gAJ 3T^CdD _cmat of

The World Bank

FOR OMCLAL USE ONLY

MICWFTClHE COPY

Report Nc. :P- .i874 ClHA Type: (PM)Title: SHANGHAT PORT RESTRU(CTIUR1NG & tepuot N. P-5874-AAuithor: FARTHASARATHI, M. S.Ext.:82925 Room:F'8053 Dept.:ASTIN

IMEORAND AIND RECOMO TION

OF THE

PRESIDENT OF TUE

IRTIONAL BANK FOR RECONSTRUCTION AM D O1PNT

TO THE

EXECUTIVE DIRECTORS

ON A

PROPOSED LOAN

IN AN AMUNT EQIIVALUT TO US$150 NTION

TO

THE PEOPLE'S REPUIC OF CHINA

FOR A

*SUNCUAX PORT RNESTRUCT AND DEVELOPMENT PROJECT

NOVEMBER 24, 1992

hids document has a restricted distibution and my be used by recipients only in the performane oftheir oei'l duties. Its contents may not othrwise be disclosed without World Baw authorization.

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

CURRENCY EQUIVALENTS(as of July 1, 1992)

Curremcy Name - RenminbiCurrency Unit - Yuan (Y) - 100 Fen$1.00 Y y 5.45$0.18 - Y 1.0$1.0 million - Y 5.45 million$183,486 - Y 1 million

IEIGHTS AND MEASURES

1 cubic meter - 35.31 cubic feet1 ton - 1.1023 tone (short)tph - ton per hourppm - parts per millionTEU - twenty-foot equivalent unit

ABBREVIATIONS AND ACRONYMS

ETA Environmental Impact AssessmentGOC - Government of ChinaHOC - Ministry of CommunicationsSMG - Shanghai Municipal GovernmentSPA - Shanghai Port Authority

FISCAL YA

January 1 - December 31

FOR OMCIAL USE ONLY

CHIN

SHANGHAI PORT RESTRUCTURING AND DEVELOPMENT PROJECT

Loan and Project Summary

Borrower: People's Republic of China

Beneficiary: Shanghai Port Authority (SPA)

Amogint: $150 million equivalent

Terms: 20 years, including five years of grace, at the Bwak'sstandard variable interest rate

Onlendina Terms. 20 years, including five years of grace, at an interestrate equal to 90 percent of the Bank's variable interestrate per annum, with a 0.75 percent per annum commitmentfee on the unwithdrawn balance. The foreign exchange riskwill be borne by the Shanthai Port Authority.

Financint Plan: Local Foreirn Total----------- -($ million) ---------

SPA 228.5 45.8 274.3IBRD - 150.0

Total 2 28.5

Economic Rate ofReturn: 37 percent

Staff AppraisalRenort: Report No. 11120-CHA

Msasp IBRD No.24093

This document has a restricted distribution and may be used by recipients only in the perlorman-eof their official duties. Its contents may not othuwise be disclosed without World Bank au,hotizaioo.

HEFfRhEDUM AND RECOMMENDATION OF THE PRESIDENTOF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

TO THE EXECUTIVE DIRECTORSON A PROPOSED LOAN

TO THE PEOPLE'S REPUBLIC OF CHINAFO_R A WRIA-GNI PORT RESTRUCTURING AND DEVELOPMENT PROJECT

1. I submit for your approval the following memorandum and recommenda-tion on a proposed loan to the People's Republic of China for the equivalentof $150 million to help finance the Shanghai Port Restructuring and Develop-ment Project. The loan would be at the Bank's standard variable intere;trate, with a maturity of 20 years, including five years of grace. The pro-ceeds of the loan would be onlent through the Shpnghai Municipal Govenmment(SMG) to the Shanghai Port Authority (SPA) for 20 years, including five yearsof grace, at an interest rate equal to 90 percent of the Bank's variableinterest rate per annum and a 0.75 percent commitment fee per annum on theoutstanding balance. SPA wvould bear the foreign exchange risk.

2. Backaround. One of the most important challenges facing the -anage-mont of China's ports is how to adapt the ports to changing circumstancesbrought about by economic reform. While China has done well to expand physi-cal facilities in the past decade, port operations, by and large, are insuffi-cient to respond to continuing rapid growth in the economy. This is partlydue to poor hinterland linkages and outdated port management and operationalprocedures. The Government is giving high priority to modernizing and expand-ing ports' capacities to facilitate the country's foreign and internal trade.Ports in China are gradually becoming more market oriented; this processstarted with decentralization of large ports in 1985. The Shanghai PortAuthority (SPA) was among the first batch of ports that were moved from theCentral Government to the Municipal Governments, with increased autonomy pro-vided to the managements in financial and operational areas. Notable progresshas since been witnessed in enterprise management reforms, investment plan-ning, pricing policy, and environmental protection.

3. Shanghai Port is the largest port in China, tenth in the world andis the hub of international and domestic regional trade for China. Accountingfor a substantial part of the country's manufacturing output, especially forthe export trade, the Shanghai area generates a large volume of port traffic,amounting to over 140 million tons in 1991, of which about 100 million tonswere handled at SPA's facilities comprising some 140 berths on the HuangpuRiver, many of them in the city center. SPA's traffic volume is expected toincrease to 135 million tons by the year 2005. To handle this growth and tominimize the environmental impact of port operations on the city by graduallytransferring city center cargo operations to outlying areas, SPA drew up along-term plan for developing port facilities away from the Huangpu River,initially on the Yangtze River and later in Hangzhou Bay south of Shanghaicity. This plan was reviewed by an international panel of experts jointly setup by SPA and the Bank. The panel endorsed the broad direction of futuredevelopment of port facilities proposed by SPA in its plan. The sitesselected for development under the proposed project have been approved by theMinistry of Communications (HOC) and the Shanghai Municipal Government (SMG)and incorporated in the Metro Master Plan for Shanghai.

-2-

4. SMG and the Bank have been closely associated to develop an EconomicReform Action Plan aimed at rationalizing the future pattern of the city'sdevelopment and at establishing the basis for the Bank's assistance to theMunicipality. Great emphasis is placed by SMG on the development of Pudong,the area east of the Husagpu River, which is seen as providing the opportunityand the cornerstone for the restructuring of Shanghai's enterpriass and thereorientation of urban growth away from the city center. SMG also attachesconsiderable importance to the transfer of city center port operations tolocations outside the Huangpu River on both environmental and land use consid-erations. But a major obstacle to SPA doing so up to now hts been the finan-cial burden involved in developing new facilities, particularly when SPA wouldget no compensation for the land surrendered by it. SMG has recently decidedthat a major part of the proceeds from the auctioning of such surrendered landfor alternative uses would be given to the entity affected. This shouldenable SPA to plan for an accelerated transfer of its operations away from thecity center. The proposed project is thus an integral part of Shanghai'sreform and restructuring process.

5. Lessons Learned from Previous Bank ODerations. Of the seven portprojects in which the Bank has beon involved in China so far, only the first,namely, the Three Ports Project (Loan 2207-CHA), is fully implemented. Physi-cal implementation was in general problem-free and there were substantial costsavings due to bids being lower than appraisal estimates. The project perfor-umnce audit faulted the procurement process leading to selection of less thanfully qualified contractors; it also identified a need for long-term strateaicport investment planning. These lessons are reflected in subsequent portprojects in Chlna. Also, the development of a long-term development plan forShanghai port was a precondition to the appraisal of the proposed project.Subsequent projects have met the need for several studies in the port andshipping svbsectors addressing both physical planning needs and operational,institutional and financial aspects and have included, in particular, a con-tainerixation study, an intermodal cargo distribution study, and a port opti-mization study. Recent investments in conttiner terminals have benefited fromthe results and recommendations of these studies. The Government is alsocarrying out a study to set up a port costing and management information sys-tem under bilateral grant financing. A study focusing on the future strategyfor port development in the southern half of China's coast is also currentlybeing carried out by Chinese experts under Bank guidance.

6. Rationale for Bank Involvement. The Bank Group's assistance strat-egy for China assigns high priority to removing infrastructure bottlenecks andto introducing financial and management reforms to increase utilization ofexisting facilities, and to modernizing and expanding transport facilities.The Bank is involved in promoting well planned intermodal transport operationsand avoiding pollution and keeping the environment clean. The proposed proj-ect is consistent with the Bank's objectives. In addition to supporting theGovernment in Implementing efficiency improvement measures and focusing oncapacity expansion, the Bank is broadening its strategy to assist in thedesign and implementation of institutional and sectoral reforms covering pric-ing, deregulation of services, transfer of advanced technology, and investmentplanning. Thus, the Bank's efforts have been instrumental in developing,designing and carrying out these studies, mainly with the cooperation ofChinese experts, in order to develop local expertise for continuing attentionto policy issues.

- 3 -

7. Proiect ObJectives. The proposed project will focus on: (a) ratio-nalizing the long-term development of the port and the use of its facilitiesby gradually shifting port operations aWay from the congested city center andby promoting terminal specialization; (b) providing needed additional capacityin a rational, optimal and environmentally sound way; (c) increasing effi-ciency by introducing modern techniques of operational and financial manage-ment; and (d) providing a basis for the Bank to continue its dialogue (i) withthe Government on the development of the most appropriate strategy for thefuture development of ports in China and (ii) with SPA on the long-term plan-ning* development and operation of terminal facilities in Shanghai port. Asport operations are shifted out of the city center, it will rele&se valuableurban waterfront land for other more appropriate commercial purposes.

8. Proiect Descrintion. The proposed project consists of: (a) formu-lation and implementation of an action plan for restructuring the existingport facilities on the Huangpu River to rationalize their use and graduallymove cargo operations away from the city center; (b) the provision of new andreplacement cargo handling equipment (for axisting terminals) to improve cargohandling efficiency and promote terminal specialization; (c) measures toimprove SPA's financial condition through tariff restructuring, computeriza-tion of accounting, auditing and budgetary control; (d) construction of newterminals (first stage) at Waigaoqiao and Luojing, and the procurement andinstallation of the necessary cargo-handling equipment for operating the ter-minals; and (e) technical assistance and training, particularly in the areasof institutional and financial reforms.

9. - cifically, the project would financet (a) the provision ofequipment for four berths in the planned new container/break-bulk generalcargo terminal of Waigaoqiao; (b) the construction of, and the provision ofequipment for, coal berths at Luojing; (c) the purchase of equipment both forreplacement and for additions to the existing fleet in the present port areasincluding the Guangang and Baoshan terminals constructed under the ongoingNingbo-Shanghai Ports Project (Ln 3006-CMA); and (d) technical assistance andtraining in the areas of corporate planning, financial management, tariffrestructuring and operations management.

10. Proiect Imnlementation. Project implementation will be the respon-sibility of SPA, under the general supervision of MOC. SPA is being assistedby the Third Harbor Engineering Investigation and Design Institute in thedesign of the Luojing and Waigaoqiao facilities. Construction supervisionwill be undertaken by the Capital Construction Department of SPA. Externalconsultants will assist SPA in appropriate areas. The project cost is esti-mated at $424.3 million equivalent, with a foreign exchange component of$195.8 million equivalent, of which the Bank will finance $150.0 million. Abreakdown of costs and financing plan are shown in Schedule A. Amounts andmethods of disbursements, and the disbursement schedule are shown in ScheduleB. A timetable of key project proceosing events and the status of Bank Groupoperations in China are given in Schedules C and D, respectively. A map isalso attached. The Staff Appraisal Report, No. 11120-CEA, dated November 23,1992, is being distributed separately. The project is expected to be com-pleted by the end of 1998, with a loan closing date of June 30, 1999.

11. Actions Atreed. During negotiations, SPA agreed to: (a) install, byDecember 31, 1994, a port costing system based on the results of the ongoingPort Costing and Management Information System study and restructure tariffs

-4-

by June 30, 19951 (b) carry out, by October 31, 1994, a cargo unitizationstudy; (c) complete, by December 31, 1994, a study for shifting bulk fertili-zer handling away from existing city center facilities, prepare an action planacceptable to the Bank by December 31, 1995, and thereafter implement itt(d) take all steps to: (i) generate sufficient funds to cover operatingcosts, deot obligations and to achieve a self-financing ratio of not less than20 percent for 1993 and 45 percent thereafter, (ii) incur additional debt onlywhen the debt service ratio is at a minimum of 1.4 for 1993 and 2.5 thereaf-ter, and (iii) maintain an annual working ratio of 61 percent or better com-mencing fiscal year 1993; and (e) send to the Bank a proposed corporate plan-ning system by June 30, 1994, and, tailing ilto account the Bank's comments,implement it by June 30, 1995. Retroactive financing of up to $15.0 millionis proposed to enable SPA to proceed with the procurement of some items ofequipment for Waigaoqiao where the first berth is expected to be ready foroperation by early 1993; retroactive financing would apply to payments madeafter June 30, 1992.

12. Justification and Risks. While the Shanghai port facilities alongHuangpu river ate experiencing congestion, the traffic at the same time isincreasing. The main focus of the economic analysis was, therefore, on theieixefits from relieving congestion in the port. The proposed project willyr.ald quantifiable benefits from savings in cargo handling costs, ship time(both waiting and operating time), and cargo time. In addition, there will belarge benefits from reduced environmental pollution in the case of coal andother equipment for the rehabilitated berths. The weighted average economicrate of return of this project is 36.7 percent, with the returns on individualcomponents ranging from 17.5 percent for coal terminals to 52.5 percent forbulk fertilizer berths. The container berths will also have a high rate ofreturn of 49.9 percent. The main project risk is possible delay in construc-tion or equipment procurement, but, on the basis of the preparations alreadymade by SPA and its past record, this risk is not considered to be a seriousone. On the institutional side, SPA could face considerable financial risksif it does not adopt managerial/financial reforms in a timely manner. Inorder to mitigate such risks, agreements were reached with SPA on actions tobe taken to improve the tariff system to reflect costs and on institutionalimprovements, which would enable SPA to take appropriate remedial measures ina timely manner. These improvements should help SPA to achieve financialviability.

13. Environment Aspects. Most of SPA's existing facilities are locatedalong the Huangpu River and surrounded by high density residential and commer-cial neighborhoods. This has generated complaints from the local populationabout dust, noise and vehicu3ar traffic. New terminals planned under theproject away from the Huangpu River will help mitigate the situation. Thequality of the water of the Huangpu River, particularly in the lower reaches,is poor and the underlying sediment is contaminated due to a combination ofuntreated sanitary sewage, storm water drainage and industrial effluents fromsmall enterprises being dumped into the river. The quantities of wastewaterthus discharged into the river system in Shanghai are estimated at approxi-mately 1.3 million tone of industrial effluents, 610 million tons of sanitarysewage and 0.5 million tons of ship waste per annum. The Bank is addressingthese problems through the Shanghai Sewerage Project (Ln 2794/Cr 1779-CHA),the Ship Waste Disposal Project (Ln 2391-CXA GEF 10398-CHA) and a proposedShanghai environment project.

14. As required by national laws, SPA undertook environmental impactassessments (SZAs) of the proposed developments at Luojing and Waigaoqiaothrough the Shanghai Environmental Protection Sciences Research Institute.The reports were completed in 1939, and have been reviewed and approved bySMG. Care will be taken to ensure that the engineering designs of the newterminals and the technical specifications of the equipment to be procuredwill incorporate the necessary mitigating measures prescribed in the EIAs.SPA agreed, during negotiations, to implement the required mitigative mea-sures, operate appropriate environmental protection facilities, and monitorcompliance with Central Government and Shanghai Municipal environmental lawsand regtlations.

15. The anticipated impact of the proposed Jevelopments at Luojing andWaigaoqiao on the hydrological regime is minimal. The land-side facilities atLuojing will be constructed in an area currently bermed for coal ash wastedisposal, while Waigaoqiao is in a .ainly agricultural area. Wharves are tobe constructed of the open-pile-structure type for minimal effects on thecurrents and the littoral zone and for minimal dredging in the future. Even asearly as 1982, the state of the marshlands and littoral zone, which includesthe project sites, was found to be relatively weak and has not been rated byexperts as a wetland resource, probably due to the impact attributable toindustrial effluents having been dumped in the area in the past.

16. Three hundred and seventy families at the site of the Waigaoqiaoterminal have already been resettled in new housing constructed by SPA.Resettled families were given financial compensation in addition to new hous-ing. Discussion with mambers of resettled families selected on a random basisrevealed that the resettlement terms were, if anything, generous and satisfac-tory.

17. Proiect Sustainability. SPA has a good record of providing adequateresources, human, financial and organizational, to maintain its assets. Ithas a well established maintenance organization with a reasonable level offunding, and as a result its facilities and equipment are adequately main-tained. With a future capital expansion program in litie with economic devel-opment in the region, SPA will, however, face additional funding requirements.Under the ongoing and proposed reform process, increasing port activities andgreater financial autonomy, SPA is capable of meeting its increased financialdemands. The proposed project should be a sustainable investment as itfocuses on much-needed major capital expenditures, supported by institutionaldevelopment and training.

18. Recommendation. I am satisfied that the proposed loan would complywith the Articles of Agreement of the Bank and recommend that the ExecutiveDirectors approve the proposed loan.

Lewis T. PrestonPresident

Attacbments

Washington, D.C.November 24, 1992

-6 - Schedule A

CHINA

8HANGH&I PORT RASTRUCTURING AND DEVELOPMENT PROJECT

gAtimated Cost and Finane-in Plan($ million)

Local Foreign Total

Estimated Cost la

Civil works 163.13 25.12 188.25

Equipment 19.91 128.25 148.16

Technical assistance/training 0.15 1.65 1.80

Base Cost 183.19 155.02 338.21

Physical contingency 18.31 15.36 33.67

Price contingency 27.01 25.39 52.40

Total Project Cost 2424. 2L8 ti^_2

Financing Plan

SPA 228.51 45.77 274.28

IBID - 150.00 150.00

Total 228.1 195.77 424.28

la Exclusive of duties and taxes from which the project is exempt.

- 7 Schedule B

OINm

SHANGHAI PORT RESTRUCTURING AND DEVELOPMENT PROJECT

Procurement Method and Disbursements($ million)

Procurement method Total projectProject component ICB LCB Other NBF cost

Civil vorha 26.04 210.32 236.16(8.83) (8.83)

Equipment 180.12 3.00 3.00 186.12(133.52) (3.00) (3.00) (139.52)

Technical assistanceand training 1.80 1.80

(1.65) (1.65)

=tal 206.16 3. 4.80 210.32 424.28(142.35) (3.00) (4.65) (150.00)

Noteo Figures in parentheses are the amounts to be financed by the Bank.

Disbursement

Catexory Amount Rxvenditures to be Financed

Civil works 8.83 342 of total expenditures

Equipment 139.52 1001 of foreign expenditure, 1002 oflocal expenditure (ex-factory), and752 of other local expenditures

Consultant services and 1.65 1002 of total expendituretraining

Total 150.00

Estimated Disbursements _ IBRD Fiscal Year1993 1994 1995 1996 1997 1998 1999

Annual 2.0 14.5 22.5 33.0 31.5 36.0 10.5Cumulative 2.0 16.5 39.0 72.0 103.5 139.5 150.0

-8 - 8~~~~~~~chedulet C

SHANGHAI PORT RESTUCyTURING AND DVELOPMENT M=OJECT

Zlmtable of Rel roisect Processina Events

Time taken to prepare the project : One year

Prepared by * Government and SPA

First Bank mission s May 1991

Appraisal mission departure s May 1992

Negotiations I October 25-30, 1992

Planned date of effectiveness s April 1993 (tentative)

List of relevant PCRI and PPARs s China: Three Ports ProjectPPAR no. 969i dated June 10, 1991

The project was appraised byt Messrs. M.S. Parthasarathi, Principal TransportEcouimist, Ismail Mobarek, Principal Port Engineer, L.C. Chung, Senior PortOperation Specialist (Asia Technical Department); and M.N. Rasheed, SeniorFinancial Analyst, and H.R. Yen, Research Analyst (China and Mongolia Depart-ment, east Asia and Pacific Regional Office).

-9-

Schedule 0Page 1

STATUS OF BANK GROUP OPERATIONS IN THE P!OPLE'S REPUSLIC OF CHINA

A. STATEMENT OF DANK LOANS AND IDA CREDITS(As of Septemter 30, 1992)

LoanW Amount (US million)Credit Bor* (net of cancetlations)Number FY rower Purpose Bank IDA Undisb.(a)

18 loans and 25 credits have been fully disbursed. 1549.63 1430.7Of t.'Ich SECAL:294 /1932 88 PRC Rural Sector AdJ. 200.0 93.2

1411 84 PRC Polytechnic & TV Universfty 85.0 3.51551 85 PRC University Development 11 - 145.0 4.12493 85 PRC Second Power 117.0 6.22501 8S PRC Changcun (Luan) Coal Mining 79.5 - 36.72540 85 PRC Railway It 220.0 - 44.71664 86 PRC Technical Cooperation Credit tl 20.0 13.21671 86 PRC Provincial Universities - 120.0 0.7

2678/1680 86 PRC Third Railway 160.0 70.0 79.02689 86 PRC Tianjin Por, 130.0 46.32706 86 PRC Seilungang Thermal Power 225.0 19.92707 86 PRC Yantan Hydroelectric 52.0 - 2.3

2723/1713 86 PRC Rural Health & Preventive Med. 15.0 65.0 36.51733 87 PRC Red Soils Area Development - 40.0 0.12775 87 PAC Shuikou Hydroelectric 140.0 14.1

2783/1763 87 PRC Industrial Credit IV (CIS IV) 250.0 50.0 89.12784 87 PRC Shanghai Machine Tools 100.0 15.41764 87 PRC Xinjiang Agricultural Dev. - 70.0 15.6

2794/1779 87 PRC Shanghai Sewerage 45.0 100.0 78.42811/1792 87 PRC Seiiing-Tianjin-Tanggu Expressway 25.0 125.0 35.62812/1793 87 PRC Gansu Provincial Dev. 20.0 150.5 74.5

1835 87 PRC Planning Support & Special Studies - 20.7 12.72838 87 PRC Fertilizer Rational2zation 97.4 - 10.92852 87 PRC Wujing Thermat Power 190.0 - 50.71871 88 PRC Rural Credit t1 170.0 13.4

2877/1845 88 PRC Huangpu Port 63.0 25.0 58.12907/1875 88 PRC Dalian Port 71.0 25.0 16.3

1885 88 PRC Northern Irrigation 103.0 43.42926/1887 88 PRC .,astaL Lands Dev. 40.0 (60.0)(b) 13.9

1908 88 PRC teacher Training 50.0 7.82943 88 PRC Pharmaceuticals 127.0 11.3

2951/1917 88 PRC Sichuan Highway 75.0 S0.0 78.82952 88 PRC Shaanxi Highway 50.0 9.11918 88 PRC Daxing An Ling Forestry 56.9 8.72955 88 PRC Beilungang II 165.0 32.92958 88 PRC Phosphate Dev. 62.7 - 43.22968 8 PRC Rai(way IV 200.0 - 85.71984 89 PRC ifangxi Provincial Highway 61.0 34.41997 89 PRC Shaanxi Agricultural Dev. - 106.0 71.92006 89 PRC Textbook Development - 57.0 2.82009 89 PRC Integrated Reg. Health - 52.0 40.03006 89 PRC Ningbo & ShanghaI Ports 76.4 23.23007 89 PRC Xiamen Port 36.0 25.93022 89 PRC Tianjin Light Industry 154.0 - 109.4

3060/2014 89 PRC Itner Mongolia Railway 70.0 80.0 78.52097 89 PRC Shandong Agriculture Dev. 109.0 34.23066 89 PRC Hubei Phosphate 137.0 123.1

3073/2025 89 PRC Shandong Prov. Highway 60.0 50.0 56.8

- 10 -

Schedule 0Page 2

Loan/ Amount (USS million)Credit S°'- (net of cancellations)Number FY rower Purpose Bank IDA Undisb. (a)

3075 89 PRC Fifth Industrial Credit 300.0 200.32097 90 PRC Jiangxi Agric. Dev. 60.0 43.62114 90 PRC Vocational & Tech. Educ. 50.0 39.02145 90 PRC National Afforestation 300.0 224.22159 90 PRC Nobel Agricultural Dev. 150.0 101.92172 91 PRC Nfd-Yanotie Agricultural oov. 64.0 48.6

3265/2182 91 PRC Rural Credit IV 73.0 200.0 149.13274/2186 91 PRC Rural tetust Tech (SPARK) 50.0 64.3 106.13286/2201 91 PRC Nedius-Sized Cities 0ev. 79.4 89.0 142.9

3288 91 PRC Shanghai Industrial 0ev. 150.0 148.52210 91 PRC Key Studies ODewlopment 131.2 123.62219 91 PRC Liaoning Urban Infrastructure * 77.8 44.9

3316/2226 91 PRC Jiangsu Provl. Transport 100.0 53.6 101.42242 91 PRC Henan Agricul. Dev. 110.0 100.6

3337/2256 91 PAC Irrig. Agricut. Intensif. 147.1 187.9 259.53387 92 PRC Ertan Hydroelectric 380.0 224.52294 92 PRC Tarim Basin - 125.0 117.82296 92 PRC Shanghai Netro Transport 60.0 60.33406 92 PRC Railways V 330.0 - 324.0

3412/2305 92 PRC Daguangba Nultipurpose 30.0 37.0 59.42307 92 PRC Guangdo AOP * 162.0 168.6

3415/2312 92 PRC Beijfng Enviroam nt 45.0 80.0 122.12317 92 PRC Infectious and Endemic Disease Cont - 129.6 130.23433 92 PRC tanshi Therml Power 180.0 147.62336 92 PRC Rurat Water Supply and Sanitation 1 . 107.52339 92 PRC Edue. Oevelopment in Poor Provs. - 130.0 128.03443 92 PAC Regional Cement Industry (c) 82.7 82.73462 92 PRC Zouxisn Thermal Power (e) 310.0 - 310.03471 92 PRC ihejiaWg Provincial Highway 220.0 - 206.02387 92 PRC tianjin Urban Devt. g Envir. (c) 100.0 106.42391 92 PRC Ship Waste Disposal (e) - 15.0 16.02411 93 PRC Sichuan Agricultural Doevt. (c) - 147.0 156.33515 93 PRC Shuikou Hydroelectric II (e) 100.0 100.02423 93 PRC Financial Sector Tech.Assist.Cc) * 60.0 61.1

............................... .........

Total 7559.4 6060.7 6175.6

of which has been repaid 535.1 1.1

Total now held by Bank and IDA 7024.3 6059.6

Amount sold: Of which repaid

Total Undisbursed 3502.9 2672.7 6175.6

(a) As credits are denominated i SORs (since IDA Reptenishment VI), undisbursed $OR creditbalancs are converted to dollars at the current exchange rate between the doltar and the SOR.In some cases, therefore, the undisbursed balance indicates a dollar amount oreat than theoriginal principal credit amount expressed in dollars.

(b' Credit fully disbursed.

Cc) Not yet effective.

- 11 -

Schedule DPage 3

8. STATEMENT OF IfC INVESTHETS(As of September 30, 1992)

Invest- Type of Loan Equity Totalment No. FY Borrower Business ..... (USS Million) -------

813/2178 85191 Guangzhou and Peugeot Automobile 15.0 4.5 19.5

974 87 China Investment Co. Investment 3.0 0.0 3.0

1020 87 Shenzhen China 8ieyele 17.5 2.5 20.0Bicycles Co. Ltd. manufacture

1066 88 Crown Electron!os Electronics 15.0 15.0

1119 89 Shenzhen Chronar Solar Solar (a) 2.0 1.0 3.0Energy Energy

Total Gross Comaitments 52.5 8.0 60.5

Less cancellations, terminations 2.0 - 2.0repayment and sales

Total Coumitments now Held by IFC 50.5 8.0 58.5

Total Undisbursed 0.0 - 0.0

(a) Loan subsequently cancelled.

10/20/92EA2DR

IBRD 24093121

0~~~

,~~~~~~~~~~~~~~~~~~~~~~~--- 0e'

.CcunSy Bomndar;is.

Da o _.osh21W 12 n

NO. \ ) - .iamen

I GBqEPALSHANGAI PORT PROJEC

, ,\S( AGH I P PROJ

6, f.cr.Vm0ou,b\

J) ) t v SGS~~~~~~~gi PROPOT PROJECT

//~~~~~~~~~~~~~~~ FftVI _ lSRO£ECIS//~~~~~~~~~~~~~N E13SIG PORT FAaulE

> .~~~~~~~~~~~~~~~ ROADSAE~~~~~~~~~~- LRALRADS

ftwia.v V 11WFdwbd=nAcn# 0 2 4 6 a l::k1.^ - fs/ l ' l l