Document of The World Bank FOR OFFICIAL USE ONLY Report "lo. P-5161-KO MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMOUNT EQUIVALENT TO US$34.0 MILLION TO THE REPUBLIC OF KOREA FOR THE JUAM REGIONAL WATER SUPPLY PROJECT FEBRUARY 16, 1990 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 EQUIVALENIS Currency Unit - Won (W) 1 Won - US$0.0015 US$1 W 660 (September 1989) WEIGHTS AND MEASURES 1 meter (m) * 39.37 Inches (in) 1 kilometer (km) 0 n.62 mile 1 cubic metcr (cu m) * 1,000 liter or 264 US gallons Gigawatt hour (Gwh) 1 milligqn kilowatt hours (kWh) liter (I) - 0.26 US gallons liter per capita per day (lcd) * 0.26 US gallons per capita per day million liters per day (MLD) * thousand cubic meters per day ABBREVIATIONS AND ACRONYMS KMA Kwangju Metropolitan Area KOWACO Korea Water Resources Corporation KWB Kwangju Water Bureau MOC Mlnistry of Construction NWIP National Water Improvement Program NRW Non-Revenue Water FISCAL YEAR January 1 to December 31 FOR OFFICIAL USE ONLY KOREA JUjAM REGIONAL WATER SUPPLY PROJECI Loan and Project Summary * Borrower: Republic of Korea Amount: US$34 million equivalent. Terms: 15 years, including 5 years of grace, at the standard variable interest rate. Financing Plan: US$ million World Bank 34.0 Government 149.1 TOTAL 183.1 Economic Rate of Return: 8% Staff Aporaisal ReRort: Report No. 8083-KO Man: IBRD 21919 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. MEMORANDUM AND RECOM4ENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCI11ON AND DEVELOPMIEN TO THE EXECUTIVE DIRCTORS ON A PROPOSED LOAN TO THE REPUBUC OF KOREA FOR A JUAM REGIONAL WATER SUPPLY PROJECT 1. The following memorandum and recommendation on a proposed loan to the Republic of Korea for US$34 million equivalent is submitted for approval. The loan would help finance the Juam Regional Water Supply Project and would be for a term of 15 years, including a five year grace period, at the Bank's standard variable interest rate. 2. Background. Korea is one of the most urbanized of the developing countries. Its urban population grew from 28% in 1960, to 76% in 1987, and would reach 80% of the toial population by the year 2000. This rapid urbanization, averaging 3.2% p.a. during 1980-87, has overextended most urban services, including water supply. Investments in the sector, which received comparatively lower priority in the 1960s, increased rapidly and succeeded in expanding the population served by house connections from 17% of the population in 1960, to 32% in 1970 and, remarkably, to 74% by 1988. Ongoing investments, averaging about US$760 million p.a. will increase the population served to 80% by 1991. However, many municipalities have much lower coverage than the average and still suffer from restricted supply, water rationing and uneven water quality. 3. Sector Reform. A fundameptal reorganization of the sector, which is supported by the Bank, is being formulated. The key elements of this reform have been recently approved by the President inder a National Water Improvement Program (NWIP) to ensure that: (a) good quality water is available to the total population; (b) adequate monitoring and improved effectiveness of the sector is achieved; and (c) adequate staff training is provided. The NWIP will be implemented between 1990 and 1995 and will expand the previously planned investments for water supply by US$2,060 million which will be allocated to modernize several hundred existing treatment plants, replace about 27,500 km of corroded or leaking pipes, in order to reduce non-revenue water (NRW), and train sectoral staff. About 50% of this amount would be financed by long-term government loans and the remainder by internal cash generation made possible by a 30% increase in water tariffs between 1990 and 1992 (9% p.a.). The NWIP would also improve the sector by: (a) converting the municipal Water Bureaus into quasi-corporations; (b) unifying the planning, financing and construction of regional water supply systems under the Korean Water Resources Corporation (KOWACO), which would also have a major role in controlling water quantity (through dams) and quality (through sewage treatment plants) in the main rivers and (c) strengthen the country's capacity to monitor, control and reduce water pollution. 4. A major focus of the NWIP is the cleaning up of the Korean rivers, which are increasingly polluted as a result of accelerated industrial and urban development. Under the Plan, sewage treatment plants would be completed in all cities, and even in small municipalities where their pollution affects key water sources. Improvements and better monitoring and control would also be applied to about 26,000 industrial treatnent plants, and to pollution from livestock and farming. Many industries will have to relocate to ensure protection of water sources. These investments would average about US$800 million per year. 5. Rationale for Bank Involvement. Although Bank lending to Korea has been scaled down, the Bank's capacity for technical analysis, as a basis for providing advice to help improve sector policies, is valued by the Government. In general, the Bank's strategy focuses on sectoral lending, particularly for social sectors, poverty alleviation, institutional development, and transfer of technology. In accord with the Bank's strategy, the proposed project would suppo,t the development of one of Korea's least- developed regions, with emphasis on expanding services to the urban poor. The Bank's involvement in project preparation has already resulted in considerable savings in the project. The project would introduce sound pricing policies and tariffs and improve the financial planning of the K(wangju Water Bureau (KWB) and KOWACO. More significantly, the project would also allow the Bank to continue a dialogue with the Government on the sectoral reorganization (paras. 3 and 4), which would have profound implications for the management of water s-upply, sewerage, water pollution control, and urban services throughout the country. 6. Project Obiectiver. The objectives of the project are to: (a) support the development of one of the poorest and least-developed regions in Korea; (b) improve and expand water supply to about 96% of the population in Kwangju Metropolitan Area (KMA) by 2001 and thus serve most of the region's low-income population; (c) ensure efficient use of scarce water resources; (d) strengthen Kwangju Water Bureau's (KWB) and KOWACO's planning capacity and finances; and (e) support institutional improvements in the sector. 7. Proiect Description. The Juam Regional Wazer Supply System would ultimately supply KMA (which includes the Special City of Kwangju and eight smaller municipalities) with 640 million liters per day (NLD) of water from Juam Dam. The proposed project is the first stage of that system and includes: (a) a pumping station with a peak capacity of about 520 MLD; (b) a raw water transmission main, including about 14 km of tunnels designed for the final capacity (about 2.6 m to 2.8 m in diameter) and about 22 km of pipelines '1.8 m to 2.4 m in diameter); (c) a treatment plant with a capacity of 60 MILD; (d) transmission pipelines for Naju and seven other municipalities (about 25.5 km) and (e) engineering services fot project design and supervision. Kwangju and the other municipalities will be responsible for constructing and financing the complementary works, including storage reservoirs and distribution networks required to use the bulk water provided. Kwangju will also build and finance a treatment plant for 230 MLD of water. The project sets targets to increase the efficiency of distribution and reduce water leakage in Kwangju, sets financial targets for KWB and KOWACO, and supports improvements in their planning and management information systems. 8. The project would be carried out in five years, and would be implemented by MOC. Its total cost is estimated at US$178.7 million equivalent, with a foreign exchange component of US$63.2 million (35%). The total financing required, including interest during construction, is US$183.J million, of which the Bank would finance US$34 million (190/o of the total) and the Government will finance the remaining US$149.1 million. A breakdown of costs and the financing plan are shown in Schedule A. Amounts and methods of procurement and of disbursements, and the disbursement schedule are shown in Schedule B. A timetable of key project processing events and the status of Bank Group operations in the Republic of Korea are given in Schedules C and D, respectively. The Staff Appraisal Report, No. 8083-KO, is being distributed separately. The complementary works by KWB, estimated at US$69.4 million, would be financed by bonds (US$33.0 million), KWB's net internal cash generation (US$12.1 million), and Government loans (US$24.2 million). The complementary works in the eight municipalities (about US$13.1 million) would be mainly financed by Government loans and contributions from the municipalities and the Province. After project completion, the assets of the bulk water system and its debt service liabilities, including the foreign exchange risk, would be transferred to KOWACO. The municipalities will own and operate their facilites. 9. Actions Agreed. Assurances were obtained (1) From the Government. that: (a) by December 31, 1993 the eight municipalities will expand their distribution systems to use the water provided by the project; and (b) a Transfer and Operations Agreement for the project, a draft of which would be presented to the Bank for comments by December 31, 1993, would be signed with KOWACO prior to completion of the project. (II) From Kwanziu City that KWB would (a) complete the first phase of the water treatment plant and distribution system by December 31, 1993; (b) include in its investment program for 1990-93 a satisfactory program for leak detection and for rehabilitation of the water distribution network; (c) implement by December 31, 1990, a program for computerized planning and financial forecasting and provide periodic projections to the Bank; (d) implement by December 31, 1990, a management information system, with monthly information on water demand, revenues and costs; and (e) achieve an annual rate of return of at least 9g% on revalued fixed assets in operation. MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATnONAL BANK FOR RECONSTRUCllON AND DEVELOPMFNI TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE REPUBUC OF KOREA FOR A JUAM REGIONAL WATER SUPPLY PROJECT 1. The following memorandum and recommendation on a proposed loan to the Republic of Korea for US$34 million equivalent is submitted for approval. The loan would help finance the Juam Regional Water Supply Project and would be for a term of 15 years, including a five year grace period, at the Bank's standard variable interest rate. 2. Background. Korea is one of the most urbanized of the developing countries. Its urban population grew from 28% in 1960, to 76% in 1987, and would reach 80% of the total population by the year 2000. This rapid urbanization, averaging 3.2% p.a. during 1980-87, has overextended most ii ban services, including water supply. Investments in the sector, which received comparatively lower priority in the 1960s, increased rapidly and succeeded in expanding the population served by house connections from 17% of the population in 1960, to 32% in 1970 and, remarkably, to 74% by 1988. Ongoing investmnents, averaging about US$760 million p.a. will increase the population served to 80% by 1991. However, many municipalities have much lower coverage than the average and still suffer from restricted supply, water rationing and uneven water quality. 3. Sector Reform. A fundamental reorganization of the sectar, which is supported by the Bank, is being formulated. The key elements of this reform have been recently approved by the President under a National Water Improvement Program (NWIP) to ensure that: (a) good quality water is available to the total population; (b) adequate monitoring and improved effectiveness of the sector is achieved; and (c) adeauate staff training is provided. The NWIP will be implemented between 1990 and 1995 and will expand the previously planned investments for water supply by US$2,060 million which will be allocated to modemize several hundred existing treatment plants, replace about 27,500 km of corroded or leaking pipes, in order to reduce non-revenue water (NRW), and train sectoral staff. About 50% of this amount would be financed by long-term government loans and the remainder by internal cash generation made possible by a 30% increase in water tariffs between 1990 and 1992 (9% p.a.). The NWIP would also improve the sector by- (a) converting the municipal Water Bureaus into quasi-corporations; (b) unifying the planning, financing and construction of regional water supply systems under the Korean Water Resources Corporation (KOWACO), which would also have a major role in controlling water quantity (through dams) and quality (through sewage treatment plants) in the main rivers and (c) strengthen the country's capacity to monitor, control and reduce water pollution. 4. A major focus of the NWIP is the cleaning up of the Korean rivers, which are increasingly polluted as a result of accelerated industrial and urban development. Under the Plan, sewage treatmnent plants would be completed in all cities, and even in small municipalities where their pollution affects key water sources. Improvements and better monitoring and control would also be applied to about 26,000 industrial treatment plants, and to pollution from livestock and farming. Many industries will have to relocate to ensure protection of water sources. These investments would avetage about US$800 million per year. 5. Rationale for Bank Involvement. Although Bank lendirng to Korea has been scaled down, the Bank's capacity for technical analysis, as a basis for providing advice to help improve sector policies, is valued by the Government. In general, the Bank's strategy focuses on sectoral lending, particularly for social sectors, poverty alleviation, institutional development, and transfer of technology. In accord with the Bank's strategy, the proposed project would support the development of one of Korea's least- developed regions, with emphasis on expanding services to the urban poor. The Bank's involvement in project preparation has already resulted in considerable savings in the project. The project would , 2 - introduce sound pricing policies and tariffs and improve the financial planning of the Kwangju Water Bureau (KWB) and KOWACO. More significantly, the project would also allow the Bank to continue a dialogue with the Government on the sectoral reorganization (paras. 3 and 4), which would have profound implications for the management of watei supply, sewerage, water pollution control, and urban services throughout the country. 6. Proiect Obiectives. The objectives of the project are to: (a) support the development of one of the poorest and least-developed regions in Korea; (b) improve and expand water supply to about 96% of the population in Kwangju Metropolitan Area (KMA) by 2001 and thus serve most of the region's low-income population; (c) ensure efficient use of scarce water resources; (d' strengthen Kwangju Water Bureau's (KWB) and KOWACO's planning capacity and finances; and (e) support institutional improvements in the sector. 7. Proiect DescriDrion. The Juam Regional Water Supply System would ultimately supply KMA (which includes the Special City of Kwangju and eight smaller municipalities) with 640 million liters per day (MLD) of water from Juam Dam. The proposed project is the first stage of that system and includes: (a) a pumping station with a peak capacity of about 520 MLD; (b) a raw water transmission main, including about 14 km of tunnels designed for the final capacity (about 2.6 m to 2.8 m in diameter) and about 22 km of pipelines (1.8 m to 2.4 m in diameter); (c) a treatment plant with a capacity of 60 MLD; (d) transmission pipelines for Naju and seven other municipalities (about 25.5 km) and (e) engineering services for project design and supervision. Kwangju and the other municipalities will be responsible for constructing and financing the complementary works, including storage reservoirs and distribution networks required to use the bulk water provided. Kwangju wfll also build and finance a treatment plant for 230 MLD of water. The project sets targets to increase the efficiency of distribution and reduce water leakage in Kwangju, sets financial targets for KWB and KOWACO, and supports improvements in their planning and management information systems. 8. The project would be carried out in five years, and would be implemented by MOC. Its total cost is estimated at US$178.7 million equivalent, with a foreign exchange component of US$63.2 million (35%). The total financing required, including interest during construction, is US$183.1 million, of which the Bank would finance US$34 million (19% of the total) and the Government will finance the remaining US$149.1 million. A breakdown of costs and the financing plan are shown in Schedule A. Amounts and methods of procurement and of disbursements, and the disbursement sc', dule are shown in Schedule B. A timetable of key project processing events and the status of Bank Group operadons in the Republic of Korea are given in Schedules C and D, respectively. The Staff Appraisal Report, No. 8083-K(O, is being distributed separately. The complementary works by KWB, estimated at US$69.4 million, would be financed by bonds (US$33.0 million), KWB's net intemal cash generation (US$12.1 million), and Government loans (US$24.2 million). The complementary works in the eight municipalities (about US$13.1 million) would be mainly financed by Government loans and contributions from the municipalities and the Province. After project completion, the assets of the bulk water system and its debt service liabilities, including the foreign exchange risk, would be transferred to KOWACO. The municipalities will own and operate their facilities. 9. Actions Agreed. Assurances were obtained (a) From the Government. that: (a) by December 31, 1993 the eight municipalities will expand their distribution systems to use the water provided by the project; and (b) a Transfer and Operations Agreement for the project, a draft of which would be presented to the Bank for comments by December 31, 1993, would be signed with KOWACO prior to completion of the project. (11) From KwanJlu Citv that KWB would (a) complete the first phase of the water treatment plant and distribution system by December 31, 1993; (b) include in its investment program for 1990-93 a satisfactory program for leak detection and for rehabilitation of the water distribution network, (c) implement by December 31, 1990, a program for computerized planning and financial forecasting and provide periodic projections to the Bank; (d) implement by December 31, 1990, a management information system, with monthly information on water demand, revenues and costs; and (e) achieve an annual rate of return of at least 9% on revalued fixed assets in operation. - 3 - (all) From KOWACO that its Dams Division would achieve an annual rate of return of 5% on revalued fixed assets in operation, and Its Water Division would achieve a rate of return on revalued fixed assets of at least 2% in 1990, 3.5% in 1991 and 5% thereafter. 10. Justification. The proposed project would provide urgently needed water to K1A, one of the poorest and least developed areas in Korea, providing basic social infrastructure for the economic and social development of the area. The project would extend water services to most of the population in KMA (91% by 1994 and 96% by 2001). The total additional population to be provided with water by house connections for the first time would be considerable, more than two hundred thousand by 1994, 55% of whom would be urban poor. The project capacity, supplemented in a second stage by additional treatment and distribution facilities, would provide water to about one million persons by 2011. The project would set adequate financial goals for KOWACO, which supplies water to more than 100 municipalities throughout Korea, promoting the optimization of scarce water resources and setting incentive, to reduce water leakage and wastage. The Bank would work jointly with KOWACO (which is expanding its already large involvement in the sector) to maximize the benefit of the ongoing NWIP. KWB would also benefits from financial targets and improved plannirg. 11. Because of economies of scale, the treated water pipe and the tunnels will be constructed for the system final capacity. This makes the investment lumpy and reduces the rate of return. The ERR for the project is estimated at 8%. This is based only on tariff revenues. However, the benefits measured by water sales comprise only a fraction of the total benefits of the project and underestimate its ERR, by excluding important benefits which are difficult to quantify. These benefits include improvement of the living standards of the population already connected, the consumer surplus, the increased economic rents in new areas supplied with water, and the health and general welfare benefits brought about by a safe and reliable water supply. 12. Risks. There are no unusual project risks. The major risk is that the pianned industrial and social development of the area would not evolve as projected, reducing water demand and resulting in unused capacity. This risk is mitigated by the existence of other cities with very critical water shortage problems, which could use the water by extending the transmission system. Another risk would be delayed completion by Kwangju and the other municipalities of the treatment or distribution works required to use the water provided by the project. However, the Government has given high priority to water supply, and the concemed Ministries to the KMA. Failure to reduce NRW would increase the cost of water and in the lor,g term reduce the number of persons benefited. However, KWB has already reduced NRW considerably, and a NWIP includes actions for reducing NRW through the rehabilitation of distribution systems, particularly in cities like Kwangju, which have higher than average NRW. 13. Recommendation. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank and recommend that the Executive Directors approve the proposed loan. Barber B. Conable President Attachments Washington, D.C. February 16, 1990 4 - Schedule A KOREA JUAM REGIONAL WATER SUPPLY PROJ.=T ESTIMATED COSTS AND FINANCING PLAN Esimat.ed Project Costs: Local Foreign Total -- (USS million) ---- Pumping and Raw Water Tranmission 70.9 38.0 108.9 Treatment and Treated Water Transmission 17.6 13.4 31.0 Engineering 3.7 0.0 3.7 Land Purchase and Compensation 4.8 0.0 4.8 Base Cost (July 1989) 97.0 51.4 148.4 Physical Contingencies 6.7 3.1 9.8 Price Contingencies 11.8 8.7 20.5 lotal Project Cost W 115.5 63.2 1787 Interest During Construction 0.0 4.4 4.4 1otal Financing Required 115.5 67.6 183.1 Financinfe Plan: World Bank 0.0 34.0 34.0 Government Contributions 115.5 33.6 149.1 TOTAL 115.5 67 6 183.1 w Including taxes and duties equivalent to US$8 million. I 5 - KOREA Schedule B JrUAM REGIONAL WATER SUPPLY PROJECT Procurement Method and Disbursements (US$ Million) 1] ~~~~~~~~~~~. ......... ............. ............................................................ .... ........ .. . Project Component ICB LCB OTHER TOTAL .................................... W............................................................ ... .... ............................ .................................... Civil Works 109.5 1.0 2] 110.5 (0.0) (0.0) (0.0) Materials & Equipment 53.0 1.7 4.4 2] 59.1 (33.0) (1.0) (0.0) (34.0) Engineering 4.0 4.0 (0.0) (0.0) Land Acquisition 5.1 5.1 (0.0) (0.0) SUB.l'OiAL 53.0 11i.2 14.5 1i7a.7 IBRD FINANCING (33.0) (1.0) , (34.0) 11 Figures in parentheses are amounts financed by the Bank. 2] Construction of the power line by the Korean Electric Power Company. Disbursements Category Amount (US$ Million) Expenditures to be Financed Equipment E Materials 34.00 100% of foreign expenditures and ex-factory local expenditures; 65% of local expenditures Estimated IBRD Disbursanents Bank Fiscal Year EY90 FY91 FY92 FY93 FY94 FY95 --------- ([JS$ million) ---------- Annual 3.7 2.1 6.8 11.7 8.0 1.7 Cumulative 3.7 5.8 12.6 24.3 32.3 34.0 -6- Schedule C KOREA JUAM REGIONAL WATER SUPPLY PROJECT TIMETABLE OF KEY PROJECT PROCESSING STEPS (a) Time Taken to Prepare the Project 18 months (b) Prepared by: Local consultants with Bank assistance. (c) First Bank Mission: November 1988 fd) Appraisal Mission Start: September 4, 1989 (e) Negotiations: January 8, 1990 (f0 Planned Date of Effectiveness: May 1990 (g) List of Relevant PCRs and PPARs: First Water Supply Project (Loan 2072-KO). (PPAR No. 8174 - November 1989) - 7 - Schedule D P Th * of 2 THE STATUS OF ANK OROUP OPERATIONS IN THE REPUBLIC OF KOREA A. Statem nt of Bank Loans and IDA Credits /a (As of September 30, 1989) L^en or Amount (S million) Credit Fiscal (loes cancellations) Number Year Borrower Purpose Bank IDA Undisbureed Seventy-four loans and nine credits fully disbursed 4,732.97 116.68 - 2360 1984 Republic of Koroo Second Water Supply 61.63 0.24 2388 1984 Republic of Korea Jeonju Regional Dovelopment 40.88 2.41 2392 1984 Republic of Korea Highway Sector 216.42 1.20 2427 1984 Republic of Koroo Education Sector 100.00 4.77 2491 1986 Republic of Korea Water Supply 90.00 2.88 2614 1986 SMG Urban Transportation 28.70 9.86 2571 1986 Republic of Koroo Second Industrial Finance 103.12 4.86 2600 1988 Republic of Korea Seoul-Busan Corridor 34.60 7.89 2616 1986 Republic of Korea Fcurth Water Supply 34.13 0.92 2611 1986 KEPCO Socond Power 194.15 16.28 2704 1986 KLDC Urban Land Development 160.00 28.13 2726 1986 Republic of Koroa Pusan Port 134.60 66.79 2863 1987 Republic of Korea Housing Finnnco Sector 150.00 9.01 2906 1988 Republic of Korea Kyonggi Regional Transport 118.00 87.49 2908 1988 Taegu City Government Taogu Urban Transport 30.00 28.00 2913 1988 Korea Technology Corp. Third Technology Development 50.00 26.91 3037 1989 Reoublic of Korea Technoloay Advancement 16.40 18.40 3081 1989 Republic of Korea Rood Improvment 200.00 200.00 Total e.663.26 115.58 611.84 Of which has been repaid 3.209.87 14.71 Total Now Outstanding 3,343.3s 100.87 Less: Amount sold 131.61 Of which repaid 74.87 66.64 - Total Now Hold BY Bank and IDA 3,206.74 100.87 Total Undisbursed 611.84 - 611.04 /a The status of the projects lipted In Port A are described In a separate report on all Bank/IDA-financed projects In execution, which is updated twice yearly and circulated to the Executive Directors on April 30 and October 31. - 8 - Schedule D Page Z Of B. Statement of IFC Investments (As of September 30. 1989) Fiscal Loan Equity Total Year Obligor Tvpe of Business --- (Us mill ion' -- 1968 KLB (KDFC) Development Financing - 0.70. 1969 Honam Silk Co. Textiles 1.4 0.3 1.7 1970 Atlas Paper Pulp and paper 4.5 0.5 5.0/a 1971 Korea Investment Capital Market Development - 0.7 07 Finance Corp. 1974 KLB (KDFC) Development Financing 0.4 0.4 1974 Korea Investment Capital Market Development - 0.3 0.3 Finance Corp. 1975 Gold Star & Co. Ltd. Electronic Products 16.0 1.3 17.3 1975 Korea Securities Capital Market Development 5.0 0.6 5.6 Finance Corp. 19i5 Tong Yang Nylon Synthetic Fibers 6.9 5.1 12.0 Company. Ltd. 1975 Hae Un Dae Dev. Co. Tourism 2.8 1.2 4.0 Ltd. (Busan) 1976 Korea Investment Capital Market Development - 0.4 0.4 Finance Corp. 19761 Chonju Paper hfg. Co. Paper 5.0 1.0 6.0 84 /8 7 1976/86 Korea Zinc. Co. Ltd. Zinc 21.0 5.6 26.6 1976 KLB (KDFC) Development Financing 17.8 - 17.8 1976 Gold Star & Co. Ltd. Electronic Products 10.0 0.4 10.4 1977 Gold Star & Co. Ltd. Electronic Products - 0.2 0.2 1977 KLB (KDFC) Development Financing - 0.3 0.3 1977 Korea Securities Capital Market - 0.5 0.5 Finance Corp. 1977 Korea Development Capital Market 15.0 0.4 15.' Leasing Corp. 1978 KLB (KDFC) Development Financing - 1.1 1.1 1979 Gold Star & Co. Ltd. Electronic Products - 1.7 1., 1979 KIPC Capital Market - 0.6 0.6 1979 Korea Development i.a M a.e5 Leasing Corp. 1979 Gold Star & Co. Ltd. Electronic Products - 1.5 1.5 1980/84 Gold Star & Co. Ltd. Electronic Products - 18.4 18.4 8587/ 88/89 1980 Korea Investment Capital Market - 0.6 0.6 Finance Corp. 1980/ Korea Securities Capital Market - 2.3 2.3 82/84 Finance Corp. 1980 KLB (KDFC) Develo ment Financing - 4.9 4.9 1981 Taihan Bulk Terminal Grain Port Terminal 7.0 2.5 9.5 19821851 KIFC Capital Market - 5.9 5.9 89 1982 K-TAC (Korea Tech. Research & Development - 0.6 0.6 Advancement Corp.) 1983/85 KDIC Money & Capital Market - 5.9 5.9 1984 Halla Cement Cement Const. Material 4.3 3.9 8.2 1985/86 Korea Fund Money & Capital Market - 12.8 12.8 1987 Korea Business & Mon,ey and Capital Market - 0.1 0.1 Research Information 1988 ANAN General Manufacturing - 15.8 15.8 1989 Oriental Chemicals & Petrochemicals - 15.2 15.2 Total Gross Commitments 116.7 114.2 230.9 Less: cancellations, terminations, 111.7 48.0 159.7 repayments and sales Total Commitments Now Held by IFC 5.0 66.2 71.2 Total Undisbursed (including participant's portion) - 2.7 2.7 /a Cancelled at the request of the Company. IBRD 21919 REPUBLIC OF KOREA ,1,,4 JUAM DAM REGIONAL WATER SUPPLY PROJECT EXISTING fUTURE PROPOSED WATER PIPELINES WATER TREATMENT PLANTS .4s 0 INTAKE PUMPING STATIONS .(TUNNELS .. 1 t .. W DISTRIBUTION RESERVOIR I b ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~DAMS SERVICE BOUNDARIES .) I AM.AMYON W.T.P. OTHER PROJECT ITEMS jNONBANK PROEC EXISTING INDUSTRIAL WATER PIPELINES PROPOSED INDUSTRIAL WATER PIPELINES F- PTURTE INDUSTRIAL WATER PIPELINES PRESSURE PUMP STATIONT FUTURE PRESSURE PUMP STATION o TREATM1ENT PLANTS T~~~~~~ ------ ~~~~~~~~~~~~~~~~~~DISTRICT (GUN) BOUNDARIES J !\ SOCHON'/ . t _ B i < \2 \ _;;_ PROVINCE BOUNDARIES IU \ vF,% j> 5 ip I'S "I/ I ' 10 IT 0 ~~~~~~~~~ ~~~~~~~~KILOMETERS K >\ 0 t "WA.NGJ v,nN ok, *_ CHOIIANAM SOMuJ KYONGSANGNAM 'I lc 7 WTP Y,N) GON t PUMP DO , HUNG'7- >-y (DtNKING WATERh ) X 1,~~~~BOOTER NOAN MYCN % P I N-- B B / E :' NAMPYONG HWASUN ONG BOK STATION CHOLLANAM La~u CHi J U D O | _ )MYON EUP JR. , Do. MYONN N A ~~MYON' TOGOK '~~~~~-KONTONGgMOn P. . 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