China - Second Shuikou Hydroelectric Project

AsV 4" _rf Document of The World Bank FOR OFICIAL USE ONLY MI (IROF' I CHE CO )PY Rep,ort No. :J- 5709 KC.) Tvpe: (I'M) Tltle: PUBLIC HOSPITAL, MODERNIZAT'JON Report No. P-5792CH Autho- r: DE GEYNU3T, W. Ext. 851ou!9 RooIn: E9 (:31 L)ept. :ASTpHi EKMORINUM ANiD RECOMENDATION OF THE PRESIDENT OF THE NfTERTIONAL BANK FOR RECONSTRUCTION AN D DEVEWLOPET TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN M AMIUNT EQUIVALENT TO $100 MThLION TO THE PEOPLE'S REPUBLIC OF CHIA FOR THE SECOND SHOU OIYDROELECTRIC PROJECT August 10, 1992 This document has a restricted distribution and may be used by recipients only In the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY _OUIVALENTS (as of January 31, 1992) Currency Unit = Yuan (Y) Y 1.00 = $0.18 $1.00 - Y 5.43 WEIGHTS AND MEASURES 1 Kilometer - 0.62 miles 1 Gigawatt hour (GWh) = 1 million kilowatt hours (kWh) ABBREVIATIONS AND ACRONYMS ECIDI - East China Investigation and Design Institute FPEPP - Fujian Provincial Electric Power Bureau GOc - Government of China IER - Independent Evaluation of Resettlement NmE - Morrison Knudsen Engineering Company NOE - Ministry of Energy SCRDA - Supervisory Control and Data Acquisition System SEIC - State Energy Investment Corporation SHPC - Shuikou Hydroelectric Power Corporation FISCAL YEAR January 1 - December 31  FOR OMCIAL USE ONLY CHTNA SECOND SHUIKOU HYDROELECTRIC PROJECT Loan and Proiect Summary Borrowers People's Republic of China Beneficiary: Fujian Provincial Electric Power Bureau (FPEPE) Amount: $100 million equivalent Terms: Twenty years, including five years of grace, at the Bank's standard variable interest rate, with level principal repayments. Onlendinc Terms: The proceeds of the loan would be onlent from the Borrower to FPEPB under subsidiary loan agreement, with a 20-year term, including five years, grace and at the Bank's stan- dard variable interest rate. FPEPB will bear the foreign exchange risk and commitment charges. Financina Plan: Local Foreian Total - $ million -- SEIC Loan 195.3 25.7 221.0 IBED 100.0 TOTAL 19.5- 3 2aa 0 Economic Rate of Return: 19 percent Staff Aforaisal Report: Report No. 10610-CHA *MHac: IBRD No. 23596R This document has a restricted distribution and may be used by recipients only in the performanc of the:; official duties. Its contents may not otherwise be disclosed without World Bank authorizati r..  MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INIERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO CHINA DOR THE SECOND SHUXKOU HYDROELECTRIC PROJECT 1. I submit for your approval the following memorandum and recommenda- * tion on a proposed loan to China for the equivalent of $100 million to help finance the Second Shuikou Hydroelectric Project. The loan would be at the Bank's standard variable interest rate, with a maturity of 20 years, including * five years of grace, with level principal repayments. The proceeds of the loan would be onlent to Fujian Provincial Electric Power Bureau (FPEPB) for 20 years, including five years of grace, at the Bank's standard variable interest rate, with level principal repayments. FPEPB will bear the foreign exchange risk and commitment charges. 2. Background. The project is located in Fujian Province, which has experienced high growth in industrial output and energy consumption since the development of special economic zones open to foreign investments including Xiamen. Power outages were endemic until 1989/90, when s4swvral large power plants were commissioned, and a temporary slowdown in economic growth allowed supply to catch up with demand. But demand regained strength in 1991 and remains under tight control. GOC has put a high priority on power development and its strategy is to: (a) accelerate the harnessing of hydropower; (b) increase coal-fired generation at minemouths, ports and load centers; (c) replace obsolete plants with larger, more efficient and less polluting units; and (d) strengthen power grid integration. Sector efficiency is also being enhanced through industrial energy conservation, power pricing improvements and adoption of modern methods in project design, system planning, environmen- tal impact mitigation and utility management. 3. Lessons Learned. Lessons learned from the previous power projects in China have been taken into account in preparing the proposed project. In particular the early problems encountered in implementation of the first phase project have been overcome by strengthening project management; increasing consultant support in critical areas; clearly defining authority and responsi- bility of owner, engineer and contractor; ensuring adequacy of resettlement budgets; strengthening environmental management and providing for an indepen- dent evaluation of resettlement. 4. Rationale for Bank Involvement. The Bank's involvement in the Shuikou Hydroelectric Scheme dates from its inception in 1987. In view of the long gestation period of the project, the Bank approved a loan (Loan 2775-CHA) covering the initial implementation period and agreed to consider a second loan covering the later years of implementation. The first loan has served to support the introduction of modern planning, procurement and construction methods, and the enhancement of environmental and resettlement policies. Achievements to date include: relocation of the railway and other infrastruc- ture; completion of excavation and placing about 75 percent of dam concrete; commencement of powerhouse equipment erection; and resettlement of about 57,000 people. Construction is currently on schedule.. Studies dealing with optimal mixed system operation, power system planning, and automated control of the power grid, have also been largely completed.  -2- 5. Prolect Objectives. The proposed second 1 would help finance the completion of the ongoing Shuikou Hydroelectric Schenm thus furthering the objectives of the first phase. In addition the project. would promotes (a) modern power system technology by financing an automated grid control system; (b) power price reform through an action plan covering both retail and bulk power tariff arrangements; (c) management training to assiut the power bureau to cope with increasing demands placed on it by decentralization; and (d) optimal system expansion through a study to explore possibilities of hydro- based seasonal energy storage. 6. Proiect DescriDtion. The proposed project would first provide for the completion of the Shuikou Hydroelectric Scheme, all components of which were partly or fully covered under the first loan. These are: (a) construc- tion of a concrete gravity dam (101 m high) with associated spillway, power- house and navigation lock; (b) provision and installation of seven 200 1W generating sets; (c) environmental management and resettlement of some 67,000 people; and (d) consultancy services for design, procurement and construction management. In addition, the second project would include: (a) increased capacity of navigation f cilities by constructing a shiplift in addition to the originally proposed shiplock; (b) an automated control (SCADA) system for the Fujian grid; (c) implementation of an action plan for tariff reform; (d) provision of technical assistance and training i-n planning, commercial and financial management, and project-related technology and management; and (e) a study to explore hydro-based seasonal energy storage options in Pujian Prov- ince and completion of studies on system planning and operation. Due to high demand growth in the Fujian grid, its connection to the East China grid by a 560 km 500 kV transmission line to Hangzhou, originally included in the first project has been indefinitely postponed. 7. Proiect Imglementation. The proposed project would be carried out by FPEPB. The FPEPB has entrusted design of the project to East China Inves- tigation and Design Institute (ECIDI). Supervision is being carried out by Shuikou Hydroelectric Power Corporation (SHPC), an organization set up to implement Shuikou and future hydro projects in Fujian Province. Both organi- zations are being assisted by an international engineering firm. After ini- tial teething problems, ECIDI and SHPC are now efficiently carrying out design and supervision functions. 8. The project cost is estimated at US$245.3 million equivalent, with a foreign exchange component of US$100 million equivalent. The project is ex- empt from duties and taxes. The total financing required, including interest during construction, is US$321 million, of which the Bank would finance US$100 million equivalent (31 percent of the total). Retroactive financing, in aggregate amount of US$5 million, would be provided under the loan for expenditures which may be incurred before signing of the loan but after December 31, 1991. A breakdown of costs and the financing plan are shown in Schedule A. 9. The major contracts, that would be financed under the project, are ongoing having been commenced under the first loan. The contracts for civil works and generating units are both being carried out by Japanese Chinese joint ventures. Other existing equipment contracts, and new equipment con- tracts have been, or are expected to be, awarded to foreign firms. Schedule B shows procurement arrangements and the estimated disbursement schedule. A timetable of key processing events and the status of Bank Group operations in  -3- China are given in Schedules C and D, respectively. A map is also attached. The Staff Appraisal Report, No. 10610-CHA dated August 10, 1992, is being dis- tributed separately. 10. Sustainability. The average rate level of FPEPB has increased from 8.8 fen/kWh in 1987 to 15.2 fen/kWh in 1990, and based on preliminary acc- ounts, 16.S fen/kWh for 1991. The 88 percent increase between 1987 and 1991 is equivalent to 27 percent in real terms, and the average electricity price in Fujian is now one of the highest In China. Financial projections indicate the need for an increase of a further 16 percent in real terms between 1991 and 1994, to provide the covenanted debt service coverage. This increase will be achieved in conjunction with the implementation of a tariff action plan, the major objective of which is improvement of tariff structure, especially the unifying of "old" and "new" power prices for industrial users. 11. Aareed Actions. GOC agreed that it would: (i) onlend the proceeds of the proposed Bank loan to FPEPB on terms and conditions satisfactory to the Bank; (ii) continue to carry out a resettlement program satisfactory to the Bank; (iii) monitor the reports of the Independent Evaluation of Resettlement (IER), take action to accelerate the reestablishment of income in problem ar- eas, and make funds available to sustain incomes at acceptable levels until they are fully restored; and (iv) undertake an environmental management plan satisfactory to the Bank. 12. FPEPB agreed that it would: (i) continue to furnish to the Bank by April 30 of each year, a rolling long-term financial plan containing projected income statements, sources and uses of funds and balance sheets, for a period of no less than eight years; (ii) implement a plan for power tariff structure improvements acceptable to the Bank in a manner satisfactory to the Bank, including the completion of the first phase by December 31, 1993; (iii) carry out its transmission expansion program in accordance with a schedule satisfac- tory to the Bank; (iv) carry out a hydro project inventory reevaluation, with specialist assistance and terms of reference satisfactory to the Bank; (v) prepare, prior to completion of the dam, a program of annual maintenance of the project works, satisfactory to the Bank, undertake periodic inspections of the dam and associated works using independent experts whose qualifications and experience are acceptable to the Bank, and implement their recommendation- s; (vi) take all measures, including but not limited to tariff adjustments, to ensure that its internal cash generation is sufficient to maintain a self- financing ratio of nm less than 22 percent in 1992/93, 25 percent during 1994/95, and 30 percent thereafter; (vii) not incur additional debt unless a reasonable forecast shows its internal cash generation would provide a debt service coverage ratio of no less than 1.3 times, before 1995, and 1.5 times thereafter; and (viii) maintain a debt/equity ratio of no more than 75/25 in 1992-96 and 70/30 thereafter. 13. Environmental Aspects. There are no major negative environmental impacts. Negative effects on water quality usually associated with large reservoirs, such as eutrophication, anoxic and low temperature discharges, and sediment and nutrient trapping, are not expected to be significant at Shuikou, since the reservoir volume is small in relation to river flow, and a high rate of flushing exists. Positive impacts occur in relation to avoidance of ther- mal generation, fisheries and navigation. An Environmental Management Plan (EMP) acceptable to the Bank, aimed at enhancing favorable impacts and miti- gating unfavorable impacts is being implemented.  -4- 14. The resettlement planning and implementation to date is satisfactory and in accordance with Bank policy guidelines. A contract for Independent Eval-iation of Resettlement (IER) has been signed, which will monitor welfare, and identify problem areas during the transition period until new production systems reach full capacity. 15. Benefitg and Risks. The proposed project will provide reliable and economical electricity supply to Fujian Province, without major adverse envi- ronmental impacts. It will help Fujian to cope with rapidly growing indus- trial demand resulting from the province opening to the outside world and will contribute to a further improvement in the living standards of the population. The project is part of the least-cost investment program for the Fujian grid, which has an IERR of 11.4 percent based on the average tariff required to meet financial covenants, and 19 percent, valuing incremental consumption using, as "willingness to pay," the price paid for new consumption under the multi-tier tariff currently applied in Fujian. Indirect benefits arise from: (a) an improvement in navigational conditions in the Min River botween Nanping and Fuzhou increasing transportation capacity from 250,000 tons/year to about 5.0 million tons/year; (b) upgrading of infrastructure and housing as part of the resettlement program, cand associated benefits to others in the region from the expenditure in the region of some $300 million (overall scheme); and (c) the avoidance of thermal generation, and the associated environmen- tal impacts of burning bf 1.6 million tons of standard coal/year. 16. The risks generally associated with hydroelectric projects, related to potential cost and sphedule overruns, are very low for the current proj- ect, in which foundations and river bed work are complete, only one flood season remains prior to dam completion, and the first generating unit is on schedule for commissioning in June 1993. Similarly, the risk of poorly han- dled resettlement has largely receded with successful implementation to date. The risk remains that some people affected by the resettlement program will be disadvantaged during the period taken to brinj new production systems up to full capacity. This risk is being minimized by the ZER, and assurances being obtained from the Government that it will act on the results of the IER to supplement incomes as necessary during the transition period. 17. Recommendation. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank and recommend that the executive directors approve the proposed loan. Lewis T. Preston President Attachments Washington, D.C. August 10, 1992  5- Schedule A CHIM SECOND SHUIKOU HYDROELECTRIC PROJECT Estimated Costs and Financing Plan ($ million) Total Second Local Foreign Project Estima2ed Project Cost /a Preparatory Works 10.5 - 10.5 Resettlement 23.4 - 23.4 Civil Works 24.3 45.3 69.6 Metal Works 8.5 11.7 20.2 Blec. and Mech. Equipment 47.3 26.7 74.0 Engineering and Const'n Supervision 10.0 3.5 13.5 Administration 5.5 - 5.5 Tech. Assistance 0.2 1.5 1.7 and Training Base Cost 129.7 88.7 218.4 Physical contingencies 9.0 7.1 16.1 Price contingencies 6.6 4.2 10.8 Total Project Cost 145.3 100.0 245.3 Interest during construction 50.0 25.7 75.7 Total Financing Required L9 12: 32 Financing Plan Government (SEIC) 195.3 25.7 221.0 IBRD - 100.0 Total U9Z ;127 21.2 jj The project is exempt from taxes and duties. Lh Interest during construction (IDC) is based on onlendinq rate for pro- jected disbursement of loan proceeds. Foreign currency portion of IDC is based on Bank loan variable rate.  -6- Schedule 8 Page 1 of 2 CHiINA SECOND SHUIKOU YDROELECTRIC PROJEC SummarY of Proposed Procurement Arranaements /A ($ million) Total .L Procurement Method Second Project Element ICB Other lb NBW Project 1. Works 1.1 Civil Works 79.3 - 11.8 91.1 (50.3) (50.3) 2. Goods 2.1 Mechanical Equipment 13.2 1.0 23.7 37.9 (13.2) (1.0) (14.2) 2.2 Electrical Equipmenit 28.6 1.0 37.4 67.0 (28.6) (1.0) (29.6) 3. Consultancies 3.1 Engineering and 4.1 11.9 16.0 Supervision (4.1) (4.1) 3.2 Studies, Technical 1.8 1.8 Assistance and Training (1.8) (1.8) 4. Miscellaneous 4.1 Resettlement 25.0 25.0 5.2 Administration 6.5 6.5 TOTAL 121.1 7.9 116.3 245.3 92.1 .91 (100.0) NBF = Non-Bank financed. La Figures in parentheses are the respective amounts financed by the Bank loan. Lk Shopping and Consulting Services. /c Including physical and price contingencies.  -7- Schedule B Page 2 of 2 isbursements (S million) Amount of the Loan Percentage of Expenditure Cateacry to be allocated to be financed (1) Works 44.0 100% of foreign expenditures (2) Goods 40.0 100% of foreign expenditures, 100% of local expenditures (ex-factory), and 75% foL local expenditures for other items procured locally (3) Consultants services & training 6.0 100% (4) Unallocated 10.0 Total ".2s Estimated IBRD Disbursements (. million) Bank FY 1993 1994 1995 1996 1997 Annual 32.0 53.3 13.3 1.2 0.2 Cumulative 32.0 85.3 98.6 99.8 100.0  Schedule C SECOND SHUIKOtU HYDROELECTRIC PROJECT Timetable of Rey Proiect Processina Events (a) Time taken to prepare the project: 23 months, April 1990 - March 1992 (b) Prepared bys GOC, FPEP8 and ECIDI with Bank Assistance (c) First Bank mission: April 1990 (d) Appraisal mission departure: June 1991 (e) Negotiations: July 1992 (f) Planned date of effectiveness: October 1992 (g) List of relevant PCRs and PPARs: none  -9- Schedule 0 Page 1 STATUS OF BANK GROUP OPERATIONS IN THE PEOPLE'S REPUBLIC OF CHINA A. STATEMENT OF BANK LOANS AND IDA CREDITS (As of June 30, 1992) Loan/ Amount (USS million) Credit Bar- (net of cancellations) Number FY rower Purpose Oank IDA Undifb. (a) Fourteen loans and twenty-four credits have been fully disburse 1337.94 1362.9 Of which SECAL: 2967/1932 88 PRC Rural Sector AdJ. 200.0 100.0 .. ............ 1411 84 PRC Polytechnic/TV University - 85.0 3.4 Z382 84 PRC Lubuge Hydroelectric 141.4 1.0 2444/1500 84 PRC Agricuttural Ed'ication It 45.3 (23.S)(b) 1.4 1551 85 PRC University Development It - 145.0 8.3 2493 85 PRC Power II 117.0 6.3 2501 85 PRC Changcun (Luan) Coal Nining 79.5 37.6 2540 85 PRC Raltway It 220.0 - 49.9 2580 85 PRC Weiyuan Gas eld Technical 25.0 - 0.4 Assistan.. 1664 86 PRC Technical Cooperation Credit II - 20.0 13.9 1671 86 PRC Provincial Universities 120.0 2.8 2678/1680 86 PRC Third Railway 160.0 70.0 82.5 2689 86 PRC Tianjin Port 130.0 48.8 1689 86 PRC Freshwater Fisheries - 60.0 1.8 2706 86 PRC Seilungang Thermal Power 225.0 - 21.3 2707 86 PRC Yantan Hydroelectric 52.0 13.5 2723/1713 86 PRC Rural Health & Preventive Med. 15.0 65.0 37.5 1733 87 PRC Red Soils 40.0 0.3 2775 87 PRC Shuikou Hydroelectric 140.0 29.0 2783/1763 87 PRC Industrial Credit IV (CIS IV) 250.0 50.0 92.3 2784 87 PRC Shanghai Machine Tools 100.0 18.8 1764 87 PRC Xinjiang Agricultural DCv. - 70.0 19.4 2794/1779 87 PRC Shanghai Sewerage 45.0 100.0 81.5 2811/1792 87 PRC BeiJing-TianJin-Tanggu Expressway 25.0 125.0 43.8 2812/1793 87 PRC Gansu Provincial Dev. 20.0 150.5 76.5 1835 8? PRC Plamning Support & Special Studies - 20.7 12.5 2838 87 PRC Fertilizer Rationalization 97.4 11.4 2852 87 PRC Wujing T.irmal Power 190.0 50.7 1871 88 PRC Rural C: Alt III - 170.0 16.3 2877/1845 88 PRC Nuangpu Port 63.0 25.0 58.7 2907/1875 88 PRC Dalian Port 71.0 25.0 25.3 1885 88 PRC Northern Irrigation 103.0 43.5 2924/1887 88 PRC Coastal Lands Dev. 40.0 (60.0)(b) 17.5 1908 88 PRC Teacher Training - 50.0 8.2 2943 88 PRC PharmaceuticaLs 127.0 - 19.3 2951/1917 88 PRC Sichuan Highway 75.0 50.0 84.8 2952 88 PRC Shaanxi Highway 50.0 11.3 1918 88 PRC Daxing An Ling Forestry 56.9 9.9 2955 88 PRC Beilungang It 165.0 34.5 2958 88 PRC Phosphate Dev. 62.7 - 48.4 2968 88 PRC Railway IV 200.0 89.3 1984 89 PRC Jlangxi Provinrcial Highway - 61.0 36.4 1997 89 PRC Shaanxi Agricultural Oev. 106.0 75.7 2006 89 PRC Textbook Development - 57.0 4.1 2009 89 PRC Integrated Reg. Health 52.0 40.4 3006 89 PRC Ningbo & Shanghai Ports 76.4 - 24.9 3007 89 PRC Xiamen Port 36.0 28.6 3022 89 PRC Tianjin Light Industry 154.0 - 110.4 3060/2014 89 PRC Inner Mongolia Railway 70.0 80.0 97.1  - 10 - Schedule 0 Page 2 Loan/ Amount (USS million) Credit Bor- (net of canoettationa) Number FY rower Purpose Bank IDA Undisb. Ca) 2017 89 PRC Shandong Agricutture Dev. a 109.0 43.7 3066 89 PRC Hubei Phosphate 137.0 129.4 3073/2025 89 PRC Shandong Prov. Highway 60.0 50.0 67.8 3075 89 PRC fifth Industrial Credit 300.0 201.5 2097 90 PRC Jiangxi Agric. Dev. 60.0 4S.2 2114 90 PRC Vocational & Tech. Educ. 50.0 38.5 2145 90 PRC National Afforestation - 300.0 234.2 2159 90 PRC Hebel Agricultural Oev. - 1S0.0 107.1 2172 91 PRC Nid-Yangtze Agricultural DCv. 64.0 49.5 3265/2182 91 PRC Rural Credit IV 75.0 200.0 162.7 3274/2186 91 PRC Rural Indust Tech (SPARK) 50.0 64.3 110.1 3286/2201 91 PRC Pedium-Sized Cities Dev. 79.4 89.0 147.8 3288 91 PRC Snanghai Industrial Dev. 150.0 148.S 2210 91 PRC Key Studies Development 131.2 121.S 2219 91 PRC Liaoning Urban Infrastructure 77.8 49.9 3316/2226 91 PRC Jiangsu Provi. Transport 100.0 S3.6 101.4 2242 91 PRC Henan Agrfcut. Oev. ' 110.0 105.0 3337/2256 91 PRC Irrig. Agriout. Intensif. 147.1 187.9 274.1 3387 92 PRC Ertan Hydroelectric 380.0 240.9 2294 92 PRC Tarim Basin - 125.0 123.5 2296 92 PRC Shanghai Metro Transport 60.0 S9.3 3406 92 PRC Railways V 330.0 - 330.0 3412/2305 92 PRC baguangba Multipurpose 30.0 37.0 62.0 2307 92 PRC Guangdong ADP Cc) 162.0 165.6 3415/2312 92 PRC Beijing Envirorment 45.0 80.0 120.8 2317 92 PRC Infectious and Endemic Disease Cont.(c) - 129.6 130.8 3433 92 PRC Yanshi Thermat Power (c) 180.0 16a.1 2336 92 PRC Rural Water Supply and Sanitation tc) - 110.0 112.5 2339 92 PRC Educ. Development in Poor Provs. (c) - 130.0 132.9 3443 92 P2C Regional Cement Industry tc) .2.7 82.7 PRC Zouxian Thermal Power 310.0 - 310.0 PRC ZheJiang Provincial Highway 220.0 Total 7459.4 5853.7 6167.7 of which has been repaid 487.7 1.1 Total now held by Bank and IDA 6971.7 M852.6 Amount sold: Of which repaid Total Undisbursed 3562.4 260S.3 61 7.7 (a) As credits are denominated in SDRs (since IDA Replenishment VI), widsbiWied SiD credit balances are converted to doltars at the current exchange rate between the doltar and the SOR. In some cases, therefore, the undisbursed balance indicates a doltar aeoumt greater then the original principal credit amount exprossed in dollars. (b) Credit fuLly disbursed. (c) Not yet effective.  - 11 - Schedule 0 Page 3 B. STATEMENT Of tfC INVESTMENTS (As of June 30, 1992) Itnvest- Type of Loan Equity Total ment No. FY Borrower Business --- (USS Million) -.--.- 813/2178 85/91 Guangzhou and Peugeot Automobile 15.0 4.5 19.5 974 87 China Investment Co. Investment 3.0 0.0 3.0 1020 87 Shenzhen China Bicycle 5.0 - 5.0 Bicycles Co. Ltd. Manufacture 1066 88 Crown Etectronics Electronics 15.0 15.0 1119 89 Shenzhen Chronar So(ar Solar (a) 2.0 1.0 3.0 Endrgy Energy Total Gross Commitments 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.S 43.5 Total Undisbursed 0.0