Documnt of The World Bank FOR OMCIAL USE ONLY Repwt No. P-5272-IND MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMOUNT EQUIVALENT TO US$61 MILLION TO THE REPUBLIC OF INDONESIA FOR THE THIRD JABOTABEK URBAN DEVELOPMENT PROJECT (JUDP III) JUNE 21, 1990 This document has a restricted distribution and may be ued by recipents only In the perfornace of their officia duties. Its contents may not othrle be diclosed without Word BDk autorizton. Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized
Transcript
Documnt of
The World Bank
FOR OMCIAL USE ONLY
Repwt No. P-5272-IND
MEMORANDUM AND RECOMMENDATION
OF THE
PRESIDENT OF THE
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
TO THE
EXECUTIVE DIRECTORS
ON A
PROPOSED LOAN
IN AN AMOUNT EQUIVALENT TO US$61 MILLION
TO THE REPUBLIC OF INDONESIA
FOR THE
THIRD JABOTABEK URBAN DEVELOPMENT PROJECT (JUDP III)
JUNE 21, 1990
This document has a restricted distribution and may be ued by recipents only In the perfornace oftheir officia duties. Its contents may not othrle be diclosed without Word BDk autorizton.
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CURRENCY EQUIVALENTS(As of January, 1990)
Currency Unit - Indonesian Rupiah (Rp)
US$1 - Rp 1,795Rp I million - US$557
FISCAL YEAR
Government of Indonesias April 1t - March 31Local Governments: April 1 - March 31
PRINCIPA. ABBREVIATIONS AND ACRONYMS USED
BAPPEM MHT III - RIP Project Management Unit, DRI JakartaBotabek - Local governments of Bogor, Tangerang and BekasiDKI Jakarta - Daerah Rhusus Ibukota (Jakarta Provincial Government)GOI - Government of IndonesiaIUIDP - Integrated Urban Infrastructure Development ProgramJabotabek - Conurbation of Jakarta and adjacent local governments of
Bogor,.Tangerang and BekasiJMDP - Jakarta Metropolitan Development PlanJUPCO - Project Coordination Unit in DRI Jakarta BA?PEDAKampung - Urban NeighborhoodKelurahan - District of about 30,000 to 50,000 people comprising
several kampungs.KIP - Kampung Improvement ProgramNGO - Non-governmental OrganizationOED - World Bank Operations Evaluation Department
FOR OMCIL USE ONLY
INDONESIA
JABOTABEK COMNITY AND ENVIRONMENTAL MPROVMMT PROJECT
Loan and ProJect Summary
Borrower: Republic of Indonesia
Beneficiaries: DKI Jakarta and local governments of Bogor, Tangerangand Bekasi
Amount: US$61 million equivalent.
Terms: Repayable in 20 years including five years of grace, atthe Bank's standard variable interest rate.
Onlending terms: Part of the proceeds of the loan, the equivalent ofUS$54.8 million would be onlent to: (a) DKI Jakarta(US$48.0 million equivalent); and (b) the Botabek localgovernments (US$6.8 million equivalent) for 20 yearsincluding five years of grace at 9.25 percent interestincluding 0.25 percent bank fee, and 0.75 percentcomaitment charge on the undisbursed amount. TheGovernment would bear the foreign exchange risk.
Financing Plan Local Foreign Total-------- (US$ million) ---
GOI 6.5 - 6.5DRI Jakarta 26.5 - 26.5Botabek local governments 2.0 - 2.0west Java Province 0.4 - 0.4Japan Environment Fund - 0.6 0.6IBRD 28.3 32.7 61.0
Economic Rate of Return: RIP (representing about 801 of project costs) -estimated at over 201
Staff Appraisal Report: SAR No. 8397-IND, dated June 19, 1990
This document has a restricted distribution and may be used by recipients only in the performanceof their of ficial duties. Its contents may not otherwise be disctosed without World Bink authorization.
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MEMORANDUM AND RECOMMENDATION OF THE PRESIDENTOF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
TO THE EXECUTIVE DIRECTORSON A PROPOSED LOAN IN AN AMOUhT EQUIVALENT TO US$61 MILLION
TO THE REPUBLIC OF INDONESIAFOR THE THIRD JABOTABEK URBAN DEVELOPMENT PROJECT (JUDP III)
1. The following report and recommendation on a proposed loan to theRepublic of Indonesia for US$61 million equivalent is submitted for approval.The loan would have a term of 20 years including five years grace, at theBank's standard variable interest rate, and would assist in financing a ThirdJabotabek Urban Development Project. The Government of Japan will cofinancethe project with a US$0.6 million grant from the Japan Grant Fund.
2. Sector Background. Jabotabek is GOI's mnemonic for the urbanregion consisting of the Province of DKI Jakarta, and the surrounding localgovernments of Bogor, Tangerang and Bekasi together with City of Bogor.Jakarta is the national capital and seat of government, and commercial andadministrative hub of the country. A disproportionate amount of the burden ofpopulation growth falls on metropolitan Jakarta. Between 1960 and 1980, thepopulation of Jakarta doubled and by 1986 fully 20? (8 million) of the urbanpopulation, 5? of the total national population, lived and worked in the city.However, urbanization has outgrown the administrative boundaries of DRIJakarta and, with the spread of industrial and informal sector residentialdevelopment (much of which lacks infrastructure and utility services), thesurrounding 'fringe" areas now contain a further 2.3 million people. Themetropolitan area now ranks among the 25 largest zonurbatiois in the world.Jabotabek's size and rapid growth have helped to provide employmentopportunities for surplus rural labor and has expanded the production base forIndonesia's industrial sector and 17? of GDP is now generated there. By theyear 2005 metropolitan Jakarta is projected to have a total populationapproaching 20 million compared to 13 million in 1990. For Jabotabek as awhole, the current population of about 15 million is expected to exceed 26million by the 7ear 2005.
3. Investment in Jakarta's infrastructure has not kept pace withneeds and considerable deficiencies remain both in coverage and quality,particularly in transport, water supply and sanitation. In addition,
* institutional and environmental problems include: (a) poor cost recovery,organization and management resulting in restrictive practices fordistributing water and excessive prices to the poor; (b) severe pollution of
* surface water and increasingly of groundwater, from human and municipal wastesand from a rapidly rising volume of industrial and toxic wastes; (c)inadequate micro-infrastructure and basic environmental sanitation services inthe urban kampungs, where most low-income people live, resulting in unhealthyenvironment which limits the social and economic potential of the humancapital resources of the capital region; (d) inadequate policies andoperational programs for OWH of infrastructure and utility services; localrevenue generation and the use of municipal borrowing and private sectorparticipation in delivery of municipal services; and (e) unclear relationships
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between municipal and central government authorities with respect toassignment of responsibilities for preparation, appraisal, financing andimplementation and O&M of infrastructure services. Nevertheless, Jabotabeklocal governments have significant manpower resources and growing experienceto address many of these challenges.
4. To address these priorities, the Government issued, in 1987, aStatement of Policies for Urban Development which represents a consolidatedview of the principal constraints arising and the objectives prescribed forthe eevelopment effort in the sector. This Policy Statement includes2 (a)stre.,gthening local governments to assume the leading role in developing,operating atd maintaining local services; (b) carrying out planning,programming and identification of investments on the basis of a decentralizedand integrated (Integrated Urban Infrastructure Development Program -- IWIDP)concept; (c) mobilizing additional local revenues and optimizing their use;(d) implementing a coordinated financing system for the development andadministration of local services; and (e) strengthening the consultativeprocess at various levels of government. The current five-year plan (RepelitaV) also promised greater attention to operation and maintenance of localinfrastructure and services and the welfare of the urban poor. To this end,integration of urban kampungs more fully into their respective urban systemsthrough a community oriented Kampung Improvement Program (KIF) has beenadopted as the principal GOI policy for alleviating urban poverty.
5. Experience with implementation in DKI Jakarta has been mixed, butgenerally good where the local government has had strong commitment and closecontrol over project management. The KIP has been successful and popular.9ED reports confirmed that the DII Jakarta KIP unit (Bappem MHT), whichconsolidated implementation of this multisectoral program, has been a keyelement in the success of the program there and that expansion andacceleration of the program nationwide has been due, in part to theestablishment of similar units elsewhere. The First Jabotabek UrbanDevelopment Project (Ln. 2932-IND--JUDP I is proceeding well and on schedule.The Second Jabotabek Urban Development Project (JUDP II, Ln. 3219-IND) wasapproved by the Bank's Board on June 5, 1990. Particular attention has beengiven to improving project coordination and a Jabotabek Urban ProjectCoordination Office (JUPCO) was established in May, 1988. JUPCO's experiencehas been taken into account in the design of the proposed project for whichthe role of JUPCO will be expanded to ensure satisfactory monitoring andevaluation.
6. Rationale for Bank Involvement. Support for the KIP program inDKI Jakarta in the early 1970's initiated the Bank's long association withurban development efforts in Indonesia. Bank involvement has beeninstrumental in focussing and coordinating the various government agenciesinvolved in the Jabotabek area on essential elements of urban policy andinvestment needs and in addressing critical sector issues. Because of itslcng association with urban development efforts in Indonesia, and the KIP inparticular, the Bank is well placed to help the government achieve theseobjectives.
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7. ProJect Objectives. The proposed project is designed to assistGOI efforts in Jabotabeks (i) to introduce a more effective and sustainableapproach to provision of basic services, through extensive communityparticipation and incorporation of social and economic development inrecognized low-income urban communities; (ii) to strengthen environmentalprotection and pollution control in the Jakarta region; and (iii) to improvemaintenance of existing infrastructure networks, and provide a firmer basisfor planning future development priorities-
8. Project Description. The project consists of: (a) a program ofupgrading of basic urban infrastructure and uitility services covering over 1.5million people in over 402 of all predominantly low-income kampungs; buildingon the experience of the earlier KIP, the community-based infrastructureprogram proposed under the project would provide a full range of services inexisting and recently settled kampungs and would expand access to credit tolow-income groups and individuals for on-plot sanitation and small-scalebusinesses; (b) secondary collection of household refuse to the 75 districts(kelurahans) to be upgraded in DKI together with 8 districts in priorityflood-prone areas through transportation by private contractors for finaldisposal; cleaning up informal dump sites, particularly along canals; andtechnical assistance to improve resource recovery through waste materialsseparation programs; (c) institutional strengthening and training inmonitoring and enforcement of pollution control in the responsible provincialagencies in DKI Jakarta and West Java and equipment for monitoring ambientwater and air quality and waste discharges together with: (i) development of anatural resources inventory and formulation of a pollution reduction strategyfor the Jabotabek region; and (ii) feasibility studies to prepare projectsfor: industrial joint waste treatment; and high polluting small-scaleindustries; (d) technical assistance for urban spatial management andmonitoring including assistance for: (i) updating of the JabotabekMetropolitan Development Plan; (ii) establishing a development monitoringsystem; (iii) adding information to existing base maps for developmentplanning, tax administration and environmental management in Botabek, (iv)planning studies for the urbanizing fringe areas; and (e) implementation ofimproved O&M in DKI Jakarta and the Botabek local governments.
9. The total project cost is estimated at US$97.0 million of whichabout US$33.3 million is expected to be in foreign exchange. The Bank loan ofUS$61 million would finance about 702 of total project costs (net of land andtaxes). Of the proceeds of the Bank Loan, US$54.8 million equivalent would beonlent to DKI Jakarta and local governments of Bogor, Tangerang a d Bekasi fora term of 20 years including five years' grace at 9.25 percent interestincluding 0.25 percent bank fee, and 0.75 percent commitment charge on theundisbursed amount. The Government would bear the foreign exchange andvariable interest risk. Retroactive financing of up to US$1.0 millionequivalent would cover eligible expenditures incurred after March 1, 1990.
10. The total project cost and financing plan are shown in Schedule A.Procurement and disbursement arrangements are summarized in Schedule B. A
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timetable of key project processing events and the status of Bank operationsin Indonesia are given in Schedules C and D respectively. A Staff AppraisalReport No. 8397-IND dated June 19, 1990 is being distributed separately.
11. Agreed Actions. Agreement has been reached with GOI on thefollowing points: (a) the provisions of an Implementation Action Plan togetherwith a model Memorandum of Understanding (MoU) for KIP to be entered into witheach involved community as a basis for; and prior to commencing works andrelating to policy guidelines: (i) on site selection criteria; cost recoveryarrangements; staffing schedules and training programs: creration andmaintenance arrangements; physical development and tenure; land acquisition,resettlement and protection against redevelopment; design criteria andphysical services; small-scale credit; the community development process;program organization, coordination and implementation arrangements; andproject monitoring arrangements; (b) onlending arrangements and terms; (c) therole of the expanded JUPCO and its relationships with implementing agencies;(d) private sector participation in secondary collection and acceptablearrangements for the disposal site; and (e) Bank prior review of procurement.DKI Jakarta has issued a Governor's Decree to establish the morecomprehensive, community-based approach to KIP. Conditions of effectivenessare the execution of subsidiary loan agreements and the establishment of theJUPCO coordinating division for the project and staffing of key positions thestaffing of key positions. Conditions of disbursoment are issuance ofkabupaten level decrees modifying RIP.
12. Environmental Impact. The proje ; will provide significantbenefits at the household and neightorhood level where residents, most of whomare poor, suffer daily from environmental degradation. The project wouldprovide a more constant, accessible and higher qualitv water sup-ply for thesecommunities. Household and public toilets will reduce exposure to sewage. andimproved solid waste collection will reduce drain blockages and, together withsanitation improvements, will reduce community exposure to disease vectors.The public health information and education campaign will be ori nted towardsraising awareness of hygiene, primary health care, and proper v i of facili-ties by the beneficiaries. These activities will greatly enh: ? personal andhousehold cleanliness and convenience, improve sanitary condi is and aesthe-tics, decrease flooding and odor. In addition, the environmental protectioncomponent will establish a framework for improvements in environmentalplanning for the industrial sector and prepare an institution-.- basis forsubsequent improved enforcement of environmentally souad disposal of wastes.
13. Benefits and Risks. The proposed project will implement a moreeffective, community-based approach to expand access to basic urban servicesthrough the Kampung Improvement Program (KIP) - designated by GOI as theprincipal means of alleviating urban poverty: improve environmental health inthese communities; and help stem further environmental degradation. The risksof inappropriate location and consequent poor use and deterioration offacilities provided, as under previous phases of KIP, would be minimizedthrough stronger community participation, The lack of extensive experience inresponsible local governments with the social and community development
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aspects of KIP would be addressed under the project through participation ofvoluntary, community-based organizations with proven expertise in this area.To avoid earlier problems with sanitation improvements, a variety ofappropriate, low-cost solutions would be used reflecting prevailing populationdensities, ground conditions, etc. To minimize the risks on small-scalecredit, it will be initiated at a pilot scale in each district, andconditioned by community savings mobilized by qualifying credit agencies. Tominimize the risk of uneconomic and poor operational performance of secondaryrefuse collection, private sector involvement is to be sought and equipmentwill be leased out to private contractors to reduce the risk of excessive downtime and siort effective life due to lack of maintenance. It would beunrealistic to expect Institutional capability for monitoring and enforcementof pollution controls to develop quickly and efforts under the project mightnot become fully effective until clear standards are prescribed by the CentralGovernment, and a strong legal framework for enforcement emerges. GOI focusin this area continues to crystalize but progress is likely to be gradual.Possible minor environmental adverse impacts of the project related to on plotsanitation and refuse disposal have been identified and will be monitored andmitigated through the agreed project design and operation and maintenanceprocedures. The annual program review. in which the Bank would participate,provides an effective means of monitoring performance in this and other keyperformance areas of the project.
14. Recommendation. I am satisfied that the proposed loan wouldcomply with the Articles of Agreement of the Bank and I recommend that theExecutive Directors approve the proposed lo4n.
Barber B. ConablePresident
AttachmentsWashington D.C.June 21, 1990.
Schedule A
IDNESIA
JABOTABEK COMMUNITY AND EiVIRO1NMETAL INPROVEMENT PROJECT
Estimated Costs and Financing Plan(USS million)
Estimated Cost /a Local Foreign Total-------- (US$ million) --------
Kampung Improvement (KIP)Ib 41.0 17.4 58.4Priority Solid Waste 4.2 4.2 8.4Pollution Control &Envir6nmental Monitoring 1.2 3.4 4.6
/a Includes taxes and duties estimated at US$8.6 million equivalent and landat US$0.5 million equivalent.
lb Includes technical assistance for social and economic development, formanagement, and for design and supervision.
Financing Plan Local Foreign Total-___---- (US$ million) ---
GOI 6.5 - 6.5DKI Jakarta 26.5 - 26.5Botabek local governments 2.0 - 2.0West Java Province 0.4 - 0.4Japan Grant Fund - 0.6 0.6IBRD 28.3 32.7 61.0
Total Project Cost 63.7 33.3 97.0
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Schedule BINDONESIA
JABOTABEK COMMUNITY AND ENVIRONNENTAL IMPROVEMENT PROJECTProcurement(US$ million)
Expenditure Procurement ProcedureCategory ICB LCB Other Total
Civil Works 44.8 7.9 52.7(23.8) (4.2) (28.0)
Goods 9.6 1.9 11.5(8.5) (1.7) (10.2)
Consultant services &training 25.9 25.9 lb
(22.8) (22.8)
Small-scale Credit 6.4 6.4C-) (-)
Land 0.5 0.5C-) (-)
Total 9.6 46.7 40.7 97.0(8.5) (25.5) (27.0) (61.0)
La Amounts in parentheses are Bank Loan amounts, but excludes cofinancingfrom the Japan Grant Fund.
lb Implementation support (in US$ million)--for KIP: design and supervision3.7, program management and monitoring 1.8, sociallhealth support andtraining 8.7, economic development support and training 3.5; technicalassistance --for infrastructure O&M 0.8, urban spatial management 3.7,pollutik-n contiol 2.1, resource recovery (SWM) 0.3, and overall projectcoordination 1.2.
DisbursementCategory Amount Expenditure to be Financed
Civil Works 24.7 53ZGoods 8.3 10OZ of foreign expenditure
10OZ of local ex-factoryTech. Assistance & Training 18.8 o00oUnallocated 9.2
JABOTA3ZK COMMTNISY AND 3NVIRNRMENTAL t.PROVKNT PROJECT
T;metable of Rea Prolect Proce sinR Events
(a) Time taken to Pre7are s 1l months
(b) Project prepared by t Ministry of Public Works, theProvinces of DKI Jakarta and WestJava and the local governments ofBogor, Tangerang and Bekasi.
(c) Appraisal MissionDeparture November, 1989
(d) First IBRD Mission June, 1988
(e) Negotiations a April, 1990
(f) Planned Date ofEffectiveness s October, 1990
(g) List if relevant PCRslPPARas
Loan No. Project PCR Dat PPAR No.
Ln.1040-IND Jakarta Urban Devt. Proj. 0611011981 4620Lu.1336-IND Second Urban Devt. Proj. 0711511985 6329Ln.165311972-IND Third & Fourth Urb.Devt.Proj. 06130/IK989
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THE STATUS OF BAMk GROUP OPERATIONS IN INDONESIA
A. STATEMENT OF MENK LOANS (as of March 31. 1990) /a
Amount (USS mil1ioJn)Bank Undis-
Original bursedLoan Fiscal Principalnumber Year Purpose( less cancellation)
Seventy-five Loans fully disbursed 5,420.20
Of which SECALs, SALs and Program Loans A
2780 1987 Trade Policy Adjustment 300.002937 1988 Second Trade Policy Adjustment 300.003080 1989 Private Sector Development 350.00
Subtotal: 950,00
1840 1980 National Agricultural Research 35.00 3.772007 1981 Nucleus Estate and Smallholders V 108.00 19.582049 1981 Jakarta Cikampek Highway 85.00 10.202066 1982 Second Seeds 15.00 0.032079 1982 Bukit Asam Coal Mining Development 183.86 5.132101 1982 Second Teacher Training 79.59 3.912119 1982 Seventeenth Irrigation (East Java) 70.00 3.022214 1983 Twelfth Power 292.50 43.392232 1983 Nucleus Estate and Smallholders VII 96.00 32.122236 1983 Jakarta Sewerage and Sanitation 22.40 5.012275 1983 East Java Water Supply 30.60 0.382288 1983 Transmigration IV 53.50 22.212290 1983 Second Polytechnic 107.40 8.792300 1983 Thirteenth Power 279.00 14.292341 1984 Third Agricultural Training 63.30 10.482344 1984 Nucleus Estate and SmalIholder Sugar 70.30 14.672355 1984 Second Nonformal Education 43.00 2.492408 1984 Fifth Urban Development 39.25 4.592431 1984 Second Swamp Reclamatoi,i 65.00 29.792443 1984 Fourteenth Power 210.00 24.482472 1985 Secondary Education and Management 78.00 22.03
Training2474 1985 Upland Agriculture and Conservation 11.30 8.62
/a The status of the projects listed in Part A is described in a separatereport on all Bank/IDA financed projects in execution, which is updatedtwice yearly and circulated to the Executive Directors on April 30 andOctober 31.
Approved during or after FY80.
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Amount (USS million)Bank Undis-Original bursed
Loan Fiscal PrincipalnuImber Year Purpose (less cancellation)2494 1985 Smallholder Rubber Development II 109.00 73.562529 1985 Fourth Population 35.13 9.552542 1985 Second Health (Manpower Development) 39.00 20.832543 1985 Kedung Ombo Mulipurpose Dam and 156.00 54.73
Irrigation2547 1985 Second University Development 147.00 62.152560 1985 West Tarum Canal Development 43.4v 22.452577 1985 National Ports Development 82.69 41.962578 1985 Transmigv.tion V 97.00 27.512599 1986 Science and Technology Training 93.00 26.202628 1986 Smallholder Cattle Development 32.00 15.722632 1986 Second East Java Water Supply 43.30 6.812636 1986 Second Nutrition and Community Health 33.40 17.962638 1986 Nusa Tenggara Agriculture Support 33.00 17.222649 1986 Central and West Java Irrigation 166.00 105.802690 1986 Gas Distribution 34.00 22.102702 1986 Export Development 64.50 17.112705 1986 Manpower Development and Training 58.10 19.242717 1986 Highway Maintenance and Betterment 300.00 17.932725 1986 Housing Sector Loan 200.00 6.752748 1987 Third National Agricultural Extension 55.00 31.692757 1987 Telecommunications Technical Assistance 14.50 4.342773 1987 Fisheries Support Services 24.50 18.882778 1987 Power Transmission & Distribution 226.00 106.282800 1987 BRI/KUPEDES Small Credit 101.50 1.752816 1987 Urban Sector Loan 270.00 22.802817 1987 Regional Cities Urban Transport 51.00 17.092879 1988 Industrial Energy Conservation 21.00 17.102880 1988 Irrigation Subsector 234.00 86.732881 1988 Second Rural Roads Development 190.00 107.942891 1988 Railway Technical Assistance 28.00 22.952930 1988 Forestry Institutions & Conservation 30.00 23.222932 1988 Jabotabek Urban Development 150.00 130.042940 1988 Accountancy Development 113.00 102.252944 1988 Higher Education Development 140.30 74.382979 1988 Second Export Development 165.00 120.762992 1989 Tree Crop Human Resource Development 18.40 17.19
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~~-~~ ~~~~ ~~ ~~ ~Amount (USa million)Bank Undis-
Original bursedLoan Fiscal Principalmober Year Puruse Eless cancellation)
3000 1989 Tree Crop Processing 118.20 117.323031 1989 Agriculture Research Nanagement 35.30 33.333040 1989 Industrial Restructuring 284.00 278.313041 1989 8mal1 & Medium Industrial 100.00 99.34
Enterprise3042 1989 Third Health 43.50 41.473097 1989 Power Sector Efficiency 337.00 337.003098 1989 Paiton Thermal Power 354.00 343.243112 1990 Public Works Institutional 36.10 35.09
Developmeaat and Training3133 1990 Highway Sector 350.00 330.003134 1990 Professional Humn Resource Dev. 117.50 113.513158 1990 Second Secondary Education ~A 154.20 154.203180 1990 Rural Electrification 1A 329.00 329.003182 1990 third Telecommunications La 350.00 350.00
Total Rnnk loans 13.665.72Of which has been repaid 1,779.51
Total now outs tanding 11.886.20Amount sold to third party 88.08
Total now hel by Ank 11.798.2
2tal Notyeted 4f3e1t5.
JA Not yet offectivo.
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Page 4 of 4
B. STATEMET OF IFC INVESTMENTS(as of March 31, 1990)
(US$ million)
UndisbursedOriginal Total including
Fiscal Type of eonitiments held participantsyear Obligor business Loan Equity Total by IFC portion
