China - Ertan Hydroelectric Project

r,~~~~~~~~~o - t J D_ 0f~~~~~~~~~~~ T,ne World B FOR O mCLAL USE ONLY RqstN P-5278-CHA ?MEXMORANDUK AND RECOMMNDTION * = OF HE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE MEOECTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMUNT EQUIVALENT TO US$380 MILLION TO THE ?EOPLE'S REPUBLIC OF CHIPA. PO-. THE ERTAN HYDROELECTRIC PROJECT Jwpe 11, 1991 -0- J 1 amyt .~~~w .flo ..t .o toto a n.wl eddse hotWMB&atani  CURRENCY EQUIVALENTS (As of April 1991) Currency - Yuan (Y) $1.00 Y 5.24 Y 1.00 = $0.19 Y 1.00 - 100 fen FISCAL YEAR January 1 to December 31 WEIGHTS AND MEASURES 1 Kilometer (km) = 0.62 miles 1 Gigawatt hour (GWh) - 1 million kilowatt hours (kWh) 1 Terawatt hour (TWh) = 1 billion kWh 1 Megawatt (MW) - 1 thousand kW 1 Kilovolt (kY) = 1 thousand volts I Ton 1 thousand kilograms (kg) GLOSSARY AND ABBUEVIATIONS CHIDI - Chengdu Hydro Investigation and Design Institute EHDC - Ertan Hydroelectric Development Corporation ETIC _ Energy and Transport Investment Corporation (Sichuan Province) GOC - Government of China MOE - Ministry of Energy SBC - Special Board of Consultants SEIC - State Energy Investment Corporation SCEPA - Sichuan Electric Power Administration TCC - Technical Cooperation Credit  CHINA FOR OFFICIAL U9E ONLY ERTAN HYDROELECTRIC PROJECT Loan and Project Summarl Borrowers People's Republic of China Beneficiarys Ertan Hydroelectric Development Corporation (EHDC) Amount: $380 mllion equivalent Terms: Twenty years, including a nine-year grace period, at the Bank's standard variable interest rate. Onlending Terms: The proceeds of the loan would be onlent from the Government through Sichuan Province to EHDC under subsidiary loan agreements, with a 20-year term, including nine years grace, and the Bank's standard variable interest rate. EHDC will bear the foreign exchange risk and commitment charges. Financing Plan: Lecal Foreign Total ------------ $ million ---------- IBRD loan - 380.0 380.0 IDA (TCC) 1l 3*3 3.3 US Exim Bank Credit - 30.0 30.0 Norwegian Grant - 5.0 5.0 Government (through SEIC) 666.0 129.4 795.4 Sichuan Province (through ETIC) 666.0 129.4 795.4 Other Financing (including possible second Bank loan) - 478.0 478.0 Total 1,332.0 1,155.1 2,487.1 Economic Rate of Return: 15 percent Staff Appraisal Report: Report No. 8470-CHA MAPS: . Ertan Hydroelectric Project (IBRD 21308R) Resettlement Plan (IBRD 22093R1) I/ Credit 1664-CHA. This document has a restricted distribution and may be used by recipients only in the lerforma Ae of their official duties. Its contents may not otherwise be disclosed without World Bank '*F 'zatior.  MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATI1NAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE PEOPLE'S REPUBLIC OF CHINA FOR THE ERTAN HYDROELECTRIC PROJECT 1. The following memorandum and recommendation on a proposed loan to the People's Republic of China to help finance the Ertan Hydroelectric Protect is submitted for approval. The loan for $380 million would have a term of 20 years, including nine years of grace, at the Bank's standard variable interest rate. 2. Background. The shortage of electricity has become a major con- straint to China's economic growth and improving the living standards of the population. For example, in the project's area, customer demand exceeds the available electricity supply by about 20 percent, and this shortage is likely to continue until the end of this decade. The Government of China (GOC) has given high priority to electric power and its strategy is to accelerate the pace of hydropower development, construct large-scale and high efficiency coal-fired thermal power plants, interconnect power systems through extens4on of transmission networks, and replace obsolete generating plante. These -sea- sures will improve energy efficiency and conservation. Moreover, the conser- vation effect, fuel diversification and better scale of plants (which can support more effective combustion controls) will all alleviate the environmen- tal impact of electric power growth. 3. To strengthen the institutions in the power industry, GOC has initi- ated a number of actions to introduce modern energy technologies and methods, increase the autonomy of power supply entities, and rationalize power pricing policy. Particularly, GOC's 'new plant, new price, policy guarantees debt servicing for power investments with the result that by mid-1990s the average price of electricity will exceec thb long-run marginal cost of power genera- tion. In the meantime, the problems associated with the existing dual price system (state allocation prices and free market prices) and the antiquated structure of tariffs, which do not always reflect the differences in cost of service due to time of use and distribution at various voltage levels, would be eliminated. Under a number of previous Bank projects and with the assis- tance of Bank staff, the Chinese have done considerable work to evaluate the economic costs of electric power with a view to refining the ongoing reform of the overall tariff level and structure. 4. Rationale for Bank's Involvement. The Bank's strategy in the energy sector, and specifically the electric power subsector, is to support national energy development and technology transfer, energy efficiency and conserva- tion, and improved environmental management. Through both project and sector work, the Bank seeks to encourage policies which provide appropriate incen- tives for sustainable energy development and efficiency of use. The Bank also seeks to promote modern management, and greater enterprise autonomy and accountability. 5. The Bank is already closely associated with the formulation of the Five-Year Plan for the power subsector in Sichuan Province through work under  -2- the Planning Support and Special Studies Project (Credit 1835-CHA), which will be completed in September 1991. Bank participation in the large and complex Ertdn Hydroelectric Project, with a number of unique technical features, will particularly contribute to the optimal development and use of hydropower resources in China; it also will support needed fuel diversification and the related reduction of atmospheric pollution. The project will encourage devel- opment of an efficient power system and modern utility management; it will contribute to the introduction of state-of-the art power system planning, transfer of modern technologies and application of advanced construction meth- ods, and extension of technical assistance and staff trainl.ng. 6. Institution building will be another major objective for Bank's participation in this project as the beneficiary, Ertan Hydroelectric Develop- ment Corporation (EHDC), needs assistance in setting up its organization and developing operational/financial capabilities. The Bank has been instrumental in directing the Government's attention to the need for a sound capital struc- ture of EHDC, a newly created entity specialized in development of hydroelec- tric resources. The Bank's support also has impacts beyond the project itself, such as the promotion of economic power pricing in Sichuan. An action plan for power pricing in Sichuan will be implemented under the project. This plan also includes for the first time in China the formulation of specific power tariffs in a system with a predominance of hydroelectric generation. The Bank's contribution, during project preparation and design, included sup- port for a Special Board of Consultants (SBC), comprising international experts, and technical advice on reducing project cost and construction lead time. 7. Proiect Obiectives. The main objectives of the proposed project are tos (i) provide additional generation capacity to the power system in Sichuan Province (3,300 HW and 17 Thh a year) to eliminate acute power shortages in an environmentally and economically sound manner; (ii) assist in transferring modern technologies and in introducing efficient dam construction methods to reduce the prevailing long gestation periods of hydropower projects; (iii) contribute to further improvements in the analysis of environmental and ecological impacts of hydroelectric resource development; (iv) enhance insti- tutional development of EHDC by strengthening its organization through modern management training and introducing principles of economic efficiency and pricing; and (v) provide technical assistance in project design and implemen- tation, and for the promotion of optimal operation of the power system, pru- dent financial management, and manpower development. 8. Project Description. The proposed project would include# fi) pre- paratory works; (ii) construction of a parabolic, double-curvature aLAn dam (240 m high) across the Yalong river together with an underground powerhouse complex, a log conveyance syscem, and appurtenant works and structures; (iii) provision and installation of six 550-MW generating units and associated equipment; (iv) resettlement of about 30,000 people; (v) development of an environmental management program and science station; (vi) construction man- agement and engineering services; (vii) studies of power pricing and optimiza- tion of plant and reservoir operation, and preparation of future projects; and (viii) strengthening EHDC's organization, technical assistance and staff training, together with related equipment and accessories. The project feasi- bility study and design reports were prepared by one of the most experienced Chinese hydroelectric investigation and design institutes, Chengdu Hydro  -3- Investigsation and Design Institute (CHIDI), in 1984. In addition to the review and approval by the Chinese authorities, these documents were also reviewed in 1986 by SBC, which confirmed that the design of the project met the highest standards and was entirely satisfactory in its overall concept. 9. A comprehensive eavironmental impact assessment and a detailed resettlement program have been prepared by the Chinese in accordance with long-standing GOC environmental procedures for hydro projects. They have been reviewed by the Bank and consultants and were found fully satisfactory. Expe- rienced foreign engineering consultants (financed under TCC) assisted in the prequalification of contractors and the preparation of bidding documents for main civil works. The prequalification and procurement of the main civil works have been carried out in accordance with the Bank's procurement guide- lines. Five out of six prequalified international joint ventures had submit- ted their bids, which were opened in public on October 25, 1989. Bid evalua- tion was carried out by EHDC and its consultants, and the signing of the contracts with the lowest evaluated responsive bidders is expected to take place in July 1991. A number of contracts for preparatory works have been awarded following local competitive bidding procedures acceptable to the Bank. These works are expected to be completed by September 1991, when the main civil works contractors are scheduled to move to the project site. 10. Proiect Cost and Financing. The total cost of the project is esti- mated at $1,885.5 million equivalent, with a foreign exchange component of $896.4 million (48 percent). Total financial requirements, including interest during construction, amount to $2,487.1 million. GOC has requested Bank financing of the proposed project in two phases as in the case of the Shuikou Hydroelectric Project (Loan 2775-CHA). The proposed loan would help finance the first phase of project construction (1991 to mid-1995). GOC has also requested that the second phase of the project would be included in the Bank's proposed pipeline of future projects. The phased financing approach for this very large project, with nine-year implementation period, would avoid tying up financial resources which could be used for other projects with more immediate needs. The overall project completion date would be September 30, 2000, but the closing date of this proposed loan would be December 31, 1996. Retroac- tive financing in an aggregate amount of $38 million would be provided under the loan to cover payments made for expenditures incurred before the date of loan, but after September 1, 1990. The US Exim Bar made a commitment in the amount of $O million, and Norway offered a grant of $5 million equivalent, to cofinance engineering services of the project. Even if the second Bank loan fails to materialize, the Bank would assist EHDC in seeking financing for the second phase of the project. 11. The beneficiary would not have internal cash generation until after commissioning the first generating units in 1998. The project circumstances therefore justify the extension of the loan grace period from five years, which is the standard period for China, to nine years and the substitution of level repayments of principal for annuity payments. A detailed breakdown of costs and the financing plan are shown in Schedule A. The amounts and methods of procurement and the disbursement schedule are shown in Schedule B. A time- table of key project processing events and the status of Bank Group operations in China are given in Schedules C and D, respectively. Maps are also attached. The Staff Appraisal Report, No. 8470-CRA, dated June 11, 1991, is being distributed separately.  - 4 - 12. Agreed Actions. Assurances were obtained from GOC that it would: (i) onlend the proceeds of the loan through Sichuan Province to ENDC on the same terms as the Bank loant (ii) enable the Sichuan Electric Power Adminis- tration (SCEPA) to enter into the contract with EHDC for the bulk sale of project's output based on principles that would allow for EHDC's financial viability and maximize the economic value of the energy output; (iii) make Jr cause to be made arrangements satisfactory to the Bank for securing the com- pletion of the transmission network connecting the project to the Sichuan power system; (iv) carry out a resettlement program satisfactory to the Bank; (v) provide the necessary equity to allow EHDC to achieve the agreed debtl equity ratio; and (vi) provide the funding for any cost overruns under the project. 13. Assurances also were obtained from EHDC that it would: (i) enter into the sales contract with SCEPA not later than June 30, 1996 in accordance with principles satisfactory to the Bank; (ii) maintain during the project implementation period the project management unit with such responsibilities, resources, and staff as shall be satisfactory to the Bank; (iii) employ SBC to assist in resolving particular project problems and in verifying proposed solutions and specific designs: (iv) employ prior to the contract award for the main civil works consulta .s for construction management whose qualifica- tions, experience, and terms and conditions of emplcyment shall be satisfac- tory to the Bank; (v) regularly inspect project hydroworks and facilities, including the dam, in accordance with sound engineiering practices; (vi) carry out studies of power pricing and optimal power plant and reservoir operation in accordance with the terms of reference and timing acceptable to the Bank; (vii) implement managenent development and staff training programs in accor- dance with the timetable agreed with the Bank; (v`ii) carry out an environmen- tal management program satisfactory to the Bank; ix) take all measures, including but not limited to tariff adjustment. o ensure that its internal cash generation is sufficient to maintain a se_ $inancing ratio of no less than 20 percent in 1999, 25 percent in 2000, anu 35 percent thereafter; (x) maintain a debt service coverage ratio of no less than 1.3 times in 1999, and no less than 1.5 timfes thereafter; and (xi) .:sintain a debt/equity ratio of no more than 82/18 from 1991-97, 80/20 in 1998/99, and 70/30 thereafter. 14. ProJect Benefits. This very large project, based on renewable, nonpolluting and cost effective hydropower, will greatly increase the generat- ing capability of the Sichuan power system. Accordlng to the economic analy- sis, the project is about 40 percent less costly than its best hydro/thermal alternative in meeting future power demand. Use of hydropower instead of thermal power would avoid burning some 10 million tons of raw coal a year, the mining and utilization of which would have severe adverse impact on the envi- ronment. The development of the project will also enhance industrial and agricultural production in its nearby undeveloped areas. Furthermore, the project will address the subsector's institutional development, system opera- tions, and management and staffing. The internal economic rate of return, based on the covenanted tariff, is estimated at 15 percent. However, if this rate of return is based on the willingness to pay, it would increase to 18 percent. 15. Risks. Constructioi risks are within reasonable limits and should be manageable with the continuous supervision arrangements, involving foreign and Chinese consultants. Consultants are already involved in reviewing possi-  -5- ble physical risks and proposing means ar.d procedures for their avoidance and mitigation. To minimize potential risks associated with implementation of the resettlement program, assurances were obtained from the Government to ensure the availability of sufficient funds and to establish and maintain effective resettlement management during implementation. No major environmental prob- lems are expected under this project and the implementation of the proposed environmental management program (including a monitoring process) should enhance the environmental quality in the project area. 16. Recommendations. I am satisfied that the proposed loan would comply with the articles of Agreement of the Bank and recommend that the Executive Directors approve the proposed loan. Barber B. Conable President Attachments Washington. D.C. June 11, 1991  - 6- Bchtdule A CHINA ERTAN HYDROZLECTRhU PROJECT Estimated Costs and Financing Plan (S million) Local Foreign Total Estimated Costs Preparatory works 102.4 0.0 102.4 Resettlement 82.3 0.0 82.3 Land acquisition 7.1 0.0 7.1 Arch dam (lot no. 1) 217.8 284.3 502.2 Powerhouse (lot no. 2) 159.8 212.4 372.3 E&M equipment 54.A 139.9 194.5 Transformers 15.3 1.8 17.1 Gateslhoists, etc. 38.8 7.0 45.8 Contract administration 26.8 2.1 28.9 Engineering and technical assistance 25.5 17.3 42.8 Training 0.6 0.8 1.4 Environmental protection 1.6 0.3 1.9 Studies 0.6 1.1 1.6 Base Cost (early-1991 prices) 733.1 667.0 1,400.1 Contingencies Physical 80.8 83.2 164.0 Price 107.9 120.8 228.7 Taxes and duties 67.3 25.5 92.8 Total Proiect Cost 989.1 896.4 1,885.5 Interest during construction 342.9 258.7 601.6 Total Financing Required 1,332.0 1,155.1 2,487.1 Proiect Financing Plan IBRD loan - 380.0 380.0 IDA TCC - 3.3 3.3 US Exim Bank Credit - 30.0 30.0 Norwegian Grant - 5.0 5.0 GOC (through SEIC) 666.0 129.4 795.4 Sichuan Province (through ETIC) 666.0 129.4 795.4 Other Financing (including possible second Bank loan) - 478.0 478.0 Total 1,332.0 1,155.1 2,487.1  Schedule B Page 1 of 2 CHINA ERTAN HYDROELECTRIC PROJECT Procurement Method and Disbursements ($ million) Procurement Procurement method Project cost Item ICB LCB Other N/A Phase 1 Total Preparatoty works - 106.2 - 106.2 106.2 Resettlement - - 104.1 - 94.8 104.1 Land acquisition - - 7.1 - 7.1 7.1 Arch dam (lot 1) 681.7 - - - 356.1 681.7 (155.0) (155.0) Powerhouse (lot 2) 530.4 - - - 393.7 530.4 (180.0) - - - (180.0) K&H equipment 275.5 - - - 53.0 275.5 (30.0) (30.0) Transformers - 23.4 - - 3.0 23.4 Gates/hoists/cranes 8.0 52.6 1.0 - 10.8 61.5 (1.3) (0.7) (2.0) Contract admin. - - - 37.4 16.8 37.4 (1.0) (1.0) Engineering and - - 51.9 - 18.9 51.9 tech. assistance (11.0) (11.0) Training - - - 1.7 1.0 1.7 (0.5) (0.5) Environment - - - 2.4 1.5 2.4 (0.2) (0.2) Studies - - - 2.2 0.6 2.2 (0.3) (0.3) Total 1,495.6 182.2 164.1 43.6 1,063.5 1,885.5 (366.3) (11.7) (2.0) (380.0) Notes Figures in parentheses are the respective amounts financed by the pro- posed Bank Loan.  - 8 - Schedule S Page 2 of 2 Disbursements ($ million) Amount of the loan Percentage of expenditures Category to be allocated to be financed (1) Civil Wocks 300.00 100X of foreign expenditures (2) Goods 30.00 10OZ of foreign expenditures, 1002 of local expenditures (ex-factory) (3) Consultants Services & Training 12.00 1002 (4) Unallocated 38.00 Total 380.00 Estimated IBRD Disbursements IBRD 7Y: 1992 1993 1994 1995 ---------------------- million ---------------------- Annual 110.0 103.0 73.0 94.0 cumulative 110.0 213.0 286.0 380.0  . 9 - Schedule C CHINA ERTAN HYDROELECTRIC PROJECT Timetable and Key Prolect Processing Events (a) Time taken to preparet Three years (b) Prepared bys GOC and EHDC with Bank assistance (c) First Bank missiont June 1986 (d) Appraisal mission departuret becember 1989 (e) Negotiations* March 1991 (f) Planned Date of Effectivenesss October 1991 (g) List of relevant PCRs and PPARs: none  10 - Schedule D Page 1 of 4 STATUS OF BANK GROUP OPERATIONS IN THE PEOPLE'S REPUBLIC OF CHINA A. STATEMENT OF BANK LOANS AND IDA CREDITS (As of lMrch 31, 1991) Loan/ Amount (US$ million) Credit Bor- (net of cancellations) Number FY rower Purpose Dank IDA Undisb. (a) Eight loans and twelve credits have been fully disbursed. 714.7 633.9 - Of which SECAL: 2967/1932 88 PRC Rural Sector AdJ. 200.0 100.0 - ....... ................ 2252 83 PRC Petroleum II (Zhongyuan-Wonliu) 100.8 - 4.3 1411 84 PRC Polytechnic/TV University 85.0 17.1 1417 84 PRC Rubber Development 100.0 0.5 2382 84 PRC Lubuse Hydroelectric 141.4 - 20.3 2394 84 PRC Railway 220.0 - 0.8 1472 84 PRC Rural Health & Medical Educ. - 85.0 9.5 2426 84 PRC Petroleum III (Karmay) 92.5 - 4.2 2444/1500 84 PRC Agricultural Etducation II 45.3 (23.5)(b) 5.9 1516 85 PRC Agricultural Research II 25.0 4.7 1551 85 PRC University Development II 145.0 14.1 2493 85 PRC Power II 117.0 12.8 2501 85 PRC Changcun (tUan) Coal Mining 79.5 - 49.4 1578 85 PRC Rural Water Supply 80.0 1.9 2539/1594 85 PRC Highway 1 31.6 (30.0)(b) 2.0 2540 85 PRC Railway II 235.0 113.4 2541 85 PRC FertiliZr Rehab. 6 97.0 0.7 Energy Saving 1605 85 PRC Forestry Development - 47.3 6.9 2579/1606 85 PRC P1ShilHang-Chaohu Area Dev. 17.0 75.0 5.5 2580 63 PRC vWiyuan Ga Field TeChniCal 25.0 - 7.6 Assistance 1642 86 PRC Rural Credit II 90.0 1.1 2659/1663 86 P1C Industrial Credit III (CID III) 75.0 25.0 9.6 1664 86 PlC rechniCl Cooperation Credit II 20.0 16.8 i671 86 PRC Provincial Universities - 120.0 14.1 2678/1680 86 PRC Third Railway 160.0 70.0 127.0 2689 86 PRC Tianjin Port 130.0 - 70.9 1689 86 PRC Freshwater Fisheries * 60.0 1.9 2706 86 P1C Bellungeng Thermal Power 225.0 47.0 2707 86 PRC Yantan Hydroelectric 52.0 * 16.7 272341713 86 PRC Rural Health & Preventive Med. 15.0 65.0 47.6 1733 87 PRC Red Soils * 40.0 0.8 2775 87 PMc Shuikou Hydroelectric 140.0 - 53.8 2783/1763 87 PIC Industrial Credit IV (CID IV) 250.0 50.0 79.4 2784 87 PIC Shanghai Machine Tools 100.0 - 51.0 1764 87 PlC linjiang Agricultural Dev. - 70.0 28.7  - 11 - Schedule D Page 2 of 4 Loan/ - Amount (Us$ million) Cradit Bor- (not of cancellations) Number FY rower Purpose Bank IDA Undisb. (a) 2794/1779 87 PRC Shanghai Sewerage 4S.0 100.0 105.4 2811/1792 87 PRC Beijing-Tianjin-Tan&gu Expressway 25.0 125.0 67.2 2812/1793 87 PRC Gansu Provincial Dev. 20.0 150.5 104.0 1835 87 PRC Planning Support & Special Studies - 20.7 16.4 2838 87 PRC Fertilizer Rationaltzation 97.4 - 42.8 2852 87 PRC Wujing Thermal Power 190.0 - 100.8 1871 88 PMC Rural Credit III - 170.0 14.5 2877/1845 88 PRC Huanspu Port 63.0 25.0 69.4 2907/1875 88 PRC Dalian Port 71.0 25.0 65.9 1885 88 PRC Northern Irrigation - 103.0 55.2 2924/1887 88 PRC Coastal Lands Dev. 40.0 60.0 36.7 1908 88 PRC Teacher Training 50.0 26.1. 2943 88 PRC Pharmaceuticals 127.0 - 49.7 2951/1917 88 PRC Sichuan Highway 75.0 50.0 108.5 2952 88 PRC Shaanxi Highway 50.0 - 30.3 1918 88 PRC Daxing An Ling Forestry 56.9 35.1 2955 88 PRC Beilungang II 165.0 - 79.8 2958 88 PRC Phosphate Dev. 62.7 - 61.1 2968 88 PRC Railway IV 200.0 - 120.8 1984 89 PRC Jiangxi Provincial Highway - 61.0 45.3 1997 89 PRC Shsanxi Agricultural Dev. 106.0 95.8 2006 89 PRC Textbook Development 57.0 16.3 2009 89 PRC Integrated Reg. Health - 52.0 46.1 3006 89 PRC Ningbo & Shanghai Ports 76.4 38.9 3007 89 PRC Xiamen Port 36.0 - 32.1 3022 89 PRC Tianjin Light Industry 154.0 - 134.8 3060/2014 89 PRC Inner Mongolia Railway 70.0. 80.0 144.1 2017 89 PRC ShuAdong Agriculture Dev. - 109.0 66.4 3066 89 PRC Hubsi Phosphate 137.0 * 136.0 3073/2025 89 PlC Shandong Prov. Highway 30.0 50.0 96.0 3075 89 PRC Fifth Industrlal Credit 300.0 - 209.0 2091 90 PRC N.China Earthquake Reconstr. - 30.0 9.1 2097 90 PRC Jiangxi Agric. Dev. - 60.0 55.2 2114 90 PlC Vocational & Tech. Educ. - 50.0 48.3 2145 90 PRC National Afforestation 300.0 285.5  - 12 - Schedule D Page 3 of 4 Loan/ Amount (USS million) Credit Bor- (net of cancellations) Number FY rower P%.rpose Bank IDA Undisb. (a) 2159 90 PRC Hebei Agricultural Dev. 150.0 136.3 2172 91 PRC Kid-Yangtze Agricultural Dev. 64.0 61.8 3265/2182 91 PRC Rural Credit IV 75.0 200.0 269.3 3274/2186 91 PRC Rural Indust Tech (SPARK) (c) 50.0 64.3 111.0 3286/2201 91 PRC Medium-Sized Cities Dev. (c) 79.4 89.0 163.5 3288 91 PRC Shanghai Industrial Dev. (c) 150.0 - 150.0 2210 91 PRC Key Studies Development (c) - 131.2 125.6 2219 91 PRC Liaoning Urban Infrastructure (c) 77.8 73.3 Total 5,482.7 4,553.6 4,587.7 of which has been repaid 322.1 0.0 Total now held by Bank and IDA 5,160.6 4,553.6 Amount sold: Of which repaid - - Total Undisbursed 2,521.5 2,066.1 4,587.7 (a) As credits are denomiated 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. (b) Credit fully disbursed. (c) Not yet effective.  - 13 - Sce dule D Page 4 of 4 B. STATSDMES OF SPC INVSTENTs (As of March 31, 1991) Invest- Type of Loan Equlty Total Ment No. F Y Borrower Business -- -- (USS Million) 813 85 Guangahou and Peugeot Automobile 15.0 3.2 18.2 974 8? Chlna Investment Co. Investment 3.0 0.0 3.0 1020 87 Shonxhen Chlna BLcyele 5.0 - 5.0 Blcyely Co. Ltd. Manufacture 1066 88 Crown glectronLcs ElectronLcs 15.0 - 25.0 1119 89 8henamhn Chronar solar solar (a) 2.0 1.0 3.0 Enrg E nergy Total Gross Commitments 40.0 4.3 44.3 Less cancellatLons, termLnations 5.5 - SS repayment and sales Total Conitments now Held by 11C 34.5 4.3 38.8 Total Undisbursed 2.0 - 2.0 (a) Loan subsequetly cancelled. 4/22/91 A83C0  BRD 22093R1 I - - ~~~~C H I N A 15 To