Malawi - Fifth Power Project

CIA/- <cu t -ofs The World Baik FOR OMCLAL USE ONLY MICROFICIE COPY Rseport No. P- 565-MAI Type: (PM) R tNo P-5665-MAI TELAHUN, A/ X34056 / JI1IIOI AF6IE MMORADUM AND RECObM19DATION OF THE PRESIDENT OF TE IltENATIONaL DEVELOpMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT IN THE AMOuNT OF SDR 39.2 hILLION EQUIVALENT 1O US$55 MILLION TO THlE REPUBLIC OF MA,AWI FOR POWER V PROJECT MAY 19, 1992 This document has a resticted distribton and may be used by recipients only In the perfomance of teir offilcial duties. Its contents may not othrise be ded whout World Bank authorization.  vAZ POWER V PROJECT CURRENCY EOUIVALENTS Currency Unit - Malawi Kwacha (MK) US$ 1.00 - MK 2.79 MR 1.00 - US$ 0.36 MK 1.00 - 100 tambalas WEIGHTS AND MEASURES 1 meter (m) - 3.28 feet 1 square meter (I2) - 10.75 square feet 1 kilometer (km) m 0.621 miles 1 square kilometer (kin2) - 0.386 square miles i cubic meter (m3) - 35.3 cubic feet 1 kilovolt (kV) - 1000 volts 1 kilowatt hour (kWh) - 1000 watt hours 1 megawatt (MW) - 1000 kilowatts 1 gigawatt hour (GWh) - 1 million kilowatt hours 1 megavolt ampere (MVA) - 1000 kilovolt ampere MVAr megavolt ampere-reactive pf - power factor toe - tonnes of oil equivalent tpd - tonnes per day GLOSSARY AND ABBREVIATIONS AfDB - African Development Bank CDC - Commonwealth Development Corporation EIB - European Investment Bank EPD - Economic Planning and Development ESCOM - Electricity Supply Commission of Malawi PCC - Petroleum Control Commission TCC - Tobacco Control Commission FISCAL YEAR Government of Malawi: April ' March 31 ESCOM: January 1 - December 31, until December 1988 April 1 - March 31 since December 1988  FOR OMCIAL USE ONLY POWER V PROJECT CREDIT AND PROJECT SUMMARY The Republic of Malawi Beneficiarv: Electricity Supply Commission of Malawi (ESCOM) Amounts SDR39.2 million (US$55 million equivalent) Terns: IDA terms, maturity of 40 years including a 10- year grace period. Onlendina Terms: US$53.75 million will be onlent to ESCOM at ruling IBRD interest rate, 20 years re,syment period including 5 years of grace, ESCOM bearing the foreign exchange risk. The remaining amount will be passed on by the Govermnent to the Department of Economic Planning and Development, the Petroleum Control Commission and the Tobacco Control Commission. Financina Plan: Government of Malawi US$ 0.09 million ESCOM (including IDC) US$104.42 million AfDB US$ 27.68 million IDA US$ 55.00 million CDC US$ 25.00 million RIB US$ 18.CO million Other cofinanciers* US$ 41.58 million Total financing US$271.77 million Economg c Rate of Return: 16.1S Staff AmDraisal Renort: 10055-MAI MAP: IBRD No. 23398 *1 Mainly for transmission and distribution reinforcement components. While this gap is likely to be closed by cofinanciers, ESOCK and Government have committed to financing these components if cofinncing does not become available. This docuetnt has a restricted distribution and may be used by recipients only in the performance of their offcial duties. Its contents may not otherwise be disclosed without World Bank authorization.  HEORBUMlU hAND RECOKMENDATION OF TER PRESIDENT OF TEE 1NTIRN&TIONAL DEVELOPMENT ASSOCIATION TO TUE EMECUTIVE DIRECTORS ON A PROPOSED CREDIT TO THE REPUBLIC OF MULAVI * FOR POWER V PROJECT 1. I submit for your approval the following memorandum and recommendation on a proposed development credit to the Republic of Malawi for SDR39.2 million (US$55 million equivalent) to help finance a power project. The proposed credit would be on standard IDA terms with a maturity of 40 years, including 10 years of graoe. An amount of US$53.75 million will be on-lent to the Electricity Supply Commission of Malawi (ESCON) for 20 years including 5 years grace, at 7.23Z rate of interest, with ESCOC taking the foreign exchange risk. The remaining -mount of SDR0.89 million (US$1.25 million equivalent) will be passed on to the Department of Economic Planning and Development (EPD), the Petroleum Coutrol Commission (PCC) and the Tobacco Control Commission (TCC). The Project would be cofinanced by the Commonwealth Development Corporation, the European Investment Bank and the African Development Bank in the amounts of: PStg15 million (US$25 million equivalent), ECU15 million (US$18 million equivalent) and US$27.7 million equivalent respectively. 2. Backzoond. Malawi is a landlocked country with 1990 population of about 8.5 million. Average per capita income in 1990 was low at US$190. The economy is predominantly rural with some 891 of the population living in rural areas. Major exports are tobacco, tea and sugar. After a period of healthy economic expansion in the 1970s, with GDP increasing at an average of over 4.51 per year, declining export earnings and the security situation in Mozambique slowed economic growth during the 1980s to an average of only 1.81 per year, well below the current population growth of 3.5S per year. Increases in smallholder output, exports and increased balance of payments support, helped stimulate economic recovery in 1988-90, vhen economic growth averaged over 51. 3. Per capita energy consumption in 1989 was 0.36 tonnes of oil equivalent, among the lowest in Africa. The predominant source of energy is woodfuel which, together with agricultural residues, accounts for almost 921 of total final energy consumption. Imported petroleum accounts for 52, electricity for 21, coal and ethanol for less than 11. Almost all electricity is from hydroelectric sources, with only 161 of the country's potential having been tapped so far. Malawi's 381 of forestry cover is dwindling at 3.51 per year. The energy sector, which in 1990 consumed 161 of export earnings for import of petroleum products and some coal, has a significant role to play in the economic development of Malawi. The Government's sectoral objectives are: minimizing the impact of the high cost and of the uncertainties in supply of imported oil and coals developing a sustainable program for meeting woodfuel demand; and meeting electric power demand in a least cost manner. To achieve these sectoral objectives, the Government is pursuing the following strategiess improving the procurement and distribution of petroleum and exploring for coal; supporting the production of ethanol for blending with petroleum as transport fuel; encouraging improved woodland management and conservation of woodfuel resources including conversion of forest thinnings to softwood charcoal; developing and implementing a least cost power development program; and strengthening energy sector Institutions and Government's capability for energy planning and co-ordination.  -2- 4. The Government is taking a variety of initiatives to improve the management of the country's wood energy revources on a cost effective and eavironmentally sound basis. The ongoing Ruerpv I project, in vhich IDA is involved, is actively supporting increased woodfuel supply and wood energy conservation. The Government has established the Petroleum Control Commission to supervise petroleum procurement and distribution. Ethanol blending is educing petroleum imports by about 72. A least cost power development program "as been prepared and adopted by the Government in 1988. This program recommended that Tedzani III hydroelectic power plant (the third phase of hydro power development at Tedzani Falls), currently being implemented under the ongolng Energy I Project, followed by Rapichira (the main component of the proposed Power V Project) are the next least cost options to meet Malawi's power needs up to the turn of the century. 5. Rational. for IDA's Involvement. Greater efficiency in the supply and use of energy, decreasing dependence on imported energy sources and seeking measures to minimize the depletion of indigenous woodfuel resources, are key elements of the Government's structural adjustment program which the Bank is supporting. The Bank/IDA has helped finance four power projects in the p&st, including the ongoing Energy I Credit. By helping finance the proposed Power V Project, IDA can seek to enosure that a comprehensive and least cost approach is used for the development of the capital intensive power sub-sector. IDA"s continued involvement =n the power sector would: (i) help sustain the expansion of the industrial and commercial activities in which the private sector participates; (ii) expand access of electricity to households, particularly in urban areas, thereby contributing to substitution of a cleaner, more versatile fuel for environmentally damaging and increasingly scarce woodfuels5 and (iii) provide continuity in capacity building support to energy sector institutions. IDA's involvement would help fill part of the resource gap facing the power sub sector and would also assist to mobilize and optimally direct additional donor aid flows. 6. Project Objectives. The main objective of the Project is to assist the Government and ESCOM to implement the priority components of the least cost power development plan. The specific objectives are to: meet the growing demand for power through the construction of the Rapichira hydroelectric scheme and the rehabilitation of the existing power stationsa improve the quality and efficiency of power supply through reinforcing the transmission and distribution systms to minimize outages and reduce losses; strengthen the capacity of the energy sector Institutions to plan and manage the energy sector, and support 'an rationalization of sector wide energy pricing policies. 7- Project Descrintion. The pgnr_ sg9_*e_mt of the Project would compriset (a) construction of a 50MW (first phase) of a hydroelectric power plant at Kapichira Falls; (b) rehabilitation of the Mxisting hydro, gas turbine snd diesel power plants to improve their availability; (a) acquisition of tubular steel poles and steel cross arms to replace wooden poles and wooden cross arms on a 340km 132kV transmission line supplying power to the capital city Lilongwe and the northern region, to reduce outages and improve quality of supply; (d) distribution reinforcement through the installation of about 50MVA substation transformers, 35ONVA distribution transformers, circuit breakers and accessories, construction of about 450 km of 33kV and llkV distribution line, provision of energy meters and vehicles; and (e) institutional strengthening of ESCOK through the provision of computer hardvare and software, and training. The MgV=gMM compolat& of the Project consist of: (a) energy planning and policy formulation  - 3 - (to be undertaken by EPD) through: ti) a household energy strategy study; and (ii) expert services to assist the Government on energy related issues; (b) expert services to the PCC to review current petroleum product procurement, transport and bulk storage arrangements and recommend measures for least cost petroleum product supply; and (c) technical assistance to the TCC to demonstrate energy eff icienet barn designs for tobacco curing by smallholder farmers with the main objective of moderating the negative environmental impact of er4essive woodfuel consumption. The project's small input of US$400,000 for technical assistance is consistent with the need for flexibility in applying IDA's policy to diversify away from tobacco production for a country like Malawi which is heavily dependent on tobacco for export earnings. Malawi's research-oriented approach to develop alternative crops, with which IDA agrees, is an effort to comply wlth this policy in the long term. 8. The Project is estimated to cost US$231.3 million, excluding interest during construction (estimated at US$40.5 million), of which i5$167.7 million is in foreign currency. The breakdown of costs and the fi-ancing plan are given in Schedule A, the procurement method and the summary of allocations are shown in Sctadule B. 9. Prolect Implementatlon. ESCON, to which almost all of the credit will be on-lent by the Government, is a state owned parastatal empowered by the Electricity Act of 1963 to generate, transmit and distribute electricity in Malawi. ESCOK continues to enjoy financial viability since its formation, and is regarded the best parastatal in Malawi. The timely delivery of its audited accounts and the relatively low value of outstanding electricity bills are among the best in Southern Africa region. 10. The Energy Division under EPD and the Petroleum Control Commission will be responsible for the implementation of the non-power subcomponents (total US$1.25 million) of the project. The Eneriv Division is the Government's arm for policy formulation and co-ordination in the energy a*ctor. The Division needs support for studies and institutional strengthening. The PCC is a parastatal established for the supervision of petroleum supply. Least cost importation and security of supply of petroleum products are its main concern. The project will explore options for cost minimization and will advise on changes that may be needed in the legal framework of PCC to help their attainment. The TCC is also a parastatal with powers to oversee the tobacco marketing industry. The project's involvement is, however, directed to reducing woodfuel consumption in the smallholder tobacco curing industry. 11. Prolect Sustainabilitv. ESCOM continues to be a financially viable institution through Government's timely support for adjustment of tariffs enabling ESCOM to finance its operations, service its debt and contribute adequately to its capital expenditure needs. The proposed Project will help to ensure the continued sustainability of ESCOM's operations through sector wide iastitutional strengthening and supporting sound energy pricing policies. 12. Lessons Learnt from urevious Bank Mxuerience. IDA has helped finance four power projects in the past. IDA's contribution to these projects totals US$85 million, or 8S of total Bank operations during the last 20 years. IDA's involvement has helped to provide a reliable power supply at least cost to alsavi. The Audit and Project Completion Reports on the first three projects have highly commended the performance of the power sector. ESCOK continues to be run as an exemplary power util.'ty in Southern Africa. ESCOK has been and is  - 4 - a finmacially viable institution. Its operations are efficient and projects have been well managed. However, since the commencement of Energy I, delays have been experienced on procurement due to Government intervention through the whole procurement cycle. ESCOQ also faces competition from the private seetor in attracting skilled manpower. During negotiations, Government has agreed to grant ESCOM adequate autonomy on procurement rnd management matters. 13. A&Itgos A.g*d. During negotiations egreement was reached on the following major covenants: (a)s Government _d conclude or cause ESCO) to concludes (i) by not later than June 30, 1993, appropriate financing agreements for the carrying out of the transmission and distribution reinforcement sub- components of the Project; and (ii) by not later than February 28, 1993, an agreement with the AfDB for the financing of the generators and turbines for Rapichira power plantl (b) the Government vould take IDA's view into account on the Rnergy Pricing Study (undertaken under Energy I) and the recommendations so agreed will be put into effect commencing from April 1, 1993; (c) ESCOK would s (i) finance yearly from internal sources not less than 301 of its average capital expenditure incurred or expected to be incurred over a three year period, comprising the current year, the years preceding and following the said current year; and (il) would not incur any debt unless a forecast of its revenues and expenditures show that the projected cash generation is at least 1.5 ti$es the projected debt aervice requirement; and (d) ESCOK would: (i) compensate affected families (para. 13), including their resettlement, and woodlands lost for use by the wildlife (wildlife conversion) either In kind or as may be agreed between ZSCGI and the Department of Parks and Wildlife; and (ii) establish an in-house environmental unit which would be responsible for implementing environmental mitigation measures and monitoring plans; (e) as conditions of effectiveness: (i) Government would execute an on-lending agreement with ESCOC for US$53.75 million at 7.232 interest rate and 20 years repayment period including 5 years grace, ESCGO bearing the foreign exchange risk; and (ii) Government and 3SCOM would take appropriate actions to ensure notification by CDC and SIB are received by IDA prior to disbursement of their respective loanss and (f) as condition of disbursement ESCC) would appoint a project manager for the power component of the Project. 14. *a viromeatal Issues, The Government, with the assistance of consultants, has carried out the environmental assessment for this Category A project. Concerned government Departments and NOOs were involved in the assessment process. The Rapichira dam will be a daily regulating dam inundating an area of less than 200ha with a reservoir of about 11 million cubic meters. The reservoir will take about lOOha of the 78,000ha Majete Game Reserve and about lOOha of the 10,OOOha Blantyre City Woodfuel Reserve. There will be temporary disturbances to wildlife (main habitat about 100 elephants) in the reserve during construction. The dam has no serious impacts on fishery resources in downstream areas. The 58km 132kV transmission line feeding Kapichira's output into the Interconnected system will follow closely an existing line route with minimum environmental impact. ESCCO will compensate the wildland lost to the wildlife, establish an environmental unit to monitor mitigating measures, and compensate the resettlement of affected families (5 families) along the route of the transmission line. Positive environmental and social benefits include improved tourist access to the Game Reserve, provision of improved social services (school, clinic) snd increased economic activity. TVlQ Shire river is an international river flowing into Mozambique. In response to the request of the Republic of Malawi, the Government of Mozambique has communicated its no  objection to the constrection of Rapichira hydroelectric power plant on the 8hire river. 15. BenefAte. The Project would assist Malawi in meeting additional power demand in a least cost manner, improve the quality and reliability of power supply and strengthen Malawi's capability to plan, manage and operate the energy sector. The economic rate of return (ERR) of the power component of the Project it estimated at 16. which is above the opportunity cost of capital in Malawi. The ERR is robust to substantial price increases anJ appreciable reduction in sales. 16. Risks. The Project runs the risk of delay if the financing agreement for the generators and turbines is not concluded as scLtAled in the credit agreement. The conditionalities in the credit agreement and IDA's consultations on aid co-ordination will minimize this risk. There is also a risk that donor financing will not be forthcoming, leaving a serious gap in the resources available for the Project. In that case, ESCOM and the Government have undertaken to ensure that the necessary fund can be provided from domestic sources. The financing gap could also be reduced by triming the transmission and distribution reinforcement subcomponents of the Project at the risk of reducing some of the benefits of the Project and jeopardizing donor interest in the excluded components. The Kapichira scheme is designed with a daily regulating dam and has no complex structures or major environmental impact; no technical risks are therefore anticipated. There is also the risk that new generation capacity may be commissioned too early or too late if demand forecasts prove inaccurate or are adversely affected ay international economic situations or unforeseen political developments in the region. Accordingly, the power plant is being designed to permit flexibility to respond to demand changes through phasing of the generating units. 17. Lou. 1 am satisfied that the proposed credit would comply with the Articles of Agreement of the Association and recomend that the Executive Directors approve the proposed credit. Lewis T. Preston President Attachmneta Washington DC May 19, 1992  -6- SCHEDULE A PROJECT COST ESTIMATE Local Poreian Total (US$ Million) Power Component 1. Kapichira Civil Works 47.81 61.46 109.27 Electromecha.nical .95 27.73 28.68 Transmission 3.28 15.40 18.68 Engineering 2.74 14.60 17.34 54.78 119.19 173.97 2. Generation Rehabilitation 0.18 5.19 5.37 3. Transmission Reinforcement 2.55 16.28 18.83 4. Distribution reinforcement 5.95 23.11 29.06 5. Institutional Strengthening 0.09 2.64 2.73 Sub Total Power 63.55 166.41 229.96 6. Non-Power Components .09 1.25 1.34 Total Power V 63.64 167.66 231.30 Interest during construction 40.47 -- 40.47 Total 104.11 167.66 271.77 PROJECT FINANCING PLAN Local Foreign Total (US$ Million) Government 0.09 -- 0.09 ESCOM 104.02 0.40 104.42 IDA -- 55.00 55.00 CDC -- 25.00 25.00 EIB -- 18.00 18.00 AfDB -- 27.68 27.68 Other cofinanciers* -- 41.58 41.58 Total Financing Requirement 104.11 167.66 271.77 *1 Mainly for transmission and distribution reinforcement components. While this gap is likely to be closed by cofinanciers, ESCOM4 and Goverrment have committed to financing these components if cofinancing does not become available.  -7- Page I of 2 MALAWI POWIR V PROJECT Procurement Method al (US$millioz') ICB Other / NF l Cs Foreltn Local Power KapichLra Civil Works 109.27 109.27 (61.46) (61.46) D.Gectro- 27.73 0.95 28.68 mechanical Substations 15.40 3.28 18.68 Engineering 17.34 17.34 (14.60) (14.60) Total Kapichira 109.27 17.34 43.13 4.23 173.97 (61.46) (14.60) (76.06) Generation Reha. 5.19 0.18 5.37 Transmission 16.28 2.55 18.83 Distribution 23.11 5.95 29.06 Inastitutional - Consultancy 1.79 1.79 (1.72) (1.72) - Training 0.42 0.42 - computers 0.52 0.52 (0.50) (0.50) Total Power 109.79 19.13 88.13 12.91 229.96 (61.96) (16.32) (78.28) Noa Power Petroleum 0.28 0.28 (0.25) (0.25) Energy Planning 1.06 1.06 (1.00) (1.00) subtotal 1.34 1 34 (1.25) (1.25) Total Power V 109.79 20.47 88.13 12.91 231.30 (61.96) (17.57) (79.53) (a) Amounts in brackets are, Including Kapichira civil works where CDC also contributes USS2S million under ICB rules, IDA financed. (b) Consulting services and technical assistance under IDA guidelines. (c) Not funded by IDA and ICB rules not applicable. Cofinanciers are interested. Local expenditures will be financed by ESCOM and the Government.  SCBEDIJLE B Page 2 of 2 P0WOE V PROJECT IDA Credit Summary of Allocation Catetorv Amount EzDenditures to be financed (US$) (1) Civil Works 36,460,000 1002 of foreign expenditure (2) Equipment 970,000 100% of foreign expenditures (3) Consultaneys - Power 16,320,000 1002 of foreign expenditures - Ron Power 1.250.000 1002 of foreign expenditures 55,000,000 Ztbimated Disbursement of IDA Credit IDA' aS 1992 1993 1994 1995 1996 1997 1998 (in million US dollars) Annual 0.60* 7.90 13.58 15.39 11.76 4.42 1.35 Cumulative 0.60* 8.50 22.08 37.47 49.23 53.65 55.00 * PP? disbursements.  - 9 - SCHEDULE C MALAWI POWER V PROJECT Timetable of Key Proiect Processing Event (a) Time taken to prepare: 18 months (b) Prepared by: ESCOM, Government and Consultants (c) First Bank mission: October 1990 (d) Appraisal mission departure: August 23, 1991 (e) Negotiations: March, 1992 (f) Planned date of effectiveness: November, 1992 (g) List of relevant PCRs and PPARss Power: PCRs for Credits 691- MAI, Loans 1387-MAI and 1388- MAI. PCR on First Wood Energy Project, National Rural Development Program II.  - 10 - SCHEDAg D Page I of 2 Status Of Bank Group Operatifas In KLAI PFD0R2S - Suimary Statuet 04 Loans and IDA Credits (LOA data as of 3/30/92- MIS data as of 05/05/92) ........... ............................... ........... ..................................... Amunt in USS milLion (less cancellations) Loan or Fiscal Uidis- Ctosing Credit No. Year Borrower Purpose Bank IDA bursed Date .......... ...... ........ ....... .... ... ...... ....... Credits 41 Creditsts) closed 568.57 C15280-MAL 1985 MALAWI URBAN I 15.OD 6.27 06/30/92(R) C15490-PAL 1985 MALAWI AGRI RES. 23.80 13.11 10/31/92(R) C16260-VAL 1986 ALMAWI EXT. PLANNING 11.60 4.23 02/28/93(4) C17O-tAL 1987 MAKU LILONGWE WATER (WTR 20.00 1.58 06/30/93 C17670-NAL 1987 MAUWI ED. SECTOR CREDIT I 27.00 6.14 12/15/93 C17680-lAL 1987 MALAWI HEALTH/POP.II 11.00 .55 06/30/93 C18510-NAL 1988 MALAWI AGRICULTURE CREDIT S.90 1.10 06/30/9J C18790-MAL 1988 MALAWI TRANSPORT 1 13.40 5.23 06/30/94 C19660-NAL 1989 MALAWI AGRI.MARKETING & EST 18.30 13.29 06/30/96 C19900-NAL 1989 MALAWI ENERGY 1 46.70 33.81 12/31/94 C20360-MAL 1989 MALAWI INSTIT.DEV. 11.30 5.79 12/31/94 C20690*NKL 1990 MALAWI INFRASTRUCTURE 1 28.80 18.82 12/31/95 C20830-MAL 1990 MAIAWI EDUC.SEC.II 36.90 30.46 06/30/96 C21210-NAL(S) 1990 PALAUI AGRIC SECTOR 70.00 1.13 12/31/92(R) C22200-MAL 1991 ALAWI PHN SECTOR CREDIT 55.50 49.16 06/30/97 C22210-NAL 1991 MALAWI FINANCIAL & ENTERPRI 32.00 27.30 06/30/97 C22250-MA.L 1991 MALAWI FISHERIES DEV. 8.80 8.11 06/30/99 TOTAL mter Credits a 17 436.00 226.08 Loans 9 Loans(s) closed 98.51 26460-MAL 1986 ML IND. & AGRIC. CR. 7.80 1.38 06/30/93 TOTAL midter Loans a 1 7.80 1.38 TOTAL*** 106.31 1,004.57 of which repaid 38.12 19.6S TOtAL held by Bank & IDA 68.19 984.92 AnotLt sold of which repaid TOTAL undisbursad 227.46 Notes: .......... ............... * Not yet effective ** Not yet signed "* Total Approved, Repayfts, and Outstanding bslance reprset both active wd inactive Loans and Credits. CR) indicates formtlly revised Closing Date. (S) indicates SAL/SECAL Loans and Credits. The Net Approved and Sa Repeats are historical value, all others are nmrket value. The Sfigning Effective and Closing dates are basd upon the Loa Department off Icat data VW are not taken from the Task 0uiget file.  - 11 - SCHEDULEi D Page 2 of 2 POWER V PROJECT STATEMENT OF IFC INVESTMENT as of March 31, 1992 DIVEST TYPE OP NU~FR1B E O3lGOR BUSINESS LOAN EOUITY TOTAL -US$ Mili- 326-MAM 1976 618-MAM 1982 D Whitehead & Sons Textiles 10.8 10.8 362-MMI 77/81/85 Dwangwa Sugar Corp. Sugar 11.3 11.3 434-MAI 1979 INDEBANK Dev't Finance 0.6 0.6 502-MAI 1980/84 Malawi Hots Ltd. Tourism 2.1 2.1 543-MAI 1981 614-MAI 1982 Ethanol Co. Ltd Chem/Petrochem 2.3 0.2 2.5 832-MAI 1986 LeasIng & Finance Co Money/Cap Market 0.7 0.2 0.9 741-MAI 1985 872-MAI 1987 Viphya Plywood Plywood 3.9 0.5 4.4 Total Gross Commitments 31.1 1.5 32.6 lSes:Csflc ttons, terminDtas exchange adjustments, repayments, write-offs, and sales 23.8 0.0 23.8 Tota comm_m ts held by IFC 7.3 1.5 8.8 Total Undisbursed 0.0 0.0 0.0 Toal Disbursed 7.3 1.5 8.8  MAP SECTION  ISRO 23398 NOt AA MALAWI ,,~U . t ) POWER V PROJECT U office .i.-Rivers CHIWETA Y Thema ShWPower : ToWns