The Wrld MBank MICROFICHE CSOOLYPY62C JAIME, X39344 15141/LA3TF' 14MR MUM NDRICOMMN-NDATION: -P-]ESXPXTOF, THE INTUWJIOKA UNK FOR RECONSTRUCTION4 AND DEVELOPME~NT- TO TH -XCTVE DIRECTORS ONAl ;IN AN AMOUNT EQUIVAIENTTO US$100- NIThIQ$ I~trDV, IOM O INDIJSThItL WITH THE GUARANTEE OF THE ,M1BTIC OF COLOM1BIA 1YOR THE IFI RESTMCTURING AND DIVESTTTURE PROJECT FRRUARY 12, 1992. ThI doument'has a' retrced dkstibutio and may, be usd by redfpieats only In, the perormance of their OtAO&Ia - tie. fts Comteaut way not othewis be, disclosd w5tho.ut World ft*aksthoisatlo. CURRENCY ROUIVALEUTS (December 31, 1990) Currency Unit - Colombian Peso (Col$) US$1.00 - Col$568.73 Col$1.00 - US$0.00176 FISCAL YEAR OF THE GOVERNMENT OF COLOMBIA AND IFI January 1 - December 31 LIST OP ABRlVIATIOlNS BPI Bono de Fomento Industrial #R Banco de la Republic& SvC Bono de Valor Constante =CAP Corporaci6n Andina de Pomento CAR Regional Environmental Agency CAV Corporaci6n de Ahorro y Vivienda CIP Corporacion Financiera Popular CP Corporacion Financiera CONPES Consejo Nacional de Politica Economica y Social CPI Consumer Price Index DSP Division for Environmental Policy DFC Development Finance Corporation DTF Deposito de Termino Fijo GDP Gross Domestic Product ICB International Competitive Bidding IFI Instituto de Focento Industrial LIROR London Interbank Offered Rate MIS Management Information System PRIME Interest rate charged by U.S. banks to preferential customers PPI Participating Financial Intermediary PROEXPO Pondo de Promocion de Exportaciones PSRL Public Sector Reform Loan SME Small and Medium Scale Enterprise SOE Statement of Expenditure FOR OFmFCLUL USE ONLY COLOMBIA IFI RESTRUCTURING AND DIVESTITURE PROJECT Loan and Project Svurv Bor p wer: Instituto de Fomento Industrial (IFI) Guarantor: Republic of Colombia Eenefic&rieos: (i) Instituto de Fomento Industrial; and (ii) Private industrial and service enterprises requiring long term credit, equity financing, and/or other financial services. Loan Amount: US$100 million equivalent. Terms: To be repaid in 17 years including 5 years of grace, at the standard variable interest rate. Onlendina Terms: IFI would lend directly to productive enterprises as a first tier financial institution. Loans would be denominated in US dollars and would carry domestic market interest rates for foreign exchange loans, i.e. PRIME or LIBOR plvus a margin sufficient to cover intermediation costs and lending risks. FXinacinx Plan: World Bank Loan US$100.0 million IlFI Funds 127.1 million BR Rediscount Lines 65.6 million Firms' Internal Funds 123.2 million Total US$415.3 million Rate of Retuaw: Subprojects under the credit component would require at least a 12 percent financial rate of return. Staff ADPraisal A M rt: Report No. 10041-CO n/a 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. MEMORANDUK AND RECOM?ENDATION OF THE PRESIDENT !F THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO COLOMBIA FOR AN IFI RESTRUCTIING AND DIVESTITURE PROJECI 1. I submit for your approval the following memorandum and recommendation on a proposed loan to Instituto de Fomento Industrial (IFI) with the guarantee of the Republic of Colombia for the equivalent of US$100 million. The loan would be at the Bank's standard v&riable interest rate, with a maturity of 17 years, including 5 years of grace. 2. Background. Colombia has been one of the most stable economies in the developing world, with growth averaging 4.5% over the past four decades. During the 1980s, however, external shocks and weaknesses in the economy resulted in deteriorated fiscal balances, inflationary pressures and sluggish growth. To remedy this, the authorities first stabilized the economy and then launched a medium term program to address structural problems which, left untreated, would suppress long term growth prospects. The national administration that took office in August 1990 markedly increased the pace of the reform program, which is aimed essentially at more efficient use of resou-ces through opening the economy to the competition and opportunities of international markets. To achieve this, the Government is strengthening macroeconomic management, reforming its trade regime, restructuring and downsizing the public sector, liberali'Ping the industrial and agricultural sectors and modernizing the financial sector. 3. The Colombian financial sector is characterized by high market lending interest rates, 8-10% in real terms, reflecting an oligopolistic structure resulting from the predominance of conglomerates and past entry/exit restrictions, the implicit tax of forced investments and high reserve requirements, and subsidized interest rates on directed credit in a large number of programs. Except for indexed housing and construction loans, voluntary credit is concentrated on maturities of one year or less. Capital markets are extremely thin and have actually declined in importance during the past 35 years. As part of its reform program, the Government is carrying out a comprehensive reshaping of the financial sector to support the supply response to the trade, industrial and agricultural reforms. In addition to correcting the aforementioned distortions, its strategy provides for preparing the financial system to face foreign competition in domestic markets and increase its participation in foreign markets by increasing its efficiency, size and depth. To date, entry and exit to the sector have been liberalized, forced investments curtailed and market segmentation reduced. The first two of the banks nationalized in the early 1980s have been sold, and three more are being readied for sale. The differential between directed credit and market rates has been eliminated for directed credit to industry, and the ratio of these rates increased to 97% fcr municipal lending, 94% for trade and 892 for agriculture. Further phased elimination of subsidies is programmed under a comprehensive financial sector policy framework which has been formally conveyed to the Bank. Finally, the Government has completed the first phase of a program to restructure the Instituto de Fomento Industrial -2 (IFI), the largest public development bank and holding company, and the proposed project would support impleaentation of its second phase. 4. IFI was created in 1940 to promote industrial development through equity investments in basic industries. In addition, since 1963, IFI has been authorized to function as a development bank, lending both to enterprises in its investment portfolio and to non-affiliated firms. IFI has received funds for its operations from various sources, the most important traditionA%lly being (i) constant purchasing power bonds (Bonos de Valor Constante, or BVCs) held by the Social Security Institute; (ii) earmarked import taxes; (iii) foreign lines of credit; and (iv) certificates of deposit. As part of the reforms under the project, funding from (i) and (ii) have been eliminated as of end 1990, except for the auto assembly tax surcharge. On December 31, 1990, IFI's investment portfolio, valued at US$131 million, consisted of equity holdiugs in the industrial, agroindustrial, mining, and financial sectors. Its credit portfolio stood at US$209 million. Traditionally, IFI has had a sluggish financial performance, generally just breaking-even. However, IFI's financial condition is sound, reflecting its historically conservative liability management, and is currently underleveraged (debt/equity ratio of 2.07:1). 5. The Government's strategy for IFI is based on the following considerations. First, IFI is being divested of its industrial holdings in accordance with the public sector's withdrawal from productive sector activities. As of end 1990, 15 out of 52 enterprises of IFI's portfolio had already been divested and 8 others were in process of liquidation. The project would support the continued divestiture program of the remaining 29 equity holdings of IFI. Second, it will take some time for the private sector response to increase the depth and competitiveness of the financial sector consonant with investors' needs for long term credit, venture capital and modern financial services. During this transition period, IFI would help fill this gap by providing financial services and instruments that are currently underprovided, acting as a catalyst for increased private sector participation in these services and instruments (e.g., through syndications and financial engineering packages for large, lumpy investments,l, and promoting capital markets development. It would, however, operate on a strictly commercial basis. Concurrently, the groundwork for its privatization would be laid so that its ownership would shift out of the public sector as private agents come forward to offer like financial services. A Policy Letter outlining IFI's role, strategy, and policies was approved and conveyed to the Bank by the Government prior to Board presentation of the Loan. 6. Rationale for Bank_Inolvement. During the last two years, the Bank has focused its policy dialogue with the Government on the medium-term structural reform strategy to accelerate economic growth by raising the efficiency of resource use. With the Public Sector Reform Loan (PSRL), the Bank supports the Government's overall effort to strengthen public sector management, promote private sector development, and improve the allocation of public sector resources. The proposed IFI project would complement these efforts by assisting Colombia to correct institutional and market imperfections in the financial sector, and would help rationalize and limit future public sector involvement in industrial finance by actively supporting 3 Development Project, it would form a package of loans designed to facilitate the supply response to the recently carried out trade reform program. In addition, the proposed loan has been prepared in collaboration with IFC, which is considering the provision of a parallel loan for finarcing of private enterprises in Colombia. Coordination in the design of both operations would ensure the adequacy of the relative interest rates of the financing offered under both lines of credit. 7. The proposed sector strategy and project have been designed taking into account the lessons learned from previous Bank operations regarding Industrial Development and Finance in Colombia, and to reflect as well current "best practice" within the Bank concerning divestiture operations. Among these lessons and considerations are the following: (i) the project has been designed under an "umbrella" financial sector policy framework which provides for a comprehensive medium term sector strategy and reform program; (ii) the project relies on market lending rates for beneficiary enterprises, with no interest rate limitations, thus avoiding the ex-post subsidies generated under previous lines caused by interest rate settings and ceilings; and (iii) the divestiture program of IFI's holdings has been designed taking account of the specific circumstances of IFI and the enterprises being divested, following a two-tier approach of setting specific timing and individual targets for divestiture of one group of companies and defining broader quantitative targets for the other group. 8. Project Obiectives. The objectives of the IFI Restructuring and Divestiture Project are: (i) to implement a divestiture and privatization program of IFE'a existing equity holdings, including the development and implementation of individual restructuring and divestiture plans; (ii) to support the implementation of a new corporate strategy for IFI which will reorient its role in industrial and financial sector development by transforming it into a more efficient financial institution that can compete on an equal basis in the financial markets -- in the process enhancing competition in such markets, and filling a market gap in financial services needed to support investments consistent with the liberalization of the economy. Achievement of these two objectives would pave the way for the eventual privatization of IFI itself, for which a specific plan would be drawn up under the project. Moreover, the project would set strict financial performance criteria (e.g. portfolio diversification, exposure limits, operational efficiency, profitability) in order to guide IFI thro,ugh the transition period in reaching this ultimate objective. 9. Proiect DescriRtion: The Project would include: (i) a restructuring and divestiture program of IFI's equity holdings which would help eliminate IFI's state holding company role and would allow it to become a genuinely market-oriented financial intermediary. The program encompasses the remaining 29 equity investments in IFI's portfolio, which would be privatized, liquidated or transferred; (ii) a credit program to be onlent by IFI to private productive enterprises to finance investment in fixed assets and working capital; and (iii) technical assistance, training and management information systems to support strategic and organizational changes in IFI, and investment banking and other services to assist IFI in implementing its divestiture program. Project costs and financing plan are presented in -4- Schedule A. In order to deal with a shortage of funds, due to the phasing out as of exid-1990 of IFI's main earmarked funding as a result of early project implementation in the financial restructuring of IFI, retroactive financing in the amount of US$10 million wo,uld be provided for subloans committed after May 1, 1991. 10. Project Imleme_%tatin. The Bank loan would be made to IFI at the standard vartable rate. 1I7 1-ould relend the credit component to private productive enterprises in dollars equivalent at market rates, i.e. an adjustable LIBOR- or PRIME- based rate plus an adequate spread. This spread would be sufficient to cover IFI's cost of funds (IBRD rate plus hedging costs) plus IFI's costs of administration, risks and a profit such as to yield IFI an adequate profitability on its equity. Subloan maturities would be between three and ten years, including one to three years of grace. IFI would charge slightly higher interest rates for longer term loans to reflect the additional risk of the subloan and the higher scarcity of longer term resources. Subloans would cover up to 70% of subproject cost, with equity financing representing at least 30% of subproject cost. Subprojects would be required to have a financial rate of return no lower than 12X p.a. in real terms. Given that the current trade reform program should substantially reduce the distortions in the economy, an economic rate of return would not be required. The project would be carried out by IFI which, with its long history of project financing and management and the implementation of its financial restructuring and reorganization plans, will have an adequate organizational, staffing and financial capacity to carry it out. 11. Agreed Actions. The main actions agreed upon under the Project are as follows: (i) IFI's maximum level of administrative costs, as a ratio to average assets, and minimum profitability using the average of private financiaJ corporations in Colombia as benchmarks; (ii) annual minimum targets for the 1991-94 divestiture program of IFI's equity holdings; (iii) submission by the Government of an action plan for IFI's divestiture of its shares in Corporacion Andina de Fomento, by December 31, 1992, and actual divestiture by December 31, 1993; (iv) privatization or liquidation of one of Alealis' plants by the mid- term review, and privatization or liquidation of the second plant by end-1994; (v) development of a strategic plan for Concesion Salinas and transfer of the concession to the Trust Fund by mid-term review; (vi) preparation by the Government of a strategic analysis of its investments in Cerro Matoso and Mon6meros, and sale or transfer to the Trust Fund of these avestments, by the mid-term review and December 31, 1994, respectively; -5- the Trust Fund of these investments, by the mid-term review and December 31, 1994, reapectively; (vii) sale by IFI of the first 15.4 million shares of Propal by the mid- term review; sale of the additional 15.4 million shares by December 31, 1994 or as soon as Propal's Shareholders Agreement would allow to do so after that datel (viii) IFI's obligation to maintain lending interest rates at commercial market rates; (ix) IFI's maximum exposure limit, for equity and credit financing; (x) IFI's obligation to limit in its future equity investments its holding period, so that the weighted average age of these investments does not exceed three years; (xi) the Bank, IFI and the Government would carry out a comprehensive mid-term review of project execution after fifty percent of the credit component of the loan is comitted, estimated to occur at the end of 1993 or early in 1994. The review would take stock of accomplishments and introduce corrective measures where warranted on the basis of implementation experience gained to date. Such review would cover inter alias (i) progress in reorgaiizing IFI, including the organizational, staffing and information systems developments; (ii) implementation of its new funding, lending and investment policies and procedures; (iii) its financial condition and financial performance; (iv) progress in carrying out IFI's divestiture plan; and (v) a discussion of the conclusions and recommendations of all studies financed under the project to be completed by the review, including the definition of a privatization strategy for IFI itself. Continued commitment of funds for the credit component would be conditional upon completion of the review in a manner satisfactory to the Bank; and (xii) Effectiveness of the Loan is dependent on effectiveness of the Industrial Restructuring and Development Project (TRDP) loan, as the environmental review of subprojects under the credit component is linked with the Environmental Pollution Control Program supported by the IRDP. 12. Benefits. The Project would improve the financial situation and operational efficiency of IPI and support the withdrawal of the public sectcr from productive sector activities. By reorienting IFI's lending and investment strategy, the project would contribute to the development of long term credit, capital markets and other financial services, and would facilitate the supply response to the trade and financial sector '.-eform. The Project wovld support Private Sector Development through: (i) privatization of public sector investments in the industrial sector; (ii) financial support for private enterprises' investment through the provision of term credit; and (iii) transforming a large public development bank into an efficient and -6 competitive financial intermediery serving the private sector, and ultimately privatizing it, 13. Risks. Project risks include the possibility that the Government and IFI would fail to complete the dives..iture program and to eliminate the special regime and subsidies under which IFI has operated. Colombia's cGommitment to reform in the trade, financial and public enterprise sectors during recent years, as evidenced by the strong measures taken, suggest that these risks are not excessive. 14. Recommendation. I am satisfied that the proposed loan would comply with the Articles of Agreement of tha Bank and recommen,' that the Executive Directors approve ic. Lewis T. Preston President Attachments Washington, D.C February 12, 1992 7- Schedule A COLOMBIA IFI RESTRUCTURING AND DIVESTITURE PROJECT Estimated Cost and Financing Plan (US$ million) Estlmated Costs: Local Foreign Total X Credit program 249.7 161.0 410.7 99S iechnical assistance 1.7 2.9 4.6 1% TOTAL 251.4 163.9 415.3 100% Fianaciag Plan: Local Foreien Total X World Bank Loan 1.1 98.9 100.0 24X IPI Funds 127.1 127.' 31X BR Rediscount Lines 65.0 65.,; 161 Firms' Internal Funds 123.2 123.2 30% TOTAL 251.4 163.9 415.3 1001 Estimated IBRD Disburfewents: FY92 FY93 FY94 FY95 FY96 FY97 FY98 Annual 3.0 13.8 27.2 27.7 20.3 7.7 3.3 Cumulative 3.0 13.8 41.0 68.7 89.0 96.7 100.0 InI UZES?TURIUG MR DIVESTITEP* P1OJECT ocureM ut Hoet4d and DisbursgmgNts (U8$ million) Project Element Procurement Method Total I;CE C Other Cost Subloams Goods & Works 102.7 308.0 a/ 410.7 (24.0) (72.0) (96.0) Technical AsgstaUce MIS Equipment 0.9 1.1 hI 2.0 (0.6) (0.8) (1.4) Consultancies L/ Studies and mgmt. assistance 1.8 1.8 (1.8) (1.8) Training 0.6 0.6 (0.6) (0.6) Training / O. 0.2 (0.2) (0.2) Total 102.7 0.9 311.7 415.3 (24.0) (0.6) (75.4) (100.0) Notes Figures in parenthesis are the respective amounts financed by the Bank II Normal commercial practice, but requiring price quotations from at least three eligible suppliers: k/ To be procured on the basis of price quotations from at least three eligible suppliers, except for direct purchase of upgrading components of existing mainframe computers. ql To be procured in accordsace with Bank Guidelines. 41 Tuition fees, travel and subsistence Disbursemnts Caltoa Amount I Goods and services 96.0 100S of amount disbursed by IPI financed by subloans up to 701 of subproject cost Equipment under T.A component 1.4 701 of total expenditures Consultant services and 2.6 1002 of total expenditures Training -9- Schedule C COLOMBIA ITI EST-RUCTURIIG AMD DIVESTITURE PROJEfT Timetable of Kae Protect Proceseing Evento (a) Time taken to prepare: 26 months (b) Prepared by: Government/IFI/World Bank (c) First Bank Mission: March 1989 (d) Appraisal Mission Departure: May 1991 (a) Negotiationst December 1991 (f) Planned Date of Effectiveness: Mfay 1992 - 10 - COLOMBIA Schedule D Page 1 of 3 IFI RESTRUCTURING AND DIVESTITURE PROJECT A. STATEMENT OF BANK LOANS AND IDA CREDITS IN COLOMBIA (as of December 30, 1991) …-----------------------------------------------------_---__-------__--------__------ Amount (less Loan or cancellations) Credit Fiscal -------------- Undi- Number Year Borrower Purpose Bank IDA bursed …-----------------------------------------------------------------__---------__------ 109 Loans and one IDA Credit fully disbursed 4,675.34 23.48 2303 1983 ICA Agric Res & Ext 63.40 2.70 2349 1984 Carbocol Coal Exploration 7.80 1.18 2449 1984 EPM Rio Grande Multipurp 164.50 44.36 2453 1984 Fedecafe Ag Diversification 50.00 5.50 2,;0 1985 EMC Cucuta Water/Sew 18.50 7.1n 2512 1985 EAAB Bogota Water IV 129.00 35.45 2611 1986 Colombia Public Health 17.55 3.37 2634 1986 EEEB Bogota Dist 1I 169.31 84.96 2635 1986 Colpuertos Port Rehab 42.80 22.14 2667 1986 HIMAT Irrigation II 114.00 61.79 2668 1986 Cavecinales Rural Transport 62.00 2.49 2829 1987 Pondo Vial 2nd Ntl Hwy Sector 180.30 7.31 2909 1988 Caja Agraria Caja Agraria 15.00 9.08 2961 1988 BCH WS & Waste Sector 150.00 134.98 3010 1989 Colombia Ed Sector 100.00 74.90 3025 1989 B. de la Rep. 5th Sm Med Entp 80.00 42.00 3113 1990 Colombia Sm-Scale Irrig 78.20 78.20 3157 1990 Fondo Vial Rural Rds Sector II 55.00 44.32 3201 1990 Colombia Comm Child Care & Nu 24.00 22.00 3250 1991 Colombia Rural Dev Invest 75.00 66.48 3278 (8) 1991 Colombia Public Sector Reform 304.00 203.00 3321 1991 Clombia Indust Restruct 200.00 200.00 3336 1991 Colombia Munic Devt 60.00 60.00 2,160.36 0.00 1,213.31 TOTAL 6,835.70 23.48 Of which repaid 2,759.66 9.71 * Total held by Bank & IDA 4,076.04 13.77 * Amount sold 50.99 Of which repaid 50.99 Total undisburued 1,213.31 FILE: 92Q2STAT - 11 - Schedule D Page 2 of 3 B. STATEMENT OF IFC INVESTMENTS IN COLOMBIA (as of January 31, 1992) Gross Commitments Fiscal Type of US$ million Year Obligor Business Loan Equity Total ----------------------------------------------------------------__-----------__--- 1959 Laminas Mfg of wood & wood products ind. .50 .00 .50 1960 Noel Mfg of food beverages & tobacco 1.00 .03 1.03 1961 Morfeo Mfg of furniture & fixtures ec .17 .18 .35 1961 Electromanuf Mfg of fabric metal products m .71 .00 .71 1961 Envases Mfg of fabric metal products m .70 .00 .70 1962 CP Colomb. Development finance companies 2.00 4.02 6.02 1962 CF Nac'l. Development finance companies 2.00 4.00 6.00 1963 CF Nac'l. Development finance companies .00 .04 .04 1963 Coltejer Spinning, weaving & finishing t 2.00 .04 2.04 1964 Forjas Iron & steel basic industries .00 1.27 1.27 1964 CF Caldas Development finance companies .00 .70 .70 1965 Noel Mfg of food beverages & tobacco 1.00 .06 1.06 1966 Indugan Agricultural & livestock products 1.00 .58 1.58 1966 Almaviva Transport and storage 1.00 .00 1.00 1967 Coltejer Spinning, weaving & finishing t .00 .08 .08 1967 Enka Mfg of textiles nec .00 .92 .92 1968 Coltejer Spinning, weaving & finishing t .00 .02 .02 1969 Coltejer Spinning, weaving & finishing t .00 .02 .02 1969 Hoturismo Restaurants and hotels .00 .01 .01 1969 CF del Nort. Development finance companies .00 .43 .43 1969 CF del Valle Development finance companies .00 .43 .43 1970 Pro-hoteles Restaurants and hotels .80 .22 1.02 1970 Promotora Hotel Tourism services .23 .11 .34 1970 CF Caldas Development finance companies .00 .11 .11 1970 Enka Mfg of textiles nec 1.00 .72 1.72 1973 CF del Nort. Development finance companies .00 .02 .02 1973 Davivienda Savings & loan institutions .00 .31 .31 1974 Cementos Boyaca Mfg of cement lime & plaster 1.50 .00 1.50 1974 Enka Mfg of textiles nec 6.00 .96 6.96 1975 Cementos Caribe Mfg of cement lime & plaster 3.60 .00 3.60 1975 Davivienda Savings & loan institutions .00 .14 .14 1976 Las Brisas Mining and quarrying nec 6.00 .00 6.00 1977 Pro-hoteles Restaurants and hotels .00 .03 .03 1977 P-.-omigas Pipeline transport 13.00 4.00 17.00 1977 Coiclinker Mfg of cement lime & plaster 2.43 .00 2.43 1980 Colelinker Mfg of cement lime & plaster .00 2.25 2.25 - 12 - Schedule D Page 3 of 3 B. STATEMFNT OF IFC INVESTMENTS IN COLOMBIA (Cont'd.) ----------------------------------------------------------___-----------------__--- Gross Commitments Fiscal Type of US$ million Year Obligor Business Loan Equity Total ---------.-----_------------------------------------------------__-----------__--- 1981 Leasing Bol. Leasing companies 9.00 .17 9.17 1981 Petrocol Crude petroleum & natural gas 12.15 3.42 15.57 1982 Petrocol Crude petroleum & natural gas .00 .43 .43 1983 Colfrigos Transport and storage 1.22 .72 1.94 1984 Rioclaro Mfg of cement line & plaster 22.47 5.00 27.47 1984 Carbones Coal mining 10.24 1.64 11.88 1985 Bol.Leasing Leasing companies .00 .02 .02 1985 CF Colomb. Development finance companies 6.00 .00 6.00 1985 CP del Valle Development finance companies 6.00 .00 6.00 1985 CF Nac'l. Development finance companies 6.00 .00 6.00 1985 Enka Mfg of textiles nec 6.75 .00 6.75 1986 Enka Mfg of textiles nec 6.00 .00 6.00 1986 Chucuri Oil Crude petroleum & natural gas .00 5.00 5.00 1987 Enka Mfg of textiles nec .56 .00 .56 1987 Gasoducto Pipeline transport .00 .04 .04 1987 Leasing Bol. Leasing companies 5.00 .00 5.00 1987 Prodesal Mfg of basic industrial chemicals 6.00 1.18 7.18 1987 Carbones Coal mining 2.90 .00 2.90 1988 CF del Valle Development finance companies .00 2.28 2.28 1988 Americurtido Development finance companies .03 .00 .03 1988 Facomec Development finance companies .36 .00 .36 1988 Papeles Development finance companies .34 .00 .34 1988 Pichichi Development finance companies .44 .00 .44 1988 Polyban Development finance companies .77 .00 .77 1988 Salpa Development finance companies .33 An .33 1989 Promigas Pipeline transport 10.00 .00 10.00 1989 CF del Valle Development finance companies 1.73 2.50 4.23 1989 Enka Textiles wearing apparel & lea 40.00 .00 40.00 1990 Bol.Leasing Leasing companies .00 .02 .02 1991 Propac Development finance companies .00 .20 .20 1991 ODC Pipeline transport 70.00 .00 70.00 1991 Coltejer Spinning, weaving & finishing t 22.50 .00 22.50 1992 ODC Pipeline Transport 60.00 .00 60.00 0000 Polimeros Development finance companies 1.00 .00 1.00 Total Gross commitments 354.43 44.37 398.80 Less Cancellations, terminations, exchange adjustments, repayments, write-offs, & sales 222.11 30.58 252.69 Total commitments now held by IFC 132.33 13.78 146.11 Total undisbursed IFC 59.83 2.30 62.14 Total outstanding IFC 72.49 11.48 83.97 (docs\ifcives. col:2| 12192%ks)