China - Zhejiang Provincial Highway Project

Document of The World Bank FOR OFFICIAL USE ONLY MICROFICHE COPY Report N. P-5717-CaA Report No. P- 5717-CHA Type: (PM) RAGGAMBI, / X34039 / A7071/ EA2TP MENGRANDUM AND RECONMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMOUNT EQUIVALENT TO $220 MILLION TO THE PEOPLE'S REPUBLIC OF CHINA FOR A ZHEJIANG PROVINCIAL HIGHWAY PROJECT APRIL 10, 1992 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 authorizaton. CURRENCY EQUIVALENTS (as of March 1992) Currency name - Renminbi Currency unit - Yuan (Y) - 100 Fen $1.00 = Y 5.48 $0.18 W Y 1.0 FISCAL YEAR January 1 - December 31 WEIGHTS AND MEASURES 1 meter (m) = 3.28 feet (ft) 1 kilometer (km) = 0.62 mile (mi) 1 square meter (a M) - 10.76 square feet (sq ft) 1 square kilometer (km ) - 0.4 square miles (sq mi) 1 hectare (ha) . 0.01 km - 2.47 acres (se) - 15 ma 1 au = 666.7 sq m = 0.0667 ha 1 kilogram (kg) = 2.2046 pounds (lbs) 1 metric ton (M ton) - 2,204 pounds (lbs) ABBREVIATIONS AND ACRONYMS EA - Environmental Assessment AP - Environmental Action Plan HoC - Ministry of Communications RAP - Resettlement Action Plan RDP - Road Development Program ZPEPEC - Zhejiang Provincial Expressway Project Executive Commission * FOR OFFICIAL USE ONLY ZEJIANG PROVINCIAL HIGHWAY PROJECT Loan and Project Sunmary Borrower: People's Republic of China Beneficiary: Zhejiang Province Amount: $220 million equivalent Terms 20 years, including 5 years of grace, at the Bank'e standard variable interest rate Onlending Termss 20 years, including 5 years of grace, at 6 percent per annua with 0.75 percent per annum commitment fee on the unwith- drawn balance. Financing Plant Local Forga Total --------- ($ million) --------- Provincial Government 242.9 14.7 257.6 Central Government 81.2 - 81.2 IBRD 3.3 216.7 220.0 Total 32.4 .1.4 558.8 EconomicRate of Return: 20 percent Staff Appraieal Reports Report No. 10335-CRA Havs: IBRD 23353, IBRD 23484 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 BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE PEOPLE'S REPUBLIC OF CHINA FOR A ZHEJIANG PROVINCIAL HIGHWAY PROJECT 1. I submit for your approval the following memorandum and recommend&- tion op a proposed loan to the People's Republic of China for the equivalent of $220 million to help finance the Zhejiang Provincial Highway Project. The loan would be at the Bank's standard variable interest rate, with a maturity of 20 years, including five years of grace. The proceeds of the loan would be onlent to Zhejiang Province for 20 years, including five years of grace, with interest at 6 percent per annum, and 0.75 percent per annum commitment fee on the unwithdrawn balance. 2. Background. Zhejiang Province, with a population of 42.3 million (1990) and a land area of about 100,000 1m2' is one of the coastal provinces experiencing accelerated industrialization, particularly in the rural indus- trial sector. The per capita GNP of the Province reached Y 1,978 in 1990, which is about 27 percent higher than the national average. The Gross Output Value of Rural Industry in the Province in 1990 represented about 38 percent of the total Gross Output Value of Agriculture and Industry, which is about twice the national average. The sustained upward trend in industr..alization has created a demand for greater efficiency in road transport services and improved infrastructure in the Province. 3. There is already an increasing level of congestion in the transport network, particularly in the northern part of the Province which is served by an extensive network of railways, highways and inland waterways. The network in the south is much sparser, limiting access to populated areas, rich mineral deposits and agriculture, and impeding economic integration with the rest of the Province. 4. To address these problems in a comprehensive manner and assess the relative priorities of competing demands, Zhejiang Province is participating in a comprehensive multiprovincial transport study for the Yangtze Economic Zone, which is intended to provide a firm basis for future investment deci- sions. However, there are urgent demands, particularly for road transport improvements, which have already been identified and are scheduled for execu- tion under the Eighth Five-Year Plan. These include: (a) the construction of a new highway between Hangzhou and Ningbo, the high priority of which has been established through a screening exercise covering the key segments of the national highway network for upgrading to higher standards, in accordance with* a plan drawn up by the Ministry of Communications (MOC); and (b) construction of new roads to provide motorized access to communities, and improvement of secondary and tertiary roads primarily in the less developed southern region of the Province. These two major investments in road infrastructure are the core components of the proposed project. - 2 - 5. LeassM Learned from Previous lank Operations. The Bank Group has supported the initiatives of the Government in the transport sector through lending# sector studies, technical assistance, and training. So far, the Bank Group has made loans/credits totaling about $2.5 billion to China under 19 projects for the transport sector and presently is preparing several new transport sector projects. 6. The highway subsector has received $722.2 million in Bank Group financing under seven projects (Loan 2539-CIA/Credit 1594-CIA Loan 2811-CU/ Credit 1792-CHA; Loan 2951-CHA/Credit 1917-CA Loan 2952-CIA; Credit 1984- CPA; Loan 3073-CRA/Credit 2025-CA; Loan 3316-CMA/Credit 2226-CIA). These projects provide for the construction of high-quality national and provincial roads totaling about 1,276 km, and the expansion and Improvement of some 3,250 km of rural (lower class provincial, country, village) roads and major bridges. When completed, some of these roads will help to provide vital miss- ing links in the national highway network; others will help to ease severe congestion in parts of the network or provide access to remote areas. The projects are also designed to provide technical assistance and training of local personnel in areas such as supervision and quality control of road con- struction, design, and planning. Finally, the projects support studies on key issues of highway development such as pavement management and methods of financing the expansion, improvement, and rehabilitation of the road network. The first Highway Project (Loan 2539-CA, Credit 1594-CA) was completed in mid-1991, and the Project Completion Report is scheduled to be issued in FY92. The project clearly demonstrated the benefits accruing from improved accessi- bility to communities deprived of adequate transport infrastructure in econoam- ically less-developed regions. The main lessons which could be drawn from the project include the need to complete engineering design during project prepa- ration and the need to more carefully match the Borrower's requirements with the technical assistance provided. Through the supervision of the ongoing provincial highway projects, some deficiencies regarding project preparation and implementation have also been identified. These include the relatively frequent changes in design, insufficient experience of contractors leading to slow start-up of the contracts, and poor overall planning and worksite manage- ment. These deficiencies have been addressed in the proposed project, which devotes more attention to the readiness and appropriateness of design, and the criteria for the prequalification of contractors. 7. Achieving a better balance between demand and supply for transport is also a high priority because chronic shortages of transport services are increasingly constraining the growth of the Chinese economy. The poor quality of transport services resulting from equipment shortages and congested infra- structure has Imposed high transport costs. This has impeded the integration of markets which is one of the major sources of economic efficiency in modern societies. The ability of China to compete in world export markets has also been reduced, particularly for light manufacturing and high-value agricultural exports, which require efficient, flexible and fast door-to-door transport services. 8. Rationale for Bank Involvement. The Bank Group's assistance strat- egy for China involves support for implementing economic reforms, modernizing and rationalizing productive sectors, and developing infrastructure. Assis- tance with transport investments specifically focuses on eliminating - 3 - bottlenecks in the system, improving rural infrastructure, and promoting modal interaction. The proposed project is consistent with these assistance strategy objectives. The main component of the project, construction of the Hangzhou-Ningbo Highway, Is a key priority link in the development of the national motorway network. It also complements earlier Bank assistance to Beilun Port near Nin8o by improving access to the Port's newly constructed container terminal. Although Zhejiang Province has a fuadamentally sound approach to highway development, it still lacks experience in the design and construction of modern highways, which are needed to eliminate bottlenecks in economically more developed corridors. The proposed project will also help Zhejiang Province adopt economic criteria and methodologies for investment -decisions and introduce technological improvements in the construction of rural roads. The Bank's assistance in these areas is well placed since it has a comparative advantage in supporting road subsector development worldwide and in China which is well recognized. 9. Project Objectives. The iroject has the following specific objea- tivest (a) to relieve traffic congestion which is constraining economic growth in the Hangzhou-Ningbo corridor, and provide a high standard road transport link in support of agricultural and industrial developments (b) to provide support for a Road Development Program (RDP), primarily in the econom- ically less-developed southern region of the Provinces (c) to further develop institutional capabilities for transport planning and determination of invest- ment priorities; and (d) to promote the transfer of highway construction and maintenance technology through training and the provision of modern equipment. 10. Prolect.Description. The project includes: (a) construction of a 138 km section of the four-lane divided, access-controlled Hangzhou-Ningbo Highway c* a new alignment; (b) construction and improvement of about 33 sec- tions of provincial and county road network (970 km), primarily in the south- ern region of the Province; (c) consultant services for supervising construc- tion of the Hangzhou-Ningbo Highways (d) staff training; and (e) purchase of equipment for road laboratories, environmental protection, road research, a road data bank, a pavement management system, road maintenance and highway operation. 11. Prolect Imlementation. The proposed project would be carried out by Zhejiang Province. The project cost is estimated at $558.8 million equiva- lent, with a foreign exchange component of $231.4 million equivalent (41 per- . cent) and identifiable taxes and duties estimated at about $18.0 million equivalent. Taxes and duties would not be financed from the proceeds of the loan. The Bank would finance $220.0 million equivalent (95 percent) of the . foreign exchange and 39 percent of the total cost. The project costs and financing plan are shown in Schedule A. Amounts and methods of procurement and disbursements, and the disbursement schedule are shown in Schedule B. A timetable of key project processing events and the status of Bank Group opera- tions in the People's Republic of China are given in Schedules C and D, respectively. Two maps are also attached. The Staff Appraisal Report No. 10335-CHA, dated March 31, 1992, is being distributed separately. 12. Prolect Sustainability. China has a good record of sustainability of its highway projects, including those financed by the Bank. This is mainly due to the importance accorded to maintenance, and an adequate allocation of -4 resources for this purpose. Revenues for the maintenance of the provincial road network are expected to continue to increase with traffic, and toll rev- enues from the proposed highway would provide additional resources. Thus, the proposed project, which focuses on priority investments under the current five-year plan, and which provides support for staff training and acquisition of much needed equipment, should be a sustainable investment. 13. Arreed Actions. During negotiations, agreement was reached with the Borrower regarding the onlending arrangements for the proceeds of the loan to Zhejiang Province. Assurances also were obtained concernings (a) the criteria and procedures for selection of subprojects to be included in the RDP, and the organizational arrangements and staffing for RDP; (b) the execution of the Environmental Action Plans (RAPs) satisfactory to the Bank (c) the resettle- ment under the project in accordance with plans satisfactory to the Banki (d) the monitoring of the effectiveness and socioeconomic impact of resettle- ment; (e) the auditing of project accounts and the Special Account by indepen- dent auditors; and (f) submission of recommendations regarding appropriate toll levels fot the Hangzhou-Ningbo Highway. 14. Environmental Aspects. An Environmental Assessment (VA) for the Hangthou-Ningbo Highway was completed by the Zhejiang Provincial Environmental Protection Research Institute during 1989190. This assessment revealed that the highway will not affect ecologically sensitive areas and, if appropriate actions are taken, it should not have any adverse impact on the environment. Based on the Bk's findings, and discussions between representatives of Zhejiang Province and Bank staff, an EAP has been prepared which specifies the measures and organizational and monitoring arrangements required to mitigate potential adverse effects on the environment during the construction and oper- ation of the highway. The main preventive measures, which have been included in the bid documents for execution under the civil works contracts, relate to social disruption, air quality, noise control, water management and control of traffic, and the operation of quarries and waste disposal. 15. With respect to the RDP, since most of the works would be directed to the upgrading of facilities and rehabilitation and maintenance, they are not expected to have a significant impact on the environment. Nevertheless, the potential adverse effect of each subproject on the environment vould be fully assessed, and EAs and RAPs would be prepared as appropriate. 16. Resettlement Issues. Land acquisition and resettlement are well regulated in China and the procedures and compensation requirements outlined conform to the Bank's policies on involuntary resettlement. Approximately 13,000 people will be affected by the construction of the Hangzhou-Ningbo Highway. A Resettlement Action Plan (RAP) for the Hangzhou-Ningbo Highway was prepared by the Zhejiang Provincial Expressway Project Executive Commission (ZPEPEC), and has been reviewed by Bank staff and found to be satisfactory. The land acquisition and resettlement procedures for the construction/improve- ment of the provincial/county roads would be the same as for the Hangzhou- Ningbo Highway, and RAPs would be prepared for all subprojects of the RDP. 17. Project Benefits. The primary benefits from the Hangzhou-Ningbo Highway will be savings in road user costs resulting from reduced vehicle operating costs and time savings due to reduced length of the new highway. - 5- Other benefits will stem from reduced congestion on the existing road and accelerated industrial and agricultural growth based.on improved transport facilities. With the tolling of the Hangzhou-Ningbo Highway, there will be additional costs for the construction and operation of the tolling system, and a potential loss of benefits as some operators opt to use untolled routes. However, appropriate toll levels are expected to result in limited traffic diversion and produce revenues sufficient to cover at least the operating and maintenance costs. Benefits from the RDP will come from the provision of improved all-weather access for motorized vehicles to presently isolated rural areas. Additional benefits will accrue from maintenance cost savings on the improved provincial/county road network. The estimated EIRR for the project is 20 percent. 18. Risks. Because of the difficult subsoil conditions along the align- ment of the Hangzhou-Ningbo Highway, the major risk is delay in the completion of the highway and the quality of construction. Since ZPEPEC is a first-time executing agency for a Bank project, there is risk related to its inexperi- ence. However, the preparation of the project was assisted by the Bank's experience in previous Chinese highway projects, and by the more active involvement of the Ministry of Communications; this enhanced role of the Min- istry is expected to continue into future projects. To minimize the risks associated with the subsoil conditions, the project was designed with the assistance of foreign experts, the prequalification of contractors was made particularly stringent, and supervision arrangements were formulated to ensure regular monitoring and effective quality control. 19. Recommendation. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank and recommend that the Executive Directors approve the proposed loan. Lewis T. Preston President Attachments Washington, D.C. April 10, 1992 - 6 - Schedule A 9.HIN Z=EJIANG PROVINCTA RIGHWAY PROJECT etimated Costg and Pinacing Plan ($ million) Local Poreign Total Project Costs A* _ngshou-Ningbo Highway Civil Works 172.2 140.9 313.1 Supply & Installation (E&M) 2.1 4.8 6.9 2. Road Development Program 45.7 30.4 76.1 Subtotal 220.0 17. 396.1 B. Supervis4on of Construction 1. Hnzhou-Ningbo Highway 4.8 3.0 7.8 2. Road Development Program 1.2 0.0 1.2 Subtotal 6.0 3.0 9.0 C. Equ nt for 1. Hsgzhou-Ningbo Highway Laboratory, Equipment, Research 0.1 1.3 1.4 Maintenance Operation 0.7 6.1 6.8 2. Roads Development Program RDB/PMS, Survey, Laboratory 0.1 0.8 0.9 Provincial Road Maintenance 0.5 4.2 4.7 Subtotal 1.4 I1A 13.8 D. Staff Trainint In China and Abroad 0.2 1.0 1.2 Subtotal -0.2 10 1.2 Base Cost 227,, 192.5 420.1 Physical ContingencieE /a 22.5 17.9 40.4 Price Contingencies 45.0 21.0 66.0 Subtotal 295.1 231.4 526.5 Land Acquisition and Resettlement Cost 32.3 0.0 32.3 Total Proiect Cost A 32Z4 231.4 558.8 Financini Plan Provincial Government 242.9 14.7 257.6 Central Government 81.2 - 81.2 IBRD 3.3 216.7 220.0 Total Pinancins 32.4I 2158 a Ten percent of Items A and B(1). 19 Including identifiable taxes and duties of about Y 96.7 million ($18.0 million equivsaz;). Taxes and duties would not be financed from the proceeds of tie 12an. -7- Schedule B &EjAG PqVINCIAL HIGHWAY PROJECT Procurement Methods and Disbursements ($ million) Procurement method Total ICB LCB OTHER NB? Project Cost Highway-civil works 374.9 13.1 5.8 - 393.8 (153.0) (5.3) (2.4) (160.7) Highway-suppl. & install (E&M) 8.7 8.7 (5.8) (5.8) Road Development Program >,3.7 42.0 - 95.7 (18.5) (14.4) (32.9) Equipment 12.7 3.0 - 15.7 (12.5) (2.9) (15.4) Consultant/Training 12.6 12.6 (5.2) (5.2) Land Acquisition & 32.3 32.3 Resettlement Total 396.3 _66.8 63.4 32.3 558.8 (171.3) (23.8) (24.9) (0.0) (220.0) NBF: Not Bank-Financed Note: Figures in parentheses represent the amounts financed by t1e Bank Group. All figures include estimated physical and price contingencies but exclude the cost of land acquisition, and are rounded. Disbursements Category Amount Percent Civil Works Highway 133.2 41% Road Development Program 27.3 34% Supply and Installation (E&M) 4.8 70% Equipment 13.5 100% foreign or ex-factory local ex- penditures and 75% of local purchase Consultants/Training 4.2 100% Unallocated 37.0 Oal 220.0 Estimated Disbursements: Bank Group FY 1993 1994 1995 1996 1997 1998 Annual 39 27 34 46 50 24 Cumulative 39 66 100 146 196 220 - 8 - Schedule C SMEJIASo PA ytSCIAL arcan- PaoJact Timale of Key Proiect Processia Events (a) Time taken to prepares 24 monthe (b) Prepared by: Zhejiang Provincial Transport Depart- amnt (c) First Bank Group Mission: February 1989 (d) Appraisal mission departure: June 13, 1991 (e) Date of hegotiations: March 16-21, 1992 (f) Planned date of effectiveness: July 31, 1992 (g) List of relevant PCRs and PPARs None -9 Schedule D Page 1 of 3 STATUS Of BANK GROUP OPERATIONS IN THE PEOPLE*S REPUBLIC OF CHINA A. STATEMENT OF BANK LOANS AM IDA CREDITS (As of March 31, 1992) Loan/ Amount (USS at mion) Credit Bor- (net of cancellations) Ntaier FY rower Purpose Bank IDA Undiab. (a) Fourteen loans and seventeen credits have been futty disbursed. 1320.94 983.9 * Of which SECAL: 2967/1932 88 PRC Rural Sector Adj. 200.0 100.0 1611 84 PRC Polytechnic/TV University - 85.0 6.4 2382 84 PRC Lubuge Hydroetectric 141.4 * 1.0 1472 84 PRC Rural Health & Nedical Educ. * 85.0 0.1 2444/1500 84 PRC Agricultural Education II 45.3 (23.5)(b) 2.5 1516 85 PRC Agriculturat Research II * 25.0 1.1 1551 85 PRC University Development II 145.0 10.7 2493 85 PRC Power II 117.0 - 7.3 2501 85 PRC Changoum (Luan) Coat Mining 79.5 - 38.8 1578 85 PRC Rural Water Supply * 80.0 0.0 2540 85 PRC Raftway II 220.0 - 63.0 1605 85 PRC Forestry Development - 47.3 7.0 2579/1606 85 PRC PiShiHang-Chaohu Area Dev. 17.0 (75.0)(b) 0.8 2580 85 PRC Wefyuan Gas Field Technical 25.0 - 0.6 Assistance 1664 86 PRC Technical Cooperation Credit II * 20.0 14.7 1671 86 PRC Provincial Universities - 120.0 8.4 2678/1680 86 PRC Third Raitway 160.0 70.0 101.2 2689 86 PRC Tianjin Port 130.0 * 53.4 1689 86 PRC Freshwater Fisheries - 60.0 1.7 2706 86 PRC Beitungang Thermat Power 225.0 * 36.2 2707 86 PRC Yantan HydrooLectric 52.0 - 14.5 2723/1713 86 PRC Rural Health & Preventive Ned. 15.0 65.0 37.3 1733 87 PRC Red Soits - 40.0 0.8 2775 87 PRC Shuikou HydroeLectric 140.0 *.5 2783/1763 87 PRC Industrial Credit IV (CIO IV) 250.0 50.0 76.5 2784 87 PRC Shanghai Machine Tools 100.0 - 23.7 1764 87 PRC Xinjiang Agriculturat Dev. * 70.0 18.8 2794/1779 87 PRC Shanghai Sewerage 45.0 100.0 87.5 2811/1792 87 PRC Beijins-Tianjin-Tanggu Expressway 25.0 125.0 43.1 2812/1793 87 PRC Gansu Provinciat Dev. 20.0 150.5 82.7 1835 87 PRC Planning Support & Speciat Studies 20.7 13.0 2838 87 PRC Fertilizer Rationalization 97.4 * 16.3 2852 87 PRC Mjing Thermal Power 190.0 - 60.4 1871 88 PRC Rural Credit III * 170.0 11.3 2877/1845 88 PRC Nuangpu Port 63.0 25.0 59.2 2907/1875 88 PRC Delian Port 71.0 25.0 36.3 1885 88 PRC Northern Irrigation - 103.0 44.4 2924/1887 88 PRC Coastal Lands Dev. 40.0 (60.0)(b) 23.0 1908 88 PRC Teacher Training * 50.0 8.0 2943 88 PRC PharmaceuticaLs 127.0 - 21.3 2951/1917 88 PRC Sichuan Highway 75.0 50.0 90.0 2952 88 PRC Shaanxi Highway 50.0 - 13.5 1918 88 PRC Daxing An Ling Forestry 56.9 12.3 2955 88 PRC Seitungang II 165.0 * 40.8 2958 88 PRC Phosphate Dev. 62.7 - 58.8 2968 88 PRC Raitway IV 200.0 - 100.3 1984 89 PRC Jiangxi Provincial Highway * 61.0 38.3 1997 89 PRC Shaanxi Agricultural Dev. * 106.0 78.3 2006 89 PRC Textbook Development * 57.0 4.0 2009 89 PRC Integrated Reg. Health * 52.0 41.4 3006 89 PRC Ningbo & Shanghai Ports 76.4 - 28.3 - 10 - Schedule 0 Page 2 of 3 Loan/ Amount (USS million) Credit Bor- (net of cancellations) Number FY roer Purpose Bank IDA Undisb. (a) 3007 89 PRC Xiamen Part 36.0 - 28.9 3022 89 PRC Tianjin Light Industry 154.0 117.8 3060/2014 89 PRC Inner Mongolia Railway 70.0 80.0 103.8 2017 89 PRC Shandong Agriculture Dev. 109.0 48.4 3066 89 PRC Hubel Phosphate 137.0 - 132.5 3373/2025 89 PRC Shandong Prov. Highway 60.0 50.0 76.8 30.75 89 PRC Fifth Industrial Credit 300.0 - 190.5 2091 90 PRC N.China Earthquake Reconstr. * 30.0 3.0 2097 90 PRC Jiangxi Agric. Dev. * 60.0 46.2 2114 90 PRC Vocational & Tech. Educ. 50.0 37.5 2145 90 PRC National Afforestation * 300.0 239.2 2159 90 PRC Hebel Agricultural Dev. - 150.0 112.1 2172 91 PRC Mid-Yangtze Agricultural Dev. 64.0 52.1 3265/2182 91 PRC Rural Credit IV 75.0 200.0 183.6 3274/2186 91 PRC Rural Indust Tech (SPARK) 50.0 64.3 108.7 3286/2201 91 PRC Medium-Sized Cities Dev. 79.4 89.0 149.2 3288 91 PRC Shanghai Industrial Dev. 150.0 - 148.5 2210 91 PRC Key Studies Development - 131.2 117.4 2219 91 PRC Liaoning Urban Infrastructure - 77.8 56.4 3316/2226 91 PRC Jiangsu ProvL. Transport 100.0 53.6 129.0 2242 91 PRC Henan Agricul. Dev. - 110.0 105.6 3337/2256 91 PRC Irrig. Agricul. Intensif. 147.1 187.9 297.9 3387 92 PRC Ertan Hydroelectric 380.0 256.7 2294 92 PRC Tarim Basin * 125.0 121.9 2296 92 PRC Shanghai Metro Transport * 60.0 57.1 3406 92 PRC Railways V 330.0 - 330.0 3412/2305 92 PRC Daguangba Multipurpose 30.0 37.0 68.6 2307 92 PRC Guangdong ADP (c) - 162.0 167.1 3415/2312 92 PRC Beijing Environment 45.0 80.0 127.5 2317 92 PRC Infectious and Endemic Disease Cont.(c) - 129.6 131.7 3433 92 PRC Yanshi Thermal Power (c) 180.0 - 180.0 2336 92 PRC Rural Water Supply and Sanitation (c) - 110.0 108.4 2339 92 PRC Educ. Development in Poor Provs. (c) - 130.0 130.0 3443 92 PRC Regional Cement Industry (c) 82.7 - 82.7 Total 6751.8 5738.7 5819.3 of which has been repaid 447.3 0.6 Total now held by Bank and IDA 6304.6 5738.1 Amount sold: of which repaid - - - Total Undisbursed 3191.2 2628.1 5819.3 (a) As credits are denominated in SDRs (since IDA Replenishment VI), undisbursed SOR credit balances are converted to dollars at the current exchange rate between the dollar and the SDR. In some cases, therefore, the undisbursed balance indicates a dollar amount greater than the original principal credit amount expressed in dollars. (b) Credit futty disbursed. (c) Not yet effective. - 11 - Schedule D Page 3 of 3 R. STATEMENT OF IFC INVESTMENTS (As of March 31, 1991) Invest- Type of Loan Equity Total ment No. FY Borrower Business ------ (US$ Nillion) ------ 813/2178 85/91 Guanghou and Peugeot Automobile 15.0 4.5 19.5 974 87 China Investment Co. Investment 3.0 0.0 3.0 1020 87 Shenzhen China Bicycle 5.0 * 5.0 Bicycles Co. Ltd. Manufacture 1066 88 Crown Electronics Electronics 15.0 - 15.0 1119 89 Shenzhen Chroner Solar Solar (a) 2.0 1.0 3.0 Energy Energy Total Gross Commitments 40.0 5.5 45.5 Less cancellations, terminations 2.0 - 2.0 repayment and saltes Total Commitments now Held by IFC 38.0 5.5 43.5 Total Undisbursed 0.0 * 0.0 (a) Loan subsequently cancel led. 03/31/92 EA2DR/ad IBRD 23352 1'n.lire 119. låt.- 4 CHINA JIANGSU17 \SHANGHAI ZHEJIANG PROVINCIAL HIGHWAY PROJECT -0-- HANGZHOU-NINGBO HIGHWAY O INTERCHANGES FULL-LENGTH IMPROVEMENTS (A) SPARTIAL IMPROVEMENTS(B) TENTATIVE ANHU NEW BRIDGE CONSTRUCTION (0) DVELOPMENTn ACCESS ROAD CONSTRUCTION (0) PROGRAM r. w~ ) FIRST PACKAGE ROADS -id PREVIOUS BANK PROJECT ROADS 9 (LOAN 2539 CHACREDIT 1594 CHA) - PRIMARY ROAD$ - - 30. -- RURAL ROADS AIRPORT 30.- 4 PORTS T.T-1 -, k PREFECTURE BOUNDARJES " PROVINCE BOUNDARIES -- INTERNATIONAL BOUNDARIES naang ° a" na 7- us Dong Haj KILOMETERS oG- Uh 1k~hoyamamdb JIANGXI _ 0a41 1od.,5 G.o ,1 117 - JFUJGAN ""li - -i- 9 FUnnJIANagdong 、｀、‘j•妒tl‘■、．豐，&~，物～j、＇尸，‘尸，&‘→，h.j，、州么、，｀』，，也，勵d妒〞奮It」dr一 中