India - Rubber Project

cAc~; L/ O'C- - //I/ Document of The World Bank FOR OMCIAL USE ONLY Report No. P-5801-IN MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT OF SDR 66.4 MILLION TO INDIA FOR THE RUBBER PROJECT June 8, 1992 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.  CtRRENCY EQOUIVALENTS US$ 1 - Rupees (RS) Z6.00 WErIHTS AND MEASURES The Metric System is used throughout the Report ABBREVIATIONS AND ACRONYMS GOI - Government of India GOT - Government of Tripura MOC - Ministry of Commerce NABARD - National Bank for Agriculture and Rural Development NGO - Non Governmental Organization PB Participating Bank RB - Rubber Board RPS - Rubber Producers Societies TDP - Tribal Development Plan TRPC - Tripura Rehabilitation Plantation Corporation TEDPC - Tripura Forest Development and Plantation Corporation GMI FISCAL YEAR April 1 - March 31  FOR OMCIL USE ONLY RUBBER PROJECT CREDIT M PROJECT StM4ARY Borrower: India, Acting by its President projcat The Rubber Board under the Ministry of Commerce; Beneficiaries: Rubber Growers and Rubber Processors nffloint': IDA Credit of SDR 66.4 million (US$92.0 million equivalent) Terms: IDA: Standard, with 35 years maturity. On-lAnding GOT to NABARD: Repayment of the principal in a lump sum at ?Afi=mn: the end of 15 years at an interest rate of 7% per annum. GOI will bear the foreign exchange risk. NAB&-n to Participating Ranks (PBas: Repayment over a maximnu.. of 15 years, including a maximum of 7 years grace period providing a margin to the PBs of 4.5 - 6.5% for a maximum of 95% of sub-loans made to sub-borrowers. PBs; to_Sb-borrowers: Repayment over a maximum 15 years, including a grace period of 3 years for the processing component and 7 years for the planting component. The prevailing interest rates are 15-19% as per Reserve Bank of India's guidelines depending on the size and type of loan. Financing Plan: al Fg