China - Infectious and Endemic Disease Control Project

Doum The Worl, FOR OMCLAL Rgp2I G/l< P-5648-CHA MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED DEVELOPMENT CREDIT OF SDR 95.9 MILLION (US$129.6 MILLION EQUIVALENT) TO THE PEOPLE'S REPUBLIC OF CHINA FOR AN INFECTIOUS AND ENDEMIC DISEASE CONTROL PROJECT NOVEMBER 21, 1991 This document has a restricted distribution and may be used by recipients only in the performance of their official duies. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EOUIVALENTS (as of September 1, 1991) Currency Name - Renminbi (RMB) Currency Unit - Yuan (Y) - 100 Fen Y1.00 - $0.19 $1.00 - Y5.33 FISCAL YEAR January 1 to December 31 ABBREVIATIONS AND ACRONYMS ICB - International Competitive Bidding LCB - Local Competitive Bidding MOF - Ministry of Finance MOPH - Ministry of Public Health  FOR OFFICIAL USE ONLY CHINA INFECTIOUS AND ENDEMIC DISEASE CONTROL PROJECT CREDIT AND PROJECT SUMMARY Borrower: People's Republic of China Beneficiaries: 12 provinces for tuberculosis; I provinces for schistosomiasis and the Ministry of Public Health Amount: SDR 95.9 million (US$129.6 million equivalent) Terms: Standard, with 35-years maturity Onlending Terms: The Government would onlend SDR 94.42 million to the project provinces at no interest, repayable over 20 years, including a 10-year grace period. The provinces would assume the foreign exchange risk for credit proceeds disbursed for foreign expenditures and the Ministry of Finance (MOF) would assume the risk for proceeds disbursed for local expenditures. The provinces would pay a commitment fee of 0.5 percent p.a. and a service charge of 1 percent p.a. to the MOF. SDR 1.48 million would be made available to the Ministry of Public Health under arrangements which are substantially the same as a budgetary transfer. Financing Plan: Local Foreign Total -------(US$ million)------- Provincial Governments 138.7 0.5 139.2 Central Government 1.9 0.3 2.2 IDA 104.3 25.3 129.6 Total 244.8 26.2 271.0 Economic Rate of Return: Not applicable Staff Apgraisal Report: Report No. 9894-CHA Note: All values are rounded and totals may therefore not add exactly. This document has a restricted distribution and may be used by recipients only h. the pe-ric mance of their official duties. Its contents may not otherwise be disclosed without World 3ank at.ii,erization.  MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED DEVELOPMENT CPEDIT TO THE PEOPLE'S REPUBLIC OF uHINA FOR AN INFECTIOUS AND ENDEMIC DISEASE CONTROL PROJECT 1. I submit for your approval the following memorar.-lum and recommendation on a proposed development credit to the People's Republic of China for SDR 95.9 million, the equivalent of US$129.6 million, on standard IDA terms with a maturity of 35 years to help finance a project for control of tuberculosis and schistosomiasis. An amount of SDR 94.42 million from the credit would be onlent to the project provinces at no interest, repayable over 20 years, including a 10-year grace period. The provinces would assume the foreign exchange risk for foreign costs and the Ministry of Finance (MOF) would assume the risk for local costs. The provinces would pay a commitment fee of 0.5 percent p.a. and a service charge of 1 percent p.a. to the 1OF. The Ministry of Public Health (MOPH) would receive SDR 1.48 million under arrangements which are substantially the same as a budgetary transfer. 2. Background. China's significant accomplishments an the health sector are well recognized internationally. The Bank's health sector report./, while not disputing that most indicators of China's health status remained highly favorable by international standards, questioned certain aspects of current sector policy and practice. It found that constrained public health funding in the 1980s and a new emphasis on "payment-for-service" threatened to erode the previous decades' achievements against ^ommunicable diseases and could miscarry the chance to put prevention first in the coming battle against rapidly rising numbers of chronic disease cases (cancer, heart disease, etc.). Progress against two communicable diseases -- tuberculosis and schistosomiasis -- stagnated in the 1980s, in large part because of the changes in the financial system. Tuberculosis killed 380,000 Chinese in 1989, is the largest single cause of adult death and most severely affects the poorest communities. Schistosomiasis has increased in endemicity with 1.5 million people infected in 1989 and about 40 million at risk. Acute infections have risen sharply and remarkable past gains against the disease are in danger of being eroded. Health services for these diseases have become less effective in some areas, and have not been accessible to some segments of the population because of cost. Moreover, the relative reduction of public financing for health means that most health institutions today face fixed cost deficits and must earn income sufficient to cover these as well as provide operational funds. This has encouraged provision of more diagnostic and expensive therapeutic services aimed at insured, primarily urban, residents. Disease prevention activities, and poorer and remote populations, have been relatively neglected in the patterns of spending which have emerged. 3. Project Objectives. The proposed project is designed to reinstate public financing for control of tuberculosis and schistosomiasis, to improve efficiency of these services and to remove financial barriers to their diagnosis and treatment. 9/ The Bank's sector report entitled "China, Long Term Issues and Options in the Health Transition", Report 7965-CHA, dated June 25, 1990 and distributed to the Board on July 18, 1990, explores health sector financing and its implications in detail.  - 2 - 4. Project Description. -he project would support the niational tuberculosis control program through the provincial tuberculosis programs in twelve provinces!/, the main parts of the national schistosomiasis control program in the eight endemic provinces?/ and essential operational research and capacity building for program implementation and for prevention of other infectious diseases. The tuberculosis component would be implemented in accordance with an agreed Tuberculosis Policv Package of administrative, technical and financial measures, including free diagnosis and treatment of infectious patients. The schistosomiasis component would be carried out in accordance with an agreed Schistosomiasis Policy Statement to improve efficiency and emphasize morbidity control through chemotherapy rather than the previous approach which mainly relied on environmental controls and aimed at snail eradication. A small, centrally-implemented program of research on alternatives for improving surveillance and control of other key infectious diseases (6e:ually transmitted diseases and hepatitis) would also be supported. 5. Project Implementation. The MOPH departments responsible for infectious and endemic diseases would manage their components. Overall implementation of the project would be coordinated by the Foreign Loan Office of MOPH which is experienced in managing IDA health projects. The provinces participating in the project would implement their schistosomiasis or tuberculosis control components through their provincial health bureaus. Total project cost is estimated to be $271.0 million. The credit would finance about 48 percent of total cost. A breakdown of project costs and the financing plan are shown in Schedule A. To ensure that disease control programs can begin early in 1992, up to USS5 million in expenditures after September 30, 1991 for eligible items procured in accordance with the Bank's Procurement Guidelines, would be retroactively financed. Urgently needed, initial drug stocks and microscopes will be procured under contracts awarded before January 31, 1992, up to an aggregate of US$5 million equivalent, to the lowest priced quotations obtained from at least three eligible suppliers under procedures acceptable to IDA. Amounts and methods of procurement and of disbursements, and the disbursement schedube 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. The Staff Appraisal Report, No. 9894-CHA, dated November 15, 1991 is being distributed separately. 6. Project Sustainability. Cost of continuing the tuberculosis programs after the project would add about 1 percent to the present annual levels of provincial budgetary spending for health services. These costs will decline over time. Provinces are expected to favor continuation of the programs because of the large number of lives which can be saved and the poverty reduccion impact. Continuing the schistosomiasis control strategy after the project is estimated to cost a third less than currently budgeted costs and endemic provinces are expected to want to continue the strategy as the disease will inevitably return if control is neglected. t/ The provinces are: Gansu, Guangdong, Hainan, Hebei, Heilongjiang, Hubei, Hunan, Liaoning, Ningxia, Shandong, Sichuan and Xinjiang. !/ The endemic provinces are five in the lake regions (Hubei, Hunan, Jiangxi, Anhui, Jiangsu), plus parts of Zhejiang, and two provinces in the mountainous region (Sichuan and Yunnan).  -3- 7. IDA's Previous Work and Lessons Learned. Two health sector reports and tt.ree projects under implemertation!/ have provided the government and IDA with a good health sector development dialogue. Experience on each of the projects has been good. Lessons learned have included the need to agree on the details of equipment purchases to ensure suitability, to provide technical assistance for key activities, to finance operational research to improve strategy and implementation methods, and to plan carefully for recurrent costs. As provincial governments have demonstrated increasing independence and take.n on greater responsibilities the need for specific agreements with them has become apparent, especially to confirm their commitment to substantial administrative and financial reforms. The proposed project includes elements to deal with each of these lessons. 8. R_ationale for IDA Involvement. IDA involvement has been catalytic to China's examination and reorientation of the disease control strategies for tuberculosis and schistosomiasis. Preparation efforts provided China with access to the most recent technical advances and assistance from the World Health Organization. The potential of IDA financing for drugs, equipment, technical assistance and research was critical to introducing the new financial and technical policies. IDA funding for key drug supplies closed an otherwise unaffordable gap for local governments and for patients. The new strategies for the tuberculosis and schistosomiasis programs should substantially improve health conditions for a large segment of China's population. The human and economic consequences of the two diseases give the project a strong anti-poverty focus which makes it a priority for IDA funding. The diseases do not have a gender bias and, with the removal of financial barriers to diagnosis and treatment, women and men should benefit equally from the project. 9. Agreed Actions. To overcome the key issues impeding control of tuberculosis and schistosomiasis the government has agreed to: (a) ensure that tuberculosis component provinces implement a Tuberculosis Policy Package; (b) ensure that schistosomiasis component provinces implement their programs in accordance with the Schistosomiasis Policy Statement; (c) ensure that the provinces use only niclosamide as an acceptable molluscicide for the schistosomiasis control program; (d) establish, in cooperation with the Special Programme for Research and Training in Tropical Diseases, a Joint Research Management Committee for overseeing operational research on schistosomiasis; (e) annually provide for IDA's review, the proposed research activities for other key infectious diseases; and (f) make the proceeds of the credit available to the MOPH and to the provinces (and to subsidiary levels of government and health institutions), on terms and conditions acceptable to the Association. 10. Project Benefits. For tuberculosis, the project would sharply increase the cure rate of smear-positive patients in participating provinces from less than 50 to over 90 percent, and improve the case detection rate from about t/ The Rural Health and Medical Education Project (Crelit 1472) started in 1984 and will be complete by the end of 1991; the Rural Health and Preventive Medicine Project (Credit 1713 and Loan 2723) started in 1986 and is largely completed except for component B, Vaccine Production, which will run until 1995. The Integrated Regional Health Development Project (Credit 2009) initiated activities in early 1990 and is progressing satisfactorily.  35 to 70 percent. As a net result of the project, about 1 million lives will be saved from premature death due to tuberculosis and a similar number of new infectious cases will be prevented. Patients, their families and communities will directly benefit from avoidance of illness, death and preservation of productive capacity. The project will significantly lower the risk of tuberculosis infection. 11. For schistosomiasis, the project would: (a) decrease the prevalence of infection in the population in endemic areas by about 40 percent, reducing the number of paticnts from about 1.5 mi'.lion in 1989 to approximately 0.9 million in 1996; (b) decrease the prevalence of infection in cattle and water buffalo by about 40 percent, thereby reducing transmissior of the disease; and (c) decrease the snail infection rate and the density of infected snails in the high transmission areas, thus also reducing the transmission of infection. Fewer acute and advanced cases, most of which occur among working adults (aged 20 to 60 years), will yield direct economic benefits, mainly in poor rural areas. Disease prevalence will be brought down to a levE'. at which an affordable maintenance strategy would be appropriate by the end of the project. 12. Risks. For tuberculosis, the main risk is that technical and financial changes introduced by the project are not fully implemented. Project documents and MOPH policies require commitment by project provinces to implement the Tuberculosis Policy Package as a condition of participation in the project to guard against this risk. Careful supervision of the provinces by MOPH with frequent (quarterly) reporting by provinces of actual results will allow targeted assistance and supervision to manage any slow compliance with the Tuberculosis Policy Package. 13. The major risks for the schistosomiasis component are that further prevalence reductions in areas of very low prevalence may be difficult to achieve, and the strategy of morbidity control through chemotherapy may require time to fully implement as it requires changes in control measures and staff practices and increased cooperation of the population in endemic areas. To counter these risks, MOPH and the project documents require provinces to adopt the revised strategy. The project includes a substantial operational research effort to improve technical approaches. Project design also increases attention to monitoring and surveillance. Health education programs are included in the project for specific risk groups such as farmers, fishermen, people living on boats, and school children to encourage their greater participation in chemotherapy. Use of the revised chemotherapy strategy to populations and areas subjected to floods will provide the best protection against new infection outbreaks and new areas of endemicity. 14. 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. Lewis T. Preston President Attachments Washington, D.C. November 21, 1991  Schedule A CHI INFECTIOUS AND ENDEMIC DISEASE CONTROL PROJECT ESTIMATED COSTS AND FINANCING PLAN Estimated Costs: Local Foreign Total ----------(US$ million)--------- TB Control Program 62.7 5.5 68.2 TB Institutional Strengthening 29.1 5.2 34.3 Schisto - Control Program 99.7 8.7 108.4 Schisto Institutional Strengthening 32.7 4.3 37.0 Central Proiect Sub-component 2.8 1.2 4.0 Base Costs 227.0 24.J 251.9 Physical Contingency 2.3 0.2 2.5 Price Contingency 15.6 1.1 16.6 Total Project Cost a/ 944.8 26.2 271.0 Financing Plan: Local Foreign Total ----------(US$ million)--------- Provincial Governments 138.7 0.5 139.2 Central Government 1.9 0.3 2.2 IDA 104.3 25.3 129.6 Total 244.8 26.2 271.0 * g/ Project-financed goods are exempt from import duties and taxes. Note: All values are rounded and totals may therefore not add exactly.  Schedule B Page 1 of 3 CHINA INFECTIOUS AND ENDEMIC DISL.SE CONTROL PRO.TECT PROCUREMENT AND DISBURSEMENTS (US? Million) Procurement Method Total Project Element ICB LCB OtherAl N.I.F. Cost Civil Works -- -- 10.0 10.0 (0.0) ( 0.0) Equipment and Vehicles 19.0 1.0 1.6 -- 21.6 (19.0) (1.0) (1.6) -- (21.6) Drugs 75.0 2.0 6.3 -- 83.3 (75.0) (2.0) (6.3) (83.3) Molluscicides 16.8 2.0 -- -- 18.8 (16.8) (2.0) (18.8) Health Education Materials -- -- -- 15.3 15.3 *- -- -- (0.0) (0.0) Other Materials -- -- -- 19.9 19.9 -- -- -. (0.0) (0.0) Technical Assistance -- -- 1.8 -- 1.8 (1.8) -- (1.8) Training -- -- 15.3 -- 15.3 -- -- (1.3) - (1.3) Operational Research -- -- 4.6 -- 4.6 (2.8) -- (2.8) Incremental Recurrent Costs -- -- -- 80.4 80.4 (0.0) (0.0) Total 110.8 5.0 29.6 125.6 271.0 (110.8) (5.0) (13.8) (0.0) (129.6) Note: Figures in parentheses are the respective amounts financed by IDA. N.I.F.: Not IDA-financed. Al Includes direct purchases, local shopping and consultant select5.on according so Bank Procurement Guidelines.  Schedule B Page 2 of 3 Disbursement Gstegtry AmourSt Expenditures To Be Finanged (US$ million) Eor tuberculosis control in partic_pating Dr_ovinces: Equipment, 56.0 100 percent of foreign vehicles, and expenditures and 100 percent of drugs _/ local expenditures (ex-factory) and 75 percent of local expenditures for these items pro- cured locally Technical assist- 0.7 100 percent ance and overseas training Operational 0.2 65 percent research studies For schistosomiasis control in RarticiRating grovinces: Equipment, 67.7 100 percent of foreign vehicles, drugs expenditures and 100 percent of and molluscicides local expenditures (ex-factory) and 75 percent of local expenditures for these i..ems pro- cured locally Technical assist- 0.7 100 percent ance and overseas training Operational 2.3 65 percent research studies For central groject components: Equipment, 0.7 100 percent of foreign vehicles and drugs expenditures and 100 percent of local expenditures (ex-factory) and 75 percent of local expenditures for these items pro- cured locally Technical assist- 1.3 100 percent ance, studies and overseas training Tota.l 129.fi  Schedule B Page 3 of 3 Estimated Disbursements IDA FY 1992 1993 1994 1995 1996 1997 1998 1999 --------(US$ million)--- Annual 3.9 19.4 31.1 31.1 15.6 15.6 10.4 2.6 Cumulative 3.9 23.3 54.4 85.5 101.1 116.6 127.0 129.6 Totals may not add due to rounding. a/ Retroactive financing of expenditures up to US$5 millior equivalent would be permitted for expenditures made after September 30, 1991 for goods and services procured in accordance with the Guidelines for Procurement and reviewed and agreed by IDA.  Schedule C CHIN INFECTIOUS AND ENDEMIC DISEASE GONTROL PROJECT TIMETABLE OF KEY PROJECT PROCESSING -:NS (a) Time taken to prepare the project: 9 months (b) Project prepared by: The Ministry of Public Health and 17 provincial health bureaus with the help of domestic consultants. (c) First Bank Mission: July 1990 (d) Appraisal Mission Departure: May 1991 (e) Negotiations: November 1991 (f) Planned Date of Effectiveness: March 1992 (g) List of relevant PCRs and PPARs: None  Schedute 0 Page 1 of 3 STATUS OF WANK GRCWP OPERATIONS IN THE PEOPLE#S REPUBLIC OF CHINA A. STATEMENT OF RANK LOANS AND IDA CREDITS (As of September 30, 1991) Loean/ Amnunt (USS million) Credit Bor- (net of cancellations) Nunter FY rower Purpose Sank IOA Undisb. (a) Thirteen loans and seventeen credits have been fully disbursed. 1245.94 958.9 Of WhA.h SECAL: 2967/1932 88 PRC Rurat Sector Ad,. 200.0 100.0 .._............ 1411 84 PRC Polytechnic/TV University 85.0 17.2 2382 84 PRC Lubuge Hydroelectric 141.4 - 10.3 1472 84 PRC Rural Health S Medical Educ. 85.0 5.4 2444/1500 84 PRC Agricultural Education it 45.3 (23.5)(b) 3.4 1516 85 PRC Agricultural Research II - 25.0 1.2 1551 85 PRC University Development II 145.0 11.4 2493 85 PRC Power II 117.0 - 8.s 2501 85 PRC Changeun (Luan) Coal Nining 79.5 - 42.6 1578 85 PRC Rurat Uater Supply 80.0 0.2 2540 85 PRC Railway II 220.0 * 84.5 1605 85 PRC Forestry Development - 47.3 6.4 2579/1606 85 PRC PiShiHang-Chaohu Area Vev. 17.0 (75.0)Cb) 0.8 2580 85 PRC Weiyuan Gas Field Technical 25.0 - 4.5 Assistance 2659/1663 86 PRC Industrial Credit III (CIB 111) 75.0 25.0 5.6 1664 86 PRC Technical Cooperation Credit II - 20.0 15.3 1671 86 PRC Provincial Universities - 120.0 12.4 2678/1680 86 PRC Third Railway 160.0 70.0 119.5 2689 86 PRC Tianjin Port 130.0 64.5 1689 86 PRC Freshwater Fisheries - 60.0 1.9 2706 86 PRC Beil utgang Thermal Power 225.0 - 42.3 2707 86 PRC Yantan Hydroelectric 52.0 15.9 2723/1713 86 PRC Rural Health & Preventive Med. 15.0 65.0 43.3 1733 87 PRC Red Soils - 40.0 0.8 2775 87 PRC Shuikou Hydroelectric 140.0 - 46.3 2783/1763 87 PRC Industriat Credit IV (CIB IV) 250.0 50.0 75.9 2784 87 PRC Shanghai Machine Tools 100.0 36.7 1764 87 PRC Xinjiang Agricultural Dev. - 70.0 24.3 2794/1779 87 PRC Shanghai Sewerage 45.0 100.0 95.6 2811/1792 8T PRC BeiJing-Tianjin-Tanggu Expressway 25.0 125.0 53.6 2812/1793 87 PRC Gansu Provincial Oev. 20.0 150.5 93.7 1835 87 PRC Ptaming Support & Special Studies - 20.7 14.5 2838 87 PRC Fertilizer Rationalization 97.4 - 24.2 2852 87 PRC Wujing Thermal Power 190.0 - 97.0 1871 88 PRC RuraL Credit III - 170.0 14.6 2877/1845 88 PRC 0uanpu Port 63.0 25.0 66.3 2907/1875 88 PRC Datien Port 71.0 25.0 50.0 1885 88 PRC Northern Irrigat'on - 103.0 49.6 2924/1887 88 PRC Coastal Lands Dev. 40.0 (60.0)(b) 26.8 1908 88 PRC Teacher Training 50.0 12.7 2943 88 PRC Pharmaceuticael 127.0 - 31.7 2951/1917 88 PRC Sichuan Highway 75.0 50.0 92.5 2952 88 PRC ShaanKi Highway 50.0 - 22.9 1918 88 PRC Dexing An Ling Forestry - 56.9 29.1 29S5 88 PRC Beilungang II 165.0 50.5 2958 88 PRC Phosphate Dev. 62.7 - 59.0 2968 88 PRC Raflway IV 200.0 116.1 1984 89 PRC Jiangxi Provincial Highway - 61.0 41.9 1997 89 PRC Shaani Agricultural Oev. - 106.0 88.6 2006 89 PRC Textbook Development - 57.0 4.2 2009 89 PRC Integrated Reg. Health - 52.0 43.1 3006 89 PRC Ningbo I Shanghai Ports 76.4 - 29.6  Schedule 0 Page 2 of 3 Loan/ Amount (US$ million) Credit Cor- (net of cancellations) Muwber FY rower Purpose Bank IDA Undlsb. (a) 3007 89 PRC Xiamen Port 36.0 - 31.5 3022 89 PRC Tianjin Light tndussry 154.0 - 124.2 3060/2014 89 PRC Inmer Nongolia Railway 70.0 80.0 125.4 2017 89 PRC Shandong Agri:ulture Dev. - 109.0 57.7 3066 89 PRC Hubei Phosphate 137.0 - 134.9 3073/2025 89 PRC Shandong Prov. Highway 60.0 50.0 94.9 3075 89 PRC Fifth tndustrila Credit 300.0 - 200.2 2091 90 PRC N.China Earthquake Reconstr. - 30.0 4.8 2097 90 PRC Jiangxi Agric. Dev. 60.0 54.7 2114 90 PRC Vocational & Tech. Educ. - 50.0 40.3 2145 90 PRC National Afforestation 300.0 265.1 2159 90 PRC Hebei Agricultural Dev. - 150.0 114.6 2172 91 PRC Nid-Yangtze Agricultural Dev. - 64.0 54.2 3265/2182 91 PRC Rurat Credit IV 75.0 200.0 230.2 3274/2186 91 PRC Rural Indust Tech (SPARK) 50.0 64.3 110.8 3286/2201 91 PRC Nediun-Sized Cities Dev. 79.4 89.0 153.1 3288 91 PRC Shanghai Industrial Dev. (c) 150.0 - 150.0 2210 91 PRC Key Studies Development - 131.2 124.3 2219 91 PRC Liaoning Urban Infrastructure - 77.8 67.4 3316/2226 91 PRC Jiangsu Pro*l. Transport 100.0 53.6 141.4 2242 91 PRC Rmnan Agricul. Dev. - 110.0 104.6 3337/2256 91 PRC Irrig. Agricul. Intensif. 147.1 187.9 336.2 3387 92 PRC Ertan Hydroelectric 380.0 380.0 2294 92 PRC Tarim Basin tc) - 125.0 127.6 2296 92 PRC Shanghai Metro Transport Cc) - 60.0 60.4 3406 92 PRC Railways V (c) 330.0 330.0 Total 6,414.1 5,090.1 5,527.1 of which has been repaid 375.7 0.0 Total now held by Bank and IDA 6,038.5 5,090.1 Amount sold: Of which repaid Total Undisbursed 3,217.6 2,309.5 5,527.1 (a) As credits are denominated in SDRe (sinrce IDA Replenishment VI), urdisbursed SDt 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 amouit expressed in dollars. (b) Credit fully disbursed. (c) Not yet effective.  Schedule 0 Page 3 of 3 B. STATEMENT OF IFC INVESTMENTS (As of September 30, 1991) Invest- Type of Loan Equity Total ment No. FY Borrower Susiness -.--.tUSS Million) ....... 813 85 Guangzhou and Peugeot Automobile 15.0 4.5 19.5 974 87 China tnvestment Co. Investment 3.0 0.0 3.0 1020 87 Shenzhen China 8icycle 5.0 - 5.0 Sicycles Co. Ltd. Manufacture 1066 88 Crown Electronics Electronics 15.0 15.0 1119 89 Shenzhen Chronar Solar Solar (a) 2.0 1.0 3.0 Energy Energy TotaL Gross Comnitments 40.0 5.5 45.5 Less cancellations, terminations 2.0 - 2.0 repayment and sales Total Commitments now Held by IFC 38.0 5.5 43.5 Total Undisbursed 0.0 - 0.0 (a) Loan subsequently cancelted.