Document of The World Bank FOR OFFICIAL USE ONLY Report No.13716 IMPLEMENTATION COMPLETION REPORT COLOMBIA FIFTH SMALL AND MEDIUM SCALE ENTERPRISE PROJECT (LOAN NUMBER 3025-CO) OCTOBER 11, 1994 Public Sector Modernization and Private Sector Development Division Country Department III Latin America and the Caribbean Region This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. Currency Equivalents 1990 US$ 1 = Col$ 508 1991 US$ 1 = Col$ 614 1992 US$ 1 = Col$ 684 1993 US$ 1 = Col$ 789 Fiscal Year of Borrower January 1 to December 31 Abbreviations and Acronyms CFs Financial Corporations CFD Corporacion Financiera de Desarrollo (SME development bank post-privatization) CFP Corporacion Financiera Popular (State-owned development bank; became CFD in 1992) DTF Interest Rate Index ESOP Employee Stock Option Plan FFI Fondo Financiero Industrial (State directed credit line) ICR Implementation Completion Report IDB Inter-American Development Bank IFI Instituto Financiero Industrial (State-owned financial institution) PFIs Participating Financial Intermediaries Proexpo State-owned export promotion agency SAR Staff Appraisal Report SMEs Small and Medium Enterprises FOR OFFICIAL USE ONLY Table of Contents Page Preface .................................................. i Evaluation Summary ..................... ..................... H Part 1: Project Implementation Assessment A. Project Objectives .................................... 1 B. Achievement of Project Objectives .......................... I Disbursement Profile .................................. 2 Sector Policy Objectives ................................ 2 Participation of Financial Intermediaries ....................... 2 Loan Processing and Technical Assistance to Subborowers .... ....... 3 Impact of the CFD .................................... 3 Financial Objectives ................................... 4 Portfolio Characteristics ................................. 4 Impact on Subborrowers ................................ 4 Rate of Return ...................................... 5 C. Implementation Record and Major Factors Affecting the Project ... ..... 5 Factors Generally Subject to Government Control ................. 5 Factors Subject to Implementing Agency Control ................. 6 D. Project Sustainability ................................... 6 Continuation of SME Lending ............................. 6 CFD Operations ..................................... 6 E. Bank Performance ..................................... 7 F. Borrower Performance .................................. 7 G. Assessment of Outcome ................................. 8 H. Future Operation ..................................... 8 I. Key Lessons Learned ................................... 8 Part 11: Statistical Annexes ...................................... Appendices: A. Mission's Aide-Memoire ......................... B. Borrowers Contribution to the ICR ................... C. Misc. ..................................... D. Map ...................................... This document has a restricted distribution and may be used by recipients only in the performance of their Eofficial duties. Its contents may not otherwise be disclosed without World Banks authorization. IMPLEMENTATION COMPLETION REPORT COLOMBIA FIFTH SMALL AND MEDIUM SCALE ENTERPRISE PROJECT [LOAN NUMBER 3025-CO] Preface This is the Implementation Completion Report (ICR) for the Fifth Small and Medium Enterprise Project in Colombia, for which the amount of US$80.0 million equivalent was approved on March 14, 1989 and made effective on January 25, 1991. Final disbursement took place on June 16, 1993. The amount of US$ 2.90 million was canceled as of February 15, 1994, and US$ 0.88 million canceled as of August 26, 1994, at which time the loan account was closed, several months earlier than the original closing date (6/30/95). The ICR was prepared under the leadership of Susan Goldmark of the Public Sector Modernization and Private Sector Development Division of the Latin America and the Caribbean Region, with the assistance of Adrienne Taptich and Natalia Gomez, and reviewed by Krishna Challa, Division Chief, and Elsie Garfield, Acting Project Advisor. The Borrower -- the Central Bank of Colombia - provided comments that are included in an appendix to the ICR. Preparation of this ICR was begun during the Bank's completion mission, July 18-25, 1994. It is based upon material in the project file, discussions with Central Bank managers, interviews with representatives of all participating financial intermediaries and 14 subborrowers, and financial data provided by the Central Bank, financial intermediaries, and subborrowers. The borrower contributed in the preparation of the ICR during the completion mission by: (i) discussing all major points included in this report; (ii) providing a diskette with subloan information; (iii) assisting in the collection of other data; and (iv) producing its section of the report. - ii - COLOMBIA: FIFTH SMALL AND MEDIUM SCALE ENTERPRISE PROJECT [Loan number 3025-CO] Evaluation Summary Introduction: 1. Four Bank loans totalling US$92.5 million had been made to small and medium enterprises (SMEs) in Colombia during the thirteen years preceding this project. All were intermediated solely by the Corporacion Financiera Popular (CFP), the state development bank established to support SMEs. While these projects succeeded in stimulating growth in employment and improving the quality of CFP's development banking services, they made little progress towards reducing the high administrative cost and low efficiency of CFP services and tackling policies to promote the intermediation of SME loans through a wider network of private and state-owned financial institutions. Project Objectives 2. Objectives: The development objectives of the Fifth Small and Medium Enterprise Project were to increase SME value-added and employment creation by: (i) making changes in public policies and institutional mechanisms influencing SME access to long-term credits; (ii) expanding the number of financial intermediaries making SME long-term loans and the volume of their resources mobilized for this purpose; (iii) simplifying loan processing and increasing technical cooperation to SMEs; and (iv) preparing sector-wide industrial studies and recommendations during Project implementation on policies influencing capital intensity, business establishment, and operations to help promote a neutral policy environment for SME development. The project aimed to support 2,500 SMEs and 2,000 microenterprises. Its objectives were clear and well- focussed. 3. Components and Covenants: The project had three main components: (i) a US$77 million line of credit destined for SMEs; (ii) a US$3 million microenterprise component; and (iii) an SME policy study. Important loan covenants included: (i) a maximum 10% arrears rate on 3025 subloans per financial intermediary; (ii) CFP net profits/average assets not less than 1.6%; (iii) CFP administrative costs/average assets not to exceed 5.5%; and (iv) Guarantor to make equity contributions to ensure that CFP debt/equity not exceed 7.5%. The Central Bank was the Borrower of the loan. Implementation Experience and Results 4. Achievement of Objectives: The project achieved its stated objectives of policy change, commercial financial institution participation, and simplification of loan processing -- all required as loan effectiveness conditions. Sector policy issues included changes in credit regulations to eliminate interest rate subsidies1, extend maturities, expand eligible expenditures, adopt substantially higher automatic rediscount ceilings, simplify documentation, and adopt repayment performance as the key ex-post monitoring criterion. The Central Bank streamlined SME processing and improved its speed in approving loans--from 50 days under the fourth SME loan to 1 day at the time of the completion report. Although the interest rate conditionality delayed loan effectiveness by 18 months, once all policy and processing changes were made, the main project component--the US$77 million line of credit--moved quickly. The line was more than fully committed 1/ The interest rate structure of directed credit was amended so that the Central Bank rediscounted the funds to financial intermediaries at the value of an index of commercial bank deposit rates (DTF) and allowed the intermediaries to onlend the funds to SMEs at rates up to DTF+6. - iii - (US$94 million) about 1.75 years after loan effectiveness.v Almost 96% of the line was fully disbursed less than two years after loan effectiveness. Thirty-two financial intermediaries tapped the 3025 credit line. The collection rate for almost all participating financial intermediaries was high, ranging from 97% to over 99%. Based in part on its experience with this project, in May 1994, the Central Bank eliminated all caps on directed credit programs. 5. Portfolio Characteristics: A total of 2,188 subloans with an average value of US$34,800 were issued to SME's with average assets of US$23,277. About 42% of subborrowers were classified as new firms that were legally incorporated immediately prior to the subloans. The credit line was used by enterprises in 26 regions throughout the country. Of the firms granted subloans, 80% had asset levels of under US$150,000 at the time of the subloan, and 28% had assets less than US$20,000. As many as 45% of all subloans issued were for less than US$20,000. These indicators appear to demonstrate that the project satisfied its goal of reaching smaller enterprises. Almost 80% of subloans carried the maximum allowable interest rate of DTF+6%. A review of the files and surveys conducted during the completion mission indicate that the credit has had a significant positive impact on employment and sales of participating SMEs. 6. Impact on CFP: CFP, which was the main financial corporation lending to small end medium enterprises, was unable to meet the performance indicators that were set (as a legal covenant) for participating in the project. This helped precipitate the decision to privatize this public sector development bank in April 1992 and change its name to the Corporacion Financiera de Desarrollo (CFD). Authorized capital was doubled from US$7.3 to 14.6 million and, in 1993, the CFD issued an additional US$0.63 million in shares. This increase in equity also caused an improvement in the institution's financial indicators. CFD management has been changed; a new strategy and procedures for lending are being designed and field offices are being fully computerized. In the regional offices, there has been a depoliticization of staff. 7. Other Project Components: The two project components that were not as successful were the microenterprise development facility and the SME sector policy study. The US$3 million originally set aside for the microenterprise component (US$2.9 million for subloans and US$100,000 for technical assistance for microenterprise subloan administration) were moved into the general credit line fund (by amendment letter 5/7/93). Colombian non-governmental organizations designated to use these resources were able to obtain funds on more favorable terms through an Inter-American Development Bank (IDB) project -- in this sense, the corresponding project objective was pursued. By contrast, the preparation of the SME sector policy study required under the loan had no impact on the policy environment. The Central Bank had low ownership of the study since not responsible for the non-financial policies this study was intended to examine and address. 8. Bank Performance: Bank performance in all stages of the project cycle was highly satisfactory. The Bank team designed a project that succeeded in catalyzing improvements in CFD performance, following four projects that were unable to reform the institution. The strategy of introducing competition among financial institutions to improve the efficiency of a Government-owned development bank was an innovative approach which contributed significantly to the achievement of the project's basic development objective (SME sector development) and the success of the project. The inclusion of potential participating financial intermediaries in the preparation phase, through focus groups, contributed to successful implementation. Risks and benefits of the credit were adequately appraised and borrower commitment established. The CFD was appraised thoroughly and eligibility criteria were established for other financial intermediaries. Supervision missions took place once a year, and supervision reports presented salient issues and changes. 9. Borrower Perfornance: The Borrower's performance was highly satisfactory in the various components of loan preparation and implementation. The Central Bank participated extensively in the j / Commitments exceeded the total line amount of US$77 million to take into account potential cancellations. - iv - preparation phase and demonstrated commitment to the project. It verified financial intermediary compliance with eligibility criteria, disqualifying one institution when necessary. Significant improvements in operational procedures were made by the Central Bank. It sought, as well, to collect data required from financial intermediaries regarding subborrowers on an annual basis. 10. Project Outcome: The project's outcome has been highly satisfactory. The line of credit provided small and medium enterprises in Colombia with access to credit through the commercial branch network as the country was opening its economy, thereby giving these firms resources to take advantage of the new opportunities emanating from the apertura. The policy dialogue on interest rate policy related to this loan, and the conditionalities developed, contributed to Central Bank movement towards reduced rate-setting and increased market-determination of interest rates for all segments of the real sector. Summary of Findings, Future Operations and Key Lessons Learned 11. Future Operations and Sustainability: In early 1994, the Government decided that the Central Bank should no longer engage in rediscounting of credit lines. The unit established to oversee such lines has been largely disbanded, and only a few staff members continue to attend part-time to management of credit line paperwork. Colombia may engage in future line of credit operations through IFI and BANCOLDEX. 12. Continuation of SME Lending: The sustainability of main project achievements is likely. All but two of the financial intermediaries interviewed asserted that they would continue to lend to SMEs out of their own resources.2' Further, one commercial institution has established a line of credit for SMEs from its own resources that would give loans of up to 10 years. The Government-owned financial institution, IFI, has established a US$2.5 million guarantee fund that will guarantee from 30-50% of SME loan amounts. In addition, in 1993, IFI rediscounted about US$20 million through first tier financial intermediaries to SMEs and plans to expand this practice in the future. As financial sector policy reforms undertaken since 1990 have contributed to more competition in the banking sector, financial institutions are likely to expand lending from own resources to SMEs. Many institutions indicated, however, that they will not lend to microenterprises since they believe that these loans carry an unacceptably high level of risk and administrative costs. 13. CFD Operations: CFD viability has increased as a result of the reforms undertaken since its privatization. The institutional culture is changing--both through changes in management, training of personnel regarding new procedures and service orientation, and personnel attrition and turnover. However, arrears remain high and levels of efficiency and profitability remain below industry standards. 14. Lessonsfor Future Projects: The four main general lessons learned from this project include: (i) all key elements needed for project success should be accomplished prior to project effectiveness; (ii) those responsible for implementing a project component must feel ownership; (iii) coordination with multilateral and other funding agencies and the Government on sector policy is important to ensure consistent approaches and avoid duplication of effort; and (iv) maintaining the focus of supervision on achieving broad development goals combined with a degree of pragmatism regarding conditionality can improve project outcome. Important lessons regarding SME sector development include: (i) credit projects can help enable SME's to take advantage of liberalization of the business environment; (ii) fostering a competitive credit environment can be an effective technique to improve the performance of a Government-owned development bank; (iii) heightened competition in the financial sector can lead to greater private sector interest in lending to SME's; and (iv) financial intermediaries should have maximum flexibility to set the appropriate terms, conditions and amortization schedules of SME subloans; more frequent, smaller payments are an important factor to increase repayment rates among smaller enterprises. 3/ The two banks that will not pursue SME lending have developed strategies and procedures to target large firns. PART I -Project Implementation Assessment A. Project Objectives 1. The development objectives of the Fifth Small and Medium Enterprise Project (SME5) were to increase small and medium enterprise (SME) value-added and employment creation by: (i) making changes in public policies and institutional mechanisms influencing SME access to long-term credits; (ii) expanding the number of financial intermediaries making SME long-term loans and the volume of their resources mobilized for this purpose; (iii) simplifying loan processing and increasing technical cooperation to SMEs; and (iv) preparing sector-wide industrial studies and recommendations during Project implementation on policies influencing capital intensity, business establishment, and operations to help promote a neutral policy environment for SME development. The three main project components were: (i) a US$77 million line of credit destined for SMEs; (ii) a US$3 million microenterprise component; and (iii) an SME policy study. It was anticipated that the project would support 2,500 existing and newly-created SMEs and 2,000 microenterprises.' 2. The operation's fundamental goal of increasing SME value-added and employment by expanding their access to long term credit was clear. Objectives (i)-(iv) were well-defined and targeted to achieving this goal. Promoting SME investments in productive assets by easing financing constraints was fully consistent with the growth-oriented country assistance strategy. The success of the four previous SME credits and domestic directed credit programs in increasing the employment and value added of SMEs suggested that the project's goal was realistic. Further, the strategy to expand the number of participating financial intermediaries (PFIs) reflected a highly realistic view of the weak capacity of the Corporation Financiera Popular (CFP). The CFP had continued to perform poorly despite attempts at institution-building and improving efficiency under the previous four SME credits. The SME5 credit, consequently, sought to encourage commercial financial intermediaries to lend to SMEs, rather than relying only on CFP. 3. The SME5 project design was highly focussed. Only the preparation of a broad study regarding the policy environment for SME development was not directly related to the fundamental objective of the credit. The project was more complex than its four predecessors since several financial intermediaries were involved in the SME lending component and a microenterprise lending component was added. However, because the Borrower (the Central Bank) and participating financial intermediaries had developed a strong capacity to administer such credits, the project's risk of failure was low and no undue implementation burden was created. 4. This project had two significant modifications during project implementation. First, the Bank and the Borrower agreed in 1992 that the privatization of the CFP would be substituted for complying with institutional performance covenants, which CFP was unable to meet, as a condition for disbursement. Second, the US$3 million originally set aside for the microenterprise component (US$2.9 million for subloans and US$100,000 for technical assistance to increase capacity for administration of microenterprise subloans) were moved into the general credit line fund. Colombian non-governmental organizations designated to use these resources were able to obtain funds on more favorable terms through an Inter-American Bank (IDB) project. B. Achievement of Project Objectives 5. The project succeeded in achieving its stated objectives of policy change, commercial financial institution participation, and simplification of loan processing. These were attained as part of the $77 million SME credit line which was the main project component. The two project components that were not as successful were the microenterprise development facility and the SME sector policy Page 2 study. As mentioned above, the microenterprise component funds were reallocated to the general credit line fund. In addition, the preparation of the SME sector policy study required under the loan did not have any noticeable impact on the policy environment. The Central Bank--which was the implementing institution for this study--was not responsible for the non-financial policies that this study was intended to examine and address. This contributed to low ownership of the study and its lack of impact.2 However, broad policy reforms implemented 1990-91 improved the environment for small and medium business.3 (see para 23) 6. Disbursement Profile: The credit was committed and disbursed very rapidly. The Staff Appraisal Report anticipated that the loan would be fully committed within two years after loan effectiveness and fully disbursed about 4.5 years after effectiveness. Instead, the line was more than fully committed (US$94 million) about 1.75 years after loan effectiveness.4 Almost 96 percent of the line was fully disbursed less than two years after loan effectiveness. The line of credit moved quickly due to: (i) attractive intermediation margins, which encouraged financial intermediary participation and promotion; and (ii) long lending terms (4-10 years), which subborrowers were otherwise unable to obtain. A Government line of credit offering long term credit for enterprise development (FFI) was closed mid-1991, which increased demand for the Bank loan. 7. Sector Policy Objectives: The project did achieve its sector policy objectives with respect to changes in public policies and institutional mechanisms influencing SME access to long term credit. Loan effectiveness conditions stipulated that the Government would put into effect certain financial policies and institutional changes. These included changes in regulations governing Central Bank development credit rediscount facilities to: (i) eliminate interest rate subsidies and expand financial margins to PFIs; (ii) extend maturities and grace periods; (iii) expand eligible expenditures to include imported used equipment; (iv) adopt substantially higher automatic rediscount ceilings and simplify documentation to reduce loan processing time and cost; (v) adopt repayment performance as the key ex-post monitoring criterion; (vi) relax capitalization and production target requirements; and (vii) eliminate the discretionary bases for the cancellation of already approved rediscounts. 8. Further, the interest rate structure of directed credit was amended so that the Central Bank rediscounted the funds to financial intermediaries at the value of an index of commercial bank deposit rates (DTF) and allowed the intermediaries to onlend the funds to SMEs at rates up to DTF+6.5 The prior rate structure provided an insufficient spread to attract PFIs to lend to smaller clients, which were considered to have relatively higher administrative costs and carry greater risk. The policy changes and attractive terms contributed substantially to the rapid disbursement of the line of credit. Based in part on its experience with allowing market defined interest rates within a specified range this project, the Central Bank eliminated all interest rate caps on subloans issued through directed credit programs in May 1994. 9. Participation of Financial Intermediaries: The SME5 credit did achieve its institutional development objective of expanding the number of financial intermediaries making long-term loans to SMEs. A condition of project effectiveness was that the Central Bank would execute participation agreements with at least three PFI's, whose aggregate indicative commitments would exceed at least 40 percent of the loan amount, and with one managing institution for the microenterprise component. The structure of the credit led to a strong increase in the number of participating financial intermediaries in the credit line compared to previous SME credit lines in Colombia--32 banks and CF's used the credit. This meant that SMEs had ready access to this credit line through an extensive network of bank branches throughout the country. Pag 3 10. It is less clear whether the loan succeeded in increasing the volume of resources mobilized for SME lending since the participating financial intermediaries do not keep records of portfolio development according to client size. However, in the survey of participating financial intermediaries undertaken for this report, two-thirds of the participating banks and financial corporations (CFs) reported that over 80% of SME subborrowers were new clients. Only one bank indicated that most subborrowers (95%) were previous clients. The intermediaries reported that they would have issued loans to these clients, but that the line enabled them to offer funds at longer terms than they would have out of their own resources. At the time of the completion report, most intermediaries' representatives stated that they were willing to use their own resources for SME clients, but only for a 3-5 year term. 11. Loan Processing and Technical Assistance to Subborrowers: Institutional development goals regarding the Central Bank were met. The Central Bank streamlined SME processing and improved its speed in approving loans--from 50 days under the fourth SME loan to 7 days as of the first supervision report. At the time of the completion report, the Central Bank had a one day turnaround. In addition, the loan agreement created a "free limit subloan" procedure, under which financial intermediaries would be allowed to issue subloans for up to US$400,000 without prior approval from the Central Bank. The financial intermediaries were also able to give subloans for restructuring or investing based on financial plans duly submitted without Central Bank approval for amounts of US$250,000 for CFD and experienced CFs, US$120,000 for smaller CFs, and US$80,000 for commercial banks. 12. Commercial financial intermediaries reported that they did not change their own procedures for dealing with SMEs. No steps were taken to decrease paperwork demands or expedite SME loan processing and no changes occurred in the amount of time necessary to approve a loan. However, interviews with a sample of subborrowers indicate that the amount of time taken to process and approve a loan--on average one month--was regarded to be reasonable. Subborrowers and participating financial indicated that in order for the small firms to complete the financial analysis and project documents, the banks would have to provide some guidance in project preparation. No other formal technical assistance was provided to subborrowers. 13. Impact on the CFD: The CFD made important steps forward in institutional development under the loan. When unable to meet the performance indicators that were a legal covenant for participating in the project, CFD was in danger of losing a predominant source of financing. This situation helped to precipitate the decision to privatize this public sector development bank in April 1992 and change its name to the Corporacion Financiera de Desarrollo (CFD). Authorized capital was doubled from US$7.3 to 14.6 million and, in 1993, the CFD issued an additional US$0.63 million. Main investors include the IDB's International Investment Corporation (24.6%), Corferias (0.4%), and the Chamber of Commerce, the Association of Small Industry, an Ecuadoran private bank and other private investors, and various other foundations and cooperatives involved in microenterprise development (total of 33.7%). The government now holds 23% of the shares, and of the seven current CFD board members, only one represents the Government. As a result of the privatization, return on the institution's portfolio has received increasing emphasis. CFD management has devised a new strategy and procedures for lending. 14. The increase in equity caused an improvement in the institution's financial indicators: administrative costs/total assets declined from over 8 percent in 1990 and 1991 to 4.1 % in end July 1992 and 5.39% at end-1993. Net profits to average assets were 0.9% in 1990 and 0.8% in 1991 versus a loan covenant target of 1.6%. This percentage improved to 2.2% in 1992 because (i) CFP dramatically increased deposit taking and own resource lending; (ii) the capital injected through Page 4 privatization yielded interest returns since not yet relent; and (iii) the institution made financial gains on sale of property. In 1993, as the effects of these extraordinary circumstances subsided, the ratio of net profits to average assets was 1.03, reflecting operational improvements since pre-privatization. The indicator jumped in 1994 due to generalized credit restrictions that inhibited CFD loan issuance. 15. Financial Objectives: The project achieved its financial objectives with regard to financial intermediaries. Thirty-one participating financial intermediaries met and sustained the eligibility criteria.6 These criteria were that intermediaries sign participation agreements, maintain project accounts under sound practices and provide audited financial statements, adhere to subloan terms on rate, maturity, and grace period specified, and maintain a collections rate of 90%. The collection rates for participating financial intermediaries, except CFP, were high, ranging from 97% to over 99%. Non-performing loans were approximately 1% of the CO-3025 portfolio at year end-1993. 16. The quality of the CFD portfolio of World Bank SME5 loans was considerably lower than that of CFD's general portfolio. Arrears for the credit line were 22%, compared to 7.4% for the overall portfolio in 1993, including 3.2% overdue more than 90 days. (The total arrears rate shows improvement, but continues below industry standards.) Since the credit line drew from the same pool of borrowers as other loans, the explanation provided by CFD management is that the SME5 loan amortization schedule was inappropriate for the scale of subborrower. CFP works mainly with microenterprise and smaller-scale clients, who normally repay CFP loans on a monthly or quarterly basis. This repayment schedule fits the cash flow structure of smaller enterprises and the discipline of more frequent, smaller repayments has been found to improve collection rates. Central Bank regulations established for the SME credit line, however, required all PFIs to collect repayments from subborrowers on a semiannual basis to match their own repayment schedule to the Central Bank. 17. Portfolio Characteristics: During the course of the project, a total of 2,188 subloans with an average value of US$34,800 (C$30.81 million) were issued to SME's with average assets of US$23,277 (C$19.20 million). About 42% of subborrowers were classified as new firms that were legally incorporated immediately prior to the loan.' The credit line was used by enterprises in 26 regions throughout the country. Areas of concentration include Santafe de Bogota (658), Antioquia (252), Santander (188), Cudinamarca (125), and Valle de Cauca (125). The financial intermediaries that issued the greatest number of loans were CFD (810), Caja Agraria (481), Banco Ganadero (200), Banco Cafetero (145), and Banco Popular (155). The Banks tended to issue smaller loans than CFs. The agricultural development bank, Caja Agraria, disbursed loans of by far the smallest average value ($19,326), while CFD issued the smallest average loans of all other institutions on average (US$41,527). Several CFs made subloans with values totalling over US$1 million, including Corfigan, CF de Santander, CF Colombiana, and CF Suramericana. 18. Of the firms that granted subloans, 80% had asset levels of under US$150,000 at the time of the loan, and 28% had assets less than US$20,000. A large number of loans were small: 45% of all loans issued were for less than US$20,000. These indicators appear to demonstrate that the project satisfied its goal of reaching smaller enterprises. Almost 80% of subloans carried the maximum allowable interest rate of DTF+6%. Approximately 14% of loans carried rates of 3-5%. The 5% of loans with an interest rate of DTF represent loans to enterprises located in frontier areas (Amazonas, Norte de Santander, Nario, Cesar) in accordance with national law that requires that preferential treatment be given these regions. 19. Impact on Subborrowers: Survey results indicate that the credit has had a significant positive impact on employment and sales of participating SMEs.8 A sample of 53 enterprise subborrowers that initiated operations with subloan proceeds had a combined annual salary expense of US$1.7 PeW s million in the year following the credit. This result may be used to infer that every loan dollar helped to generate 35 cents in salaries in the short term. As the firms were new and did not have regular employees before the loan, the expense represents payment of salaries to employees hired as a direct consequence of the credit. Sales by these firms were also a direct result of the credit. Total 1992 sales of these sampled enterprises were US$19.8 million, averaging US$388,609 per loan. For every dollar of loan to these new firms, US$3.56 in product was sold in the first year of operation. Of this sample, only 3 had no sales in that year. Thus, in general, it appears that the subloans did contribute to production. 20. Another sample of 93 new and existing Bogota firms that received loans with a total value of US$5.55 million from the CFD, selected randomly from CFD files, created or sustained a total of 2,997 jobs-or an average of 32 jobs per firm. Employment creation was higher than projected by loan analysts in conjunction with the entrepreneurs. Annual sales by these firms in were US$28.7 million, with average sales of US$308,576 per enterprise. This implies that each loan dollar helped to support US$5.17 in sales. On average, actual sales were equivalent to sales projected in the financial plans drawn up by the entrepreneur and CFD. Enterprise performance varied due, in part, to the impact of lowering tariffs on the industry or sector. 21. Finally, interviews conducted by Bank staff with 14 subborrowers in Bogota and Cali also indicate that the loan program had, in general, a positive effect. All except three enterprise managers believed that the loan had a direct positive impact on employment.' The 13 functioning enterprises in total, according to managers, had created 323 additional full-time jobs specifically due to the 3025 loan-an average of 25 new jobs per enterprise. Only two enterprise managers said that employment stayed the same or decreased. These 13 enterprises had a total of 485 employees at the time of receiving their loan (37 per firm on average) which grew to 808 employees due to the loan (62 per firm on average). Many of these enterprises had continued to grow after the first impulse of the loan; as of July 1994, the total employment of these 13 enterprises had grown to 1,041. All except one enterprise manager believed the 3025 loan contributed to a significant increase in their production levels, number of buyers, sales, profits and taxes paid. However, many stated that profits did not increase as fast as sales since margins were squeezed through increased competition from imports. The Government lowered tariffs from an effective rate of 70 percent to about 30 percent during 1990- 91. 22. Rate Of Return: The SAR stated that SME loan approvals would require at least an 11 percent financial rate of return. Information on the actual rate of return of subprojects was available in the Central Bank of financial intermediary files only for subloans over US$100,000, which represented 11% S of subloans. However, since subloans were disbursed at a market rate of interest and the portfolio of SME loans is of very high quality, it appears that the financial rate of return on subprojects was adequate. C. Implementation Record and Major Factors Affecting the Project 23. Factors Generally Subject to Government Control: A major economic policy change occurred during the first year of project implementation. Colombia undertook a broad economic liberalization and modernization plan in 1990, known as the apertura, which dramatically changed the business environment in which SMEs were operating. The apertura brought competition from imports, access to capital goods at lower cost, and the potential for export development. The changes resulted in increasing absolute and net entry by SME's. Effects on existing SME's varied by sector. Small and medium firms seeking to take advantage of new market entry opportunities or needing to restructure to improve efficiency in the face of increased competition were able to obtain credit Page 6 through this project. In 1991, the appreciation of the peso and an increase in interest rates hurt business, particularly exporters or those gearing up to export. 24. Extensive financial sector reforms affected the operations and strategy of participating financial intermediaries. Financial institutions, particularly CFs, were able to offer a wider range of products and competition among types of institutions was increased. The liberalization of the current account gave some large firms access to international financial markets, in which many Colombian banks could not compete. Increased competition for prime clients caused many financial institutions to seek new, smaller-scale clients at the same time that the 3025 credit line became available. 25. Perhaps the most significant factor affecting implementation within the Government's control, which led to an 18 month delay in project effectiveness, was a delay in implementing the financial sector policy changes agreed to during negotiations. However, once these policy changes enabling the project to become effective were enacted, the line of credit was committed very rapidly. 26. The microenterprise component of the project was not implemented because the Government decided to pursue instead a US$15 million IDB microenterprise project. Under the line, the intermediary could borrow funds at DTF-3 and relend to microenterprises at DTF+3. In addition, the intermediary would receive a subsidy of Col$200,000 from the Government for each loan provided through this credit. Consequently, the World Bank line was less attractive than the IDB alternative. 27. Factons Subject to Implementing Agency Control: The high level of commitment of the Central Bank to the project was a major factor in project success. The Central Bank allocation of personnel to a new department created to manage external credit lines facilitated financial intermediary use of the credit line. The newly created external credit line division of the Central Bank, the implementing agency, undertook to streamline paperwork and change procedures to facilitate rapid processing of applications. The improvements reduced financial intermediary administrative costs and enabled the intermediaries to respond more quickly to SME subloan applications by eliminating delays caused by Central Bank processing of loans. D. Project Sustainability 28. Continuation of SME Lending: The sustainability of main project achievements is likely. All but two of the financial intermediaries interviewed asserted that they would continue to lend to SMEs out of their own resources'" because they can earn bigger margins due to SMEs weaker negotiating ability and position. The smaller CFs will continue to work with this market segment since their equity limitations prevent issuing the size of loans large enterprises may need. One commercial institution has established a line of credit for SMEs from its own resources that would give loans of up to 10 years. The Government-owned financial institution, IFI, has established a US$2.5 million guarantee fund that will guarantee from 30-50% of SME loan amounts. Several banks and CF's indicated that they were looking to guarantees, like Proexpo or IFI, to alleviate concerns about inadequacy of SME collateral. In 1993, IFI rediscounted about US$20 million through first tier financial intermediaries to SMEs and plans to expand this practice in the future. As financial sector policy reforms undertaken since 1990 have contributed to more competition in the banking sector, financial institutions are likely to expand lending from own resources to SMEs. Many institutions indicated, however, that they will not lend to microenterprises since they believe that these loans carry an unacceptably high level of risk and administrative costs. 29. CFD Operations: CFD viability has increased as a result of the reforms undertaken since its privatization. As of June 1994, the institution had disbursed US$87.8 million from its own resources, Pag 7 representing approximately 73% of its total portfolio. In 1991, the CFD (then CFP) issued only 22% of its loans out of own resources, relying mainly on multilateral and domestic credit line facilities. The institutional culture is changing, both through changes in management, training of personnel regarding new procedures and service orientation, and personnel attrition and turnover. The average tenure of personnel has decreased from approximately 10 years in 1990 to 6.23 years in 1994, and the current staff numbers 340. Three of the four vice presidents and 22 of 27 managers are new, hired from private sector financial institutions. In the regional offices, there has been a depoliticization of staff. The automation of all offices is 90% completed, and when completed is expected to lead to a further decrease in staff by 33%. 30. The privatization included an employee stock option plan (ESOP), in which a large number of personnel participated through very small purchases. This employee stake in CFP performance, combined with sale of shares to other major stakeholders in the institution (chamber of commerce, foundations, trade associations) should help institutional sustainability. In addition, with the capital infusion through privatization, institutional finances became adequate to continue operations in the short to medium term. Long term viability will depend on sustained good management of the institution. The management has adjusted its strategy, moving away from financing loans too small to cover costs by setting a minimum loan amount of 50 times the national minimum monthly wage. The maximum loan issued will be US$600,000. The institution intends to create an effective administration to capture savings, further increasing intermediation of loans from savings. E. Bank Performance 31. The Bank performance in all stages of the project cycle was highly satisfactory. The Bank team designed a project that succeeded in catalyzing improvements in CFD performance, following four projects that were unable to reform the institution. The strategy of introducing competition among financial institutions to improve the efficiency of a Government-owned development bank was an innovative approach at the time of the project. The loan was well-designed and an appropriate instrument to support SME growth. The inclusion of potential participating financial intermediaries in the preparation phase, through focus groups, that led to modifications in subloan processing and documentation requirements contributed to successful implementation. Risks and benefits of the credit were adequately appraised and borrower commitment established. The CFD was appraised thoroughly and eligibility criteria were established for other financial intermediaries. 32. Supervision missions took place about once a year, phone contact and correspondence with the implementing agency from headquarters was frequent, and supervision reports presented salient issues and changes. Supervision 590 forms provided an accurate assessment of project implementation progress and problems were realistic and gave appropriate views. Performance indicators were appropriate and facilitated evaluation of project implementation. During supervision, CFD inability to meet performance covenants led to its privatization. A pragmatic approach to applying project conditionality led to a positive outcome in a situation that could have caused loan cancellation. In general, loan covenants were enforced, and Central Bank and World Bank officials exchanged information regularly. F. Borrower Performance 33. The Borrower's performance was satisfactory to highly satisfactory in the various components of loan preparation and implementation. The Central Bank participated extensively in the preparation phase and demonstrated commitment to the project. In its role as implementing agency, the Central Bank verified financial intermediary compliance with eligibility criteria, disqualifying one Page 8 institution when necessary. Significant improvements in operational procedures were made by the Central Bank. It sought, as well, to collect data required from financial intermediaries regarding subborrowers on an annual basis. The Central Bank complied with all major loan covenants. As the implementing agency, the Central Bank was responsible for the study of policies affecting SMEs and undertook the study internally, as it did not want to use Bank loan proceeds to fund a study that would not necessarily be operationalized. The Central Bank covered mainly those issues under its own purview and within its areas of expertise, such that the document did not have the intended impact. G. Assessment of Outcome 34. The project's outcome has been highly satisfactory. The line of credit provided small and medium enterprises in Colombia with access to credit through the commercial branch network as the country was opening its economy, thereby giving these firms resources to take advantage of the new opportunities emanating from the apertura. The policy dialogue on interest rate policy related to this loan, and the conditionalities developed, contributed to Central Bank movement towards reduced rate- setting and increased market-determination of interest rates for all segments of the real sector. H. Future Operation 35. Not applicable. The Government of Colombia intends to prepay the loan in its entirety, so that there will not be relending to new subborrowers from reflows from maturing loans. Colombia currently enjoys excess foreign reserves and is prepaying some of its World Bank loans. In addition, the Government has decided to phase out the practice of rediscounting credit lines through the Central Bank. The unit established to oversee such lines has been largely disbanded, and only a few staff members continue to attend part-time to management of credit line paperwork. I. Key Lessons Learned 36. The four main general lessons learned from this project include: (i) all key elements needed for project success should be accomplished prior to project effectiveness. While project effectiveness was delayed significantly until conditions were met, these policy changes resulted in quick disbursements and project success; (ii) those responsible for implementing a project component must feel ownership. The Central Bank did an excellent job of managing the SME rediscount facility; however, since it did not have the authority to implement the SME policy study recommendations, it took less interest doing this analysis; (iii) coordination with multilateral and otherfunding agencies and the Government on sector policy (e.g. microenterprise lending programs) is important to ensure consistent approaches and avoid duplication of effort; and (iv) maintaining the focus of supervision on achieving broad development goals combined with a degree of pragmatism regarding conditionality can improve project outcome. 37. Important lessons regarding SME sector development include: (i) credit projects can help SME's take advantage of liberalization of the business environment; (ii) fostering a competitive credit environment can be an effective technique to improve the performance of a government-owned development bank; (iii) heightened competition in the financial sector can lead to greater private sector interest in lending to SME's; and (iv) financial intermediaries should have maximum flexibility to set the appropriate terms, conditions and amortization schedules of SME subloans; more frequent, smaller payments are an important factor to increase repayment rates among smaller enterprises. page 9 1. See Colombia. Fifth SmaU and Medium Scale Enterorise Proicct, Staff Appraisal Report No. 7493-CO, February 9, 1989. 2. The Central Bank has indicated disagreement with this conclusion, asserting that the study found the environment was favorable to SME development and therefore no actions were needed. 3. For analysis of business environment reforms and remaining private sector constraints, se Colombia: Private Sector Assessment, World Bank Report No. 13113-CO, August 5, 1994. 4. Commitments exceeded the total line amount of US$77 million to take into account potential cancellations. 5. In frontier areas, FFIC directed credit funds were rediscounted to financial intermediarics at DTF-4 as the Borrower's law required preferential treatment for these areas. This was not offered under CO-3025. 6. In 1992, Caja Agraria transferred their 3025 loans to other financial intermediaries, repaid the Central Bank and withdrew from the project because it could not meet the reporting requirements of the line and was undergoing reorganization. 7. This includes firms newly incorporated that had been operating in the informal sector and offshoots of existing enterprises. S. Several methods were used to try to determnine the impact of subloans on small and medium enterprises. First, Central Bank and World Bank staff reviewed over 200 files of new firms that were established at the time of their 3025 subloan; financial statements of 53 of these enterprises were examined to reveal their sales levels and salary expenses after the loan. The other files were discarded since they lacked financial statements of years after the loan. Second, the team examined 93 of the supervision reporting forms of the Bogota branch office of the Corporation Financiera de Desarrollo. These forms include information on: (i) the subloan amount and use; (ii) the loan officer's and subborrower's estimate of the number of jobs to be created and sustained by the loan; (iii) five year projections on the estimated impact of the loan on sales levels; and (iv) actual number of jobs and sales levels created and sustained by the loan determined through supervision visits by the CFD loan officer. Third, the team conducted interviews using a prepared questionnaire with 14 fairly representative subborrowers in Cali and Bogota to gain more in-depth information on the impact of the 3025 subloan on their operations. Results from all three sources indicate that the subloans did have a very positive effect on sales and employment levels. 9. One firm was under Chapter 11, but since this firm had received loans from 33 different financial institutions at the same time (including the 3025 line), its employment data was excluded from the results. 10. The two banks that will not pursue SME lending have developed strategies and procedures to target large firms. Statistical Tables Page 1 of I Table 1: Summary of Assessments Table 2: Related Bank Loans/Credits Table 3: Project Timetable Table 4: Loan/Credit Disbursements: Cumulative Estimated and Actual Table 5: Key Indicators for Project Implementation Table 6: Key Indicators for Project Operation Table 7: Studies Included in Project Table 8A: Project Costs Table 8B: Project Financing Table 9: Economic Costs and Benefits Table 10: Status of Legal Covenants Table 11: Compliance with Operational Manual Statements Table 12: Bank Resources: Staff Inputs Table 13: Bank Resources: Missions Table 1: Summary of Assessments A. Achievement of obiectives Substania artial aNegligible Not plaicabhln Macro policies El Sector policies [1 Financial objectives [] 00 Institutional development 0 LI 0I0 Physical objectives Fl 0] 0l Poverty reduction El El El Gender issues El FL 0l Other social objectives El L El Environmental objectives El LI 0] Public sector management El El El Private sector development El 0 0 Other (specify) L [ [I (Conbinued) Page 2 of 8 B. Project sustainability Likely Unlikely Uncertain (/y ~~(/) (/) Highly C. Bank performance satisfactory Satisfactory Deficient (/) ~~(v) (V) Identification eti' Preparation assistance [l L L Appraisal itI L L Supervision [Ai] L] Highly D. Borrower Performance satisfactory Satisfactory Deficient (n ~~(/) (b/) Preparation LI LI Implementation LI 0 Covenant compliance [] 2l Operation (if applicable) [n LI Highly . Highly E. Assessment of outcome satisfactory Satisfactory Unsatisfactory unsatisfactory (/t (/) (/) (/) M~L LI OO Page 3 of 8 Table 2: Related Bank Loans/Credits Loan/credit title Purpose Year of approval Status Preceding operations Accelerate small scale industry 1984 Fully disbursed; PCR Report 1. Fourth Small Scale Industry employment creation and value- No. 10152 dated 12/9/91 Project added by increasing access to (Loan CO-2464) credit 2. Development Banking Make longer term financing for 1984 Pully disbursed; PCR Report Project subloans available to No. 10620 dated 4/30/92 (Loan CO-2477) participating financial intermediaries and strengthen institutions implementing financial sector reforms 3. Third Small Scale Industry Accelerate small scale industry 1980 Fully disbursed; PCR Report Project employment creation and value- No.6469 dated 10/31/86 (Loan CO-1834) added by increasing access to credit Following operations 1. Industrial Restructuring and Increase international 1991 In implementation. Approx 40% Export Development Credit competitiveness of industry committed, 8.5% disbursed. (Loan CO- 3321) through a private sector credit program to finance investment and TA at the enterprise level 2. Financial Markets Technical Increase efficient operation of [est. 1994] Appraised 12/93 Assistance Credit (Task fuiancial markets and foster CLMPA205) more effective financial intermediation Table 3: Project Timetable Date actual/ Steps in project cycle Date planned latest estimate Identification (Executive Project Summary) November 1986 November 1986 Preparation May 1987 1986 and June 1988 Appraisal October 1987 July 1988 (SAR 2/9/89) Negotiations November 1988 January 25, 1989 Letter of development policy (if applicable) Board presentation March 1989 March 14, 1989 Signing May 1989 September 22, 1989 Effectiveness June 1989 January 21, 1991 First tranche release (if applicable) Midterm review (if applicable) Second (and third) tranche release (if applicable) Project completion June 1994 July 29, 1994 Loan closing June 1995 August 26, 1994 Page 4 of 8 Table 4: Loan/Credit Disbursements: Cumulative Estimated and Actual (US$ millions) FY 89 FY 90 FY 91 FY 92 FY 93 FY 94 Appraisal estimate 0.3 10.0 28.0 58.0 73.0 80.0 Actual 0.0 0.0 8.0 60.2 75.0 77.0 Actual as % of estimate 0% 0% 29% 104% 103% 96.25% Date of final disbursement 6/16/93 Table 5: Key Indicators for Project Implementation 1. Key implementation indicators in SARI Estimated Actual President's Report 1. Number of participating financial 4 PFI's 32 PFI's intermediaries (PFl's) 2. Number of subproject investments by PFI, # = 2500 SME, 2500 microent. 2144 SME, 0 microenterprisw value of SME subprojects, and interest rates Value = USS 178 millions USS 137 million on subloans Interest Rates = DTF+6.0 max DTF + 3.0 to 6.0 3. Average Central Bank subloan processing Decrease from 50 to 7 days 1 day time 4. SME portfolio annual earnings (not defined in SAR) (data not available from PFI's) performance 98.6% including CFD 5. SME portfolio collections performance Minimum 90% collections for each PFI 99.3% excluding CFD CFD collections = 71 % II. Modified indicators (not applicable) Ill. Other indicators (if applicable) ' In the SAR, this value included USS57 that was to be cofmnanced by the Fondo Financiero Industrial (FFI). As the Government eliminated the FFI in 1991, this quantity has been subtracted from the number given. Page 5 of 8 Table 6: Key Indicators for Project Operation Not defined with client at the time the project was designed and negotiated, since not standard procedure at the time. Not defined at project completion as Borrower is going to prepay the loan and operations will not continue. Table 7: Studies Included in Project Purpose as defined Study at appraisal/redefined Status Impact of study 1. SME policy environment to analyse policy changes to completed by Central Bank, negligible rcrate a neutral policy 1991 envirnment for SME's Page 6 of 8 Table 8A: Project Costs Appraisal estimate (US$M) Actual/latest estimate(US$M) Local Forign Local Foreign costs costs Total costs costs Total Item _ _ _ _ _ _ _ _ _ _ _ _ _ I.Credit Program 154.9 80.0 234.9 59.7 77.3 137 2.Technical 0.2 0.2 0.0 0.0 Cooperation I I_I TOTAL 155.1 80.0 235.1 59.7 77.3 137 Table 8B: Project Financing Appraisal estimate (US$M) Actual/latest estimate(US$M) Local Foreign Local Foreign costs costs Total costs costs Total Source _ _ _ _ _ _ _ __ _ _ _ _ _ _ IBRD/IDA 80.0 80.0 77.3 77.3 Cofinancing institutions 97.8 97.8 59.7 59.7 Other extenal sourcs Domestic contributions 57.3 57.3 TOTAL 155.1 80 235.1 137 Table 9: Economic Costs and Benefits The FRR defined in the SAR as a prerequisite to PFI issuance of subloans was 11 %. Financial plans prepared by each of the subborrowers at application showed an FRR of 11 %. Ex post data regarding FRR are not available for subloans. The high collections rate (>99%) on the subloans, most of which carried an interest rate of DTF+6, indicates that the FRR was at least 6% (based on the assumption that the DTF, an index of time deposit rates, approximates the inflation rate.) Page 7 of 8 Table 10: Status of Legal Covenants Colombia CO-3025 Agree Section Covenant Present Original Revised Description of covenant ment type status fulfillment date fulfillment date Comments Loan 2.03 C 1/31/93 6/30/95 closing date amendment lettcr 1/14/91 3.01(b) Studies/TA CD 9/30/91 SME policy environment study 3.01(c) Project C (throughout) Central Bank (BR) second Implementation tier functions 3.01(g) Project C 6130/91 12/31/92 Subloan applications to amendment Implementation Bank kuer 1/14/91 3.03 Procurement C (throughout) Goods and services procured at reasonable price, timely delivery 3.04 Monitoring C (throughout) BR to suspend participation of PFI if collection < 90% 3.06 Monitoring C bi-annually BR prepare semi-annual project execution report 3.07 Monitoring CD annually BR monitor CFP admin CFP privatized cost targets of 5.5% of since did not avg assets meet targets 4.01 Accounts/ C (throughout) PFPI's maintain Project Audits accounts under sound practice 4.02(a) Accounts/ C annually PFI's project accounts Audits audited by acceptable independent auditors 4.02(b) Accounts/ C (throughout) BRlPFI's maintain records Audits and retain I yr after audit 4.06(b) Institutional NC (throughout) CFP net profits/ avg asss CFP was not less than 1.6% privatized. 5.01(d) Institutional C (throughout) PFI compliance under Participation Agreement 5.01(e) Sector Policy C (throughout) No changes in FFI conditionality: regulations adversely regulation affecting Project Schedule 4, Institutional C (throughout) BR lend to CFP min part 2.1 US$25 mill and max 35% CFP totl commitments 91-2 Schedule 4, Subproject/ C (throughout) Procedures, terms, other subloan criteria conditions of subloans Schedule 5 Subproject/ C (throughout) Criterial characteristics of subloan criteria SME's Guar- 3.02 Institutional C Guarantor make equity CFP antee contributions to CFP to privatizaton ensure CFP debt/ equity led to ratio <7.5% capitalization Page 8 of 8 Table 11: Compliance with Operational Manual Statements Indicate any significant lack of compliance with an applicable Bank Operational Manual statement (OD or OP/BP): Statement number and title Describe and comment on lack of compliance 1. None Table 12: Bank Resources: Staff Inputs Stage of Planned Revised Actual project cycle Weeks US$ Weeks US$ Weeks US$ Through appraisal n/a 71.1 Appraisal through n/a 13.3 Board approval Board approval n/a 2.8 through effectiveness Supervision 22 22.9 Completion 10 10 Table 13: Bank Resources: Missions Performance rating Specialized staff Stage of project cycle Number of skills represented Implementatio Development Types of Month/ persons Days in field n status objectives problems year Through appraisal 5/87 5 n/a financial analyst n/a n/a banking expert SME expert Appraisal through 10/87 2 12 financial analyst n/a n/a Board approval banking expert Board approval 1 0 financial analyst/ n/a n/a through effectiveness task manager _ Supervision 4/91,12/91 2 12 private sector 1-2 6/93 dvelopment expert, I___________________ ____________ financial analyst Completion 7/94 3 8 private sector 1 dvelopment expert, financial analyst COLOMBIA FIFTH SMALL AND MEDIUM ENTERPRISE PROJECT (LOAN 3025-CO) COMPLETION REPORT MISSION AIDE MEMOIRE 1. Introduction: A mission of the World Bank composed of Mmes Susan Goldmark, Adrienne Taptich and Natalia Gomez de Pizano visited Cali and Bogota from July 18-25, 1994 to collect information needed to prepare the Implementation Completion Report for the above project. Mission members held meetings with representatives of the Banco de la Republica (BR), all 33 currently participating financial intermediaries (PFI) and some branch officers in Cali and 14 subborrowers. The mission would like to thank Mme Lorena de Moreno, Director of External Credit Lines and Mr. Jesus Prieto Soloraza, Chief of External Lines of the Banco de la Republica (BR) as well as the numerous PFI and enterprise managers who gave generously of their time. 2. Implementation Completion Report: The mission discussed the format and content of the new Implementation Completion Report with Banco de la Republica representatives. We reviewed a draft version of the Banco de la Republica's section of the report as well as the World Bank team's preliminary conclusions on the design, implementation and impact of the credit. No major differences of opinion on these issues were found. The mission also conducted interviews using a structured questionnaire with managers of PFIs to attempt to determine the impact of the project on their operations. The BR agreed to send their section of the report by end-July 1994. 3. Methodology to Determine Project Impact: The mission used several methods to try to determine the impact of subloans on small and medium enterprises. First, BR staff and mission members reviewed over 200 files of new firms that were established at the time of their 3025 subloan; financial statements of 53 of these enterprises were examined to reveal their sales levels and salary expenses after the loan. The other files were discarded since they lacked financial statements of years after the loan. Second, the team examined 220 of the supervision reporting forms of the Bogota branch office of the Corporation Financiera de Desarrollo. These forms include information on: (i) the subloan amount and use; (ii) the loan officer's and subborrower's estimate of the number of jobs to be created and sustained by the loan; (iii) five year projections on the estimated impact of the loan on sales levels; and (iv) actual number of jobs and sales levels created and sustained by the loan determined through supervision visits by the CFD loan officer. Third, the team conducted interviews using a prepared questionnaire with 14 fairly representative subborrowers in Cali and Bogota to gain more in-depth information on the impact of the 3025 subloan on their operations. Results from all three sources indicate that the subloans did have a very positive effect on sales and employment levels. 4. Loan Closing: Prior to the end of the mission, the Banco de la Republica submitted the outstanding documentation needed to close the project to be fowarded to Bank headquarters. This includes a justification for the funds used in the Special Account and the cancellation of the remainder of these funds. The mission agreed to process these materials in an expeditious manner and consult with management on determining a closing date for the project. 5. Completion Mission Findings: Annex One presents a draft of the mission's preliminary findings on the design, supervision and impact of the project. We request that the Banco de la Republica provide comments on this report by early September 1994 Jusu mark July 29, 1994 Task lager FROM:BIRF-B.MUNDIRL BOG TO: 202 676 0367 SEP 20. 1994 9:38AR 4381 P.02 NCO t DE LA UIUDlUCA o!UI. 21685 Eurtst de Dog@t&. Ipt 15 de 199 NrALA X PIZM mISnBRR dolu1~ la 1L SVY 3025. ; - S. Om rulaal&i al 1- c ilatlimt Is t,aluma& de is Line UZ1 w 3025 t- Ie sig.mkti m b M I 1. k& i shI @1 tmto m at In qwm *I Mftdi* aectLal s is d a no to LdtoO am .1 oW1t mt, tgLzwtam qua au bajo 4 - dew .1 J* de a u 1m""znDb .l rwo dea UmMite q4imi so tlWW z -±U sI 4 l . l 1amt4 u fSn a. A mmtro juici, lo qm el istdl dMmO s qse 3A poiltl4m tm finuici.,n de G d'i m wct de 1 psqwAiY nadlaon __t.ili al omt=wAfo de fmomw u dmu=llo. par rgient en onto m q1a o Is mmin. de ugt_fi= el 4wt- Ieol., an l cuin2, we miol'vlm. Al. camavro an la purte f1nm mcia r staba daUrtsumncia de Io utzmirc a tbuuitaw a tito de mp lr mu sJativa alto Coto w1.Adutrsat.vo, .Wvnm z±..gm y ui sstacia. da 9w IC agemb finmmim wm t±ami ur tomlogL dUiLwa gs= amalisar y bww3a el1m am.idtr a los difsrinit t- a:m Ga pmipm. Sets cuumto es v2io takn pma ma (I LI). 2. l S .=. s *Sti. 91 la > u*mm de G rtoetno on muwtzu a .Eel. sComL 80ms.Lwa qw el oblcul de _w nicadc, a1igGe i o Us .J*'tmw M*1am a ,W$J100 mu so a dtwo an ros zuup va ruospgs q rsu an k aiLvae d.1 diac e la kAPMA1C. FRCM:BIR-B.PM.IDI AL BOC: T 202 676 0367 SEP 20. 1994 9:38pM #381 P.03 & 9USIA UVlWC ECA ~~~ @1 w * oobS dectdih xzmucLr el eqma~ de ,}~ ~ ~~~d ,. 'mLee dea i*'sws L m2a - .L mm delam1 de 1 fpb1ias Lea dod mnt1ad de JAI SdLVA Og M C Ytmt Lie. tDm y Cw~~ ill/Cia. 1 - BANCO DE LA REPUBLICA Departamento de Lineas Externas y Cartera Secci6n de Lineas Externas INFORME DE EVALUACION DEL PROYECTO LINEA BIRF 3025-CO Santaf6 de Bogota, Julio de 1994 I N DIC E INTRODUCCION 1. CARACTERISTICAS GENERALES DE LA LINEA BIRF 3025-CO 11. TIPOS DE PROYECTOS FINANCIADOS Ill. INTERMEDIARIOS FINANCIEROS A. SISTEMA BANCARIO B. CORPORACIONES FINANCIERAS IV. POLITICAS DEL SISTEMA FINANCIERO CONCLUSIONES INTRODUCCION Con el fin de mostrar el desarrollo, implementacion y resultados de la Linea BIRF 3025-CO y las repercuciones de las politicas financieras sobre los Intermediarios Financieros durante la colocacion de los recursos, se analizan en primer lugar las cifras de aprobacion y los tipos de proyectos presentados. A continuacion se comenta la evolucion de los Intermediarios Financieros - Bancos y Corporaciones- y por ultimo se senialan las principales medidas adoptadas para el Sistema Financiero por el Congreso de la Republica, el Gobierno Nacional y la Junta Directiva del Banco de la Republica. 1 I - CARACTERISTICAS DE LA LINEA BIRF 3025-CO. El 25 de Septiembre de 1.989 se celebro un contrato entre el BANCO INTERNACIONAL DE RECONSTRUCCION Y FOMENTO (BIRF) y el BANCO DE LA REPUBLICA, por el cual el BIRF concedio para el quinto proyecto de la Pequehia y Mediana Industria inclusive microempresas, un prestamo en canasta de monedas equivalente a OCHENTA MILLONES DE DOLARES (US$80.000.000), de los cuales Setenta y Siete millones de dolares (US$77.000.000) destinados a la Pequefha y Mediana Industria; Dos Millones Novecientos Mil d6lares (US$2.900.000) para Microempresas y Cien Mil Doiares ($100.000) para Asistencia Tecnica a los microempresarios. Este componente de Microempresas podria ser trasladado para prestamos ordinarios, sin ninguna modificacion al contrato. Las negociaciones estipularon un monto de Cuatrocientos Mil Dolares (US$400.000) como Limite Libre para el Banco de ia Republica. El credito fue canalizado a traves de las Corporaciones Financieras y los Bancos Comerciales. Adicionalmente, la Corporacion Financiera Popular (Hoy Corporacion Financiera de Desarrollo) y la Caja Social de Ahorros, podian actuar como Instituciones Administrativas, para represtar los recursos redescontados, a las Organizaciones No Gubernamentales (ONG), las cuales a su vez emplearian tales recursos para financiar proyectos de inversion de microempresas. Se establecio un Limite Libre por categoria de intermediarios asi: Categoria "A" US$250.000 Categoria "B" US$120.000 Categoria "C" US$ 80.000 Categoria "D" US$ Sin Limite Libre Con los recursos de la Linea, se financiaron proyectos desarrollados por Pequehas y Medianas Empresas Privadas de los sectores manufacturero, minero, agroindustrial y de servicios relacionados cuyo nivel de Activos a Diciembre 31 del aho inmediatamente anterior al de la solicitud fuese inferior a la cifra establecida para definir ia pequeha y mediana industria, de acuerdo con la Ley 78 2 de 1.988. Como caracteristica especial, para los proyectos ubicados en Santafe de Bogota, Medellin, Cali y sus zonas de influencia, el valor de los activos se calculo sumando a los del solicitante, los de los socios cuya participaci6n fuese del 50% o mas en el capital de la sociedad beneficaria del credito. Adicionalmente, se financiarian las ONG tales como: Asociaciones, Sociedades y Cooperativas con mas de 10 miembros en el mismo subsector y Compahias Comerciales que suministraran unicamente insumos para microempresas y/o efectuaran el mercadeo de sus productos. Asi mismo la Linea financiaba a los intermediarios financieros y personas naturales o juridicas, la compra de nuevas emisiones de acciones y/o bonos obligatoriamente convertibles en acciones y/o cuotas de capital social de Empresas que desarrollaran programas de reestructuracion o proyectos de inversion. Los beneficiarios de los recursos de la Linea podian recibir una financiacion maxima por proyecto hasta de US$ 500.000 o su equivalente en pesos colombianos, teniendo en cuenta que por razones de limite de endeudamiento para acceder al credito, no se podian superar los topes del 80% si eran empresas antiguas o del 70% si eran empresas nuevas. Es importante destacar que para la gestion del prestamo, el procedimiento fue claro sinembargo, por politicas institucionales, el tiempo de iniciacion de operaciones de la Linea, present6 un atraso de aproximadamente un (1) aho, debido a la diferencia de criterios con el Banco Mundial, respecto a las tasas de interes y de redescuento que deberian fijarse para las diferentes zonas del pais, toda vez que el Banco de la Repuiblica tenia tres (3) tasas de acuerdo con la ubicacion del proyecto y el Banco Mundial proponia que no se diera un tratamiento preferencial; esta decision que dependia de la Junta Monetaria qued6 finalmente en las siguientes condiciones: Los prestamos se denominaron en pesos colombianos, a unas tasas de redescuento asi: Zonas de Frontera DTF - 4 Demas ciudades y regiones del pais DTF 3 Las tasas de interes a la fecha de efectividad de la Linea (Enero 25/91) se fijaron como variables asi: Zonas de Frontera DTF Demas ciudades y regiones del pais DTF + 6 Los puntos adicionales sobre la tasa de redescuento fueron de libre concertaci6n entre el intermediario financiero y el usuario hasta un maximo de 6. Respecto a los plazos se fijaron asi: Activos Fijos y Participacion Accionaria Minimo 4 y Maximo 10 ahos Capital de Trabajo Minimo 1 y Maximo 5 ahos Periodo de Gracia: Activos Fijos y Participacion Accionaria Hasta 3 ahos Capital de Trabajo Hasta 1 aho I I - TIPO DE PROYECTOS FINANCIADOS El Cuadro No. 1 muestra la colocacion de la Linea por Actividad Economica y el valor de las solicitudes aprobadas tanto para Activos Fijos como para Capital de Trabajo, en sus modalidades de Credito Ordinario y Limite Libre. Contra los recursos de la Linea se aprobaron US$106.000.000 que con un margen de redescuento del 80% representan aprobaciones netas de US$85.583.000 de los cuales se redescontaron efectivamente US$76.218.000, para una utilizaci6n del 95.3% considerada aceptable puesto que solo da un margen de cancelaciones y/o desistimientos del 4.7%, sobre los US$80.000.000 contratados. Dentro de los Recursos Ordinarios se aprobaron 2.104 operaciones de las cuales el sector que mayor numero de proyectos present6 fue el de vestuario excepto 4 calzado con 334 que equivalen al 15.40%, seguido del de alimentos excepto bebidas con 293 proyectos para un 13.93% de participacion. Entre las actividades que presentaron menor movimiento se tienen las de explotacion de minas de carbon, servicios conexos del transporte y servicios personales diversos con un 0,05% de participacion cada una. Con recursos de Limite Libre se tramitaron 84 solicitudes de credito y el sector que mas numero de proyectos presento fue el de vestuario excepto calzado,con 13 operaciones que equivalen al 15.48%. El Cuadro No. 2 muestra la distribucion geografica de las aprobaciones. Los recursos se colocaron principalmente en Santafe de Bogota (31.27%), Antioquia (11.98%), Santander (8.94%) y Valle del Cauca (5.94%). Al igual que con los demas recursos de fomento, se puede colegir que el subsidio implicito en el credito a largo plazo, no es suficiente incentivo para inducir cambios en la distribucion regional de ia produccion toda vez que el mayor numero de proyectos se concentro en las grandes ciudades. Por otra parte, dentro de las aprobaciones de Limite Libre el Valle del Cauca muestra una mayor colocacion al presentar 65 proyectos que equivalen al 77.38%, seguido de Bogota con 13 operaciones equivalentes al 15.48%. Lo anterior nos permite visualizar la importancia de la financiacion de proyectos con creditos inferiores a US$250.000 para el desarrollo de ia Pequefia y Mediana Empresa del Valle del Cauca, puesto que de 84 empresas financiadas a nivel nacional, 65 de ellas se situaron en este Departamento. La Linea BIRF 3025 fue colocada entre 32 intermediarios financieros, pudiendose observar en el Cuadro No. 3 que en Recursos Ordinarios la Corporaci6n Financiera de Desarrollo fue la entidad que mas utilizo esta Linea de Credito al obtener 810 aprobaciones, equivalentes al 38.5% seguida de la Caja Agraria con 481 aprobaciones correspondientes al 22.86% y el Banco Ganadero con 200 operaciones, el 9.51 %. En cuanto a Limite Libre, tambien fue la Corporacion Financiera de Desarrollo la que mas proyectos presento con 74 operaciones (88.1 %) del total. Se evidencia, 5 que con excepcion de esta Corporacion los demas Intermediarios Financieros dejaron que el Banco de la Republica emitiera su concepto previo, aun estando las solicitudes de credito por debajo de su monto fijado como Limite Libre. En el Cuadro No. 4, se observa la clasificacion de los prestamos segun el nivel de activos de las empresas, y muestra que de los 2.104 proyectos con Recursos Ordinarios, 200 (9.98%) se otorgaron a empresas con activos totales de 20.0 Millones a 30.0 Millones de pesos, 174 (8.27%) a empresas con activos entre 10.0 millones y 15.0 millones de pesos y 141 empresas (6.70%) con activos entre 100.0 millones y 150.0 millones de pesos. En cuanto a los creditos aprobados como Limite Libre, las empresas con activos totales de 2 millones a 3 millones de pesos representaron el 50.85% de los prestamos, mientras que las de 4.1 millones a 6.0 millones correspondieron al 26.67%. Segun las tasas de interes para Recursos Ordinarios, las de mayor utilizacion fueron las correspondientes a las de DTF mas un margen de intermediacion entre 5 y 6 puntos, lo cual representa 80.28% tal como lo seniala el Cuadro No. 5. Para Limite Llbre se mantuvo la misma tasa, pero ia equivalencia fue del 82.59%, lo cual muestra la tendencia hacia la tasa maxima fijada por las autoridades monetarias. Respecto al plazo mas utilizado por los intermediarios para el pago de las obligaciones, fue de 5 anos que representan el 38.29% de las aprobaciones, seguido de las operaciones a 3 anos equivalentes al 13.9% para Recursos Ordinarios como lo podemos observar en el Cuadro No. 6; en cambio para las aprobaciones de Limite Libre el plazo mas utilizado fue el de 3 at)os con el 50.85% del total seguido por el de 5 afios con 26.67%. La tendencia de los plazos hacia los 5 ahos tanto para Recursos Ordinarios como para Limite Libre esta influenciada por los mayores recursos colocados tanto en Activos Fijos como en Capital de Trabajo, recordando que el plazo maximo para este ultimo se fij6 precisamente en 5 arhos. 6 Como se puede observar en el Cuadro No. 7 con Recursos Ordinarios, la linea se coloco entre Enero de 1.990 y Noviembre de 1.992, siendo el anio de mayor numero de operaciones aprobado 1.991, con 1.345 solicitudes que equivalen al 63.93% del total, seguido por 1.992 con 753 operaciones (35.79%) y finalmente 1.990 con 6 aprobaciones que equivalen al 0.29%. En cuanto a Recursos de Limite Libre el afio con mayores aprobaciones fue 1.991 con 60 solicitudes (71.43%) del total, seguido por 1.992 con 24 aprobaciones (28.57%). En total se atendieron 2188 subprestamos de los cuales 2.104 (96.1%) fueron para la financiacion de proyectos con Recursos Ordinarios y 84 solicitudes (3.9%) como Limite Libre. Con relacion al impacto sobre el empleo, este fue altamento positivo, tomando en consideracion que el del total de empresas beneficiarias del credito (2.188), 876 (40%) corresponden a empresas nuevas -consideradas como tales las que aun no iniciaban operaciones al momento de ia solicitud de prestamo- en nuestra opini6n por tratarse de pequehas y medianas empresas y a que los principales sectores hacia los cuales se dirigio la financiacion son intensivos en mano de obra. Se debe tener presente ademas que las empresas antiguas, iniciaron procesos de reestructuracion en sus plantas, lo cual implica que no necesariamente un proyecto adicional represente mayor generacion de empleo. La Corporacion Financiera de Desarrollo, coloc6 el 24.8% del total de los recursos aprobados por la Linea, siendo el principal Intermediario Financiero tanto en numero como en el monto global de solicitudes, pero dado que ha tenido problemas recurrentes para colocarse dentro de los parametros exigidos por la Resolucion Interna No. 02 de 1992, basicamente en lo relacionado con el endeudamiento sobre el Patrimonio Tecnico, fue suspendido su acceso al redescuento de las Lineas de Credito del Banco de la Reptiblica, situaci6n vigente hasta la fecha. Ahora bien, la privatizacion de esta Corporacion present6 un impacto positivo en el desarrollo de la misma, pero su atencion principal esta 7 centrada en operaciones con Bancoldex y Cartas de Credito que le generan una mayor utilidad. Es necesario aclarar que para Microempresas, tan solo se presento y aprobo una solicitud por $ 300.0 millones a traves de la Corporacion Financiera de Desarrollo, para Actuar Bogota, prestamo que posteriomente fue cancelado por el intarmediario financiero. Finalmente valga anotar, que no se presentaron solicitudes ni para Asistencia Tecnica a los Microempresarios, ni para represtar a las Organizaciones No Gubernamentales, debido a la existencia de una linea especifica para este tipo de proyectos. III - INTERMEDIARIOS FINANCIEROS A.- SISTEMA BANCARIO Como un hecho para resaltar se tiene que por primera vez, para la colocacion de los recursos de las Lineas del Banco Mundial, se dio acceso a los Bancos Comerciales como intermediarios financieros, lo cual se tradujo en una mayor demanda del credito. A partir de la iniciacion de los redescuentos de ia Linea en 1.991 y hasta el cierre de los desembolsos por parte del Organismo Internacional en 1.993, los Bancos del pais mostraron una tendencia ascendente en cuanto a sus Activos Totales lo cual se refleja en un incremento del 97.9%, al pasar de $7.2 Billones de pesos a $14.2 Billones de pesos, siendo considerado este como uno de los periodos de mayor crecimiento en la banca colombiana. Respecto al Patrimonio, la tendencia se mantiene, aunque en menor proporcion que los activos, al presentar un incremento del 78.36% entre los dos ahos comparados. 8 En cuanto a la Cartera del Sector Bancario, entre 1.991 y 1.993 presenta un incremento del 122.54%, bastante representativo del movimiento crediticio del pais. Mientras tanto, los indicadores de riesgo descienden asi: los Activos Improductivos pasan de 1.40 a 0.78 es decir se reducen en un 44%; la exposicion patrimonal paso de 11.44% a 5.95% con reduccion del 47.99%; el endeudamiento global paso de 8.88 a 8.30 veces y los activos de riesgo de 8.25 a 7.29 (Junio/93). De otra parte la rentabilidad patrimonial descendio en un 38.26% al pasar de 36.20% a 22.35% aun teniendo en cuenta que las perdidas acumuladas por ia Caja Agraria, el Banco Mercantil, el Banco Latino y el Cafetero, se excluyeron del total del sistema para el calculo respectivo. Al medir la eficiencia laboral y administrativa, como menores gastos en relacion con el volumen de operaciones tanto activas como pasivas, se establece que mejoro la eficiencia bancaria en un 4.86% al pasar de 9.67% a 9.20% siendo mas beneficiada la parte laboral. Las utilidades del sistema bancario se incrementaron de $104.7 Miles de Millones a $247.5 Miles de Millones lo cual muestra la dinamica del Sector en este aspecto. En terminos generales, puede concluirse que durante el periodo de colocacion y desembolso de los recursos, los bancos comerciales en su gran mayoria intermediarios de la Linea BIRF 3025, presentaron resultados positivos especialemente en lo que respecta al crecimiento de los activos, patrimonio y utilidades. 9 B.- CORPORACIONES FINANCIERAS De las cifras que se muestran en el Cuadro No. 9, indicadores financieros del Sistema de Corporaciones, se pueden establecer los siguientes parametros: Al igual que el Sistema Bancario, las Corporaciones Financieras mostraron una tendencia ascendente en cuanto a sus Activos Totales, que se reflejo en un incremento del 101.41% al pasar de $1.0 billon de pesos a $2.1 billones de pesos. Con relacion al Patrimonio este tambien presento un incremento del 37.86%, con lo que se mantiene la tendencia del crecimiento del Sistema Financiero. La Cartera de Creditos presento un incremento del 93.55% entre 1.991 y 1.993 lo que indica que el movimiento de los creditos otorgados por las Corporaciones Financieras practicamente se duplico. Estas Cuentas por Cobrar pasaron de $786 mil millones de pesos a $1.5 Billones de pesos. Por otra parte, los indicadores de riesgos presentaron una importante reducci6n, asi: Los Activos Improductivos del 69.81 %, la Exposicion del Patrimonio 75,71%, el Endeudamiento del 25.49% y el Endeudamiento con el Banco de la Republica del 70.89%. En cuanto a la rentabilidad del Patrimonio, presento un incremento del 33.49%, al pasar de 22.90 a 30.57% durante este periodo, y los Activos mostraron un importante aumento en la rentabilidad (71.21 %). Midiendo la eficiencia laboral como mayores gastos en relacion con el volumen de operaciones se establece que disminuy6 la eficiencia de las Corporaciones en un 8.06% al pasar de 2.73% al 2.95%. Las utilidades de las Corporaciones Financieras, presentaron un incremento del 209.87% al pasar de $30.644 millones a $94.957 millones que demuestra su fortalecimiento dentro del Sistema Financiero. 10 Como podemos ver, al igual que el Sistema Bancario, las Corporaciones presentaron un balance positivo en lo que respecta al crecimiento de Activos, Patrimonio y Utilidades. IV.- POLITICAS DEL SISTEMA FINANCIERO Con Resolucion interna No. 5 del 13 de Noviembre de 1.991, Ia Junta Directiva del Banco de la Republica fij6 las politicas para la administracion de las Lineas de Credito Externo que intermedia el Banco; Clasifico los Intermediarios Financieros segun su capacidad tecnica para evaluar proyectos y les dio autonomia para aprobar automaticamente (Limite Libre) creditos. Para los Intermediarios Clase A, hasta por US$5.0 millones, para los de Clase B hasta por US$3.0 millones y los de Clase C hasta por US$1.5 millones o su equivalente, la asignacion individual de los prestamos a los usurarios quedo en manos de los Intermediarios autorizados. Se establecio como margen de redescuento el 70% del prestamo y el beneficiario deberia aportar el 30% del proyecto. Tambien excluy6 la financiacion de Instituciones Financieras y el Sector de Vivienda, con los recursos de Lineas Externas. Los prestamos podrian ser desembolsados en pesos o en dolares, a escogencia del beneficiario. Como condiciones financieras, fijo que la tasa de interes al usuario no podria superar en mas de 6 puntos la tasa de redescuento; El Intermediario y el Beneficiario acordarian libremente la periodicidad del cobro de intereses, en forma vencida. La tasa de redescuento seria calculada periodicamente para prestamos en pesos o en dolares, para aplicarla a nuevos redescuentos. Con posterioridad se reglamento que su calculo se efectuaria trimestralmente. Para los plazos, la Resolucion establecio un maximo de 12 ahos incluyendo hasta 3 ahios como periodo de gracia. 11 Posteriormente, con la Resoluci6n No. 2 de Noviembre 6 de 1.992, la Junta Directiva del Banco estableci6 el nivel maximo de endeudamiento para cada Intermediario con el Banco de la Republica, de la siguiente forma: Clase A 2.5 veces el Patrimonio Tecnico Clase B 1.5 veces el Patrimonio Tecnico Clase C 1.0 veces el Patrimonio Tecnico Con esta misma Resolucion se autorizo que todos los Intermediarios Financieros tendrian una autonomia para aprobar creditos automaticamente hasta por US$5.0 millones, a partir de Junio 1 de 1.993. Valga comentar, que las politicas contenidas en la Resolucion 5 de 1.991, de la Junta Directiva se aplicarian a todas las Lineas Externas que aun tuviesen recursos por desembolsar. Sin embargo, para la Linea BIRF 3025-CO y de acuerdo con el BIRF no se modifico el contrato, en razon al tipo de proyectos financiados, relacionados en ia pequeina y mediana empresa, inclusive ia microempresa, se mantuvo el Limite Libre maximo hasta US$250.000 pactado en las negociaciones, asi como el criterio de cupo maximo de US$ 500.000 por proyecto. Sinembargo, con las nuevas medidas implementadas tanto por el Gobierno Nacional como por la Junta Directiva del Banco de la Republica, que dan mayor responsabilidad a los intermediarios, se redujo considerablemente el tiempo de tramite de las operaciones, pasando de aproximadamente 50 dias en promedio registrado en ahios anteriores a un promedio de 2 a 3 dias llegando incluso a la fecha a dar respuesta a las operaciones de Limite Libre, el mismo dia de su presentacion al Banco. El Congreso de la Republica aprob6 la Ley 31 de 1.992, en la que dicto las normas a las que deberia sujetarse el Banco de la Republica para el ejercicio de sus funciones e igualmente ordeno el traslado de los Fondos de Fomento al iFI; ademas, dispuso que entre sus funciones podria intermediar Lineas de Credito Externo para su colocacion a traves de los establecimientos de credito, funcion que hasta el momento ha venido desarrollando. 12 La Ley 35 de Enero 5 de 1.993, seflal6 los objetivos y criterios para que el Gobierno Nacional regulara la actividad financiera, bursatil y aseguradora del pais, entre otros aspectos determinando la cuantia o proporcion minima de los recursos que como prestamos o inversiones deberian destinar los establecimientos de credito a los diferentes sectores o actividades econ6micas cuando existan fallas del mercado con el prop6sito de democratizar el credito. Mediante el Decreto 663 de Abril 2 de 1.993, se actualizo el Estatuto Organico de todo el Sistema Financiero, quedando estructurado de la siguiente manera: a) Establecimientos de Credito - Bancos, Corporaciones Financieras, Corporaciones de Ahorro y Vivienda, y Compahias de Financiamiento Comercial. b) Sociedades de Servicio Financiero c) Sociedades de Capitalizaci6n d) Entidades Aseguradoras e) Intermediarios de Seguros y Reaseguros Estableci6 a su vez, los capitales minimos de las Instituciones Financieras asi: $8.000 millones para los Bancos, $2.500 millones para las Corporaciones Financieras, $2.000 millones para las Corporaciones de Ahorro y Vivienda, $1.500 millones para las Aseguradoras y $500 millones de pesos para las demas Entidades Financieras, reajustando estos montos anualmente de acuerdo con el indice de precios al consumidor. Los Establecimientos Bancarios debian acreditar un monto de capital pagado y reserva legal de $4.000 millones de pesos al 30 de Abril de 1.992 y $6.000 millones al 30 de Abril de 1.993. Las Corporaciones Financieras deberian demostrar $1.300 millones al 30 de Abril de 1.992 y $1.900 millones al 30 de Abril de 1.993. Los resultados de las capitalizaciones e incrementos en las reservas obligados por el Decreto 663, se observan claramente en los considerables aumentos registrados en los Balances de las diferentes Entidades Financieras, durante los anos de 1.992 y 1.993, los cuales permitieron mejorar las relaciones de solvencia, rentabilidad y liquidez, asi como la calidad de la cartera de todo el Sistema. CONCLUSIONES La Linea BIRF 3025-CO permiti6 que un mayor numero de beneficiarios utilizara el credito toda vez que se aprobaron 2.188 operaciones, para una colocacion bruta de recursos de US$106.0 millones lo cual arroja un promedio de US$ 48.4 millones por credito. En cifras netas es decir al 80% y con el monto total redescontado de US$ 76.218.000, se ofrece una cifra promedio de US$ 34.8 millones por proyecto, atendida directamente por el BIRF siendo los sectores mas dinamicos los de vestuario excepto calzado y alimentos excepto bebidas. Debido a las medidas de politica financiera establecidas por el Congreso de la Republica, el Gobierno Nacional y la misma Junta Directiva del Banco de la Republica, los Intermediarios Financieros -Bancos y Corporaciones- presentaron un incremento considerable en su patrimonio, cartera y un mejoramiento de sus relaciones financieras, no registrado en epocas anteriores. A raiz de la expedicion de la Resolucion Interna No. 05 de 1.991 por parte de la Junta Directiva del Banco de la Republica, los intermediarios financieros adquirieron una mayor autonomia para el manejo de los recursos de credito llegando a tener un limite libre por proyecto de US$5.0 millones, limitandose el Banco a calificar como redescontable una operacion que supere este monto. Esta medida permitio en gran parte, reducir el tiempo de tramite de las operaciones, dando con ello mayor beneficio a los usuarios de los prestamos. Como resultado relevante para el futuro, se tiene que los cambios de politica hacia el final de colocacion de la Linea trajeron beneficios, por cuanto permitieron agilizar la tramitacion de los prestamos, volviendose el Banco de la Republica mas eficiente en el suministro oportuno de los recursos a las empresas que adelantaron proyectos de inversion. Se debe tomar como una lecci6n el hecho de que los responsables de los compromisos adquiridos, deben ser los mismos de los cuales dependa directamente el ordenamiento de las medidas, por cuanto dictar politicas cuando no se tiene la delagaci6n o autoridad para hacerlo, entraba y complica el cumplimiento de las clausulas contractuales. Finalmente, se debe argumentar que la eficiencia y agilidad en la tramitaci6n tanto de las operaciones como de los diferentes informes por parte del Banco de la Republica ha sobrepasado las expectativas y exigencias del mismo Banco Mundial, creadas al rededor de las Lineas de Credito Externo. S-CEB AN^O DlE LA (tEUOUCA LIN LAS IXTLRNAS Y CARTUtA CREDITOS APRODADOS - SEOUN ACTIVIDAD ECONOMICA TOTAL LINEA BIRF 302S - ORD[NARIOS ENERO DE 1.990 A NOVIEMBRE DE 1.9S2 1 (NILLONES 0) [CLASIFICACION - C I I U - TOTALES Activos Capital de C6diqo Nombre No Part.% Valor Part.% Fijos trabaio 210 EXPLOTACIONDEMINASDECAIBON 1 0.05% 3.0 0.00% 3,0 230 EXTRACCION De INERALES METAuCOS 3 0.14% 125.0 0.19% 114.3 10.7 290 EXTRACCION DE OTROS NOERALES 1 1 0.52% 751.5 1.15% 656 4 95.1 311 AusENTos ExccTo BEBDmAS 293 13.93%0 9,059.3 13.90% 6,341.1 2,718.2 312 ALiMENqosCONCENTMDOSPARA N>uLS. 42 2.00/o 2,058.1 3.16% 1,839.0 219.1 313 BEBmAS 12 0.57% 342.5 0.53% 182.9 159.6 321 i Xmujs 125 5.94% 5,593.1 8.58% 3,088.0 2,505.1 322 vEsruAIo ExcbcAE zo 324 15.40% 6,355.8 9.75% 2,627.3 3,728,5 323 CUERO Y SUS PROD.(EXC.CALZADO Y VESflARIO) 74 3.52% 1,986.7 3.05% 938,8 1,047 9 324 CALZADOODCCDECAuCHOOoL.ASTICO) 90 4.28% 1,3944 2.14% 577.3 817 1 331 SMADLPA.COnCliOYSUSPROD.(EXC.MIUEBLES) 96 4.56%o 1,666.7 2.56% 939.6 727 1 332 M1'EBLES(EXC.LOSMETAUCOS) 113 5.37% 2,202.8 3.38% 1,046.4 1,156 4 341 PAPELYSUSPRODUCTOS 23 1.09% 1,856.0 2.85% 1,178.3 677,7 342 ugRENTAsY mrroRU,Es 151 7.18% 7,145.5 10.97% 5,489.0 1,656.5 351 PRODUCrOSQUUOCOSINDUSTRIALES 19 0.90% 1,183.6 1.82% 777.7 405 9 352 OrROS PRODUCTOS QUIMCOS 44 2.09% 1,872.3 2.87% 7584 1,113 9 353 REENERASDEPEfROLEO 5 0.24% 165.0 0.25% 80.0 85 0 354 DERIVADOSDELPETROLEOYDELCARBON 4 0.19% 207.5 0.32% 85 0 122 5 355 CAUCIIo 24 1.14% 987.7 1.52% 598 3 389 4 356 PLAsIcos N.EP. 122 5.80% 4,299.5 6.60% 2,800.9 1,498.6 361 OBjuTOSDEIBARRO,LOZAYPORCELANA 14 0.67% 230.4 0.35% 124.0 106 4 362 VMRIO Y SUS PRODUCTOS 9 0.43% 585.5 0.90% 523.0 62.5 369 OTROSPROD.DE UNERALESNOMETALCOS 106 5 04/o 3,517.0 5.40% 3,136 6 380 4 371 INDS.BASICASDEHIERROYACERO 20 0 95% 821.0 1.26% 456 2 364 8 372 rNDS BASICAS DE METALES NO FERROSOS 12 0.57% 157.7 0 24% 84.2 73,5 381 INiDS mETALIcAs(Exc..AQurNAIuAYEQUIPO) 142 6.75% 3,769.8 5.79% 2,264,9 1,504 9 382 MAQUINARlANOELF.C1UCA 81 3.85/o 2,618 1 4 02% 1,566 2 1,051 9 383 MAQUTNArIUAIECVjCA 40 1.90% 1,036.3 1.59% 593.3 443 0 384 NATERIALDETRANSPORTE 52 2.47% 1,566.5 2.40% 995.6 570 9 385 LQULJOPROrESIONALYCIENTaICO 7 0.33% 206.0 0.32% 109.0 97.0 390 OTRAS NDUSTRIASMANUFACTURERAS 43 2.04% 1,172.1 1.80% 658.6 513.5 719 SERVICIOS CONEXOS DE TRANSPORTE 1 0.05% 212.8 0.33% 212 8 0.0 959 SERVICJOS PERSONALES D[VERSOS 1 0.05% 7 3 0.01 %/ 7 3 0 0 TOTAL 2,104 100%/o 65,156.5 100%vo 40,8504 24,306 1 Sa7taf6 de Bogota. Junio 8 de 1.994 AGP - 3025 BANCO DE LA REPUBU1CA UNEAS EXTERNAS Y CARTERA CREDITOS APROBADOS - SEOUN ACTlVIDAD ECONOMICA TOTAL LINEA BIRF 3025 - LIMITE LIBRE Y MICROEMPRESA MAYO DE L.991 A NOVIEMBRE DE 1.99' 1 (MB.IONES Si CLASIFICACION - C I I U - TOTAL ES Activos Capital de Cbdiqo Nombre No Part.%/ Valor Part.%O Fiios trabato 210 E'XLO lIACION DE MNAS DL CARBON 0.00%/0 0.00%SD 230 EXTRACCION DE MINEKALES METAuCVS 0.00% 0.00% 290 EXTARACCION DE OTROS MINERALES 0.00% 0.00% 311 ALMENTOSEYXCEPrOBFBWAS 7 8.33%o 155.5 687% 89.3 66.2 312 AIIMENTOS CONCENTkADOS PARA ANLMALEs 1 1.19% 12.1 0.53% 12.1 0.0 313 BEBIDAS 2 2.38% 14.3 0.63% 7.1 7.2 321 TFXTE1LLS 2 2.38% 58.3 2.58% 43.3 15.0 322 vEsTuAR1o ExCo cALzAIDo 13 15 48% 294 3 13.00% 63 6 230 7 323 CUEROYSUSPROD(EXC.CALZADOYVESTUARO, 1 1.19% 5 0 0.22% 0.0 5.0 324 CALZADOIEKC.DECAuCHOoPLAPSfCOi 5 5.95%o 97 9 4.32% 31.5 66 4 331 MADEKA. CORCHO Y SUS PROD. (EXC.MUEBL, 4 4.76 %o 140 0 6.18% 62.0 78.0 332 MUEBLES XC.LOS METAUCOSI 0.00% 0.00% 341 PAPELYSLISPRODUCTOS 3 3.57%o 108 5 4.79% 38.5 70.0 342 MRE-tAsYEDrIToRLuiEs 5 5.95% 150.2 6.64% 91.7 58.5 351 PRODUCTOSQUIMICOS[NDUSTRIALES 1 1.19% 10.0 0 44% 7.2 2 8 352 OTROS PRODUcros ouIMucos 6 7 14 /o 120.5 5 32% 77.8 42.7 353 RERIAS DE PETROLEO 0 00% 0,00% 354 DERJVADOS DEL PETROLEO Y DEL CARBON 0.00% 0 00% 355 CAUCHO 2 2.38% 107.0 4.73% 77.3 29 7 356 PLASnCOS N.E.P 7 8.33% 155.8 6.88% 4.6 151.2 361 OBIFIOSDEBARRO. LOlA Y PORCELANA 0.00% 0.00% 362 VIDRIOY.SUSPRODUCTOS 1 1.19% 40.0 1.77% 16.0 24 0 369 OTROSPROL) DENUNERA1ESNOMETAIJCOS 1 1.19% 42 5 1.88% 42.5 0 0 371 rNDS BASICAS DF lHTFRIR() Y ACFR(o 3 3 57% 35 3 1 56% 27.8 7 5 372 INDS BASICAS DE METALES NO FERROSOS 1 1.19% 20.0 0.88% 6.0 14 0 381 INDS. METALCAS (EXC.MAQUINARIA Y EQUIPoi 4 4.76% 78 CG 3 45% 35.0 43.0 382 MAOUINARJA NOFi.FrTRR(A 8 9.52% 175.8 7 77% 49 8 126 0 383 MAOlINARAELECTWCA 1 1 .19% 60.0 2 65% 37.0 23 0 384 MATERIALDETRANSPORTI 3 3.57% 54 7 2.42% 35.7 19.0 385 EQUIPO PROFESIONAL Y CEENTIFICo 0.00% 0.00% 390 OTPRAS1NDUsTR.LS MANUrACT`URAS 2 2.38% 28.0 1.24% 12.0 16.0 719 sERNiCos CONEXOS DEL TRANSPORTE 0.00%o 0.00% 930 OTRASACvTrvDADESDESERVICIOS 1 1.19% 300 0 13.25% 300.0 0.0 TOTAL 84 100%/o 2.263 7 100% 1.167 8 1.095.9 Santafe de Bogota. Junio 9 de1 9 AGP - 3025 IDANrCO DE L'v REPUI3UCA L1NEAS EXTERNAS Y CARTERA CREDITOS APRODADOS - SEGUN LOCAl IZACION DlFL PROYI2CTO TOTAL LrNEA DIRF 3025 - ORDINARIOS ENERO DE 1.990 A NOVIEMBllL DE 1,992 2 (MILLONES S) LOCALIZACION DEL PROYECTO T O T A L E S Activos Capital de C6digo Departamento No. Part.% Valor Part.% Fijos trabaio 5 ANTIOQULA 252 11.98% 10,246.1 15.73% 6,621.1 3,625.0 8 ATLANTMCO 87 4.13% 1,949.4 2.99% 1,072.9 8765 11 SANTAFE DE BOGOTA 658 31.27% 28,525.2 43.78% 17,909.5 10,615.7 13 BOUVAR 22 1.05% 823.5 1.26% 562.3 261.2 15 IJOYACA 26 1.24% 361.6 0.55% 258.2 103.4 17 cALDAs 101 4.80% 1,897.7 2.91% 930.4 967.3 18 CAQUErTA 4 0.19% 87.2 0.13% 80.8 6.4 19 CAIDAS 44 2.09% 387.4 0.59% 264.7 122.7 20 CESAR 9 0.43% 872.0 1.34% 462.5 409.5 23 CORDOBA 33 1.57% 217.6 0.33% 138.4 79.2 25 CUNDINAMARCA 148 7.03% 4,260.6 6.54% 3,340.6 920.0 27 cHoco 1 0.05% 10.0 0.02% 6.7 3.3 41 HUnA 36 1.71% 578.0 0.89% 409.9 168.1 44 LAGUAJIRA 4 0.19% 106.0 0.16% 91.2 14.8 47 MAGDALENA 8 0.38% 292.5 0.45% 225.6 66.9 50 META 33 1.57% 1,951.4 2.99% 1,688.5 262.9 52 NARIO 115 5.47% 1,038.7 1.59% 743.3 295.4 54 NORTEEDESANTANDER 46 2.19% 1,100.6 1.69% 672.8 427.8 63 QUrNDIo 23 1.09% 249.5 0.38% 107.6 141.9 66 RISARALDA 60 2.85% 1,345.0 2.06% 557.3 787.7 68 SANTANDER 188 8.94% 2,487.9 3.82% 1,001.1 1,486.8 70 sucRu 5 0.24% 97.2 0.15% 49.7 47.5 73 TOLIMA 48 2.28% 1,402.1 2.15% 837.8 564.3 76 VALLE 125 5.94% 4,477.9 6.87% 2,489.8 1,988.1 81 ARAUCA 1 0.05% 8.0 0.01% 0.0 8.0 85 CASANAR 11 0.52% 259.0 0.40% 256.9 2.1 86 ruruMAyo 4 0.19% 39.0 0.06% 24.4 14.6 91 AMAZONAS 12 0.57% 85.4 0.13% 46.4 39.0 TOTAL 2,104 100.00% 65,156.5 100.00% 40,850.4 24,306.1 Santafe de Bogota, Junio 8 de 1.994 AGP - 3025 BANCO DE LA REPUBLICA LINEAS EXTERNAS Y CARTERA CREDITOS APROBADOS - SEGUN LOCALIZACION DEL PROYECTO TOTAL LINEA BIRF 3025 - LlMrIE UIBRE Y MICROEMPRESA MAYO DE 1.991 A NOVIEMBRE DE 192 2 (mnaLONW S ) ILOCALIZACION DEL PROYECTO T O T A L E S Activos Capital de C6digo Departamento No. Part.% Valor Part.% Fiios trabajo 5 ANTIOQULA 0 00% 0 00% 8 ATLANTICO 0.00% 000% 11 SANTAFEDEBOGOTA 13 15.48% 555 1 24.52% 131.7 423.4 13 BOLIVAR 0.00% 0.00% 15 BOYACA 0.00% 0.00% 17 CALDAS 0.00% 0.00% 18 CAQUFIA 0.00% 0.00% 19 CALDAS 0.00% 0.00% 20 CESAR 0.00% 0.00% 23 CORDOBA 0.00% 0.00% 25 CUNDrNAMARCA 1 1.19% 30.0 1.33% 22.0 8.0 27 CHOCO 0.00% 0.00% 41HLA 0.00% 0.00% 44 LA GUA.IRA 0.00% 0.00% 47 MAGDALENA 0.00% 0.00% 50 META 1 1.19% 9.7 0.43% 9.7 52 NARIO 1 1.19% 7.5 0.33% 2.1 5.4 54 NORTE DE SANTANDER 2 2.38% 22.9 1 01% 7.9 15.0 63 QUINDIO 0.00% 0.00% 66 RISARALDA 0.00% 0.00% 68 SANTANDER 1 1 .19% 20.0 0.88% 20.0 0.0 70 sucRE 0.00% 0.00% 73 TOLIMA 0.00% 0.00% 76 VALLE 65 77.38% 1,618.5 71.50% 674.4 944.1 81 ARAUCA 0.00% 0.00% - 85 CASANARE 0°00% 0.00% 86 PUTUMAYO 0.00% 0.00% 91 AMAZONAS 0.00% 0.00% TOTAL 84 100.00% 2,263.7 100.00% 867.8 1,395.9 Santafe de Bogota. Junio 9 de 1.994 AGP - 3025 BANCO DE LA RUPUDLUCA UNLAS DEArENAS Y CARThfPA CREDITOS APROBADOS - SEOUN CLASE DE INTERMEDIAJUO FINANCIERO TOTAL LINEA BIPY 3025 - ORDINARIOS ENERO DE 1.990 A NOVIEMBRE DE 1.992 3 (MaLLONES S) IICLASIFICACION INTERMEDIARIO TO TAL E S d Activos Capitalide C6diQo Intermediario No. Part.% Valor Part.% Fijos trabaio 1 BOOCTA 12 0.57% 878.1 1.35% 724.8 153.3 2 ,opuLAR 155 7.37% 6,698.4 10.28% 4,787.0 1,911 4 3 COLOMBIA 47 2.23% 1,999.0 3.07% 1,418.0 581 0 4 coMERCo 4 0.19% 260.0 0.40% 42.0 218 0 5 cA--mERo 145 6.89% 5,364.3 8.23% 3,674.7 1,689 6 6 DANCOQUIA 6 0.29% 467.7 0.72% 376.2 91 5 11 CAJAAORARIA 481 22.86% 5,595.4 8.59% 3,602 0 1,993 4 13 OANADERO 200 9.51% 8,924.4 13.70% 5,327.8 3,596 6 14 DECREDITO 1 0.05% 15.0 0.02% 0.0 15 0 17 SANTANDER 1 0.05% 30.0 0.05% 0.0 30 0 18 DECALDAS 2 0.10% 120.0 0.18% 107.5 12 5 20 DELESTADO 38 1.81% 1,815.0 2.79% 1,411.4 4036 22 UNION COLOMBIANO 1 0.05% 50.0 0.08% 35.0 15 0 29 TEQUENDAMA 1 0.05% 17.0 0.03% 17.0 0 0 110 C.F.COLOMBIANA 15 0.71% 1,949.0 2.99%. 1,403.2 545.8 115 C.F.DE CALDAS 2 0.10% 66.7 0.10% 39 8 26 9 118 c.r.cUNDINAMARCA 10 0.48% 476.7 0.73% 237.4 239,3 121 INDUFNANCLERA 1 0.05% 56.8 0.09% 48.0 8,8 124 coRJGOAN 37 1.76% 2,497.4 3.83% 1,735.8 761 6 133 LATINcoRP 19 0.90% 680.0 1.04% 420.8 259.2 136 C.F.DESANTANDER 28 1.33% 1,080 4 1.66% 684.4 396 0 138 PROGRESOC.F. 4 0.19% 606.1 0.93% 558.5 47 6 151 c.r.DEL NORTE 6 0.29% 662.1 1.02% 299.6 362 5 154 C.F.DELTOLIMA 7 0.33% 380.0 0.58% 275.2 104 8 160 cF.DELvVALE 8 0.38% 810.1 1.24% 673.1 137,0 165 C.r.SURAMERICANA 8 0.38% 868.6 1.33% 617.6 251.0 172 C.F.UNION 3 0.14% 220.6 0.34% t22 7 97.9 174 C.F.DeDoYACA 1 0.05% 15.0 0.02% 13.8 1.2 175 C.F.SURAMERICANA 13 0.62% 1,259.2 1.93% 1,181.0 78.2 180 C.F.DE DESARROLLO 810 38.50% 20,246.7 31.07% 10,375.9 9,870 8 190 LF.L - 2 0.10% 409.2 0.63% 279.7 129 5 209 CAJASOCLALDEAJSORROS 36 1.71% 637.6 0.98% 360.5 277 1 TOTAL 2104 100.00% 65,156.5 100.00% 40,850.4 24,306.1 3ntafe de Bogota, Junio 8 de 1.994 AGP - 3025 .) BANCO DE LA REPUBLICA LINEAS EXTERNAS Y CARTERA CREDITOS APROBADOS - SEGUN CLASE DE INTERMEDIARIO FINANCIERO TOTAL LINEA BIRF 3025 - LIMrrE LIBRE Y MICROEMPRESA MAYO DE 1.991 A NOVIEMBRE DE 1.99' 3 (MILLONES S) >CLASIFICACION INTERMEDIARIO T O TA L E S Activos Capital de _C6digo Intermediario No. Part.% Valor Part.% Fijos trabalo 1 BOGOTA 0.00% 0.00% 2 PoPULAR 0.00% 0.00% 3 COLOMBIA 0.00% 0.00% 4 coMRcio 0.00% 000% 5 CAFTERO 1 1 19% 7.5 0.33% 2.1 54 6 BANCOQUIA 0.00% 0.00% 11 CAJAAGRARIA 0.00% 0.00% 13 GANADERO 0 00% 0 00% 14 DE CREDiTO 0.00% 0 00% 1 7 SANTANDER 0.00% 0 00% 18 DE CALDAS 0.00% 0 00% 20 DELESTADO 1 1.19% 29 7 1 31% 29.7 00 22 UNION COLOMBLANO 0.00% 0.00% 29 TEQUENDAMA 0.00% 0.00% 110 C.FCOLOMBLkNA 3 3.57% 110.2 4.87% 88.3 21.9 115 CFDECALDAS 0.00% 0 00% 118 C.F CUNDINAMARCA 0.00% 0 00% 121 rNDLFNANCIERA 0.00% 0.00% 124 coRFGAN 1 1.19% 10.0 044% 7.2 28 133 LATrNCORP 0.00% 0 00% 136 C.F.DE SANTANDER 0.00% 0 00% 138 PROGRESOC.F. 1 1.19%/o 50 0 2.21% 0 0 50 0 151 C F DEL NORTE 0.00 /o 0°00% 154 C F.DEL TOLIMA 0.00% 0.00% 160 C.F.DEL VALLE 0.00% 0.00% 165 C F SURAMERICANA 0.00% 0 00% 172 C F UNION 0.00% 0 00% 174 C.F.DE BOYACA 0.00% 0.00% 175 C.F.SURAMERICANA 1 1.19% 12.1 0.53% 121 0.0 180 C F.DE DESARROLLO 74 88.10% 2.024.2 89.42% 711.4 1,312 8 190 LF.L 0.00% 0 00% 209 CAJA SOCLAL DEAHORROS 2 2.38% 20.0 0 88% 17.0 30 TOTAL 84 100.00% 2.263.7 100.00% 867.8 1.395 9 Santafe de Bogota. Junio 9 de 1.994 AGP - 3025 AMCO DE LA JCA LINEAS IrUK4NS Y CAZIUA C UEFrC6 AF.OSADOS2 - SCALA DE ACTIVOS TOTAL LDEA US 3125 - LUI! LU Y MKCtOWh3SA MAYO DE 1."1 A NOVUhG3 DEI :32 4 (MELLON= Si ESCALA DE ATIVOS TOTALES Activos Capdtal de JEscala en Mill. de Pesos valor Part.% Fiios trabaj HASTA 1 000% MAS DE 1 1 A 2 74.7 3.30% 74.7 MAS DE 21 A 3 1.151.1 50.85% 1.151.1 MAS DE 3 1 A 4 258.5 11.42% 185.8 72.7 MAS DE 4 1 A 5 603.8 26.67% 5064 97.4 MAS DE 5 1 A 6 141.5 6.25% 141.5 MAS DE 6 1 A 7 2.1 0.09% 2.1 MAS DE 7 1 A 8 32.0 1.41% 32.0 MAS DE 81 A 9 0.00% MAS DE 9 1 A 10 0.00% MAS DE 10 1 A 15 0.00% MAS DE 15 1 A 20 0.00% MAS DE 20.1 A 30 0.00% MAS DE 30.1 A 40 0.00% MAS DE 40 1 A 50 0.00% MAS DE 50 1 A 60 0.00% MAS DE 60.1 A 70 0.00% MAS DE 70 1 A 80 0.00% MAS DE 80 1 A 90 0.00% MAS DE 901 A 100 000% MAS DE 1001 A 150 0.00% MAS DE 150 1 A 200 0.00% MAS DE 200 1 A 250 0.00% MAS DE 250 1 A 300 0.00% MAS DE 300 1 A 400 0.00% MAS DE 4001 A 500 0.00% MAS DE 500.1 A 600 0.00% MAS DE 600.1 A 700 0.00% MAS DE 700.1 A 800 0.00% 2.263 7 100.00% 867.8 t.395.9 Santafe de Bogota. Junio 9 de 1.994 AGP- 3025 BANCO DE LA REPUBLICA LINEAS 1EP.NAS Y CARTERA CREDITOS APROBADOS - SEOUN ESCALA DE ACTIVOS TOTAL LINEA DIUUr 3025- ORDINAIUOS ENERO DE 1.990 A NOVlEMBlRE DE 1.992 4 (KIILONES S) |ESCALA DE ACTIVOS T O T A L E S Activos Capital de IEsCala en Mill. de Pesos No. Part.% valor_ Part.°%O FUos trabajo_ HASTA 1 16 0.76% 20.0 0.03% 0.4 19.6 MAS DE 1.1 A 2 46 2.19% 228.8 0.35% 106.0 122.8 MAS DE 2.1 A 3 62 2.95% 209.0 0.32% 108.0 101.0 MAS DE 3.1 A 4 51 2.42% 172.1 0.26% 75.9 96.2 MAS DE 4.1 A 5 75 3.56% 239.5 0.37% 75.8 163.7 MAS DE 5.1 A 6 81 3.85% 431.8 0.66%to 216.5 2153 MAS DE 6 1 A 7 38 1.81% 236.2 0.36%0'o 133.6 102.6 MAS DE 7.1 A 8 58 2.76% 405.5 0.62% 215.8 189.7 MAS DE 8.1 A 9 39 1.85% 279.3 0.43% 167.4 111.9 MAS DE 9.1 A 10 50 2.38% 424.1 0.65%0Xo 201.1 223.0 MAS DE 10.1 A 15 174 8.27% 1,638.1 2.51% 776.8 861.3 MAS DE 15.1 A 20 132 6.27% 1,707.3 2.62% 1,030.4 676.9 MAS DE 20.1 A 30 210 9.98% 3,367.3 5.17% 1,811.9 1,555 4 MAS DE 30.1 A 40 162 7.70% 2,922.0 4.48% 1,553.1 1,368.9 MAS DE 40.1 A 50 117 5.56% 3,121.2 4.79% 2,02C.2 1,101.0 MAS DE 50.1 A 60 91 4.33% 2.531.0 3.88% 1,623.3 907.7 MAS DE 60.1 A 70 75 3.56% 2,359.8 3.62% 1,412.4 947.4 MAS DE 70.1 A 80 69 3.28% 2,424.5 3.72% 1,321.5 1,103.0 MAS DE 80.1 A 90 50 2.38% 1,810.8 2.78% 1,119.5 691.3 MAS DcE 901 A 100 37 1.76%0'o 1.533.4 2.35% 1,044.5 488.9 MAS DE 100.1 A 150 141 6.70% 6,476.2 9.94%/o 4,104.5 2,371.7 MAS DE 150.1 A 200 89 4.23% 5,942.9 9.12%so 3,718.0 2.224.9 MAS DE 200.1 A 250 47 2.23% 4,007 1 6.15% 2.998.3 1,008.8 MAS DE 250.1 A 300 37 1.76% 3,069 4 4.71% 2,004.4 1,065.0 MAS DE 300.1 A 400 65 3.09% 7,555.3 11.60% 5,157.0 2,398.3 MAS DE 400.1 A 500 45 2.14%/o 5.830.7 8.95% 4,074.8 1,755.9 MAS DE 500.1 A 600 29 1.38% 3,382.1. 5.19% 1,699.6 1,682.5 MAS DE 600.1 A 700 14 0.67% 2,327.6 3.57% 1,609.6 718.0 MAS DC 700.1 A 800 4 0.19% 503.5 0.77% 470.1 33.4 2,104 100.00%/'o 65,156.5 100.00%o 40,850.4 24,306.1 Santafe -e Bogota, 3unio 8 de 1.994 AG? - 3025 DA.NCO DE LA PJE'UBUCA UNEAS EXTERNAS Y CARTERA CREDITOS APROBADOS - SE3OUN TASA DE INTERES TOTAL LINA DDIF 3025 - ORDINAIUOS ENERO DE 1.990 A NOVIEMBRE DE 1.992 5 (MILLONES S) Activos Capital de ITASA DE INTERES Fijos Trabajo Total Part. % DTF + (0.0 a 2.0) 2,048.1 1,052.3 3,100.4 4.76% DTF + (2.1 a 3.0) 113.2 77.8 191.0 0.29% DTF + (3.1 a 4.0) 2,468.2 1,582.3 4,050.5 6.22% DTF (4.1 a 5.0) 4,067.6 1,437.6 5,505.2 8.45% DTF + (5.1 a 6.0) 32,153.3 20,156.1 52,309.4 80.28% TOTAL 40,850.4 24,306.1 65,156.5 100.00% Santaf6 de Bogota, Junio 8 de 1.994 AGP - 3025 BANCO DE LA REPUBUCA LWEAS EXTElRAS Y CARTElA CREDTrOS APROBADOS - SEOVtN TASA DE OTrERES TOTAL LINEA BDIR 3025 -LDMTE LIBRE Y MICROEMPRESA MAYO DE I.W9I A NOVIEMBREDE 1.992 5 (MILLONES S) Activos Capital de TASA DE INTERES Fijos Trabajo Total Part. % DTF (0.0 a 2.0) 10.0 20.4 30 4 1 34% DTF (2.1 a 3.0) 0.0 0.00% DTF (3.1 a 4.0) 300.0 300 0 13.25% DTF (4.1 a 5.0) 41.8 21.9 63.7 2.81% DTF (5.1 a 6.0) 816.0 1.053.6 1,869.6 82.59% TOTAL 867.8 1.395.9 2.263.7 100.00% Santaft de Bogota. Junio 9 de 1.e4 AGP - 3025 BANCO DE LA REFUBUCA LINEAS EXTERNAS Y CARTERA CREDITOS APROBADOS- SEOUN PLAZO TOTAL UNEA BE 3025- ORDINARUOS ENERO DE 1.990 A NOVUIMIRE DE 1.992 6 (MILLONES S) | ~~~~~~~~~~Activos Capital de | PLAZO EN ANOS Fijos Trabajo Total Part. % 1.0 0 0.6 0.6 0.00% 2.0 9.3 94.5 103.8 0.16% 2.5 0 24.8 24.8 0.04% 3.0 81.1 8,909.0 8990.1 13.80% 3.5 0 247.1 247.1 0.38% 4.0 1529.6 4,663.1 6192.7 9.50% 4.5 4 148.9 152.9 0.23% 5.0 14732.1 10,218.1 24950.2 38.29% 5.5 116 0.0 116 0.18% 6.0 8113.5 0.0 8113.5 12.45% 6.5 190 0.0 190 0.29% 7.0 7690.7 0.0 7690.7 11.80% 7.5 9.4 0.0 9 4 0.01% 8.0 5171.1 0.0 5171.1 7.94% 8.5 0 0.0 0 0.00% 9.0 9 0.0 9 0.01 % 9.5 0 0.0 0 0.00% 10.0 3194.6 0.0 3194.6 4.90% TOTAL 40,850.4 24,306.1 65,156.5 100.00% Santafe de Bogota, Junio 8 de 1.994 AGP - 3025 BANCO DE LA REPUBUCA LUNEAS EXTERNAS Y CARTERA CREDrTOS APROBADOS - SEGOUN LAZO TOTAL LINEA BIRF 3025 - LIMTE LBRE Y MICROEMPRESA MAYO DE 1.991 A NOVIEMBRE DE 1.992 6 (MILLONES $i Activos Capital de PLAZO EN ANOS Fijos Trabajo Total Part. % 1.0 185.8 185.8 8.21% 2.0 74.7 74 7 3.30% 2.5 0 0.00% 3.0 1,151.1 1151.1 50.85% 3.5 0 0.00% 4.0 72.7 72 7 3.21% 4.5 0 0.00% 5.0 506.4 97.4 603.8 26.67% 5.5 0 0.00% 6.0 141.5 141.5 6.25% 6.5 0 0.00% 7.0 2.1 2.1 0.09% 7.5 0 0.00%/ 8.0 32.0 32.0 1.41% 8.5 0 0.00% 9.0 0 0.00% 9.5 0 0.00% 10.0 0 0.00% TOTAL 867.8 1,395.9 2.263.7 100.00% Santaft de Bogota. Junio 9 de 1.994 AG? - 3025 BANCO DE LA REPUBLICA LINEAS EXTERNAS Y CARTERA CREDITOS APROBADOS - FOR ANO TOTAL LINEA BIRF 3025 - ORDINARIOS ENERO DE 1.990 A NOVIEMBRE DE 1.992 7 (MILONES S) CLASIFICACION - POR ANO I, ~~~~~~~~~~~~~~~~Act ivos Capital deI ANO No. Part.% Valor Part.% F;;s_ traba;o 1990 6 0.29% 845.9 1.30% 592.1 253.8 1991 1345 63.93% 41,988.4 64.44% 27,238.3 14,750 1 1992 753 35.79% 22,322.2 34.26% 13,020.0 9.302.2 TOTAL 2,104 100% 65.156.5 100% 40,850.4 24.306,1 Santafe de Bogot;. Junio 1 de 1.994 AGP - 3025 BANCO DE LA REPttUBCA LINEAS EXTERNAS Y CARTERA CREDITOS APROBADOS - POR A9O TOTAL LDIEA BW? 3025 - LrMIT LIBRE Y NOCROEMPRESA MAYO DE 1.991 A NOVIEMBRE DE 1.992 7 04LONES T |CLASIFICACION - POR ANO - Activos Capital de ANO No. Part.% Valor Part.% Fiios trabalo 1991 60 71.43% 1,524.2 67.33% 483.0 1,041.2 1992 24 28.57% 739.5 32.67% 384.8 354.7 TOTAL 84 100% 2.263.7 100% 867.8 1,395.9 Santafe de Bogota. Junio 1 de 1.994 AGP - 3025 -<,.-lCA- S.G.M.R CUADRO No e SISTEMA BANCARiO CONSOU DADO NACIONAL * INDCADORES FNANCIEFOS D I C I E M B R E J U N I 0 DICIEMBPE 1.991 1.902 1.993 1.993 TOTAL ACTIVOS (Millones de $) 7,192,191 9,847,506 11,656,649 14.233,025 INCCADORES DE CFECIMIENTO AC7TVO 1/ 20.45 36.92 18.37 44.53 PATFIMONIO. 2/ 33.22 53.31 18.16 59.25 PATRMONIO SIN SUPERAVAT 3/ 39.78 84.72 23.87 81.79 INDCADORES DE RiESGO PACT1VOS IvPRODUCTIVOS 41 1.40 1.07 0.99 0.78 IEXPOSICION DEL PATRIMONK) 51 11.44 0.36 7.72 5.95 IENDEUDAMIENTO GLOBAL(veces) 6/ 8.86 8.50 8.53 8.30 AC71VOS DE RESGO (veces) ** 7/ 8.25 7.67 7.29 MAF1.OPERBRUTO/ACTV.PROM. 8/ 3.22 2.50 1.41 2.87 RENTABiUDADDELACTiVO 9/ 1.61 2.04 0.96 2.08 RENTABIUDADPATFIMONIAL ** 101 36.20 27.72 12.27 22.35 INDCADORES DE EFICIENCIA EFICIENCIA LABROAL 11/ 5.41 5.0 2.69 5.09 EFICIENCIAADMINISTRA1lVA 12/ 4.27 4.08 2.04 4.11 ITOTAL E P.C.LABORAL Y ADIVA 9.67 9.74 4.73 9.20 * incluye Bancos: Cooperabvo, Uconal y Labno a diciembre/92, y Superlor a partir de Junlo1s93 e Intercontnental a partir de dic. de 1G03. Incluye Caja Agrara en todos los periodos Incluye Capital Garanta: Caja Agraria dic/91 y dic192 ($108.209 Milones), Junio/92 ($ 154.200 Miliones) y cic/93 ($79.460 rillones). Banco de Colomnbia dic.91 (S68.040 mnllones dc/92 ($68.787 Millones), Junlo y dclembre /93 (S 63.787 rnillones). Por p,rdida acumulada a diciembre/93 se excluyeron en todos los periodos los bancos: Caja Agaria, Mercantil, Labno y Cafetero para efecto del cWlcLio de los indicadores de rentabilidad. Ajuste por infliacl6n desde Enero 1/92. 1_/ Acbvo Diciembre 93 / Actvo Diciembre 92. 2_/ Patrimonio Diciembre 93 / Patrimonio Dic./92 3_/ Patrimonio sin Superavit dic.93 / Patrimonio sin Superavit Dic./92 4_/ (Cartera vencida mas de seis meses neta+ B.RP.netos)/ActivoTorl 5_1 (Cartera vencida mas de seis meses neta + B.RP.netos)/ PalrimornoTotal 6_/ (Total pasivo + contngentes)/ Patrimonio total 7 / Actvos de nesgol PatrimonioTecnico 87/ Margen Operativo Bruto / Actvo promedio o_/ Utilidad anual/ Actvo promedio 10 /Ublidadanual /((Patrim - Ublidad ejerc.- Boceas) + (Patrim. t-1 - Boceast-1)yt-2)pronm. 11 / Gastos Laborales! Acbvo Promedio' 12 1 (Gastos Admnnlstal:vos y Laborales - Gaslos de Personal)/ Activo Promecio * j t- LiUnidad Tecnica u,tiones de J y (%) CUADRO No 9 SISTEMA DE CORPORACIONES FINANCIERAS PRAIVADAS INDICADORES FINANCIEROS DICIEMBRE 1993 INDICADOR I DIC DIC JUN DIC 1991 1392 1993 19 3 -OTAL ACTIVO($ M) 1518 8 I 817 657 NDICADORES DE CRECIMIENTO (%) ,kctfvo 25.14 42.75 19.67 41. it 'ntrimonio Total 41.00 65.64 47.24 56.5: 'atrin:onio Sin Valorizaoiones 35.59 72.21 85.16 !09 2: 4OICADORES DE RIESGO (%) kctuvos Improductivos 1/ 0.53 0.35 0.28 0. i :xpos.dol Patrimonio 2/ 3.17 1.85 1. 19 C 7; ndeudumiento (veces) 3/ 5.61 4.74 3.66 4 I nrdeudamiento B 9ep, (veces) 4/ 1.58 1.24 0.42 0. 4 ,ctivos do Riesgo (Veces) 5/ B. 67 9.52 5.85 n d !DICADORES DE RENTAB.(%) -- I 0 B tACT Prom 3.49 3.08 2.59 3.32 entabilidad del Activo 61 3.23 3.12 5.02 5.53 ent,Patrimonial 7/ 22.90 18.56 25.92 30 577 DICADORES DE EFICIENCIA (%) iciencia Laboral 1.37 1.49 0.75 1.46 iciencia Administratrva 9/ 1.35 1.47 0.71 1.50, ,tal Eficien.Admitiva y Laboral 2.73 2.96 1.47 2 95i a Los indicadores parn dici-mbr- eon anuales y para junio srmestreles No incluye Corfidesarrollo r Pare junio y dio./93 no inoluys Corfidesarrollo an raz6n de quo esta *ntidad gener6 perdidas durante el ejerCiCbo. Cart veric.mas de seis moses nota + be reab en pago notos de provisiones)/Activos Cart venc.mas do seis manes nota + be recb en pago netos de provisiones)/Patrimonib Total 'otal Pasivos + Contingentes/ Patrimonio Total ;r6ditos BRep. M/L y M/E J P. T6cnico, para jun. y dicJ93 (an ambos casos s- toma el PT a jun/93) 2ra los domas periodos *I denominador as Ia sum& de capital, reserva legal y boceas. ctivos de Riesgo/Patrimonio Tecnico tilidad Anual/Activos Promedio til.del per,/C(Patrimonio.t, -boeers.t. 4 Patrimonio t - 1 --booeas.t -1. - Util. d-l Periodo)/2)* 100 o incluye los gastos laborales New Enterprise Suborrowers: Net Sales and Salary Expense in the Fiscal Year After the Loan Loan Salary Amount Yr of Net Sales Expense Date (pesos Income (pesos (pesos Suborrower Disbursed millions) Statement millions) millions) Pasabocas Margarita Ltda 6 90 86 91 3513.5 164.7 Fibrexa S.A. 6 90 32 91 2402.0 100.0 CodExpo Ltda 9 90 70 91 18.3 0.0 Deposito de Maderas Mademar 10 90 15 91 24.7 1.4 lndustrias Jabco Ltda 10 90 25 91 39.9 0.0 OceanClubULda 11 90 13 91 144.4 5.2 Texpoldeas 11 90 40 91 4.4 0.0 Alas Aeroimpresores de Colom 11 90 35 91 119.1 43.0 MiraAguilaryCiaLtda 12 90 5 91 9.0 0.9 Poliform Uda 12 90 290 91 979.5 5.1 Transportes Multigranel Ltda 1 91 250 91 0.0 14.0 Productos de Gas Ltda 1 91 168 91 64.7 28.9 Manufacturas Bettino Ltda 1 91 12 91 174.8 28.0 lndustrias Vartel Ltda 2 91 15 91 51.0 5.4 Lizcano Plast Ltda 2 91 10 91 9.2 1.1 Impromer Ltda 2 91 14 91 14.5 1.8 Auto Partes Jaivi y Cia Ltda 3 91 32 91 54.6 5.0 Marfil Blanco LUda 4 91 16 91 29.4 1.0 Productora Colombiana de Aze 5 91 60 91 40.8 9.3 Union Colors Ltda 5 91 10 91 8.9 2.4 Tropix Sport Ltda 6 91 20 91 266.8 3.2 Plaspacheco Ltda 6 91 20 91 7.1 1.5 Uma y Limon Ltda 6 91 22 91 5.3 0.0 Danfer Lda 11 90 20 92 89.3 11.9 Concentrados Baru Ltda 11 90 290 92 0.0 0.0 Colombiana de Tubos y Tablet 11 90 90 92 53.8 14.0 Ladrilleras Bamo Blanco Ltda 2 91 80 92 151.9 23.8 Continental de Plasticos Ltda 2 91 10 92 8.4 2.3 Henry Guevara Forero 3 91 20 92 15.4 1.1 Exhimetal Ltda 3 91 50 92 153.0 16.3 Plasticos Poga Ltda 4 91 30 92 92.9 2.8 Ladrillera los Olivares Ltda 4 91 60 92 37.3 9.5 Confecciones Pinker Ltda 4 91 35 92 144.9 48.3 Maderas y Porvenir Ltda 4 91 32 92 89.8 9.6 A.D.R. Textiles 5 91 20 92 211.3 3.2 Guerrero y Mejia Constructora 6 91 20 92 17.2 5.2 Dossi Dosso Ltda 6 91 30 92 197.2 56.5 Hamat Hemandez LTda 6 91 40 92 115.8 9.0 Caritas y Partes Plasticas Ange 6 91 30 92 14.0 1.3 Papegraficos Impresores Indus 6 91 27 92 41.2 15.3 Tejidos Goyin Ltda 6 91 90 92 70.9 17.2 Texitalia 8 91 160 92 554.2 49.8 Industrias Praviplast Ltda 8 91 25 92 45.9 0.2 Impregnados de Colombia Ltda 8 91 100 92 89.3 26.7 Apertura LTda 9 91 50 92 49.8 2.0 Toralfel y Cia Ltda 11 91 50 92 177.8 37.8 Tropical Leather Ltda 1 92 40 92 258.8 132.0 Creaciones Blue Bird Ltda 1 92 20 92 35.9 7.8 Creaciones Castro Ltda 2 92 10 92 26.2 3.9 Disenos Silphide Ltda 5 92 21 92 37.3 14.4 Laminas y Cortes Bogota Ltda 6 92 60 92 47.7 14.4 Calcareos Industriales & Agrico 9 92 200 93 465.1 161.6 Zagres Ltda 10 92 200 93 0.0 1.8 TOTAL 3,167 11,274 1,121 AVERAGE 60 213 21 8/1/94 EMPLSME5.XLS New Enterprise Suborrowers: Net Sales and Salary Expense In the Fiscal Year After the Loan Loan Yr of Salary Date Amount Income Not Sales Expense Suborrower Disbursed (USS) Statement (USS) (USS) Pasabocas Margarita Uda 6 90 169,291 91 5,722,295 268,195 Fibrexa S.A. 6 90 62,130 91 3,912,016 162,831 CodExpo Ltda 9 90 137,795 91 29,738 0 Deposito de Maderas Mademar 10 90 29,528 91 40,221 2,288 Industrias Jabco Ltda 10 90 49,213 91 64,906 0 Ocean Club Ltd. 11 90 25,591 91 235,103 8,414 Texpoideas 11 90 78,740 91 7,168 0 Alas Aeroimpresores de Colom 11 90 68,898 91 193,938 70,101 MiraAguilaryCiaLtda 12 90 8,858 91 14,578 1,391 Poliform Uda 12 90 570,866 91 1,595,301 8,296 Transportes Muftigranel Ltda 1 91 407,166 91 0 22,808 Productoa de Gas Uda 1 91 273,290 91 105,451 47,129 Manufacturas Bettino Ltda 1 91 18,893 91 284,663 45,673 indutiras Vartel Ltda 2 91 24,430 91 82,985 8,801 Uzcano Piast Lida 2 91 16,287 91 14,907 1,795 Impromer Ltda 2 91 22,801 91 23,694 2,857 Auto Partes Jaivi y Cia Ltda 3 91 51,303 91 88,873 8,085 Marfil Blanco Uda 4 91 26,059 91 47,922 1,614 Productora Colombiana de Aze 5 91 97,720 91 66,463 15,179 Union Colors Uda 5 91 16,287 91 14,480 3,932 Tropix Sport Ltda 6 91 32,573 91 434,450 5,228 Plaspacheco Ltda 6 91 32,573 91 11,617 2,363 Uma y Limon Ltda 6 91 35,831 91 8,684 0 Danfer Ltda 11 90 39,370 92 130,537 17,427 Concentrados Barn Uda 11 90 570,866 92 0 0 Colombian. de Tubos y Tablet 11 90 177,165 92 78,611 20,412 Ladrilleras Bamo Blanco Ltd. 2 91 130,293 92 222,132 34,811 Continental de Pbasticos Ltda 2 91 16,287 92 12,224 3,345 Henry Guevara Forero 3 91 32,573 92 22,589 1,580 Exhimetal Ltda 3 91 81,433 92 223,827 23,895 Pbasticos Poga Uda 4 91 48,860 92 135,820 4,022 Ladrillera los Olivares Ltda 4 91 97,720 92 54,517 13,909 Confecciones Pinker Ltda 4 91 57,003 92 211,849 70,595 Maderas y Porvenir Ltda 4 91 52,117 92 131,320 14,031 A. D.R. Texiles 5 91 32,573 92 309,088 4,674 Guerrero y Meiia Constructor. 6 91 32,573 92 25,208 7,664 Dossi Dosso Ltda 6 91 48,860 92 288,446 82,597 Hamat Hemandez LTda 6 91 65,147 92 169,424 13,163 Cartas y Partes Plastica. Ange 6 91 48,860 92 20,421 1,88 Papegraflcos Impresores Indus 6 91 43,974 92 60,205 22,397 Tejidos Goyin Ltda 6 91 146,580 92 103,693 25,193 Texitalia 8 91 260,586 92 810,521 72,879 Industrias Praviplast Ltda 8 91 40,717 92 67,125 250 Impregnados de Colombia Uda 8 91 162,866 92 130,535 39,000 Apertura LTda 9 91 81,433 92 72,876 2,997 ToraUfel y Cia Ltd. 11 91 81,433 92 260,066 55,235 Tropical Leather Uda 1 92 58,501 92 378,505 192,996 Creaciones Blue Bird Uda 1 92 29,250 92 52,532 11,365 Creaciones Castro Ltda 2 92 14,625 92 38,305 5,771 DisenosSilphide Ltda 5 92 29,982 92 54,555 21,044 Laminas y Cortes Bogota Ltda 6 92 87,751 92 69,692 21,103 Calcareos Industriaies & Agrico 9 92 292,505 93 680,168 236,316 Zagres Ltda 10 92 292,505 93 0 2,668 TOTAL 5,410,531 17,814,246 1,710,185 AVERAGE 102,085 336,118 32,268 8/1/94 EMPLSME5.XLS 2 Sample of CFD Subborrowers: Projected and Actual Employment and Sales EMPLOYMENT DATA Loan Amount Number of Number of Loan Auth (millions of Employees Employees Enterprise Name Date pesos) Projected Year of Data Actual 1 Postes Medina Muloz Mnos Uda 4 91 $33.0 10 1992 34 2 Montes y Mora Impresores Publicitarlos 7 91 $38.0 7 1992 14 3 Caritas y Partes PlastUcas Angelita 7 91 $30.0 6 1992 10 4 lndustria Americana de Colchones 7 91 $200.0 49 1992 33 5 Rapidoffset 9 91 $10.0 21 1992 22 6 Punto y Unea Fotomecanica 9 91 $25.0 18 1992 17 7 Talleres Jose de la C.Castro e Hijos 9 91 $100.0 37 1992 34 8 Mex Minerales Exclusivos y Cia 9 91 $60.0 39 1992 65 9 Inversiones Forestales el Guayacan Ltda. 9 91 $40.0 15 1992 14 10 Graciela Eslava de Silva 9 91 $31.4 26 1992 30 11 Armando Ballen Guativa 9 91 $20.0 1 4 1992 3 12 Secuencia Uda. 9 91 $16.4 18 1992 38 13 Berba 10 91 $13.5 39 1992 37 14 Industria Editorial Lltocomercio 10 91 $35.0 53 1992 61 15 Sigraf 10 91 $25.0 33 1992 41 16 Inma Bol Uda 10 91 $39.9 343 1992 391 17 Maincol S.A 10 91 $27.7 76 1992 56 18 Indavimar Uda. 10 91 $25.0 29 1992 31 19 Inversiones A.C.Ay Cia. Uda. 10 91 $34.0 12 1992 10 20 Cia Industrial de Carrocerias 11 91 $74.4 43 1992 45 21 TercerMundo Editores 11 91 $41.0 58 1992 97 22 Fabrica Nal Mut)ecos de Felpa 11 91 $40.0 51 1992 36 23 Ediciones Antropos 11 91 $20.0 28 1992 31 24 Bobadilla Pardo Jorge Arturo 11 91 $16.5 10 1992 1 25 Disefo Los Pinos S en CS 11 91 $25.0 22 1992 30 26 Industrias el Hombre Caiman Ktda. 11 91 $35.0 18 1992 25 27 Ejes y Pifones Macias Ltda. 11 91 $70.0 23 1992 19 28 Maquinaria Electronica Industrial Col 12 91 $34.0 30 1992 34 29 Servl Scanner 12 91 $41.0 19 1992 14 30 Confecciones Tres Estrellas 1 92 $13.0 36 1992 35 31 Inversiones Ucarmo 1 92 $20.0 26 1992 22 32 Linotipia MarUnez Ltda 1 92 $157.0 43 1992 45 33 Lider Productos Publcitarlos Ltda. 1 92 $25.0 13 1992 21 34 Tropical Leather Ltda. 1 92 $40.0 24 1992 38 35 Relieves Roland Impresores Ltda. 1 92 $18.0 10 1992 11 36 Textiles Calidad Uda 2 92 $100.0 26 1992 33 37 Refriacero 2 92 $50.0 30 1992 33 38 Plastimed Uda 2 92 $40.9 32 1992 32 39 Magneplast Ltda 2 92 $8.0 28 1992 35 40 Maquipan Ltda 2 92 $45.0 27 1992 28 41 Silplas lndustrias Plasticas Ltda 2 92 $60.0 5 1992 10 42 Rojas Vigoya Aurora 2 92 $2.6 3 1992 2 43 Martin Sport y Cia Ltda. 2 92 $20.0 14 1992 25 44 Magneplast Ltda. 2 92 $8.0 28 1992 35 45 Torres de Santos Socorro Ines 2 92 $15.0 20 1992 7 46 Textiles infanUles Rocios 2 92 $50.0 19 1992 48 47 Maquipan Kda. 2 92 $45.0 27 1992 28 48 CurUembres el Reno Ltda. 2 92 $41.0 44 1992 40 49 implementos y Formas ContUnuas 3 92 $52.0 9 1992 14 50 Tejiseda Ltda 3 92 $87.5 17 1992 17 51 Editora Geminis 3 92 $50.0 33 1992 30 52 Ingeniena y Disefo Armet Ltda. 3 92 $15.0 10 1992 7 8/1/94 1 Sample of CFD Subborrowers: Projected and Actual Employment and Sales EMPLOYMENT DATA Loan Amount Number of Number of Loan Auth (millions of Employees Employees Enterprise Name Date pesos) Projected Year of Data Actual 53 Industrial de Papeles Ltda. 3 92 $100.0 32 1992 17 54 Orotex Ltda. 3 92 $12.4 17 1992 17 55 Papeleria Lancol Ltda. 3 92 $10.0 7 1992 12 56 Editora Geminis 3 92 $50.0 33 1992 30 57 Industrias Rodripan Ltda 4 92 $20.0 25 1992 25 58 Productos Lumaju Ltda. 4 92 $12.0 13 1992 20 59 Disenos Silphide 5 92 $18.7 13 1992 11 60 Preimpaq 5 92 $21.0 5 1992 8 61 Torres Chaves Luis Antonio 5 92 $10.0 5 1992 3 62 Fabrica de Yesos Titan Ltda. 5 92 $25.0 16 1992 12 63 Reconstructora Trenes de Rodaje 6 92 $45.0 40 1992 50 64 Peralta Perfileria y Cia. Ltda 6 92 $50.0 43 1992 36 65 Reconstructora Trenes de Rodaje Ltda 6 92 $45.0 40 1992 50 66 Red Green Ltda, 6 92 $11.1 12 1992 10 67 Marin Guillermo Alfonso 6 92 $12.5 9 1992 30 68 Fabrica ColombianadeZapatos 7 92 $15.0 21 1992 18 69 Roa Caucali Carlos Alberto 7 92 $25.0 19 1992 12 70 Pharmaster Ltda. 7 92 $15.5 23 1992 20 71 Cartoneros Ltda. 7 92 $200.0 55 1992 58 72 Graficas Europa Ltda 8 92 $65.0 27 1992 26 73 Esmegatex Ltda 8 92 $32.0 74 1992 44 74 Luis Eduardo Dominguez 8 92 $15.0 8 1992 12 75 Betaprint Ltda 9 92 $39.7 12 1992 10 76 Confecciones Montini Ltda 9 92 $10.0 28 1992 24 77 A y P Ltda 9 92 $55.0 39 1992 75 78 Comestibles la Ochenta Ltda 10 92 $50.0 97 1992 95 79 Borditejidos Ltda. 10 92 $20.0 18 1992 19 80 Tintasy Pinturas Especiales Ltda 11 92 $30.0 15 1992 15 81 Electroceldas Ltda 12 92 $40.0 38 1992 41 82 Casa del Diccionario Impresores 12 92 $30.0 11 1992 8 83 Eris Maria Floriany Cia Ltda 4 92 $35.0 28 1993 16 84 Colombiana de Especial Tecnicas 7 92 $48.0 25 1993 35 85 Confecciones y Disefos Tagus Ltda 9 92 $24.0 14 1993 14 86 Delicias del Maiz 9 92 $16.0 50 1993 71 87 Hilados Maldonado Hnos 9 92 $155.0 57 1993 39 88 Impresores Litoflex 9 92 $6.0 14 1993 15 89 TTR Transf, Tecnol y Reparaciones Ltda 9 92 $21.0 12 1993 22 90 Hilesco Ltda 1 93 $50.0 9 1993 19 91 Industrias de Maderas Mendez Sanchez 4 93 $35.0 42 1993 50 92 Soluciones Deportivas y de Temporada Ltda 5 93 $10.0 8 1993 9 93 Proferro Fernandez y Cia Ltda 3 93 $25.0 30 1994 30 TOTAL $3,674 2,755 2,997 AVERAGE $39.5 30 32 ActuaUProjected Employment 1.088 8/1/94 2 Sample of CFD Subborrowers: Projected and Actual Employment and Sales SALES DATA (millions of pesos) Sales Loan Amount Projected Sales Actual Loan Auth (millions of (millions of (millions of Enterprise Name Date pesos) pesos) Year of Data pesos) 1 Postes Medina Mufooz Mnos Ltda 4 91 $33.0 $146.3 1992 $206.0 2 Montes y Mora Impresores Publicitarios 7 91 $38.0 $82.2 1992 $133.1 3 Caritas y Partes Plasticas Angelita 7 91 $30.0 $36.0 1992 $14.0 4 Industria Americana de Colchones 7 91 $200.0 $607.0 1992 $742.8 5 Rapidoffset 9 91 $10.0 $73.3 1992 $125.5 6 Punto y Unea Fotomecanica 9 91 $25.0 $115.8 1992 $129.5 7 Talleres Jose de la C.Castro e Hijos 9 91 $100.0 $256.0 1992 $239.9 8 Mex Minerales Exclusivos y Cia 9 91 $60.0 $452.0 1992 $595.6 9 Inversiones Forestales el Guayacan Ltda. 9 91 $40.0 $66.7 1992 $134.7 10 Graciela Eslava de Silva 9 91 $31.4 $110.0 1992 $175.6 11 Armando Ballen Guativa 9 91 $20.0 $121.3 1992 $44.1 12 Secuencia Ltda. 9 91 $16.4 $147.5 1992 $431.9 13 Berba 10 91 $13.5 $120.0 1992 $106.0 14 Industria Editorial LUtocomercio 10 91 $35.0 $346.3 1992 $471.9 15 Sigraf 10 91 $25.0 $284.6 1992 $415.3 16 Inma Bol Ltda 10 91 $39.9 $893.8 1992 $855.0 17 Maincol S.A 10 91 $27.7 $340.0 1992 $177.8 18 lndavimar Ltda. 10 91 $25.0 $140.7 1992 $174.2 19 inversiones A.C.Ay Cia. Ltda. 10 91 $34.0 $212.8 1992 $149.6 20 Cia Industrial de Carrocerias 11 91 $74.4 $314.4 1992 $372.8 21 TercerMundo Editores 11 91 $41.0 $512.9 1992 $782.6 22 Fabrica Nal Munecos de Felpa 11 91 $40.0 $307.0 1992 $247.0 23 EdicionesAntropos 11 91 $20.0 $170.0 1992 $227.5 24 Bobadllba Pardo Jorge Arturo 11 91 $16.5 $31.7 1992 $7.6 25 Disetlo Los Pinos S en CS 11 91 $25.0 $60.0 1992 $61.9 26 Industrias el Hombre Caiman ftda. 11 91 $35.0 $122.6 1992 $195.0 27 Ejes y Pifones Macias Uda. 11 91 $70.0 $145.0 1992 $62.0 28 Maquinaria Electronica Industrial Col 12 91 $34.0 $251.0 1992 $200.9 29 Servi Scanner 12 91 $41.0 $91.4 1992 $34.3 30 Confecciones Tres Estrellas 1 92 $13.0 $189.8 1992 $209.8 31 Inversiones Ucarmo 1 92 $20.0 $226.7 1992 $195.7 32 Linotipia Martinez Ltda 1 92 $157.0 $509.2 1992 $528.6 33 Lider Productos Publicitarlos Ltda. 1 92 $25.0 $189.3 1992 $320.1 34 Tropical Leather Ltda. 1 92 $40.0 $216.0 1992 $258.8 35 Relieves Roland impresores Ltda. 1 92 $18.0 $65.6 1992 $62.3 36 Textiles Calidad Ltda 2 92 $100.0 $1,134.7 1992 $901.9 37 Refriacero 2 92 $50.0 $386.7 1992 $426.8 38 Plastimed Ltda 2 92 $40.9 $279.7 1992 $338.7 39 Magneplast Ltda 2 92 $8.0 $263.6 1992 $368.3 40 Maquipan Ltda 2 92 $45.0 $106.9 1992 $162.6 41 Silplas Industrias Plasticas Ltda 2 92 $60.0 $133.8 1992 $144.4 42 Rojas Vigoya Aurora 2 92 $2.6 $13.6 1992 $21.3 43 Martin Sport y Cia Ltda. 2 92 $20.0 $320.0 1992 $257.6 44 Magneplast Ltda. 2 92 $8.0 $263.6 1992 $368.3 45 Torres de Santos Socorro Ines 2 92 $15.0 $65.0 1992 $22.5 46 Textiles Infantiles Rocios 2 92 $50.0 $100.8 1992 $41.1 47 Maquipan Itda. 2 92 $45.0 $106.9 1992 $162.6 48 Curtiembres el Reno Ltda. 2 92 $41.0 $731.5 1992 $522.8 49 Implementos y Formas Continuas 3 92 $52.0 $120.0 1992 $80.2 50 Tejiseda Ltda 3 92 $87.5 $246.8 1992 $89.5 51 Editora Geminis 3 92 $50.0 $567.8 1992 $604.2 52 Ingenieria y Disefo Armet Ltda. 3 92 $15.0 $50.0 1992 $14.1 8/1/94 3 Sample of CFD Subborrowers: Projected and Actual Employment and Sales SALES DATA (millions of pesos) Sales Loan Amount Projected Sales Actual Loan Auth (millions of (millions of (millons of Enterprise Name Date pesos) pesos) Year of Data pesos) 53 Industril de Papeles Ltda. 3 92 S100.0 $600.0 1992 S224.1 54 Orotex Ltda. 3 92 $12.4 $84.2 1992 $97.6 55 Papeleria Lancol Ltda. 3 92 $10.0 $86.3 1992 $82.4 56 EdRtora Geminis 3 92 $50.0 $567.8 1992 $604.2 57 Industrias Rodripan Ltda 4 92 $20.0 $196.7 1992 $169.3 58 Productos Lumaju Ltda. 4 92 $12.0 $72.3 1992 $46.3 59 Disenos Silphide 5 92 $18.7 571.8 1992 537.3 60 Preimpaq 5 92 $21.0 $115.7 1992 559.3 61 TorresChaves Luis Antonio 5 92 $10.0 $210.8 1992 5142.1 62 Fabrica de Yesos Titan Ltda. 5 92 $25.0 571.0 1992 557.5 63 Reconstructora Trenes de RodaJe 6 92 545.0 $374.2 1992 $364.5 64 PeraKta Perfileria y Cia. Uda 6 92 550.0 $489.6 1992 5446.7 65 Reconstructora Trenes de Rodaje Ltda 6 92 545.0 $374.2 1992 5364.5 66 Red Green Uda. 6 92 511.1 $61.6 1992 $76.9 67 Marin GuillermoAlfonso 6 92 $12.5 538.0 1992 $34.8 68 Fabrica Colomblana deZapatos 7 92 S15.0 5123.7 1992 565.6 69 Roa Caucali Carlos Alberto 7 92 $25.0 591.7 1992 559.0 70 Pharmaster Ltda. 7 92 $15.5 5101.6 1992 $83.5 71 Cartoneros Uda. 7 92 $200.0 $807.6 1992 $626.5 72 Graficas Europa Ltda 8 92 565.0 5238.0 1992 5267.7 73 Esmegatex Ltda 8 92 532.0 $170.0 1992 5107.0 74 Luis Eduardo Dominguez 8 92 $15.0 $30.0 1992 531.1 75 Betaprint Ltda 9 92 $39.7 562.4 1992 S55.8 76 Confecciones Montini Ltda 9 92 $10.0 573.0 1992 $58.7 77 A y P Ltda 9 92 $55.0 $503.1 1992 $508.2 78 Comestibles ia Ochenta Ltda 10 92 $50.0 5726.7 1992 $443.5 79 Borditejidos Ltda. 10 92 $20.0 $70.0 1992 $54.7 80 Tintas y Pinturas Especiales Ltda 1 1 92 $30.0 $350.0 1992 $589.4 81 Electroceldas Ltda 12 92 $40.0 $526.0 1992 $949.2 82 Casa del Dlccionario Impresores #N/A 92 $30.0 $132.0 1992 54.6 83 Ers Maria Florian y Cia Ltda 4 92 $35.0 $84.0 1993 $65.2 84 Colombiana de Especial Tecnicas 7 92 548.0 5410.0 1993 $282.9 85 Confecciones y Disefos Tagus Ltda 9 92 $24.0 $120.9 1993 $44.8 86 Delicias del Maiz 9 92 $16.0 $354.1 1993 5541.6 87 Hilados Maldonado Hnos 9 92 $155.0 $449.5 1993 $88.9 88 Impresores Ltoflex 9 92 56.0 554.0 1993 $81.8 89 TTR Transf, Tecnol y Reparaciones Ltda 9 92 521.0 $82.8 1993 S191.2 90 Hilesco Ltda 1 93 $50.0 $579.0 1993 S412.9 91 Industrias de Maderas Mendez Sanchez 4 93 535.0 $861.4 1993 $832.2 92 Soluciones Deportivas y de Temporada Ltda 5 93 S10.0 $67.7 1993 5221.6 93 Proterro Fernandez y CIa Ltda 3 93 $25.0 $364.5 1994 $408.9 TOTAL S3,674 523,694 523,500 AVERAGE S39.5 S254.8 $252.7 ActuaVProjected Sales 0.992 8/1/94 4 Sample of CFD Subborrowers: Projected and Actual Employment and Sales SALES DATA (US$) Loan Auth Loan Amount Sales Actual Enterprise Name Date (USS) Year of Data (US$) 1 Postes Medina Mu8oz Mnos Ltda 4 91 $53,746 1992 $250,095 2 Montes y Mora Impresores Publictarios 7 91 $61,889 1992 $161,610 3 Caritasy Partes PlastcasAngelita 7 91 $48,860 1992 $16,951 4 Industria Americana de Colchones 7 91 $325,733 1992 $901,687 5 Rapidoffset 9 91 $16,287 1992 $152,367 6 Punto y Linea Fotomecanica 9 91 $40,717 1992 $157,202 7 Talleres Jose de la C.Castro e Hijos 9 91 $162,866 1992 $291,205 8 Mex Minerales Exclusivos y Cia 9 91 $97,720 1992 $723,026 9 Inversbones Forestalesel Guayacan Uda. 9 91 $65,147 1992 $163,545 10 GracielaEslavadeSilva 9 91 $51,140 1992 $213,116 11 Armando Ballen Guafiva 9 91 $32,573 1992 $53,589 12 Secuencia Ltda. 9 91 $26,678 1992 $524,269 13 Berba 10 91 $21,987 1992 $128,717 14 lndustria Editorial LRtocomercio 10 91 $57,003 1992 $572,841 15 Sigraf 10 91 $40,717 1992 $504,155 16 Inma Bol Ltda 10 91 $65,041 1992 $1,037,879 17 Maincol S.A 10 91 $45,138 1992 $215,819 18 Indavimar Ltda. 10 91 $40,717 1992 $211,454 19 Inversiones A.C.Ay Cia. Ltda. 10 91 $55,375 1992 $181,659 20 Cia Industrial de Carrocerias 11 91 $121,163 1992 $452,531 21 Tercer Mundo EdRtores 11 91 $66,775 1992 $950,033 22 Fabrica Nal Muflecos de Felpa 11 91 $65,147 1992 $299,848 23 Ediciones Antropos 11 91 $32,573 1992 $276,160 24 Bobadilla Pardo Jorge Arturo 11 91 $26,873 1992 $9,226 25 Diset)o Los Pinos S en CS 11 91 $40,717 1992 $75,190 26 Industrlas el Hombre Caiman ftda. 11 91 $57,003 1992 $236,722 27 Ejes y Piflones Macias Ltda. 11 91 $114,007 1992 $75,211 28 Maquinaria Electronica Industril Col 12 91 $55,375 1992 $243,828 29 Servi Scanner 12 91 $66,775 1992 $41,592 30 Confecciones Tres Estrellas 1 92 $19,013 1992 $254,720 31 Inversiones Licarmo 1 92 $29,250 1992 $237,539 32 Linotipia Martinez Ltda 1 92 $229,616 1992 $641,679 33 Lider Productos Publicitarios Ltda. 1 92 $36,563 1992 $388,612 34 Tropical Leather Ltda. 1 92 $58,501 1992 $314,178 35 Relieves Roland Impresores Ltda. 1 92 $26,325 1992 $75,678 36 Textiles Calidad Ltda 2 92 $146,252 1992 $1,094,865 37 Refriacero 2 92 $73,126 1992 $518,118 38 Plastimed Ltda 2 92 $59,817 1992 $411,228 39 Magneplast LIda 2 92 $11,700 1992 $447,143 40 Maquipan Ltda 2 92 $65,814 1992 $197,425 41 Silplas Industrias Plasticas Ltda 2 92 $87,751 1992 $175,295 42 Rojas Vigoya Aurora 2 92 $3,759 1992 $25,906 43 Martin Sport y Cia LIda. 2 92 $29,250 1992 $312,731 44 Magneplast Ltda. 2 92 $11,700 1992 $447,143 45 Torres de Santos Socorro Ines 2 92 $21,938 1992 $27,314 46 Textiles infantiles Rocio's 2 92 $73,126 1992 $49,894 47 Maquipan Kda. 2 92 $65,814 1992 $197,425 48 Curtiembres el Reno Ltda. 2 92 $59,963 1992 $634,696 49 Implementos y Formas Continuas 3 92 $76,051 1992 $97,315 50 Tejiseda Ltda 3 92 $127,971 1992 $108,624 51 EdRtora Geminis 3 92 $73,126 1992 $733,487 52 Ingenieria y Diseno Armet Ltda. 3 92 $21,938 1992 $17,059 8/1/94 5 Sample of CFD Subborrowers: Projected and Actual Employment and Sales SALES DATA (US$) Loan Auth Loan Anount Sales Actual Enterprise Name Date (USS) Year of Data (US$) 53 Industrial de Papeles Ltda. 3 92 $146,252 1992 $272,079 54 Orotex Ltda. 3 92 $18,135 1992 $118,449 55 Papeleria Lancol Ltda. 3 92 $14,625 1992 $100,022 56 Editora Geminis 3 92 $73,126 1992 $733,487 57 Industrias Rodripan Ltda 4 92 $29,250 1992 $205,583 58 Productos Lumaju Ltda. 4 92 $17,550 1992 $56,183 59 Disenos Silphide 5 92 $27,384 1992 $45,283 60 Preimpaq 5 92 $30,713 1992 $71,942 61 Torres Chaves Luis Antonio 5 92 $14,625 1992 $172,498 62 Fabrica de Yesos Titan Ltda. 5 92 $36,563 1992 $69,751 63 Reconstructora Trenes de Rodaje 6 92 $65,814 1992 $442,464 64 Peralta Perfileria y Cia. Ltda 6 92 $73,126 1992 $542,243 65 Reconstructora Trenes de Rodaje Ltda 6 92 $65,814 1992 $442,464 66 Red Green Ltda. 6 92 $16,161 1992 $93,360 67 Marn Guillermo Alfonso 6 92 S18,282 1992 $42,230 68 Fabrica Colomblana de Zapatos 7 92 $21,938 1992 $79,601 69 Roa Caucali Carlos Alberto 7 92 $36,563 1992 $71,624 70 Pharmaster Ltda. 7 92 $22,669 1992 $101,331 71 Cartoneros Ltda. 7 92 $292,505 1992 $760,588 72 Graficas Europa Ltda 8 92 $95,064 1992 $325,029 73 Esmegatex Ltda 8 92 $46,801 1992 $129,944 74 Luis Eduardo Dominguez 8 92 $21,938 1992 $37,805 75 Betaprint Ltda 9 92 $58,062 1992 $67,717 76 Confecciones Montini Ltda 9 92 $14,625 1992 $71,257 77 A y P Ltda 9 92 $80,439 1992 $616,883 78 Comestibles la Ochenta Ltda 10 92 $73,126 1992 $538,347 79 Borditejidos Ltda. 10 92 $29,250 1992 $66,375 80 Tintas y Pinturas Especiales Ltda 11 92 $43,876 1992 $715,455 81 Electroceidas Ltda 12 92 $58,501 1992 $1,152,302 82 Casa del Diccionario Impresores #N/A 92 $43,876 1992 $5,530 83 Ers Maria Florian y Cia Ltda 4 92 $51,188 1993 $82,577 84 Colombiana de Especial Tecnicas 7 92 $70,201 1993 $358,578 85 Confecciones y Disenos Tagus Ltda 9 92 $35,101 1993 $56,828 86 Delicias del Maiz 9 92 $23,400 1993 $886,381 87 Hilados Maldonado Hnos 9 92 $226,691 1993 $112,697 88 Impresores Litoflex 9 92 $8,775 1993 $103,613 89 TTR Transf, Tecnol y Reparaclones Ltda 9 92 $30,713 1993 $242,343 90 Hilesco Ltda 1 93 $63,371 1993 $523,352 91 Industrias de Maderas Mendez Sanchez 4 93 $44,360 1993 $1,054,752 92 Soluciones Deportivas y de Temporada Ltda 5 93 $12,674 1993 $280,907 93 Proferro Femandez y Cia Ltda 3 93 $31,686 1994 $518,200 TOTAL $5,548,919 $28,697,655 AVERAGE $59,665.8 $308,576.9 8/1/94 6 Colombia Fifth Small and Medium Enterprise Credit Distribution of Subloans by Location 100% 90% ..0%.. ...0% .... 60% ..OT....ER 50% fOLA 60% - CUNO IAMAE C * SANTANE MATANTICQOI 20% CLA e Value~~~~~~0VAL 7/26/94.... Colombia Fifth Small and Medium Enterprise Credit Distribution of Subloans by Financial Intermediary 90% 80% 70% 60% 50% 022 OTHER PFI's E C.F.DE SANTANDER 40% E~~~~~~~~~~~~0CAJA SOCIAL DE AHORROS * CORFIGAN E DEL ESTADO 30% 0 COLOMBIA M~ CAFETERO E UPOPULAR 20% ' EGANADERO 0 CAJA AGRARIA *C.FDE DESARROLLO 10% 0% By Volume By Value 7/27/94 Number of Subloans o o0o0o0o o9o o9o 3o -¶ 2'~~~~~~~~~- V - : : f .- :-.- X .: - - -, D -- - 1 D CD o 3 -4 S80,000499,999 S M $ S100,0004149,999 c F a. CD * 0 0.150,0CC199,999 A) =1 ~~~~~~3 (A hM $200,000-S249,999 _CcD= 250,0004299,999 a. CD $350,006X$39,999 $400,000SS49.999 4 Colombia Fifth Small and Medium Enterprise Credit Average Subloan Amount by PFI $80,000- $7 $70,000- $60,000 - $50,000 - '30,000~~~~~ -/t. .. . . .............. ... ....... S$40,000 $30,000 $20,000 $10,000 i Caja CFD Banco Banco Banco Agraria Cafetero Ganadero Popular 7/26/94 * Number of Loan (%M o 0 to 8 S 8 n ~~~~~~.. .. a-9...... ... .............................. .. , < ,, v ED o~~~~~~~~~~...... 0~~~~~ ~~0 0 . ..... a2aE.. ..... ........:. :.... -. :L " .. . R. R: ::B Z:: :s,:::::::::::,-' .:g _.:_ ..................... ::) : :: :$ :.- ..... . .. . . .. . ..... -... . ..7 B 'B 'B'B "~~~~~~-' B B ' "0 a RR9_ t ~~~~~~o 0.a....' ......................... t : :\- ~~~~~~~~~~~~~~~~~~~~~~~~~~~~.............................. ~~t ==g= .................................................. = Q~~~~~~~~~~~~~............ @& ... i ................~~~~~~~~~~~~~~~~~~............... ...... sn ~~~~~~~~~~D. o~~~~~~l ° - CoC8C 0*~~~~~~~~~~O * ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~CD 0 13 a) 0~~~~~~~~~~~ A C: V 0) 8~~~~~~~ AC V C) -' CII0 01 oA 0 0 C~ Colombia Fifth Small and Medium Enterprise Credit Share of Loans to Very Small Enterprises 30 28% 25 20 19% D w $ ~~~~~~~~~~~~~16% *~~~~~~~~~~~~~~~~~.... ........ Banks CF's CFD All Fl's 7/26/ 94 * Colombia Fifth Small and Medium Enterprise Credit Share of Sub-Loans to New Companies 45% 40% 35% 30% w :''' 'f' ',0 '-'''''',4ESCa .3_ 25% ...... 20% 15% 10% 5% 0% , By Number By Value 7/22/94 * Colombia Fifth Small and Medium Enterprise Loan Interest Rate Distribution of Subloans 5.1 -6%C 7/27/94 * IBRD 18370R1 78' 74- CUBA JAMAAICA HAITI DOMINICAN REP HONDURAS -12 COLOMBIA 12 - NICARAGUJA \ _ t~~~~~ICA . " ' VENEZUELA zT I GFR UIANA COLOMB A -L j I 0 ~ ~ ~ ~ ~ ~ ~ I( ( ATLANTICO ) t CAO7 BRAZIL PERU 1 B/ OLIVIA t PANAMA ARGENTINA -8- / /C O R v t )~~~~~ ~ SNOF1E\\ CO ru,- n,Z.. t Ti. = V.dFtM#kS;ri.,T iii /coR 3 T )0c :Af'9 I IOhQUI( l S A NITAN ERt . APRA lJ(A .V EN E ZU ELA 8 r ~ CASRA TA N D RE Bue nosAntAro TO M A A C H 0~~~~~~~~~~~~~~~~~~ Li1i C A /ME T A |- 3\ A;A 0 l C. IJ A ] ' v ' .- / \~~~~~~~~~~~~~~ CU A V I A R' 0 -s, Enc C -38 ~ C A * U E T A -O. ;;7t: } po > -; ~~~~V A U P E S -°- E C U A D O R r ' L* \ > w \ % '\_ , K ! MILES *e X j 0 50 100 150 Urban Populoanon of Center Towns Elevctions (meters) / ( 5,000,000 persons m 0 50 100 150 200 250 ---2,000,000 3,000 K) I LOM E TEE RS I'1000,000 10 AMAZONAS ;0_500,000 000 R @ Notional Coptal t _ ! o Cties aond Towns w-th Populotion Over 40,000 - Moe Hishwys P E R U - Department Boundaries Internat.or,ol Boundaries / | 487 74- 4*\ JULY 1 993