing a -5- participating agreement with at least one of the commercial banks, and (vii) issuing all instructions regarding technology and management contracts system. 17. ProrM oi CatQres. The foci of the objectives of the project are: (a) private sector development, and (b) public sector management. 18. ]enfits. In addition to the enhanced supply response from the enterprise sector to support economic stability and growth, the project will strengthen existing enterprises, generate new viable projects in private sector, reduce distress in the financial sector, and help increase exports in due course. The positive environment for private sector development and investments would more fully exploit the country's economic potential, improve financial intermediation and credit availability to the private sector, and improve the quality of management and technology in enterprises. The PE reform component will help reduce the size of the sector, thus increasing the role of the private sector, and reduce the financial burden on the Government. 19. Si6ba include the possible interruption of economic stability and its effect on investor interest in the divestiture of PEs, on investment for modernization, and on new investment. This effect would, however, be minimized by the Government's continuing commitment to the success of the ERP and to private sector development, as well as by the institutional support measures provided under the project. This commitment would be reinforced by IDA's requiring the Government (a) to publicize its Policy for PE Reform and Divestiture, and (b) to submit and agree with IDA annual work programs, including the Government's budgetary provisions to support the programs of EDP. Another risk would be that the administrative implementation of the reform and divestiture program may be slowed down by the limited capacity of the Government administration to carry out the policy reform package and to monitor the enterprise restructuring programs. This risk is addressed through sett:ng up a Divestiture Secretariat and strengthening of the Public Enterprises Secretariat, which will be in charge of implementing these programs, and by providing technical assistance and consulting services to help Ugandan institutions carry out the tasks envisaged under the project. 20. Remmendation. I am satisfied that the proposed credit would comply with the Articles of Agreement of the Association and recommend that the Executive Directors a" ?rove it. Lewis T. Preston President Washington, D.C. October 31, 1991 -6- Schedule A Page I of 2 TAND FIANCING PLAN A. DetCld c=sstbe COMPONENTS Foreign Iacal TOtal ($'000) ($'00 eq) ($'000) A. Inv. T~rm Credit Refnane Scheme I. Conitrion to ITCRP 25000 10000 35000 2. Adviso y Sriw~s 420 840 004 3. EquipeneNolae 50 50 Component Total 25470 10084 36554 B. Tedhnlogy and Management Fund (soUl 1. Conulbton TMF 11000 0 11000 2. Adviory Sevlces 00 120 720 3. Documentation 20 20 4. EquipmentNvehlees 60 50 CompMOnt Total 11870 120 11790 C. R~stMotulg Fund 1. Conttiffio to RF 16000 12000 28000 2. Cotdbon to Redundancy Account 1000 1000 3. Advisory Services 720 144 884 4. EquipmentNehs 70 70 Component Total 16790 13144 29934 D. 8upport for PE Refom~ & Divestiur (PUE, DS, PIES, SCD, PEs) 1. Cowpot Retotlim~g und othe P£ Sne.e 4400 80 5280 2. Traning 1700 340 2040 3. quipnNWehlos 100 100 4. Inrmntal Opørtng Expense* 2800 500 3000 Comnponet Total 8700 1720 10420 . Eport Døvmopment Studas Min. of c.C. I M.) 900 180 1080 1. Advsory Suvics_ Compont Total 900 180 1080 TOTAL ASE UNE COST 83530 26240 88778 Pie Contingenols (*) 2070 393 2463 TOTAL PROJECT COST 66600 2541 91241 ( W) Note I Prile Contingmnoas ar. slnt.ted et 5% p.a. on en kt en US$ or equival,nt, exept in th e øsf oonnb&udn to: • Reslwutuing Fund • Redundenoy Aoomsnt * Tc*. & Mg~t. Conbete Fund • Investmunt Tenn Credit Refianoe Fmd Note l: Only knremel operating expenses (and not al operating xpnsee) uro rflooted horo. -7. Schedule A Page 2 of 2 B. Finanina Plan. Proposed Proiect F!ancina (US$ million) IDA Local Total Amount Amount SOURCE OF FUNDS Borrowings IDA 85.60 - 85.60 Government of Uganda - 16.64 15.64 Sub-Borowers 10.00 10.00 65.60 26.64 91.24 ESTIMATED COST ITCRF 25.00 10.00 35.00 Technology and Management Fund 11.00 - 11.00 RF 16.00 12.00 28.00 Advisory Services (Int! 7.04 - 7.04 Advisory Services (local) 1.41 1.41 Training 1.70 0.34 2.04 Equipment and Vehicles 0.29 - 0.29 Incremental Operating Expenses 2.50 0.50 3.00 TOTAL 83.53 26.25 88.78 CONTINGENCIES 2.07 0.39 2.46 TOTAL 65.60j 25.64 91.24 -g. Schedule B Procurement Amounts and Methods of Procurement a Proleat Element ICB I Other k/ I N.A. g/ Total Cost I -----(USe million)---- ITCRF 35.00 35.00 (25.00) (26.00) Technology and management 11.00 11.00 Fund (11.00) (11.00) RF 29.00 29.00 (16.00) (16.00) Advisory Services 9.98 9.98 (8.32) (8.32) fraining 2.40 2.40 (2.00) (2.00) Vehicles, Furniture and 0.34 0.34 quIpment (0.34) (0.34) ncremental Operating Costs 3.62 3.62 (2.94) (2.94) ote .34 86.38 3.52 91.24 (0.34) (62.32) (2.94) (65.60) Note: I/ Figures in parenthesis are the respective amounts financed by IDA. h/ Training and advisory services will be procured In accordance with IDA guidelines. gW Mainly rental of offices, plus labor and services. -9- Disbursement caeor AM=D ErcetaM (US$ million) A. ITCRF (Investment Term Credit Refinance Fund) 25.00 100% of foreign costs; 90% of local costs. B. TMF (Technology Management Fund) 11.00 100% of foreigp costs; 90% of local costs. C. RF (Restructuring Fund) 16.00 100% of foreign costs; 90% of local costs. D. Vehicles and Office Equipment 0.30 100% of the CIF cost of goods directly imported and up to 80% of the cost of imported goods purchased in Uganda. Consultant Services and 7.04 100% (of expenditures) Technical Assistance Operating Costs 2.50 ?O% (of expenditures) Training 1.70 100% (of expenditures) E. Unallocated 2.,0 TOTAL Estimted Disbusments: IDA Piscal Ye 122 122 1 2 12M2 M . LM22 --(US $ million) Annual 0. 4.64 6.50 11.00 17.87 12.34 7.83 4.65 Cumulative 5.14 11.91 22.91 40.78 53.12 60.95 65.60 - 10- ScheduleC Timetable of KeU Protecoesing Event Time taken to prepare: Two Years Prepared by: Government with IDA assistance First IDA mission: November 3, 1989 Appraisal Mission: April 3-24, 1991 Negotiations: September 30 - October 4, 1991 Planned date for effectiveness: February 15, 1992 List of relevant PCRs and PPARs: N/A STATUS OF BANK GROUP OPERATIONS IN UGANDA Schedule D ........................................* Page 1 of 2 A. STATEMENT OF BANK LOANS AND IDA CREDITS (as of July 30, 1991) ----USS Million**** Amount(Less Cancellations) Loan or Fiscal Undis- Credit No. Year Borrower Purpose Sank IDA bursed One (1) loan and twenty-two (22) fully disbursed, 8.40 450.45 Of which SECALs, SALs and Program Loans/Credits 8/ Cr. 03400 1988 Uganda Economic Recovery Credit/GAF 24.00 0.03 Cr. 18411 1989 Uganda Economic Recovery Credit 0.00 1.70 Cr. 12520 1982 Uganda Reconstruction Credit II 0.00 70.00 Cr. 14740 1964 Uganda Reconstruction III 0.00 50.00 Cr. 18440 1988 Uganda Economic Recovery Credit 0.00 65.00 Cr. 18443 1990 Uganda Economic Recovery Credit 0.00 1.50 Cr. 20871 1991 Uganda Economic Recovery Credit II 0.00 2.00 Cr.12480 1982 Uganda IDF I 35.00 2.42 Cr.13280 1983 Uganda Agricultural Rehabilitation 70.00 7.38 Cr.14340 1984 Uganda Second Technical Assistance 15.00 0.34 Cr.14450 1984 Uganda Third Highway 58.00 11.40 Cr.15390 1985 Uganda Agricultural Development 10.00 5.87 Cr.15600 1985 Uganda Second Power 28.80 15.30 Cr.15610 1985 Uganda Petroleum Exploration Prom 5.10 4.55 Cr.18030 1987 Uganda Fourth Highway 18.00 3.86 Cr.18240 1988 Uganda Forestry Rehabilitation 13.00 6.36 Cr.18690 1988 Uganda South Mest Ag. Rehab. 10.00 8.59 Cr.18930 1988 Uganda Sugar Rehabilitation 24.90 18.23 Cr.19340 1988 Uganda Health Rec. 42.50 30.58 Cr.18442 b/ 1989 Uganda Econ. Recovery Credit 25.00 0.18 Cr.19510 1968 Uganda Tech. Ast. II: 18.00 10.71 Cr.19620 1989 Ugande Public Enterprises 15.00 8.64 Cr.19650 1989 Uganda Education IV 22.00 7.72 Cr.19860 1989 Uganda Rail twas 1 7.00 5.53 Cr.19910 1989 Uganda Telecom II 52.30 34.16 Cr.20870 b/ 1990 Uganda Economic Recovery Credit 125.00 4.59 Cr.20880 1990 Uganda Poverty & Sos. Costs 28.00 25.52 Cr.21240 1990 Uganda Water Supply II 60.00 59.03 Cr.21760 1991 Uganda Livestock 21.00 21.47 Cr.21900 b/ 1991 Uganda Ag. Sector Adj. Credit 100.00 69.84 Cr.22060 c/ 1991 Uganda Urban 1 28.70 27.61 Cr.22680 1991 Uganda Power III 125.00 115.90 Total 8.40 1407.75 505.78 of which repaid 8.40 26.61 Total held by Bank & IDA 0.00 1381.14 - I;.... TOTAL Undisbursed 505.78 ..... .... ..... .... .... ..... ........ / Approved after FY80 b/ SAL, SECAL or Program Loan/Credit c/ Not yet effective ugiedt.ki 08-19-91 Schedule 0 Page 2 of 2 B. STATEMENT OF IFC INVESTMENTS IN UGANDA (as of July 30, 1991) Amount in US$ Million Fiscal ---.-..----..***.**** Year Obligor Type of Business Loan Equity Total 1985 DFCU Development Finance Companies 0.00 0.38 0.38 1965 IULCO Spiming Weaving & Finishing 4.32 0.71 5.03 1984 TANTECO Food Products 1.62 0.00 1.62 1972 TPS Tourism Services 1.11 0.00 1.11 1984 Uganda Sugar Cocoa Chocolates, Sugar 8.00 0.00 8.00 1985 Uganda Tea Food Products NEC 2.81 0.00 2.81 Total gross canitments 17.86 1.09 18.95 Less: Repayments, cancellations, exchange adjustments. terminations and sales 8.52 0.71 9.23 Total Comitments now held by IFC: 9.34 0.38 9.72 Total undisbursed 0.00 0.00 0.00 Total Outstanding IFC 9.34 0.38 9.72 ugZdt.uki 08-19-91