India - Nathpa Jhakri Power Project

Document of T'he World Bank FOR OFmFCIAL USE ONLY L ^/ 3 q - V _v Report No. P-4855-IN MEMORANDUM AND RECONMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMOUNT EQUIVALENT TO US$485 MILLION TO INDIA FOR THE NATHPA JHAKRI POWER PROJECT FEBRUARY 2, 1989 This document has a restricted distribution and may be used by recipients only In the performance of their official djuties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EOUIVALENTS Currency Unit - Rupees (Rs) Rs 1.00 - Paise 100 US$1.00 - Rs 13.30 Rs 1,000,000 - US$76,923 MEASURES AND EOUIVALENTS 1 Kilometer (km) - 1,000 meters (m) - 0.6214 miles (mi) 1 Meter (m) - 39.37 inches (in) 1 Cubic Meter (m3) - 1.31 cubic yard (cu yd) - 35.35 c.ft. 1 Thousand Cubic Meter (MCM) - 1,000 cubic meters 1 Barrel (Bbl) - 0.159 cubic meter 1 Normal Cubic Meter - 37.32 Standard Cubic Feet (SCF) of Natural, Gas (Nm3) 1 Ton (t) - 1,000 kilograms (kg) - 2,200 pds. (lbs) 1 Metric Ton (39 API) - 7.60 barrels 1 Kilocalorie (kcal) - 3.97 British Thermal Units (BTU) 1 Kilovolt (kV) - 1,000 volts (v) 1 Kilovolt ampere (kVa) - 1,000 volt-amperes (VA) 1 Megawatt (MW) - 1,000 kilowatts (kW) - 1 million watts 1 Kilowatt-hour (kWh) - 1,000 watt-hours 1 Megawatt-hour (MWh) - 1,000 kilowatt-hours 1 Gigawatt-hour (GWh) - 1,000,000 kilowatt-hours 1 Ton of Oil Equivalent (toe)- 10 million kilocalories ABBREVIATIONS AND ACRONYMS CEA - Central Electricity Authority CWC - Central Water Commission GOHP - Government of Himachal Pradesh GOI - Government of India HPSEB - Himachal Pradesh State Electricity Board ICB - International Competitive Bidding LCB - Local Competitive Bidding NJPC - Nathpa Jhakri Power Corporation FISCAL YEAR April 1 - March 31  FOR OMCALu USE ONLY NATHPA JHAERI POWER PROJECT Loan and Proiect Summary Borro_wer : India, Acting by its President. Beneficiaries : 1. Nathpa Jhakri Power Corporation, Ltd (NJPC) 2. Himachal Pradesh State Electricity Board (HPSEB) 3. Central Electricity Authority (CEA), Central Water Commission (CWC) and other agencies of the Government of India (GOI) Amount : US$485 Million Equivtlent .Terms : Twenty years, including a 5-year grace period, at the Bank's standard variable interest rate. Onlendirw Terms : Government of India (GOI) to Nathpa Jhakri Power Corporation (NJPC): about US$437 million equivalent with repayment over 20 years including 5 years grace period at an interest rate of not less than 14.5% per annum. GOI to Government of Himachal Prades'n (GOHP): about US$43 million as part of Central Government assistance to Himachal Pradesh for development projects on terms and conditions applicable at the time. GOHP to Himachal Pradesh State Electricity Board (HPSEB): about US$43 million with repayment over 20 years, including 5 years grace period at GOHP's interest rate applicable at the time for its lending to HPSEB (currently 10.5% per annum). GOI would bear the foreign exchange and interest rate risks. Financing Plan Local Foreign Total - (US$ Million)-------- IBRD 55.0 430.0 485.0 Cofinanciers 300.0 300.0 GOI/GOHP/HPSEB 875.3 176.3 1.051.6 930.3 906.3 1,836.6 Economic Rate of Return : 14.3% Staff Appraisal ReRort : Report No. 7383-IN, dated January 25, 1989 : IBRD No. 20515 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.  HEMORANDUM AND RECONNENDATION OF THE PRESIDENT OF THE INTERNATIONAL DANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE KIECUTIVE DIRECTORS ON A PROPOSED LCAN To nDZi F TH1uE NATHPA JHAIRI PO PROJET 1. The following memorandum and recommendation on a proposed loan to India for US$485 million equivalent is submitted for approval. The proposed loan will be at the standard IBRD variable interest rate, and be repayable over 20 years, including a five-year grace period. The proposed loan will help finance the Nathpa Jhakri Power Project. 2. Background. With severe shortages of power remaining a serious constraint to economic growth, India must continue to invest in new generating capacity while in parallel increasing the efficiency of existing power systems. Over the past decade, significant progress has been made in expanding India's power supply, in improving the utilization of existing assets, and though more mooestly, in increasing resource mobilization. An importalkt institutional gain has been the emergence of NTPC as the foremost entity in India for installing new generating capacity. Despite the progress made in increasing installed generating capacity (from 1,700 MW in 1950 to 54,000 KW at present), supplies continue to be inadequate to meet demand in full. Energy shortages are estimated to be equivalent to about 10% of current supply and power shortages are estimated to range between 15% and 40% of states' generating capacity. Institutional development of the sector, with the exception of NTPC, has, in general, not kept pace with physical expansion of supply. 3. The principal impediments to further sector development are the poor financial performance of most SEBs and inadequate resource mobilization. The SEBs' performance reflects their lack of financial autonomy as well as a lack of incentives for SEBs to improve performance. Inadequate resource mobilization is a consequence of SEBs' low tariffs and inefficient operations, as well as weaknesses in the financial structure of the sector. The principal impediments to sector efficiency are institutional and planning shortcomings and inefficient use of existing supply facilities. In part, these constraints result directly from the high rate of system growth. GOI has mounted several initiatives to tackle sector development and efficiency constraints. Most notable amongst these are: (i) addressing the adequacy of the financial policies and practices governing the operations of the SEBs; (ii) promoting development of (relatively) low-cost hydroelectric projects through NHPC and joint ventures with SEBs (of which the proposed project would be the first instance); (iii) giving increased emphasis to transmission and distribution facilities; (iv) reviewing its fuel supply policy for power generation by increasing the use of natural gas, as well as by examining imported energy options; (v) liberalizing its policy regarding private sector involvement in power supply; and (vi) establishing the Power Finance Corporation (PFC) whose functions are to mobilize additional resources for the sector, accelerate implementation of priority investments and pursue institutional strengthening of sector entities principally the SEBs.  -2- 4. Some improvement in the sector is already evident. For example: a number of SEBs have adopted commercial accounting practices; SEBs have initiated studies to prepare master plans for their transmission and distribution systems and most Bank-financed projects now include transmission and distribution components; large combined-cycle gas fired plants are under construction and the Government has appr(,ved the use of imported coal in some proposed coastal power stations in the sout1h. The Bank maintains a close dialogue with GOI on each of these policy initiatives and is planning, in upcoming lending operations, to finance investments that will help realize their objectives. 5. The Northern Region of India, where the proposed project is located, is experiencing acute shortages of power. Unconstrained peak capacity requirements in 1987 for the Region were estimated at 12,000 MW and annual energy demand at 61,000 GWlh. The load met was only about 75% of unconstrained power demand and only 90% of the energy requirements were supplied. Projections prepared by the Central Electricity Authority (CEA) expect that peak demand in 1995 will reach 25,600 MW. This implies annual growth of 9.6% over the period 1987-95. Similarly, CEA projects energy demand will reach 131,000 GWh by 1995, equivalent to growth of 10% per annum. The least cost power expansion plan prepared by CEA for the Region contemplates an increase in installed capacity from 14,200 MW in 1987 to 28,300 NW in 1995 and includes several hydroelectric schemes. The most important projects are: Chamera (780 MW), being financed by the Canadian Government; Uri (480 NW), for which GOI is negotiating bilateral assistance; Kholdam (600 NW), under construction; Srinagar (330 MW), being financed by the Bank under the Uttar Pradesh Power Project; and the proposed Nathpa Jhakri Scheme (1,500 MW). Because of GOI's increased emphasis on development of hydroelectric projects,l/ the central agencies responsible for planning and vetting hydroelectric projects (principally CEA and CWC) have been taxed severely. The difficulties CEA and CWC have encountered highlight the need for: (i) improved standards of project preparation required to secure external financing; (ii) high-quality bidding documents, required by the increased volume of procurement subject to international tendering, as opposed to the traditional local tendering in India; (iii) increased productivity in organizations responsible for technical work, including introduction of state-of-the-art techniques in engineering planning; and, (iv) improved system planning in the power sector. Against this background, Bank involvement in the proposed project is aimed at addressing each of these concerns. 6. Rationale for Bank Involvement. The Bank's strategy for the power sector in India is focussed on operations that would provide a catalytic effect, principally in the two areas: first, improving sector efficiency by supporting initiatives to strengthen planning, project implementation and 1/ India's hydroelectric potential is equivalent to about 100,000 NW; 16,000 MW have been developed, 4,700 NW are under construction and 23,000 MW are being studied for future development. Despite its potential, hydroelectric capacity addition to India's power system has declined from 34% under the Sixth Plan to 30% by the end of the Seventh Plan.  -3- systems' operations; second, strengthening the sector's financ.al performance and resource mobilization through economic power pricing and realization of revenues. Specific components of the proposed project provide direct support for each of these objectives. 7. Project Objectives. The principal objectives of the proposed project are to: (a) increase the power capacity of the Northern Region system; (b) improve the reliability of supply and reduce system losses in Himachal Pradesh; (c) strengthen the operational and financial performance of HPSEB; and (d) improve and modernize the capabilities of central institutions for preparation, design and construction supervision of hydropower projects. 8. Proiect Description. Cost and Financing. The project will consist of: (a) construction of the 1,500 MW Nathpa Jhakri hydropower station on the Sutlej river in Himachal Pradesh; (b) reinforcement and expansion of the transmission system in the state of Himachal Pradesh; (c) provision of communications facilities and a load dispatch facility for HPSEB; (d) implementation of a program to strengthen HPSEB's management and operations; (e) implementation of a training program to strengthen the capabilities of CEA, CWC and other government institutions in the preparation, design, and construction supervision of hydropower projects; and (f) training and consulting services for the implementation of the above components. The project, which would be carried out over 8 years, has an estimated total financing requirement of US$1,837 million equivalent, with a foreign exchange component of US$!f 6 million (48%). The proposed Bank loan would provide financing for civil works, equipment and materials, training and consulting services. The Bank has agreed to provide up to US$5 million equivalent, or 1.4% of the loan amount, for retroactive financing of expenditures incurred after April 1, 1988 for field investigations and engineering works for the preparation of detailed designs. GOI will be seeking about $300 million from co-financiers to finance equipment. To facilitate this, about US$820 million of procurement in excess of the proposed Bank financing will be subject to International Competitive Bidding. Schedule A shows the estimated costs and the financing plan. Schedule B gives details of amounts and methods of procurement and disbursements and the estimated schedule of disbursements. Schedule C shows a timetable of key project processing events and Schedule D gives the status of Bank Group operations in India. A map is attached. The Staff Appraisal Report No. 7383-IN is being distributed separately. 9. Agreed Actions. Agreement has been reached with the Government of India, the Government of Himachal Pradesh and NJPC on the following actions: (a) NJPC will retain consultants to assist it in preparing detailed design and supervise the construction of the power station. In this regard, NJPC will issue a letter of intent to the selected consultants by June 30, 1989, and will sign a contract with them within 60 days thereafter; (b) furnish for Bank's comment, by December 31, 1989, the recommendations from the Utility Management Study, and the Staffing and Training Program for HPSEB; (c) appoint the coordinator for the CEA's and CWC's training program and furnish to the Bank the proposed organization for the training ur.it; (d) ensure that NJPC will achieve an annual rate of return before interest on the original cost of its average net fixed assets in service of not less than 6% in FY98 and 12% thereafter; (e) furnish to the Bank by December 31, 1990 a detailed proposal  on the tariff schedule for bulk sales of electricity from Nathpa Jhakri; (f) enter into bulk-supply contracts, incorporating the agreed tariff structure, with SEBs and any other major purchasers of electricity from Nathpa Jhakri, by March 31, 1994, that is, one year before commissioning of the first generating unit; (g) implement a financial action plan to ensure that HPSEB will earn a rate of return after interest2/ of at least 2.9% in FY90, 3.8% in FY91, 4.3% in FY92, 4.70 in FY93, 4.9% in FY94 and FY95, 7.00 in FY96 and thoreafter. 10. Water Rigbts, The proposed Nathpa Jhakri power station is located on the Sutlej river, which originates in the TLbetan Plateau and flows into Pakistan where it becomes a tributary of the Indus River. The Sutlej is subject to the provisions of the 1960 Indus Water Treaty between India and Pakistan. Under the terms of the Treaty India and Pakistan have agreed that India has unrestricted use of the Sutlej before it crosses into Pakistan. The proposed project is a run-of-the-river facility which will affect river flows on a daily basls only. Any daily fluctuations will be fully attenuated over the downstream reaches of the river, including at the Bhakra Dam in India which has a live storage 1,700 times that of Nathpa Jhakri. The project does not cause any upstream flooding because the water level in the diversion pondage is controlled by the Bhaba power station located upstream in Himachal Pradesh. In the assessment of Bank staff the proposed project would not cause any harm to the interests of riparians. 11. Resettlement and Environment. In view of the absence of a major reservoir, only 457 ha of land, mostly river bed, needs to be appropriated for the proposed project. The diversion pond lies in a 300 m deep canyon, while the rest of the works are underground. Hence, only about 73 families will need to be resettled. HPSEB has prepared a detailed resettlement plan whereby all displaced families will be provided with land of equivalent productive capacity. The Bank has reviewed the plan and found it acceptable. Similarly, in view of the location of the proposed project in a deep canyon with minimal vegetation, and with no known water-borne diseases, environmental impact of the project is expected to be minor. Moreover, the Bank is satisfied that there are no archeological or cultural properties likely to be affected by the proposed nrojec... i has cleared the scheme with regard to environmental and forest aspects. 12. Benefits. The proposed project is part of the least cost expansion program for the Northern Region. The Nathpa Jhakri power station, as well as the extensions and reinforcements of transmission in Himachal Pradesh, will help meet a higher proportion of the demand for electric power and energy ir. the Northern Region, both of which presently are severely constrained. The economic rate of return of the Northern Region development program (1988-1996), of which the project is an integral part, is 14.3%. The economic rate of return of the Nathpa Jhakri power station is estimated to be 17.0%. In addition to expanding the supply of electricity, the provision of hydropeaking capacity will also result in fuel savings in captive generation plants, will reduce utilization of inefficient thermal plants for peaking, and during monsoon, will facilitate proper maintenance of thermal plants which, 2/ GOI definition: Net income as a percentage of net fixed historically valued assets at the beginning of the financial year.  -5- under present supply conditions is not always possible. Similarly the strengtlhening of HPSEB'a transmission system and the provision of communications and load dispatch facilities will substantially improve the use of existing plant, reduce system losses, increase the quality of service to customers and increase revenues for the SEB. The institutional development plan would promote more efficient management and operation of the SEB with beneficial impacts on service, quality, and economy. 13. Risks. The scale of the project is in some respects beyond any hydropower project previously built in India. In addition to the usual risks associated with major underground works such as unexpected geological conditions that may adversely affect the cost or the construction schedule, or both, the project represents a major implementation challenge. The project therefore provides for external qualified consultancy assistance for the completion of detailed designs and for supervision of the construction. The geological setting of the project has been well studied and the risks are considered to be at an acceptably low level for the proposed work. Heavy sediment loads carriod by the Sutlej river, particularly during rainy season may result in frequency and costs of maintenance higher than average. Heavy siltation of the intake works may restrict full load operation of the plant. The project, however, provides for facilities to periodically flush the sediments from the intake pond and to remove sediments from the water used for generation. The selection and specifications of the equipment would be made to minimize maintenance time and frequency. Other components of the project do not present major risks. 14. Rec9mm2DdatLq. I am satisfied that the proposed loan complies with the Articles of Agreement of the Bank and recommend that the Executive Directors approve the proposed loan. Barber B. Conable President Attachments Washington, D.C. February 2, 1989  Schedule A INDI N4tA JHARRI POWER PROJECT PROJECT COSTS AND FINANCING PLAN Project Costs: 1/ Local Foreign Total (US$ Million) A. Nathpa Jhakri Power Station - Land, and Site Preparation ?8.5 - 78.5 - Resettlement of Population 0.5 - 0.5 - Environment Protection Program 1.0 - 1.0 - Dam, Intake & Desilting Works 49.7 72.3 122.0 - Headrace Tunnel & Surge Tank 108.- 184.3 293.0 - Pressure Shaft, Powerhouse & Tailrace Tunnel 267.1 251.1 518.2 Sub-Total 505.5 507.7 1,013.2 B. Expansion & Reinforcement of Transmission in Himachal Pradesh 38.6 3.4 41.9 C. Communication & Load Dispatch for HPSEB 2.5 - 2.5 D. Institutional Development for HPSEB 0.8 0.7 1.5 E. Training Program & Assistance for CWC 1.7 2.5 4.2 Total Baseline Costs 549.1 514.2 1,063.3 Physical Contingencies 92.1 114.2 206.3 Price Contingencies 94.1 110.9 205.0 Total Project Cost 735.3 739.3 1,474.6 Interest During Construction 195.0 167.0 362.0 Total Financing Required 930.3 906.3 1,836.6 Financing Plan: Local Foreign Total --- (US$ Million)------ IBRD 55.0 430.0 485.0 Cofinanciers 300.0 300.0 GOI/GOHP/HPSEB 875.3 176.3 1.051.6 930.3 906.3 1,836.6 1/ Project costs include about US$170 million equivalent of taxes and duties.  Sehedule A P rgurement Hethod 1/ Total ICB LCB Other 2/ N.A. 3/ Cost ........... (US$ Millie:-)........ Land and Site Preparation 76.8 10.2 87.0 Civll Works 724.0 8.0 732.0 (221.7) (3.6) (225.3) Materials and Equipment 566.9 33.3 2.0 602.2 (249.4) (1.6) (251.0) Training and Consulting Services 8.7 8.7 (8.7) (8.7) Compensation and Other Expenses for Resettlement and Environment Protection 1.3 1.3 Engineering and Administration 43.4 43.4 TOTAL 1,290.9 41.3 87.5 54.9 1,474.6 (471.1) (3.6) (10.3) (485.0) X Amounts include taxes end duties (US$170 million), and figures between brackets are the Bank-financed portion. 2/ Direct contracting, international and local shopping and employment of consultants. ]/ Land acquisition, administrative overheads and items not subject to commercial procurement. Disbursement,s Percentage of Expenditure Categ Amount to be financed (US$ Million) Civil Works 225.3 60% Equipment and Materials 251.0 60% of CIF cost or exfactory cost Trainin_ and Consulting Services 8.7 100% Total 485.0 Estimated Disbursements: BankF 1989 1290 1221 1992 1993 1224 1995 1996 1997 .----........(US$ Million)--------------------------- Annual .3 25.0 48.0 78.0 117.0 113.0 67.0 26.0 10.7 Cumulative .3 25.3 73.3 151.3 268.3 381.3 448.3 474.3 485.0  Schedule C soTp JHAKRI POWER PROJECT TIMETABLE OF KEY PROJECT ?ROCESSING EVENTS (a) Time taken to prepare : Three years (b) Prepared by : HPSEB, CEA, CWC (c) First Bank mission : July, 1985 (d) Appraisal mission departure : October 25, 1987 (e) Negotiations : December 12-19, 1988 (f) Planned Date of Effectiveness May 31, 1989 (g) List of relevant PCRs and PPARs -First and Second Rural Electrification Projects (Cr. 572-IN and Cr. 911-IN) -Third and Fourth Transmission Project (Cr. 377-IN and Cr. 911-IN)  Schedule D Page 1 of 5 - OP S~ANK GROUP OU!OS2 A. MsAUI o Snt RAS20118 11 CUD.! (As of Septembe 30. 1i9" US zLlXLaton Loan ow FLacal 2&AJLJL No Yer of Purns A"U/ Undi h Mse 63 Loans/ 5.324.2 - 126 Cndlts full dlabugiad - 86329.4 943-ZN 1980 lalmad Plsherels - 20.0 2.82 4 981-N 1960 PoPulation It - 40.0 2.69 1003-23 1980 Sil Wadu tutwittion 32.0 3.59 1011-Zn 1980 Gujarat trZ latLo SS - 175.0 28.54 1027-S1 1980 Sasaut Tr l SS - 300.0 14.82 1034-2N 1980 RAX=taka SIrLeULtur * 54.0 5.71 it 104e-ZN 1980 Raajtashn Water Supply S ra - 80.0 10.90 1055-23 1980 PsaaMa 1Therma Pone - 225.0 9.18 1887-IN 1980 latakka Thesmal Pwr 25.0 - 25.00 1897-ZN 1981 l4L Va/sershed MA At" De_lopmnt 30.0 - 4.34 1072-S N 1981 iha 1WL load1 - 3S.0 1.98 4/ 1078-ZN 1981 xabhaadlt 8asrr$* - 83.0 6.18 1082-ZN 1981 Madrs. Urbe. Qewelomn S - 42.0 0.23 1108-SN 1981 M.P. MN4eLu ZStsatlon - 140.0 16.91 1110-Im 1981 lawrnka tank rrZstaon - 54.0 0.19 1125-ZN 1981 ars1r lertlUser Project - 399.1 8.41 1138-N 1981 M.P. A4@uloulUral Zxe. 12 - 37.0 6.52 1172-1N 1982 Xorb, Thomr l Poew Fojeat SS - 400.0 88 60 1177-ZN 1982 Kadhya Pradesh Major lSrr,sston - 220.0 101.?8 1176-ZN 1982 West oaug" 1 Social ostsy - 29.0 12.79 1185-ZD 1982 Raur Ubsn Developsmnt - 25.0 3.82 2070-ZD 1982 Rbeampdam Thmmsal Plowe It 300.0 - 107.50 1219-ZN 192 Andhr Pradesh ASlgLItureL 1xt. - 4.0 2.40 2123-ZN 1982 RufteasiLs RAtteaalLatsion 200.0 - 0.58 4/ 21e5-SN 1982 Rual glocurifloatlon III 304.5 - 17.71 A- 1209-ZN 1982 X lld, ZrsLatlan - 60.0 1.44 2186-ZN 1982 Railed. ZSlggatte 20.5 - 9.84 1280-LZ 1953 Cujmas eastes Supplr - 72.0 52.34 1286-ZN 1965 J.4e1/Ra bdr and 9eryan SocLL Forerstry 32.0 11.88 1288-SX 1985 Chambal Madhya Pradesh Zulsastion 22 31.0 7.04 1289-tZ 1985 Sub erha Irriation - 127.0 13.77 2203-ZN 1983 Ksishna-Gdawasi ZxplosatLon 165.5 - 26.47 2210-ZN 1983 talvays Modaminatlon & maIntenance ZZ 200.0 - 133.08 2241-ZN 1983 South MAseta Gas Devlopment 139.3 9.60 1319-1N 1985 seay Irr isgatton Is - 150.0 57.29 1332-ZN 1983 U.P. PublIc Tublls 22 - 101.0 33.30  Schedule D Page 2 orf 5 1356-tl 1983 Upper Indravatt lydro Por - 170.0 111.97 2278-D 1983 Upper Indrvati 8Hydro Power 156.4 - 156.01 1369-IN 1983 Calcutta Urban Dlelopmnt ITI - 147.0 108.11 2283-II 1983 Central Power ramm"issir 250.7 - 227.64 2295-IN 1983 Himlayan Watershed lanageet 46.2 - 36.84 1383-IN 1983 Nahrashtra Water UTllisatien - 32.0 14.68 2308-IN 1983 Maharashtra Water Utilisation 22.7 - 22.64 2329-IN 1983 Madhya Pradesh Urban 24.1 - 13.89 1397-IN 1984 Orissa Irrigation II - 105.0 50.55 1424-IN 1984 Rlanfed Areas Watershed Dev. - 31.0 33.90 1426-IN 1984 Population II - 70.0 53.17 1432-IN 1984 Narnatak Seocil Forestry - 27.0 15.66 2387-IN 1984 Nhava Shewa Port 250.0 - 93.71 2393-IN 1984 DudhLchua Coal 151.0 - 100.94 2403-IN 1984 Cambay Basin Petroleum 242.5 - 169.43 2415-II 1984 Madhya Pradesb Fertiliser 203.6 - 77.63 1454-IN 1984 Tmil Nadu Water Supply - 36.5 28.95 SF-12-IN 1984 TSal Nadu Water Supply - 36.5 45.55 1468-IN 1964 Periyar Vati Ir Irrigation - 17.9 1.66 SF-16-IN 1984 Perlyar Vaiga1 II Irrigation - 17.5 15.82 1483-DN 1984 Upper 0on Irrigation - 125.0 121.43 1496-SN 19S4 Gujarat Xedium Irrigation - 172.0 126.63 2416-IN 1984 Indira Sarowr Hydroeliectric 157.4 - 152.51 SF-20-IN 1984 Indra Sarovar Hydroelectric - 129.8 196.77 2417-Z1 1984 Railways Electrification 280.7 - 189.91 2442-ZD 1984 Farsika II Thermal Power 300.8 - 265.11 2452-ZN 1984 Fourth Trombay Shernl Pow1 r 135.4 - 55. 88 1502-ZN 1984 National Cooperative Developmeat Corporation III - 220.0 215.52 1514-ZN 1985 Kerala Social Fer stry - 31.8 25.57 1523-ZN 1985 Nationl Srbc. ExteasoL I - 39.1 43.26 1544-IN 1985 Sombe y Urban Development - 138.0 136.11 2497-IZ 1985 Narmda (Cujarat) Dam and Poier 200.0 - 200.00 1552-ZN 1985 Nadm (Gujarat) Dam and Power - 100.0 102.8$ 1553-ZN 1985 Narmad& (Gujarat) CManl - 150.0 166.00 1569-ZN 1985 Second National Agricultural Ext. - 49.0 45.29 1611-iN 1985 National SocLt Forestry - 165.0 159.25 1613-ZN 1985 Indira Srovar Hydroelectric - 13.2 16.00 2498-ZN 1985 Jharia Coklng Coal 248.0 - 208.87 2505-IN 1985 Nabarashtra Petrochemical 300.0 - 117.45 2534-IN 1985 Second National Bighway 200.0 - 175.85 2544-IN 1985 Chandrapur TheSrl Power 300.0 - 244.36 2555-IN 1985 PShbnd Power Transmission 250.0 - 145.78 2582-IN 198$ Bera l Powr 176.0 - 163.59 1619-IN 1986 West 8agal Ninor Irrigation - 99.0 128.31 1621-ZN 1986 Maarashtra Composite Irrigation - 160.0 198.82 1622-ZN 1986 Kerala Water Supply and Sanitation - 41.0 46.60 1623-IN 1986 vest lengal Population - 51.0 59.79 1631-IN 1986 National Agriultural Research II - 72.1 80.07 2629-ZN 1986 Industrial Export Dev. FLnnce 90.0 - 78.44 2630-IN 1986 ICICI-Indus. Zp . Dev. Fnnce 160.0 - 137.11 1643-Z1 1986 Gujarat Urban - 62.0 70.43 2653-ZN 1986 NASAD I 375.0 - 114.18 2660-IN 1986 Cemnt Industry 165.0 - 141.14 2661-ZN 1986 ICICI - Cement Industry 35.0 - 30.39 1665-ZN 1986 Andhra Pradesh Ir Irrigation - 140.0 164.52 2662-IN 1986 Andhxa Pradesh II Irrigation 131.0 - 131.00  Schedule D Page 3 of 5 2674-IN 198 Ceobed Cvl. Pove 650. a 411.40 2729-Vl 196 Cooperatsive Vrtiliavr 150.2 -2264 2730-tZ 199" Ceo.ravti Fertilizser 12.0 - 77.47 1737-ZR 1987 Sbar TubewLls 68.0 70.40 2749-in 1907 3a" 1 Vat.r Supply 1 Sewverae III 40.0 - 40.00 1750-Zx 1967 somber Wat.r Supply a Sera SS I- 145.0 126.07 1754-tZ 1967 National Artic. Rtasion III - 65.0 69.89 1757-D 1987 Gujarat Rural Road 119.6 124.32 1770-ZN 1987 National Water mabemnt - 114.0 112.35 276$-IN 1967 Oil SIdia Petroleum 140.0 127.15 2794-ZN 196? Coal MinIng 4 Quality Icproevmnt 340.0 - 262.43 2813-ZN 1967 TelecoMeicatioas SX 345.0 - 343.39 2797-tl 1987 Uttar Pradesh Urban Development 20.0 - 20.00 1780-ZN 1987 Uttar Pradeh Urban elopmnt - 130.0 129.19 2827-D0 1987 Karnataka Power' 330.0 - 316.00 2644-ZN 1987 National Captal Paevr 4.0 - 421. 50 2845-IN 1987 Talcher Theral 375.0 - 357.00 2U6e-IN 1967 madras water Supply 53.0 - 53.00 1622-I1 1967 Madra Water Swply 16.0 12. 90 1852-ZN 196 Drought As s n 200.0 2.02 2893-IN 1968 National Dairy I1 200.0 - 200.00 1859-ZN i968 Natinal Dairy SS 1-0.0 110.77 2904-tI i9t Western "Os Development 295.0 - 29i.00 2928-15 1988 Indus. Fin. * Taft. Aast. 310.0 - 310.00 2928-IN 1966 SAIL - Ind. fin. a Tech. Asst. 50.0 - 50.00 2929-IN 1988 lousing 0ev. Finance Corp. 250.0 - 211.82 2935-N 1966 RaiLways Modorn. III 390.0 - 360.00 2938-IN 196 UAJnataka Power SS 260.0 - 240.00 2957-ZN 196J Uttar Pradesh Fewr 350.0 - 350.00 1923-13 196U Tmil Nadu Urban Dev.' - 300.2 300.20 1931-ZN 196U Bombay & Madra Populatien' - 57.0 37.00 Total 14,590.5 15.346.3 of which has been repaid 1.974L.3 41.6 Total new outstanding 12,416.2 14.932.? AMount Sold 133.6 of which has been repaid 133.8 - Total now held by Bank ad IDA 31 12,414.2 14.932.7 Total undisbursed (eacludLn ') 6.013.23 3,632.55 Ll IDA Credit uStr for txS-dRnomted Credits are spressed in terms of their US dollar equivalents, a established at the tLm of Credit negoetatins aAnd as subsequently present"d to the Board. a1 Undisbursed amunta for SD0-denaminated SDA Credits are derived from cumultiave disbursemets con erted to their US dollar equivalents at the SDIUS dellar exchnge rate in effect on March 31, 1988. whtle ortginal prLncpagl is based on the sxchange rate ln *ffect at ngotiatiten. This accounts for the fact that in s oases, the undisbursed balance as shown in US$ equivalent is higher than the original prinipal. It Prior to exchange adjustmat. 4/ Final withdrawal application being processed. Not yet effective.  Schedule D Page 4 of 5 B. St&T3IKENT OF IFC tlUnCS (As of September 30, 1988) Fiscal nAmount (USS million) Year ~~~~Cc