China - Forest Resource Development and Protection Project

Document of The World Bank FOR OmaAL USE ONLY Repwt No. P-6266-CUA MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION OF THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT OF SDR 141.7 MILLION TO THE THE PEOPLE'S REPUBLIC OF CHINA FOR A FOREST RESOURCE DEVELOPMENT AND PROTECTION PROJECT MAY 9, 1994 MICROGRAPHICS Report No: P- 6266 CN Type: MOP This document has a restricted distribution and may be used bv recipients only in the performance of their offitial duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EOUIVALENTS (As of January 15, 1994) Currency Unit = Yuan (Y) $1.00 = Y 8.70 Y 1.00 = $0.11 WEIGHTS AND MEASURES 1 meter (m) = 3.28 feet (ft) 1 cubic meter (cu m) = 35.31 cubic feet 1 kilometer (km) = 0.62 miles 1 hectare (ha) = 15 mu 1 ton (t) = 1,000 kg = 2,205 pounds 1 kilogram (kg) = 2.2 pounds ABBREVIATIONS AND ACRONYMS GEF - Global Environment Facility GET - Global Environment Trust Fund IDA - International Development Association MFO - Ministry of Forestry NAP - National Afforestation Project PIR - Project Implementation Rules PMO - Project Management Office FISCAL YEAR January 1 - December 31  FOR OFFICIAL USE ONLY CHINA FOREST RESOURCE DEVELOPMENT AND PROTECTION PROJECT Credit and Project Summary Borrower: People's Republic of China Beneficiaries: Provinces and Autonomous Regions of Anhui, Fujian, Guangdong, Guangxi, Guizhou, Hebei, Heilongjiang, Henan, Hubei, Hunan, Jiangxi, Liaoning, Shanxi, Shaanxi, Sichuan, Yunnan, and Zhejiang Amount: SDR 141.7 million ($200 million equivalent) Terms: Standard, with 35 years' maturity Financing Plan: Local Foreign Total ----- $ million ----- IDA 147.0 53.0 200.0 Proposed GET Grant 13.4 5.0 18.4 Provincial Government 43.3 0.0 43.3 Prefecture/Municipal Govt. 6.7 0.0 6.7 County Government 33.3 0.0 33.3 GET Local Counterpart Funds 4.3 0.0 4.3 Beneficiaries 50.0 0.0 50.0 Total 298.0 58.0 356.0 Poverty Cateqorv: tot applicable Economic Rate of Return: 18 percent Staff Appraisal Report: Report No. 12762-CHA MaDs: IBRD 25549 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 FOREST RESOURCE DEVELOPMENT AND PROTECTION PROJECT 1. I submit for your approval the following memorandum and recommenda- tion on a proposed credit of SDR 141.7 million ($200 million equivalent) to the People's Republic of China to help finance the Forest Resource Development and Protection Project. The proposed credit would be on standard IDA terms, with a maturity of 35 years. The proceeds of the development credit would be on-lent to the provincial governments as follows: the portion of the credit for establishment of timber plantations and related activities would be onlent for 20 years, including 8 years of grace on principal repayments, with inter- est at 4.5 percent per year; and the portion of the credit for establishment of protection forests and related activities would be on-lent for 25 years, including 10 years of grace on principal repayments, with interest at 2.5 per- cent per year. The foreign exchange risk between Special Drawing Rights and local currency would be borne by the provincial governments. Cofinancing for biodiversity conservation activities will be requested from the Global Envi- ronment Facilitv (GEF), once it has been replenished. 2. BackcTround. The forestry sector plays a critical role in the Chi- nese economy, providing 40 percent of rural household energy, almost all of the lumber and panel products for the large construction sector, and raw mate- rial for the large domestic pulp and paper industry. The resource base is small and the forest cover amounts to only 0.11 hectares per capita, which is significantly below the world average of 0.77 hectares per capita. Forest land is divided into two categories: natural forests, which are located in isolated areas in the northeast and southwest and account for 95 percent of standing wood volume; and plantations, which account for 25 percent of forest area but only 5 percent of standing volume, since most are newly established. China's forests are managed primarily for four different end-uses: timber, shelterbelts, nature reserves, and fuelwood. 3. China, the third largest consumer of timber in the world, faces a worsening imbalance between supply and demand for wood products. The present consumption level exceeds the annual growth increment of the forests and total imports by about 50 million m3 per year. As a result, about 500,000 hectares of forest area are lost each year, equivalent to one-half of one percent of total forest area, leading to increased soil erosion, loss of plant and wild- life habitat, and other environmental degradation. Most of the deforestation occurs in areas of mature and over-mature forests, which is contributing to a severe imbalance in the age-class structure of forests. 4. The Government is taking a number of steps to expand supply and manage demand, including extensive investment in a wide variety of afforesta- tion programs and promulgation of new regulations encouraging conservation and substitution. The Government's sectoral development program is supporced by a relatively sound policy framework (including secure land tenure, marrket-based  -2- resource pricing for 90 percent of all timber, and increased emphasis on pri- vate sector activity) and a good institutional framework (the Ministry of Forestry has effectively managed national afforestation programs, including three earlier IDA operations). Key issues for continued sustainable develop- ment of the sector in the medium-term include: (a) raising the productivity of resource use through improvements in planting stock development and silvicult- ural management; (b) strengthening institutional capacity for long-term sector planning and management; (c) developing comprehensive integrated management plans for forest resources, particularly nature reserves and shelterbelts; and (d) improving the efficiency of the wood processing sector through continued reform of the policy framework for state-owned enterprises. 5. Lessons Learned from Previous IDA Operations. The three previous forestry projects in China, the 1991 forestry report by the Operations Evalua- tion Department (Report No. 9524), and the 1991 Board paper on forestry (Report R-91-96/1) have generated the following lessons for China: (a) the im- portance of new technology development in raising timber productivity, such as performance-selected species, improved planting materials, and more efficient planting practices; (b) the need to imrrove the links between silvicultural research and afforestation establishment to facilitate technology transfer; (c) the importance of integrating managc2ent of protected and unprotected natural forest areas into sector resource management plans; and (d) the impor- tance of applying policy reform at field level and enhancing institutional capacity in the sector. In response to these lessons, the proposed project has been desi yned to introduce new silvicultural technologies; strengthen institutional linkages between research and afforestation activities; incorpo- rate protection forests and nature reserves into project activities; review key policy issues in pricing and trade; and strengthen institutional capacity for sector plannina and management. 6. Rationale for IDA Involvement. The proposed project complies with the Bank's Country Assistance Strategy for China, as presented to the Board on August 3, 1993. The strategy highlights the need to support interventions in the agricultural sector aimed at income enhancement, poverty alleviation, and sustainable environmental development in regions of concentrated absolute poverty. The proposed project is a direct outgrowth of this strategy, as it supports a comprehensive environmental investment program in poor, remote areas across China. The project, which continues IDA's role as the leading donor in forestry in China, would support several technology, institutional, and policy changes that would likely not occur without IDA involvement. These include introduction of new silvicultural techniques, watershed land use models, environmental management guidelines, research trials, information man- agement systems, and human resource development programs. In addition, IDA involvement would facilitate mobilization of GEF invest,"ent funds and techni- cal assistance for biodiversity conservation. The three earlier operations have demonstrated IDA's comparative advantage in developing large investment projects that redress technical deficiencies in China's traditional silvicult- ural system, restructure institutional arrangements, and disseminate best practices. 7. Proiect Obiectives. The project is designed to enhance the produc- tivity of forest resources, the efficiency of resource use, and the institu- tional capacity for sustainable management in the three major types of forest  - 3 - land in China: plantations, watershed protection forests, and nature reserves. The project would expand the supply of commercial timber and pulpwood; develop improved models for watershed management; enhance biodiversity conservation through the protection of nature reserves; strengthen the operating efficiency of technical support services in the forestry sector, particularly planting materials, research, and extension programs; and strengthen the capacity of forest sector institutions in planning and management. 8. Prolect Description. The project would comprise the following six components. The Intensively Managed Plantation Component would establish 620,000 hectares of plantations for timber, pulpwood, and pit props on barren or degraded land in sixteen provinces as the second phase of the improved plantation program initiated under the National Afforestation Project (NAP) (68 percent of total costs). The Multiple-Use Protection Forest Component would establish 280,000 hectares of watershed protection forests in the middle and upper reaches of the Yangtze River basin in Sichuan and Hubei Provinces based on new silvicultural models and improved land-use planning (13 percent of total costs). The Nature Reserves Management Component would enhance biodiversity conservation through support for new management programs in five nature reserves, improved management of natural forest habitats for Giant Pandas and other endangered species, and development of new training, re- search, and information management programs (6 percent of total costs). The Planting Stock Development and Nursery Management Component would raise the quality of planting materials through introduction of improved genetic materi- al and nursery management technologies, and support the production of the 2.1 billion seedlings required under the project (12 percent of total costs). The Research and Technology Transfer Component would strengthen the operational focus of research and extension through provision of technical assistance and operating support for eleven priority research programs, demonstration planta- tions, and extension activities (1 percent of tota': costs). Finally, the Institutional Capacity Building Component would strengthen the capacity of forestry institutions through support for training and technical assistance, development of information management systems, development of a new private sector investment promotion agency, improved natural forest management, and policy studies (1 percent of total costs). 9. The project cost is estimated at $356.0 million equivalent, with a foreign exchange component of $58.0 million equivalent (16 percent of total costs). The Association would finance $200 million equivalent (56 percent of total costs). :4 Global Environment Trust Fund (GET) grant of $18.4 million will be requested under the first tranche of GEF operational phase projects to finance the nature reserves component (5 percent of total costs). To facili- tate early start-up activities of the project, retroactive financing of up to $11 million equivalent is proposed for expenditures made after September 1, 1993 related to first-year afforestation requirements. A breakdown of project costs and the financing plan are shown in Schedule A. Procurement methiods, disbursement amounts, and the disbursement schedule are shown in Schedule B. A timetable of key project processing events and the status of Bank Group operations in China are given in Schedules C and D, respectively. Project map IBRD No. 25549 is also attached. Tne Staff Appraisal Report, No. 12762-CHA, dated May 9, 1994 is being distributed separately. 10. Proiect Implementation. The Ministry of Forestry (MFO) would have overall responsibility for implementation. A national leading group has been  - 4- established under the leadership of the Minister oL Forestry that sets the principles and policies for the afforestation program, approves the overall implementation plan, and coordinates inter-ministerial discussions. The Pro- ject Management Center in MFO, which currently manages NAP, would have direct responsibility for implementation arrangements, including establishment of technical standards, approval of provincial work and financing plans, supervi- sion of provincial inspection and reporting programs, and management of a variety of centralized administrative services such as international procure- ment and selection of consultants. Similar leading groups and project manage- ment offices (PMOs) would be established at provincial and county levels. In addition, Seedling Production Coordination Groups would be established to supervise production and distribution of planting materials; the Research and Extension Support Panels established under NAP would continue to identify research and extension priorities; and the Central Research Groups established under NAP would continue to manage the agreed research programs. The selec- tion of afforescation entities has emphasized non-state production units (pri- marily collective forest farms, share-holding forest farms, and individual households) with a demonstrated commercial focus, including financial autonor..y from government, strong profit performance, and complete responsibility for all project debt service. 11. Prolect Sustainabilitv. Institutional sustainability is addressed through a comprehensive program of technical assistance, training, ar.d study tours to strengthen existing capacity and ensure development of long-term management skills in PMOs, research and extension institutions, and project beneficiaries. Financial sustainability is addressed through an appropriate cost recovery program based on project taxes and charges. Environmenta'l sus- tainability is addressed through the introduction of detailed environmental protection and monitoring guidelines for the plantation and protection forest components, which are designed to strengthen safeguards against problems from insect and disease outbreaks, soil erosion and fertility loss, fire, and eco- logical degradation. 12. AcTreed Actions. The following are the main assurances obtained at negotiations: (a) all plantations and protection forests would be established in accordance with afforestation models acceptable to IDA; (b) the arnual work and financing plans for the plantation and protection forest programs for the next calendar year would be furnished to IDA for review by December 31 of each year; (c) an evaluation report for the current year and a work plan for the next calendar year for the planting stock development and nursery management program, the research program, and the extension program would be furnished to IDA for review by December 31 of each year; (d) all project activities would be carried out in accordance with an environmental management plan acceptable to IDA; (e) the portion of the IDA credit for establishment of plantations (and related planting material, research and extension, and capacity building activities) would be on-lent to the final beneficiaries at an annual interest rate not to exceed 4.5 percent for funds on-lent in foreign exchange and 6.5 percent for funds on-lent in local currency, with a repayment period of 20 years, inclusive of eight years' grace period on principal repayments; (f) the portion of the IDA credit for establishment of protection forests (and related planting material, research and extension, and capacity building activities) would be on-lent to the final beneficiaries at an annual interest rate not to exceed 2.5 percent for funds on-lent in foreign exchange and 4.5 percent for funds on-lent in local currency, with a repayment period of 25 years, inclu-  - 5 - sive of ten years' grace period on principal repayments; (g) MFO and the prov- inces would undertake with IDA a midterm review of the progress of and pros- pects for implementation by September 30, 1997; and (h) as a condition of effectiveness, the government would issue Project Implementation Rules (PIR), on terms and conditions acceptable to IDA, and would provide written acceptan- ces that all afforestation project provinces agreed to abide by the PIR and on-lending terms. 13. Environmental Aspects. The project would generate significant envi- ronmental benefits, including increased forest cover, protection of biodiversity of global significance, and reduced soil erosion, flooding and river sedimentation. However, the project would support some activities with potentially adverse impacts, such as earthworks in plantations, small blocks of monoculture, and pesticide use. Consequently, an environmental analysis report was prepared that identified specific mitigation measures, including strict controls on the size of single species planting blocks, prohibitions on clearing of existing forest areas, and detailed specifications for site prepa- ration, water conservation, and pest and fire control requirements. 14. PL.oqram Obiective Categories. The project relates to three areas of special operational emphasis. First, the project contributes to environmen- tally sustainable development since it supports income generation through afforestation of denuded forest land and environmentally fragile watersheds. Second, the project would have a particularly strong impact on poverty reduc- tion since it focusses on resource constrained, remote areas, which are char- acterized by limited access to productive land, low agricultural productivity, limited off-farm employment, and underdeveloped human capital. Twenty percent of the project beneficiaries fall below the absolute poverty line. Third, the policy and institutional reforms supported under the project would promote private sector development, particularly increased levels of direct foreign investment in wood processing and domestic investment in afforestation. 15. Project Benefits. The project would produce about ii1~ million m3 of timber, lJ.8 million tons of fuelwood, and miscellaneous forest products such as bamboo and resins, with a total value of $6.0 billion at current financial prices over the 33-year life of the project. The focus on afforestation and watershed rehabilitation would create significant environmental benefits, as reviewed above. For example, it is estimated that the protection forest pro- gram would reduce sediment discharge in the Yangtze River basin by a total of 412 million tons of soil over a thirty-year period, for a total value of $11.8 million based on the current costs of sediment removal in dams in project areas. The project would generate over 350,000 person-years of work for 600,000 rural households during the six-year implementation period. Project employment and production would lead to a five-fold increase in annual per capita income for beneficiaries. This would support greater levels of consumption and investment and, consequently, would break the poverty cycle for the poor households. The project has an overall economic rate of return of 18 percent, excluding the valuation of indirect environmental benefits. 16. Risks. Since MFO has a strong record in managing large afforesta- tion programs, there are few technical and institutional risks. The main risks include: (a) an unexpected decline in domestic prices for certain pro- ject outputs, which has been addressed through a high degree of diversifica- tion of species and end-products in the project design; (b) inadequate provi-  -6- sion of local counterpart funding during implementation, which has been addressed through an understanding that failure to provide local funds on a timely basis would result in the exclusion of the afforestation entity, coun- ty, or provincial government in continued inxvolvement in the project; and (c) an outbreak of pests or diseases, which has been addressed through a compre- hensive forest health monitoring program and provision of pesticides as re- quired during implementation. 17. Recommendation. I am satisfied that the proposed development credit would comply with the Articles of Agreement of the Association and recommend that the Executive Directors approve the proposed credit. Lewis T. Preston President Attachments Washington, D.C. May 9, 1994  - 7 - SCHEDULE A CHINA FOREST RESOURCE DEVELOPMENT AND PROTECTION PROJECT Estimated Costs and Financina Plan ($ million) Local Foreign Total Estimated Prolect Costs Intensively Managed Plantations 167.8 32.1 199.9 Multiple-Use Protection Forests 33.3 4.1 37.4 Nature Reserves Management 12.3 4.6 16.9 Planting Stock Development and Nursery Management 28.3 6.5 34.8 Research and Technology Transfer 3.5 0.1 3.6 Institutional Capacity Building 1.2 2.5 3.7 Base Cost 246.4 49.9 296.3 Physical contingency 28.2 5.4 33.6 Pr ce contingency 23.4 2.7 26.1 Total Project Cost /a 298.0 58.0 356.0 Financing '?lan IDA 147.0 53.0 200.0 Proposed GET Grant 13.4 5.0 18.4 Provincial Government 43.3 0.0 43.3 Prefecture/Municipal Government 6.7 0.0 6.7 County Govarnment 33.3 0.0 33.3 GET Local Counterpart Funds 4.3 0.0 4.3 Beneficiaries 50.0 0.0 50.0 Total 298.0 58.0 356.0 /a Project is exempt from taxes and duties.  - 8- SCHEDULE_ B rage . CHINA FOREST RESOURCE DEVELOPMENT AND PROT'V'TION PROJECT Summary of Proposed Procurement Arrangements ($ million) Procurement method Project element ICB LCB Other NBF Total Afforestation Establishment - - 272.3 - 272.3 (149.8) (149.8) Equipment and Materials 27.7 2.7 1.7 1.9 34.0 (27.7) (2.7) (1.7) (0.0) (32.1) Vehicles 9.7 1.2 - - 10.9 (9.7) (1.2) (10.9) Training and Technical - - 2.0 0.7 2.7 Assistance (2.0) (0.0) (2.0) Indirect Costs - - 8.5 3.4 11.9 (4.7) (0.0) (4.7) Research Services - - 0.5 1.0 1.5 (0.5) (0.0) (0.5) Proposed GEF Project - - - 22.7 22.7 (0.0) (0.0) Total 37.4 3.9 285.0 29.7 356.0 (37.4) (3.9) (158.7) (0.0) (200.0) Note: (1) Other procurement methods include direct recruitment of casual labor, force account work, shopping, and direct purchase. (2) NBF denotes non-Bank Group financing. (3) Figures in parentheses indicate Bank Group financing. (4) All amounts include physical and price contingencies. (5) Procurement under the GET grant would be in accordance with Bank Group guidelines. Detailed procurement arrangements will be re- viewed and agreed during the appraisal of the GEF project. (6) Indirect costs include costs related to survey and design, inform- ation management, environmental management, extension, and super- vision  - 9 - SCHEDULE B Page 2 CHINA FOREST RESOURCE DEVELOPMENT AND PROTECTION PROJECT Disbursements Category Amount of credit % of expenditures ($ million) to be financed Goods 40.9 100% of foreign expenditures, 100* of local expenditures (ex-factory cost), and 75* of local expenditures for other items procured locally Afforestation Establishment 146.7 55% Consultants' Services, Training and Study Tours 1.9 100% Research Services 0.5 100% Unallocated 10.0 Total 200.0 Estimated Disbursements IDA FY 1995 1996 1997 1998 1999 2000 2001 Annual 24 32 44 50 28 18 4 Cumulative 24 56 100 150 178 196 200  - 10 - SCHEDULE C CHINA FOREST RESOURCE DEVELOPMENT AND PROTECTION PROJECT Timetable of Key Project Processing Events (a) Time taken to prepare the project: 30 months (Nov. 1991 - Feb. 1994) (b) Prepared by: Government with Association assis- tance (c) First IDA mission: March 1992 (d) Appraisal mission departure: November 1993 (e) Negotiations: April 1994 (f) Planned date of effectiveness: October 1994 (g) List of relevant PCRs and PPARs: Credit/Loan No. Prolect PCR Date PPAR No. Cr. 1605-CHA Forestry Development 07/07/93 - Th.e project was prepared by the following: R. Scobey (Economist/Task Manag- er), N. Jones (Planting Material Specialist), S. Shen (Ecologist), H. Wagner (Forester), W. Zhou (Operations Officer), P. Cardellichio (Economist, Consul- tant), W. Gladstone (Forester, Consultant), A. Gordon (Forester, Consultant), B. Haagsma (Conservation Specialist, Consultant), S. Keel (Information Spe- cialist, Consultant), A. Laurie (Training Specialist, Consultant), Y. Lou (Bamboo Specialist, Consultant), J. Mackinnon (Biologist, Consultant), S. McCormick (Sociologist, Consultant), L. Saunders (Resource Economist, Consul- tant), and M. Wilcox (Research Specialist, Consultant). The peer reviewers were 0. Baykal (SAlAG), R. Chalk (IENIM), A. Kiss (AF2EA), and W. Magrath (AGRAP). The Division Chief is Joseph Goldberg and the Department Director is Nicholas C. Hope.  - 11 - SchaduLe D Page 1 of 3 STATUS OF BANK C2CUJP OPERATIONS IN THE PEOPLE'S REPUBLIC OF CHINA A. STATEMENT OF BANK LOANS AND IDA CDITS (As of Decawbr 31, 1993) Loan/ cuOt tUSS t llion) Credit Bor* tnot of canceltahfons) Nurter FT rower Purpose laNS IDA Unrisl.Ca) 19 loans &rn 36 credits have been fully disbursed. 1660.4 2097.6 Of which SEGAL: 2967/1932 88 PRC Rural Scctor Adj. 200.0 93.2 .............. 2301 85 PRC Chang:-un (Luan) Coal Mining 79.5 15.4 2540 85 PRC Railtway l 220.0 1 t3.4 166 86 PRC Technical Cooperation Credit 11 - 20.0 8.0 2678/1680 86 PRC Third RJhtway 160.0 CtO.0)1b) 54.3 2689 86 PRC. Tianjin Port 130.0 25.3 2706 86 PRC Beli.ngang Thermal Power 225.0 6.6 2707 86 PRC Yancan Hydroelec:ric 52.0 0.S 2723/1713 86 PRC Rurat Health & Preventive ged. 15.0 65.0 31.3 2773 87 PRC Shuik:w Hydroelectric 140.0 0.0 2783/1763 87 PRC Indus:rial Credit IV (CIS tV) 250.0 c50.0)tb) 0.5 2784 87 PRC Shart;ai Machine Tools 100.0 7.2 176. 87 PRC Xinjiang Agricultural Oov. 70.0 3.0 2794/1779 87 PRC Shar;nai Sewerage 45.0 100.0 37.5 2311/1?92 87 PRC Boijing-Tionjin,Tangu lxprlsSw*Y 25.0 125.0 21.1 2812/179M 87 PRC Cansu Provincial 0ev. 20.0 150.5 45.1 1US 8? PlC Ptanning Suport & Speial Studies . 20.7 7.9 2338 87 PQC Fertilizer Rationalization 97.4 3.5 2352 87 PRO uujir Thermal POwer 190.0 25.0 1871 J8 PRC Rural Credit III 170.0 2.0 2877/1845 88 PRC Husng;u Port 63.0 (25.0)(b) 40.8 2907/1875 a8 PRC Dalian Port 71.0 C25.0)Cb) 5.1 1885 88 PRC Northern Irrigation 103.0 23.9 2924/1887 88 PRC Coastal Lands 0Ov. 40.0 C60.0)Cb) 4.7 1908 88 PRC Teacher Training 50.0 0.1 2943 88 PRC Pharmaceuticals 127.0 - 4.9 2951/1917 a8 PRC Sichuan Highway 75.0 CSO 0)5b) 54.2 2952 a8 PRC Shaanxi Highway 50.0 1.? 1918 88 PRC Oaxing An Ling Forestry 56.2 3.1 2955 a8 PRC Beilungang It 165.0 27.6 2958 88 PRC Phosphate Oev. 62.7 - 18.0 2968 a8 PRC Railway IV 200.0 - 61.2 1984 89 PRC Jiangxi Provincial Highway 61.0 13.4 1997 89 PRC Shaanxi AgricutturaL 0Ov. 106.0 40.3 2006 89 PRC Tex:-ook Oevelopniet 57.0 2.1 2009 89 PRC Integrated Reg. Health 52.0 21.8 3006 89 PRC Ning:o & Shanghai Ports 76.4 22.5 3007 89 P2C Xiamen Port 36.0 16.3 3022 89 PRC tianjin Light Industry 134.0 94.3 3060/2014 89 PRC Inner Mongolis Ratilway 70.0 C80.O)Mb) 30.7 2097 89 PRC Shandong Agriculture Dev. * 109.0 9.7 3066 89 PRC hubei Phosphate 137.0 * 107.1 3073/2025 89 PRC Shandong Prov. Highway 60.0 CSO.MMCb) 26.4 3073 89 PRC Fifth Industrial Credit 300.0 14.6 2097 90 PRC Jiangxi Agric. 0ev. 60.0 22.2 211' 90 PRC Vocational & Tech. Educ. 50.0 16.3 2145 90 PRC National Afforestation 300.0 165.0 2159 90 PRC Hcoei Agriculturat 0ev. 150.0 74.1 2172 91 PRC Mid-Yangtze Agricultural Oev. 64.0 27.1 3265/2182 91 PRC Rural Credit IV 73.0 200.0 89.0 3274/2186 91 PRC Rural Indust Tech (SPARK) 50.0 64.3 79.2 3236/2201 91 PRC MediuflSized Cities 0ev. 79.4 89.0 94.1  - 12 - Sche