China - Inner Mongolia Local Railway Project

Dac~ammt of - () . ATheWorld -Bank FOR OgffAL USE ONLY Rpswt N. P-4909CHA MEORANDUKI AMD RENDATION .OF THE ' PRESIDENT OF TIl EITNATIONAL BK FOR RECONSTRUCTION AlO DEVELOPENlT AND THE JNTERNATIONAL DEVELOPMENT ASSOCIATION TO THEE E-ECUTIVE DIRECTORS ON A PROPOSED LOAN 3N AN AMOUNT EQUIVALENT TO US$70.0 MILLION- AND A PROPOSED CREDIT OF OSDR 58.6 MILLION (US$80 MILLION EQUJVALET) PEOPLE'S REPUBLIC OF CHINA FOR TOE 4 INNER MONGOLIA LOCAL RAILWAY PR0JECT APRIL 19, 1989 Tis docuno h a restriced dtibutdon and way be used by recipies only In d performan of their offia dutik Its odnets may not oterwise be dbOsked withot Wod Bik utbo  .~~~~~~~~~~~~~~~~~~~~~~~~~9- CurreCY - flminbi YUan (3MW) 1 am _ loo f. US$0.27 3.n _ v$1.00 o(a of April. 1989) FISCL YEAR (Ff 'Jam I to m 31 Imte (u) - 3.281 1 kiloietor (ha) - 0.621 miles m ton (t) - 2,205pounds - 1,4000 kg FYP - Five Year Plan GMII - Government of Inr Mongolia CB - International Competitive Bidding naC - Irmer Mlongolia locol Railway Corporation . LCB - Local Competttive Bidding at - million tons *OF - mistty of Finance mR, - Minitry of Railways IpC - state Planing Coamission - , .~~~~~~~~~~~~~~~~~~~~~~~~~  MOR CFlnCIAL USE ONLY CHINA INNER MONGOLIA L0C4L RAILWAY PROJECT Loan/Credit and Project Summary People's Republic of China Benef ici^y: Inner Mongolia Local Railway Corporation Amount: Ioan: US$70.0 million equivalent Credit: SDR 58.6 million (US$80.0 million equivalent) Terns: -~- Loan: 20 years including 5 years grace period at standard variable interest rate. Credit: Standard, with 35 years maturity 3nlending Rate: ; 20 years, including 5 years of grace., at 5% p.a. interest Ftinancing Plan: Central Government US 92 million Government of Imner Mongolia US$108 million IBRD US$ 70 million IDA US$ 80 million total USS350 Id liU Economic Rate of Return: 18% Staff Appraisal Report No. 7459-CHA HIMa: IBRD 21156 - China, Inner Mongolia Local Railway Project, Jining-Tongliao Line This document has a restricted distribution and may be used by recipients only in the perfomance of their official duties. Its contents may not otherwise be dilosed without Wodd Bank authouiation.  MEMO1hRANDUtM AND RECOMMENDATION OF THE PRESIDENT OF THE INIRATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM AND THE INTnTIONAL DEVEiOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN AID CREDIT TO THE PEOPLE'S REPUBLIC OF CHINA FOR THE INNER MONGOLIA LOCAL RAILWAY PROJECT 1. I submit for your approval the following memorandum and * recommendation on a proposed loan and development credit to the People's Republic of China. The proposed loan is for US$70.0 million, with 20 years maturity including 5 years of grace, at the Bank's standard variable interest * rate; the proposed credit is for SDR 58.6 million (US$80.0 million equivalent) with 35 years maturity on standard IDA terms. 'The loan and credit would finance an extension of the railway network to provide access to major new coal fields'and promote the 'development of an economically disadvantaged region. 2. Backgrod. The recent upsurge of economic activity in China has so heavily taxed the Chinese transport system that_uch of its capacity is now saturated.- --Coal supplies must be rationed in certain areas and electric power generating plants often have to shut down as a result. Many factories have fallen short of their production quotas because the transport system has not been able to deliver-ieeded raw materials in time. The Government of China recognizes the transport bottleneck as one of the most severe constraints to economic growth and has increased investments to expand the traffic-carrying capacity of the-transport infrastructure. However, the transport investments still are not enough and their growth is not keeping up with the rapid growth of the economy. 3. The railways are the most important transport subsector, carrying. more traffic than all other modes combined. One of the Government's objectives for the railway subsector during the 7th and 8th Fi'Ve Year Plans (1986-1990 and 1991-1995) is to expand the railway network in order to reduce the constraints on supplies of energy and raw materials. To accelerate the expansion of railway capacity and to foster regional development, the Government has been encouraging the development of "local railways". These are railways built and operated by lo&al governments and enterprises. typically with financial and-management assistance from the Ministry of Railways (MR). The proposed project is the first Bank Group operation that * supports the development of a local railway. 4. The proposed railway would haul coal (80% of its eastbound traffic) * from coal-rich western Inner Mongolia to the industrial province of Jilin in northeast China. Coal in Inner Mongolia is generally of high quality, and its reserves of more than 200 billion tons rank second only to those of Shanxi province. However, the coal fields there are largely undeveloped due-to insufficient transport capacity. Jilin's coal deficit is expected to grow from 10 million tons (mt) to about 27 mt by the year 2000. Existing coal supply routes, primarily from Shanxi province, are now close to capacity, and critical sections of the lines would be too costly or impractical to expand. The railway also would haul cement, lumber and other products to and from northeast China. Finally, the railway offers strong potential for promoting regional development along the route in eastern Inner Mongolia. The areas traversed by the proposed railway are economic-'ily undeveloped; their average per capita income is about half of the natici average. Many mineral deposits exist there but are largely unexploited due to poor transport. The  - 2- local economy depends heavily on pastoral agriculture and some associated light industry. The proposed rail corridor would stimulate the marketing of animal and industrial products; and development plans for several industrial developments are predicated on its construction. 5. Rationale for Bank Involvement. The project would represent a significant contribution of the Bank Group to China's efforts to alleviate transport bottlenecks and energy shortages. It also offers an opportunity for the Bank Group to work closely with provincial authorities in an isolated, economically disadvantaged region, as they seek to remove a serious transport constraint. In so doing, the Bank Group would help them set up a local railway company to manage what will be the longest locally-administered railway in China. 6. Project Obiectives. The project will create low cost, reliable freight and passenger transportation, facilitating the movement of coal and other products between Inner Mongolia and the Northeast. It is also expected to stimulate other economic activities and trade and promote the economic development of the low-income region'traversed by the railway. 7. Project Descgr2tion. Sponsored by the Government of Inner Mongolia (GIM) in partnership with HR, the project consists of the construction of a new, 948-km single-track line, running from Jining in central Inner Mongolia to Tongliao in the eastern part. The proposed railway would connect at both ends with the national network. The railway has been selected from four alternative routes because it would carry the coal at the least cost and because it offers the greatest potential for regional development. 8. Limited financial resources have led GIN to take a conservative approach to the rallway's development -- employing used equipment from MR where practical and phasing the expansion of line capacity as traffic builds up. The railway will have an initial capacity of 7 million tons per year (per direction). As traffic demand grows, GIM would use retained earnings from early operations to expand the line progressively by purchasing more locomotives and freight cars, extending the length of existing crossing loops to allow longer trains, and building more crossing loops to allow more frequent trains -- to an estimated annual capacity of 17 million tons by the year 2000. 9. The project is to be carried out during 1989-1993. Its major componants are (a) the construction of the railway; (b) the acquisition and installation of operational equipment; and (c) the recruitment and training of staff-to operate the railway. The project's total cost is estimated at US$350 million (RHBV1.42 billion), including interest during construction; of this amount, US$165 million is reserved procurement, comprising construction contracts (US$148 million), rolling stock (US$11 million) and signalling equipment (US$6 million), all in local costs and to be domestically funded. Construction contracts, involving mostly local labor, will be procured through local procedures. Rolling stock and signalling equipment will be purchased from MR as second-hand items but still in good working order. The reserved procurement will not significantly affect the satisfactory execution of the project in terms of overall cost, quality and completion time. 10. The proposed Bank Group loan and credit amount to US$150.0 million (R1BW557 million), or 98% of the total foreign exchange requirement of the project; of the US$150 million amount about US$123 millVon will be used to procure materials through International Competitive Bidding, about US$20 million to procure materials through Local Competitive Bidding following  -3- procedures acceptable to the Bank, and about US$7 million to directly purchase small items from local sources, MR has formally agreed to contribute US$98 million. GIM will contribute the remainder, currently estimated at US$102 million. The proposed Bank Group loan and credit to China will be relent through the Ministry of Finance (MOF) to GIN at an interest rate of 5%, with other terms and conditions unchanged. GIM will further onlend the loan and credit to IHLR5 under the same terms and conditions, with two exceptions: first, the foreign exchange risk will remain with GIM; and, second, GIN will finance INLRC's interest during construction, and, if necessary, during the * first year of operation. 11. The newly established Inner Mongolia Local Railway Corporation (IMLRC), owned jointly by GIM and MR, will implement the project. IMLRC's charter assures a strong link with MR's network, while giving GIN significant manAgement control, including the authority to propose tariff Increases as needed. An initial tariff which is higher than average HR rates has already been agreed for the line. INXRC at prosent is organized as a development enterprise with a capable and highly motivated staff of about 55; key management positions have been filled by transferring personnel from GIM or MR. The staff size will increase as the construction progresses, reaching a total of about 7,600 when the railway is put into operation in 1993. New staff will undergo extensive programs of vocational and on-the-job training to assure their readiness. 12. The estimated costs and financing plan are siown in Schedule A. The amounts and methods of procurement and disbursement and the disbursement schedule are shown in Schedule B. A timetable of key project processing events is given in Schedule C. Schedule D provides a summary status of Bank Group operations in China. A map is attached. The Staff Appraisal Report No. 7459-CHA is being distributed separately. 13. A&rMed Actigns The Bank Group has reached agreement on the following actions: - With the Government: (a) confirmation of plans and funding resources for developing a coal field needed to supply coal traffic on the proposed railway; and (b) a commitment to providing adequate investments to expand the capacity on the connecting lines to handle the expected level of freight traffic to and from the proposed railway. - With GIN, a commitment to: (a) meet project cost overruns; (b) finance IMLRC's interest during construction, and, if necessary, also during the first year of operations; and (c) assure that the construction laborers will be given adequate food and shelter. - With INLRC, a commitment to: (a) carry out staffing and training; (b) resettle about 5,000 residents displaced by the railway; and (c) monitor the long-term environmental and socioeconomic impacts of the railway; all according to plans acceptable to the Bank Group. - Also with IMLRC, a commitment to: (d) take all measures necessary, including proposing tariff increases, to achieve a debt-service coverage ratio of 1.5 during the first three years of operations; (e) prepare in the year before operations begin, eight-year financial projections and compute key financial ratios for financial performance monitoring, to be reviewed with the Bank Group during supervision; and (f) provide for independent auditing of the project accounts and IMLRC's financial statements in a manner acceptable to the Bank Group.  -4 14. BenQfit8. The economic benefits under the proposed project are estimated in terms of: (a) an increase in coal production in western Inner Mongolia; (b) an increase in local industry production, (c) savings in transport costs due to other traffic diverting from highways; (d) an increase in animal husbandry production; and (e) an increase in people's mobility. The net present value of the,proposed project at 12% discount rate is RKBkl.3 billion and the internal economic rate of return is 18%. The 3 million low-income residents of the areas traversed by the railway will be recipients of a large portion of the project's benefits. 15. Risks. The major risks include: construction cost overruns and the lack of financial resources to meet them; delays in the development of coal production capacity for the proposed railway; inadequate traffic-carrying capacity of the connecting lines; and iasufficiently high tariffs to ensure the financial viability of INLRC in the face of accelerated inflation. These risks are being addressed through the actions agreed in para 13 above. The project's economic rate of return is high enough that serious cost overruns and delays in'realizing benefits would not jeopardize the project's economic justification. 16. Since IMLCt is a new company, there are also risks associated with project management, operational efficiency, and safety. These risks are being contained by staffing IMLRC's top management with members of MR havin, long experience in railway operations, by transferring key technical staff from MR, and, as mentioned, by putting new staff through extensive training programs. As for the potential environmental and social impacts, no serious problems are expected. IHLRC will also monitor the impact of the railway on the &djacent grasslands and on socioeconomic development. A plan for land compensation, approved by relevant Chinese authorities, is found satisfactory by the Bank Group.- 17. Feccmndatie. Given the above assurances, I am satisfied that the proposed loan and credit comply with the Articles of Agreement of the Bank Group and I recommend that the Executive Directors approve them. Barber B. Conable President Attachments Washington, D.C. April 19, 1989  -5- ScheduleA C:HINA INNER ==NGOLIA LOCAL RAILWAY PROJECT Estimated costs and Financing Plan Project C9sts Local Foreign Total ..........US$ million ----- Land acquisition 2.1 2.1 Resettlement 3.3 3.3 Preparation 0.7 0.1 0.8 Infrastructure 45.7 9.6 55.3 Bridges & culverts 8.7 18.7 27.4 Tunnels 2.7 1.8 4.5 Track 21.4 31.9 53.3 Rails 49.2 49.2 Signalling & cownmnications 5.4 5.4 Power supply 0.3 1.4 1.7 Buildings 10.1 1.6 11.7 Oper. equip. & buildings 5.5 1.7 7.2 Weather contingencies . 12.5 1.4 13.9 Temporary construction . 13.8 3.3 17.1 Design & administration 21.3 1.4 22.7 Training 0.4 0.4 Taxes 6.3 - '6.3 Rolling stock 10,3 - 10.3 Base Cost 170. 122.1 226 Physical contingencies 14.6 6.1 20.9 Price contingencies 11.8 9.7 21.5 Total p2roect cos0t1A 179 335.0 Interest during construction/h - 14.9 14.9 Total financing eauiLred 197.1 152.8 .4.2 Financing Plan IDA 12.1 67.9 80.0 IBRD 70.0 70.0 Central Government (NR) 82.9 14.9 97.8 Gov. of Inner Mongolia 102.1 - 102.1 Total financing: 197.1 152.8 349.9 ,a The project is exempt from import taxes and duties. fb Includes commitment fee on IBRD loan and service charge on IDA credit.  -6- Schedule B Page 1 INNER MONGOLIA LOCQL RAILWAY PROJECT Procuregtent Arrangements ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Project Element Procurement Method Total ICB LCB Other -------------US$ million-------------- Land acquisition - - 2.4 2.4 Resettlement - - 3.8 3.8 Construction Materials 54.8 19.5 9.6 83.9 (54.8) (19.5) - (74.3) Track Materials 64.2 - 9.5 73.7 (64.2) - (7.1) (71.3) Construction Equipment 4.4 - 1.2 5.6 (4.4) - - (4.4) Construction Contracts - 148.3 - 148.3 Rolling Stock - - 10.7 10.7 Signalling Equipment - - 6.2 6.2 Training 0 - 0.4 0.4 Total 123.4 167.8 43.8 335.0 (123.4) (19.5) (7.1) (150.0) Note: All figures include both physical and price contingencies. Figures in parentheses represent amounts to be financed by the Bank Group.  -7. Schedule B Page 2 Disbur,sements * CategoXv Amount % of ExDenditurezs tg be Financed (US$ million) Materials and Equipment 150.0 100% of foreign expenditures and 100% of local expenditures (ex-factory cost) Estimated Dilb=sements: Bank Group Fiscal Year 1222 1221 9922 1293 .124 1995 1996 -------- --S million------- Annual 3.0 27.0 37.5 33.0 24.0 16.5 9.0 cumulative 3.0 30.0 67.5 100.0 124.5 141.0 150.0  8- Schedule &, INNER MONGOLIA LOCAL RAILWAY PROJECT Timetable of KeX Protect Processing Events (a) Time taken to prepare: Two years (b) Prepared by: State Planning Commission (SPC), Ministry of Finance (MOF), Ministry of Railways (MR), Government of Inner Mongolia (GIM) & Inner Mongolia Local Railway Corporation * , ~~~~~~~(ILC) (c) First Bank mission: April 1987 (d) Appraisal mission departure June-'1988 (e) Negotiations: Deceiber 12-16, 1988 (f) Planned date of effectiveness: August 1989 (g) List of relevant PCRs/PPARs: None  9,_ ~~~~~~~~schedule V Page I of 3 STATUS OF DANK GROUP OPERATIONS IN TIM PEOPLE'S REPUBLIC OF CHINA A. STATEMENT OF DANK LOANS AND IDA CREDITS a1 (as of March 31. 1989) Loanl Amount (US$ million) Credit Fiscal (less cankellations) Number Year Borrower Purpose Bank IDA Undisbursed bl One loan and two credits have been fully disbursed 2021/1167 81 PRC University Development 100.00 100.00 0.00 1261 82 PRC North China Plain Agriculture - 60.00 0.00 2207 83 PRC Three Ports 67.97 - 0.00 1297 83 PRC 4gric. Education & Research - 75.40 0.50 222611313 83 PRC Industrial Credit I (CIS 1) 40.60 30.00 1.22 2231 83 PRC Petroleum I (Daqing) 162.40 - 16.64 2252 83 PRC Petroleum II (Zhongyuan-Wenliu) 100.80 - 20.52 2261/1347 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 2382 84 PRC Lubuge Hydroelectric 145.40 - 36.26 2394 84 PRC Railway 220.00 - 26.10 1462 84 PRC Rural Credit I - 50.00 0.00 1472 84 PRC -Rural Health & Medical Educ. - 85.00 19.30 2426 84 PRC Petroleum III (Karamay) 99.50 - 24.56 243411491 84 PRC Industrial Credit II (CID II) ,105.00 70.00 20.43 2444/1500 84 PRC Agricultural Education 1I 45.30 23.50 14.61 l516 85 PRC Agricultural Research II - 25.OQ 10.06 1551 85 PRC University'Development II - 145.00 53.34 2493 85 PRC Power II - 117.00 - 28.94 2501 85 PRC Chanscun (Luan) Coal Mining 120.50 - 101.76 1577 85 PRC Seeds- - 40.00 12.08 1378 85 PRC Rural Water Supply - -80.00 44.48 2S3911594 85 PRC Highway I 42.60 30.00 27'27 2540 85 PRC Railway II 235.00 - 190.40 2541 85 PRC Fertilizer Rehabilitation & 97.00 - 15.11 Energy Saving 1605 85 PRC Porestry Development - 47.30 32.63 257911606 6S PRC PiShiHasng-Chaohu &Jea Development 17.00 75.00 - 47.57 2580 85 PRC Weiyuan Gas Field-technical 25.00 - 11.74 Assistance 1642 86 PRC Rural Credit II - 90.00 14.19 265911663 86 PRC Industrial Credit III (CIB III) 75.00 25.00 17.77 1664 86 PRC Technical Cooperation Credit II - 20.00 19.36 1671 86 PlC Provincial Universities - 120.00 69.76 2678/1680 86 PRC Third Railway 160.00 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 PlC Yantan Hydroelectric 52.00 - 25.86 2708 86 PRC Liaodong Bay Petroleum Appraisal 30.00 - 16.35  - 10 - Schedule D Page 2 of 3 Loan/ Amount (USS million) Credit Fiscal (less cancellations) Number Year Borrower Purpose Bank IDA Undisbursed bi 272311713 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 140.00 - 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 Development - 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 88 PRC Rural Credit III - 170.00 88.01 2877/1845 88 PRC Huangpu Port - 63.0 25.00 82.40 2907/1875 88 PR5 Dalian Port 71.0 25.00 88.03 1885 88 PRC Northern Irrigation - 103.00 88.71 2924/1887 88 PRC Coastal Lands Development 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 Shaenxi Highway 50.00 - 50.00 1918 88 PRC 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 Jiangxi Provincial Highway 21 - 61.00 57.74 1997 89 PRC Shaanxi Agricultural Dev. 1/ - 106.00 101.79 3006 89 PRC -Ningbo & Shanghai Ports 2/ 76.40 - 76.40 3007 89 PRC Xiamen Port 11 36.00 - 36.00 3022 89 PRC Tianjin Light Industry 11 154.00 - 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 sold: 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. Notes: 1/ Not yet signed. 2/ Not yet effective.  - 11 - Schedule D Page 3 of 3 D. STATZMENTWOF IFC INVESTMENTS (as of March 31, 1989) Invest- Fiscal Type of Loan Equity Total meat no. year Obligor business -- (US$ million) -- 813 1985 Guangzhou 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 cancellations. terminations repayment and sales - _ Total Comultmeuts now Held by IFC 38.00 2.04 40.04 jTotal Disbursed 37.40' 2.04 39.44 Total Undisbursed .60 0 .6  IBRD 211$ I o-- . .I iio-~~~~~~~~~1 T.Sto ToOL T INRMONGOLIA JEIAL MCMGO" JIANG~~~~~~~~ LOCAL RAILWAY PROJECT A AIAP ~~~~~-NDMON(IOL ~~~~ - JINING - TONGLIAO LINED NM.I '- *O PROPOSED RAIWAY CONSTRUCTION -~~~ RT4J1N -. ~~MNGOIAALTERNATE ROUTES CONSIEBU R C' I OIVANONR ~~~~~~~~~~~~~~~~~~~~~~~-t-.4 RXISTING RALWAYS RURAl -4--4- ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RAILWAYS UNDER CONSTRUCTION [1717 E~~~~~~MLJOR COAL BEARING AfA OlgR /, "I-- RIVERS ,vA ~~~~~~~~~~~~~~~~~~~ onpadaan ToiRA TROVINCE BOUINDARIES - INTERNATIONAAL BOUNDARIES To.AI,. N E I~~~~~~~~~~~~~ 'NT 0~~~ OngRiudqi~~zanyjnv Os-.---- ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~~~~.rIj L' Fwdn ~ ~ ~ ~ ~ ~~O Scyon Ob. Hasade ~ ~ ~ ~ ~ ~ ~ ~ ~ BOHA GREAT~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ To A INA -~~~~~~~~~~~~~~~~~~~~~OTotI