Document of

The World Bank

FOR OFFICIAL USE ONLY

d-sJ Z92z -/A/

Report No. P-4702-IND

MEMORANDUM AND RECOMMENDATION

OF THE

PRESIDENT OF THE

INTERNATIONAL BAN1, FOR RECONSTRUCTION AND DEVELOPMENT

TO THE

EXECUTIVE DIRECTORS

ON A

PROPOSED LOAN

IN AN AMOUNT EQUIVALENT TO US$150 MILLION

TO THE REPUBLIC OF INDONESIA

FOR THE

JABOTABEK URBAN DEVELOPMENT PROJECT

March 15, i988

This document has a restricted distribution and mmay be used by recipients only in the perfonnance oftheir official duties. Its contents may not otherwise be disclosed without World Bank authorization.

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CURRENCY EQUIVALENTS(As of January 1988)

Currency Unit RupiahUS$1.00 - Rp 1,650Rp 100 - US$0.06Rp 1 million = US$606

GOVERNMENT OF INDONESIAFISCAL YEAR

April 1 - March 31

UNITS AND MEASURES

1 meter (m) = 39.37 inches1 kilometer (km) = 0.62 miles1 hectare (ha) 2.47 acres

PRINCIPAL ABBREVIATIONS AND ACRONYMS USED

BAPPENAS - National Development Planning AgencyDGBM - Directorate General Bina Marga (highways), MPWDGLT - Directorate General Perhubungan Darat (Land Transport),

MOCDKI-Jakarta - Jakarta Special Capital ProvinceJabotabek - Region comprising Jakarta, Bogor, Tangerang and Bekasi

local government administrative areasGOI - Government of IndonesiaMHA - Ministry of Home AffairsHOC - Ministry of CommunicationsMOF - Ministry of FinanceMPW - Ministry of Public WorksO&M - Operations and MaintenanceREPELITA - Nitional Five-year Development Plan (Repelita IV, 1984-89;

Repelita V, 1989-94)Tim Koordinasi - Interageacf Coordinating Team for Urban Development

FOR OFFICIAL UR O4LY

INDOIRSIA

JAUOTABEK URBAN DKVELOPWIT PROJECT

Loan and Project Suv.ary

Borrowert Republic of Indoneila

Beneficiaries: DKI-Jakarta, Ministries of Comunications and Public Works

Amount: US$150.0 million equivalent

Terms: Repayable in 20 years, including 5 years grace, at thestandard variable interest rate.

On-lending Terms: Part of the proceeds of the loan, the equivalent of US$89million, would be onlent by the Government to DKI-Jakartafor 20 years, including 5 years grace, at a 10 p.a. fixedinterest rate. The Government would bear the foreignexchange risk.

Financing Plan:

Local Foreign Total…------ US$ million ---

Bank loan 43.8 106.2 150.0Central Government 27.0 --- 27.0DKI 46.9 --- 46.9

Total/a 117.7 106.2 223.9

Economic Rate of Return: 40% (weighted average)

Staff Appraisal Report: No. 7056-IND dated February 15, 1988

Hap: IBRD 20491

/a Includes taxes and duties estimated at US$10 million equivalent.

This document has a restricted distribution and may be used by recipients only in th.. p, rmanceof their official duties. Its contents may not otherwise be disclosed without World Bgiik aitU -rization

PMn OFnCIAL USE ONLY

JABOTABEK URBAN D3VkLOPHT PROJECT

Loan and Project Sumary

Borrower: Republic of Indonesia

Beneficieries: DKI-Jakarta, Ministries of Conunications and Public Works

Amount: US$150.0 million equivalent

Terms: Repayable in 20 years, including 5 years grace, at thestandard variable interest rate.

On-lending Terms: Part of the proceeds of the loan, the equivalent of US$89million, would be onlent by the Government to DKI-Jakartafor 20 years, including 5 years grace, at a 10% p.a. fixedinterest rate. The Government would bear the foreignexchange risk.

Financing Plan:

Local Foreign Total-------- USS million --

Bank loan 43.8 106.2 150.0Central Government 27.0 --- 27.0DKI 46.9 --- 46.9

Total/a 117.7 106.2 223.9

Economic Rate of Return: 40% (weighted average)

Staff Appraisal Report: No. 7056-IND dated February 15, 1988

Map: IBRD 20491

/a Includes taxes and duties estimated at US$10 million equivalent.

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

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENTMEMORANDUM AND RECOMMENDATION OF THE PRESIDENT

TO THE EXECUTIVE DIRECTORSON A PROPOSED LOAN OF US$150 MILLION

TO THE REPUBLIC OF INDONESIAFOR THE JABOTABEK URBAN DEVELOPMENT PROJECT

1. The following report and recommendation on a proposed loan to theRepublic of Indonesia for US$150 million equivalent is submitted for approval.The loan would have a term of 20 years including five years' grace, at thestandard variable interest rate, and would assist in financing theGovernment's efforts in urban infrastructure and institutional development,with particular emphasis on urban transport in the Jakarta MetropolitanRegion. A part of the loan proceeds (US$89 million equivalent) would beonlent to DKI-Jakarta for a term of 20 years including five years' grace at10% interest. The Government will bear the foreign exchange risk.

2. Background. Indonesia's urban areas and its major cities in partic-ular, face the dual problems of accommodating some two million additionalpersons each year on average over the next two decades (about two-thirds ofthe total population growth and many of them poor), and surmountingconsiderable underinvestment in urban infrastructure which limits services toindustry and residents. Expenditures today are 75% funded by CentralGovernment (GOI). In order to increase local government participation with aview to improving expenditure efficiency and resource mobilization, all GOIurban projects will in future be based on an irtegrated infrastructureexpenditure program and resource mobilization a.ad development plans.Jabotabek, the metropolitan conurbation (population 9 million) consisting ofthe Special Province of DKI-Jakarta, the municipality of Bogor and theurbanizing districts of Tangerang and Bekasi, is the first metropolitan areato be addressed under GOI's new urban policy regime.

3. Key Sector Issues. Urban sector issues reflect four major themes:(a) projections of public expenditure on urban infrastructure indicate a needfor even greater levels of investment, rehabilitation, and operations andmaintenance (O&M); (b) in view of GOI's resource constraints, more efficientprogramming and much greater participation by local governments in planning,

* funding and implementation are needed; (c) sector policies and planningrequire strengthening; and (d) the sector's weak, fragmented institutional andfinancial arrangements require consolidation and better coordination. Seriousinfrastructure deficiencies in Jabotabek are in flood protection, water supplyand sanitation (now being addressed by various donors, including the Bankwhich expects to assist DKI-Jakarta with an urban water resources managementproject under a second proposed Jabotabek urban development project in thenear future), and the region's highest priority, urban transport. Urbantransport subsector issues include the lack of secondary arterial roadcapacity, insufficient serviced land, inadequate public transport programsincluding the uncoordinated planning of railway, bus and traffic systems, andweak institutional capacity. While recent privatization of the GOI urban tollroad program should reduce public funding and improve timing of such high-costfacilities, heavy investment in the State Railway's costly Jabotabek commuter

railway service has begun without full consideration of alternative lower-costbus solutions. Specific road capacity problems include inadequate trafficmanagement and pedestrian facilities, inadequate demand restraint or provisionfor transit vehicles on congested streets, and lax observance of trafficregulations. Motor vehicle registrations in Jakarta (already 34Z of thenation's total) are increasing over 102/year. In 1982 studies indicated thatover 60X of the arterial road links in the city were operating underunacceptably congested conditions during peak travel periods. Publiccransport conditions are also deficient with low-quality, overcrowded servicesand with the publicly-owned bus company in Jakarta suffering severeoperational and financial difficulties despite a recent fare increase.

4. Bank Strategy and Subsector Strategy. The rationale for Bankinvolvement in the proposed project follows from the Bank's sector andsubsector strategies which focus on the following objectives: (a) to improveexpenditure efficiency in urban infrastructure (and urban transport inparticular) through an integrated planning and programming approach includingthe strengthening of GOI's urban policy framework to include urban transportmatters; (b) to increase local government's financial commitments andtechnical capabilities consistent with GOI's objective of devolving moredevelopment responsibility to local governments; (c) to improve trafficmaragement and road network conditions; and (d) to improve public transportconditions with particular emphasis on the regulatory environment and thefinAncial condition and operational efficiency of public bus companies.Ongoing projects have laid the institutional foundation for progress on thesector and subsector objectives. Development in Jabotabek will be based ongrowth strategies and spatial plans formulated under Loan 1336-IND (SecondUrban Development) including emphasis on an east-west development pattern tocounteract current, environmentally harmful southerly growth. The compre-hensive five-year expenditure program and related revenue plan compiled underthe proposed project will form a basis for future Bank projects in Jabotabekincluding the above-mentioned Second Jabotabek Urban Dev,Lopment (WaterResources) Project.

5. Past Experience in Implementing Bank Strategy. Since 1975 the Bankhas financed ten completed and eleven ongoing urban and transport projects inIndonesia (including five involving DKI and one knvolving urban transport inregional cities). The combined experience of this program was embodied in arecent sector loan (No. 2816-IND) which is assisting GOI to implement newnational policies intended to strengthen central and local agencies to addresssector issues through (a) strategic guidance, and detailed criteria andprocedures for integrated planning and programming of investment and O&Mexpenditures by local governments; (b) improved local resource mobilization(mainly through property taxes and user charges); (c) improved central-localgrant and loan finance mechanisms; and (d) local government institutional andmanpower development. Sector policy development and program coordination andmonitoring is now directed by a high-level coordinating team (Tim Koordinasi)chaired by the National Development Planning Agency (BAPPENAS) and includingkey agencies from the Ministries of Finance (MOF), Home Affairs (MHA) andPublic Works (MPW). With studies and technical assistance funded from Loan2049-IND (Jakarta-Cikampek Highway), COI has begun to (a) place more emphasison cost-effective traffic management and public transport solutions, and (b)

- 3 -

improve institutional capabilities for urban transport planning andfinancing. Relative responsibilities between central and local governmentsfor investment and O&M in the metropolitan road system are being clarifiedthrough an ongoing classification of the roads. DKI-Jakarta's ability tocarry full financial responsibility for these functions and other urbanservices is good and would be greatly strengthened in the near future throughimplementation of the Property Tax Improvement project under Loan 2816-IND.Experience with implementation in Jakarta was generally good where DKI-Jakartabad strong comitment and close control over project management. Loan 2632-IND(Jakarta Sewerage), an MPW project, hqs encountered severe delays due in partto lack of DKI-Jakarta's substantial involvement. The project has recentlybeen restructured to enable DKI-Jakarta to fully participate in itsimplementation.

6. Project Objectives. The project's objectives are to: (a) supportintegrated infrastructure development planning and programming in theJabotabek region and urban transport programming in DKI-Jakarta in particular;(b) increase DKI-Jakarta's technical capabilities in preparing and implement-ing road construction, and road rehabilitation and maintenance programs;(c) improve traffic management in the region; (d) improve Government'spolicies, operation and regulations for public transport; and (e) prepere forfuture integrated development programs in the urban sector.

7. Project Description. The project would finance technicalassit!ance, physical works and training and would be executed mainly by DKI-Jakarta together with MPW's Directorate General Bina Marga (DGBM) and MOC'sDirectorate Ceneral Land Transport (DGLT). Technical assistance would beprovided for advisory services in (a) Jabotabek expenditure programming,revenue improvement and financial management, transportation planning, trafficmanagement and demand restraint; (b) public transport policy development endbus company restructuring; (c) air pollution monitoring; and (d) preparationof future urban infrastructure projects in metropolitan and large cities.Physical components would include (a) major upgrading of about 90 km ofprimary and secondary arterial roads and four major intersection (flyover)improvements; (b) a four-year program of traffic management measures (signals,pedestrian improvements, signing and marking, and bus priority measures);(c) a four-year program of road maintenance; (d) about 35 km of urbandevelopment roads in sparsely developed areas; together with (e) technicalassistance for project management, and engineering design, O&M andconstruction supervision services. Training would include strengthening oftraffic and transportation engineering and traffic regulation enforcementcourses and institutions with assistance from consultants.

8. The total project cost and financing plan are shown in Schedule A.Procurement and disbursement arrangements are summarized in Schedule B. Atimetable of key project processing events and the status of Bank operationsin Indonesia are given in Schedules C and D respectively. A Staff AppraisalReport No. 7056-IND dated February 15, 1988 is being distributed separately.

9. Actions Agreed. GOI has strengthened Tim Koordinasi to addressurban transport policies and issues, and confirmed DGLT as lead agency forvehicle emission control institutional development. An agreement between DKI-

Jakarta and DCBM concerning respective functional responsibilities for urbanroads has been signed. As conditions of effectiveness: (a) Tim Koordinasiwould adopt an urban transport action plan for Jabotabek agreed at negotia-tions; and (b) a subsidiary loan agreement satisfactory to the Bank would besigned between GOI and DKI for onlending US$89 million of he loan to DKI.Assurances were obtained that GOI would: (a) prepare an integrated urbantransport plan for Jabotabek by March 30, 1990 and derived bus, rail and othertransit mode action plans by March 31, 1991; and (b) implement (i) an agreedbus transport action plan; and (ii) agreed traffic and public transportinstitutional development programs in acordance with timetables satisfactoryto the Bank. Assurances were also obtained that GOI would cause therespective agencies to: (a) prepare an integrated five-year expend.ture pro-gram (including environmental protection measures) for Jabotabek by March 31,1989; and (b) implement a revenue improvement plan for DKI-Jakarta. Inaddition, confirmation was obtained of: (a) project management End landacquisition/resettlement arrangements; and (b) terms of reference andrecruitment schedules for all technical assistance and training assignments.

10. Benefits and Risks. The project is expected to improve trarnsportand traffic conditions in Jakarta through reduced congestion and travel times,and improved traffic management and enforcement as well as road safety inIndonesia's largest metropolis. The project would have significant institutionbuilding benefits as well as longer term benefits from implementation of theGOI urban sector development policies. The quantified transport costreductions are estimated to yield a weighted economic IRR of about 40Z. Therewould also be less quantifiable benefits such as the environmental protectionmeasures and expenditure programming process supported by the project whichshould contribute to greater urban efficiency. Project implementation risksare expected to be minimal given the proven capability of the principalexecuting agencies (DKI-Jakarta and DGBM) to build and upgrade roadinfrastructure. The main risks lie in improving public transport programs andoperations. The Jabotabek Railway project and its components would bereviewed prior to further new commitments by GOI. Consultants will beappointed to assist DGLT in strengthening the bus companies in accordance withGOI's action plan and performance would be monitored closely by GOI. PreDara-tion of an integrated infrastructure program for Jabotabek may prove risky dueto the extensive coordination and key policy decisions required. This risk isexpected to be minimized by the supervision to be given to the task by TimKoordinasi.

11. Recommendation. I am satisfied that the proposed loan would complywith the Articles of Agreement of the Bank and recommend that the ExecutiveDirectors approve the proposed loan.

Barber B. ConablePresident

AttachmentsWashington, D.C.March 15, 1988

Schedule A

INDONESIA

JABOTASEK URBAN DEVELOPMENT PROJECT

Estimated Costs and Financing Plan(US$ million)

Local Foreign Total

Estimated Costs:

Arterial Roads and Intersections 60.4 43.7 104.1Development Roads 21.2 13.3 34.5Traffic Management 13.2 14.7 27.9Road Maintenance 1.7 1.8 3.5Training 1.4 3.6 5.0Technical assistance 9.0 15.8 24.8

Base Cos.6 (Jan. 1988) 106.9 92.9 199.8

Physical contingencies 4.4 5.4 9.8Price contingencies 6.4 7.9 14.3

Total Project Cost /a 117.7 106.2 223.9

Financing Plan:

Bank loan 43.8 106.2 150.0/bCentral Government 27.0 --- 27.0DKI 46.9 --- 46.9

Total 117.7 106.2 223.9

/a Includes taxes and duties estimated at US$10 million equivalent.

/b Up to US$5 million wuold be disbursed retroactively against expendituresincurred after March 31, 1988.

- 6 - Schedule B

INDONESIA

JABOTABEK URBAN DEVELOPMENT PROJECT

Procurement (USS million):

Expentditure category Procurement procedureICB LCB Other N.A. Total

Civil works 59.3 93.3 1.8 154.4(44.7) (74.5) (1.3) /a (120.5)

Equipment 4.2 1.0 5.2(4.0) (1.0) (5.0)

Technical assistance and training 24.5 24.5(24.5) (24.5)

Land and taxes 39.8 39.8(0.0) (0.0)

Total 63.5 94.3 26.3 39.8 223.9(48.7) (75.5) (25.8) (0.0) (150.0)

Note: Amounts in parentheses are the respective amounts financed by the Bank.

/a Force account works for minor traffic engineering improvements.

Disbursement (US$ million):

Category Amount % of expenditures to be financed

(1) Civil works, Part A (DGBM) 35.0 75% of total expenditures(2) Civil works, Part B (DKI) 69.0 75% of total expenditures(3) Civil works, Part C (Kem- 6.5 75% of total expenditures

ayoran Site development)(4) Maintenance, Part B 4.0 100X of total expenditures(5) Equipment 5.0 100% of foreign (CIF); 95% of

local (ex-factory) and 65% oflocal expenditures

(6) Consultants services 20.5 100% of expenditures(7) Training 5.0 100% of expenditures(8) Unallocated 5.0

Total 150.0

_ 7 _ Schedule B

Estimated Bank Disburmelnts (US$ million)s

Bank FY 1989 1990 1991 1992 1993 1994 1995

Annual 16.1 21.9 30.1 32.4 26.4 20.1 3.0

Cumulative 16.1 38.0 68.1 100.5 126.9 147.0 150.0

- 8 - Schedule C

INDONESIA

JABOTABEK URBAN DEVELOPMENT PROJECT

Timetable of Key Project Processing Events

(a) Time taken to prepare: 36 months (approx.)

(b) Project prepared by: Ministries of Communications andPublic Works and Special Provinceof DKI-Jakarta

(c) First IBRD mission 1984

(d) App.aisal mission departure: October 1987

(e) Negotiations: February 1-4, 1988

(f) Planned date of effectiveness: July 1988

(g) List of relevant PCRs and PPARs:

Credit/Loan Project PCR date PPAR No.

154-IND First Highway Project 6/20/78 2098260/388-IND Second and Third Highway Projects 12/31/80 32671040-IND Jakarta Urban Development Project 6/10/81 46201336-IND Second Urban Development Project 7/15/85 6329

-9-Schedule DPage 1 of 4

THE STATUS OF BANK GROUP OPERATIONS IN INDONESIA

A. STATEMENT OF BANK LOANS AND IDA CREDITS(as of September 30, 1987) /a

Loan/ Amount (US$ million)Credit Fiscal (less cancellations)number year Purpose Bank IDA Undisbursed

Fifty-two Loans and forty-six Credits fully 3,020.62 853.92 -disbursed

946 1980 Yogyakarta Rural Development - 12.00 2.801751 1980 Nucleus Estate and Smallholders III 92.00 - 7.21996 1980 National Agriculture Extention II - 39.00 2.87

1811 1980 Fourteenth Irrigation 116.00 - 10.821835 1980 Nucleus Estate and Smallholders IV 30.00 - 13.51184C 1980 National Agricultural Research 35.00 - 22.431872 1980 Ninth Power 235.00 - 27.061904 1981 University Development 45.00 - 13.971958 1981 Swamp Reclamation 22.00 - 6.641972 1981 Fourth Urban Development 43.00 - 9.962007 1981 Nucleus Estate and Smallholders V 134.00 - 64.702049 1981 Jakarta-Cikampek Highway 85.00 - 46.372056 1982 Eleventh Power 170.00 - 11.942066 1982 Second Seeds 15.00 - 4.432079 1982 Bukit Asam Coal Mining Development and

Transport 183.86 - 27.742083 1982 Rural Roads Development 85.00 - 14.642101 1982 Second Teacher Training 79.59 - 38.752102 1982 Second Textbook 25.00 - 11.062118 1982 Sixteenth Irrigation 37.00 - 8.662119 1982 Seventeenth Irrigation (East Java

P-ovince) 70.00 - 24.262126 1982 Nucleus Estate and Smallholders VI 55.50 - 39.022153 1982 Coal Exploration Engineering 25.00 - 7.10

/a The status of the projects listed in Part A is described in a separate report onall Bank/IDA financed projects in execution, which is updated twice yearly andcirculated to the Executive Directors on April 30 and October 31.

Schedule DPage 2 of 4

Loan/ Amount (USs million)Credit Fiscal (less cancellations)number year Purpose Bank IDA Undisbursed

2214 1983 Twelfth Power 300.00 - 145.282232 1983 Nucleus Estate and Smallholders VII 138.90 - 119.062235 1983 Provincial Health 27.00 - 15.642236 1983 Jakarta Sewerage and Sanitation 22.40 - 14.812248 1983 Transmigration III 94.00 - 14.932258 1983 Public Works Manpower Development 30.00 - 13.652275 1983 East Java Water Supply 30.60 - $.842277 1983 Fifth BAPINDO 208.90 - 98.372288 1983 Transmigration IV 53.50 - 41.612290 1983 Second Polytechnic 107.40 - 80.602300 1983 Thirteenth Power 279.00 - 92.802341 1984 Third Agricultural Training 63.30 - 27.582344 1984 Nucleus Estate and Smallholder Sugar 79.20 - 38.442355 1984 Second Nonformal Education 43.00 - 19.912375 1984 Second Provincial Irrigation Dev. 89.00 - 30.292404 1984 Highway Department 240.00 - 69.992408 1984 Fifth Urban Development 39.25 - 21.392430 1984 Third Small Enterprise Development 204.65 - 7.342431 1984 Second Swamp Reclamation 65.00 - 53.802443 1984 Fourteenth Pover 210.00 - 104.721950-1 1985 Supplemental Loan for Tenth Power

(1950-IND) 50.00 - 3.762472 1985 Secondary Education and Management

Training 78.00 - 64.372474 1985 Upland Agriculture and Conservation 11.30 - 11.172494 1985 Smallholder Rubber Development II 131.00 - 125.202529 1985 Fourth Population 43.50 - 41.862542 1985 Second Health (Manpower Development) 39.00 - 36.522543 1985 Kedung Ombo Mulipurpose Dam and

Irrigation 156.00 - 140.912547 1985 Second University Development 147.00 - 132.272560 1985 West Tarum Canal Development 43.40 - 41.032577 1985 National Ports Development 111.00 - 104.422578 1985 Transmigration V 97.00 - 80.132599 1986 Science and Technology Training 93.00 - 77.502628 1986 Smallholder Cattle Development 32.00 - 30.902632 1986 Second East Java Water Supply 43.30 - 38.102636 1986 Second Nutrition and Community Health 33.40 - 29.362638 1986 Nusa Tenggara Agriculture Support 33.00 - 27.57

- 11 - Schedule DPage 3 of 4

Loan/ Amount (US$ million)Credit Fiscal (less cancellations)number year Purpose Bank IDA Undisbursed

2649 1986 Central and West Java Irrigation 166.00 - 161.102690 1986 Gas Distribution 34.00 - 33.832702 1986 Export Development 64.50 - 63.052705 1986 M1npower Development and Training 58.10 - 49.252717 1986 Highway Maintenance and Betterment 300.00 - 267.442725 1986 Housing Sector Loan 275.00 - 226.702748 1987 Third National Agricultural Extension 55.00 - 55.002757 1987 Telecommunications Technical Assistance 14.50 - 13.612773 1987 Fisheries Support Services 24.50 - 24.502778 1987 Power Transmission & Distribution 226.00 - 226.002800 1987 BRI/KUPEDES Small Credit 101.50 - 91.892816 1987 Urban Sector Loan 270.00 - 220.182817 1987 Regional Cities Urban Transport 51.00 - 50.98

Total Bank loans and IDA credits 9,710.67 904.92

Of which has been repaid 914.62 31.91

Total now outstanding 8,796.05 873.01

Amount sold to third party 65.21 -

Total now held by Bank and IDA /a 8,730.84 873.01

Total undisbursed 3,901.59

/a Prior to exchange adjustment.

- 12 - Schedule DPage 4 of 4

B. STATEMENT OF IFC INVESTMENTS(as of September 30, 1987)

Fiscal Loan Equity Totalyear Obligor Purpose --- (US$ million) ---

1971 P.T. Semen Cibinong Cement 10.6 2.5 13.11971 P.T. Unitex Textiles 2.5 0.8 3.31971 P.T. Primatexco Indonesia Textiles 2.0 0.5 2.51971 P.T. Kabel Indonesia Cable 2.8 0.4 3.21972 P.T. Daralon Textile Mfg. Corp. Textiles 4.5 1.5 6.01973 P.T. Jakarta Int. Hotel Tourism 9.8 1.6 11.41973 P.T. Semen Cibinong Cement 5.4 0.7 6.11974 P.T. Primatexco Indonesia Textiles 2.0 0.3 2.31974 P.T. Monsanto Pan Electronics 0.9 - 0.91974 P.T. PDFCI Dev. fin. co. - 0.5 0.51974 P.T. Kamaltex Textiles 2.4 0.6 3.01976 P.T. Semen Cibinong Cement 5.0 1.5 6.51976 P.T. Semen Cibinong Cement - 1.1 1.11977 P.T. Daralon Textile Mfg. Corp. Textiles 0.4 - 0.4

1977 P.T. Karmaltex Textiles 1.3 0.2 1.51979 P.T. Daralon Textiles 0.9 - 0.91980 P.T. Papan Sejahtera Capital market 11.1 0.9 12.01980 P.T.Semen Andalas Indonesia Cement and construc-

tion material 48.0 5.0 53.01982/5 P.T. Saseka Celora Leasing Capital market 5.0 0.3 5.31984 P.T. Semen Cibinong Cement 5.0 - 25.0

Total gross commitments 143.6 19.6 163.2

Less: sold or repaid and cancelled 118.8 13.1 131.9

Total held by IFC 24.8 6.5 31.3

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