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Document of The World Bank FOR OFFICIAL USE ONLY C2-- Z (53- t-D; M)ORANDUM ANDRECOMMENDATION OF THE PRESIDENTOF THE INTERNTIONAL DEVELOPMENT ASSOCIATION ON A PROPOSED CREDIT OF SDR 49.8 MILLION TO THE PEOPLE'S REPUBLICOF BANGIADESH FOR A LIQFID PETROLUMGAS TRANSPORT ANDDISTRIBUTION PROJECT * April 30, 1991 11.s dcuset bas h restricted distdbudon and may be used by recipients only n the performace of tber official dutes. Its contents may oot oterwise be dislosed without World BDok autbodzatlon. Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized

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Page 1: C2-- Z (53- t-D; - World Bankdocuments.worldbank.org/curated/en/427791468014346060/pdf/multi... · C2-- Z (53- t-D; M)ORANDUM AND RECOMMENDATION OF THE ... the SODP bid evaluation

Document of

The World Bank

FOR OFFICIAL USE ONLY

C2-- Z (53- t-D;

M)ORANDUM AND RECOMMENDATION

OF THE

PRESIDENT OF THE

INTERNTIONAL DEVELOPMENT ASSOCIATION

ON A

PROPOSED CREDIT

OF SDR 49.8 MILLION

TO THE

PEOPLE'S REPUBLIC OF BANGIADESH

FOR A

LIQFID PETROLUM GAS TRANSPORT AND DISTRIBUTION PROJECT

* April 30, 1991

11.s dcuset bas h restricted distdbudon and may be used by recipients only n the performace oftber official dutes. Its contents may oot oterwise be dislosed without World BDok autbodzatlon.

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CURRENCY EQUIVALENTS

Currency Unit - Taka (Tk)Taka 1.00 m US$0.0287Taka 34.90 - US$1.00Taka 1.00 m Paisa 100

WEIGHTS AND MEASURES

bbl barrelMCF - thousand standard cubic feetMMCFD - million standard cubic feet per daymtpy = metric tons per yearBCF ' billion cubic feetTCF trillion (1,000 billion) cubic feet

ABBREVIATIONS AND ACRONYMS

BPC - Bangladesh Petroleum CorporationCNGCL - Compressed Natural Gas Company LimitedESAC - Energy Sector Adjustment Credit (Cr.1999-BD)GOB - Government of BangladeshLPG - Liquefied Petroleum GasLGPL - Liquefied Petroleum Gas LimitedNGL - Natural Gas Liquid(s)Petrobangla - Bangladesh Oil, Gas and Minerals CorporationRPGCL - Rupantarita Prakritik Gas Company LimitedSGDP - Second Gas Development Project (Cr.1586-BD)TA - Technical Assistance

FISCAL YEAR

July 1 to June 30

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FOR OFFICIAL US ONLY

BANGLADESH

LIQUEFIED PETROLEUM GAS (LPG) TRANSPORT AND DISTRIBUTION PROJECT

CREDIT AND PtOJECT SU1QIARY

Borrowert People's Republic of Bangladesh

Beneficiarys Rupantarita Prakritik Gas Company Limited(RPGCL) and Liquefied Petroleum Gas LimitedILPGL)

Amounts SDR 49.8 million (US$67.2 million equivalent)

Terms: Standard, with 40 years maturity

Onlending Termos The Government would onlend the proceeds of theCredit to RPGCL and LPGL at a rate of 101per annum for a period of 15 years, including agrace period of 5 years. The Beneficiarieswould bear the foreign exchange risk.

FinancinR Plan: RPGCL US$ 5.6 millionLPGL US$19.5 millionBilateral Grant Cofinancing US$ 1.9 millionIDA US$67.2 million

TOTAL US$94.2 million

Economic Rate of Returns 202

Staff Appraisal Reports Report No. 9398-BD

MAPs IBRD 22901

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

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MEMORANDUM AND RECONNENDATION OF THE PRESIDENTOF THE INTERNATIONAL DEVELOPMENT ASSOCIATION

TO THE EXECUTIVE DIRECTORSON A PROPOSED CREDIT TO

THE PEOPLE'S REPUBLIC OF BANGLADESHFOR A LIQUEFIED PETROLEUM GAS TRANSPORT AND DISTRIBUTION PROJECT

1. The following memorandum and recommendation on a proposed developmentcredit to Bangladesh for SDR 49.8 million (US$67.2 million equivalent), onstandard IDA terms with 40 years maturity, is submitted for approval. Theproposed credit would help finance a liquefied petroleum gas (LPG) transportand distribution project. The Government of Bangladesh (GOB) would onlendproceeds of the Credit to the Project Beneficiaries at a rate of 1OS per annumfor a period of 15 years, including a grace period of 5 years, with theBeneficiaries bearing the foreign exchange risk. Technical assistancecomponents of the project would be cofinanced by the Canadian InternationalDevelopment Agency (CIDA) for SDR 1.41 million (US$1.9 million equivalent).

2. Background. Bangladesh's only indigenous commercial energy resourcesare natural gas, natural gas liquids (NGL), dwindling supplies of biomassfuels, and possibly coal. The country imports all of Its petroleum suppliesand kerosene alone accounts for almost 30S of total petroleum productsconsumption. Most of the pyopulation depends on biomass fuels, of which a largeproportion is sold at market prices that are almost quadruple the price ofkerosene on a useful energy equivalent basis. LPG (or bottled gas) recoveredfrom gas prodt tion could substitute for kerosene and comuercial fuelwood usedin cooking. Up to 100,000 metric tons per year (mtpy) of LPG could berecovered from the northern gas fields when fully developed during the 1990s.

3. Rationale for IDA Involvement. The Project is part of the MY91-93Priority Investment Program agreed under the Energy Sector Adjustment Credit(ESAC/Cr. 1999-BD) for the Bangladesh Oil, Gas and Minerals Corporation(Petrobangla) and the Bangladesh Petroleum Corporation (BPC). The Project isconsistent with the investment planning, pricing policy and institutionalreform framework of the ESAC. IDA's involvement ir the Project would build onthe pilot LPG component of the Refinery Modification and LPG Recovery &Distribution Project (Cr. 1749-BD) by assisting GOB, Petrobangla and BPC In theleast-cost development of LPG supplies and the strengthening of theircapabilities in LPG operations. IDA would pursue LPG pricing refonms inLtiatedunder the refinery project by assisting GOB in establishing economically andfinancially sound LPG pricing policies. In support of GOB's policy, IDA wouldplay a catalytic role in encouraging private sector involvement, building onthe private LPG joint venture under the refinery project. The Project wouldcomplement the Second Gas Development Project (SGDP/Cr. 1586-BD) byestablishing a joint Petrobangla and BPC planning perspective, since LPGrecovery and distribution need to be coordinated with gas production.

4. Project Obiectives. The main Project objective is to assistBangladesh in carrying out an economic and least-cost household and commercialenergy supply strategy through the substitution of LPG for imported keroseneand coa ercial fuelwood. Domestic LPG recovery is the least-cost optioncompared to LPG and kerosene imports. The Project would also promotes (a) LPG

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-2-

prleing in accord with economLc efficiency and financial viability principles;(b) a suitable institutional framework for efficient LPG development andoperations; (c) an environmentally and operationally safe petroleum industrytand (d) private sector involvement in LPG transport and distribution.

5. Proiect Description. The SGDP is finaneing upstream facilities for(a) gas dehydration and hence recovery of LPG and condensate by-products, and(b) pipeline transport and fractionation of these liquids at a central productsterminal. The proposed Project would assist in the downstream storage.transport, bottling and cylinder distribution of LPG. The ProjectBeneficiaries would be the Rupantarita Prakritik Gas (or Converted Natural Gas)Company Limited (RPGCL) and Liquefied Petroleum Gas Limited (LPGL), which areoperating subsidiaries of Petrobangla and JPC, respectively. The Projectcomponents includes (a) for RPGCL -- (i) storage facilities for LPG andcondensates, (ii) an LPG pipeline from Ashuganj to Elenga, where LPG will bebottled and delivered to the energy-deficient west zone, and (iii) directionaldrilling for the pipeline's river crossings; and (b) for LOPGL -- (i) two LPGbottling plants, rehabilitation of an existing LPG plant, and storage, and(ii) LPG cylinders, valves and regulators. The Project's technical assistance(TA) components includes (a) construction implementation supervision;(b) training in the management and operations of the LPG facilities;(c) preparation of an LPG market development plan, and an environmental andoperational safety assessment of the petroleum sector; (d) a Women inDevelopment (WID) program to promote the role of Bangladeshi women in theretail distribution of LPG cylinders and energy-efficient cooking stoves; and(e) technical studies related to further LPG recovery and compressed naturaigas commercialization. The total Project cost is estimated at US$90.4 millionequivalent, with a foreign exchange component of US$69.1 million, and includesretroactive financing of US$5.0 million for urgent work to rehabilitate theChittagong LPG plant and undertake infrastructure design. A breakdown of costsand the financing plan are shown in Schedule A. Amounts and methods ofprocurement and the disbursement schedule are shown in Schedule B. A timetableof key Project processing events and the status of Bank Group operations inBangladesh are given in Schedules C and D, respectively. A map highlightingthe Project areas is attached. The Staff Appraisal Report, No. 9398-BD, datedApril 30, 1991 is being distributed separately.

6. Agreed Actions. The key agreements reached with GOB include LPG andNGL pricing policy, the financial restructuring of RPGCL and LPGL, and measuresto ensure their future financial viability, as follows: (a) LPG transfer andretail prices to be reviewed annually with IDA and adjusted to meet agreedfinancial and economic criteria satisfactory to IDA; (b) NGLe to be priced atlevels that would allow revenues to cover RPGCL's and LPGL's operatingexpenses, debt service, additional working capital requirements and a minimumof 35Z contribution to investment; (c) all necessary actions to be taken tofacilitate RPGCL's and LPGL's financial restructuring; and (d) 10OS GOB equityfinancing for RPGCL's compressed natural gas (CNG) pilot activities. The keyagreements reached with RPGCL and LPGL include their financial restructuringand performance, as follows: (a) an action program to restructure the capitalof RPOCL's CNG-related operations and LPGL's Chittagong operations by FY92; and(b) financial performance targets for both entities related to debtlequityratio, debt service coverage, achievement of their own financial requirementsbefore declaring any dividends, and annual review of capital expenditureprograms and LPGL's depreciation rates. RPGCL and LPGL also agreed on staffing

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plans, training programs and terms of reference for the TA components. Boardpresentation conditions includes (a) confirmation of the availability of CIDAfunding; (b) the SODP bid evaluation for the LPG-related upstream facilities tohave reached an advanced stage satisfactory to IDA; and (c) GOB approval of theProject Concept Paper. Credit effectiveness conditions includes (a) executionof RPGCL and LPGL Subsidiary Loan Agreements satisfactory to IDA; (b) contractawards for the Project's implementation supervision consultancy services andthe LPG-related facilities under SGDP; and (c) GOB approval of the ProjectProforma. Dated covenants apply to the TA studies, whereby the recommendationsand implementation action plans would be reviewed and agreed with IDA.

7. Environmental Impact. The environmnntal and operational safetyassessment for the Project (B rating) was prepared under the CIDA-financed LPGFeasibility Study. Further IDA review led BPC to: (a) specify a safety limitof 502 for the LPG's maximum propane content; and (b) request inclusion In theProject of a repair and rehabilitation plan for the small LPG bottling plant atthe Chittagong refinery. The LPG plants will be located within Petrobanglasand BPC's restricted and secure premises. The LPG pipeline will be laid onalready acquired land and right-of-way. LPG has been used extensively andsafely in densely populated developing countries. The Project design andinstallation will ensure strict compliance with international safety codes.RPGCL and LPGL will receive extensive management and operations assistance. Atthe point of end-use, LPG (like natural gas) is an extremely clean fuel. LPGsubstitution would also alleviate the negative environmental effects and safetyrisks of kerosene and fuelwood use. To promote environmental and safetymeasures in the petroleum sector, the Project includes an assessment ofnecessary equipment, standards and practices, to be implemented by the time theLPG under the Project comes on stream.

8. Poverty Alleviation. A primary benefit would be the creation ofincome-generation opportunities through small-scale private retail outlets forLPG cylinders and stoves. Through the VID component, an added social benefitwould be the specific targeting of a relatively disadvantaged group, namelyBangladeshi omen, as retail marketing agents. There would also be cashsavings where LPG substitution for commercial fuelwood occurs.

9. Women in Development. The Project includes measures to involveBangladeshi women as agents of technology transfer and commercialization,particularly in areas where women may have comparative advantage (e.g.,management of credit schemes, direct promotion to housewives, networking withnon-governmental organizations). This component would set the stage fordistributing larger amounts of LPG during the 19908.

10. Benefits. The Project would assist in reducing the foreign exchangedrain from oil imports, alleviating biomass energy shortages and promotingsocial equity between the country's eastern region and less-developed westernzone. Two of the Project's innovative TA components would also pioneer inpromoting environmental and operational safety in the petroleum sector, and inenhancing the development role of Bangladeshi women. The Project's estimatedeconomic rate of return is 202, based on conservative assumptions regardingpetroleum prices and interfuel substitution rates.

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11. Risk.. Implementation delay is the main Project risk. Constructiondelays would be minimized by providing for effective implementation supervisionand project management for both RPGCL and LPGL, and careful monitoring ofsuitable financial performance targets to address resource constraints.

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

Barber B. ConablePresident

Attacbments

Washington, D.C.April 30, 1991

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- 5 - SONESL A

EANGLADESI

LIEED PETROLEUM GJS (LP) ReS-POn MD DISTRZIUTION PRCT

ESTIMLTED COSTS AND FIAICING PLAN

* Estimated Costs$

* RunasteWrts Prakeitiklt m Co. Ltd. t L

A. Store. for LPG Wd Co_odaateo 1.0 5.9 6.9S. Aohugsnj4E.w%V LPO pipeline 1.5 9.4 10.9C. at &--t.snl Drilltin 0.8 1.0 2.2°. ag- t10o rvi.ion 2.0 2.0E. Maagmet A Operatons

Assisbum/Tr Studies 0.2 2.2F. Techtnicl A 1istao 0.3 0.8

SWML, IC nO:l BR

L! t tedt Pet"r ol_. Om Ltd. (LP

0. LPG Bothling Plants:Elena 1.0 C.8 6.6Kai al Its 0.4 2.2 2.6Chittagon (RIhablltatl.a) 0.2 0.4 0.6

H. Cylinder., Valves, Rqalator. 10.9 12.0 22.9I. Storage 1.2 0.8 9.6J. :wI_sUlon "s10nllo 1.0 1.0K. maement a Oporation

Assistanco/Tralaing an Udie 2.8 2.8L. Technical Assistanco 0.7 0.7

EmTOTAL, U CL IT 1 MY W.T

"e. Cot .tl..t 16.5 4.9 71.4Physical Continsonetos (105) 1.7 5.5 7.2Price C4nt1ngon¢10 8.1 AJ? Ml A

Total Project Cost 21.8 69.1 90.4Intret DOurlng Constructlon .8.9. 0 0I

Total Financing Required auJ Aul

NOTE: Total Project coot net of duties and texs (US818.9 millton) Is USI80. millon.

Financint PlantLoUa I or _l__ Tot

1 ~USglNlilon --;:

IDA Credit - 67.2 67.2WOOL 5.0 - 5.LP 19.5 - 19.6Bilateral aren Cofinancing _ 1.9 ? I

TOTAL 25.1 69.1 04.2

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-6 - SCEL Pap 1 of 2

MRAURAP P 1RI GS o l41 IAPRT ANlD DISITIRUI ROJECT

Om of II ")b Tot

Steps" for L and Cendrmte 7.5 1. .(7.5) - - ) (7.5)

AW bak nj4 leg Pipeline 11.0 - - 1.0 18.9(1.09) - - C-) (11.9)

Direticlfal Drilling - - 2.4 0.4 2.6_ _ (2.4) (2.4)

LP4 Bettling Plnts at El ong* 10.1 - 1.0 11.0aId KCa lalalRa (10.1) - - -) (10.1)

Rebabitlitaten of the Chittaeng - 0.5 0.8 0.0

LPG Pleant -- (0-5) (0.5)

Cylindero, Valves and Regulators 14.8 14.1 29.9

Storge" at Slang and 10.5 -- 1.5 12.0

Kal Iaehtitla (10.5 -C) (10.5)

Cnsultant*/Trning - 11.4 - 11.4- - ~~~(0.5) -(0.5)

TOTAL 54.9 14.8 21.8 00.4(54.8) - (12.4) C-) (07.2)

v~ *OUmer° lncludes Limited Internatloal Sidding, local or iternatonal sh"op , ConutooySgrviee under IDA guidsllnee, and Coneultancy Service under bilateral colnncingguidelines..

v 'Met Applicable* Includes custom duties, eulpment and aervice filneced oO of RPOCL ndLPOL'e oa reourc".

VS Figure. In penthanw are the *repectOlv amunte finnced by IDA.

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-7? - SCHEDULE BPag 2 of 2

BANGLADESH

LIQUEFIED PSTROLEUM GAS (LPG) TRANSPORT AND DISTRIBUTION PROJECT

DISBURSEMENTS

Category Amount S(11S$ Nillion)

Materials and Equipment 52.0 1OOS of foreign expenditure,Including Installation 1001 of ex-factory expenditure

for items manufactired locally,and752 of local expenditure forother items procured locally

Civil Works, Transport, 1001 of foreign expenditure,Erection and Comnissioning 1.0 andof Equipment 752 of local expenditure

Consultant Services and 8.5 10O of expenditureTraining

Unallocated 5.7

67.2

Estimated IDA Disbursements:

IDA Fiscal Year 92 93 94 95 96--------------- e(Us$ Million)-------------------

Annual 5.6 21.1 23.9 10.3 6.3Cumulative 5.6 26.7 50.6 60.9 67.2

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- 8 - SCHEDULE C

BANGLADESH

LIQUEFIED PETROLEUM GAS (LPG) TRANSPORT AND DISTRIBUTION PROJECT

TIMETABLE OF KEY PROJECT PROCESSING EVENTS

(A) Time taken to prepare : 18 months

(B) Prepared by s Government, Petrobangla and BPC,with IDA assistance

(C) First IDA mission : July 1989

(D) Appraisal mission departure s June 24, 1990

(E) Negotiations s April 8, 1991

(F) Planned effectiveness : September 1991

(G) Relevant Project Performance Audit Report:

Bakhrabad Gas Development Project (Cr. 1091-BD),Report No. 6975, October 14, 1987

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-9- Schedul- D__________

THE STATUS OF BANK GROUP PERATIONS IN Page I of 2

A. STATEMENT OF ANK LOANS D IDA CRED T

(As of March $t8 199l)Amount tn USS oiltlon( I- ----------

Credit No. FtY Borrower Purpose Bank IDA Undisbursed

I Loan ad 6? credits have ben fully disbursed 66.9 2883.9of which SECALs, SAL* and Progra Cr.dita a)Cr. 0980-BD 1980 angladeh Eighth LIoort. 60.0Cr. 1071-SD 1981 Bangildeh Ninth Imports Program 8.0Cr. 1194-3D 1982 Bangladesh Tenth Imports Program 100.0Cr. 1300- 1888 IBangladesh Eleventh Imports Program 1100Cr. 1471-SD 1984 Bangladeh Twelfth Imorts Program 140.0Cr. 160440 1984 Bangladesh Supplwnetal Assistance 23.6Cr. 166D-0 1980 Bangladesh Thirteenth Imports Program 200.0Cr. 1816-80 1987 Bangladesh Industalel Soctor Credit 190.0Cr. 1818-140 1989 Bangladesh Industrial Sector Crilt 2.6Cr. 199-SO 1990 Bangladesh Energy Soctor Adj. Credit 176.0Cr. 1999-140 190 Bangladesh Energy Sector Adj. Credit 2.8

Sub-Total 108.8

Cr. 121640 1982 Bangladesh Agricultural Extension ri 20.6 2.8Cr. 1247-4 1982 Bangladesh Chittagong Port 48.7 37.4Cr. 1287-8 1988 Bangladesh Deep Tubewellas r 36.2 2.0Cr. 1221-80 1988 Bangladesh Telecoamunicatlons IiI 35.0 i2.0Cr. 149-80 1983 Bangladesh Public Administration 10.4 2.7Cr. 13844- 1983 Bangladesh Rural Development II 66.6 11.6Cr. 1440-SD 1984 Bangladesh Technical Assistance V 26.0 17.9Cr. 1465-80 1984 Bangladesh Agricultural Reserch II 17.2 8.3Cr. 1487-80 1984 Bangladesh BWDS Small Scheme. 41.6 30.3Cr. 1490-B0 1984 Bangladesh Techniale Education 31.8 9.3Cr. 1674-E0 1985 Bangladesh Primary Education It 78.0 9.3Cr. 1580-0 198S Bangladesh Second Gas Development 110.0 88.1Cr. 1691-0 1985 Bangladesh Flood Control A Drainage II 48.0 38.8Cr. 18S340 1986 Bangladesh Rural Electrification II 79.0 65.0Cr. 1084-SD 1988 Bangladesh Forestry rl 28.0 18.7Cr. 1848-SO 1986 Bangladesh Power Transmisson A Dist U8.0 21.1Cr. 1649-40 1086 Bangladesh Population III 78.0 42.4Cr. 1851-80 1985 Bangladesh Shrimp Culture 22.0 15.8Cr. 1734-SD 1987 Bar adesh Dhaka WASA III 80.0 18.8Cr. 1749-0 1987 Bangladesh Refinery Modification A LPG 47.0 38.1Cr. 1784-0 198? Bangladesh Flood Control A Drainage IV 20.0 16.9Cr. 1827-0 1987 Bangladesh Road Rehab A Maintenance 102.0 7656Cr. 1870-8D 3988 Bangladesh S. Sc FCD & Irrigation II 81.5 37.1Cr. 1930-80 1988 Bangladesh Urban Development 1 47.0 44.0Cr. 1940-BD 1988 Bangladesh Rural Roads A Markets 62.3 44.6Cr. 1942-4 1988 Bangladesh Industrial Energy Efficlney 11.4 11.2Ce. 20004- 1989 Bangladesh Export Development 26.0 23.1Cr. 2016-80 1989 Bangladesh Power Distributton (16 Towns) 87.0 83.5Cr. 2048-SB 1989 Bangladesh Flood Rehabilitation III 133.6 88.0Cr. 2099-80 1990 Bangladesh SWDS System Rehab 63.9 61.1Cr. 2118-0 1990 Bangladesh General Education 159.3 152.7Cr. 2129-B0 1990 Bangladesh Rural Electrification III 105.0 107.8Cr. 2146-0 1990 a8ngladesh Fisheries II 44.6 48.0

*Cr. 2162-0 1990 Bangladesh Financial Sector Adjust. Credit 175.0 102.SoCr. 2152-40 1991 Bangladesh Financial Sector Adjust. Credit 3.5 3.4

Total 56.9 4900.2 c) 1343.0 c>of which has been repaid 13.2 00.9

Total now held by Bank and IDA 43.7 4839.S

Amount sold 0.4Of which repaid 0.4 Total Undltbursed 1343.0

a) Approved during or *fter FY80.b> Not yot effective.cO The principal amounts of IDA credits are shown In US Dollar equivalent at date of negotiations,

as shown In the Preldent's Report. Undistursed amounts shown In US Dollar equivalent are valuedat th. oxchange rate applicable on the date of this statment. In son cases, therefore, theundisbursed bletanc indicates a dollar amount greater thar the original principal creditamount expressed in dollars.

a SAL, SECAL or Program Loan.

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- 10 Schedule DPage 2 of 2

STATEME.VT OF iYC IVESTENTZ(As of March 31, 1991)

Investment Fiscal Type of Loan Equity TotalNumber Year Obliaor Business tUS$ Million)

139 1969 Karnafuli Paper Mills Ltd. Pulp and Paper 5.60 0.63 6.23

463 1979 Highspeed Shipbuilding andHeavy Engineering Co. Ltd. Shipbuilding 1.20 0.36 1.56

528 1980 Industrial Promotion andDevelopment Company ofBangladesh, Ltd. DFC 0.00 1.05 1.05

785 1975 Industrial DevelopmentLeasing Company of Money and CapitalBangladesh Markets 3.02 0.16 3.18

767/ 19851 Bata Shoe Company857 86 (Bangladesh) Ltd. Shoes 4.46 0.51 4.97

1991 b/ DTIL Textiles 2.50 0.0 2.5

Total Gross Commitments 16.78 2.71 16.99

Less cancellations, terminations,repayment and sales 10.00 0.99 10.99

Total Commitments now held by IFC 6.34 1.72 8.06

Total Undisbursed (includintvarticlDants' portion) - 0.07 2.57

= - _

al Exchange adjustments account for variation in total gross commitments, less cancellations,etc., and total commitments now held by IFC.

bt Includes approved but not committed projects to date.

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I=R 2290

A w 90t BANGLADESHTRANSMISSION SYSTEM FOR NATURAL GAS

AND NATURAL GAS LIQUIDS (NGL)X PIPEUNES: Propowe Projet

w2'; Under lmplementation:

roz,^,Eo, kd.)a_ \ | tProposed: N Notrt Gas DicoeriesGas - Primary RowdsN *-./.NGL Rcilroods

Existing: RiversN> < -o - Gos -*G- International Boundaries

221

op v_ ) \,si.

Fen a * '

fshu ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~241~

-~ lC n, 0 i liitS. t.OKA"Arft.- * Kutubie

00 Om 40 ftm iq*. 50 0 IlLOMTEB

Sm ANG-A e :

90' 91' 9r

MAQY 1991