Docwnnt of

The World Bank

FOR OFFICIAL USE ONLY

e-JZ-i Repwt No. P-5054-IN

MEMORANDUM AND RECOMMNEDATION

OF THE

PRESIDENT OF THE

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

AND OF 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 113.8 MILLION

TO INDIA

FOR A

NATIONAL SERICULTURE PROJECT

APRIL 27, 1989

Thi document has a restricted distribution and may be used by redpients only In te performsem oftheir official dutles. Its contents may not odtrwise be disclosd without World Bank authoriaon.

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CURRUNZCT UQUIVALU

US$ 1 - Rupees (Re) 14.60

U16318s aND KNASUJRUS

The metric system is used throughout the report

RCRONU8 AND ABBREE&n!NxSx0

CRC - Chawki Rearing CenterCSB - Central Silk BoardDOS - Directorate of Sericulture001 - Government of IndiaIDBI - Industrial Development Bank of IndiaKSP-I - Karnataka Sericulture Project (Credit 1034-ZN)NA3ARD - National Bank for Agriculture and Rural DevelopmentNGO - Non-Government OrganizationSDC - Swiss Development Cooperation

PisCAL TZAR

GOI, States: April 1 to March 31NABARD: July 1 to June 30

Comercial Banks: January 1 to December 31

FOR oMcw 4L Us ONLrINDIA

NATION&L SERICULIURN PROJECT

LOAN, CREDIT AND PROJECT SUMHARY

Pnrernwar India, Acting by its President

R<ntfic±a-1ma: The Central Silk Board (CSB), and the Governments ofAndhra Pradesh (GOAP), Jammu & Kashmir (GOJK),Karnataka (GOK), Tamil Nadu (GOTN) and West Bengal(GOWB).

AmQzm±t: IBRD Loan : US$ 30 million equivalentIDA Credit : SDR 113.8 million (US$ 147 million

equivalent)

Co-i4nanoA4ag: Grant of SwF 40 million from the Government ofSwitzerland (acting through the Swiss DevelopmentCooperation).

2BZiUa: IBRD Loan : 20 years including 5-year grace period,at the Bank's standard variable interest rateIDA Credit: Standard, with 35 years maturity

On-1 LnA1na Xa=: For the portion allocated to the five beneficiaryStates: from the Government of India (GOI) to GOAP,GOJK, GOK, GOTN, and GOWB as part of centralassistance to the states for development projects onterms and conditions applicable at the time.For the portion allocated to the CSB: from GOI to CSBas a arant. GOl will bear the foreign exchange risk.

Financing PTla, lfa I(US$ Million)

GOI and Participating States 41.1Banks and Financial Institutions 104.0Swiss Development Corporation 25.0Bank/IDA 177.0

Total 347.1

K!oinmre,w rate of return: 32%

Staff appraiRAl R*-nrt' Report No. 7730-IN

IBRD 21330

This document has a restricted dittibutlon and may be used by recipients ondy in the perfcmancof their official duties Its contents may Dot otherwise be disclosed without World Bank authorlatin.

NMWORANDU3 AND RECOMMENDATION OF TIM PR$SIDENT OF THEINTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPN$e, AND

OF THE INTERNATIONAL DEVELOPMENT ASSOCIATIONTO THE EXECUTIVE DIRECTORS

ON A PROPOSED LOAN AND CREDIT TO INDIAFOR THE NATIONAL SERICULTURE PROJECT

1. The following memorandum and recommendation on a proposed loan of US$ 30million equivalent and development credit of SDR 113.8 million (US$ 147million) equivalent to India is submitted for approval. The proposed loanwould be for 20 years, including a five year gcace period at the Bank'sstandard variable interest rate. The proposed credit would be on standard IDAterms with 35 years maturity. The Swiss Development Cooperation (SDC) hasagreed to cofinance the project with a grant contribution of SwF 40 million.The IBRD loan, IDA Credit and SDC funds will help finance the requiredexpansion and strengtheniaig of infrastructure and support services for India'sdevelopment of sericulture industry.

2. Dackgxund Agriculture in India accounted for about 35% of GDP and 25%of exports in 1986, and employed about 65% of the labor force. Production hasincreased at a steady annual rate of about 2.5% from 1971 to 1984, lower thanthe GDP growth rate of 4.5% over the past decade. Accelerated agriculturalgrowth will be an important element in attaining India's long run objectivesof 6% per annum overall GDP growth, and reduction in the high incidence ofpoverty and under-employment, especially in the rural areas. Diversificationof agriculture into commodities with high returns and growth prospects will beequally important objectives.

3. Sericulture, a development priority in India's Vllth Plan, has theunusual advantage of addressing simultaneously and rapidly several aspects ofIndia's overall development strategy: high employment and income generation inthe rural areas; major participation of low income groups and social targetgroups; good comparative advantage and growth potential; potential forcontribution to export earnings; supporting a greater role for women indevelopment; and strong linkages (and employment generation) with raw silkproduction for the industrial sector. These combined features make sericulturea particularly attractive sector for further development support.

4. IDA has financed one sericulture project in India, the KarnatakaSericulture Project (Credit 1034-IN) which was approved for a Credit of US$ 54million in June 1980. The project was completed in 1988, about three yearsafter the appraisal target. Despite this delay, project performance wassatisfactory with establishment of project infrastructure and services atabout 95% of appraisal targets. Incremental production of raw silk inKarnataka expected to be about 1600 tons per year has increased to 2,700 tonsper annum and the project has also had significant impact on stimulatingsericulture in adjacent areas of the neighboring states of Andhra Pradesh andTamil Nadu. A Project Completion Report is under preparation. The Karnatakaproject experience has provided a useful basis for design and implementationof further sericulture development.

5. Part of the proposed project will be carried out in the State of Jammuand Kashmir, which includes areas over which India and Pakistan have been indispute since 1947. In making the proposed loan and credit to India, IBRD/IDAdoes not intend to prejudice the final determination of the claims of theparties involved.

6. RationalA for Rank/mDA InvolvemAnt: Emphasis of Bank Group's assistancestrategy to India is on efficient resource allocation, increased efficiency inthe public sector, and the appropriate targeting and delivery of supportsystems to the poor. The proposed project would contribute to policy andinstitutional changes, increase the role for the private sector and improvethe long-term sustainability of the industry. Given its rural base and thelabor-intensive characteristics of sericulture, the project will contribute toreduction of poverty in rural areas through creation of employment, includingfor women and scheduled castes/tribes which account for about 60% and 30%,respectively, of labor engaged in sericulture. Project support for thenational body - the Central Silk Board - and inclusion of sericulturedevelopment in 12 pilot states will enhance and broaden the Bank's involvementin sericulture development to the national level. In Jammu and Kashmir, Bankinvolvement will support the state's efforts to demonopolize and revitalizethe industry through market forces.

7. Protjct Obiectives: The project would promote higher productivityand product quality in the sericulture sector. Government supporting servicesand facilities would be improved and intensified; public sector grainagefacilities would be operated on a commercial basis, thus promoting private-sector participation in such activities; and private sector involvement inother aspects of the industry would be promoted. The success of this endeavorwill substantially determine the degree to which India can exploit over thelong term its natural comparative advantage in silk production and potentialfor further growth without incurring unsustainable demands on the state andcentral budgets. This will require a combination of supporting investmentsand policy charges.

8. Project DescriptiM: The project will provide resources to CSB andthe five participating states to strengthen and expand production supportservices and facilities for research, training, extension services, nurseriesfor mulberry saplings, basic seed (silkworm egg) production, seedmultiplication grainages, cocoon drying and testing, cocoon markets, silkexchanges and silk testing houses. Infrastructure for r"ssearch will includeconstruction and operating costs of a germ-plasm bank and a silkworm seedtechnology laboratory for CSB and a state sericulture research institute inAndhra Pradesh similar to the one financed for Karnataka under the previousIDA financed project. In addition, the project will finance CSB's pilot

development programs for sericulture in 12 states (Assam, Bihar, Gujarat,Haryana, Himachal Pradesh, Kerala, Maharashtra, Madhya Pradesh, Orissa,Punjab, Rajasthan and Uttar Pradesh) where sericulture is a relatively newactivity. The project funds will be utilized for civil works for operationalbuildings, staff quarters, equipment, vehicles and incremental staff and otheroperating costs of the facilities mentioned above (except grainages) and newheadquarters offices and additional administrative staff of CSB and the five

-3-

Directorates of Sericulture in participating states. Other project componentsinclude:

(a) Transfer of chawki (young silkworm) rearing to private sericulturistsand assistance to chawki rearers.

(b) Assistance to small private reelers around new cocoon markets.

(c) Foreign technical assistance in various aspects of sericulture researchand silk production processes, as well as for overseas training visitsof project agencies.

(d) Selected universities' programs in sericulture research

(e) Appointment of senior level female officers in the five participatingstates who will initiate actions *o support and enhance women's role insericulture development generally and to liaise with NGOs engaged insericulture.

(f) Support for NGO09 actions oriented to promoting social objectives(involvement of women, landless scheduled castes and tribes) orinnovative technical or managerial actions and

(g) A major beneficiary assessment exercise to be undertaken during theproject period.

Total project cost is estimated at USS 347 million. This includes US$ 104million estimated to be required as credit funds for on-farm development andreeling establishments during the project period. Up to US$ 7.7 millionequivalent would be available for retroactive financing of eligibleexpenditures incurred since appraisal. All requirements for credit areexpected to be met by banks and other financial institutions includingrefinance facilities from NABARD and IDBI. A break-down of costs and financingplan are shown in Schedule A. Amounts, procurement categories, disbursementpercentages and estimated disbursement schedule are shown in Schedule B. Thetimetable of key processing dates and status of Bank Group's operations inIndia are also attached as Schedules C and D. A map is also attached. TheStaff Appraisal Report No.7730-tN dated April 21, 1989 is al&o attached.

9. Aur-ad Alctina. The project requires actions relating to variouscomponents. Main actions agreed with CSB and the participating states aresummarized below:

(a) All public sector grainages will adjust their prices of seeds so as torecover full costs of grainages, be subject to increased financialdisciplines; CSB and project states will take actions to encouragegreater private sector involvement in grainage business;

(b) Participating states will transfer existing Chawki Rearing Centers(CRCs) to the private sector during the project period. Assistance toCRCs will be on the basis of criteria, and contractual arrangementsacceptable to IBRD/IDA;

- 4 -

(c) Ja*mu & Kashmir has confirmed its continuid commitment towards de-monopolization of sericulture, and for establishment of facilities foropen auction of cocoons and silk yarn:

(d) CSD and participating states will take actions to ensure flow of creditto eligible borrowers from banks and commercial institutions within theexisting procedures and criteria;

(e) CSB and Project States' will enhance the role of women in sericulture,including allocation of seWarate space for wwv in cocoon markets,effo ts to attain training and recruitment tar%rts for women in CSB andDirectorates of Sericulture of participating states;

(f) Advances to private reelera shall be in accordance with a 'plan ofoperation' submf.tted by CSB, specifying interest rate, repayment termsand other criteria acceptable to IBRD/IDA;

(g) Equity participation of project states in joint sector reelingenterprisea shall not exceed 25% of share capital of the corporationsand for investments whose financial viability has been independentlyverified;

10. BmnefZta: The project will accelerate sericulture development inXndia; total incremental production during the project period is expected tobe about 8,100 tons, of which some 4,200 tons would be attributable to theproject. Even if the proportion of production exported does not increase,incremental fabric exports would amount to 1,000 tons, in which the raw silkcontent would exceed US$40 million per annum. The project would create theequivalent of 510,000 full-time jobs, 60% of which will be for women andabout 30% for scheduled caste and tribes in the rural areas. To makesericulture self-sustaining in the longer run, the project is also intendedto provide a redirection of the industry with greater emphasis on the role ofthe private sector. Quality improvement should result from emphasis onresearch, quality seed production, silk testing and continued efforts towardbivoltine silk particularly in Jammu & Kashmir and in pilot states.

11. The economic rate return for the overall project is estimated at 32%.Financial benefits for the main groups of beneficiaries (farmers and reelers)are adequate to substantial. The project is not expected to affect theenvironment adversely and may in fact have a positive effect; mulberry (aperennial plant) generally replaces higher water consuming crops (sugarcaneand paddy), contributes to soil conservation and produces twigs and branchesused for burning fuel.

12. RlAkq. With respect to improving services, the major risk lies in under-funding by the state governments. However, the funds required are a verysmall proportion of total state budgetary resources, and the participatingstates have demonstrated strong commitient to the project during thepreparation and appr:aisal process.

13. A second risk is that greater private sector involvemeAt in grainagesdepends primarily on fair competition between existing goveOrment facilities,and existing and potential c.mmercial producers. Assurances that governmentproduction would be commercially priced would provide the basis forattraccing increased private participation. Implementation of thisunderlying concept will require a continued commitment by CSB andparticipating states and a willingness to promote private sector inactivities (grainages and chawki rearing) which have hitherto beenpredominantly in the piiblic sector. However, these risks are reduced in tholight of experience in Karnataka and Jammu & Kashmir so far, and conviction byCSB and the project states that private sector needs to be more heavilyinvolved in grainages, chawki rearing and reeling.

14. A third risk is in the expansion of private sector production of rawsilk which depends on the improved services and facilities provided under theproject. The technical packages on which most extension efforts are to bebased are proven, and the project provides for research to improve stillfurther. The development of improved and expanded reeling facilities woulddepend on commercial perceptions of the potential beneffts, however thebuoyant domestic and export market for silk, and the shortages of higherquality raw silk in the international markets, suggest that the risk islimited. Moreover, experience to date shows that reelers are highlyresponsive to increased availability of raw silk.

15. R mmendation I am satisfied that the proposed loan and credit wouldcomply with the Articles of Agzrement of the Bank and Associationrespectively and recommend that the Executive Directors approve the proposedloan and credit.

Barber B. ConablePresident

Attachments

Washington, D.C.

April 27, 1989

Schedule ASGDIA

NAYIONM. a R2CUL!URT PROOUC?

58!xKMTWD 008c aND m ZNANCZNG Pam

US $ MillionLocal Foreign Total

Research and Development 22.7 1.6 24.3Basic Seed Production 27.0 1.3 28.2Seed Grainages 31.4 2.2 33.6Assistance to private CRCs 9.5 0.4 9.9Mulberry Plantations 2.2 0.0 2.2Cocoon Drying & Markets 11.4 0.5 11.9Silk Exchange & Testing 7.0 0.5 7.4Extonsion services 28.9 0.5 29.5Training Centers 12.4 0.5 12.9Tech. APsist./Training 1.2 7.0 8.1C-B/DOS Administration 13.4 0.4 13.7Advances to Reelers 2.7 2.7Joint Venture Participations 1.4 1.4support to NGOs 2.7 2.7Smokeless Stoves (Chullas) 0.5 0.5Beneficiary Assessment &S..io-Economic Surveys 1.2 1.2

Total Baa,.line Costs 175.3 14.8 190.1

Physical Contingencies 17.8 0.8 18.6Price Contingencies 32.0 2.3 34.4

225.2 17.9 243.1Institutional Credit:

On -farm 64.0 0.0 64.0Reeling 40.0 0.0 40.0

Total Project Cost 329.2 17.9 347.1

En 1*±-(US$ million)-

GOI and Participating States 41.1 - 41.1Banks and Financial Institutions 104.0 - 104.0Swiss Development Corporation 22.8 2.2 25.0XDA/XBRD 161.3 15.7 177.0

Total 329.2 17.9 347.1

Page 1

Procurement Method(in US Million)

~~~~~~~~~2a tQlal

Land acquisition 1.7 1.7

Civil works - 59.3 1.8 61.1(47.0) (1.4) (48.4)

Equipment & Vehicles 16.7 30.0 3.6 50.3(13.3) (23.7) (2.8) (39.0)

incremental staff & operatingcost 106.5 106.5

(70.0) (70.0)

Working capital,advances to reelors,joint venture participation,technical assistan"s,overseas training,sapling distribution - -

23.5 23.5(18.8) (18.8)

total 16.7 89.3 137.1 243.1(13.3) (70.7) (93.0) (177.0)

Note: Figures in parentheses are amounts financed by IDA/IRD

Schedule BPage 2

a t t ItdrAMa4(US8 Million)

Civil Works 44.0 90%

Equipment, Goods & Vehicles 44.0 100% of foreignexpenditure, 1O0% of localexpendituzes (ex-factory),and 90% of loCalexpenditure of other itemsprocured locally.

Incremental staff aoperating costs 64.0 75%

Assistance to NWOs 3.0 100% of incremental staff 6operating costs

Sub-loans for mopeds 1.0 100% of sub-loans

Advances to Reelers 2.0 100% of sub-loans

Consultants, fellowships,overseas training 8.0 100%

Unallocated 11.0 -

20ta3. 177.0

£aJtIsaaad..fliahnza^aainn (U$$ MI):

Annual 4 16 25 25 30 30 47Cumulative 4 20 45 70 100 130 177

S¢hedule C

N)!ZONAL n SRCU?a!WW 1aCO73C

Timetable of Key Project Processing Events

(a) Time taken to prepare : 18 months (approx.)

(b) Prepared by : Central Silk Board, Governments ofAndhra Pradesh, Jam=u a Kashmir,Karnataka, Tamil Nadu and WestBengal.

(c) First IDAJI8RD mission: Decamber 1987

(d) Preappraisal mission: March 1988

Se) Appraisal mission: October/November 1988.

(f) Negotiations s April 3 - 7, 1989

(q) Planned date of effectiveness: August 1, 1989.

(h) Relevant PCR (under preparation): Karnataka Sericulture Project(Credit 1034-IN)

SiCHEDUL 0

TME STATUS OF SAM 0101W OPEORATIONS 1N INDA

A. A T OF B LOAINS AMD IDA CREDITS(As of March 91, 1989)

US$ mlliontNat of COsucellat$onis

Loan or FiscalC tlAjNo. Year of tIese 1BRQ ft LI ndlsburIEE a/

66 LoansI 5,855.8 -

136 Credits fully disbursed - 8,976.1

963- 1980 inland Flsheries - 20.0 0.651003-IN 1960 Sah lNadu Ntriton - 32.0 2.511011-IN 1980 ujrt Irrigation It - 175.0 25.451027-IN 1980 singraul Therm a - 300.0 7.161034-IN 198O brwnata Sericultue - 54.0 1.411053-11 1980 Fraakka Therml Paver - 225.0 9.051887-IN 1980 Farakka Thermal Power 25.0 - 25.001072-IN 1981 Bihar Rural Roads - 35.0 0.261i178-N D 1981 Kahanadi Barrages - 83.0 1.651116-IN 1981 tarnataka Tnk Irrigation - 54.0 0.43112S-IN 1981 REasra FertilIzer Project - 399.1 0.621138-IN 1981 M.P. Agricultural Rut. II - 37.0 3.791172-IN 1982 lorba Thermal Power Project It - 400.0 S5.631177-I_ 1982 Madhya Pradesh Major Irrigation - 220.0 87.881178-IN 1982 vest Dengal Social Foreetry - 29.0 9.892076-IN 1982 Ramagundam Thermal Power II 900.0 - 78.291219-IN 1962 Andhra Pradash A8rliultural Ext. - 6.0 1.982186-IN 1982 Fbllada Irrigation 20.3 - 2.351280-IN 1983 Gujarat Water Supply - 72.0 46.121286-_N 1983 Jammulasbhr and

naryana Social Forestry - 33.0 10.001288-IN 1983 Cheabal Hadhya Pra4esh

Irrigation II - 31.0 4.641289-IN 1983 Subernsrekha Irrigation - 127.0 8.432205-IN 1983 Wrashna-Godavarl EXploration 165.5 - 9.342210-IN 1983 Railways Modernization &

Maintenance II 200.0 - 79.822241-IN 1983 South Bassein GaJ Denelopment 139.3 4.361319-IN 1983 Naryana Irrigation It - 130.0 52.881332-IN 1983 U.P. Public Tubewell II - 101.0 33.331356-IN 1983 Upper Indravati Hydro Power - 170.0 78.152278-IN 1983 Upper Indravati Hydro Power 156.4 - 156.011369-IN 1983 Calcutta Urban Development III ^ 147.0 100.50228-IN 1983 Central Power TransmIssIon 250.7 - 217.862295-IN 1983 NImalcyan Watershed Manaeament 46.2 - 34.821383-IN 1983 Maharashtra Water Utiliaation - 32.0 10.372308-IN 1983 Maharashtra Mater Utillzation 22.7 - 22.642329-I 1983 Hadbya Pradesh Urban 24.1 - 13.891424-IN 1984 Rlanfed Ares Watershed Dev. - 31.0 33.04

1426-ZD 1984 PopulAtion III 70.0 49.02

1432-15 1984 tarneuab Socla Forestry - Z7J0 13.79

2387-IN 19g Ubava shave Port 250.0 - 18.62

2393-1R 1984 Dudhicbna Coal 151.0 97.8932403-0R 1984 Cambay Baain Petroleum 213.5 - 120.502415-S8 1984 madbya Pzadesh Fertslizer 203.6 - 52.97

1454-ZR 1984 TAMl ads water Supply - 36.5 25.73

8F-12-ZN 1984 Tamil Nadu water Supply - 36.5 45.60

1468-ZN 1984 Perlyar Valgal SI Irrigation - 17.5 1.15SP-16-ZR 1984 Perlyar Vaigal SI Srrition - 17.5 14.091483-ID 1984 Upper Gang* Irrigation - 125.0 117.17

1496-SN 1984 GuJarat )bdiua Irrigation - 172.0 120.28

2416-IN 1984 Indira Sarowar Rydroeeletric 17.4 - 12.50

SF-20-XR 1984 Indira Sarowar bydteelectric - 13.8 16.15

2417-18 1984 Ralways Electrification 280.7 - 162.63

2442-IZ 1984 Farekka IS Thermal Power 300.8 - 251.532452-Zr 1984 Fourth Trombay Thersal Powet 1S5.4 - 38.94

1502-ZR 1964 Nateonal CooperativeDevelopment Corporation III - 220.0 188.71

1514-ZR 1985 lerala Social Foretry - 31.8 24.15

1523-ZR 1985 Batoenal Aeric. Eteansion I - 39.1 43.07

1544-ZR 1985 BSombay Urban Development - 138.0 132.742497-R 1985 RKamada (Oujazat) Dam and Pevr 200.0 - 200.00

1552-S8 1985 Ramaa (Gujarat) Dam nd Power - 100.0 93.301553-ZR 1985 Sramda (Oujarat) Canal - 150.0 166.161569-ZR 1985 Second National Agrioultural Ext. - 49.0 43.141611-ZR 1985 National Social Froestry - 165.0 140.121413-ZR 1995 Indira Sar v.z Hydroelectric - 13.2 16.022496-ZR 1985 Jhbria Cokig Coal 248.0 - 207.672505-ZR 1985 Xaharashtra Petrochemical 300.0 - 76.572534-ZR 1985 Secod Rational lighway 200.0 - 162.082544-ZR 1985 Chandraput Th*emal Pover 300.0 - 206.01

2555-Z 1985 Rlhand Power Transmissio 250.0 - 124.08ZS82-S 1985 Keala pawer 176.0 - 160.14

1619-ZR 1986 West Bengal Mimor IrrLgation - 99.0 123.24

1621-ZN 1986 ahaarashtra Composite Irr4igatin - 160.0 195.86

1622-ZR 1986 Kerl-a water Supply and Sanitation - 41.0 44.57

1623-IN 1986 vest Dengal Population - 51.0 53.71

1631-RN 1986 Nation"l gtricultural Research IS - 72.1 75.252629-ZR 1986 Industrial Export Dev. ftnance 90.0 - 71.67

2630-SN 1986 ICICI-Indus. Exp. Dev. Finace 160.0 - 107.0616U3-I 1986 Oujarat Urban - 62.0 70.15

2653-ZR 1986 RARARD I 375.0 - 60.53

2660-ZR 1986 Cement Indu try 165.0 - 110."02661-ZR 1986 ICSCS - Cement Industry 35.0 - 25.97

1665-ZN 1986 Andhra Pradesh SS Irrigation - 140.0 164.692e62-ZR 1986 Andhr Predesh II IrtrLatlen 131.0 - 131.00

2674-ZR 1986 Combined Cycle Powcr 485.0 - 219.17

2729-I 1986 Cooperative FetiliLxer 150.2 - 6.95

2730-ZR 1986 Cooperative Fertl11 er 152.0 - 68.731737-ZR 1987 Elbar Tubewells - 68.0 69.64

2769-ZR 1987 Bombay Water supply &Sewerage II 40.0 - 40.00

1750-ZN 1987 Bombay Water Supply &Sewerage III - 145.0 118.96

1754-10 1987 atio-nl Agric. RatensiLn nI - 85.0 87.701757-ZN 1987 CuoJrat Rurl lRoads - 119.6 121.421770-13 l987 Ntional water Mnagmet - 114.0 112.46

2785-N 1987 Oa1 India Petroleum 140.0 - 127.152796-ZN 1987 Cal minimas QUality Improvement 340.0 - 3.1S28IS-IN Ise? TeSelomi n ations IX 345.0 - 282.762797-IN 1987 Uttar Pradesh Urban Development 20.0 - 20.001780-ZN 1987 Uttar Pradesh Urban Development - 230.0 122.36282t-1R 1987 Karoataka k, er 330.0 - 314.482844-IN 1987 National Capital Power 485.0 - 421.502845-ZN 1987 tolcher ?he1 375.0 - 350.632846-IN 1987 Madraa ater Supply 53.0 - 53.041822-DN 1987 Madras Water Supply - 16.0 9.08

* 2893-IN 1988 Motional Dery II 200.0 - 200.001859-U 1988 iational Dalry II - 160.0 104.362904-S 1988 Western Gas Development 283.3 - 235.622928-ZN 1988 Indus. Fin. TSeeb. As*t. 310.0 - 270.032928-SN 1988 SAIL - Ind. Fln. & Tech. LAst. 50.0 - 49.942929-=D 1988 lousng DevW. Finance Corp. 250.0 - 166.122935-ZD 1988 Railways Modemr. III 390.0 - 360.002938-ZN 1988 Karnatks lower 1I 260.0 - 240.002957-ZN 1988 Utter Pradesh lower 350.0 - 324.701923-ZN 1988 TSmil Nadu Urban Dev. - 300.2 257.671931Z-r 1988 Bombay & Madras Population - 57.0 50.162994-IN 1989 States Noads 170.0 - 170.001959-1N 1989 Sttes Roads - 80.0 62.413024-ZN 1989 Natbpa Jhekri Power* 485.0 - 485.001932-ZN 1989 Natoenal Seeds 111* - 150.0 140.28

Total 15,051.8 15,411.0Of which has been repaid 2.094.8 427.8

Total now outatanding 12,957.0 14,953.2Am_unt Sold 133.8

of which has been repaid 13S.8

Total now held by Bank and IDA 31 12,957.0 14,953.2

Total undisbursed (eocluding *) 7,217.2 3,678.5

3 IDA Credit amo_ts for SUl-denominated Credits are expressed in tems of their

US dollar equivalents. aS *stablished at the time Of Credit aegotiations and assrbseqenly presented to the Boerd.

;I Undisbursed amounts for SD Rted IDA Credits are derived frn cumulativedisbursements convetted to their US dollar equivalents at the SDIUS dolla rOh&nserate 1n effect on March 31, 1969, uhlle origial principal is based an the exchangerate in effect at negotlations. this accounts for the fact that In sme caes, theundisbursed balane as show in US$ equivalet is higher tbhe the original prcilpal.

I Prior to echange adjustment.

Not yet effective.

B. A?EUKN OP INC INVEST

(As of Mrck 11S 1949)

Fiscal AutY

Como>ta Lo& EGUISty

1959 Republic Forge Company Ltd. 1.5 - 1.51959 Kirloskar Oil Engines Ltd. 0.8 - 0.81960 Assam Sllisait. Ltd. 1.4 - 1.41961 L.S.B. Pumps Ltd. 0.2 - 0.21963-66 Premision Bearings India Ltd. 0.6 0.4 1.01964 Fort Gloater Industries Ltd. 0.8 0.4 1.21964-75-79 Kabindra Usine Steel Co. Ltd. 11.8 1.3 13.1

1964 Laksbmi Machine Works Ltd. 1.0 0.3 1.3

1967 Jayshree Chemicals Ltd. 1.1 0.1 1.21967 Indian Explosives Ltd. 8.6 2.9 11.5

1969-70 Zueri Agro-Chebials Ltd. 15.2 3.8 19.01976-87 Escorts Lmited 15.6 - 15.61978 Housing Development Finanee Corp. 4.0 1.6 5.61980 Deepak Fertilier and

Petrochemicala Corporatlon Ltd. 7.5 4.2 11.71981 Coromandel Fertilizers Llimted 15.9 - 15.91981-86 Tata Iron and Steel Company Ltd. 51.7 - 51.7

1981 Mahiudra, Mahindrs Limited 15.0 - 15.01981 Nagarjun Coated Tubes Ltd. 1.5 0.3 1.81981-86187 EagerJuna Signode Limited 2.3 0.3 2.61981 NarfJma Steel. Limited 3.5 0.2 3.71982 Asbok Leyland LimLted 28.0 - 28.01982 The Bombay Dyeitg and

Manufacturlng Co. Ltd. 18.6 - 18.81982 Bhart Forge Cowpay Ltd. 15.9 - 15.9

1982 The IndiAn Rayon Corp. Ltd. 14.6 - 14.61964-86 The GelnIi. Rayon Sllk Han-

featuring (Weaving) Co. Ltd. If I - 16.01985 Bihar Sponge 1 . 0.6 15.51985 BaJaJ Auto Ltd. 23.9 - 23.91985 Modi Cement 13.0 - 13.01985 binda Lease Development Ltd. 5.0 0.3 5.31966 Larsen and Toubro Ltd. 21.8 - 21.81986 Indla Equipment Leasing Ltd. 2.5 0.3 2.81986 Bajaj Tmpo Llmited 30.5 - 30.51986 The Great Eastern Shipping

Company Ltd. 6.0 5.9 11.91967 Gujarat narmeda Valley Fertill"er 34.9 - 34.91987 Bero Rond" Notors Ltd. 7.7 - 7.7

1987 Wigeo LimLted 4.7 - 4.7

1987 Titan Watches Limited 21.6 0.4 22.01967 Export-Import Bank of Inda 15.0 - 15.01987 Gujarat Fuslon Glass Ltd. 7.5 1.7 9.21987 The Gujarat Rural Housing

Finance Corp. - 0.2 0.2

1y UgMustaa Nstoer Led4. 37.6 - 37.6iw lw - 1.1 1.1

1959 93U - 0.2 0.2

1969 I.lt - 0.2 0.2199 wtjAut Stat* 7.tllt,r 27.6 - 27.6

Wass CmsllatLus, TomSnatinw,__papme ad "Lee $17.4 9.6 327.2

VWv sol 210.1 16.9 227.0

UnAlsbursd 117.3 0.1 117.4

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