India - Industrial Pollution Prevention Project

IkO==ant of The World Bank FOR OFFICIAL USE ONLY fA1 37 7 4- -7 AJ .3 7 4d A Report No. P-6293-IN MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS AND ON A PROPOSED CREDIT OF SDR 17.7 MILLION TO INDIA A PROPOSED SINGLE CURRENCY LOAN IN THE AMOUNT OF US$93 MILLION TO THE INDUSTRIAL DEVELOPMENT BANK OF INDIA (IDBI) AND A PROPOSED LOAN IN THE AMOUNT EQUIVALENT TO US$50 MILLION TO THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION (ICICI) FOR THE INDUSTRIAL POLLUTION PREVENTION PROJECT JUNE 9, 1994 MICROGRAPHICS This document has a restricted distribution and Report No: P- 6293 IN their official duties. Its contents may not othe Type: MOP  CURRENCY EQUIV'ALENTS (as of Februarv 28. 1994) USS I 00 Rs. 31 37 L*SS 0 03 - Rs 1 00 PRlNCIPCTL ABBREVIATIONS AND ACRONYMS USED CETP Common Effluent Treatnent Plant CPCB Central Pollutm.n Control Board DFI - Development Finance Institution EAP - Environmrental Acton Plan FY - Fiscal Year GOI - Government of India ICB - Intemational Competitive Bidding IcICI The Industrial Credit and Investment Corporation of India. Limited IDBI - The Industrial Development Bank of India. Linmted IWRP - Industrial Wastewater Recycling Plant LCB - Local Competitive Bidding M10EF - Ministry of Environment and Forests NIB - Nordic Investment Bank NIPFP - National Instirute of Public Finance and Policv OECF - The Overseas Economic Cooperation Fund of Japan SA - Special Accounts SCL - Single Currency Loan SO, - Sulfur Dioxides SPCB - State Pollution Control Board SSI - Small Scale Industry TA - Technical Assistance FISCAL YEAR Government of India = April I - March 31 ICICI = April 1 - March 31 IDBI = April I - March 31  FOR OFFICIAL USE ONLY INDIA INDUSTRIAL POLLUTION PREVENTION PROJECT LOAN. CREDIT AND PROJECT SUMMARY Borrowers: a) India, acting by its President, for the IDA credit: b) the Industrial Development Bank of India (IDBI); and c) the Industrial Credit and Investment Corporation of India (ICICI). Guarantor: India. acting by its President for the loans to IDBI and ICICT. Beneficiaries: For the India credit, the State Pollution Control Boards of Andhra Pradesh, Gujarat, Karnataka, Madhya Pradesh and Rajasthan. Credit Amount: SDR 17.7 million (US$25.0 million equivalent) Loan Amounts: A total of USS143.0 million equivalent comprising: a) a US$93 million single currency loan to IDBI; and b) a US$50 million equivalent loan to ICICI . Terms: For IDBI loan, the proceeds will be lent as a Single Currency Loan (SCL) in US Dollars, for twenty years including five-years grace, at the Bank's standard LIBOR-based SCL rate. For ICICI loan, the proceeds will be lent in the Bank's currency pool, for twenty years including five years of grace. at the Bank's standard variable rate. The IDA credit would be on standard terms, with a 35 year maturity. Onlendina Terms: IDBI and ICICI will provide sub-loans to sub-borrowers at rates determined by the borrower based on market conditions and its lending policies and set at levels not lower than prevailing minimum lending rates, with a maximum ten year repayment period including up to two years grace. The GOI would provide from the proceeds of the IDA credit: i) US$22.5 million equivalent to the Ministry of Environment and Forests (MOEF) for the institutional and technical assistance components; ii) US$0.5 million equivalent to IDBI which will act as a Government agent for the financing of pre-investment studies under the technical assistance component; and iii) US$2.0 million equivalent as direct support on a grant basis to the Common Effluent Treatment Plants, through IDBI. This document has a restricted distribution amd may be used by recipients only in the performance of their official duties. Its contents my not otherwise be disclosed without World Bank authorzaton.  Financing Plan Local Foreign Total .............. .US$ Million. GOI 16.0 - 16.0 DFIs 60.0 - 60.0 Project Sponsors 86.0 - 86.0 IBRD 85.2 57.8 143.0 IDA 6.3 18.7 25.0 Total 253.5 76.5 330.0 Economic Rate of Return: Not applicable Povertv Categorv: Not applicable Staff ApDraisal Report: 12822-IN  MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT, A SINGLE CURRENCY LOAtq. AND LOAN TO INDIA, IDBI AND ICICI RESPECTIVELY FOR AN INDUSTRIAL POLLUTION PREVENTION PROJECT I. I submit for your approval the following memorandum 3nd recommendation on a proposed development credit of SDR 17.7 million (US$25.0 million equivalent) to India. a proposed single currency loan (SCL) of US$93.0 million to the Industrial Development Bank of India (IDBI). and a proposed standard variable rate !oan equivalent to US$50.0 million to the Industrial Credit and Investment Corporation of India (ICICI) to help finance an Industrial Pollution Prevention project. The proposed credit would be on standard IDA terms with 35 years maturity. The SCL to IDBI will be lent in US Dollars. at the Bank's SCL variable interest rate, repayable over 20 years including 5 vears of grace. The loan to ICICI will be at the Bank's standard variable interest rate. repayable over 20 vears including 5 years of grace. 2. IDBI and ICICI will provide sub-loans to sub-borrowers with a maximum 10 year repayment period including two vears grace. Background 3. In May 1991, the Bank approved the Industrial Pollution Control project for India (Loan/Credit 3334/2252-IN). The project was intended to assist the GOI's efforts to prevent environmental degradation caused by industrial operations and assist in the attainment of the proposed short and medium-term targets of its environmental policy. Since the project became effective in November 1991, the State Pollution Control Boards (SPCBs) supported under the project have significantly increased their effectiveness and efforts are continuing to promote compliance by the industrial sector with current regulations. Current and anticipated improvements at the Boards are signaling a renewed effort to meet industrial discharge standards and, on a wider scale, to the internalization of environmental considerations by industry. The Central Pollution Control Board (CPCB) reports a large increase in the number of industries closed due to non-compliance during the last year. On a sub-project scale, as of January 1994, nearly 92% of the resources made available under the line of credit had been committed and over 64 innovative environmental schemes were at different stages of completion. Likewise, eight common effluent treatment plants had been financed providing cost effective treatment to over 2000 small and medium scale industries. Progress has also been achieved in the overall implementation of the institutional and training components, even though there have been delays in procurement of equipment for SPCBs. 4. Despite the progress achieved so far, pollution from industrial sources continues to be of widespread concern, and a threat to the sustainability of economic growth. The control efforts underway cover only a limited number of industries, and the four SPCBs supported under the first project only have authority over a part of the Indian territory. As the economy expands, potential impacts of industrial activity on the environment may further stress the natural resource base of the country and impact the welfare of its population. Given large costs associated with pollution abatement, and massive efforts required for monitoring and enforcement, GOI has adopted the philosophy of pollution prevention by encouraging the adoption of clean technologies and providing incentives for industry to prevent pollution. This approach is clearly outlined in GOI's policy statement and recent initiatives by the Ministry of Environment and Forests (MOEF).  2 5. GOI's policy statement for abatement of Pollution (No.H. 1 1013(2)/90.CPW, February, 1992) calls for integration of environmental considerations into decision making at all levels. The policy stresses the preventive aspects of pollution abatement and the promotion of clean technologies. Specific steps identified to meet this objective are to: (i) prevent pollution at source; (ii) encourage, develop and apply the best available practicable technical solutions; (iii) ensure that the polluter pays for the pollution and control ariangements; (iv) focus protection on heavily polluted areas and river stretches: (v) involve the public in decision making; and (vi) increase the safety of industrial operations. 6. This approach is appropriate and merits the support of the Bank. The proposed project would focus on pollution prevention through the effective use of cleaner means of manufacture and pollution abatement. The key long-term policy issue lies in the implementation of the "polluter pays" principle, which requires setting and enforcing appropriate discharge standards for industry as well as establishing fees and charges for polluters. In the inmmediate term, GOI's focus is on increasing the water cess and on shif.ing from concentration-based to load-based standards. This would add to polluter costs, remove the incentive for polluters to dilute effluents by adding water, and strengthen incentives for adoption of cleaner technologies. This agenda in the incentives area is adequate and in keeping with the "gradual change" strategy initiated under the first project. As a next step, measures to further promote compliance (such as wider use of pollution taxes) are envisaged. In the longer-term. MOEF intends to explore wider usage of economic instruments. Lessons from the Previous Bank Operation 7. The proposed project represents an extension of the efforts already initiated through the first project. It relies on the experience gained in the implementation of different components and uses the institutional framework already engaged in their execution. Although the project has been under implementation for only two years, there are a number of lessons that were utilized in the design of the proposed project, such as: (i) strong institutional coordination between the CPCB and the State Boards is required to prevent the duplication of efforts and to ensure efficient use of the resources invested in training, monitoring and equipment. Coordination and mutual consultation is also essential to ensure that the State Boards are fully engaged in the development of the sponsored activities; (ii) dissemination of informnation by MOEF and SPCBs is required to ensure that potential beneficiaries are appraised of the availability of financial resources and technical assistance under the project; (iii) Common Effluent Treatment Plants (CETPs) are particularly difficult to organize, because of the large number of industries and parties involved and monitoring and assistance from the part of SPCBs and financial intermediaries is therefore essential to achieve the proposed objectives; (iv) procurement of equipment for the SPCBs under the first project has been disappointingly slow. The new project will focus on procurement procedures and contract documentation early in the project cycle. Rationale for Bank Involvement 8. The Bank's commitment to environmentally sound development is pursued simultaneously through sector work (aimed at assisting India develop environmental managemept -olicies and strategies) and lending operations (designed to support the development of environmental and natural resource management Institutions and financing of investments that will address priority environmental problems). On the policy front, the Bank is discussing ways to prioritize environmental problems and strategies to tackle them. This is being pursued in the context of the Environmental Action Plan (EAP), and is consistent with the Country Assistance Strategy (CAS) discussed by the Board in May 1994. The Bank's strategy, as it relates to environment, places a premium on improved natural resource management with a focus on reforestation, prevention of land and water degradation and control of industrial pollution. The project addresses issues related to land and water degradation and industrial pollution.  3 9. Equally important, the proposed project is expected to serve as a catalyst to attract additional financial resources from other sources as it is being replicated in substance and format by; i) Overseas Economic Cooperation Fund (OECF) which is considering a request for about $50 million equivalent for funding of waste minimization efforts and support to the West Bengal State Pollution Control Board: and ii) the Nordic Investment Bank (NDB) which is considering a GOI request for assistance of $50 million to fund waste minimization and pollution prevention efforts in other states. Together. these efforts by the World Bank, OECF and NIB constitute a large pollution abatement program. Project Objective 10. The objective of the proposed project is to promote cost-effective pollution abatement from industrial sources. The specific goals are to: (i) strengthen the facilities, equipment and skills, of four 2dditional SPCBs to enable them to perform their mandate more effectively, while continuing the program of support to the Boards already assisted; (ii) facilitate priority investments dedicated to preventing pollution from industrial sources by encouraging the use of clean technologies, waste minimization and resource recovery by industry, or pollution control where cost effective, and where these investments have a significant demonstration and replicability potential; and (iii) provide technical assistance for: (a) adoption of modern tools of information, management and control of residues; (b) organization of a clean technology institutional network, and (c) the establishment of an extension service on environmentally sound practices for small scale industry. Project Description 11. The proposed project will focus on the most polluting industrial sectors, as already defined in the context of the previous project and will comprise three components: (i) an institutional component; (ii) an investment component, and (iii) a technical assistance component: (i) The Institutional Component is designed to support a program of strengthening of the State Pollution Control Boards in the States of Rajasthan, Madhya Pradesh, Karnataka, and Andhra Pradesh, which as a group constitute the next tier of industrialized states in India. In addition, support to SPCB in the States of Gujarat will continue to be provided complementing the activities already sponsored through the first project. (ii) The Investment Component is designed to support efforts by individual firms in pollution abatement through lines of credit, with a focus on waste minimization, and adoption of cleaner methods of production. Resources would also be used for financing of CETPs which would now include funding for industrial water recycling plants (IWRPs) that use sewage as input. (iii) The Technical Assistance Component will: (i) support the establishment of a "clean technology institutional network" designed to promote the development, diffusion and transfer of technologies with environnental benefits for industry; (ii) support extension services for the identification of waste minimization and abatement methods for small scale industry, and the organization of waste minimization circles; (iii) support pre- investment studies for CETPs, IWRPs and other waste minimization facilities proposed to be financed under the project; and (iv) support other training and consulting services under planning by MOEF, including the training requirements for the preparation of environmental statements by industries.  4 12. The estimated project cost is US$330 million equivalent, including physical and price contingencies. Direct and indirect foreign exchange costs account for about US$76.5 million or about 23 % of the total cost. The costs are based on estimates gathered during the appraisal mission of February 1994, and other preparation activities, including the studies financed through a grant from the Policy and Human Resource Development Fund of Japan. A summary of project costs and the financing plan are presented in Schedule A. Amounts and methods of procurement, and the disbursement schedule are shown in Schedule B. The project funds are expected to be fully disbursed in seven years. A timetable of key project processing events and the status of the Bank group operations in India are given in schedules C and D, respectively. The Staff Appraisal Report is No. 12822-IN. Agreements Reached 13. During negotiations, the following agreements were reached with GOI that MOEF will: (i) maintain the Steering Connittee and provide the necessary assistance for it to carry out its functions properly (SAR para. 5.07); (ii) strengthen the Implementation Cell (IC) by maintaining two full time professionals, and maintain IC for the duration of the project, providing the necessary assistance to carry out its functions properly (SAR para. 5.03); (iii) by December 31, 1994 a task force would be established by MOEF to carry out further analysis of market based instruments for pollution abatement under terms of reference satisfactory to the Bank and to discuss thereafter steps for the implementation of a program for the use of such instruments (SAR para. 2.12-'il); (iv) establish by December 31, 1994, general indic^tors to measure project performance, including overall rate of compliance of the industrial sector with regulations and the overall emission of key pollutants (SAR para. 5.16); (v) prepare by June 30, 1995, an action plan for institutional strengthening of the SPCBs in each participating state, based on the review of the reconmmendations of the studies on restructuring of SPCBs (SAR para. 6.02-viii); and (vi) the IDBI and ICICI will: (a) make sub-loans to sub-borrowers at rates determined by the borrowers based on market conditions and its lending policies and set at levels not lower than prevailing minimum lending rates; (b) sub-loans would have maximum maturity of 10 years, including up to two years grace; and (c) both institutions will ensure that the sub-projects will satisfy the eligibility criteria as described in SAR paras. 4.094.11. 14. During negotiations, the following agreement was established as a condition of effectiveness for the proposed loan to IDBI: a Grant Agreement (GA) shall have been obtained by the GOl from IDBI for the channeling of the grant funds for the CETPs under the Investment Component and for the pre-investment studies under the Technical Assistance Component (para. 4.20-iii). Benefits and Risks 15. The project will support the implementation of GOI's policy framework for industrial pollution prevention. Strengthening of four additional SOCBs will result in a greater effective coverage by monitoring and enforcement agencies. The project will play a role in the development and diffusion of pollution prevention techniques by industry. The proposed technical assistance will introduce modem information and monitoring tools. Above all, the project benefits will result from the reduction of industrial pollution. This will produce a substantial improvement in industrial safety indicators, and provide associated benefits for populations near industrial areas. The availability of SCL will assist IDBI in reducing its overall currency risk. 16. During the project preparation, each of the potential constraints has been identified and addressed. The lessons from the first project have been analyzed and corrective actions have been builr into the structure of the new project. However, despite these efforts, several risks remain. These have been grouped into three categories: technical, financial and managerial.  5 (i) Technical: the institutional component focuses on the next tier of industrial -tates. The SPCBs in these states imply a higher technical risk because of their limited e ., erience and in-house capabilities. Also, more activities are now being planned that may result in a crowded agenda for the managerial and technical staff at the of SPCBs. It has been agreed that SPCBs involved in this project will panicipate in the review of the supervision results of the first project to assimilate the lessons from implementation and that the results of the restructuring study will be implemented as soon as possible (SAR para. 6.02). (ii) Financial: the key risk is that if the enforcement is not sufficiently strengthened, the industries may not have a sufficient incentive to make use of the credit line and generally to undertake abatement measures. This risk is mitigated through the institutional strengthening of the enforcement agencies needed to ensure credible enforcement efforts and by adoption of economic incentives for firms to comply with regulations, such as the increases in water cess. In addition, if domestic interest rates should decline substantially over the medium term, there is a risk that the terms of subloans might become uncompetitive. This risk would be partially mitigated by the fact that subloans would be made on floating rate terms. There is also the risk that sub-borrowers might go out of business in the future, as the Indian economy restruccures and bec)mes more efficient. This risk would be mitigated by requiring ICICI and IDBI to apply stringent economic analysis both on a subsector basis and to each proposal (SAR para. 4.09). (iii) Managerial: a major risk is that MOEF may fail to manage the program effectively or implement it in a timely fashion, given the large number of SPCBs now involved and the increased number of activities being sponsored under the project. MOEF nas already demonstrated a high level of commitment in implementation of the first project; measures are also being taken to strengthen the Implementation Cell to cope with the additional work load and assurances were obtained regarding its staffing (SAR para. 5.03). Recommendation 17. On the basis of the above agreements, I am satisfied that the proposed loans and credit comply with the Articles of Agreement of the Bank and the Association respectively, and recommend that the Executive Directors approve the proposed loans and credit. Lewis T. Preston President Attachments Washington D.C.  6 SCHEDULE A Page I of 1 INDIA INDUSTRIAL POLLUTION PREVENTION PROJECT Estimated Costs and Financing flan (rTS$ million) Components Local Foreign Total Estimated Proiect Costs a/ Institutional 10.0 15.5 25.5 Investment 242.2 57.8 300.0 Technical Assistance 1.3 3.2 4.5 Total Costs 253.5 L6.5 330.0 Financing Plan Sources GOI 16.0 16.0 DFIs 60.0 60.0 Project Sponsors 86.0 - 86.0 IBRD 85.2 57.8 143.0 IDA 6.3 18.7 25.0 Total Financing 253.5 76.5 330.0 a/ Price and Physical contingencies are added to the total. The project costs are exclusive of taxes and duties.  7 SCHEDULE B Page I of 2 INDIA INDUSTRIAL POLLUTION PREVENTION PROJECT Procurement Methods and Disbursements (US$ million) Component Procurement Method Center ICB LCB OTHER TOTAL Institutional Equipment 14.5 2.4 1.0 16.9 (12.3 (2.4 (0.8) (15.5) Civil Works --- 1.0 --- 1.0 (--- ) ( I.0) (--- ) (1.0) Services 0.9 5.7 6.6 (0.9) (---) (2.1) (3.0) Total 15.4 3.4 6.7 25.5 (132) (3.4) (2.9) (19.5) Invesmen Equipment 56.0 68.0 124.0 (45.0) (---) (65.0) (110.0) Civil Works --- --- 158.0 158.0 (--! --- ) (35.0) (35.0) Services --- 18.0 18.0 Total 56.0 -- 244.0 300.0 (45. )O (100.0) (145.0) Technical Asst. Equipment 2.0 --- 1.0 3.0 (2.0) (--) (---) (2.0) Consultancy & Training (i) Capacity Bldg. --- --- 0.5 0.5 (--) (~--- ) (0.5) (0.5) (ii) Project Implementation & Support --- --- 0.7 0.7 (0.7) (0.7) (iii) Training --- 0.3 0.3 --- ) (--(0.3) (0.3) Total 2.0 -- 2.5 4.5 (2.0) -- (1.5) (3.5) TOTAL 73.4 3.4 253.2 330.0 (602) L(. 41 (104.4) (168.0) Figures in parenthesis are the respective amounts financed by the Bank.  8 SCHEDULE B Page 2 of 2 Amount % Expenditure Cateeory US$ mill to be financed 1. Part A (institutional Component) a) Equipment 15.5 lOOF/lOOLE/80L b) Civil Works 1.0 90 c) Consultant Services & Training 3.0 iO0 2. Part B (Investment Component) Equipment. civil works and consultancy services under: a) Subloans for Individual Projects 125.0 100F/75L b) Subloans and subgrants for CETPs 20.0 lOOF/80L 3. Part C (Technical Assistance) a) Equipment 2.0 lOOF/100LE/80L b) Services 1.5 100 TOTAL 168.0 F-foreign expenditures, LE-local ex-factory, L-other local Estimated Loan and Credit Disbursements BANK GRO-UP FISCAL YEAR 95 96 97 98 99 00 01 02 ................... US$ million. Annual 5.6 16.8 19.6 32.4 37.9 38.8 14.0 2.9 Cumulative 5.6 22.4 420 74.4 112.3 151.1 165.1 168.0  SCHEDLIE C Page I of I IN'DIA INDUSTRIAL POLLL TIQN PREVENTION PROJECT Timetable of Kes Prolect Processine Events la) Time taken to prepare proiect 9 months 'bi Prepared b% GO. IDBI aml ICICI with Bank assistance and PHRD Fund of Japan (c} First Bank Nlission September 12. 1993 d) Appraisal Mission Departure Februarv 4. 1994 (d I Neeotiations May 23. 1994 fi Planned date of effectiveness August 1. 1994 riz List of Relevant PCRs and PPARs: None  10 SCHEDULE D PAGE 1 of 4 THE STATUS OF BANK GROUP OPERATIONS IN INDIA STATE,MENT OF BANK LOANS AND IDA CREDITS ........ .............. ........ ........................ ,As of March 31. 1994) USS Million :net of cancellations) Loan/ FY of .................. Credit 8 Approval Purpose IBRD IDA 1/ Jn4asbursel 2/ ...-- ........ ........................... .................................................. ....... ............. ------ . ....... ......... 113 Loans/ 8939 6 169 Credics fully disbursedicancelled 12988 1 1356-IN 1983 lpper Indravatc Hydro Power 170 00 :: 29 2442-IN 1984 FaraKka :: Thermal Power 278.80 . 36 49 1496-IN 1984 Su3arat Medium Irrigation . 151.17 14 SF-20-IN 1984 indira Sarovar Hydroelectric * 13.84 ;1 65 SF-16-IN 1984 Periyar vaigai :: Irrigation 17 50 2 55 ;426-;N 1984 Population :: - 70 00 :138 .424-IN 1984 Rainfed Areas Watershed Dev 22.3S 2 IS SF-12-IN 1984 *amil Nadu Water Supply 36.50 2.74 ;454-IN 1984 Tamil Nadu Water Supply - 36.50 13.76 .483-IN 1984 Upper Ganga :rrigateon 10S.43 10.68 2544-IN 1985 Chandrapur Thermal Power 280.00 - 80 60 1613-IN 1985 :ndira Sarovar Hydroelectric - 13.20 15 26 2582-IN 1985 Kerala Power 156.00 87.08 2534-IN 1985 National Hignways 133.00 - 31.38 566S-IN 1986 Andhra Pradesn Ir Irrigation * 140.00 :2.70 2660-IN 1986 Cement Industry 165.00 - IS 52 2674-IN 1986 Combined Cycle Power 485.00 - 15.25 1643-IN 1986 Gularac Urban - 50.34 :1743 2661-IN 1986 :C:C - Cement Industry 35.00 * 3.48 1622-IN 1986 Kerala Water Supply and Senitation - 21.80 4.63 .621-IN 1986 Maharasncra Composice Irrigation - 128.82 94.94 1631-IN 1986 National Agricultural Research II * 57.21 14.99 619-IN 1986 West Benga. Minor IrrLgation - 46.45 lS.35 .623-IN 1986 West Bengal Population -S.SS 10.81 1737-IN 1987 Bihar iubewells 22.29 7.48 .750-IN 1987 Bombay Wacer Supply & Sewerage rII - 145.00 65.05 2769-IN 987 Bombay Wacer Supply & Sewerage !II 30.00 - 30.00 2796-IN 1987 :oal Mining & Quality zmprovement 323.06 - 30 74 :757-.N :987 S.;aral Rural Roads * 96 75 38.45 2846-IN 1987 Madras water Supply 53.00 * 24.26 :7S4-:N 987 Nacicnal Agric Ex.ension 11: - 66.62 17 51 2944-IN :987 Nacional Capical Power 373.00 82.50 :7-^-:N :907 :a:.onai Water Management - 114.00 28.78 2785-IN 1987 ^ 1 inda Petroleum 140.00 - S 11 2845-IN 1987 Calcher .hermal 367.00 - :79 50 28a3-:N :987 -elecommunications IX 168.00 - 483 :-80-IN 1987 'r:ar Pradesn Urban Development 120.95 55.44 :331-IN 1988 BomDay & Madras Population - 57.00 16 43 2928-TN 1988 :ndus F:n & Tech. Assc. 360.00 - 41 SS 2893-IN 1988 National Dairy II 200.00 * 148.28 2i35-IN 1988 Railway Modernizacron 1II 270.00 . 26.90 :923-IN 988 Tamil Nadu Urban Dev - 254 73 104.04 8:93-;N 989 Eilectronics Industry Dev 8 00 I SO 3358-IN 1989 Export Developmenc 120.00 * 9 51 3196-IN 1989 -anarashcra Power 354.00 - 264.84 3024-IN 1989 Nachpa Jhakri Power 485.00 - 416.46 .952-IN 1989 National Seeds III - 147.24 55.64 2022-IN 1989 National Sericulture - 133.3S 67.18 2057-IN 1989 Nat' 1 Family Welfare Trng - 72.76 40.84 3044-IN 1989 Pecroleum Transport 50.00 * 15.00 1959-IN 1989 Scaces Roads - 80.00 0.01 2994-IN 1989 States Roads 11S.00 - 98.52 2010-IN 1989 Jpper Krishna Irrigation I1 - 160.00 65.39 3050-IN 1989 jpper Krishna Irrigatton II 4S.00 - 45.00 2008-IN 1989 locational Training 163.85 106.62 3196-IN 1990 Cement Industry Restructuring 300.00 - 140.20 2115-IN 1990 Hyderabad Water Supply - 79.90 51.59 2064-IN 1990 ndustrial Technoloqy Development - 55.00 47.28 3119-IN 1990 Industrial Technoloqy Development 14S.00 . 72.67 3237-IN 1990 Northern RegLon rransmission 485.00 - 446.64 2133-IN 1990 Population Tra&ning VII . 63.96 40 12  SCHEDULE 0 PAGE 2 of 4 USS Million (net of cancellacions, Loan/ FY of -..... ..... ...... ..... ...... ...-- Credit a Approval Purpose IBRD IDA 1/ Undst,ursed 2/ , ,,,,, ....... ............. ........................ ........................... ............ ....... .................--..... 3239-IN 1990 Private Power tt:lities I (TEC: 98 00 31.51 2076-IN 1990 Pun)ab Irrigation/Drainage 145 28 113 44 2158-lN 1990 Tamil Nadu .ncegraced Nucrition :: 67.S2 49 84 2130-IN 1990 Technician Iducat:on I 210 74 146 90 2100-IN 1990 Wacersned Developmenc IHUIlai 7s 00 S7 67 2131-IN 1990 Wacershed Develcement (Plains - SS 00 47 65 3325-IN 1991 Dam Safecy 23.00 23 00 2241-IN 1991 Dam Safecy - 130 00 123.27 3364-IN 1991 Gas Flaring Red-_::on 450.00 4 4.92 2173-IN 1991 ICOS I (Orissa & Andhra Pradesh) * 74. 3S 52 77 3334-IN 1991 InduscrLal Pol ::.or-. Concrol 124.00 66 64 2252-IN 1991 Industrial Pol:.u::on Control 31.60 3: 01 2234-1:: 1991 Maharashcra Rural Water Supply 109 90 88.36 3258-IN 1991 Petrochemicals 12 00 - .00 3259-IN 1991 Pecrochemicals 2 233 00 - 45 78 3344-IN 1991 Pr:vace Power 'Jtci::Xes :: IBSES) 200.00 90.73 2215-IN 1991 Tamil Nadu Aor:c_-lt:ral Developmenc - 92.80 68.62 3300-IN 1991 Tamil Nadu Agr:c_.:ural Development 20 00 - 20.00 2223-IN 1991 Technician 7duca:_on ::. 255.73 210.62 2300-IN 1992 Child Surv:val a-.d Safe Motherhood - 214.50 1S: 99 2394-IN 1992 FamU;y Welfare (Uroan Slums' * 79.00 8: 49 2328-IN 1992 ManarashCra Fores::-. 124.00 114 92 2350-IN 1992 Nationas A:DS Con:ro: - 84.00 69 58 3436-IN 1992 Power Uc: .::es -fi.:iency 265.00 . 253 98 3498-IN 1992 Se.o.nd Manaras..Z:ra Power 30.00 - 329.72 3470-IN 1952 Second Nac:onal Hi:;hway 153.00 - 153.00 2365-IN 1992 Second Nactonal H:gnway - 153.00 153.41 2329-IN 1992 Shrimp and Fisn C!l:ure - 85.00 83.43 2341-IN 1992 West Bengal Fores:.-y - 34.00 24.06 2433-IN 1993 Agr:cu.ltural Development Ra]agchtn - 106.00 94 1l 2439-IN 1993 BShar Plateau Developmenc * 117.00 107.85 2450-IN 1993 Dhar:a Mir.e .:re C3ntrol - 12.00 11.65 2483-IN 1993 Karn.araka Rural wa:er Supply * 92.00 88.33 2528-IN 1993 National _eorosy Zliminacion - 85.00 81.71 3632-IN 1993 NTPC Power .enerac:on * 400.00 * 400 00 3630-lN 1993 Power Finarce Cor-oration 20.00 20.00 3577-IN 1993 Powergrid Svsten Develooment 350.00 - 323 13 3544-IN 1993 Renewable Resources Developmenc 75.00 - 53.88 2449-IN 1993 Renewaole Resour:es Development - 11S.00 112.24 2409-IN 1993 Ruboer 92.00 89 72 2470-IN 1993 Second Integrated ^h:ld Dev - 194.00 190.48 2448-IN 1993 Soc:a: Safety Net Sector Ad)ustment - SOO.00 250 47 2509-IN 1993 Ut:ar Pradesh Basic Education * 165.00 156.24 2510-IN 1993 Jt:ar Pradesn Sodic Lands RecIam 54.70 53.10 2572-.N 1994 Forestry Research Education - 47.00 47 74 2573-IN 1994 Andhra Pradesn Forestry - 77.40 78 53 2592-:N 1994 Water Resources Consol. (Haryana) * 258.00 264.53 2594-IN 1994 Manarasntra Emergency Earthquake * - 246.00 249 98 Total 17636.S 20130 0 8948.2 of which nas Deen repaid 4447.7 1140.1 Total now outstanding 13188.8 18989.9 Amount Sold 133.8 of which has been repaid 133.8 Total now held by Banx and IDA 13455.15 18415.56 Tolsi undisbursed .exc:.ding *. 3923 1 3901.9 . .. . ... . . .. . .. .. . . . . . . . .. . ............................ 1/ IDA Credic amounts for SDR-denomLnated Credits are expressed xn terms of cheir US dollar equivalents, as estaD Lsned *ne cLme of Credit neqotlactond and as subsequently presenced to the Board 2/ Undisbursed amounts tor SDk-denominated IDA Credits are derLved ', the undisbursed balance expressed Ln SOR eauiva.ents (n curn derived as tne difference between the original principal expresoed in SDRs (Baaed on tne exchange rate as astabsished at the time of Credit negotiationu and the cumulactve aisoursemencs converted to SDR equivalents at the exehange rates prevailing at tne respecti,- 1ac.- af disoursements Less cancellations expresseu .n SUR equivalents converted co US do.!jr eaI -v - aC SDn/US Jolitr exchange rate Ln effect on March 31. 1994 Not yet etfect,- Source. Stdtenent ot Lcr t(,d Cr-'4L,t:LOALA) of March 31, 1994  12 SCHEEULE PAGE 3 OF 4 B STATEMENT OF .FC NVEST4ENTS :N :ND:A As of March 31. 19941 Am.ount USS mxl. on Fiscal Year ::--,oar.A- _oan q'.itty .otal -- - - - - .... ...... .. ............. .......................... . .. ..... .... ....... .... .... l959 Repuohic Forge _ompany Ltd : S0 -5 1959-92 KirlosKar Oil E-ngines Ltd S s5 - 1960 Assam Sill