China - Tianhuangping Hydroelectric Project

Docpme t of The World Bank FOR OMCLAL USE ONLY Report No. P-5960-H MlEMORNDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTNTIONAL BANK FOR RECONSTRUCTION AND DEVLOPMENT TO THE EXECUTIVE DTRECTORS ON A PROPOSFD LOAN INAN AMUNT EQUIVAUET TO $300 MiLLION TO THE PEOPLE'S REPUBLIC OF CHINA FOR A TTANRIAPINIG HYDROELECTRIC PROJECT APRIL 14, 1993 Tlis document has a restricted distribution and may be used by recipients only in the perfonrance of their offlcial duties. Its contents may not otherwise be disclosed without World Bank authorizationL  CURRENCY EQUIVALENTS (as of December 31, 1992) Currency Unit - Yuan (Y) Y 1.00 - 100 fen $1.00 - Y 5.8 Y 1.00 - $0.17 WE'GTS AND MEASURES 1 kilometer (kcm) - 0.62 miles 1 megawatt (MW) - 1,000 kilowatts (kW) 1 kilovolt (kV) - 1,000 volts (V) ABBREVIATIONS AND ACRONYMS APPDC - Anhui Provincial Power Development Company ECEPUC - East China Electric Power United Corporation GOC - Government of China IDC - Interest During Construction JPIC - Jiangsu Provincial Investment Company SEIC - State Energy Investment Corporation SPDC - Shenneng Power Development Company TCC - Technical Cooperation Credit ZPPDC - Zhejiang Provincial Power Development Company FISCAL YEAR January 1 - December 31  FOR OFFICIL USE ONLY CHINA TIANHUANGPING HYDROELECTRIC PROJECT Loan and Project Summary Borrower: People's Republic of China Beneficiary: East China Electric Power United Corporation (ECEPUC) Amount: $300 million equivalent Terms: Twenty years, including a five-year grace period, at the Bank's standard variable interest rate Onlendina Terms: The proceeds of the loan would be onlent from the Government to ECEPUC under a subsidiary loan agreement for a term not to exceed 20 years, including a five-year grace period, at the Bank's standard variable interest rate. ECEPUC will bear the commitment charges and foreign exchange risk. Financing Plan: Local Foreian Total -$ million ------- State Energy Investment Corporation (SEIC) 116.0 23.1 139.1 Shenneng Power Development Company (SPDC) 87.0 17.3 104.3 Jiangsu Provincial Investment Company (JPIC) 58.0 11.6 69.6 Zhejiang Provincial Power Development Company (ZPPDC) 38.8 7.7 46.5 Anhui Provincial Power Development Company (APPDC) 19.3 3.8 23.1 ECEPUC 29.0 5.8 _'.8 IBRD - 300.0 300.0 IDA (TCC) /a - 2.9 2.9 Total 348.1 372.2 720.3 Economic Rate of Return: 23 percent Staff Appraisal Report: Report No. 11428-CHA Map: IBRD 24363 La Second Technical Cooperation Credit (Cr. 1664-CHA). 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.  MEMORAINDUJM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE PEOPLE'S REPUBLIC OF CHINA FOR A TIANMUANGPING HYDROELECTRIC PROJECT 1. I submit for your approval the following memorandim and recommen- dation on a proposed loan to the People's Republic of China for the equivalent of $300 million to help finance a Tianhuangping 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. The proceeds of the loan would be onlent to the East China Electric Power Ur.ited Corporation (ECEPUC) for a term not to exceed 20 years, including a five-year grace period, at the Bank's standard variable interest rate. ECEPUC will bear the commitment charges and foreign exchange risk. 2. Background. The adequacy of electricity supply is of crucial impor- tance to China's economic growth and to improving the living standards of the population. The Government of China (GOC) has given high priority to power subsector development. Its policy is to promote energy conservation, acceler- ate the pace of indigenous energy resource development, construct large and cost-effective power generation plants, interconnect power systems to achieve more economic and reliable operation, and replace obsolete and heavily pollut- ing plants with more efficient and environmentally sustainable units. At present, power subsector institutions are undergoing major reforms and restructuring in order to improve their performance. To this end, GOC has initiated a number of actions to introduce modern energy technologies and methods, improve energy efficiency, assess environmental consequences and mitigate adverse impacts, increase the financial and management autonomy of power supply entities, and rationalize power pricing. 3. Remarkable progress has been made in resolving issues in the power subsector. More autonomous power entities are beginning to emerge. In addi- tion to the transfer of state-of-the-art technology and institution-building, particular attention is now being devoted to the development of an appropriate regulatory regime and protection of the environment. The "new plant-new price" policy has resulted in steady increases in overall tariff levels, and average consumer power prices are now close to the long-run marginal cost. While certain distortions still remain in the structure of tariffs, province- wide agreements to develop and implement action plans to rationalize the power tariff structures are being carried out under ongoing power projects. The East China region (Jiangsu, Zhejiang and Anhuil Provinces and Shanghai Munici- pality), where the proposed project is located, has the highest industrial output value in the country. However, its further development is severely constrained by serious electricity shortages, in spite of various measures already taken to cope with these shortages, including adoption of up to three working shifts in industry and rigorous energy conservation measures. 4. Lessons Learned from Previous Bank Operations. The lessons learned from previous power projects, particularly the four hydropower projects (Lubuge, Yantan, Shuikou and Ertan), have been taken into account in preparing  -2- the proposed project. Based on these lessons, more attention has been given to proper assessment of project costs, tighter technical and financial crite- ria for the prequalification of bidder., improved and accelerated procurement procedures, enhancement of the role of project construction management, and timely appointment of engineering consultants. 5. Rationale fir Bank Involvement. The Bank's strategy in the energy sector, and specifically the power subsector, is to support national energy development, transfer of modern technology, energy efficiency and conserva- tion, iI.stitutional and utility management reform, and improvement of environ- mental management. Through both project and sector work, the Bank seeks to encourage policies which provide incentives for sustainable energy development and efficient energy use. The Bank has been instrumental in recent initia- tives to promote more modern management and greater enterprise autonomy and accountability. The Bank has also launched a program of technical assistance and sector work on institutional development and enterprise reform. 3ank participation in the proposed project will particularly contribute to the optimal development of power-peaking capacities, establishment of an efficient power system and modern utility management, transfer of new technologies and application of advanced construction methods. A novel feature of Bank support for the proposed project is the promotion of interprovincial cooperation in the pooling of financial resources for the joint development of a power proj- ect. Moreover, in connection vith this project, improvement of the regulatory framework in four provinces/municipalities of East China and the rationaliza- tion of power pricing would be initiated. 6. Proiect Ob1ectives. The main objectives of the project are to: (a) alleviate an acute shortage of power during periods of peak demand and enable more efficient use of power plants in a predominantly coal-fired ther- mal power system by transferring off-peak energy to peak energy with construc- tion of the cost-effective and environmentally sound Tianhuangping pumped- storage hydroelectric plant and associated facilities; (b) support economic reform and establish an enabling environment for attracting foreign invest- monts and promoting private sector development by improving the quality of the power supply and enhancing socioeconomic conditions in the densely populated East China region; (c) improve load management and promote energy conservation by introducing appropriate power pricing; (d) support institutional development of the beneficiary by strengthening its organization through an advanced management and staff training program; (e) contribute to the develop- ment of an improved power utility regulatory framework; (f) assist in trans- ferring new power technologies for what will be the largest pumped-storage hydroelectric plant in China, and in applying modern power system operation optimization methods; and (g) extend technical assistance in project design and implementation, and in promoting prudent financial management. 7. Proiect Description. The proposed project would includes (a) con- struction of a pumped-storage hydroelectric power plant in Zhejiang Province together with upper and lower reservoirs, a water conveyance system, an under- ground powerhouse, and a switchyard; (b) provision and installation of six 300-MW reversible pump-turbine units and associated equipment; (c) erection of 500-kV transmission lines (about 250 km long) and reinforcement of the exist- ing power transmission network; (d) construction management and engineering services; (e) studies of optimal power plant operation and its output pricing;  - 3 - and (f) strengthening of the beneficiary's organization through the provision of technical assistance and training. The project feasibility study and design report were completed in 1990. Following the Bank's Guidelines, the Chinese also selected international engineering consultants to assist in finalizing designs, procurement of goodA and works, and construction manage- ment. Furthermore, a Special Board of Consultants, consisting of eminent foreign and local experts, has been established to review the project's con- cept and designs, and advise on dam safety, engineering and implementation matters. An Environmental Assessment Report has been prepared in accordance with the GOC and Bank environmental review procedures and guidelines for hydro projects, and its summary was distributed to the Executive Directors on June 5, 1992. The design of the project is at an advanced stage, and was found satisfactory in its overall concept. The Second Technical Cooperation Credit (Cr. 1664-CHA) in the amount of $2.9 million was used to finance engi- neering designs and project preparation. 8. Project ImDlementation. The domestic project financiers (para. 9) have appointed ECEPUC to be responsible for the implementation of the project. A specialized construction company has been created (within ECEPUC) to manage project construction. ECEPUC is a well established power entity and has the necessary capability and experience for carrying out large power projects. Project implementation and management arrangements are appropriate. As-is- tance will also be provided by international consultants (para. 7) during the implementation of the project. Procurement arrangements for works, goods and services will enable the implementation of the project in an efficient and timely manner. Procurement activities have started, and bids for the generat- ing units were opened on March 5, 1993. The project preparatory works are progressing satisfactorily. 9. Proiect Financina. The total cost of the project is estimated at $547.3 million equivalent, with a foreign exchange component of $302.9 million (54 percent). Total financial requirements, including interest during con- struction (IDC), amount to $720.3 million. The State Energy Investment Corpo- ration (SEIC), Shenneng Power Development Company (SPDC), Jiangsu Provincial Investment Company (JPIC), Zhejiang Provincial Power Development Company (ZPPDC) and Anhui Provincial Power Development Company (APPDC) have agreed to share the financing of the local project costs, IDC, and principal repayments of the Bank loan during the project construction period. Their contribution to the domestic project financing, reflecting the allocation of the project's output, would be as follows: SEIC-1/3 of the total; SPDC-114; JPIC-1/6; ZPPDC-1/9; ECEPUC-1/12; and APPDC-1118. Part of the total domestic financing would be in the form of equity, and the balance in the form of loans. Terms and conditions of domestic financing are satisfactory. The equity contribu- tion will enhance the capital structure of the project entity and represents an important step in enterprise reform in the power subsector. The Bank loan of $300 million is expected to cover the foreign exchange cost of the project exclusive of IDC. This will be the first time that more than one province would be involved in financing and implementing a power project in China. Furthermore, SEIC and ECEPUC contributions will come from their own revenue earnings. A detailed breakdown of the project costs and the financing plan are shown in Schedule A. The amounts and methods of procurement and of esti- mated IBRD disbursements are shown in Schedule B. The project will be com- pleted by December 31, 2000, and the closing date of the Bank loan would be  December 31, 2001. A timetable of the key project processing events and the status of Bank Group operations in China are given in Schedules C and D, respectively. A map (IBRD No. 24363) is also attached. The Staff Appraisal Report, No. 11428, dated March 31, 1993, is being distributed separately. 10. Project Sustainabilitv. The institutional and financial sustaina- bility of the project will be supported by the planned strengthening of the beneficiary's organizational structure and the Government's policy of allowing increased corporate autor.my in managerial, procurement, accounting and per- sonnel matters. Financial covenants under this project will help to enhance the beneficiary's capability for debt servicing and internal cash generation for self-financing of future investments. Satisfactory arrangements have been made to ensure proper coordination of all project participants, delineation of authorities, and improvements in the related institutional framework. Pricing of the project peaking power output will be devised ir. a manner to properl,i reflect the costs and benefits of the proposed project as well as its role in the power grid, including emergency power supply, and load-frequency and volt- age control. 11. Aireed Actions. The GOC has agreed to onlend the proceeds of the proposed Bank loan to ECEPUC under a subsidiary loan agreement for a term not to exceed 20 years, including a 5-year grace period, at the Bank's standard variable interest rate. Assurances were also obtained from ECEPUC that it would: (a) furnish each year to the Bank a rolling eight-year financial plan; (b) maintain separate accounts for the p=oject and furnish the audited accounts and statements to the Bank regularly; (c) carry out studies of the project power plant operations and its peaking power output pricing, and take all steps required to implement their recommendations as agreed with the Bank; (d) implement the management development and staff training program in accordance with the timetable agreed with the Bank; (e) carry out the envi- ronmental management program in a manner satisfactory to the Bank; (f) take all necessary measures, including but not limited to tariff adjustments, to ensure that its internal cash generation is sufficient to maintaln a self- financing ratio of no less than 30 percent; (g) not incur additional debt unless a reasonable forecast shows that its internal cash generation would provide a debt service coverage ratio of no less than 1.5 times; and (h) make satisfactory arrangements for the management of project implementation. 12. Environmental Asnects. A full Environmental Assessment Report has been prepared (para. 3) and reviewed by the Bank and found satisfactory. The project has relatively benign environmental impacts; any likely environmental problems are highly manageable, and there is no population resettlement entailed. The lives of local inhabitants will remain virtually unaffected, but their living standards will be improved by the provision of better roads, communications, water and power supply, and employment opportunities. Several small, heavily polluting, coal-fired power plants, currently used for peaking power purposes, vill be retired after project commissioning. The area through which the 500-kV transmission lines will pass is primarily rural. Route selection is based on the principle that no villages will be overpassed or houses relocated. Satisfactory arrangements for land acquisition have been made through participatory processes with the owners and local authorities. An environmental protection program and monitoring plans have been prepared and an environmental management and monitoring unit will be established.  -5- 13. Proiect Benefits. This large hydroelectric power ;'oject will greatly increase the critically needed peak-power generation capability and improve the quality of the power supply in the East China power grid. Accord- ing to comprehensive anAlyses, the project is clearly part of the least-cost development program for meeting future power supply needs. The internal eco- nomic rate of return is estimated at about 23 percent. Other intangible bene- fits are also important, such as institutional development, promotion of interprovincial cooperation for the joint development, improved power grid operation, and the fcavorable influence on the social environment by helping many people to reduce excessive night-shift work caused by the acute shortage of the peaking power supply. 14. Risks. Project construction and implementation risks are within reasonable limits and manageable with agreed supervision arrangements and the involvement of competent engineering consultants as now envisioned. Particu- lar attention will be given to the safety aspects of the project, and to the capabilities and performance of major cont:ractors. 15. Recommendation. I am satisfied that the proposed loan vould comply with the Articles of Agreement of the Bank and recommend that the Executive Directors approve it. Lewis T. Preston President By: Sven Sandstrom Attachments Washington, D.C. April 14, 1993  - 6 - Schedule A CH TIANHUANGPING Hfl'RELECTRIC PROJECT Estimated Costs and Finaneine Plan ($ million) Local Foreign Total Estimated Proiect Coat Preparatory works 19.6 0.0 19.6 Land acquisition and compensation 7.8 0.0 7.8 Civil works 96.1 10.1 106.2 Metal works 2.9 0.0 2.9 Plant equipment and materials 27.2 219.9 247.1 Transmission system 14.9 17.4 32.3 Engineering services 18.8 9.4 28.2 Construction management 16.4 0.0 16.4 Environmental program 0.6 0.2 0.8 Studies 0.3 0.5 0.8 Training 0.8 2.1 2.9 Base Cost 205.4 259.6 465.0 Contingencies Physical 18.4 13.8 32.2 Price 19.2 29.5 48.7 Tax & duties 1.4 0.0 1.4 Total Proiect Cost 244.4 302.9 547.3 Interest during construction .La 103.7 69.3 173.0 Total FinancinR Required 348.1 372.2 720.3 Financina Plan Stste Energy Investment Corp. (SEIC) 116.0 23.1 139.1 Shenneng Power Development Co. (SPDC) 87.0 17.3 104.3 Jiangsu Prov. Investment Co. (JPIC) 58.0 11.6 69.6 Zhejiang Prov. Power Dev. Co. (ZPPDC) 38.8 7.7 46.5 Anhui Prov. Development Co. (APPDC) 19.3 3.8 23.1 ECEPUC 29.0 5.8 34.8 IBRD - 300.0 300.0 IDA (TCC) Lb - 2.9 2.9 Total 348.1 372.2 720.3 /L Interest during construction (IDC) is based on onlending rates for pro- jected disbursements of loan proceeds. The foreign currency portion of IDC is based on the Bank variable loan rate. lb Second Technical Cooperation Credit (Cr. 1664-CHA).  - 7 - Schedule B Page 1 CHINA TIANHUANGPI& HYDROELECTRIC PROJECT Summary of Proposed Procurement Arranaements ($ million) Procurement method Total Project element ICB Other NBFL costs Works Preparatory works - - 21.1 21.1 Land acquisition & cmpensation - - 8.6 8.6 Upper reservoir 18.4 - - 18.4 lining (12.5) (12.5) Other civil works - - 112.4 112.4 Metal works - - 3.5 3.5 Goods E&M equipment 281.8 7.0 - 288.8 (249.2) (7.0).b (256.2) Transmission system 37.1 - - 37.1 (20.0) (20.0) Services Construction management - - 19.0 19.0 Engineering services - 29.5 - 29.5 (7.8) (7.8)/c Environmental program - 1.0 - 1.0 (0.3) (0.3) Studies - 1.0 - 1.0 (0.6) (0.6) Training - 3.5 - 3.5 (2.6) (2.6) Total 337.3 42.0 164.6 543.9/c (281.7) (18.3) (0.0) (300.0) La NBF - Not Bank Financed. lb Limited International Bidding (LIB) and shopping for minor equipment, spares and instruments. Ic Excludes the TCC-related financing. Note: (1) Figures in this table include contingencies. (2) Figures in parentheses are the respective amounts financed by the Bank loan.  - 8 - Schedule B Page 2 Disbursements Amount cf loan 2 of expenditures Category allocated to be financed ($ million) (1) Civil works 10.0 100X of foreign expenditures (2) Goods 260.0 100% of foreign expenditures, 100% of local expenditures (ex- factory cost), and 75% local expenditures for other items procured locally (3) Consultant services and training 10.0 1OOS (4) Unallocated 20.0 Total 300.0 Estimated Disbursement Bank FY 1994 1995 1996 1997 1998 1999 2000 2001 2002 - -------- $ million) ------------------------ Annual 33.1 44.1 84.5 76.2 36.0 12.6 6.3 4.5 2.7 Cumulative 33.1 77.2 161.7 237.9 273.9 286.5 292.8 297.3 300.0  -9- Schedule C CHINA TIANHUANGPING HYDROELECTRIC PROJECT Timetable of Kev Project Processing Events (a) Time taken to prepare the project: 20 months (b) Prepared by: GOC and ECEPUC with Bank assistance (c) First Bank mission: September 1991 (d) Appraisal mission departure: October 1992 (el Negotiationst March 1993 (f) Planned date of effectiveness: July 1993 (g) List of relevant PCRs and PPARs: None The project was appraised by the following: V. Mastilovic (Task Manager), S. Kataoka (Senior Power Engineer), H.E. Sun (Financial Analyst), R. Taylor (Economist), T. Hassan (Senior Counsel) and K.C. Ling (Consultant). The Divi- sion Chief is Richard Newfarmer and the Department Director is Shahid Javed Burki.  - 10 - Schedule D Page 1 of 3 STATUS OF BANK GROUP OPERATIONS IN THE PEOPLE'S REPUBLIC OF CHINA A. STATEXENT OF SANK LOANS AND IDA CREDITS (As of March 31. 1993) LoanJ Amount CUSS million) Credit Bor- (net of cancellations) Number FY rower Purpose Bank IDA Undisb.Ce) 18 loans and 27 credits have been fully disbursed. 1549.63 154S.0 Of which SECAL: 2967/1932 88 PRC Rural Sector Adj. 200.0 93.2 - .............. 1551 85 PRC University Development It 145.0 1.0 2493 85 PRC Second Power 117.0 6.2 2501 85 PRC Changcun (Luan) Coal Mining 79.S - 36.7 2540 8S PRC Railway II 220.0 - 38.7 1664 86 PRC Technical Cooperation Credit It 20.0 11.8 2675/1680 86 PRC Third Railway 160.0 70.0 68.5 2689 86 PRC Tianjin Port 130.0 40.8 2706 86 PRC Beilungang Thermal Power 225.0 19.4 2707 86 PRC Yantan Hydroelectric 52.0 - 2.3 2723/1713 86 PRC Rural Health & Preventive Med. 15.0 65.0 33.2 277S 87 PRC Shuikou Hydroelectric 140.0 - 6.3 2783/1763 87 PRC Industrial Credit IV (CIO IV) 250.0 50.0 85.2 2784 87 PRC Shanghai Machine Tools 100.0 - 13.8 1764 87 PRC Xinjiang Agriculturat Dev. 70.0 10.1 2794/1779 87 PRC Shanghai Sewerage 45.0 100.0 67.8 2811/1792 87 PRC Beijing-Tianj!n-Tanggu Expressway 25.0 125.0 34.9 2812/1793 87 PRC Gansu Provincial Dev. 20.0 150.5 64.8 1835 87 PRC Planning Support & Special Studies 20.7 11.5 2838 87 PRC Fertilizer Rationatization 97.4 - 10.2 28S2 87 PRC Wujing Thermal Power 190.0 - 42.5 1871 88 PRC Rural Credit III - 170.0 10.5 2877/1845 88 PRC Huangpu Port 63.0 25.0 56.9 2907/1875 88 PRC Dalian Port 71.0 25.0 13.7 1885 88 PRC Northern Irrigation 103.0 35.4 2924/1887 88 PRC Coastal Lends Dev. 40.0 (60.0)(b) 11.0 1908 88 PRC Teacher Training - 50.0 6.6 2943 88 PRC Pharmaceuticals 127.0 - 10.3 2951/1917 88 PRC Sichuan Highway 75.0 50.0 72.6 2952 88 PRC Shaanxi Highway 50.0 - 6.1 1918 88 PRC Daxing An Ling Forestry - 56.2 6.6 2955 88 PRC Beilungang II 165.0 - 31.5 2958 88 PRC Phosphate Dev. 62.7 39.9 2968 88 PRC Railway IV 200.0 * 82.9 1984 89 PRC Jiangxi Provincial Highway 61.0 24.5 1997 89 PRC Shaanxi Agricultural Dsv. 106.0 64.6 2006 89 PRC Textbook Development - 57.0 2.1 2009 89 PRC Integrated Reg. Health - 52.0 33.2 3006 89 PRC Ningbo & Shanghai Ports 76.4 - 22.8 3007 89 PRC Xismen Port 36.0 23.2 3022 89 PRC Tianjin Light Industry 154.0 106.9 3060/2014 89 PRC inner Mongolis Railway 70.0 80.0 53.5 2097 89 PRC Shandong Agriculture Dev. 109.0 32.4 3066 89 PRC Hubei Phosphate 137.0 - 122.1 3073/2025 89 PRC Shandong Prov. Highway 60.0 50.0 52.2 3075 89 PRC Fifth Industrial Credit 300.0 - 195.4 2097 90 PRC Jiangxi Agric. Dev. - 60.0 28.2 2114 90 PRC Vocational & Tech. Educ. 50.0 36.5  - 11 - Schedule O Page 2 of S LoaW Amount (USS millionD Credit Bar- (net of cancellations) muwer FY rower Purpose Bank IDA Undisb.(a) 2145 90 PRC National Afforestation 300.0 192.7 2159 90 PRC Nobel Agricultural Dev. 150.0 94.4 2172 91 PRC Mid-Yangtze Agricultural Dev. 64.0 40.6 3265/2182 91 PRC Rural Credit IV 75.0 200,0 138.7 3274/2186 91 PRC Rural Indust Tech CSPARK) 50.0 64.3 96.6 3286/2201 i1 PRC Medium-Sized Cities Dev. 79.4 89.0 128.9 3288 91 PRC Shanghai Industrial Dev. 150.0 - 148.5 2210 91 PRC Key Studies Davelopment 131.2 116.6 2219 91 PRC Liaoning Urban Infrastructure 77.8 30.6 3316/2226 91 PRC Jiangsu Provl. Transport 100.0 53.6 90.7 2242 91 PRC Henan Agricul. Dev. 110.0 91.7 3337/2256 91 PRC irrig. Agricul. lntensif. 147.1 187.9 240.8 3387 92 PRC Ertan Hydroelectric 380.0 190.8 2294 92 PRC Tarim Basin - 125.0 107.4 2296 92 PRC Shanghai Metro Transport 60.0 51.2 3406 92 PRC Railways V 330.0 - 323.8 3412/2305 92 PRC Daguangba MuLtipurpose 30.0 37.0 57.4 2307 92 PRC Guangdong ADP 162.0 159.7 3415/2312 92 PRC Beijing Envirorment 45.0 80.0 114.3 2317 92 PRC Infectious and Endemic Disease Cant - 129.6 122.3 3433 92 PRC Yanshi Thermal Power 180.0 - 147.6 2336 92 PRC Rural Uater Supply and Sanitation - 110.0 101.8 2339 92 PRC Educ. Development in Poor Provs. 130.0 117.5 3443 92 PRC Regional Cement Industry (c) 82.7 - 82.7 3462 92 PRC Zouxian Thermal Power 310.0 310.0 3471 92 PRC Zhejiang Provincial Highway 220.0 197.3 2387 92 PRC Tianjin Urban Devt. & Envir. - 100.0 100.8 2391 92 PRC Ship Vaste Disposal - 15.0 15.1 2411 93 PRC Sichuan Agricultural Devt. - 147.0 142.2 3515 93 PRC Shuikou Hydroelectric 11 (c) 100.0 - 100.0 2423 93 PRC Financial Sector T*ch.Assist.Cc) 60.0 57.9 3530 93 PRC Guangdong Provincial Transport tc) 240.0 - 240.0 3531 93 PRC Henan Provincial Transport (c) 120.0 120.0 2447 93 PRC Ref. Inst'l and Preinvest. (C) - 50.0 50.0 3552 93 PRC Shanghai Port Rest. and Devt. (c) 150.0 150.0 2457 93 PRC Changchun Water Supply & Env. Cc) - 120.0 120.0 2462 93 PRC Agriculture Support Services (c) 115.0 115.0 3560/2463 93 PRC Taihu Basin Flood Control (c) 100.0 100.0 200.0 2471 93 PRC Effective Teaching Services (c) - 100.0 100.0 3572 93 PRC Tianjin Industry 11 (c) 150.0 - 150.0 3582 93 PRC South Jiangsu Envir. Prot. (c) 250.0 - 250.0 2475 93 PRC Zhejiang MuLticities Devt. (c) - 110.0 110.0 3581 93 PRC Raitway VI (c) 420.0 420.0 Total 8811.8 6647.8 7721.5 of which has been repaid 575.9 2.1 Total now held by Bank and IDA 8235.9 6645.7 Amount sold: Of which repaid - Total Undisbursed 4785.3 2936.2 7721.5 (a) As credits are denominated in SDRs (since IDA Replenishment VI), undisbursed SDR credit balances are converted to dollars at the current exchane 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.  - 12 - Schedule D Page 3 of 3 B. STATEMENT Of IFC INVESTMENTS (As of March 31, 1993) Invest- Type of Loan Equity Total ment No. fY Borrower Business ---*-- (USS Million) -- 813/2178 85/91 Guangzhou and Peugeot Automobile 13.9 4.5 18.4 974 87 China Investment Co. Investment 3.4 0.0 3.4 1020 87 Shenzhen China Bicycle 17.Z 2.5 19.7 Bicycles Co. Ltd. Manufacture 1066 88 Crown Electronics Electronics 11.3 - 11.3 1119 89 Shenihen Chronar Solar Solar (a) 1.0 1.0 2.0 Energy Energy Total Gross Comiltments 46.8 8.0 54.8 Less cancellations, terminations 1.0 1.0 r.paymunt and sales Total Comuitments now Held by IFC 45.8 8.0 53.8 Total Undisbursed 0.0 - 0.0 (a) Loan subsequently cancelled. 3/31/93 EA2DR  IBRD24363 SHANDONG CHINA 35s TIANHUANGPING HYDROELECTRIC PROJECT H, < EAST CHINA POWER GRID UNOI PUTUE .n\G CONSWtION mOECr ROmEC - -rz:.ouv - - _ _ 500 kVTRANSMSSION UNE Q, Q m A A A A A 5kV SUBSTATIONON UNE 'bui NO. I 0 Rnnhai 0 C 0 THERhAL POWER PLANT O IxuHikeiNo.2 El cm2x' HYORO POWER PLANT H w r y i n C]El [E NUCLEAR POWER PLANT t