Documet 'of

The Wold- Bank

FM ORICAL USE ONLY

Is.oN P-4942CM=

OF 111

PRESIDENT OF THlE

nITERNATIONAL DEELPMENT ASSQCXAT~ON

EXECUTIV DIRECTORS

ON A PROPOME CREDIT

"~ ~ ~ ~ ~ ~~~~~~A41 26 , 989,

OF SDR 2 * 5 IIO (USD0 ltB LLION EIAET)

91E8u0191iII

-~ ~ ~~~~SADN AGRICULTAL DD VlPMN PROJECTI

APRIL ~ ,6 -1989

Thi docunt- has a res-tritd dstibution and may be usd by eipients ony in the perfrmane oftheir officdal duties Its contents may not otherwis be discosed withu World Bank authorization

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CURRNCY EQUIVALETS

Currency tnit - Yuan (Y)- US$1.00 -

Yl.00 - US$0.27

FISCAL YEAR

Januarv 1 to December 31 -

IXT8S.AND HEASURES

1 meter (m) . 3.28 feet (ft)1 kilometer (km) - 0.62 miles1 hectare (ha) ^ 2.47 acres-1mu 0.067 ha1 ton (t) w 1.000 kg

2,205 pounds (Mbs)-1 kg - 2.2 pounds (lbs)

, .~~~~~~~~~~~~~~~~~~~~~~~~S

FOR OMCIAL USE ONLY

CHINA

SHANDONG AGRICULTURAL DEVELOPMEN? PROJECT

Credit and Pro1ect Sujeaw.

Borrower: Peoplel's Republic of China

Beneficiariess Shandong Provincial Government

Credit Amounts SDR 82.5 million (US$109 million equivalent)

Credit Terms: Standard, with 35 years maturity

Relendin& Termst From Government to Shandong Provincet 20 years,including 5 years grace, with interest at 5.5 anda commitment fee of 0.52 p.a. Onlending rates tofinal beneficiaries would be no less thanAgricultural Bank of China charges on subloans forsimilar purposes with similar maturities. ShandongProvince will assume the foreign exchange risk.

Financing Plan: Central Government US$ 10.8 milllonShandong Province US$ 7.0 millionPrefecture, County Governments US$ 113.2 millionAgricultural Bank of China US$ 32.3 millionIDA US$ 109.0 million

TOTAL US$ 272.3 million

Economic Rateof Returns 292

Staff AppraisalReport: Report No. 7513-CHA

map: IBRD No. 21104

This document has a retrct distibution and may be used by ecnipnts ouly in the perfonnanceof their official duties. Its contents maly not otherwise be dis;cbsed without World Bankt authoition.

MEMORANDUM AND RECOMMENDATION Of THE PMESIDENTOF THE INTERNATIONAL DEVELOPMENT ASSOCIATION

TO THE EXECUSTVE DIRECTORS-ON A PROPOSED CREDIT

TO THE PEOPLE'S REPUBLIC OF CHINAFOR THE SHANDONG AGRICULTURAL DEVELOPMENT PROJECT

1. . The tollowing memorandum and recomendation on a proposed Credit forSDR 82.5 million (US$109 million equivalent) to the People's Republic of Chinaie submitted for approval. The proposed credit would be on standard IDA termswith 35 years maturity and would help finance an agricultural developmentproject in Shandong.

2. Background. Agriculture in China, including crops, livestock,forestry and fisheries, provides sustenance to over one billion peoples it it amajor source of income for some 190 million farm families and accounts forabout 302 of the country's GDP. Only ibout 137 million of China's 960 million'hectares are arable but nearly half of the arable land is irrigated..Foodgrains occupy about 70? of the crop land and account for about one-third oftotal agricultural output. China has been able to meet the basic foodrequirements of its population, about 222 of the world's total, from less than11i of the world's arable land by developing an intensive farming system withlarge inputs of labor, chemical and organic fertiliser, and water. Since theintroduction of economic reforms in 1979, China has adopted many bold measuresto restructure and liberalize its rura1 economy, viz., the dismantling of thecommunes and the shift to the household production-responsibility system (PRS),the rapid-monetization and comercialization of rural economic activities,major increases in farm prices, the re-introduction of free markets, and animprovement in public sector marketing and distribution.networks. Farmers havebeen given greater autonomy over choosing cropping patterns and diversifyingtheir activities. Results have been dramatict agricultural production,hasincreased by over 10? per year since 1980, a spectacular increase over thehistorical 3t growth during the preceding two decades,-and despite a reductionin area sown, grain output steadily increased to a peak level of 407 milliontons in 1984, 34Z greater than in 1978. In 1985, the Government instltutedanother phase of the reforms, replacing compulsory procurement quotas withvoluntary contracts, adjusting procurement prices and greatty enlarging therole of the market. These measures induced farmers to shift production intohigher value and cash crops and as a result, grain production levels fell to379 and 391 million tons, respectively, in 1905 and 1986 before rebounding to

* 402 million tons in 1987.

3. As the reforms continue, a major challenge to China's agriculture willbe to maintain an adequate growth rate while accommodating the continued shiftsin consumer demand in response to increasing per capita incomes and populationgrowth. Provision of adequate grain to the population and expanston of exportscontinue to have high priority. There exist today a number of policy andinstitutional constraints involving-pricing policy, public investment, andagricultural taxation and saving that hinder the performance of theagricultural Aector. To address these constraints, Chinese planners areimplementing a series of policy reform initiatives aiming to.fosteragricultural development ant 'specialization, increase efficiency, encourageindustrial and commercial 'tz al enterprises,-expand rural exports, provideproductive off-farm employment, improve agricultural tax buoyancy, and improve

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the range and efficiency of rural financial services. The Bank Group issupporting these reforms through a Rural Sector Adjustment Loan.

4. The Government's long-term objectives for the agricultural sector are:(a;. to increase the production of food, animal feed, industrial crops andanimal products to meet requirements created by population and income growth,and (b) to raise income and employment opportunities in rural areas. GivenChina's shortage of arable land (0.1 ha per capita), development planners havefocused on the teed to increase the productivity of existing cropped areas andto efficiently develop the few remaining areas of unutilized lands. Steps arealso being taken to stabilize foodgrain output per capita at the 1984 level(400 kglcapita)', increase production and quality of animal feed, livestock,fruit, fish and industrial crops, and expand agro-processing activities, so asto raise value-added in the farm sector. Improved producer incentives includes(a) enhanced contract systems which reinforce household-level management withinboth community and state-owned farm sectors, including longer land leases andcreation of a market in land-use rights; (b) continued expansion of freemarkets for output; (c) adjustment of producer prices; and (d) establishment ofprivate, public and maxed enterprises in rural agro-processing, transport andcomerce.

5. The Bank Group's strategy for lending in China's agricultural sectorhas been to support the Government's objectives outlined above. Lending todate has included 18 operations involving a total assistance of about US$1.6billion for land development; support services, including agriculturaltraining, research, credit and seed production; development of specializedproduct subsectors, including rubber, forestry and fisheries; and areadevelopment projects combining crop and livestock production, agro-processingand support services. Implementation of these projects is generally onschedule. Future Bank Group lending would continue to support projects inlarge and diverse subsectors, e.g., water resources development, agro-processing, rural credit and rural sector adjustment.

6. Rationale for IDA Involvement. Bank Group participation would supportthe Shandong Provincial Government's economic plan, which aims to acceleratethe development of its agricultural sector by maximising the use of availableresources through improvements in infrastructure and support services,introduction of improved technology, and strengthened financial and projectmanagement. As part of the Government's efforts toward decentralization, thisproject would be planned and implemented by the province without directinvolvement of the central line ministries. Bank assistance in the design andmonitoring of irrigation schemes in the Tuhai Basin component would lead tomore efficient use of water. Bank involvement in the project would assist inthe introduction of improved processing technologies and equipment, which inturn would lead to increased production and improved marketability ofagricultural products. It would also assist in the improvement of supportservices, not only by financing improved seed technology, more effectiveextension facilities and purchased inputs, but alet: through impact on theefficiency of extension delivery. Bank impact would have particularlyimportant effects on extension efficiency by promoting the introduction of newtechnology through training of research and extension workers and by stressingthe need to provide effective extension services to women farmers by employingwomen extension workers and village technicians. Bank Group involvement wouldhelp improve microeconomic efficiency by developing guidelines for investmentand enterprise management and through overseas training and technicalassistance. Bank Group staff have catalyzed the development of pollution

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standards and monitoring systems, and these would be appiied to the operationof agro-processing facilities.

7. Proiect Objectives. The main objective of the project would be toassist the Shandong Provincial Government tot (a) accelerate the developmentof its coastal lowlands for culture fisheries in line with the objective ofestablishing culture fisheries using agriculturally unproductive land. (b)intensify crop production in existing low yielding areas and increase the valueof livestock production and processing in the Tuhai River Basin, and (c)upgrade the production and processing of small livestock in the Yi Meng povertyarea, so as to provide productive employment (primarily for women), alleviatepoverty and reduce income disparities.

8. Project Description. The proposed project consists of three maincomponents: (a) Coastal Development - mariculture development, incluu_.ngcultivation of shrimp and specialty seafood in four counties (5,350 ha ofshrimp and 800 ha of abalone, scallop and sea cucumbers); provision ofhatcheries, feed mills, cold storage and procese.ng facilities and technicalservice centers: and strengthening of research and development; (b) Tuhai RiverBasin - integrated agricultural development including improvement (81,400 ha)and expansion (190,200 ha) of irrigation facilities in five irrigation areas;provision of fertilizer, quality seeds and support services to increaseproductivity; development of Chinese date trees intercropped with foodgrainsand fast-growing forest trees; establishment of date processing; improvement ofnatural grassland; rearing of draftibeef cattle, sheep and broilers; supportlivestock breeding and veterinary services; and construction of feed and meatprocessing and storage facilities; and (c) Yi Meng Livestock - livestockdevelopment, covering breeding and rearing of rabbits, pigs, chickens andgeese; processing of livestock feed, meat, goose down, rabbit wool, andprovision of extension and veterinary support services. The proposed projectwould also strengthen overall project management by providing technicalassistance, training and applied research. The project, to be carried out overfive years, provides funds for civil works, construction materials, powersupply, fertilizer, equipment, vehicles, breeding stock, technical assistanceand training. The total project cost is estimated at US$272 million, with aforeign exchange component of US$109 million (402). Retroactive financing ofup to US$10 million for expenditures on civil works and equipment incurredafter October 1, 1988 would be permitted. A breakdown of costs and thefinancing plan are shown in Schedule A. Amounts and methods of procurement anddisbursement and the disbursement schedule are shown in Schedule B. Atimetable of key project processing 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. 7513-CHA is distributedseparately.

9. Agreed Actions. To ensure effective implementation of the project,the Government has agreed to the following: (a) adequate quantities ofchemical fertilizers would be procured for farmers and an annual plan for suchprovision would be submitted to IDA for review prior to November 1 of eachyear; (b) the training components would be carried out in accordance with aschedule acceptable to IDA; (c) the Shandong provincial government would ensurethat the project activities would conform to appropriate guidelines onenvironmental control issued by the provincial government and acceptable toIDA; (d) project funds onlent to enterprises and farmers would be onlent atinterest rates no less than ABC charges on subloans for similar purposes withsimilar maturities and such rates would be reviewed from time to time with

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IDA in light of the cost of funds to PREDIC and its financial viability andchanges in ABC interest rates; (e) the Project Management Office (PMO) wouldsubmit to IDA a detailed annual budget and work program for new constructionand operation and maintenance of existing facilities for review by November 1of each year; and (f) adequate irrigation water charges would be collected tomeet at least the annual O&M costs and 202 of the total capital constructioncosts of the irrigation works borne by the Government.

10. Benefits and Justification. At full development, annual incrementaloutput would include 147,000 t wheat, 156,000 t corn, 15,000 t soybeans, 1,100t peanuts, 36,000 t cotton, 55,000 t vegetables, 65,000 t dates, 206,000 cu mtimber, 10,000 t rabbit meat, 8,000 t pork, 4,500 t beef and lamb, 2 m geese,3.8 m broilers, 120 t rabbit hair, 1,300 t wool, 8,800 t shrimp and 16,000 tspecialty sea food. Per capita incomes would increase for 1.3 million familiesby 552 in the Tuhai Basin from crops alone and by 1152 for 200,000 families inthe Yi Meng area. The income increase in the Yi Meng area would significantlyalleviate poverty in one of the poorest areas in China. Annual output inmariculture would increase by US$25 million. Significant employment would becreated in all three components. The project would promote the role of womenin the development process by assisting a large number of women enter or expandlivestock raising or be employed in processing activities.

11. Risks. The project faces no major organizational and technical risks.The risks that exist are either small initially or have been effectivelyminimized. The risk of inadequate management capability in project entities isminimized because management is essentially in place, appears adequate andwould be strengthened under the project. The project manager will also haveavailable the successful project management techniques developed in the NorthChina Plain Agriculture Project (Cr. 1261-CHA). Technical risks are minimizedbecause the irrigated crop, tree crop, improved pasture, livestock andmariculture programs would apply production methods that have been locallytried and tested in existing commercial operations or validated in project areapilot studies carried out by local research centers and institutes. The riskof inadequate water supply is minimized because the Province has obtained firmagreement from the Yellow River Commission that sufficient water from theYellow River would be provided during the period of peak demand from March toJune, so that project water requirements durx-ng this period would be met. Therisk of excessive soil salinity and waterlogging would be minimized by drawingon the land development experience gained under the North China PlainAgriculture Project. Only a small export market risk (for rabbit hair andshrimp) exists and is minimized by the fact that most output of the twocommodities would be consumed locally. No adverse environmental impact isexpected from the project. Waste disposal from processing plants would abideby standards established and approved by local environmental agencies, andeffluent monitoring would be built into the project.

12. Recommendation. I am satisfied that the proposed Credit would complywith the Articles of Agreement of the Association and recommend that theExecutive Directors approve the proposed Credit.

Barber B. ConablePresident

Attachments

Washington, D.C.April 26, 1989

SCHEDULE A

- ~~~~CHINA

SHANDONG AGRICULTURAL DRVELOPHSNT PROJECT

ESTIMATED COSTS AND YiNANCING OI

Local Foreign TotalEstimated Costs a/ US. million

Tuhai Basin Agricultural DevelopmeatIrrigation and Drainage 47.6 19.1 66.7Agriculture and Forestry 5.5 14.3 19.8Livestock Production 2.0 1.4 - 3.4Agro-processing 7.3. 5.3 12.8

Sub-total 62.6 40.1 102.7

Coastal Mariculture DevelopmentShrimp Production 61.2 30.6 9/1.8Specialty Seafood Production 5.4 13.1 18.5

Sub-total 66.6 43.7 110.3

Yi Meng Mountains Livestock DevelopmeatLivestock Production 6.5 3.4 9.9Agro-processing 14.4 13.0 27.4

Sub-total 20.9 16.4 37.3

Institutional Support 0.3 0.6 0.9

Base Cost 150.4 100.8 251.2Physical Contingencies 5.0 3.0 8.0-Price Contingencies 8.1 5.0 13.1

Total Proiect Costs 163.5 108.8 272.3

- Financing Plan

IDA 0.2 108.8 109.0Central Government . 10.8 - 10.8Provincial Government 7.0 7.0Prefecture/County Governments 113.2 - 113.2Agricultural Bank of China 32.3 - 32.3

Total 163.5 108.8 272.3

al Project is exempt from taxes and duties.

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SCHEDULE BPage 1 of 2

CHIN

SANDORG AGRICULTURAL DEVELOPMENT PROJECT

PROCUREMENT METHOD AND DISBURSEMENTS(US $tillion)

Procurement MethodTotal

Pro1ect Element ICs LIB LCB Other NAil Cost

Land Acquisition 10.9 10.9(0) (0)

Works 29.0 115.3 144.3(7.2) (28.2) (35.4)

Construction Materials 16.5 16.5(15.0)

Power Supply 1.9 1.9(0) (0)

Fertilizer 13.2 13.2(13.2) (13.2)

Equipment, Vehicles,Breeding Stockand Supplies 32.3 6.0 7.6 3.2 49.1

(30.0) (6.0) (5.3) (2.2) (43.5)

Training & Tech. Asat. 1.9 1.9(1.9) (1.9)

Engineering & Management 3.0 3.0(0) (0)

Credit 4.4 4.4(0) (0)

Working Capital 27.1 27.1(0) (0)

Total 62.0 6.0 36.6 120.4 47.3 272.3(58.2) (6.0) (12.5) (32.3) (0) (109.0)

Notei Figures in parentheses are the respective amounts financed by IDA.Figures include physical and price contingencies.

1/ Not applicable.

-' -/

_ 7 - ,

- . , SCHRDULU7

Pasoe 2 of 2

Disbursements

X of ExpendituresCategory Amount of Credit to be financed

(US$mlion)

Civil works 35,400,000 301

Agro-processing equipment 11,700,000 )

. ) S100 of foreign expendi-Agricultural and construction 51,800,000') tures; OOZ of local

materials ) expenditures (ex-factory) cost) and 75Z of local. -m expenditures for other3 items procured locally.

Machinery. equipment, 8,200,000 )vehicles and boats ,

Taining and technical 1,900,00 1002assistance

Tot l 109,000,000

Estimated IDA Disbursements-

PY90 FY91 FY92 FY93 FY94-------- (US$ million)------------------

Annual -' 22 32 36 14 5Cumulatie 22 54 90 104 109

~~~~~~~-8

SCHEDULE C

CHINA

SRANDONG AGRICULTURAL DEVELOPMENT PROJECT

TIHETABLE OF WEY PROJECT PROCESSING EVENTS

(a) Time taken to prepare: 9 months

(b) Project prepared by: Government and FAOICP withIDA assistance.

(c) First presentation to IDA missions December 1987

(d) Appraisal mission-departures September 17, 1988

{e) Negotiat:vonse March 20-24, 1989

(f) Planned date of effectiveness: September 1989

(s) List of relevant PCRs and PPARs North China Plain AgricultureProject (Credit 1261--CA)

Schedule D9 g _ Page 1 of 3

STATUS 0F BMNM GROUP OPRAYTIONS IN THE PEOPLC' SUPUiLc OF CHINA

A. STATSHENT OF SUNK LOANS AND IDA CREDITS a/(- a of March 31. 1989)

Loan/ AiOune $ million)credit Fiscal (less cancellations)Number Year lotrower Purpose Bank IDA Undisbursed b/

One loan and.two credits have been fully disbursed

202111167 81 PRC University Development 100.00 100.00 -0.001261 82 PRC Ntrth China Plain Agriculture - 60.00 0.002207 83 PRC Three Ports 67.97 - o.do1297 8) PRC Agric. Education & Research - 75.40 0.50

222611313 83 PRC Industrial Credit I (CIB I) 40.60 30.00 1.222231 83 PRC Petroleum I (Daqing) 162.40 - 16.642252 -83 PRC Petroleum II (Zhongyuan-Wenlili) 100.80 - 20.52

226111347 83 PRC State Farms I (Heilongjiang) 25.30 45.00 0.421411 84 PRC Polytechnic/TV University - 85.00 21.041412 84 PRC Technical Cooperation - 10.00 1.031417 84 PRC Rubber Development -_100.00 20.53.. 2Z382 84 Pac Lubuge Hydroelectric 145.40 - 36.262394 84 PRC Railway 220.00- - 26.101462 84 PRC Rural Credit I - 50.00 0.901472 84 PlC Rural Health & Medical Educ. - 85.00 19.302426 84 PRC Petroleum III (Karamay) 99.50 - 24.56

243411491 84 PRC Industrial Credit II (CIB II) 105.00 70.00 20.432444/1500 84 PRC Agricultural Education II 45.30 23.50 14.i61516 8S PRC Agricultural Research tI - 25.00 10.061551 8S PRC University Development II' - 145.00 53.342493 85 PRC Power SS 117.00 - 28.942501 85 PRC Changcun (Luan) Coal Mining 120.50 _ 101.761577 85 PRC Sesds 40.00 12.081578 85 PRC Rural Water Supply - 80.Q0 44.48

2539/1594 85 PRC ighway I 42.60 30.00 27.272540 85 PRC Rallway II 235.00 - - 190.402541 85 PRC Fertilizer Rehabilitation - 97.00 - 15.11

Energy Saving1605 85 PRC Forestry Development - 47.30 32.63

257911606 85 PRC PiShilang-Chaohu Area Development 17.00 75.00 47.572580 85 PRC. Velyuan Gas Field Technical 25.00 - 11.74

Assistance1642 86 FP./. Rural Credit II - 90.00 1l.19

265911663 86 PRC Industrial Credit III (CIS II1) 75.00 25.00 17.771664 86 PRC Technical Cooperation Credit II - 20.00 19.361671 86 PRC- Provincial Universities - 120.00 69.76

267811680 86 PRC Third Railway 160 A* 70.00 217.162689 86 PRC Tianjin Port 130.00 - 114.371689 86 PRC Freshwater Fisheries - 60.00 17.412706 86 PRC Beilungang Thermal Power 225.00 - 132.302707 86 PRC Yantan Hydroelectric 52.00 - 25.862708 86 PRC Liaodong Bay Petroleum Appraisal 30.00 .- 6.35

- 10 Schedule DPage 2 of 3

Loanl Amount (US$ million)Credit Fiscal (less cancellation)Number Year Borrower Purpose Bank IDA Undistureed hi

2723/1713 86 PRC Rural Health & Preventive Med. 15.00 65.00 68.221733 87 PRC Red Soils * 40.00 14.302775 87 PRC Shuikou Hydroelectric 140.Q0 - 93.65

278311763 87 PRC Industrial Credit IV (CIB IV) 250.00 50.00 188.802784 87 PRC Shanghai Machine Tools 100.00 - 98.161764 87 PRC Xinjiang Agricultural Developmnt - 70.00 57.19

2811/1792 87 PRC Beijing-Tianjin-Tanggu Expressway 25.00 125.00 131.592812/1793 87 PRC Gansu Provincial Development 20.00 150.50 146.78

1835 87 PRC Planning Support & Special Studies - 20.70 18.562794/1779 87 PRC Shanghai Sewerage 45.00 100.00 132.86

2838 87 PRC Fertilizer Rationalization 97.40 - 93.852852 87 PRC Vujing Thermal Power 190.00 - 172.111871 s8 PRC Rural Credit III - 170.00 88.01

2877/1845 88 PRC Huangpu Port 63.0 25.00 82.402907/1875 88 PRC Dalian Port 71.0 25.00 88.03

1885 88 PRC Northern Irrigation - 103.00 68.712924/1887 88 PRC Coastal Lands Developmnt 40.00 60.00 81.94

1908 88 PRC Teacher Training - 50.00 42.852943 88 PRC Pharmaceuticals 127.00 - 127.00

2951/1917 88 PRC Sichuan Highway 75.00 50.00 121.632952 88 PRC Shaanui Highway 50.00 - 50.001918 88 MC Daxing An Ling Forestry - 56.90 44.372955 88 PRC Beilungang II 165.00 - 165.002958 88 PRC Phosphate Development 21 62.7 - 62.70

2967/1932 88 PRC RSAL 200.00 100.00 57.012968 88 PRC Railway IV 200.00 - 200.001984 89 PRC Jiangzi Provincial Highway 2/ - 61.00 57.741997 89 PRC Shaanui Agricultural Dev. 17 - 106.00 101.793006 89 PRC Ningbo & Shanghai Ports 2/ 76.40 - 76.403007 89 PRC Xiamen Port 1/ 36.00 - 36.003022 89 PRC Tianjin Light Industry 1/ 154.00 - 154.00

Total 4,640.87 2,989.30

of which has been repaid 100.43 -

Total now held by Bank and IDA 4,540.44 2,989.30

Amount solds Of which repaid -

Total Undisbursed 2,928.33 1,456.39 4,384.72

a/ The status of the projects listed in Part A is described in a separate report on allBank/IDA financed projects in execution, which is updated twice yearly and circulatedto the Executive Directors on April 30 and October 31.

b/ As credits are denominated In SDRs (since IDA Replenishment VI), undisbursed SDR creditbalances are converted to dollars at the current exchange rate between the dollar andthe SDR. In some cases, therefore, the undisbursed balance indicates a dollar amountgreater than the original principal credit amount expressed in dollars.

Notest I/ Not yet signed.2N lot yet effective.

Schedule D11 - ) ~~~~~~Page,3 of 3

B. STATIMENT OF IPC INVZSTKMS(as of March 31, 1989)

Invest- Fiscal Type of Loan Equity Totalment no. year Obligor business -- (US$ million) --

813 1985 GuanSghou and Peugeot Automobile 15.00 2.00 17.00

974 1987 China Investment Co. Investment 3.00 0.04 3.04

1020 1987 Shenzen,China Bicycle 5.00 - 5.00Bicycles Co. Ltd. Manufacture

1988 Crown Electronics Electronics 15.00 - 15.00

Total Gross Commitments 38.00 2.04 40.04

Less caneellations, terminationsrepayment and sales - -

Total Commitments n*0"Held by IPC 38.00 2.04 40.04

Total Disbursed 37.40 2.04 39.44

Total Undisbursed .60 0 .6

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