world bank document...... industrial development bank of india ... utilize lending procedures and...

Document of

The World Bank

FOR OFFICIAL USE ONLY

L.A/ Z9Z42"- /A/

Report No. P-4762-IN

MEMORANDUM AND RECOMMENDATION

OF THE

PRESIDENT OF THE

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

TO THE

EXECUTIVE DIRECTORS

ON

PROPOSED LOANS

TO

INDIA

IN AN AMOUNT EQUIVALENT TO US$310 MILLION

AND TO THE

STEEL AUTHORITY OF INDIA LIMITED

IN AN AMOUNT EQUIVALENT TO US$5O MILLION

FOR AN

INDUSTRIAL FINANCE AND TECHNICAL ASSISTANCE PROJECT

March 7, 1988

This document ha a restricted distnruion and may be used by recpienb only In the performance oftheir official duties. Its contents may not otherwise be disclosed without Wodd Bank authorization.

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CURRENCY EQUIVALENTS

Rs 1 = US$0.077Rs 13.00 - US$1.00

FISCAL YEAPS

Government of India: April 1 - March 31IDBI : July 1 - June 30ICICI : January 1 - December 31SAIL : April 1 - March 31

PRINCIPAL ABBREVIATIONS AND ACRONYMS USED

BIFR - Board for Industrial and Financial ReconstructionBMR - Balancing, Modernization or Replacement ProjectsDAF - Development Assistance FundDFI - Development Finance InstitutionGIC - General Insurance Corporation of India0OI - Government of IndiaICICI - Industrial Credit and Investment Corporation of IndiaIDBI - Industrial Development Bank of IndiaIFCI - Industrial Finance Corporation of IndiaLIC - Life Insurance Corporation of IndiaMRTP - Monopolies and Restrictive Trade Practices ActRBI - Reserve Bank of IndiaSAIL - Steel Authority of India LimitedSCICI - Shipping Credit Investment Corporation of IndiaSFC - State Financial CorporationSIDC - State Industrial Development CorporationSSI - Small-Scale IndustriesTA - Technical AssistanceUTI - Unit Trust of India

FOR OFFCIAL USIE ONLYINDIA


LOAN AND PROJECT SUMMARY

Borrowers : a) The loan to India: India, acting by its President.b) The Technical Assistance Loan: Steel Authority of

India Limited (SAIL)

Guarantor of : India, acting by its PresidentSAIL TechnicalAssistance Loan :

Beneficiaries : Industrial Development Bank of India (IDBI),Industrial Credit and Investment Corporation of India (ICICI),and Steel Authority of India Limited (SAIL).

Amount : US$360 million comprising:

a) The loan to India: US$310 millionb) The technical assistance loan to SAIL: US$50 million

Terms : The proposed loans would be made at the Bank's standardvariable interest rate and would have a term of 20 yearsincluding 5 years of grace.

Re-lending Terms : The Loan to India of US$310 million would be relent in localcurrency to IDBI and ICICI at 11% p.a. The lending rateto the final sub-borrowers would be 14% p.a. initially.These rates would be reviewed periodically to ensure thatthe rate to final borrowers remains positive in real terms,reflective of market conditions and provide a reasonablespread to the development finance institutions (DFIs). TheCc-aernment would bear the foreign exchange and interestrate risks on its loans to the DFIs.

Financing Plan : IDBI US$ 55.0 millionICICI US$ 27.0 millionSubproject sponsors US$ 225.0 millionCredit and Capital Market Sources US$ 150.0 millionSAIL US$ 51.0 millionBank US$ 360.0 million

Total US$ 868.0 million

Economic Rateof Return : Subprojects financed by IDBI and ICICI would have a minimum

economic rate of return of 12%.

Staff AppraisalReport : Report No. 7058-IN.

Map : IBRD No. 20713

This document has a restricted distribution and may be used by recipients only in tt. AeI.uVnanceof their official duties. Its contents may not otherwise be disclosed without World B& ik authc ization.

MEMORANDUM AND RECOMMENDATION OF THE PRESIDENTOF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

TO THE EXECUTIVE DIRECTORSON TWO PROPOSED LOANS TO INDIA AND STEEL AUTHORITY OF INDIAFOR AN INDUSTRIAL FINANCE AND TECHNICAL ASSISTANCE PROJECT

1. The following memorandum and recommendation on proposed Bank loansof US$310.0 million to India and US$50.0 million to the Steel Authority ofIndia Limited (SAIL) with the guarantee of India, is submitted for approval.The proposed Bank loans would be for 20 years, including 5 years of grace, atthe Bank's standard variable interest rate to help finance an IndustrialFinance and Technical Assistance project.

2. Background. Manufacturing in India accounted for about 17% of GDPand about 732 of exports in FY86, employing approximately 25Z of thecountry's organized labor force. During the Sixth Five Year Plan (FY81-85),the performance of manufacturing was disappointing as growth in manufacturinggross value added averaged only 4.3% p.a. in real terms and manufacturedexports expanded only 2.8% p.a. The Government has recognized the need forreform in industrial policies and has begun to place greater reliance onprice signals and market forces. In particular, the new policies haveemphasized greater domestic competition through delicensing and reduction ofGovernment controls, and improved export competitiveness through exchangerate management and greater access by exporters to imported inputs at worldmarket prices. There is evidence that the reforms to date are having posi-tive effects. Average annual manufacturing output growth accelerated toalmost 9% p.a. in real terms in the last three years and growth in manufac-tured exports reached 9.3% in FY86 and 11.8% in FY87.

3. Rationale for Bank Involvement. The proposed Industrial Finance andTechnical Assistance Project would support the substantial progress in policyreform made over the past three years and the concomitant adjustments in boththe industrial and financial sectors. As the Government becomes lessinvolved in determining industrial capacity for the Indian market through thelicensing system, the responsibility for selecting industrial projects fallsmore on the financial system, especially the development finance institutions(DFIs), creating a need for them to improve appraisal and risk assessmentcapabilities. Increased competition is also causing a shake-out of lessefficient firms with potentially adverse implications for the portfolios offinancial institutions, requiring improved project supervision and stricterportfolio management. Finally, it has become increasingly apparent thatindustries in key subsectors are in need of restructuring in order to bringindustrial production costs and product quality closer to internationalstandards.

4. Project Objectives. The proposed project would assist the Governmentin dealing with the adjustment process in both the financial system and theindustrial sector. It would provide: (a) financial and technical support tothe two largest DFIs, the Industrial Development Bank of India (IDBI) and theIndustrial Credit and Investment Corporation of India Ltd. (ICICI), to helpthem meet their requirements for long term resources and to strengthen theircapacity to appraise projects effectively in a less regulated environment andto cope with the more difficult portfolio management problems stemming fromthe adjustment process; and (b) technical assistance to the major Governmentsteel company, SAIL, to enable it to prepare through appropriate studies thephysical restructuring of its operations in order to be able to produce steelat lower costs to downstream users in the domestic economy. The proposedloans would be the first to support the direct lending of IDBI and to supportSAIL, but would continue the Bank's long standing association with ICICI.

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5. Project Description. The proposed project would provide:(a) US$200.0 million to IDBI and US$100.0 million to ICICI for on-lending toto medium and large industrial enterprises to finance economically and finan-cially viable projects (the US$300.0 million represent approximately 1.2%of the two DFI's total resource requirement for the period 1988-1992, and 13%of their foreign exchange requirements for the same period);(b) US$5.0 million each to IDBI and ICICI for technical assistance to supporttheir institution building programs through development of staff trainingprograms in India and abroad; implementation of computerization programsnecessary to improve management information, credit decisions and portfoliomanagement; and consultancy services to upgrade the quality of management andtechnical advice provided by the DFIs to their clients and associatedinstitutions; and (c) US$50.0 million for technical assistance for steelsector restructuring, to finance consultancy assignments, trainingactivities, productivity studies and technical assistance related equipmentto help SAIL improve its operational efficiency. The total cost of theprcject is US$868 million with an estimated foreign exchange component ofUS$365 million (42%). The possibility is being explored of obtaining 450 mil-lion yen (US$ 3.3 million equivalent) from the Japanese Cofinancing GrantFacility with the Bank. A breakdown of costs and financing plan are shown inSchedule A. Amounts and methods of procurement are shown in Schedule B. Atimetable of the project's key processing events and the status of Bank Groupoperations in India are given in Schedules C and D, respectively, and a mapis also included. The Staff Appraisal Report, No. 7058-IN, dated March 2,1988, is attached.

6. Agreed Actions. The Government has agreed: (a) to relend to IDBI andICICI proceeds of the $310 million loan under terms and conditions specifiedin subsidiary loan agreements (to be signed before loan effectiveness) at aninterest rate of 11X p.a., and to allow the DFIs to charge a final rate of14% p.a. to subborrowers, with the foreign exchange risk borne by theGovernment; and (b) to review the relending rates periodically in relation tochanges in inflation (present and projected inflation rates are 61 p.a.) andother market conditions and adjust the relending rates as necessary to ensurethat the rate applicable to new subloans remains positive in real terms,reflective of market conditions and sufficient to provide a reasonable spreadto the DFIs.

7. IDBI and ICICI have agreed to: (a) conduct their activities inaccordance with the policy, strategy, and collection statements, approved bytheir respective boards, which cover a wide variety of issues includinginstitutional objectives, financial projections, and measures to improveappraised standards and portfolio management; (b) maintain a maximumdebt:equity ratio of 12:1 and a minimum debt service coverage ratio of 1.2:1;(c) utilize lending procedures and sub-loan Bank eligibility proceduresacceptable to the Bank, including a maximum limit on amount of proceeds fromthe Bank loan for a single enterprise of $20.0 million, minimum economic andfinancial rates of return on subprojects of 12% and 15% respectively, maximumsubloan maturities of 15 years including a maximum of three years of graceand free limits of US$6.0 million for IDBI and ICICI with the first tensubloans of IDBI subject to prior Bank approval; and (d) submit to the Bankfor comment three months before the beginning of eack fiscal year theirannual training programs and the list of candidates for foreign trainingprograms. SAIL has agreed to: (a) carry out its technical assistanceprogram in accordance with an implementation program agreed with the Bank;

-3-

and (b) submit to the Bank for comment the list of candidates for foreigntraining programs.

8. Benefits. The proposed project would provide operational supportto the on-going dialogue on industrial policy reform in India and assist inthe adjustment process as it affects both the DFIs and the industrial sector.The technical assistance programs and the policy, strategy and loan collec-tion statements that were prepared in the context of appraisal of the Projectwould support the DFrs in improving the quality of appraisals and the manage-ment of risk and portfolio in the more difficult environment which is emerg-ing as part of deregulation. The loan would provide needed term financing tothe DFIs and finance about 80 subprojects, resulting in investments of aboutUS$750 million. The subprojects financed are expected to generate about28,000 new full-time work places at an average cost per job of US$26,785.

9. The Steel TA component would assist SAIL in complementing itsrestructuring programs, aimed at lowering steel prices. This achievementwould benefit downstream users of steel, a group which, directly orindirectly, includes almost all segments of the economy.

10. The project would also have positive effects on the environment asthe DFIs have incorporated strong environment protection objectives in theirpolicy statements and the technical assistance to SAIL would help it complywith the Government' s environmental standards.

11. Risks. The quality of the portfolio of the DFIs could deterioratefurther as a result of the more competitive environment and the effect ofpossible future exchange rate adjustments on the repayment capacity ofenterprises which have borrowed abroad. The technical assistance programsand collection strategies provided for under the Project would reduce thisrisk.

12. The risks on the steel technical assistance component are minimal.SAIL is committed to the technical assistance program, is expected to havesufficient internal cash generation to finance its share of the costs of thetechnical assistance program and has made adequate arrangements for themanagement and staffing of the various studies.

13. Recommendation. I am satisfied that the proposed loans would complywith the Articles of Agreement of the Bank and recommend that the ExecutiveDirectors approve the oroposed loans.

Barber B. ConablePresident

Attachments

Washington, D.C.

March , 1988

-4-

SCHEDULE A

INDIA


Estimated Costs:

---------(US$ Million)--…-Local Foreign Total

Credit Component 450 300 750Technical Assistance for DFIs 7 10 17Technical Assistance for SAIL 46 55 101

TOTAL 503 365 868

Financing Plans

Bank -- 360 360IDBI 55 -- 55ICICI 27 -- 27Subproject Sponsors 225 -- 225Other Credit & Capital Market Sources 150 -- 150SAIL 46 5 51

TOTAL 503 365 868_ _ -

-5-

SCHEDULE B

INDIA


PROCUREMENT METHODS(US $ Million)

Table 6.01: PROCUREMENT METHODS(US$ Million)

Procurement MethodProject Element ICB/LIB IS CON Total

Credit Component 35.0 715.0 750.0-Bank (20.0) (280.0) (300.0)

IDBI TechnicalAssistance 2.0 5.0 3.0 10.0-Bank (1.0) (2.0) (2.0) (5.0)

ICICI TechnicalAssistance 1.5 2.5 3.0 7.0-Bank (1.0) (2.0) (2.0) (5.0)

Productivity Study 4.2 4.2-Bank (2.5) (2.5)

Environmental 43.2 7.5 50.7-Bank (20.0) (4.5) (24.5)

Training 13.3 9.7 23.0-Bank (6.1) (4.9) (11.0)

Distribution 18.2 2.7 20.9-Bank (8.4) (2.1) (10.5)

ASP Survey (2.0) 2.0-Bank (1.5) (1.5)

Total 113.2 722.5 32.1 867.8-Bank (56.5) (284.0) (19.5) (360.0)

Notes:ICB means International Competitive Bidding.IS means International Shopping.LIB means Limited International Bidding.CON means in accordance with consultancy selection guidelines.

Source: Staff estimates

-6-

SCHEDULE C

INDIA

INDUSTRIAL FINANCE AND TECHNICAL ASSISTANCE PROJBCT

Timetable of Key Project Processing Events

(a) Time Taken to Preparet 8 months

(b) Prepared byt GOr with World Bankassistance

(c) First Bank missiont June 1987

Cd) Appraisal mission departure: October 1987

Ce) Negotiationst Febuary 10-17, 1988

Cf) Planned Date of Effectiveness: May 31, 1988

Cs) List of relevant PCRs: IDBI Public/Joint Sector Project(PCR No* 6557)

IDBI Second SFCs Project(PCR No. 6876)

ICICI. Eleventh andTwelfth Projects.(PCR No. 6052)

Schedule D-7- Page 1 of 4

THE STATUS OF BANK GROUP OPERATIONS IN INDIA

A. STATEWMNT OF BANK LOANS AND IDA CREDITStAs of September 30, 1987)

US$ millionLoan or Fiscal (Net of Cancellations)Credit Year ofNo. Approval Purpose Bank IDA 1/ Undisbursed 2/

61 Loans/ 3,142.9 -122 Credits fully disbursed - 7,749.6 -

842-IN 1979 Bombay Water Supply II - 196.0 20.351648-IN 1979 Ramagundam Thermal Power 50.0 - 4.64963-IN 1980 Inland Fisheries - 20.0 5.81981-IN 1980 Population II - 46.0 7.511003-IN 1980 Tamil Nadu Nutrition - 32.0 5.691011-IN 1980 Gujarat Irrigation II - 175.0 39.681012-IN 1980 Cashewnut - 22.0 8.361027-IN 1980 Singrauli Thermal II - 300.0 19.991034-IN 1980 Karnataka Sericulture - 54.0 9.111046-IN 1980 Rajasthan Water Supply A Sewerage - 80.0 25.531053-IN 1980 Farakka Thermal Power - 225.0 11.131887-IN 1980 FPrakka Thermal Power 25.0 - 25.001897-IN 1981 Kandi Watershed and

Area Development 30.0 - 7.931072-IN 1981 Bihar Rural Roads - 35.0 6.601078-IN 1981 Kahanadi Barrages - 83.0 14.901082-IN 1981 Madras Urban Development II - 42.0 8.731108-IN 1981 M.P. Medium Irrigation - 140.0 36.191116-IN 1981 Karnataka Tank Irrigation - 54.0 14.751125-IN 1981 Hazira Fertilizer Project - 399.1 25.511135-IN 1981 Maharashtra Agricultural Ext. - 23.0 0.081137-IN 1981 Tamil Nadu Agricultural Ext. - 28.0 4.031138-IN 1981 M.P. Agricultural Eat. II - 37.0 15.311146-IN 1981 Nationil Cooperative

Development Corp. II - 125.0 23.501172-IN 1982 Korba Thermal Power Project II - 400.0 135.841177-IN 1982 Madhya Pradesh Major Irrigation - 220.0 107.291178-IN 1982 West Bengal Social Forestry - 29.0 16.061185-IN 1982 Kanpur Urban Development - 25.0 10.112076-IN 1982 Ramgundam Thermal Power II 300.0 - 152.691219-IN 1982 Andhra Pradesh Agricultural Ext. - 6.0 4.012123-IN 1982 Refineries Rationalization 200.0 - 29.222165-IN 1982 Rural Electrification III 304.5 - 59.691269-IN 1982 K&llada Irrigation - 60.0 4.372186-IN 1982 Kallada Irrigation 20.3 - 18.661280-IN 1983 Gujarat Water Supply - 72.0 55.961286-IN 1983 Jamu/Kashmir and

Haryana Social Forestry - 33.0 17.651288-IN 1983 Chambal Madhya Pradesh

Irrigation II - 31.0 11.531289-IN 1983 Subernarekha Irrigation - 127.0 59.442205-IN 1983 Krishna-Godavari Exploration 165.5 - 37.02


USS millionLoan or Fiscal (Net of Cancellations)Credit Year ofNo. Approval Purpose Bank IDA 1/ Undisbursed 2/

1299-IN 1983 Railways Modernization &Maintenance II - 200.0 69.48

2210-IN 1983 Railways Modernization &Maintenance II 200.0 - 197.04

2241-IN 1983 South Bassein Gas Development 139.3 - 34.571319-IN 1983 Haryana Irrigation II - 150.0 67.631332-IN 1983 U.P. Public Tubewells II - 101.0 51.671356-IN 1983 Upper Indravati Hydro Power - 170.0 117.262278-IN 1983 Upper Indravati Hydro Power 156.4 - 156.011369-IN 1983 Calcutta Urban Development III - 147.0 118.092283-IN 1983 Central Power Transmission 250.7 - 245.742295-IN 1983 Himalayan Watershed Management 46.2 - 40.271383-IN 1983 Maharashtra Water Utilization - 32.0 19.742308-IN 1983 Maharashtra Water Utilization 22.7 - 22.642329-IN 1983 Madhya Pradesh Urban 24.1 - 19.501397-IN 1984 Orissa Irrigation II - 105.0 54.931424-IN 1984 Rainfed Areas Watershed Dev. - 31.0 35.551426-IN 1984 Population III - 70.0 57.801432-IN 1984 Karnataka Social Forestry - 27.0 18.442387-IN 1984 Nhava Sheva Port 250.0 - 153.962393-IN 1984 Dudhichua Coal 151.0 - 109.382403-IN 1984 Cambay Basin Petroleum 242.5 - 186.142415-IN 1984 Madhya Pradesh Fertilizer 203.6 - 83.601454-IN 1984 Tamil Nadu Water Supply - 36.5 37.65SP-12-IN 1984 Tamil Nadu Water Supply - 36.5 45.171468-IN 1984 Periyar Vaigai II Irrigation - 17.5 3.84SP-16-IN 1984 Periyar Vaigai II Irrigation - 17.5 17.961483-IN 1984 Upper Ganga Irrigation - 125.0 128.291496-IN 1984 Gujarat Medium Irrigation - 172.0 141.422416-IN 1984 Indira Sarovar Hydroelectric 157.4 - 153.01SF-20-IN 1984 Indira Sarovar Hydroelectric - 129.8 155.462417-IN 1984 Railways Electrification 280.7 - 245.172442-IN 1984 Farakka II Thermal Power 300.8 - 294.082452-IN 1984 Fourth Trombay Thermal Power 135.4 - 81.381502-IN 1984 National Cooperative

Development Corporation III - 220.0 210.491514-IN 1985 Kerala Social Forestry - 31.8 29.531523-IN 1985 National Agric. Extension I - 39.1 45.451544-IN 1985 Bombay Urban Development - 138.0 147.622497-IN 1985 Narmada (Cujarat) Dam and Power 200.0 - 200.001552-IN 1985 Narmada (GuJarat) Dam and Power - 100.0 105.651553-IN 1985 Narmada (Gujarat) Canal - 150.0 177.731569-IN 1985 Second National Agricultural Ext. - 49.0 49.991611-IN 1985 National Social Forestry - 165.0 177.471613-IN 1985 Indira Sarovar Hydroelectric - 13.2 15.872498-IN 1985 Jharia Coking Coal 248.0 - 226.562505-IN 1985 Maharashtra Petrochemical 300.0 - 240.532534-IN 1985 Second National Highway 200.0 - 193.842544-IN 1985 Chandrapur Thermal Power 300.0 - 270.452555-IN 1985 Rihand Power Transmission 250.0 - 222.012582-IN 1985 Kerala Power 176.0 - 175.971619-IN 1986 West Bengal Minor Irrigation - 99.0 129.241621-IN 1986 Maharashtra Composite Irrigation - 160.0 205.251622-IN 1986 Kerala Water Supply and Sanitation - 41.0 48.46


US$ millionLoan or Fiscal (Net of Cancellations)Credit Year ofNo. Approval Purpose Bank IDA 1/ Undisbursed 2/

1623-IN 1986 West Bengal Population - 51.0 60.461631-IN 1986 National Agricultural Research II - 72.1 81.982629-IN 1986 Industrial Export Dev. Finance 90.0 - 89.312630-IN 1986 ICICI-Indus. Esp. Dev. Finance 160.0 - 149.481643-IN 1986 Cujarat Urban - 62.0 69.842653-IN 1986 NABARD 1 375.0 - 272.482660-IN 1986 Cement Industry 165.0 - 162.522661-IN 1986 ICICI - Cement Industry 35.0 - 33.671665-IN 1986 Andhra Pradesh II Irrigation* - 140.0 163.152662-IN 1986 Andhra Pradesh II Irrigation* 131.0 - 131.002674-IN 1986 Combined Cycle Power 485.0 - 484.542729-IN 1986 Cooperative Fertilizer 150.2 - 150.202730-IN 1986 Cooperative Fertilizer 152.0 - 104.821737-IN 1987 Bihar Tubevells - 68.0 70.502769-IN 1987 Bombay Water Supply &

Sewerage III * 40.0 - 40.001750-IN 1987 Bombay Water Supply &

Sewerage III * - 145.0 135.001754-IN 1987 National Agric. Extension III * - 85.0 91.751757-IN 1987 Gujarat Rural Roads - 119.6 129.241770-IN 1987 National Water Management - 114.0 119.262785-IN 1967 Oil India Petroleum 140.0 - 140.002796-IN 1987 Coal Mining & Quality Improvement 340.0 - 340.002813-IN 1987 Telecommunications IX 345.0 - 345.00

Total 11,081.2 14,499.3of which has been repaid 1,761.8 341.6

Total now outstanding 9,319.4 14,157.7Amount Sold 133.8of which ht- been repaid 133.8 - -

Total now held by Bank and IDA 3/ 9,319.4 14,157.7

Total undisbursed (excluding *) 6,158.72 3,739.43

1/ IDA Credit amounts for SDR-denominated Credits are expressed in terms of theirUS dollar equivalents, as established at the time of Credit negotiations and assubsequently presented to the Board.

2/ Undisbursed amounts for SDR-denominated IDA Credits are derived from cumulativedisbursements converted to their US dollar equivalents at the SDR/US dollar exchangerate in effect on September 30, 1987, while original principal is based on the exchang(rate in effect at negotiations. This accounts for the fact that in some cases, theundisbursed balance as shown in US$ equivalent is higher than the original principal.

3/ Prior to exchange adjustment.

* Not yet effective.

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