Announcement of China Jiangsu Provincial Transport Project on April 11, 1991

FOR IMMEDIATE RELEASE 'World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. * Telephone: (202) 477-1234 e AN NEWS RELEASE NO. 91/67 Contact: Pastor Sison IR NEWS RELEASE NO. 91/66 Tel: (202) 458-0344 CHINA: JIANGSU PROVINCIAL TRANSPORT PROJECT The following is additional information on a project announced in the latest issue of World Bank News. DATE: April 11, 1991 WORLD BANK GROUP SUPPORT: World Bank loan: $100 million; International Development Association (IDA) credit: SDR 38.5 million ($53.6 million). The World Bank loan is for 20 years, including five years of grace, with a variable interest rate, currently 7.73 percent, linked to the cost of the Bank's borrowings. It also carries an annual commitment charge of 0.25 percent on the undisbursed balance. The IDA credit is for 35 years, including 10 years of grace; it carries no interest but has an annual charge of 0.75 percent on the disbursed balance and a variable charge of up to 0.5 percent (currently zero percent) on the undisbursed balance. TOTAL COST: $312.8 million OTHER FINANCING: Provincial government, $159.2 million IMPLEMENTING AGENCY: Jiangsu Provincial Communications Department ESTIMATED COMPLETION DATE: 1996 PROJECT DESCRIPTION: The objectives of the Jiangsu Provincial Transport Project are, in the short-term, to mitigate the most serious constraints on the province's economy and the economies of its neighbors, posed by inadequate transport structure and, in the long-term, to upgrade the planning, budgeting, and implementation of transport works and to develop more efficient construction entities. A large technical assistance component has been designed to enable provincial transport staff to implement this project and achieve its long-term institutional objectives. The project includes: (a) a three-phase slice of the Jiangsu provincial road network rehabilitation program; (b) rehabilitation of the Nanjing-Shanghai corridor road; (c) rehabilitation of the Danyang section of the Grand Canal; (d) construction of a new shiplock at Nantong and an adjacent bridge at Jiuweigang; (e) consulting services to train Jiangsu Provincial Communications Department (JPCD) staff in the supervision and quality control of civil works included in the project; (f) assistance to JPCD in devising an immediate and long-term plan of action to develop independent construction units; and (g) technical assistance and staff for evaluating existing road pavements and preparing a pavement strengthening and maintenance program.