Peru - Social Development and Compensation Fund (FONCODES) Project

International Bank for Reconstruction and Development FOR OFFICIAL USE ONLY FOR For meeting on EXECUTIVE Thursday, December 16, 1993 DIRECTORS' MEETING STREAMI.MD PROCEDURE R93-200/1 FROM: Vice President and Secretary December 7, 1993 PERU: Social Develoyment and Compensation and (FONCODES) Proegt Addendum 1. The following paragraphs constitute an addendum to the President's Memorandum and Recommendation for a proposed loan to the Republic of Peru for a Social Development and Compensation (FONCODES) Project (R93-200 distributed on November 29, 1993). 2. The Bank's country assistance strategy for Peru, which was discussed by the Board of Executive Directors on April 20, 1993, consists of (a) support for broad-based economic growth through private sector development and public sector reformt (b) development of the human capital of the population; and (c) mitigation of the short-term impact of adjustment measures. In this context, the activities supported by FONCODES are an essential component of government intervention to taprove the provision of basic social services to the most vulnerable groups in Peruvian society and cushion them against the potentially negative effects of the economic adjustment program. 3. The Project is a program of targeted interventions, focused on poor rural and urban areas determined on the basis of poverty maps. Distribution: Executive Directors and Alternates Office of the President Executive Vice Presidents, IFC and MIGA Vice Presidents, Bank, IFC and KIG Directors and Department Heads, Bank, IFC and MICA This document has a restricted distribution and may be used by recipients only in the performance I atthei Anist urie It em nts m un oterwin h dislosd w -h.n W-rkA antM.n.V tato Document of The World Bank FOR OmCAL USE ONLY Rqwt W P-6153-PE MEKORANDUK AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMOUNT EQUIVALENT TO US$100 MILLION TO THE GOVERNMENT OF PERU FOR A SOCIAL DEVELOPMENT AND COMPENSATION FUND (FONCODES) PROJECT NOVEMBER 16, 1993 MICROGRAPHICS Report No: P- 6153 PE Type: qvt'i 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 withoat World Bank authorization. CURRENCY EQUIVALENTS (As of November 15, 1993) Currency Unit = Sole (SI) US$1.00 = 2.16 Soles GLOSSARY OF ACRONYMS FONCODES National Fund for Social Compensation and Development GOP Government of Peru GIZ German Agency for Technical Assistance ICB International Competitive Bidding 1DB Inter-American Development Bank KfW Kreditanstalt fur Wiederaufbau (German Development Bank) LCB Local Competitive Bidding LS Local Shopping MEF Ministry of Economy and Finance NGO Non-governmental Organization SOE Statement of Expenditures PERU FISCAL YEAR January 1 - December 31 IBRD FISCAL YEAR July 1 - June 30 FOR OFFICIAL USE ONLY PERU SOCIAL DEVELOPMENT AND COMPENSATION FUND PROJECT LOAN AND PROJECT SUMMARY Borrower: Republic of Peru. Executing Agency: Fondo Nacional de Compensaci6n y Desarrollo Social - FONCODES. Amount: US$100 million equivalent. Terms: Repayment in 20 years, including five years of grace, at the Bank's standard variable rate. Rate of Return: Not applicable Environmental Category: B Financing Plan: PERU: Social Development and Compensation Fund Project, Co-financing (US$ million) Financing Plan Local Foreign Total Government of Peru 200 0 200 Beneficiaries 42 0 42 World Bank 80 20 100 Inter-American 80 20 100 Development Bank Other Donors (including KfW) 14 39 53 Total 416 79 495 Poverty Category: PA -- Poverty Alleviation; Program of Targeted Interventions Staff Appraisal Report: No. 12245-PE, dated November 16, 1993 Maps: IBRD No. 24209-PE (Departments) and IBRD No. 25190-PE (Poverty Map) 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. MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE IBRD TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE GOVERNMENT OF PERU FOR A SOCIAL DEVELOPMENT AND COMPENSATION FUND PROJECT 1. I submit for your approval the following memorandum and recommendation on a proposed loan to the Government of Peru for the equivalent of US$100 million to help finance a social development and compensation fund project. The loan would be at the Bank's standard variable interest rate, with a maturity of 20 years, including five years of grace. Country and Sector Background 2. To address a long period of poor economic performance, rising poverty levels and declining living standards, the Government of Peru launched a stabilization and structural economic reform program in 1990 to: (a) promote competitiveness, (b) deregulate economic activity, and (c) reestablish the fiscal balance. In the long run, these measures can be expected to benefit the poor by providing more opportunity for them to use their assets, such as labor and land, to better advantage. The economy has been slow to respond, and long-standing problems of absolute poverty, unemployment, malnutrition, poor health, illiteracy and, ultimately, social cohesion, have worsened over the last decade. 3. Poverty in Peru is a widespread, long-standing structural problem. Based on a recent survey, it is estimated that roughly half the population falls below the poverty line and that one fifth are extremely poor. The poorest are most likely to be found in the rural mountainous areas and among the indigenous population. For these, the poverty alleviation priorities are to: (a) improve access to social services, such as education, health and nutrition; and (b) in the short term, create employment and raise income. 4. As part of a strategy to cushion the poor and most vulnerable against any negative effects of structural adjustment and while the economy is being strengthened and line ministries and other agencies are reorganized and restructured, the Government in 1991 created FONCODES - Fondo Nacional de Compensacion y Desarrollo Social. FONCODES is a social development agency, which manages a fund to finance demand-driven and labor-intensive projects with a strong focus on employment generation, education, health and nutrition programs. The agency also finances other investments, such as support to small scale-farmers and enterprises, that could offer a safety net to urban and rural families which live in extreme poverty. 5. FONCODES is an autonomous public organization which reports directly to the President. It employs a staff of 200 and, between January 1992 and March 1993, approved about 6,000 project proposals out of 12,000 reviewed, for about US$175 million. Projects have mostly been demand-driven, prepared, implemented and supervised by community organizations, or by intermediaries such as NGOs and municipalities. If well-targeted and managed, FONCODES -2- can be an effective instrument for poverty alleviation through its efforts to: (a) create employment; (b) rehabilitate social and economic infrastructure at the local level; and (c) improve access of the poor to social services. FONCODES coordinates its policies and programs with those of other social sector ministries and government agencies, through a high level commission, and the coordination has been thus far satisfactory. Rationale for Bank Involvement 6. The Bank is supporting the Government of Peru in its poverty alleviation strategy, which consists of: (a) encouragement of broad-based economic growth through private sector development and public sector reform; (b) development of human capital; and (c) mitigation of the short-term impact of adjustment measures. 7. To encourage economic growth, private sector development and public sector reform, the Bank has approved four adjustment loans and one technical assistance loan. In the area of human resources and poverty alleviation, the Bank strategy for Peru emanates from the Poverty Assessment and Social Policies and Programs for the Poor sector report (N* 11191-PE), and is to: (a) alleviate poverty and cushion vulnerable groups against potential negative effects of the economic adjustment program; (b) improve the provision of basic social services to the poor and to the irost vulnerable groups; (c) strengthen the effectiviness and self-reliance of community and other non-governmental organizations, and (d) support the rehabilitation of social infrastructure in the poorest rural and pen-urban areas. To implement this strategy the Bank is preparing a Basic Health and Nutrition Project and identifying a Basic Education Project. 8. This Project would complement these long term efforts with a rapid and targeted initiative to assist low income communities to : (a) reestablish basic infrastructure and public services; (b) generate employment; and (c) put in place the key elements of a social safety net. In view of its experience with social funds, the Bank is well placed to help strengthen FONCODES' management, improve its effectiveness, and stimulate the involvement of other potential donors. Lessons from Previous Bank Involvement 9. Pioneered in Bolivia, Social Investment Funds have since spread to other countries in Latin America such as Guyana, Haiti, Honduras, and Nicaragua, and are under preparation in Chile, Ecuador, and Guatemala. Experience shows that the success of social investment funds depends on: (a) semi-autonomous management and quality staff; (b) efficient and transparent management; (c) simplicity of sub-project design; (d) sub-project execution by private contractors; (e) a coherent poverty alleviation strategy; and (f) demand-driven project generation with strong local participation. -3- 10. Most conditions for a successful operation in Peru have been present since Atagust 1992, and have contributed to the remarkable record of FONCODES since then. Others have been included in an Operational Manual which was reviewed at negotiations and would be produced in final form, acceptable to the Bank, as a condition of effectiveness. Project Objectives and Scope 11. The Project's objectives are to: (a) sustain the GOP poverty alleviation efforts; (b) mitigate the social costs of macro-economic adjustment; and (c) strengthen the institutional capacity of FONCODES. Specifically, the Project would support the overall operation of FONCODES for the period 1994 to 1996. 12. The Project would contribute to poverty alleviation by supporting, through FONCODES, a range of projects that would assist the poor rural and urban populations, and by promoting the efficiency and effectiveness of FONCODES. The community-based projects would: (a) generate employment and improve access to social services; (b) support social integration; (c) complement other nation-wide projects in health and education, which have a long-term horizon, with effective aechanisms to reach the poor in the short run; and (d) maximize support from >ther potential donors. Project Description 13. The Project, with a total cost of US$495 million, would have two components: (a) Support to FONCODES community-based projects, with a total cost of US$468.5 million (95 percent). Thii component would finance, through the Fund, a range of community-based, labor-intensive projects, with a strong focus on health and nutrition, and on education. From FONCODES' past experience, it is estimated that the Loan would support community-based projects in all four FONCODES project types: (i) Social Assistance (14 percent), including: health promotion and disease prevention campaigns, primary health care and family planning services, medical supplies, nutritional supplements, pre-schooling, literacy campaigns, institutional development of community-based organizations, school libraries and materials, and retraining of unemployed workers; (ii) Social Infrastructure (37 percent), including: weter treatment and supply, sewage collection and treatment, environmental sanitation, health post rehabilitation and equipment, school rehabilitation and equipment, mmmem *-truha _nn4tn-ti- -r %,ilain A -4- equipment, and sport and community center construction and equipment; (iii) Economic Infrastructure (33 percent), including: construction, extension and rehabilitation of wells and irrigation systems, land rehabilitation and reforestation, road and sidewalk rehabilitation, marketing infrastructure, and electriciy supply; and (iv) Credits to small-scale farmers and entrepreneurs, for income and employment generation (9 percent), including support and capacity building to micro-enterprises, small- scale fisheries, agriculture inputs and small-scale processing firms; and (b) Institutional Development of FONCODES, with a total cost of US$26.5 million (5 percent). This component would finance: (i) works, such as the rehabilitation and refurbishing of FONCODES' offices; (ii) goods, including vehicles, communications and computing equipment; (ii) services, including training of FONCODES staff in project management, technical assistance for project appraisal and supervision, poverty studies, ex post evaluations of community-based projects funded by FONCODES, audits of FONCODES and community- based projects, and support to community-based project preparation and implementation. Project Costs and Financing 14. The total project cost is estimated at US$495 million. The summary financing plan is the following: (a) Government of Peru, US$200 million; (b) World Bank, US$100 million; (c) IDB, US$100 million; (d) other donors (including Germany and Japan), US$ 53 million; and (e) Beneficiaries, US$42 millicn. Beneficiaries would contribute an average of 10% of total project costs, in cash or in labor, materials, or other in-kind contributions. 15. A breakdown of project costs and financing is shown in Schedule A. Amounts and methods of procurement, and the estimated schedule of disbursements Pxe shown in Schedule B. The Bank would finance 25 percent of foreign exchange costs and also 25 percent of local costs. The financing of local costs under the project is a consequence of the fact that the foreign exchange component of total costs is only 16 percent. It is justified by the fact that this is a project targeted to areas of the country where extreme poverty is high. -5- Project Implementation 16. The Project would be implemented by FONCODES, over three years. The proceeds of the loan (US$100 million) would be lent to the Government of Peru, which would pass them on as a grant to FONCODES. In turn, FONCODES would use the loan, in conjunction with other funds from the National Treasury and other international donors and credit agencies, to finance community-based projects and to support its institutional development. Community projects would be funded in the form of: (a) grants to community organizations, NGOs and public agencies which would contract works; and (b) trnRfer of funds to intermediary financial institutions, acting as fiduciaries, which would in turn lend such funds at standard market rates to support investments in small-scale enterprises. 17. FONCODES' regional staff und individual promoters would inform communities of opportunities created by FONCODES and ensure that the poorest, who may be less able to generate projects, are included. Communities, organized in executing committees (nucleos ejecutores), would prepare projects with the assistance of a project promotor (promotor) (eg. a professional, an NGO, or a municipality). After a site visit, FONCODES would appraise projects on the basis of a set of eligibility and appraisal criteria, acceptable to the Bank, and sign a contract with the organizing committees of the approved proposals. Communities would contract works and services with private contractors, NGOs, municipalities and others, or execute them directly. Fiduciaries such as Cajas Municipales, would manage credit to small scale farmers and enterprises. FONCODES' regional staff and an "inspector", approved by FONCODES and contracted by the community, would ensure community project supervision. The FONCODES supervisor would control disbursements and verify the completion of the community-based project. 18. An independent research-oriented organization would conduct an ongoing ex post evaluation of a sample of community projects, consisting of a mix of traditional economic evaluation and beneficiary assessment. In addition, independent audit firms would carry out (a) special quarterly audits of a sample of community-based projects, to review contracts, progress of works, financial situation and compliance with procurement guidelines; and (b) a regular annual audit of FONCODES accounts and procedures, including the use of statements of expenditure. 19. FONCODES would maintain an Executive Director and General Manager and line managers with experience and qualifications acceptable to the Bank, and any significant change in the Operational Manual and User's Guide would require prior Bank approval. 20. The Bank has collaborated with other multilateral and bilateral agencies, such as IDB, GTZ and KfW, while preparing and appraising the project, and would continue to do so during supervision. -6- Project Sustainability 21. Community-based projects need to be sustainable, alcie or in conjunction with other complementary projects. To accomplish this objective, the project would ensure that: (a) rehabilitation of schools would be complemented with furniture and school books, and would ensure that a teacher is available; (b) rehabilitated health posts would have a source of clean water, medical basic equipment and supplies, and that health personnel wouId be on duty at least twice or three times a week; (c) community kitchens would have a source of clean water; school breakfasts and medical supplies ava!:able continuously; and (d) water and power supply, and irrigation projects would .4uire the establishment and training of a cummunity-based resource management committee, which would bc responsible for maintenance and minor repairs and would ensure the collection of tariffs. Environmental Aspects 22. Since community projects are mostly small (average $30,000) and limited essentially to rehabilitation, they would not generate significant environmental impacts. Some projects, such as those concerned with reforestation, erosion control and small sanitary works, are expected to have a positive environmental impact. In any case a summary environmental appraisal would be mandatory for certain projects, such as irrigation. 23. FONCODES has agreed to include in its Operational Manual a set of environmental screening and arpraisal guidelines, to be used where relevant. Program Objective Category 24. The project is a program of targeted interventions. As described, it is focused on poor rural and urban areas, on the basis of poverty maps. Although projects are demand-driven, FONCODES estimates community needs, and when project demand is lower than what would be expected, its regional offices make special promotional efforts and support project preparation, or contract with NGOs for that purpose. Agreed Actions 25. Prior to negotiations, the Borrower submitted the following documents, whose content was satisfactory to the Bank: (a) draft Letter of Social Sector Policy; (b) a modified Operational Manual, including the modifications requested by the Bank: (i) prioritization of community projects, (ii) comprehensiveness or complementarity of projects, -7- (iii) training requirements for the relevant project types, (iv) beneficiary contributions and cost-recovery, where relevant, and (v) draft summary environmental appraisal; (c) Terms of reference and proposed draft contracts for financial intermediaries which administer revolving funds for credit to small-scale farmers and ent-epreneurs; (d) Audit report, concerning FONCODES and 100 community-based projects, for the period January 1992-June 1993. 26. At negotiations, assurances were obtained that: (a) FONCODES would maintain an Executive Director, General Manager, Line Managers with experience and qualifications acceptable to the Bank; (b) any significant change in the Operational Manual and User's Guide would require prior Bank approval; (c) credits to small-scale farmers and entrepreneurs would no, represent more than 10 percent of FONCODES' portfolio, and loan guarantees rould not be eligible for FONCODES funding; (d) FONCODES would follow the Bank's procurement guidelines and consultant contract guidelines; (e) FONCODES would retain the services of a procurement auditor satisfactory to the Bank, to prepare procurement audits every six months on the basis of appropriate samples of procurement documentation; (f) FONCODES would retain the services of an independent organization, under terms of reference acceptable to the Bank and not later than June 30, 1994, for purposes of carrying out evaluations of community-based projects which have been executed; (g) FONCODES would provide the Bank with semi-annual reports whose content, format and timetable would be satisfactory to the Bank; (h) the Borrower would undertake a Mid-Term Review of FONCODES no later than June 30, 1995. Based on the review and on discussions with the Bank, the Borrower would prepare a satisfactory action plan and implement it no later that three months after the respective review; (i) FONCODES would enter into agreements with executing entities and financial intermediaries under terms and conditions acceptable to the Bank; and (j) counterpart funds would be available in the Peruvian Government 1994 Budget. -8- 27. The following would be conditions of loan effectiveness: (a) the Borrower would have signed a Subsidiary Agreement for makiag the funds available to FONCODES, on terms acceptable to the Bank; (b) FONCODES would have formally adopted an Operational Manual and User's Guide, satisfactory to the Bank. Project Benefits and Risks 28. The project would benefit the poor by: (a) creating jobs and raising the income of workers employed oy FONCODES projects; (b) investing in high- return social and economic infrastructure in low-income areas; (c) improving the availability and accessibility of social services; (d) attracting other donors' investments; and (e) strengthening community participation, transparent decision making and social development. 29. The risks of the project would be: (a) discontinuity and weakened management of the implementing agency, that could result from excessive political instability and interference; (b) ineffective implementation, in the event of poor targeting, appraisal, and supervision, or lack of sustainability; and (c) weakening of existing institutions, due to potential diversion of funds from line ministries and other social sector agencies to FONCODES. 30. Risks would be minimized by: (a) requiring in the Loan Agreement that: (i) the qualifications of FONCODES' Executive Director and Managers would be subject to prior Bank review; (ii) projects larger than US$250,000 equivalent would be subject to prior Bank review; (iii) the FONCODES Operational Manual would be satisfactory to the Bank; and (iv) intensive supervision. Other Bank projects, now under preparation, would support the strengthening and reorganization of line ministries. Intensive Bank supervision would assist FONCODES management and governance. Recommendation 31. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank and recommend that the Executive Directors approve it. Attachments Washington, D.C. Lewis T. Preston November 16, 1993 President -9. SCHEDULE A PERU Social Development and Compensation Fund Project Estimated Project Costs (US$ million) Conponents Local Foreign Total Percent Community-based Projects Social assistance 60 11 71 14 Social infrastructure 158 28 186 37.6 Economic infrastructure 140.5 24 164.5 33.2 Income/Employment Generation 40 7 47 9.5 Sub-total 398.5 70 468.5 94.6 Institutional Development of FONCODES Rehabilitation Works 1.5 0 1.5 0.4 Equipment and vehicles 2 4 6 1.2 Technical assistance 7 3 10 2.0 Operating costs 7 2 9 1.8 Sub-total 17.5 9 26.5 5.4 Total Costs 416 79 495 100.0 Note: Net of taxes and duties PERU Social Development and Compensation Fund Project Summary of Financing Plan (US$ million) Financing Plan Local Foreign Total Government of Peru 200 0 200 Beneficiaries 42 0 44 World Bank 80 20 100 Inter-American 80 20 100 Development Bank Other Donors (including KfW) 14 39 53 Total 416 79 495 - 10 - SCHEDULE B PERU: Social Development and Compensation Fund Procurement Methods by Category. US$ million Category Procurement Method NBO' Total ICB LCB Other Cormanity-Based Projects Works 0.00 17.87 81.41' 244.21 343.50 (0.00) (12.51) (56.99) (69.50) Goods and Services 0.00 4.89 22.26& 72.86 100.00 (0.00) (3.42) (15.58) (19.00) Consultants 0.00 1.26 5.74 18.00 25.00 (0.00) (1.26) (5.74) (7.00) Total 0.00 24.02 109.41 335.07 468.50 (0.00) (17.19) (78.31) (95.50) Inational Development of FONCODES Rehabilitation Works 0.00 0.27 1.23& 1.50 (0.00) (0.14) (0.62) (0.75) Goods and Services 0.00 0.23 1.03' 4.75 6.00 (0.00) (0.14) (0.62) (0.75) Consultants 0.00 0.54 2.46 7.00 10.00 (0.00) (0.54) (2.46) (3.00) Oper"ting Coats 0.00 0.00 0.00 9.00 9.00 (0.00) (0.00) (0.00) (0.00) Total 0.00 1.04 4.72 20.75 26.50 (0.00) (0.81) (3.69) (4.50) TOTAL 0.00 25.05 114.13 355.82 495.00 (0.00) (18.00) (82.00) (100.00) Note: Figures in parentheses are the respective amounts financed by the Bank loan * Local Shopping or Direct Contracting. b Not Bank Financed. - 11 - PERU Social Development and Compensation Fund Project Estimated Schedule of Disbursements, US$ million Bank Semester Disb. during Cumulative Dish. as Balance of Fscal Year Ending Semester Amonwt % of Total Loan FY94 30-June-94 25 25 25 75 FY95 31-Dec-94 20 45 45 55 FY95 30-June-95 20 65 65 35 FY96 31-Dec-95 15 80 80 20 FY96 30-June-96 10 90 90 10 FY97 31-Dec-96 5 95 95 5 FY97 30-Jun-97 5 100 100 0 PERU Social Development and Compensation Fond Preject Disbursements, US$ million Withdrawal of the Pwoceeds of the Loan Category Aoaatd Pereat Flaned Coumunity-based Proects 96.5 70% for works and goods 100% for technical assistance Sub-total 96.5 Intionoal Development Rehabilitation WoMds 0.75 50% Equipment 0.75 50% of eligible local ependilwes 100% of eligible foreign expenditures Teebnical Assistance (consultants, 3.0 100% studies, audits, taining) Sub total 4.5 TOTAL 100 - 12 - SCHEDULE C PERU SOCIAL DEVELOPMENT AND COMPENSATION FUND Thuetable of Key Processing Events Time taken to be prepared 6 months Prepared by: Government of Peru with Bank assistance of Alain Colliou (Division Chief) and Alexandre V. Abrantes (Task Manager) First Bank Mission: February 1993 Appraisal Departure July 1993 Planned Date of Effectiveness 90 days after signing the loan List of relevant PCRs and PPARs: N.A. - 13 - Schedule D THE STATUS OF BANK GROUP OPERATIONS IN PERU A. SUMMARY STATEMENT OF LOANS (As of September 30, 1993) Amount lesa Loan No YM Bogower pumose Cancellatio TTdisb (USS million) Sixty Two (62) Loans fully disbursed 1801.69 of which Program Loan i' *1693 1979 Perm Prog:am Loan 11.0 3489 1992 Pen. Fi=.:it Sect3r Adjusteat 400.00 100.00 3540 1993 Peru Privatization T. A. 30.M0 30.00 3595 1993 Peru P-ivaizaion Adjustmet 250.00 175.00 36101' 1993 Peru Energy & Mining T.A. 11.80 11.80 TOTAL 2493.49 of which has been repaid 8.2 Total now outstanding 1593.67 Amount sold 18.31 of which has been repaid 13,31 Total now held by Bazk 157L. Total undisbursed * SECAL, SAL or Program Loan .11 Approved during FY79 21 Not yet effective NOTE: The stan:s of the projects lisad in Pirt A is described in a separate report on all Bank/IDA financed projects in execution, which is upda:ed twice yearly and circulated to the Executive Directors on April 30 and October 3 1. - 14 - Schedule 0 B. STATEMENT OF IFC INVESTMENTS (As of September 30, 1993) TSS Million Date Borrower Tve of Business LOU= 9gU& IQg9 1979/83/86/90/93 Buenaventuz Metal Ore Mining 6.00 3.63 9.63 1986 CARISA Non-Ferrous Ore Mining 6.00 0.50 6.50 1962 Ctmento Andino Cement Lime & Plaster 2.46 0.20 2.66 .29 Conechua Electric Light & Power 4.50 - 4.50 1975 Peru Copper Non-Ferrous Ore Mining 15.00 - 15.00 1960 Durisol Fabric Metal Products 0.30 - 0.30 1960/62 F-rtilizantes Fertilizers & Pesticide 4.09 - 4.09 1960 Luren Non-Metallic Mineral PR 0.28 - 0.28 1985 Minera Regina Non-Ferrous Ore Mining 6.08 0.24 6.32 1986 Orcopampa Non-Ferro=s Ore Mining 9.00 - 9.00 1964/67 Pacasmayo Cemet Lime & P!aster 1.60 0.50 2.10 1983 Palmesa Vegetable & Animal Oil 15.00 - 15.00 1986 Poderosa Non-Ferrous Ore Mining 3.30 - 3.30 1960 Rluzldas Fabric Metal Products 0.25 - 0.25 1980/85 SI1SA Non-Fe.rous Ore Mining 6.70 0.50 7.20 1982192 SOGEWIESE Leasing Companies 13.00 1.57 14.57 1993 Quellaveco Non-Ferrous Ore Mining - 6.22 6.22 1994 Yanscocha Non-Ferrous Ore Mining 26.34 0.33 26.67 Total Gross Commitment 119.90 13.63 133.59 Less Cancellations, Terminaiots and Sales .. 2.-25 2.7S 102.13 Total Com-mrent now held by 1FC 20.55 10.90 31.45 Toca1 Undisbursed 0.0 ___ t-o*- 78 74 72°1 ECUADOR .11 ;~ COLOMBIA w c UMBES é L OR E T O el Att. ina TY ord . onfF.4r * rlU R A2. b0 URA -7 Cku.py LAMBAY UEf* - C.mr L6 BYU<j-1ra t naa*~ PÅVED ROADS 'CA.'p1 i S A N - OTHER ALL-WEATHER ROADS CAJAMARC M T U RAILROADS f2 Mag oena .- .' « IPOT Ch9 IR PORTS k g.R Akh RIVERS Saon vo\j DEPARTMENT SOUNDARIES ' ' jQPUc•ip.- INTERNATIONAL BOUNDARIES Car. 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