China - Daguangba Multipurpose Project

The World FOR OMCLAL I ~~~I 3/ 2- c:- lt Ropat No. P-5102-CHA 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 LOAN IN AN AMOUNT EQUIVALENT TO US$30 MILLION AND A PROPOSED CREDIT OF SDR 28.1 MILLION (US$37 MILLION EQUIVALENT) TO THE PEOPLE'S REPUBLIC OF CHINA * FOR THE DAGUANGBA MULTIPURPOSE PROJECT SEPTEMBER 30, 1991 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 EOUIVALENTS (As of April 1991) Currency Unit Yuan (Y) 1 Yuan 100 Fen 1 Yuan US$0.19 US$1.00 Y 5.24 WEIGHTS AND MEASURES GWh - Gigawatt hour (1,000,000 kilowatt hours) kWh - Kilowatt hour (860 kcals) MW - Megawatt (1,000 kilowatts) PRINCIPAL ABBREVIATIONS AND ACRONYMS GOC - Government of China HEPCO - Hainan Provincial Electric Power Company HMC - High Main Canal HPG - Hainan Provincial Government MSDI - Mid-South Design Institute for Hydroelectric Projects PHO - Project Management Office RCC - Roller-compacted concrete SEZ - Special Economic Zone FISCAL YEAR January 1 to December 31  FOR OFFICIAL USE ONLY CHIA DAGUANGBA MULTIPURPOSE PROJECT Loan/Credit and Project Summary Borrower: People's Republic of China Beneficiaries: Hainan Provincial Government (HPG) Hainan Provincial Electric Power Company (HREPCO) Amount: IBRD loani US$30 million equivalent IDA credit: SDR 28.1 million (US$37 million equivalent) Terms: IBRD loan: 20 years including 5 years of trace, at standard variable interest rate IDA credit: standard, with 35 years maturity Onlending Terms: The proceeds of the loan/credit will be onlent from the Government to HPG, who in turn will relend to HEPCO with the same terms under a subsidiary loan agreement with 20 years of maturity, including five years of grace, at a relending rate of 7 percent p.a. HEPCO will bear the foreign exchange risk and the commitment charges. Local Foreign Total -U- US$ Million ----- Financing Plan: IBRD/IDA 17.0 5o.n 67.0 TCC II La -- 0.3 0.3 UNDP -- 0.1 0.1 Ministry of Water Resources 12.0 -- 12.0 State Energy Investment Corp. 21.0 -- 21.0 Hainan Provincial Government Loans 98.5 10.7 109.2 Grants 8.0 -- 8.0 Total 156.5 61.1 217.7 Economic Rate of Return: 15% Staff ADDraisal Revort: Report No. 7969-CHA Mags: IBRD 21407R Daguangba Multipurpose Project IBRD 21673 High Main Canal Irrigation System IBRD 21686 Resettlement Zones /a Credit 1664-CRA. This document has a restricted distribuition and may be used by recui -its only in the performance of their official duties. Its contents may not otherwise be disclos' ,: out World Bank authorization.  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 LOAN AND CREDIT TO THE PEOPLE'S REPUBLIC OF CHINA FOR THE DAGUANGBA MULTIPURPOSE PROJECT 1. The following memorandum and recommendation on a proposed loar and development credit to the People's Republic of China to help iinance the Daguangba Multipurpose Project is submitted for approval. The proposed loan is for US$30 million, with 20 years maturity including 5 years of grace, at the Bank's standard variable interest rate; the proposed credit is for SDR 28.1 million (US$37 million equivalent) with 35 years maturity on standard IDA terms. 2. BackRround. The proposed project is located in the western part of Hainan Island, the driest and poorest region of the province. Hainan's potential for economic growth has remained largely untapped mainly due to the lack of infrastructure, and financial and skilled human resources. Agricultural and industrial developmert .- the region has been hampered by water and electricity shortages. Hainan is among the less developed and poorest provinces of China. 3. In order to promcte economic growth and alleviate poverty in the region, the Government of China (GOC) elevated the status of Hainan from that of an administrative region (under Guangdong Province) to that of a province in April 1988. Hainan was also declared to be the largest and most open Special Economic Zone (SEZ) of the country; the Government's intention was to treat it as a "laboratory for reform." However, because of its infrastructure and resource constraints, Hainan is ,ot well equipped to assume the increased responsibilities associated with its SEZ status. In order to overcome the island's constraints, the Government's strategy is to promote large infusions of foreign investment and technology, and to deepen economic and enterprise reforms toward increased commercial and market-orientation. Building on the experiences of other SEZs, new initiatives recently have been put forth to promote foreign investment in the islhnd. The development plan of Hainan calls for accelerating infrastructure development as a critical first step in promoting the economic growth f the island. It is in this context that the Government has accorded the proposed project high priority. 4. Rationale for Bank/IDA Involvement. Electricity shortages have been, and will continue to be, a major constraint to China's economic growth. Consequently, the Government accords high priority to both power sector development and increased efforts in energy conservation. To strengthen the institutions in the power sector, the Government has initiated a number of actions to introduce modern energy technologies and methods, increase the autonomy of power utilities, and rationalize power pricing policy. Due largely to GOC's "new plant, new price" policy, prices for power from new plants are set at significantly higher levels to adequately cover the debt service of the power utilities; the average price of electricity is expected to reach the long-run marginal cost of power generation by the mid-1990s. The GOC also has recently announced its intention to unify the old and new system rates into single, more transparent, average tariffs, and has taken concrete measures designed eliminate gradually other distortions associated with the outmoded structure of tariffs. 5. The Bank's participation in the energy sector is directed toward the support for system reform, improvements in sector planning and pricing, institutional building, transfer of appropriate modern technology, increased energy efficiency and conservation, and improved environmental management. A number of  - 2 - Bank operations have provided for technical assistance to the Chinese authorities in carrying out power pricing studies for various regions and in the formulation of action plans to refine the ongoing reform of the overall tariff levels and structure. The Bank operations have also supported efforts to promote modern management, and greater enterprise autonomy and accountability. 6. The Bank/IDA participation in the agricultural sector aims at supporting the Government's goals to increase production to meet the requirements of the growing population and to increase income and employment in rural areas. The Bank/IDA agricultural operations have focused on land development, irrigation and drainage, upgrading of agricultural support services, and development of specialized subsectors. They are designed to support the Government's efforts to increase and diversify agricultural production through more efficient use of land, water, capital and labor resources while supporting the Government's ongoing reform process. 7. The proposed multipurpose project provides a unique opportunity for the Bank/IDA to further its development objectives in two key sectors, energy and agriculture. One of the beneficiaries, Hainan Provincial Electric Power Company (HEPCO), is in a difficult period of transition. During the course of project preparation, the Bank was instrumental in effecting up-front actions for strengthening the company's finances, including realistic electricity tariff setting and improved debt management and control. Bank/IDA participation has also contributed to improvements in the design and implementation arrangements of the various components, including the dam, power facilities, resettlement, irrigation and environmental management. 8. Special care will continue to be taken to minimize the disruption to the resettled families, reestablish their ezonomic productivity and improve the standard of living in a region of extreme poverty. Building on the experiences of earlier projects, Bank/IDA involvement would contribute toward timely implementation of the resettlement component through: (a) financing essential items of the resettlement program; and (b) enhancements in project costing and monitoring of implementation. 9. Prolect Oblectives. The project is designed to promote economic growth and to alleviate poverty in Hainan. The main objectives of the project are to: (a) increase the development of non-polluting and cost-effective hydropower resources to provide needed peaking power in a predominantly thermal system; (b) increase agricultural production to meet the needs of the growing population; (c) increase the income of the poor farmers by intensifying agricultural production and increasing the productivity of cropland by alleviating water shortages and optimizing the cropping pattern; (d) improve the environmental quality and public health of the region by implementing an environmental management program; (e) promote prudent investment programming and strengthen local capabilities in development planning of both power and agricultural sectors; (f) promote rational pricing of electricity and irrigation water; and (g) enhance the operational efficiency and financial management of HEPCO. 10. Project Description. The project includes two main categories of components, power and agriculture/resettlament. The major power components comprise: (a) construction of a 56 m high, 719 m long gravity dam of roller- compacted concrete (RCC), flanked by about 5,100 m long earth embankmer.ts; (b) construction of an underground powerhouse, equipped with four 60 MW generation sets, a surge shaft and 420 m long twin tailrace tunnels; (c) erection of a 36 km double circuit 220 kV transmission line and Changjiang substation; (d) installation of a computerized load dispatch system for the Hainan power grid; and (e) technical assistance and training in project design, power system planning and tariff studies,  - 3 - utility and financial management. The major agriculture/resettlement components comprise: (a) construction of about 16-km long High Main Canal (HHC), about 154 km long branch/lateral canals and on-farm works for irrigation of about 12,700 ha in Dongfang County; of which about 1,400 ha would be related to resettlement; (b) resettlement of about 23,800 people in Dongfang and Ledong Counties, and provision of housing, infrastructure, on-farm works and land development for irrigation of about 2,300 ha; (c) provision of agricultural support services; (d) provision of environmental management; and (e) technical. assistance for the preparation of an agricultural development plan. 11. A detailed resettlement program and an environmental impact assessment of the project have been prepared by the Chinese in accordance with long-standing GOC regulations and procedures. They were reviewed by the Bank and found to be satisfactory. The project design was reviewed by a Special Board of Consultants, comprising international experts financed under Technical Cooperation Credit II (TCC II). Further, UNDP-financed consultants assisted the Hainan Provincial Government (HPG) in the formulation of an agricultural devzlopment plan in the project area which is satisfactory. 12. Proiect Implementation. Overall implementation of the project is overseen by the Hainan Province Daguangba Project Steering Committee headed by the Deputy Provincial Governot. HEPCO is responsible for the power compcnent while HPG$ through the Project Management Office (PMO), has responsibility for the agriculture/irrigation, resettlement and environmental management components. The project is being implemented over eight years (1989-96). Construction of civil works for the dam/powerhouse commenced in 1989. Land acquisition for resettlement purposes has been completed and about 4,500 people have been successfully relocated. 13. Proiest Costs and Financina. The total financing requirements of the project are estimated to be US$218 million equivalent (including interest during construction of about US$28 million), with foreign exchange financing requirements of US$61 million (25 percent). The proposed loan/credit would amount to US$67 mil- lion, of which US$50 million would finance 82 percent of the foreign exchange requirements, and the balance (US$17 million) would finance 11 percent of the local funding requirements. The proceeds of the loan/credit would be onlent by the Government to HPG, who in turn will relend to HEPCO with the same terms under a subsidiary loan agreement with a 20-year term, including 5 years of grace, at 7 percent p.a., representing the weighted average of the prevailing onlending rates under Bank/IDA operations for power and irrigation sectors in China (Bank loan variable rate and 5 percent p.a. respectively). The weights for each sector reflect the relative shares of the gross benefits of power and irrigation which are estimated at 76 percent and 24 percent respectively. HEPCO would bear the foreign exchange risk and the commitment charges. 14. LCP procured contracts for the main civil works (dam/powerhouse) and electrical equipment (including turbines and generators) are considered reserved procurement. As such, these contracts would not be eligible for the proposed loan/credit financing. The total conti-ct value for these items is about US$54 million. The local contractors and suppliers have the relevant experience and competence to perform these contracts, and the reserved procurement will not affect the satisfactory execution of the project in terms of overall cost, quality and completion time. The proposed loan/credit would finance mainly ICB procured contracts for construction materials and electrical equipment (US$41 million) and LCB procureu contracts for resettlement/irrigation/environmental management (US$18 million), as well as financing of interest during construction on Bank loan (US$2 million) in order to help alleviate HEPCO's debt service burden over the  medium term. Retroactive financing of up to SDR 5.1 million (US$6.7 million equivalen_) will be provided under the loan/credit to cover the costs of urgentlv needed construction materials and consultant services incurred after January 1, 1991. Amounts and methods of procurement and disbtursement, and the disbursement schedule are given in Schedule B. A timetable of key project processing events, and the status of Bank Group operations in China are give" in Schedules C and D, respectively. Maps showing pr- lect location are also attached. The Stasf Appraisal Report, No. 7969-CHA, dated ptember 30, 1991 is being distri- buted separately. 15. Agreed Actious,. Assurances have been obtained from the Hainan Provincial Government that it would: (i) during project implementation, consult with the Bank/IDA prior to committirg to major new power plant investments; (ii) implement resettlement and environmental management in accordance with the programs agreed with the Bank/IDA; (iii) relend the proceeds of the loan/credit to HEPCO on terms satisfactory to the Bankl/IDA; and (iv) set adequate irrigation water charges to meet at least the full operating and maintenance costs of the irrigation system. Assurances have been obtained from HEPCO that it would (i) continue ti employ qualified consultants for the design and supervision of project const-uction; (ii) continue to employ a Special Board of Consultants to review detai'ed construction design related to the power component and to advise HEPCO during construction of the project; (iii) employ qualified inadependent engineering experts, after project construction is completed, to undertake periodic inspections of the dam and associated works; (iv) carry out studies for power system planning and tariff reform; (v) carry out staffing and training in accordance with the program and timing agreed with the Bank/IDA; (vi) furnish the Bank/IDA with an action plan for the organization and staffing of internal auditing, and implement this plan taking into account the Bank/IDA's comments; (vii) furnish each year to the Bank/IDA a rolling long-term financial plan; (viii) take all measures necessary, including tariff adjustments, to generate sufficient internal cash to break-even in the short term and maintain a self-financing ratio of no less than 20-30 percent in the medium and longer term; (ix) maintain a debt service coverage ratio of no less than 1.1- 1.3 times; and (x) maintain a debt/equity ratio of no more than 70/30 - 85/15. 16. Prolect Benefi.ts. Cost-effective supply of needed peaking power and irrigation water under the project would promote economic development and raise the standard of living in an impoverished region. The proposed power component is part of a least-cost power development program in Hainan. The overall economic rate of return of the project is 15 percent. Average per capita income of the farmers in the project area would increase from about US$75 to US$253 at full development. These income increases would be significant in reducing the income imbalance of some 5,000 of the poorest families in Hainan. Farming activities under the project would generate about 14,300 new jobs, including increased employment opportunities for women. Other unquantifiable benefits of the project include institutional building, improved water supplies in a drought-prone region and mitigation of environmental degradation. The development of renewable hydropower resources would mitigate air pollution through the avoidance of burning some 300,000 tons of raw coal per year in Hainan. The water quality and public health in the region would also be enhanced by the implementation of the environmental management program (including wastewater treatment and a monitoring process) under this project. 17. Risks. No major risks, including enrironmental problems, are foreseen for the proposed project. The technical and geological risks are expected to be minimal, as the project has been well investigated and site conditions favor rapid construction of the dam. To minimize potential risks associated with the execution of the overall project, including the resettlement component, assurances were  1. 5 - obtair.ed from the Government that it w,ould ensure an adequate and timely flow of funds, and maintain effective project implementation management. 18. Recommendation. I am satisfied that the proposad loan and credit would comply with the Articles of Agreement of the Bank and the Association and I recomaend that the Executive Directors approve the proposed loan and credit. Lewis T. Preston President Attachments Washington, D.C. September 30, 1991  -6- Schedule A CHIA DAGUANGBA MULTXPURPOSE PROJECT Estimated Costs and Financing Plan (US$ Million) Local Foreign Total Preparatory Works 4.9 0.2 5.1 Resettlement 25.9 2.9 28.8 Environmental Management 1.2 0.7 1.9 Civil Works (Dam and Power Facilities) 35.3 0.9 36.2 HMC and Sanjiaolu canal system 7.5 2.5 10.0 Canals & on-farm works beyond resettlement 12.0 3.1 15.1 Major construction materials 1.0 25.7 26.7 Gates and Hoists 3.0 1.3 4.3 Turbines and Generators, and other plant equipment 13.5 1.2 14.7 T & G Governors and Static Excitation 0.2 3.8 3.9 PLC Equipment, transmission line, substation 2.2 5.1 7.3 Load Dispatch System for Hainan Island Grid 0.0 2.5 2.5 Agricultural Support Services 0.8 0.0 0.8 Project Managenent and Engineering 5.2 1.0 6.3 Technical Adsistance and Training 1.0 1.4 2.3 Total Base Costg la 113.6 52.2 165.8 Contingencies: Physical 10.5 2.9 13.4 Price 9.8 4.0 13.7 Total Proiect Costs 133.8 59.1 193.0 Interest during Construction: IBRD loan /b 4.8 2.0 6.8 Other loans 17.9 0.0 17.9 Total Financing Required J/ 156.5 61.1 217.7 Pinancint Plan IBRD/IDA 17.0 50.0 67.0 TCC II /d - 0.3 0.3 UNDP - 0.1 0.1 Ministry of Water R- ources 12.0 - 12.0 State Energy InvestmL t Corporation 21.0 - 21.0 Hainan Provinciel Government Loans 98.5 10.7 109.2 Grants 8.0 - 8.0 Total 156.5 61.1 217.7 LA The project is exempt from taxes and 4mport duties. /b Interest during construction (IDC) is based on onlending rate for projected disbursements of loan/credit proceeds. Foreign currency portion of IDC is based on Bank loan variable rate for projected disbursements of loan proceeds. /e Figures may not total exactly due to rounding. 1d Credit 1664-CHA.  Schedule B CHINA DAGUAVGBA MULTIPURPOSE PROJECT PROCUREENT METHODS AND DISBURSEMENTS (USS Million) Procurement Method ICB LIB LCB Other /a N.A. lb Total Resettlement/preparatory works - - 20.8 20.8 0.70 42.3 _ _ (9.8) (2.0) (0.40) (12.2) Environmental Protection - - 0.7 - 0.7 - - - (0.2) - (0.2) HMC & Sanjiaolu Canals (lmcl. on-farm works for 3,667 ha) - - 8.7 3.1 - 11.8 (resettlement area) - - (5.4) - - (5.4) Other canals & on-farm works for 9,000 ha - - 5.2 12.9 - 18.1 (outside resettlement area) - - - - - Dam & Power Facilities - 0.3 41.4 - - 41.7 - (0.3) - - - (0.3) Transmission line erection - _ 3.0 - - 3.0 _ _ (2.3) - - (2.3) Turbine, Generators and Auxlliaries - - 16.5 - - 16.5 Other Equipment 12.3 0.4 6.0 0.5 - 19.2 (12.3) (0.4) (0.5) (0.3) - (13.5) Materials (Steel, Cement, Timber) le 29.4 - _ _ - 29.4 (28.5) - - - - (28.5) Techiacal Assistance and Trainig - - - - 2.6 2.6 - - - - (1.0) (1.0) Project Management and Engineering - - - - 6.8 6.8 - - - - (1.2) (1.2) Agricultural Support Services - - - - 0.8 0.8 - - - (0.4) (0.4) Total 41.7 0.7 101.6 38.0 10.9 192.9 Bank/IDA Financed Id (40.8) (0.7) (18.0) (2.5) (3.0) (65.0) Includes force account and prudeat shopping. acludes administrative overheads and consultant services. Materials for dam/powerhouse, resettlement, irrigation and environmental management. Before IDC on Bank loan of about US$2 million. Note: Figures in brackets indicate the Baak/IDA-financed portion.  -8- Schedule B Page 2 of 2 Disbursements (US$ million) Catezorv Amount Expenditures to Be Financed (1) Civil works: (a) transeiission lines 2.0 75Z (b) resettlement,irrigation, 11.8 752 environmental management (c) on-farm works (force account) 2.0 502 (2) Goods 39.3 1002 of foreign expenditures, 100% of local expenditures (ex- factory cost) and 75% of local expenditures for other items procured locally (3) Consultant' services and training 1.6 1002 (4) Interest and other charges on the Loan accrued on or before October 14, 1994 2.0 (5) Unallocated 8.3 Total USS67.0 million Estimated IBRD/IDA Disbursements: IBRD Fiscal Year 1992 1993 1994 1995 1996 ----------------- (US$ million) ---------- Annual 27.1 17.5 14.7 7.2 0.5 Cumulative 27.1 44.6 59.3 66.5 67.0  -9- Schedule C CHINA DAGUANGBA MULTIPURPOSE PROJECT Timetable of KeY Project Processing Events Time taken to prepare: 4 years Prepared bys Hainan Provincial Electric Power Company and Mid-South Design Institute for Hydroelectric Projects First Bank mission: September 1986 Appraisal mission departure: April 1989 Negotiations: March 1990 Planned date of effectiveness: January 1992 List of relevant PCRs and PPARs: None  - 10 - Schedule 0 Page I of 3 STATUS OF BANK GROUP OPERATIONS IN THE PEOPLE'S REPUBLIC OF CHINA A. STATEMENT OF SANK LOANS AND IDA CREDITS (As of June 30. 1991) Loant Amount (USS million) Credit Bor- (net of cancellations) Number FY rower Purpose Bank IDA Undisb. (a) Ten loans and fourteen credits have been fully disbursed. 1030.5 793.9 Of which SECAL: 2967/1932 88 PRC Rural Sector Adj. 200.0 100.0 ............ 1411 84 PRC Polytechnic/TV University - 85.0 16.7 2382 84 PRC Lubuge Hydroelectric 141.4 13.6 1472 84 PRC Rural Health & Medical Educ. - 85.0 7.7 2426 84 PRC Petroleum III (Karamay) 92.5 3.9 2444/1500 84 PRC Agricultural Education II 45.3 (23.5)(b) 5.0 1516 85 PRC Agricultural Research II - 25.0 4.0 1551 85 PRC University Development II - 145.0 12.0 2493 85 PRC Power II 117.0 10.6 2501 85 PRC Changcun (Luan) Coal Mining 79.5 - 46.6 1578 85 PRC Rural Water Supply - 80.0 1.4 2539/1594 85 PRC Highway I 31.6 (30.0)(b) 2.0 2540 85 PRC Railway II 220.0 89.8 2541 85 PRC Fertilizer Rehab. & 97.0 0.7 Energy Saving 1605 85 PRC Forestry Development 47.3 6.2 2579/1606 85 PRC PiShiHang-Chaohu Area Dev. 17.0 75.0 2.0 2580 85 PRC Weiyuan Gas Field Technical 25.0 4.8 Assistance 1642 86 PRC Rural Credit II - 90.0 0.6 2659/1663 86 PRC Industrial Credit III (CIB III) 75.0 25.0 11.7 1664 86 PRC Technical Cooperation Credit II 20.0 15.9 1671 86 PRC Provincial Universities 120.0 12.8 2678/1680 86 PRC Third Railway 160.0 70.0 122.4 2689 86 PRC Tianjin Port 130.0 - 66.9 1689 86 PRC Freshwater Fisheries 60.0 1.8 2706 86 PRC Beiltugang Thermal Power 225.0 43.7 2707 86 PRC Yantan Hydroelectric 52.0 16.4 2723/1713 86 PRC Rural Health & Preventive ed. 15.0 65.0 43.2 1733 87 PRC Red Soils - 40.0 0.7 2775 87 PRC Shuikou Hydroelectric 140.0 49.8 2783/1763 87 PRC Industrisl Credit IV (CIB IV) 250.0 50.0 78.5 2784 87 PAC Shanghai Machine Tools 100.0 - 43.6 1764 87 PRC Xinjiang Agricultural Dev. - 70.0 27.5 2794/1779 87 PRC Shanghai Sewerage 45.0 100.0 96.6 2811/1792 87 PRC Beijing-Tianjin-Tanggu Expressway 25.0 125.0 66.1 2812/1793 87 PRC Gansu Provincial Dev. 20.0 150.5 98.8 1835 87 PRC Planning Support & Special Studies 20.7 14.7 2838 87 PRC Fertilizer Rationalization 97.4 - 29.5 2852 87 PRC Wujirg Thermal Power 190.0 - 97.3 1871 88 PRC Rural Credit III - 170.0 14.3 2877/1845 88 PRC Huaigpu Port 63.0 25.0 66.2 2907/1875 88 PRC Dalian Port 71.0 25.0 57.6 1885 88 PRC Northern Irrigation - 103.0 52.7 2924/1887 88 PRC Coastal Lands Dev. 40.0 (60.0)(b) 29.2 1908 88 PRC Teacher Training 50.0 13.7 2943 88 PRC Pharmaceuticals 127.0 - 38.8 2951/1917 88 PRC Sichuan Highway 75.0 50.0 100.3 2952 88 PRC Shaanxi Highway 50.0 28.1 1918 88 PRC Daxing An Ling Forestry 56.9 28.2 2955 88 PRC Seilunmang 11 165.0 - 53.3 2958 88 PRC Phosphate Dev. 62.7 - 59.6 2968 88 PRC Railway IV 200.0 117.5 1984 89 PRC Jiangxi Provincial Highway 61.0 42.1 1997 89 PRC Shacnxti Agricultural Dev. - 106.0 92.6 2006 89 PRC Textbook Development 57.0 5.5  - 11 - Schedule D Page 2 of 3 Loan/ Amount (USS million) Credit Bor- (net of cancellations) Number FY rower Purpose Bank IDA Undieb. (a) 2009 89 PAC Integrated Reg. Health 52.0 43.1 3006 89 PRC NIngbo & Shanghai Ports 76.4 35.2 3007 89 PRC Xiamen Port 36.0 31.5 3022 89 PRC Tianjin Light Industry 154.0 - 133.4 3060/2014 89 PRC Inner Mongolia RaiLway 70.0 80.0 139.8 2017 89 PRC Shandong Agriculture Oev. - 109.0 60.7 3066 89 PRC Hubei Phosphate 137.0 135.9 3073/2025 89 PRC Shandong Prov. Highway 60.0 50.0 93.8 3075 89 PRC Fifth Industrial Credit 300.0 198.8 2091 90 PRC N.China Earthquake Reconstr. 30.0 7.3 2097 90 PRC Jiangxi Agric. Dev. - 60.0 53.8 2114 90 PRC Vocational & Tech. Educ. - 50.0 44.8 2145 90 PRC National Afforestation 300.0 262.0 2159 90 PRC Hebei Agricultural Dev. - 150.0 126.6 2172 91 PRC Kid-Yangtze Agricultural Dev. . 64.0 55.5 3265/2182 91 PRC Rural Credit IV 75.0 200.0 233.4 3274/2186 91 PRC Rural Indust Tech (SPARK) 50.0 64.3 109.4 3286/2201 91 PRC Nedium-Sized Cities Dev. 79.4 89.0 157.6 3288 91 PRC Shanghai Industrial Dev. (c) 150.0 150.0 2210 91 PRC Key Studies Development - 131.2 122.4 2219 91 PRC Liaoning Urban Infrastructure (c) - 77.8 71.4 3316/2226 91 PRC Jiangsu Provl. Transport (c) 100.0 53.6 150.7 2242 91 PRC Henan Agricul. Dev. (c) 110.0 107.3 3337/2256 91 PRC Irrig. Agricul. Intensif. (c) 147.1 187.9 330.3 Total 5,709.8 4,905.1 4,819.7 of which has been repaid 350.2 0.0 Total now held by Bank and IDA 5,359.6 4,905.1 Amount sold: Of which repaid Total Undisbursed 2,608.2 2,211.4 4,819.7 (a) As credits are denominated in SDRs (since IDA Replenishment VI), udisbursed SDR credit bali-ces are converted to dollars at the current exchange rate between the dollar and the SDR. In some cases, therefore, the undisbursed balance indicates a dollar amount greater than the original principal credit amount expressed in dollars. (b) Credit fully disbursed. (c) Not yet effective.  - 12 - Schedule D Page 3 of 3 B. STATEMENT OF IFC INVESTMENTS (As of June 30, 1991) Invest Type of Loan Equity Total ment No. Fr Borrower Business ------ (USS MitLion) ------- 813 86 Guansthou and Peugeot Automobile 15.0 3.2 18.2 974 88 JF China Investment Co. Investment 3.0 - 3.0 1020 88 Shenzhen China Bicycle 5.0 5.0 Bicycles Co. Ltd. Manufacture 1066 89 Crown Electronics Electronics 15.0 15.0 1119 89 Shenzhen Chronar SoLar Solar (a) 2.0 1.0 3.0 Energy Energy Total Gross Commitments 40.0 4.2 4.2 Less cancellations, terminations 2.2 - 2.2 repayment and sates Total Conmitments now Held by IFC 37.8 4.2 42.0 Total Undisbursed 0.0 - 0.0 (a) Loan subsequently cancetled. 7/24/91 AS3CO  IBRD 21407R 1C' rXuwen - Qlongzhou Strait HAIKOU .' i Dongying luqan * a\ \_ - 2 '20 ng 2 Botng/ " 4' I ~~~~Wenchang 7 - , Aagla 109~~ ASY AGDAUANGBA MULTIPURPOSE PROJECT MONGOLIA 2 1HAINAN PROVINCE Qlngbuan8 Existin5 Or~en sElne ha; ConstructUon Future prec t;;r1 * bt i-iU,8l e ydro-power plants < 2 / v v * sda Thermal power plants >/ w\ * 0 Substations C H I N A i~~~ - - 220KVTransmissIon lines s~~~~~~~ R - 110KCVTransmission lInes \I t ~East 1Z2i 11 Dams and Reservoirs Sea 18 - Irrigation area ire .J~~~~~~ *7* -. - Main canals GuimKou _/ ( - Roads t t ats Rivers 4Q\VIET, * ~~~~~~Railroads 0 20 40 60 / t g ~Aea of South China KILOMETERS AUGUtST 1989  IBRD 216 0 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~oChAegon KILOMAETERS Honigkao 0~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 4~~~~~ -A ' S DERSION \ .-, ,1 N uv 1 ,A'1.k I~~~ , _--- X 7f /k\\ S x *~- X - 41-s.*/ M1OUNTAIN DEER (/ .44 . PROTECTED AREA IVn]>.- eca N A)~~~~~~~~~~~~~A \ \< \s~ I' GUANOAAR) Dotiancun -, / COHNNAA DonDEng DAGUANGBA MULTIPURPOSE PROJECT HIGH MAIN CANAL IRRIGATION SYSTEM E0STNG MUtE \Geu4n 8A -* Main Canal oAt Latoerl Canal Flume - Tunnel Ics _ '1_ '-1 '-1 K . Dam 2r -Zhs4GDQtsD 21. Project Irrigation Areo ee.bj Resetdement Area 21-t _~~~:-* ''