China - Shandong Agricultural Development Project

Documet 'of The Wold- Bank FM ORICAL USE ONLY Is.oN P-4942CM= OF 111 PRESIDENT OF THlE nITERNATIONAL DEELPMENT ASSQCXAT~ON EXECUTIV DIRECTORS ON A PROPOME CREDIT "~ ~ ~ ~ ~ ~~~~~~A41 26 , 989, OF SDR 2 * 5 IIO (USD0 ltB LLION EIAET) 91E8u0191iII -~ ~ ~~~~SADN AGRICULTAL DD VlPMN PROJECTI APRIL ~ ,6 -1989 Thi docunt- has a res-tritd dstibution and may be usd by eipients ony in the perfrmane of their officdal duties Its contents may not otherwis be discosed withu World Bank authorization  /~~~~~~~~~ N I'~~~~r ' / /. */ CURRNCY EQUIVALETS Currency tnit - Yuan (Y) - US$1.00 - Yl.00 - US$0.27 FISCAL YEAR Januarv 1 to December 31 - IXT8S.AND HEASURES 1 meter (m) . 3.28 feet (ft) 1 kilometer (km) - 0.62 miles 1 hectare (ha) ^ 2.47 acres- 1mu 0.067 ha 1 ton (t) w 1.000 kg 2,205 pounds (Mbs)- 1 kg - 2.2 pounds (lbs) , .~~~~~~~~~~~~~~~~~~~~~~~~S  FOR OMCIAL USE ONLY CHINA SHANDONG AGRICULTURAL DEVELOPMEN? PROJECT Credit and Pro1ect Sujeaw. Borrower: Peoplel's Republic of China Beneficiariess Shandong Provincial Government Credit Amounts SDR 82.5 million (US$109 million equivalent) Credit Terms: Standard, with 35 years maturity Relendin& Termst From Government to Shandong Provincet 20 years, including 5 years grace, with interest at 5.5 and a commitment fee of 0.52 p.a. Onlending rates to final beneficiaries would be no less than Agricultural Bank of China charges on subloans for similar purposes with similar maturities. Shandong Province will assume the foreign exchange risk. Financing Plan: Central Government US$ 10.8 milllon Shandong Province US$ 7.0 million Prefecture, County Governments US$ 113.2 million Agricultural Bank of China US$ 32.3 million IDA US$ 109.0 million TOTAL US$ 272.3 million Economic Rate of Returns 292 Staff Appraisal Report: Report No. 7513-CHA map: IBRD No. 21104 This document has a retrct distibution and may be used by ecnipnts ouly in the perfonnance of their official duties. Its contents maly not otherwise be dis;cbsed without World Bankt authoition.  MEMORANDUM AND RECOMMENDATION Of THE PMESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUSTVE DIRECTORS- ON A PROPOSED CREDIT TO THE PEOPLE'S REPUBLIC OF CHINA FOR THE SHANDONG AGRICULTURAL DEVELOPMENT PROJECT 1. . The tollowing memorandum and recomendation on a proposed Credit for SDR 82.5 million (US$109 million equivalent) to the People's Republic of China ie submitted for approval. The proposed credit would be on standard IDA terms with 35 years maturity and would help finance an agricultural development project in Shandong. 2. Background. Agriculture in China, including crops, livestock, forestry and fisheries, provides sustenance to over one billion peoples it it a major source of income for some 190 million farm families and accounts for about 302 of the country's GDP. Only ibout 137 million of China's 960 million 'hectares are arable but nearly half of the arable land is irrigated.. Foodgrains occupy about 70? of the crop land and account for about one-third of total agricultural output. China has been able to meet the basic food requirements of its population, about 222 of the world's total, from less than 11i of the world's arable land by developing an intensive farming system with large inputs of labor, chemical and organic fertiliser, and water. Since the introduction of economic reforms in 1979, China has adopted many bold measures to restructure and liberalize its rura1 economy, viz., the dismantling of the communes and the shift to the household production-responsibility system (PRS), the rapid-monetization and comercialization of rural economic activities, major increases in farm prices, the re-introduction of free markets, and an improvement in public sector marketing and distribution.networks. Farmers have been given greater autonomy over choosing cropping patterns and diversifying their activities. Results have been dramatict agricultural production,has increased by over 10? per year since 1980, a spectacular increase over the historical 3t growth during the preceding two decades,-and despite a reduction in area sown, grain output steadily increased to a peak level of 407 million tons in 1984, 34Z greater than in 1978. In 1985, the Government instltuted another phase of the reforms, replacing compulsory procurement quotas with voluntary contracts, adjusting procurement prices and greatty enlarging the role of the market. These measures induced farmers to shift production into higher value and cash crops and as a result, grain production levels fell to 379 and 391 million tons, respectively, in 1905 and 1986 before rebounding to * 402 million tons in 1987. 3. As the reforms continue, a major challenge to China's agriculture will be to maintain an adequate growth rate while accommodating the continued shifts in consumer demand in response to increasing per capita incomes and population growth. Provision of adequate grain to the population and expanston of exports continue to have high priority. There exist today a number of policy and institutional constraints involving-pricing policy, public investment, and agricultural taxation and saving that hinder the performance of the agricultural Aector. To address these constraints, Chinese planners are implementing a series of policy reform initiatives aiming to.foster agricultural development ant 'specialization, increase efficiency, encourage industrial and commercial 'tz al enterprises,-expand rural exports, provide productive off-farm employment, improve agricultural tax buoyancy, and improve  -2- the range and efficiency of rural financial services. The Bank Group is supporting these reforms through a Rural Sector Adjustment Loan. 4. The Government's long-term objectives for the agricultural sector are: (a;. to increase the production of food, animal feed, industrial crops and animal products to meet requirements created by population and income growth, and (b) to raise income and employment opportunities in rural areas. Given China's shortage of arable land (0.1 ha per capita), development planners have focused on the teed to increase the productivity of existing cropped areas and to efficiently develop the few remaining areas of unutilized lands. Steps are also being taken to stabilize foodgrain output per capita at the 1984 level (400 kglcapita)', increase production and quality of animal feed, livestock, fruit, fish and industrial crops, and expand agro-processing activities, so as to raise value-added in the farm sector. Improved producer incentives includes (a) enhanced contract systems which reinforce household-level management within both community and state-owned farm sectors, including longer land leases and creation of a market in land-use rights; (b) continued expansion of free markets for output; (c) adjustment of producer prices; and (d) establishment of private, public and maxed enterprises in rural agro-processing, transport and comerce. 5. The Bank Group's strategy for lending in China's agricultural sector has been to support the Government's objectives outlined above. Lending to date has included 18 operations involving a total assistance of about US$1.6 billion for land development; support services, including agricultural training, research, credit and seed production; development of specialized product subsectors, including rubber, forestry and fisheries; and area development projects combining crop and livestock production, agro-processing and support services. Implementation of these projects is generally on schedule. Future Bank Group lending would continue to support projects in large and diverse subsectors, e.g., water resources development, agro- processing, rural credit and rural sector adjustment. 6. Rationale for IDA Involvement. Bank Group participation would support the Shandong Provincial Government's economic plan, which aims to accelerate the development of its agricultural sector by maximising the use of available resources through improvements in infrastructure and support services, introduction of improved technology, and strengthened financial and project management. As part of the Government's efforts toward decentralization, this project would be planned and implemented by the province without direct involvement of the central line ministries. Bank assistance in the design and monitoring of irrigation schemes in the Tuhai Basin component would lead to more efficient use of water. Bank involvement in the project would assist in the introduction of improved processing technologies and equipment, which in turn would lead to increased production and improved marketability of agricultural products. It would also assist in the improvement of support services, not only by financing improved seed technology, more effective extension facilities and purchased inputs, but alet: through impact on the efficiency of extension delivery. Bank impact would have particularly important effects on extension efficiency by promoting the introduction of new technology through training of research and extension workers and by stressing the need to provide effective extension services to women farmers by employing women extension workers and village technicians. Bank Group involvement would help improve microeconomic efficiency by developing guidelines for investment and enterprise management and through overseas training and technical assistance. Bank Group staff have catalyzed the development of pollution  -3 standards and monitoring systems, and these would be appiied to the operation of agro-processing facilities. 7. Proiect Objectives. The main objective of the project would be to assist the Shandong Provincial Government tot (a) accelerate the development of its coastal lowlands for culture fisheries in line with the objective of establishing culture fisheries using agriculturally unproductive land. (b) intensify crop production in existing low yielding areas and increase the value of livestock production and processing in the Tuhai River Basin, and (c) upgrade the production and processing of small livestock in the Yi Meng poverty area, so as to provide productive employment (primarily for women), alleviate poverty and reduce income disparities. 8. Project Description. The proposed project consists of three main components: (a) Coastal Development - mariculture development, incluu_.ng cultivation of shrimp and specialty seafood in four counties (5,350 ha of shrimp and 800 ha of abalone, scallop and sea cucumbers); provision of hatcheries, feed mills, cold storage and procese.ng facilities and technical service centers: and strengthening of research and development; (b) Tuhai River Basin - integrated agricultural development including improvement (81,400 ha) and expansion (190,200 ha) of irrigation facilities in five irrigation areas; provision of fertilizer, quality seeds and support services to increase productivity; development of Chinese date trees intercropped with foodgrains and fast-growing forest trees; establishment of date processing; improvement of natural grassland; rearing of draftibeef cattle, sheep and broilers; support livestock breeding and veterinary services; and construction of feed and meat processing and storage facilities; and (c) Yi Meng Livestock - livestock development, covering breeding and rearing of rabbits, pigs, chickens and geese; processing of livestock feed, meat, goose down, rabbit wool, and provision of extension and veterinary support services. The proposed project would also strengthen overall project management by providing technical assistance, training and applied research. The project, to be carried out over five years, provides funds for civil works, construction materials, power supply, fertilizer, equipment, vehicles, breeding stock, technical assistance and training. The total project cost is estimated at US$272 million, with a foreign exchange component of US$109 million (402). Retroactive financing of up to US$10 million for expenditures on civil works and equipment incurred after October 1, 1988 would be permitted. A breakdown of costs and the financing plan are shown in Schedule A. Amounts and methods of procurement and disbursement 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. A map is also attached. The Staff Appraisal Report No. 7513-CHA is distributed separately. 9. Agreed Actions. To ensure effective implementation of the project, the Government has agreed to the following: (a) adequate quantities of chemical fertilizers would be procured for farmers and an annual plan for such provision would be submitted to IDA for review prior to November 1 of each year; (b) the training components would be carried out in accordance with a schedule acceptable to IDA; (c) the Shandong provincial government would ensure that the project activities would conform to appropriate guidelines on environmental control issued by the provincial government and acceptable to IDA; (d) project funds onlent to enterprises and farmers would be onlent at interest rates no less than ABC charges on subloans for similar purposes with similar maturities and such rates would be reviewed from time to time with  -4- IDA in light of the cost of funds to PREDIC and its financial viability and changes in ABC interest rates; (e) the Project Management Office (PMO) would submit to IDA a detailed annual budget and work program for new construction and operation and maintenance of existing facilities for review by November 1 of each year; and (f) adequate irrigation water charges would be collected to meet at least the annual O&M costs and 202 of the total capital construction costs of the irrigation works borne by the Government. 10. Benefits and Justification. At full development, annual incremental output would include 147,000 t wheat, 156,000 t corn, 15,000 t soybeans, 1,100 t peanuts, 36,000 t cotton, 55,000 t vegetables, 65,000 t dates, 206,000 cu m timber, 10,000 t rabbit meat, 8,000 t pork, 4,500 t beef and lamb, 2 m geese, 3.8 m broilers, 120 t rabbit hair, 1,300 t wool, 8,800 t shrimp and 16,000 t specialty sea food. Per capita incomes would increase for 1.3 million families by 552 in the Tuhai Basin from crops alone and by 1152 for 200,000 families in the Yi Meng area. The income increase in the Yi Meng area would significantly alleviate poverty in one of the poorest areas in China. Annual output in mariculture would increase by US$25 million. Significant employment would be created in all three components. The project would promote the role of women in the development process by assisting a large number of women enter or expand livestock raising or be employed in processing activities. 11. Risks. The project faces no major organizational and technical risks. The risks that exist are either small initially or have been effectively minimized. The risk of inadequate management capability in project entities is minimized because management is essentially in place, appears adequate and would be strengthened under the project. The project manager will also have available the successful project management techniques developed in the North China Plain Agriculture Project (Cr. 1261-CHA). Technical risks are minimized because the irrigated crop, tree crop, improved pasture, livestock and mariculture programs would apply production methods that have been locally tried and tested in existing commercial operations or validated in project area pilot studies carried out by local research centers and institutes. The risk of inadequate water supply is minimized because the Province has obtained firm agreement from the Yellow River Commission that sufficient water from the Yellow River would be provided during the period of peak demand from March to June, so that project water requirements durx-ng this period would be met. The risk of excessive soil salinity and waterlogging would be minimized by drawing on the land development experience gained under the North China Plain Agriculture Project. Only a small export market risk (for rabbit hair and shrimp) exists and is minimized by the fact that most output of the two commodities would be consumed locally. No adverse environmental impact is expected from the project. Waste disposal from processing plants would abide by standards established and approved by local environmental agencies, and effluent monitoring would be built into the project. 12. Recommendation. I am satisfied that the proposed Credit would comply with the Articles of Agreement of the Association and recommend that the Executive Directors approve the proposed Credit. Barber B. Conable President Attachments Washington, D.C. April 26, 1989  SCHEDULE A - ~~~~CHINA SHANDONG AGRICULTURAL DRVELOPHSNT PROJECT ESTIMATED COSTS AND YiNANCING OI Local Foreign Total Estimated Costs a/ US. million Tuhai Basin Agricultural Developmeat Irrigation and Drainage 47.6 19.1 66.7 Agriculture and Forestry 5.5 14.3 19.8 Livestock Production 2.0 1.4 - 3.4 Agro-processing 7.3. 5.3 12.8 Sub-total 62.6 40.1 102.7 Coastal Mariculture Development Shrimp Production 61.2 30.6 9/1.8 Specialty Seafood Production 5.4 13.1 18.5 Sub-total 66.6 43.7 110.3 Yi Meng Mountains Livestock Developmeat Livestock Production 6.5 3.4 9.9 Agro-processing 14.4 13.0 27.4 Sub-total 20.9 16.4 37.3 Institutional Support 0.3 0.6 0.9 Base Cost 150.4 100.8 251.2 Physical Contingencies 5.0 3.0 8.0- Price Contingencies 8.1 5.0 13.1 Total Proiect Costs 163.5 108.8 272.3 - Financing Plan IDA 0.2 108.8 109.0 Central Government . 10.8 - 10.8 Provincial Government 7.0 7.0 Prefecture/County Governments 113.2 - 113.2 Agricultural Bank of China 32.3 - 32.3 Total 163.5 108.8 272.3 al Project is exempt from taxes and duties.  -6-' SCHEDULE B Page 1 of 2 CHIN SANDORG AGRICULTURAL DEVELOPMENT PROJECT PROCUREMENT METHOD AND DISBURSEMENTS (US $tillion) Procurement Method Total Pro1ect Element ICs LIB LCB Other NAil Cost Land Acquisition 10.9 10.9 (0) (0) Works 29.0 115.3 144.3 (7.2) (28.2) (35.4) Construction Materials 16.5 16.5 (15.0) Power Supply 1.9 1.9 (0) (0) Fertilizer 13.2 13.2 (13.2) (13.2) Equipment, Vehicles, Breeding Stock and Supplies 32.3 6.0 7.6 3.2 49.1 (30.0) (6.0) (5.3) (2.2) (43.5) Training & Tech. Asat. 1.9 1.9 (1.9) (1.9) Engineering & Management 3.0 3.0 (0) (0) Credit 4.4 4.4 (0) (0) Working Capital 27.1 27.1 (0) (0) Total 62.0 6.0 36.6 120.4 47.3 272.3 (58.2) (6.0) (12.5) (32.3) (0) (109.0) Notei Figures in parentheses are the respective amounts financed by IDA. Figures include physical and price contingencies. 1/ Not applicable.  -' - / _ 7 - , - . , SCHRDULU7 Pasoe 2 of 2 Disbursements X of Expenditures Category Amount of Credit to be financed (US$mlion) Civil works 35,400,000 301 Agro-processing equipment 11,700,000 ) . ) S100 of foreign expendi- Agricultural and construction 51,800,000') tures; OOZ of local materials ) expenditures (ex-factory ) cost) and 75Z of local . -m expenditures for other 3 items procured locally. Machinery. equipment, 8,200,000 ) vehicles and boats , Taining and technical 1,900,00 1002 assistance Tot l 109,000,000 Estimated IDA Disbursements- PY90 FY91 FY92 FY93 FY94 -------- (US$ million)------------------ Annual -' 22 32 36 14 5 Cumulatie 22 54 90 104 109  ~~~~~~~-8 SCHEDULE C CHINA SRANDONG AGRICULTURAL DEVELOPMENT PROJECT TIHETABLE OF WEY PROJECT PROCESSING EVENTS (a) Time taken to prepare: 9 months (b) Project prepared by: Government and FAOICP with IDA assistance. (c) First presentation to IDA missions December 1987 (d) Appraisal mission-departures September 17, 1988 {e) Negotiat:vonse March 20-24, 1989 (f) Planned date of effectiveness: September 1989 (s) List of relevant PCRs and PPARs North China Plain Agriculture Project (Credit 1261--CA)  Schedule D 9 g _ Page 1 of 3 STATUS 0F BMNM GROUP OPRAYTIONS IN THE PEOPLC' SUPUiLc OF CHINA A. STATSHENT OF SUNK LOANS AND IDA CREDITS a/ (- a of March 31. 1989) Loan/ AiOune $ million) credit Fiscal (less cancellations) Number Year lotrower Purpose Bank IDA Undisbursed b/ One loan and.two credits have been fully disbursed 202111167 81 PRC University Development 100.00 100.00 -0.00 1261 82 PRC Ntrth China Plain Agriculture - 60.00 0.00 2207 83 PRC Three Ports 67.97 - o.do 1297 8) PRC Agric. Education & Research - 75.40 0.50 222611313 83 PRC Industrial Credit I (CIB I) 40.60 30.00 1.22 2231 83 PRC Petroleum I (Daqing) 162.40 - 16.64 2252 -83 PRC Petroleum II (Zhongyuan-Wenlili) 100.80 - 20.52 226111347 83 PRC State Farms I (Heilongjiang) 25.30 45.00 0.42 1411 84 PRC Polytechnic/TV University - 85.00 21.04 1412 84 PRC Technical Cooperation - 10.00 1.03 1417 84 PRC Rubber Development - _100.00 20.53 .. 2Z382 84 Pac Lubuge Hydroelectric 145.40 - 36.26 2394 84 PRC Railway 220.00- - 26.10 1462 84 PRC Rural Credit I - 50.00 0.90 1472 84 PlC Rural Health & Medical Educ. - 85.00 19.30 2426 84 PRC Petroleum III (Karamay) 99.50 - 24.56 243411491 84 PRC Industrial Credit II (CIB II) 105.00 70.00 20.43 2444/1500 84 PRC Agricultural Education II 45.30 23.50 14.i6 1516 8S PRC Agricultural Research tI - 25.00 10.06 1551 8S PRC University Development II' - 145.00 53.34 2493 85 PRC Power SS 117.00 - 28.94 2501 85 PRC Changcun (Luan) Coal Mining 120.50 _ 101.76 1577 85 PRC Sesds 40.00 12.08 1578 85 PRC Rural Water Supply - 80.Q0 44.48 2539/1594 85 PRC ighway I 42.60 30.00 27.27 2540 85 PRC Rallway II 235.00 - - 190.40 2541 85 PRC Fertilizer Rehabilitation - 97.00 - 15.11 Energy Saving 1605 85 PRC Forestry Development - 47.30 32.63 257911606 85 PRC PiShilang-Chaohu Area Development 17.00 75.00 47.57 2580 85 PRC. Velyuan Gas Field Technical 25.00 - 11.74 Assistance 1642 86 FP./. Rural Credit II - 90.00 1l.19 265911663 86 PRC Industrial Credit III (CIS II1) 75.00 25.00 17.77 1664 86 PRC Technical Cooperation Credit II - 20.00 19.36 1671 86 PRC- Provincial Universities - 120.00 69.76 267811680 86 PRC Third Railway 160 A* 70.00 217.16 2689 86 PRC Tianjin Port 130.00 - 114.37 1689 86 PRC Freshwater Fisheries - 60.00 17.41 2706 86 PRC Beilungang Thermal Power 225.00 - 132.30 2707 86 PRC Yantan Hydroelectric 52.00 - 25.86 2708 86 PRC Liaodong Bay Petroleum Appraisal 30.00 .- 6.35  - 10 Schedule D Page 2 of 3 Loanl Amount (US$ million) Credit Fiscal (less cancellation) Number Year Borrower Purpose Bank IDA Undistureed hi 2723/1713 86 PRC Rural Health & Preventive Med. 15.00 65.00 68.22 1733 87 PRC Red Soils * 40.00 14.30 2775 87 PRC Shuikou Hydroelectric 140.Q0 - 93.65 278311763 87 PRC Industrial Credit IV (CIB IV) 250.00 50.00 188.80 2784 87 PRC Shanghai Machine Tools 100.00 - 98.16 1764 87 PRC Xinjiang Agricultural Developmnt - 70.00 57.19 2811/1792 87 PRC Beijing-Tianjin-Tanggu Expressway 25.00 125.00 131.59 2812/1793 87 PRC Gansu Provincial Development 20.00 150.50 146.78 1835 87 PRC Planning Support & Special Studies - 20.70 18.56 2794/1779 87 PRC Shanghai Sewerage 45.00 100.00 132.86 2838 87 PRC Fertilizer Rationalization 97.40 - 93.85 2852 87 PRC Vujing Thermal Power 190.00 - 172.11 1871 s8 PRC Rural Credit III - 170.00 88.01 2877/1845 88 PRC Huangpu Port 63.0 25.00 82.40 2907/1875 88 PRC Dalian Port 71.0 25.00 88.03 1885 88 PRC Northern Irrigation - 103.00 68.71 2924/1887 88 PRC Coastal Lands Developmnt 40.00 60.00 81.94 1908 88 PRC Teacher Training - 50.00 42.85 2943 88 PRC Pharmaceuticals 127.00 - 127.00 2951/1917 88 PRC Sichuan Highway 75.00 50.00 121.63 2952 88 PRC Shaanui Highway 50.00 - 50.00 1918 88 MC Daxing An Ling Forestry - 56.90 44.37 2955 88 PRC Beilungang II 165.00 - 165.00 2958 88 PRC Phosphate Development 21 62.7 - 62.70 2967/1932 88 PRC RSAL 200.00 100.00 57.01 2968 88 PRC Railway IV 200.00 - 200.00 1984 89 PRC Jiangzi Provincial Highway 2/ - 61.00 57.74 1997 89 PRC Shaanui Agricultural Dev. 17 - 106.00 101.79 3006 89 PRC Ningbo & Shanghai Ports 2/ 76.40 - 76.40 3007 89 PRC Xiamen Port 1/ 36.00 - 36.00 3022 89 PRC Tianjin Light Industry 1/ 154.00 - 154.00 Total 4,640.87 2,989.30 of which has been repaid 100.43 - Total now held by Bank and IDA 4,540.44 2,989.30 Amount solds Of which repaid - Total Undisbursed 2,928.33 1,456.39 4,384.72 a/ The status of the projects listed in Part A is described in a separate report on all Bank/IDA financed projects in execution, which is updated twice yearly and circulated to the Executive Directors on April 30 and October 31. b/ As credits are denominated In SDRs (since IDA Replenishment VI), undisbursed SDR 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. Notest I/ Not yet signed. 2N lot yet effective.  Schedule D 11 - ) ~~~~~~Page,3 of 3 B. STATIMENT OF IPC INVZSTKMS (as of March 31, 1989) Invest- Fiscal Type of Loan Equity Total ment no. year Obligor business -- (US$ million) -- 813 1985 GuanSghou and Peugeot Automobile 15.00 2.00 17.00 974 1987 China Investment Co. Investment 3.00 0.04 3.04 1020 1987 Shenzen,China Bicycle 5.00 - 5.00 Bicycles Co. Ltd. Manufacture 1988 Crown Electronics Electronics 15.00 - 15.00 Total Gross Commitments 38.00 2.04 40.04 Less caneellations, terminations repayment and sales - - Total Commitments n*0"Held by IPC 38.00 2.04 40.04 Total Disbursed 37.40 2.04 39.44 Total Undisbursed .60 0 .6 4118/89 AS3CO  ] : 1: ~~~~HEBEI \ s2 _ 0O0OsL~05. T e X c*odWi r AGRICUfl00p 1~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~- f-~---'' ** ' ! v9M' . 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