Document of

The World Bank

FOR OFFICIAL USE ONLY

C#Z-, jl4_ -So

Report No. P-5158-BO

MEMORANDUM AND RECOMMENDATION

OF THE

PRESIDENT OF THE

INTERNATIONAL DEVELOPMENT ASSOCIATION

TO THE

EXECUTIVE DIRECTORS

ON A

PROPOSED CREDIT

OF SDR 26.5 MILLION

TO

THE REPUBLIC OF BOLIVIA

FOR AN

EASTERN LOWLANDS: NATURAL RESOURCE MANAGEMENT

AND AGRICULTURAL PRODUCTION PROJECT

FEBRUARY 20, 1990

This document has a restricted distribution and may be used by recipients only in the performance oftheir official duties. Its contents may not otherwise be disclosed without World Bank authorization.

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CURRENCY AND EQUIVALENT UNITS

Currency Unit - Boliviano (Bs)

Exchange Rate Effective December 31, 1989

US$1.00 - Bs 3.00US$0.33 = Bs 1.00

WEIGHTS AND MEASURES

Metric System

ABBREVIATIONS AND ACRONYMS

ADP - Agricultural Development Project

ANAPO - National Association of Wheat and Oil SeedProducers

BAB - Bolivian Agricultural Bank

BCB - Central Bank of Bolivia

CAO - Agricultural Chamber of Commerce for tiLeOrient

CIAT - Tropical Agriculture Research Center

CIDOB - Organization of the Indigenous Peoples of theBolivian Orient

COMEX - Export Complex of ANAPO, Ltd.

CORDECRUZ - Santa Cruz Regional Development Corporation

ENFE - Bolivian National Railway

FEGASACRUZ - Livestock Federation of Santa Cruz

FENCA - National Federation of Rice Cooperatives

FINDESA - Santa Cruz Development Finance Corporation

MACA - Ministry of Agriculture

PROMASOR - Association of Maize and Sorghum Producers

FISCAL YEAR

January 1 - December 31

FOR OFFICIAL USE ONLY

BOLIVIA

EASTERN LOWLANDS: NATURAL RESOURCE MANAGEMENTAND AGRICULTURAL PRODUCTION PROJECT

Credit and Proiect Summary

Borrower: The Republic of Bolivia.

; Executing Agency: Corporacion de Desarrollo Regional de Santa Cruz(CORDECRUZ), Centro de Investigacion de AgriculturaTropical (CIAT), Central de Indigenas del OrienteBoliviano (CIDOB), Producers' Associations of SantaCruz (ANAPO, FEGASACRUZ, FENCA, PROMASOR).

Beneficiaries: (i) Approximately 1,350 agricultural producers;(ii) CORDECRUZ; (iii) CIAT; (iv) CIDOB; (v) Producers'Associations (ANAPO, FEGASACRUZ, FENCA, PROMASOR).

Amount: SDR 26.5 million (US$35.0 million equivalent)

Terms: Standard, with 40 years maturity.

;nlending Tcrmb: Hiaximuit interest rate to subborrowers: certificate ofdeposit rate of financial intermediaries; interest(rediscount) rate to financial intermediaries: six-month quoted LIBOR; spread to financial intermediaries:up to five percentage points. Foreign exchange riskwould be borne by credit beneficiaries. Cross-currencyrisk would be borne by the Borrower.

Financing Plan: Government/CORDECRUZ US$ 6.6 millionBeneficiaries US$ 3.7 millionFinancial Intermediaries US$ 2.7 millionCIAT US$ 0.6 millionProducers' Association US$ 0.4 millionFederal Republic of Germany US$ 5.6 millionIDA US$ 35.0 million

' Total US$ 54.6 million

Economic Rateof Return: 18?

Staff AppraisalReport: Report No. 8101-BO

Map: No. 21877

This document has a restricted distribution and may be used by recipients only in the performanceof their official duties. Its contents may not otherwise be disclosed without World Bank authorization.

MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THEINTERNATIONAL DEVELOPMENT ASSOCIATION

TO THE EXECUTIVE DIRECTORSON A PROPOSED CREDIT

TO THE REPUBLIC OF BOLIVIAFOR AN

EASTERN LOWLANDS: NATURAL RESOURCE MANAGEMENTAND AGRICULTURAL PRODUCTION PROJECT

1. The following memorandum and recommendation on a proposed Credit to theRepublic of Bolivia for SDR 26.5 million (US$35.0 million equivalent) issubmitted for approval, The proposed credit, which would be repayable in40 years, including 15 years of grace, at IDA's standard terms, would help tofinance a natural resource management and agricultural production project for theEastern Lowlands of Bolivia. The Federal Republic of Germany, through KFW, wouldprovide a grant of US$5.6 million equivalent of cofinancing for the project.

2. Background. Agriculture is the most important sector in Bolivia interms of its contribution to GDP, accounting for about 22% of total GDP in 1988,up from about 18% in 1978. It provides about 65% of total employment.Agricultural exports in 1988 were US$88 million down from US$124 million in 1980.This is about 15% of total exports, or 80% of non-mineral/hydrocarbon exports.

3. The Bolivian Government's strategy for agricultural development callsfor efforts to ircrease agricultural productivity and incomes in the Altiplano,Valleys and Eastern Lowlands regions. A national goal is to increase raticnaland environmentally-sound expansion of agricultural exports and import-substitution commodities in order to obtain new sources of foreign exchange,thereby improving the country's balance of payments. This strategy is to becarried out in the context of the administration's market- and private-sectororiented agricultural policy which is reflected in the fact that commodity pricedistortions are minimal. Land policy, however, has seriously constrained long-term sector development. Some measures are being taken: land tenure, anationwide long-term issue, is being addressed under an ongoing IDA-operation,the Economic Management Strengthening Operation (EMSO); land taxes have beenintroduced recently and will be monitored as part of IDA's policy dialogue withthe Government; land pricing is to be addressed through legislative or otherregulatory measures.

4. The Eastern Lowlands comprises the largest area of untapped agriculturalpotential in Bolivia. Commercial agriculture is expanding rapidly there andincreasing number of small farmers are moving to the Eastern Lowlands from theAltiplano. Available information indicates that the region seems particularlysuited for expanding production of soybean (produced in rotation with wheat,sorghum and sunflower seed) and, eventually, for other crops. With limited scopefor substantial yield increases, additional production depends on rationalexpansion of the cultivated area, into some of the 14 million ha with suitablesoils. However, the area is also endowed with a rich natural resource base whichneeds to be managed soundly and protected. Government strategy envisages puttingin'o place a solid environmental framework. The strategy includes establishingand managing a Land Use Plan to guide future development, including support foragriculture and protection of natural resources and the interests of indigenouspeoples.

5. The Ministry of Agriculture (MACA) maintains overall responsibility foragricultural sector policy and coordination in Bolivia, with many sector

activities in the Eastern Lowlands carried out by regional public sectorentities. The private sector is also involved in the formulation andimplementation of regional sector activities. The more important public andprivate regional institutions are: the Santa Cruz Regional DevelopmentCorporation (CORDECRUZ-regional planning, coordination, extensior. and financing),the Tropical Agriculture Research Center (CIAT-agricultural research andtechnology transfer), the Santa Cruz Development Finance Corporation (FINDESA-credit), and several private sector producers' organizations under the umbrellaof the Agricultural Chamber of Commerce (CAO), responsible for extension andmarketing. The Organization of the Indigenous Peoples of the Bolivian Orient(CIDOB), a grass-root indigenous organization, is important in promotingindigenous peoples' land rights. The level and quality of administration andservices provided by these institutions is good compared to national counterpartservices. To play the roles needed for the Government's aforementioned strategy,however, they require strengthening in regional planning and coordination,natural resource management, and agricultural research and extension.

6. Rationale for IDA Involvement. The proposed project, together with therecently approved IDA Export Corridors Project, forms an integral part of IDA'sstrategy for Bolivia and for the agricultural sector. IDA's involvement wouldhelp expand the production of non-traditional agricultural exports and import-substitution commodities to cushion the decline in export earnings fromhydrocarbons and minerals. The proposed project is also a cornerstone of IDA'senvironmental strategy for Bolivia. It would assist in ensuring that thedevelopment of the Eastern Lowlands would be based on a comprehensive, long-termregional perspective, within which agricultural production and export expansioncould take place while protecting the natural resource base. The credit aspectsof the project fit well into IDA's strategy for reforming the Bolivian financialsystem, liberalizing financial markets and restoring private sector confidencefollowing the hyperinflationary crisis of the early 1980s.

7. Project Objectives. The major objectives of the project would be to:(i) assist in initiating the long-term, rational management of the EasternLowlands natural resource base; (ii) increase agricultural production, and expandexports and production of import substitution commodities by about US$52 millionover a three-year period (over 50Z of the value of agricultural exports in 1988);(iii) develop the technology and credit mechanisms to increase and sustaincommercial agriculture productivity and to raise family income of smallsubsistence farmers; (iv) improve the rural infrastructure of the EasternLowlands; (v) introduce a land pricing policy supportive of sound agriculturaldevelopment; and (vi) improve the living conditions and level of education of the"ayoreo" indigenous group (11 communities totalling about 2,000 people), and helpdemarcate the tribal lands of the ayoreo and chiquitano communities

8. Project Description. The project would finance the preparation of aLand Use Plan for the Eastern Lowlands which would be the basis for the long-termdevelopment of the region. The overall plan would be completed by December 31,1991, and would encompass the results of agroecological surveys, mapping, andstudies on soils, water, forestry, livestock, protected areas and indigenouslands. Technical assistance would be provided for protecting forest reserves andnational parks, particularly the largest in the region, the Noel Kempf MercadoNational Park. Provision of agricultural and marketing credit (over a three-yearperiod), research, extension, technical assistance, and improvement of about100 kms of existing rural roads (no new construction) and maintenance of about200 kms would support expected incremental annual production of some 200,000 tonsof soybeans and about 30,000 tons of wheat. This would also lay the groundwork

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for further sustainable expansion of export crops, primarily soya, over theseven-year life of the project. A small pilot credit system, along with theprovision of extension services, would be developed for subsistence farmers todiscourage slash-and-burn agriculture and help them develop into commercialproducers. Technical assistance and funding would be provided to the indigenousayoreos communities, to assist in training and community organization, secondaryeducation, social and productive infrastructure and demarcation of the triballands of the ayoreo and chiquitano communities. The project would also supportthe introduction of a market-based system for pricing public land.

9. To help ensure environmentally-sound development of the region, no landclearing would be financed under the project and a system of permits and controlson land clearing would be introduced under the Land Use Plan. Moreover,development of agricultural production is expected to be concentrated in an areaof 2.2 million ha (about 7? of the region's surface) which, based on soilstudies financed by a Project Preparation Facility advance (PPF), has been foundconsistent with sustainable agricultural development (Map No. 21877). Terms andconditions of the credit line would be consistent with the Central Bank's otherforeign lines of development credit which are acceptable to IDA in the context ofBolivia's ongoing financial sector reform. The interest rate to subborrowerswould be the weighted average certificate of deposit rate. The Central Bankwould rediscount subloans at the six-month quoted LIBOR and the financialintermediaries would be allowed a spread not to exceed five percentage points.The foreign exchange risk would be borne by the beneficiaries and the cross-currency risk by the Borrower.

10. The project would be implemented by public and private regionalinstitutions under the coordination and supervision of an umbrella RegionalCommission. CIAT would be responsible for technology development and transfer;extension would be provided through CORDECRUZ and existing producers'associations; CORDECRUZ would also be responsible for the natural resources andthe rural roads components, and CIDOB, a grass-root indigenous organization, forthe indigenous groups component. Technical assistance to strength.en theircapacity to carry the expanded responsibilities would be provided under theproject. A Project Unit would coordinate the project. It would be locatedwithin CORDECRUZ but operate under the guidance of the Regional Commissionrepresenting the private agricultural sector (CAO), the public regional sector(CORDECRUZ), the national public sector (Ministry of Agriculture) and theparticipating implementing agencies. Credit would be made available through theCentral Bank's existing rediscount facility for onlending through commercialbanks, FINDESA and Banco Agricola Boliviano (BAB), to the extent that they meeteligibility criteria. Prior to its participation, BAB would also have to carryout the restructuring program agreed with IDA under the Financial SectorAdjustment Credit (Cr. 1925-BO). An international environmental coLnittee wouldbe established with participation of internationally known Bclivian and foreignexperts and scientists. The committee would meet annually to provide independentmonitoring and evaluation of the prQ3ect's implementation and its environmentalimpact, and serve as the basis for annual tripartite meetings between theMinistry of Agriculture, the coordinating Regional Commission in Santa Cruz andIDA. The total cost of the project is estimated at US$54.6 million equivalentwith a foreign exchange component of US$29 million (53?). A breakdown of costsand the financing plan are shown in Schedule A. Amounts and methods ofprocurement and of disbursements and the disbursement schedule are shown inSchedule B. A timetable of key project processing events and the status of BankGroup operations in Bolivia are given in Schedule C and D, respectively. A mapis also attached. The Staff Appraisal Report, No. 8121-BO dated February 20,1990, is also attached.

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11. Actions Agreed. The main agreements reached with the Borrower are that:(a) final terms of reference for the preparation of the Land Use Plan would beprepared and the consultants hired by June 30, 1990; (b) the Government would, byDecember 31, 1991, enact regulations for the adoption and enforcement of the LandUse Plan satisfactory to IDA, and deve'opment plans prepared thereafter would bein accordance with the Plan; (c) no official agricultural credit would be givenfor land clearing in the Eastern Lowlands, unless the Natural Resource Department(NRD) of CORDECRUZ approves it on the basis of the Land Use Plan or, in theinterim, on the basis of farm soils studies; (d) the Government would provideadequate counterpart financing and would cause CORDECRUZ, CIAT and the Producers'Associations to provide their contributions to the financing plan; (e) theGovernment would introduce legislation in Congress by December 31, 1990 requiringmarket pricing for the sale of public lands (except for indigenous communitiesand small farmers) and charge market prices by December 31, 1991; (f) sixadditional staff would be incorporated into the NRD by June 30, 1990;(g) CORDECRUZ would carry out two complete forest cover surveys by December 31,1991 and December 31, 1993, and two partial surveys by December 31, 1992 andDecember 31, 1994; (h) agreed research consultants and research staff, and anextension consultant would be hired by CIAT by June 30, 1990; (i) CIAT wouldsubmit to IDA (through the Project Unit) the final five-year extension trainingprogram by October 31, 1990 and annual operational research and extensiontraining plans, and progress evaluations by October 1 of each year, startingOctober 1, 1990; (j) the agreed incremental extension staff would be hired byJune 30, 1990; (k) CORDECRUZ would submit satisfactory annual operational plansfor road improvement and maintenance by October 1 of each year, commencingOctober 1, 1990; (1) consultants for the indigenous peoples component would behired by October 1, 1990 and they would prepare a detailed feasibility study, andan action plan by June 30, 1991; (m) CORDECRUZ would provide staff to the ProjectUnit for the duration of the project by June 30, 1990; (n) the Project Unit wouldsubmit to IDA six-monthly project progress reports for all the components exceptcredit which would be submitted by the Central Bank, by March 31 and September 30of each year, starting in March 31, 1990, and annual consolidated work programsby October 31 of each year, starting October 31, 1990; (o) the Government wouldestablish the independent Environmental Committee by June 30, 1990; the committeewould provi:e to MACA, the Regional Commission and IDA annual assessments ofproject objectives and effects on the environment by March 31 of each year,starting on March 31, 1991; these entities would hold annual tripartite meetingsto review the reports. Conditions of effectiveness would be that: (a) theGovernment has created the Regional Commission satisfactory to IDA andcontractual agreements are signed between the Borrower and CIAT, CORDECRUZ andCIDOB; (b) the terms, regulations and procedures for the rediscount credit lineunder the project are adopted by BCB's Board; and (c) the Project Unit has beenestablished. Conditions of disbursement for the credit component would be that:(i) soil studies of the agricultural development project areas and the firstregion-wide forest cover survey have been completed; and (ii) at least oneParticipating Agreement has been signed between BCB and one financialintermediary. A condition of disbursement to the individual producers'organizations would be that they have signed subsidiary agreements with theBorrower.

12. Benefits. The major benefits of the project would be of two types.First, the project would help rationalize the long-term development of theEastern Lowlands, introduce better land-clearing methods and cultural practices,demarcate and protect the areas to be maintained as forest reserves and nationalparks, thereby contributing significantly to the preservation of the resourcebase of the region. It would also assist in defending the land rights of the

- 5 -

ayoreos and chiquitanos indigenous groups and improving the standard of living ofthe layoreos." Second, the project would, over a five-year period, help expandthe annual production and export of soybean by about 200,000 tons and theproduction of wheat by about 30,000 tons and provide the technological suppertfor expanding the production of other crops. The expansion of exports andreduction of required imports would provide direct balance of payments reliefthrough a substantial annual increase/savings of foreign exchange, estimated toreach about US$52 million in year 1992, or about 532 of total agriculturalexports in 1988. The project would also assist the Government efforts inimproving the agricultural policy environment for the development of sustainableagriculture, especially in regarl to land pricing, and initiate or expand creditcoverage to about 1,350 farmers.

13. Risks. This is a high risk project, but suited to the development roleof IDA in helping to bring about sustainable agricultural development in harmonywith the environmentally-fragile Eastern Lowlands of Bolivia. There are threemain risks: (a) demand s.!de risks related to possible fluctuations in exportprices, and the continued market for exports particularly for soya, the maincrop. These risks are reduced by the relatively good prospects for world soyaprices and the fact that soya prices have been historically rather stable.Production levels expected under the proiect would be insignificant in the worldmarket (less than 1%); (b) supply side risks, i.e., sustainability of yields,production costs and transport costs. The project would minimize these risks bystrengthening technology development and transfer to improve the efficiency andsustainability of crop production, and through improvements in the ruraltransport system (including rural roads under the project and the railroad tc theBrazilian border under IDA's Export Corridor Project). The credit risk fundwould also encourage small farmers to develop sustainable cropping e2chniques.Overall, these measures would deepen the ability of the region to adapt tochanging external market circumstances and to take advantage of marketopportunities, thus further reducing the long-term commodity risk; and (c) theenvironmental risks that come from the competing demands for agriculturaldevelopment within the resource-rich Eastern Lowlands. To minimize these risks,the project would introduce measures to control the areas where land clearing andcropping would take place, and help demarcate and protect national parks, forestsand indigenous peoples reserves.

14. Recommendation. I am satisfied that the proposed credit would complywith the Articles of Agreement of IDA and recommend that the Executive Directorsapprove the proposed credit.

Barber ConablePresident

Attachments

Washington, D.C.February 20, 1990

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Schedule A

BOLIVIA

EASTERN LOWLANDS: NATURAL RESOURCE MANAGEMENTAND AGRICULTURAL PRODUCTION PROJECT

ESTIMATED COSTS AND FINANCING PLAN

Estimated Costs: a/

Local Foreign Total------ (USS milli-on)…

Natural Resource Planning and Management 1.8 3.2 5.0Agricultural and Marketing Credit 13.5 17.5 31.0Research 1.3 0.9 2.2Agricultural Extension 2.0 1.2 3.2Rural Road Improvement and Maintenance 4.0 3.7 7.7Support to Indigenous Peoples 0.5 0.3 0.8Administrative Support 0.1 0.1 0.2Project Preparation Facility 0.1 0.4 0.5

Base Cost 23.3 27.3 50.6

Physical Contingencies 0.8 0.7 1.5Price Contingencies 1.4 1.1 2.5

TOTAL 25.5 29.1 54.6

a/ Includes US$1.9 million in taxes

Financing Plan:

Government/CORDECRUZ 6.6 - 6.6Beneficiaries 3.7 -- 3.7Financial Intermediaries 2.7 -- 2.7CIAT 0.6 -- 0.6Producers' Associations 0.4 -- 0.4Federal Republic of Germany 1.8 3.8 5.6IDA 9.8 25.2 35.0

TOTAL 25.6 29.0 5'.6

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Schedule B

BOLIVIA

EASThLUN LOWLANDS: NATURAL RESOURCE MANAGEMENTAND AGRICULTURAL PRODUCTION PROJECT

Procurement Procedures and Disbursements(US$ million)

Procurement Method TotalProject Component IC8 LCB Other N.A. Cost

Civil Works - 9.06 0.08 - 9.14- (8.61) (0.04) (8.86)

Vehicles A Equipment 2.42 0.18 - - 2.56(1.24) (0.12) - (1.86)

Consultant Services - - 6.26 - 6.26- - ~(1.76) (1.76)

Training - - 0.91 - 0.91(0.86) (0.86)

Agr. Dev., Stor. Mrkt A Credit - - - 80.97 80.97(24.61) (24.61)

Operdting Costs - - 5.81 5.81(8.07) (8.07)

Total 2.42 9.19 6.26 86.78 64.64Total Financed by Bank (1.24) (8.98) (2.16) (27.38) (36.00)

Note: Figures in parentheses are the estimated amounts to be disbursed by the Bank.

Disbursements

Amount

US$ 'DOD X

Production and Marketing Credit 22,100 90X of subloans face value.

Reseorch - Investment Costa 1,086 10OX of foreign expenditures, vehicleo, equipment andconsultants; 905 for local expenditures for civil works,equipment and training.

Agricultural Extension - Inva. Cost 960 100X of foreign expenditures for vehicles, equIpment,consultants and training; 90X of local expenditures fortraining.

Rural Roads Improvement 8,400 40X of expenditures.

Indigenous Peoples - Inv. Cost 790 100X of foreign expenditures for vehicles and localconsultants; 90X of local expenditures for civil works,vehicles, oquipment and training.

Administrative Support - Invo. Cost 20 90X of local *xpenditures for vehicles and equipment.

Operating Costs 2,600 86X of all expenditures for research, extension, indigenouspeople, and administrative support.

Project Preparation Facility 526

Unallocated 8,bO0

Estimated Bank Disbursements:

FY 1990 1991 1992 1998 1994 1996 1998 1997

Annual .5 8.0 4.6 4.9 5.6 6 5.8 6. 4.8Cumulative .6 8.5 8.1 18.0 18.6 28.9 80.2 86.0

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Schedule C

BOLIVIA

EASTERN LOWLANDS: NATURAL RESOURCE MANAGEMENTAND AGRICULTURAL PRODUCTION PROJECT

Timetable of Key Project Procassing Events

(a) Time Taken to prepare: 12 months (to appraisal)

(b) Prepared by: FAO/CP and IDA

(c) First Bank mission: March 1989

(d) Appraisal mission departure: June 12, 1989

(e) Negotiations: January 1990

(f) Planned Date of Effectiveness: May 1, 1990

-9 - Schedule D

9OLIWIA - STAIW OF 90RLD A( tOUP WOERATIONS

1. statment of World Bank Loans and MDA Credits (as of December 81. 1989)

Loan or Amount (less cancellations)Credit Flecl DOlbursedNubMer Year Borrower Purpose Sank IDA Undisburmed Total

(In mlIIlion of US dollars)16 Loans and 16 credits fully disbursed 274.9 116.7 -- 891.6

1708 1986 Bolivia ReconstructionImport Credit -- 66.0 6.7 62.6 I/

1719 1986 Dolivis Vuelts Grande -- 16.4 0.3 16.7 1/1609 1087 Bolivia Public Finenciul Mgmt. -- 9.2 2.6 11.8 I/

1818 1987 Bolivia Power Sector Rehabili-tation -- 2.7 4.2 6.9 I/

1829 1987 Bolivia Reconstruction Imp. Cr.11 -- 20.6 28.6 47.2 I/1629 1987 Bolivia Emergency Social Fund I -- 10.6 0.01 10.6 1/1642 1988 Bolivia La Paz Municipal Dovt. -- 9.9 6.6 15.4 I/1882 1988 Bolivia Emergency Social Fund II -- 22.1 2.7 24.9 I/1926 1988 Bolivia Financial Sector Adjust. -- 66.7 0.1 66.8 I/1977 1989 Bolivia Econ. Mg.t. Strenth. Op. - 1.8 7.8 9.4 I/2012 1989 Bolivis Export Corridors __ 0 37.4 37.42018 1989 Bolivia Mining Sector -- 0 36.0 36.01926-2 1990 Bolivis Financial Sector Adjust. -- 0 9.7 9.7

Totsl 274.9 832.4 18e.4 746.8

Of which has been repald 126.3 8.9 -- 136.2

Total now outstanding 148.6 823.6 138.4 610.6Amount sold 0.06 0.06Of which has been repaid (0.06) (0.06)

Total now held by Bank and IDA 148.6 323.6 180.4 610.6

Total undiabursed 138.4 138.4

1/ Because of varistions in SDR exchenge rate, present amount is different from original amount.

2. stat4iment of IFC investment (am of December 31, 1iif)

(In Villion, of U.S. dollars)Total gross commitments 26.6 3.9 30.6Less cancellations, terminations,repayments, and soles 8.8 0.8 9.6

Total commitments now hold by IFC 17.8 3.1 20.9

Total undisbursed 10.3 3.0 13.3