Honduras - Transport Sector Rehabilitation Project

Doument of The World Bank FOR OMCIAL USE ONLY Repot No. P-5920-HO MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPNENT ASSOCIATION ON A PROPOSED CREDIT OF SDR 46.9 MILLION (US$65 MLTTION EQUIVALENT) TO TE REPUBLIC OF HONDURAS FOR A TRANSPORT SECTOR REHABILITATION PROJECT JANUARY 11, 1993 :'I F UR IC:H.L C U1P' '' R:1s.--iu :. - -Ot rtle: TRANIsPIDR1 P-: CTCGf FfRHAB'l ITATI IO' Autho'-: POCI- RHY~' M. C; t D:POi9 'oR O Dpt.' ! E, This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUrVALENTS Currency Unit = Lempiras (L) US$ 1.00 = L 5.40 (September 14, 1992) SDR 1.00 = US$ 1.36 FISCAL YEAR January 1 to December 31 UNITS OF WEIGHTS AND MEASURES Metric British/US Eqivalent 1 kilomezer (km) = 0.62 mile (mi) 1 meter (m) = 3.28 feet (ft) 1 gram (g) = 0.0022 pound (lb) 1 kilogram (kg) = 2.20 pounds Ob) 1 ton = 2,205 pounds 1 cubic meter (M) = 6.29 barrel (bbl) 1 cubic meter (N3) = 35.32 cubic feet (ft^' or SCF) 1 cubic meter (M3) = 264 U.S. gallons (gal.) ABBREVIATIONS CBT Low Traffic Roads Model DGC Directorate General of Roads of SECOPT DGAC Directorate General of Civil Aviation of SECOPT DGCCA Directorate General of Roads and Airports Maintenance of SECOPT DGPS Directorate General of Sectoral Planning of SECOPT DGT Directorate General of Transport of SECOPT ENP National Port Company F}NH Honduran National Railways GOH Government of Honduras HDM HII Highway Design and Maintenance Standards Model. Third Version ICAO International Civil Aviation Organization 1DB Inter-American Development Bank PURC Public Utility Regulatory Commission RENffTRAN Meetings of Central American Transport Ministers SECOFI Secretariat of Communications, Public Works and Transport SECPLAN Secretariat of Planning, Coordination and Budgeting SSIPF Under Secretariat of Planning and Finance of SECOPT TRR Co. Tela Railway Company UMA SECOPT's Environmental Unit UNDP United Nations Development Programme USAID U.S. Agency for International Development  FOR OFFICIAL USE ONLY HONDURAS TRANSPORT SECTOR lEBILITAATION PROJECT CREDIT AND PROJECT SUIMMARY Borrower: Republic of Honduras Ex5ecuting Agencies: Secretariat of Communications, Public Works and Transport (SECOPT). National Port Company (ENP); and Honduran National Railway (FNH). Beneficiaries: Project benefits would accrue to the economy as a whole. The reduction of transport costs expected from the project would increase the competitiveness of Honduran goods and result in increased economic activities and household income. Also, the new public-private sector mix supported under the project is expected to have a positive fiscal impact, supporting the Government's efforts for sustainable growth and increasirg Honduras' attractiveness for investments and subsequent job creation. Amount: SDR 46.9 million (US$65 million equivalent). Terms: Repayment in 40 years, including 10 years of grace with a service charge of 0.75% per year. Thzancing Plan: (US$ million) Donor loca Foreign Total IDA 26.0 39.0 65.0 |IDB 76.0 114.0 190.0 CABEI 12.0 18.0 30.0 USAID 8.0 12.0 20.0 Govermment of Spain 14.4 35.6 50.0 Government of Taiwan 8.0 12.0 20.0 Other 3.6 5.4 9.0 Central Government 48.4 72.6 121.0 Unidentified 10.8 26.3 40.7 Total 207.2 338.5 545.7 This document has a res.ricted distribution and may be used by recipients only in the perform .aice of their official duties. Its contents may not otherwise be disclosed without World Bank authori; ation.|  Economic Rate of Return: The economic rates of return for investments included in the proposed project range between 12 percent to above 50 percent. The minimum economic rate of return for all investnents to be included in the project would be 12%, except for civil works in access roads with strong social iipact not exceeding 10% of total expenditures in access roads, which would be subject to less stringent economic (but standard environmental) criteria. Staff Appraisal Report: No. 10680-HO dated Janmary 11, 1993 Map: IBRD 24228  MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CRED1T TO THE REPUBLIC OF HONDURAS FOR A TRANSPORT SECTOR REHABILITATION PROJECT 1. I submit for your approval the following memorandum and recommendation on - proposed development credit to the Republic of Honduras for SDR 46.90 million, the equiva1ent of US$65 million, on standard IDA terms with a maturity of 40 years to help finance a Transport Sector Rehabilitation Project. The project would be cofinanced by several multilateral and bilateral donors. 2. 1kod: The Governmeat of Honduras (GOH) has embarked on an ambitious restructuring effort to lay the basis for sustained economic growth. This involves opening up the economy to competition and expanding the role of market forces in resource allocation. Honduras is expected to continue its heavy reliance on the export of agricultural commodities, which require low cost and reliable domestic transportation facilities to be competitive. At present, transport costs are high due to years of low investment, neglected maitenance, operational inefficiencies and an institutional framework unsuited to rapid market changes. To reverse this situation the GOH straitegy seeks to: (a) expand the participation of the private sector in the provision of transport services; (b) improve fiscal performance through the establishment of user charges based on economic criteria; (c) strengthen investment selection, emphasizing the maintenance and rehabilitation of existing assets; and (d) establish a new regulatory framework for the transport industry to encourage competition. In addition, there is now growing awareness of the need to minimize the effects of infrastructure investments on the environment, and the GOH intends to integrate environmental concerns in transport policy and investment decisions. To ensure the sustainability of impro-vements in sector efficiency, GOH has initiated far-reaching reforms in the key roads, ports and airports subsectors, and is reducing the financial burden imposed by an inefficient railway system. In addition, to raise the hierarchical level of the sectoral planning, programming and budgeting functions in the Secretariat of Commnications, Public Works and Transport (SECOPI), the GOH recently created the Under Secretariat of Planning and Finance. 3. In the road subs , the dominant transport mode, SECOPT has already reduced substantially road maitenance staffing from about 5,000 in 1990 to about 2,760 in 1992, and is implementing a rapid shift to road maintenan by contract (300 microenterprises were retained in 1990 and 1991 to carry out routine maintenance activities on about 4,000 km of roads). To ensure adequate cost recovery and to mobilize additional resources in the subsector, the GOH, with support from the hiteramerican Development Bank (IDB), will assess options through a study to be completed by the end of 1993. The present regulatory and pricing framework for road transport is being revised to ensure free entry and the targeting of urban transport subsidies to the lowest income groups. 4. In the port subs r, a recent study financed by the United Nations Development Programne (UNDP) concluded that: (a) the National Port Authority (ENP) is experiencing excessive growth in administrative costs; (b) Puerto Cortes, which handles about 80% of the international traffic, is subsidizing the other ports by charging considerably more than its operating costs; and (c) the present sector organization is slow to adapt to changes in the demand for transport services and therefore the comparative advantages of Puerto Cortes in the region, such as the provision of transhipment services, are not fully exploited. The GOH is determined to enhance the competitiveness of its port systel 'hrough the gradual transfer of most ports' operational responsibilities to the private sector, with ENP in1Teasingly taking the role of a landlord agency. As a first step, GOH is planning to concession to private operators some of the port activities in Puerto Cortes and to establish in the deficitary ports (mainly Puerto Castilla and Puerto San Lorenzo) management schemes with the necessary incentives for commercial results. The GOH would  -2- propose through its representatives in the recently created Public Utility Regulatory Commission (PURC), to allow private operators to set tariffs on the basis of costs and demand. 5. In the airr subsector, dispersion of responsibilities among several public agencies prevents efficiency. A plan to strengthen the institutional framework, develop a suitable regulatory capacity, and ensure sector performance according to international safety standards needs to be developed and implemented. To that end the GOH, with UNDP financing and technical assistance from the International Civil Aviation Organization (ICAO), prepared a 1992-1994 Civil Aviation Development Program, that includes the design and implementation of an appropriate institutional framework for the subsector and foresees a possible role for the private sector in its operation. The program also includes the preparation of Master Plans fcr the development of future airport infrastructure, which is already inadequate to attend the country's needs, both in terms of capacity and safety standards. 6. In the railway sector, the Honduran National Railways (FNII) generates a US$1 million annual operational deficit. As a first step for deficit reduction, FNH implemented a voluntary retirement program with fiancing provided by the U.S. Agency for Intenational Development, and on November 30, 1992 all the operational staff (143 people) from the non-operating La Ceiba line were separated from FNH. The GOH, based on the conclusions of a UNDP financed study, has decided to phase out FNH's railway operations completely by 1996. 7. The GOH is also improving its capacity to address environmental concerns in the transport sector. A core Environmental Unit was recently established in SECOPT to evaluate the environmental impact of road works. Environmental assessments are carried out by local consultants who have developed considerable expertise in this area. The responsibilities and output of the unit, would be fully integrated into SECOPT's planning process and expanded to encompass other transport modes (para. 9). In addition, the unit needs to develop standards against which palliative and/or mitigative actions can be measured. 8. Pject Ojectives: The project has two sets of major objectives: (a) to help improve the institutional and regulatory framework of the sector so as to: (i) encourage greater private provision of transport services; (fi) establish investment and pricing policies based on efficiency and equity considerations; (iii) integrate into SECOPT's work the systematic consideration of environmental concerns; (iv) strengthen SECOPT's planning and regulatory capability; (v) restructure the port subsector and redefine the role of the ENP; (vi) design and implement a strategy for the development of the airport subsector; and (vii) rationalize railway operations; and (b) to help improve and rehabilitate transport infrastructure in the main trade corridors in support of the Government's efforts for export-led growth and reduce the bacldog of deferred mantenance. Achievement of these objectives would remove bottlenecks to trade, reduce transportation costs, attract private investments to the transport sector (reducing the need for public funding) and help redirect the focus of the state away from the provision of services. 9. Pjt Dertn: The project would have three components: (1) the polic mponen is reflected in the Government's Transport Sector Policy Declaration, which spells out a medium-term strategy for the setor, and in the related Action Plans specifying the measures to be taken to address the most important sector issues; (ii) the investment component (total cost US$79.6 million would finance a time slice of the Government's 1993-1996 Transport Sector Investment Program (TSIP) amounting to US$545.7 million, and consists of: (a) rehabilitation of about 150 km of roads in the main export corridors; (b) periodic maintenance of about 1800 km of the road network; (c) construction and rehabilitation of about 1000 m of bridges; (d) rehabilitation of about 1000 km of feeder roads in agriculturally rich areas; and (e) rehabilitation of the runway, taxiway and apron of the San Pedro Sula airport. The institutional  -3 - development and technical assistance component (total cost US$3.3 million), would provide technical assistance to: (a) strengthen the capabilities of SECOPT's Under Secretariat of Planning and Finance and the Directorate of Transport to carry out project evaluation and implement a regulatory framework consistent with the new public-private sector mix; O) expand the role of the Environmental Unit to encompass all transport modes and effectively integrate environmenzal aspects into SECOPT's investment decisions; (c) support implementation of the Action Plans in the areas related to privatization/divestiture measures for the port and airport subsectors; and (d) strengthen SECOPT's capacity for bridge management. 10. The total project cost is estimated at US$545.7 million equivalent, with a foreign exchange component of US$338.5 million equivalent (62%). The proposed Credit would finance 12% of total project cost with the remaining funding coming from several multilateral and bilateral donors. Schedule A shows a breakdown of project costs and the financing plan. Amounts and methods of procurement and of disbursement, and the disbursement schedule, are shown in Schedule B. A timetable of key project processing events and the Status of Bank Group operations in Honduras are given in Schedule C and D, respectively. The Staff Appraisal Report No. 10680-HO dated January 11, 1993 is also attached. To avoid any delays in starting road rehabilitation and maintenance works which could cause increased costs, retroactive financing of up to US$1.7 million, equivalent to 3% of the Credit proceeds, is recommended for expenditures incurred in eligible road rehabilitation works after July 31, 1992. 11. Project Implementation: The proposed project is expected to be completed in about four years. SECOPT would be responsible for coordinating overall project implementation, including monitoring of the regulatory reforms and implementation of the GOH Sector Policy Declaration, and for the execution of the civil works and technical assistance financed under the proposed credit. An Implementation Committee icluding the Ministers of SECOPT and of Economy, would b3 responsible for the implementation of the reforms in the port subsector. 'The Implementation Committee would be supported by a Technical Implementation Unit in ENP. A full-me project coordinator (PC), with qualifications satisfactory to IDA, would head a Project Coordinating Unit and would be responsible for monitoring sector developments and for coordinating the necessary actions to achieve the objectives of the GOH Sector Policy Declaration and Action Plans. The PC would report directly to the Vice-Minister of Transport. 12. Project Sustainablity: Project sustainability would be enhanced by the proposed focus on the policy framework, on institutional development and on the redefinition of the role of the state, all of which would promote the participation of the private sector in the provision of transport services and the establishment of an effective system for transport regulation, pricing and cost recovery. 13. Lessons from Previous Bank/IDA Involvement: The Bank and IDA have played an instrumen role in the development of the transport sector of Honduras since 1955, and the Bank Group made a total of eleven loans/credits, of which eight were for the highway subsector and three for the port subsector. The result of these efforts, in terms of institutional strengthening, sector planning, investment optimization and prioritization, and improvements in infrastructure maintenance have been mixed and weaknesses in past projects can be traced to insufficient Government commitment to implement far reaching reforms. The project draws heavily upon the lessons learned by the Bank and IDA through its project work both in Honduras and world-wide, which show that, institution building is a slow process and requires continued support to strengthen transport sector management. Past experience show the need to reconsider the role of the state where the private sector can play an expanded role. The emphasis is on developing a better private public mix, assisting Governments to strengthen the technical capacity and increasing the accountability of government agencies responsible for the regulation, planning and allocation of funds in the transport sector, and encouraging competition to make transport services more responsive to market needs.  - 4 - 14. Rationale for IDA Involveme: IDA's strategy for Honduras has been to support a comprehensive and successful adjustment program. IDA is now focussing on programs designed to address poverty issues and on laying the basis for sustainable growth. The strategy pursues private sector led growth and is designed to assist the Government to develop an institutional and policy framework within key sectors that supports this change in development strategy. Building on the ongoing economic adjustment program, IDA is in a unique position to support the Government's efforts to restructure the transport sector, especially in the port, airport and railway subsectors. The proposed credit broadens the past Bank/IDA sector strategy of project specific lending to embrace sector wide reforms. The proposed project has been developed in close coordination with IDB, which is expected to continue providing substantial financial support for rehabilitating the road network, improving road management, enforcing axle load controls and ensuring adequate cost recovery in the roads subsector. 15. Actions Agreed: During neeotiations, agreement was reached: (a) that GOH would: (i) allocate each year adequate funds for read maintenance, (ii) maintain its road network, and (iii) continue the staff reduction of DGCCA, all according to the schedule set forth in the key project indicators; (b) that the GOH would cause ENP to reduce its staff according to the schedule set forth in the key project indicators; (c) that the GOH would prepare and furnish to IDA, not later than October 31, 1993 an operational and maintenance plan for the airports and, subsequenty, provide in its annual budget, starting in 1994, funds for DGCA to implement said plan until an entity with juridical personality and financial autonomy is established to operate the airports; (d) that the GOH would cause FNH to reduce its operational deficit in accordance to the schedule set forth in the key project indicators; (e) on the Transport Sector Policy Declaration and Action Plans and, that it would be an eveat of default if the GOH takes any action or adopts any policy which is not consistent with the policies outlined in the Transport Sector Policy Declaration; (f) on the 1993-1996 Transport Sector Investment Program (ISIP), and that any change to the 1993-1996 TSIP, which would be reviewed during annu-l and mid-term reviews, would have to be satisfactory to IDA; (g) that no investments with economic rates of return below 12% and/or that are not environmentally sound would be included in the 1993-1996 TSIP, except for investments in access roads not exceeding 10% of the total investment in access roads, provided they: (i) comply with the environmental criteria, (ii) do not exceed 14 km in length, and (iii) the total cost of the road does not exceed US$650 per capita of the population served; (h) on the terms of reference for the technical assistance to support SECOPT's institutional development and for the implementation of the Action Plans for the port and airport subsectors and the establishment of the Bridge Management System; (i) that the consultants for the identification and implementation phasea of the technical assistance to strengthen SECOPT and the Environmental Unit would initiate work, respectively, not later than July 31, 1993 and December 15, 1993 and that the consultants for the implementation of the port reforms and the Budget Management System would be hired prior to October 31, 1993; a) on the Project Coordinator functions and responsibilities; and (k) that GOH and IDA would carry out jointly, by no later than June 30 of each year, an annual review, as well as a mid-term review, by no later than June 30, 1995, of the progress made in achieving the project objectives and, if necessary, prepare and execute, to the satisfaction of IDA, remedial plans of action agreed during the annual and mid- term reviews. Conditions of effectiveness would be that: (a) SSPF has initiated its operations; (b) the Environmental Unit has (i) started its operations within SSPF, and (ii) employed competent staff in adequate numbers to carry out its operations; (c) the consultants for the technical assistance for the evaluation of the economic and financial impact of different leasing/concessioning alternatives in the port subsector have been appointed; and (d) the project Coordinating Unit has been staffed satisfactorily. Conditions of disbursement of funds for civil works in the San Pedro Sula airport would be hiring the consultants for the technical assistance to the airport subsector.  -5- 16. Environmental Aspects: The project is rated B. The proposed credit would fince mostly rehabilitation wc!ks that would help improve environmental conditions, by improving road drainage and eliminating safety hazards. The works do not pose environmental risks and will be carried out on the basis of contractual arrangements that appropriately address all environmental concerns. Furthermore, the technical assistance component of the priject would help integrate environmental concerns into SECOPT's investment decisions. 17. Proiect Benefits: The project is expected to support the introduction of major policy and structural reforms and help strengthening the sector 's institutions through the implementation of the various Action Plans covering a wide range of policy and institutional improvements. By addressing sector specific issues and overriding institutional weaknesses, the project would contribute to enhance Honduras comparative advantages in international trade and substantially reduce transport related distortions in the economy. Direct benefits of the project would be derived from: (a) increasing the quality and cost-effectiveness of tuansport services through: (i) improving the efficiency and accountability in the road subsector; (ii) making ports and airport services more responsive to user needs; and (iii) eliminating intermodal distortions by phasing out railway services; (b) strengthening sector planning and policy formulation; and (c) improving the sustainability of resource use through the development of a technical foundation for an environmentally sound transport arrangement. The project's benefits would therefore go well beyond the returns on specific individual investments. 18. Risks: There are no i.portant technical risks or major environmental issues, as no projects with potentially significant environmentl impact are being planned. Because of the project's policy emphasis, there are risks related to the Government's commitment and ability to implement the needed institutional and policy reforms. These are deemed acceptable, in view of Honduras' good performance under the ongoing structural and sectoral adjustment operations. Up-front actions in support of these reforms, such as further reduction of SECOPT's personnel, closure of the La Tela-Ceiba Railway line and appointment of consultants to implement the sector's privatization/divestiture program should reduce these risks. In addition, specific targets have been identified in the process of sector reform and their achievement will be closely monitored. Nevertheless, there is a risk of funding shortages that cannot be discounted which could slow the planned implementation of the investment program. The proposed annual reviews would ensure that those projects with higher rates of return are given priority. The risk that SECOPT might have insufficient capacity to implement a complex project involving substantial sector reforms was taken into account in the design of an intensive supervision plan and the inclusion under the project of short-term technical assistance in those areas, such as concession arrangements, which require special expertise. 19. Recommendation. I am satisfied that the proposed credit would comply with the Articles of Agreement of the Association and recommend that the Executive Directors approve it. Lewis T. Preston President Attachments Washington, D.C. January 11, 1993  -6 - SchdiedtAe Page 1 of 2 HONDURAS TRANSPORT SECTOR ILITATION PROJECT Estimated Project Cost and FinanWdg Plan (US$ mllOD) 1993-1996 PROGRAM COMIIONBI LOW P_raia TOTAL ROAD INVBESTMNTS -Road CovXoutaoa 4.68 7.03 11.71 Rpoatnonw8j1t 15.50 23.24 38.74 4Road Paing 25.57 38.39 63.96 -Bridge CoXtucon and Rkbibhaion 4.75 7.13 11.88 -Road Rehabltaion 47.80 71.72 119.52 -Periodio Maintenauc 38.74 59.66 9$.40 SUB TOrAL 137.04 207.17 344.21 ARPORT INlESTMENTS -San Pedro Sula-Runway Rdhbiliaon 4.80 7.20 12.00 4am Pedo Sula-Pasenge ad Frght TorrAln 13.20 30.80 44.00 -Roatan Teag int 1T15 T 4.0 SUtB TOTAL 19.15 40.85 60.00 PORT INVESTMNTS -Pert Cor es-EVpansion Container Termina 3.20 4.80 8.00 -Pueao Cmusa-onnit of Ro-Ro fcilty 1.60 240 4.00 SUB TOTAL 4.80 7.20 12.00 TECHICAL ASSISTANCE AND STUDIES 14.55 32.85 47.40 TOTAL BASBE LINE COST 175.54 288.07 463.61 Phyicga C=ongencies 16.10 25.52 41.62 Pri Coningcnces 15.55 24.93 40.47 TOTAL PROGRAM COST 207.19 338.52 545.70 |  -.7 - Page 2 of 2 HONDURAS TRANSPORT SECTOR ILIMATION PROJECT Financin Plan: Donor Local Foreig Total IDA 26.0 39.0 65.0 IDB 76.0 114.0 190.0 CABBI 12.0 18.0 30.0 USAII 8.0 12.0 20.0 Govermmet of Spain 14.4 35.6 50.0 Governmet of Taiwan 8.0 12.0 20.0 Othr 3.6 5.4 9.0 Central Governmnt 48.4 72.6 121.0 Unidfied 10.8 26.3 40.7 Tota 207.2 338.5 545.7  -8 - Schedule B Page 1 of 2 HONDURAS TRANSPORT SECTOR REHABILITATION PROJECT Methods of Procurement (US$ million) ICB LCB OTHER TOTAL Civil Works 48.60 24.60 _ 73.20 (38.88) (16.44) (55.32) Consultst_ 8.60 8.60 (8.60) (8.60) Equ*ipnme 0.94 0.14 1.08 l _________________________ (0.94) (0.14) (1.08) Total 49.54 24.60 8.74 82.88 (39.82) (16.44) (8.74) (65.00)  -9 - Schedule B Page 2 of 2 HONDURAS TRANSPORT SECTOR REHABDLlTAlION PROJECT Estimated Disbursements of IDA Credit (US$ million) CATEGORY AMOUNT PERCENTAGES 1. Civil Works 45.32 70 2. Consultant Services 7.70 12 3. Equipment 0.95 1 4. Unallocated 11.03 17 TIOTAL 65.00 100 '1'_______ 1 1993 1994 1995 199 1997 A__mu____ 5__7___ 13.3 21.6 14.6 9.8 cum ulative | 5S.7 | 19.0 40.6 55.2 65.0 1/ Corsponds to the US$4 million initial deposit in the Special Account plus reoactive facming of up to US$1.7 million which would be provided for eligible expendit incurred after July 31, 1992.  - 10- Schedide C Page 1 of 1 HONDURAS TRANSPORT SECTOR R BILiTATION PROJECT Timetable of Key Project Processing Events (a) Time taken to prepare: Twelve months (b) Prepared by: SECOPT, with IDA assistance (c) First IDA mission: October 1991 (d) Appraisal mission deparure: June 1992 (e) Negotiations: December 1992 (f) Planned date of Effectiveness: May 1993 (g) List of Relevant PCRs and PPARs: Loan/Credit Project Name PCR PPAR Number Loan 135-HO Highway Maintenance Project Loan 195-HO Highway Construction Project Credit 1-HO Western Highway Extension & Supplementary Projects Loan 400-HO North Road Project 0641-HO (07/73) 0641-HO (02/75) Credit 71 -HO _ Loan 495-HO Western Highway Paving Project 0672-HO (07/74) 0672-HO (03/75) Loan 896-HO Sixth Highway Project 4255-HO (12/82) _ Loan 1341-HO Seventh Highway Project 5080-HO (05/87) Loan 1342-HO-T 5080-HO (05/84) _ Loan 1901-HO Eighth Highway Project 7107-HO (02/88) Loan 463-HO First Port Project Loan 767-HO Second Port Project 4253-HO (12/82) l Loan 1395 T-HO Third Port Project 5765-HO (05/84) 5765-HO (06/85) Loan 1396-HO  - 11 - Schedule D Page 1 of 2 HONDURAS TRANSPORT SECTOR REHABTATION PROJECT STATUS OF BANK GROUP OPERATIONS A. Statement of Bank Loaus and IDA Credits (As of September 30, 1992) Amount in USS miltion (less cancetlation) Credit/ Fiscal ........................ .. Loan No. Year Borrower Purpose 8ank IDA Undisbursed 31 loans and 14 credits fully disbursed 519.81 136.50 of which SECALs, SALs, and Program Loans a' Ln. 2990-HDS 1989 Honduras Structurat Adjustment 50.00 Cr. 2208-HDS 1991 Honduras Structural Adjustment 20.00 Cr. 2306-1-HDS 1992 Honduras 'Energy Setr Structrt AdJ 31.50 Subtotal 50.00 51.50 Ln. 2421-HDS 1984 Honduras Water Supply 19.60 9.08 Ln. 2703-HDS 1986 Honduras Industrial Credit 37.40 4.28 Ln. 2804-NDS 1987 Honduras Primary Education 4.40 3.15 Ln. 2991-HDS 1989 Honduras Agricultural Credit 25.00 1.65 * Ln. 3257-HDS 1991 Honduras Structural Adjustment It 90.00 25.00 Cr. 2212-HDS 1991 Honduras Social Investment Fund 20.00 1.59 * Cr. 2306-HDS 1992 Honduras Energy Sctr Structrt Adj 50.60 33.02 Cr. 2401-HDS b' 1992 Honduras Social Investment Fund II 10.20 10.80 *f Cr. 2417-HDS b> 1993 Honduras Morazan Dam Emergency 12.00 12.81 '* ,,,,. , ....... - Total 696.21 229.30 101.38 Of which has been repaid 257.73 10.67 Total now held by Sank and IDA 438.48 218.63 Rt:CXtIlt= a aSe Amount Sold 4.46 Of which has been repaid: 4.46 Total undisbursed 43.16 58.22 101.38 ........ ............. ........_..... a> Approved after FY80. b' Not yet effective. * SAL, SECAL, or Program Loan. ** Difference due to exchange rate fluctuations between SDR and US5.  - 12- Page 2 of 2 HONDURAS TRANSPORT SECTOR ILIITATION PROJECT STATUS OF BANK GROUP OPERATIONS B. Sun_aiy of DFC Investbents (As of September 30, 192) (US$Milioa) .....-.Original Gross Comitment- FiCatl IFC IFC Partfii- Year Obligor Type of Business Loan Equity pants Total 1964-66 Enp. de Curtidos Centro- Tamery 0.20 0.08 0.10 0.38 Amerfcan S.A. (ECCASA) 5) 1969-70 Cia. Pino Celulosa de Pulp and Paper 0.00 0.08 0.00 0.08 Centroaerics (COPIMO) a> i978 Texttles Rio Lindo, S.A. Textiles and Fibers 3.77 1.00 6.00 10.77 de C.V. 1986 Granjas Marinas Shrimp Factory 0.00 0.58 0.00 0.58 ......... .......... ......... ......... Total gross commitments b> 3.97 1.74 6.10 11.81 Less cancellations terminations, repaydents and sales 2.00 0.15 6.10 8.25 Total comftments now held c' 1.97 1.59 0.00 3.56 ..................................................................................................... a Investments which have been futly cancelled, terminated, written-off, sold, redeemed or repaid. b Oross cauaitments conSist of approved and signed projects. c Held cowmitments consist of distbuisd and undisbursed investments.  IBRD 2422 ;A8AYECTA I , C A AJA I CODA B E L I Z E - (JA WMYSRARSVOLA |RO-4TAA NI. StA aric3 a Fe 16 i PUEEfO CD9rES PUERTOE CAST t D - - CAS^ 1) A I E M A L A e 0 g t