India - Ninth Railway Project

RESTRICTED *yIpy r Report No. P-489 flx~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ This report was prepared for use within the Bank and its affiliated organizations. They do not accept responsibility for its accuracy or completeness. The report may not be published nor may it be quoted as representing their views. INTERNATIONAL DEVELOPMENT ASSOCIATION REPORT AND RECOMMENDATION OF THE PRESIDENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED DEVELOPMENT CREDIT TO INDIA FOR A RAILWAY PROJECT June 20, 1966  INTERNATIONAL DEVELOPIENT ASSOCIATIONI REPORT AND RECO1HMNDATION OF THE PRESIDENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED DEVELOPMENT CREDIT TO INDIA 1. I submit the following report and recommendation on a proposed credit in an amount in various currencies equivalent to U.S. $68 million to India. PART I - HISTORICAL 2. The Government of India has requested that the Association continue to participate in the financing of the Railways' modernization and expansion program. The requirements of that program for the thirteen-month period ending December 31, 1966, were appraised by a mission in November/December 1965; and the proposed credit, combined with bilateral credits available to India, would provide the foreign exchange necessary to implement that program. 3. The Association has made 17 credits to India, including four which are fully disbursed. The Bank has made 34 loans, including 21 which are fully disbursed. The status of Bank loans and IDA credits to India as at Pay 31, 1966, is summarized below: Amounts ($ million) Bank IDA Total (less cancellations) 971.9 584.5 Of which has been repaid 256.8 _ Total now outstanding 715al 584.5 Amount sold 100.3 Of which has been repaid 84.5 15.8 Total now held by Bank and IDA 699.3 584.5 Total undisbursed 169.7 14o.9  4. The following loans made before July 1, 1960 are not yet fully disbursed: Loan/ Amount ($ million) Year Credit Borrower Purpose Bank IDA Undisbursed No. on Nay 31/66 11/19 1954 106 Tata Power Trombay I 16.2 o.04 5/29 1957 164 Tata Power Trombay II 9.8 0.09 6/25 1958 199 Madras Port Trust Equipment 14.0 0.95 7/15 1959 232 ICICI Industry II 10.0 0.01 5. The following loans and credits were approved since July 1, 1960: Loan/ Amount ($ million) Year Credit Borrower Purpose Bank IDA Undisbursed No. on May 31/66 7/29 1960 262 India Railways V 70.0 - 10/28 1960 269 ICICI Industry III 20.0 1.14 6/21 1961 3 India Roads 60.0 4.85 8/9 1961 292 India Private Coal Mining 35.0 0.78 8/17 1961 294 Calcutta Port Equipment II 21.0 10.39 9/6 1961 8 India Tubewell Irrigation 6.0 - 10/13 1961 298 India Railways VI 50.0 - 11/22 1