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Document of The World Bank FOROFFICIAL USE ONLY -_ /C- ' - / fi /' /'X/ Report No. P-5409-MAI MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT OF SDR 6.2 MILLION (US$8.8 MILLION EQUIVALENT) TO THE GOVERNMENT OF MALAWI FOR A FISHERIES DEVELOPMENT PROJECT FEBRUARY 25, 1991 This document has a rtstricteddistribution and may be used by recipients only in the performance of their official duties. Its contents mat not otherwisebe disclosedwithout World Bank authorization. Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized

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Page 1: World Bank Documentdocuments.worldbank.org/curated/en/385021468279883674/pdf/multi-page.pdfThis document has a rtstricted distribution and may be used by recipients only in the performance

Document of

The World Bank

FOR OFFICIAL USE ONLY

-_ /C- ' - / fi /' /'X/Report No. P-5409-MAI

MEMORANDUM AND RECOMMENDATION

OF THE

PRESIDENT OF THE

INTERNATIONAL DEVELOPMENT ASSOCIATION

TO THE

EXECUTIVE DIRECTORS

ON A

PROPOSED CREDIT

OF SDR 6.2 MILLION (US$8.8 MILLION EQUIVALENT)

TO THE

GOVERNMENT OF MALAWI

FOR A

FISHERIES DEVELOPMENT PROJECT

FEBRUARY 25, 1991

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

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Currency and Equivalent Units

Currency Unit = Malawi Kwacha (HK)US$1.00 tMK2.8HK1.00 = US$0.36

Abbreviations

EEC European Economic ConmunityFAO = Food and Agricultural OrganizationFD = Fisheries DepartmentGDP Gross Domestic ProductGOM = Government of MalawiGTZ = Deutsche Gesellschaft fur Technische Zusammenarbeit GmbHICEIDA Icelandic International Development AgencyIDA = International Development AssociationMALDECO Malawi Development CorporationNDF Nordic Development FundODA = Overseas Development AdministrationTUNDP = United Nations Development Program

Fiscal Year

Government: April 1 - March 31FD: April 1 - March 31

This report is based on the findings of an appraisal mission which visited Malawi in June,1990, comprising Messrs/Mimes. N. Okidegbe, Sr. Fin. Analyst (Mission Leader and principalauthor); S. Thillairajah, Prin. Fin. Analyst (Institution Specialist); B. Bagdjortsson, FishBiologist; M. Eseonu, Economist; K. Fisher, Aquaculturist; B. Jensen, Fish ProcessingSpecialist; P. Melchiori, WID Specialist. Messrs. E. Loayza (AGRPS) and G. Van Santen(EUTAG) reviewed project design as Lead Advisor and peer reviewer respectively. Ms. P.Mehrdadi provided secretarial support in the preparation of the report. Mr. R. Ali and Mr.S. Denning are the managing Division Chief and the Department Director, respectively for theoperation.

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FOR OFFICIAL USE ONLY

MALAWI

Fisheries Development Project

Credit and Proiect Summary

Borrower: Goverrment of Malawi

Beneficiaries: Fisheries Department (FD), Malawi DevelopmentCorporation (MALDECO), Semi-Commercial FishingOperators, Women's Groups, and ArtisanalFishermen.

Amount: SDR 6.2 million (US$8.8 million equivalent)

Terms: Standard IDA terms, with 40 years maturity

Financing Plan:

Local Foreign Total

-(US$ Million)-IDA 4.4 4.4 8.8NDF - 3.5 3'5ICEiDA 0.4 0.6 1.0GOM 1.1 - 1.1MALDECO 0.6 - 0.6Beneficiaries 0.5 0.5

Total 7.0 8.5 15.5

Economic Rate of Return:Total Project 202Artisanal and Semi-Commercial 18?MALDECO 40%

Staff Appraisal Report No.: 9086-MAIMap: IBRD No.: 22693

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 Bar.. au-irtrization.

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MEMORANDUM AND RECOMMENDATION OF THEPRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION

TO THE EXECUTIVE DIRECTORS ON A PROPOSEDCREDIT TO MALAWI

FOR A FISHERIES DEVELOPMENT PROJECT

1. The following memorandum and recommendation on a proposed Creditto Malawi for SDR 6.2 million (US$8.8 million) are submitted for yourapproval. The proposed credit would be repayable over 40 years including agrace period of ten years, at the standard IDA terms. It would helpfinance a program to improve the efficiency and management of Malawi'sfishery resources. The Project would be co-financed by Nordic DevelopmentFund (NDF) for US$3.5 million equivalent and Icelandic InternationalDevelopment Agency (ICEIDA) for US$1.0 million equivalent.

2. Back2round: Malawi is land-locked and resource-poor with anarrow economic base and high vulnerability to external shocks. During the1960s and 1970s, the economy experienced an annual growth rate of over 5Z.However, such strong growth came to a halt in the late 1970s when thecountry faced a combination of trade, high interest rates and weather-related shocks. In the mid-1980s, the economy experienced another shockfrom the civil war in neighboring Mozambique which increased freight costsand resulted in about 800,000 refugees streaming into Malawi. To addressthe deterioration in the macroeconomic balance caused by this chain ofevents, the Government undertook broad-based structural adjustment reformsthroughout the 1980s. These reforms as well as improvements in short-termeconomic management helped to create a stable macroeconomic environment.After negative growth in 1986 and 1987, GDP (at market prices) grew at 3.3?in 1988 and 4.3? in 1989, restoring per capita GDP growth to a positivelevel. Inflation decelerated sharply from an average of about 30? in 1987-88 to 162 in 1989 and the fiscal deficit has been brought under control,resulting in net negative domestic credit financing since 1988-89. Inspite of the breadth of policy reforms and the restoration of macroeconomicstability, significant structural weaknesses that impede development ofsustainable supply response remain. The productivity of the economy is lowwhile poverty and malnutrition are pervasive, particularly among the ruralpopulation. A substantial proportion of the population lives below thepoverty line. The GDP per capita is about US$160 (1989) which makes Malawione of the world's poorest countries.

3. Agriculture continues to be the backbone of Malawi's economy. Itaccounts for about 35% of GDP, 90X of export earnings and 852 of employmentgeneration, and provides inputs for about two-thirds of the manufacturingsector. However, agricultural productivity remains low as a result oflimited adoption of improved technologies, reduction of farm size becauseof rapid population growth, and deterioration of land fertility. This hasled to domestic food security concerns. Fisheries, which is an importantsub-sector of agriculture, makes a significant contribution to thecountry's food security and supplies about 75? of the total animal proteinintake of the population. The fisheries sub-sector provides directemployment to more than 30,000 artisanal fishermen and about 2,000 workersin semi-commercial and commercial fisheries activities. In addition, morethan 200,000 people derive their livelihood from related activities such asfish processing, marketing, boat building and repair, engine repair andfishing gear supply. Malawi has a potential for sustainable fish

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production of 150,000 ton/year, while the recent production levels havebeen around 80,000 ton/year.

4. The Government's objectives for the agricultural sector, ofwhich fisheries would continue to be a very important sub-sector, are topromote economic growth, raise rural incomes, ensure food security, andincrease export earnings while conserving natural resources. Thedevelopment of the fisheries sub-sector is an essential part ofGovernment's strategy for achieving these objectives. Specifically, asindicated in the Statement of Development Policies (1987-96), the fisheriessub-sector objectives are to maximize sustainable yield from fish resourcesthat can be economically exploited from national water bodies withoutenvironmental degiadation; improve the efficiency of fish exploitation,processing and marketing; create additional off-farm employment; promoteinvestment in viable rural fish farming units to improve nutrition andincrease protein intake in rural areas; develop new aquatic resources forfish farming; and protect endemic fish fauna. These objectives are beingpursued through government programs undertaken with support from severaldonor agencies (FAO, UNDP, GTZ, ODA, and EEC) aimed at: a) promotingprivate sector involvement in fish production (almost all aspects of fishproduction are being privatized with the exception of boat building and icemaking); and b) assisting Government activities in monitoring andregulating the exploitation of fish fauna from all national waters on acontinuing basis, promoting aquaculture development as a means of raisingrural off-farm incomes and increasing the supply of fish in rural areas;undertaking a program of research to identify and assess underutilized fishresources; disseminating research results to improve fishing, fish handlingand processing techniques; and developing the institutional capacity of theFisheries Department (FD) to focus on its regulatory mandate.

5. In spite of Government's programs, the development of thefisheries sub-sector has been impeded by some major constraints identifiedby the Government and IDA in collaborative studies of the sub-sector.Firstly, FD, which is responsible for implementing government programs andpolicies, and regulating the fisheries sub-sector, is under-funded andlacks the capacity, skilled manpower and infrastructure to carry outeffective research, provide extension services, undertake resourcemanagement and monitoring and evaluation, and enforce fisheriesregulations. FD is currently involved in such activities as boat buildingand ice making for which it lacks adequate managerial or technicalcapacity. These activities should be streamlined and commercialized orprivatized. Secondly, about 90? of all fish landings in Malawi come fromthe traditional/artisanal sector which uses dug-out canoes or small plankboats. These require replacement with improved boats using plank woodand/or other materials, thereby minimizing environmental damage caused bycutting indigenous wood for dug-out canoes. The performance of semi-commercial and commercial fisheries is also sub-optimal because of poormaintenance of boats, inadequate landing jetties and boat moorings, and thepoor condition of pair-trawler units fishing on Lake Malawi which are inneed of rehabilitation or replacement. The sole commercial fishing company(MALDECO) is run-down and requires substantial reinvestment in vessels andshore installations. Finally, Malawi's lakes risk degradation frompollution caused by soil erosion and agricultural chemicals such as

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fertilizers unless an appropriate lake resource management program isundertaken.

6. Lessons Learned from Fisheries Protects: IDA has financed manyfisheries projects. The lessons learned from these projects indicate thatinadequate project design, weak institutional capacity and unrealisticproject scope adversely affect project performance. These factors weretaken into consideration in the design of the proposed Project. TheProject design is simple, the institutional capacity would be strengthenedand the project scope is focused on a few essential activities. Inaddition, up-front actions were carried out before project approval and amid-term project review is included to handle issues arising during projectimplementation.

7. Rationale for IDA Involvement: Support for the fisheries sub-sector development is an important element of IDA's assistance strategy inMalawi, which is aimed at fostering economic growth, food security, povertyreduction, and protecting the natural resource base. Under the proposedProject, IDA would assist Government in marshalling international supportto address Malawi's broader environmental concerns and complementGovernment efforts designed to establish an effective fisheries resourcemanagement program, including monitoring, control and surveillance systems.IDA involvement in the proposed Project is necessary to strengthen theinstitutional capacity for fisheries research and fish farming managementto ensure sustainable resource use, carry out regulatory functions toprotect water bodies, and provide support to the private sector foreconomically viable and sustainable production activities. The IDAinitiative would also assist Government in the coordination of ongoingprograms and those likely to be funded by other donors. The proposedProject complements ongoing IDA projects in the Agricultural Sector.

8. Proiect Obiectives: The Project's main objectives are: (a) toincrease fish production as a means of improving nutrition and proteinsupply for the population; (b) to generate additional off-farm employmentand income to help reduce poverty among women and the rural population;(c) to conserve the natural resource base of Malawi's water bodies andprevent environmental degradation; and (d) to improve the institutionalcapacity for fisheries sub-sector policy formulation, research, planning,monitoring and control.

9. Proiect Description: The Project, which would be implementedover seven years with a total estimated cost of US$15.5 million, comprises:(i) an Institution Building Component (US$7.3 million) for strengtheningthe Fisheries Department to enable it concentrate on regulatory functions,staff training (particularly in policy formulation, research, extension,monitoring and evaluation), and technical assistance; (ii) a ResearchComponent (US$1.9 million) for strengthening FD's research capacity andfocusing on demersal stock assessment, lake conservation and resourcemanagement program, and establishing fish farming models that would helpintegrate aquaculture and crop farming systems in different ecologicalzones using appropriate technologies; (iii) a Production Component (US$5.3million) for rehabilitation and development of existing capture fisheriesby supporting the traditional/artisanal fishermen, semi-commercial and

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commercial fishing activities, and establishing a pilot program to increasethe involvement of women in fish processing and marketing; and (iv) anInfrastructure Component (US$1.0 million) for rehabilitation, upgradingand construction of access roads, jetties for fish landing, and shore-basedfacilities. Credit arrangements envisaged under the Project are consistentwith Malawi's Financial Sector Strategy, and the Financial Sectoroperations envisaged by IDA. The Project beneficiaries would obtain creditfrom the financial institutions of their choice. A breakdown of costs andthe financing plan are shown in Schedule A. Amounts and methods ofprocurement and disbursements, and the disbursement schedule are shown inSchedule B. A timetable of key project processing events and the status ofBank Group operations in Malawi are in Schedules C and D respectively. Amap and Staff Appraisal Report No. 9086-MAI dated February 25, 1991 areattached.

10. Actions ARreed: During negotiations, agreements were reached onthe following issues: (a) a timetable for privatizing FD's commercialactivities; (b) an action plan to involve women in the implementation ofthe fish processing and marketing pilot program; and (c) a mid-term reviewof the Project would be carried out by FD not later than June 30, 1995.The following up-front actions acceptable to IDA were taken by Governmentbefore Board presentation: (i) preparation of FD's manpower developmentplan; (ii) preparation of an action plan for reorganizing FD; (iii)recruitment of a financial and management expert; and (iv) development of aresearch program by FD. The condition of effectiveness is that Governmentwould finalize a restructuring plan for the Mpwepwe boatyard and appointits manager whose qualifications are acceptable to IDA.

11. Justification and Risks: The Project would help Malawi toincrease food production from its lakes, reservoirs and river systems. Theincremental fish production would enhance the contribution of the fisheriessub-sector to food security and improved nutrition, and to povertyalleviation. It would provide additional employment and income generation,particularly to rural population including women. It would promote privatesector participation in the fisheries sub-sector by rehabilitating semi-commercial and commercial fisheries enterprises while reducing governmentinvolvement in fisheries operations. Furthermore, it would strengthen thecapacity of FD to establish an effective resources management program,carry out regulatory functions to protect and conserve the natural resourcebase and prevent environmental degradation. The major risk to the Projectwould be FD's weak institutional capacity which, if not rectified, couldslow down the implementation of the Project and the ability of FD toefficiently manage and regulate the fisheries sub-sector. This isparticularly important for the protection of fish resources from over-fishing and prevention of the pollution and degradation of Malawi's waterbodies. Such risk would be minimized by the planned strengthening of FDthrough reorganization, staff training and technical assistance.

12. Recommendation: I am satisfied that the proposed Creditcomplies with. the Articles of Agreement of the Association and recommendthat the Executive Directors approve the proposed Credit.

Barber B. ConablePresident

AttachmentsWashington D.C.February 25, 1991

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Schedule APaste 1

MALAWI

Fisheries DeveloDment Pro ect

Project Cost Summary and Financing Plan

Project Cost Summanr.

Local Foreign Total

-US$ o00

A. INSTITUTION BUILDING

1. Management 459.1 1,051.2 1,510.32. Extension 693.6 589.4 1,283.03. Planning, Monitoring & Evaluation 131.8 170.7 302.34. Training 619.4 788.9 1,408.35. Civil Works (Office & Staff Houses) 1,122.7 573.7 1,696.4

Sub-Total Institution Building 3,026.4 3,173.9 6,200.3

B. INFRASTRUCTURE

1. Jetties 60.4 40.3 100.72. Access Roads 448.0 248.4 696.4

Sub-Total Infrastructure 508.4 288.7 797.1

C. RESEARCH

1. Research and Conservation 78.6 802.6 881.22. Aquaculture 322.3 120.5 442.83. Civil Works 233.5 55.7 289.2

Sub-Total Research 634.4 978.8 1,613.2

D. PRODUCTION

1. Artisanal Fisheries 92.3 439.3 531.62. Commercial 1,011.8 1,960.6 2,972.43. Semi-Commercial 71.6 382.1 453.74. Boat Yard 222.2 257.3 479.55. Pilot Women's Program 200.0 - 200.0

Sub-Total Production 1,597.9 3,039.3 4,637.2

Total Baseline Costs 5,767.1 7,480.7 13,247.8Physical Contingencies 193.8 369.0 562,8Price Contingencies 1,057.5 627.9 1,685.4

Total Project Costs 7,018.4 8,477.6 15,496.0

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Schedule APage 2

M(ALAWI

Fisheries Development Proiect

Proiect Cost Sumuary and Pinancina Plan

Financing Plan:

Local Foreian Total---------'US$ Million--------

IDA 4.4 4.4 8.8NDF - 3.5 3.5ICEIDA 0.4 0.6 1.0GOM 1.1 - 1.1MALDECO 0.6 - 0.6Beneficiaries 0.5 _ 0.5

Total 7.0 8.5 15.5t G8w_inmi

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Schedule BPaRe 1

MALAWI

Fisheries Development Prolect

Procurement Method and Disbursement

Procurement Method

(US$ Million)

OtherDonor

ICY LCB Others NA Method a/ Total b/

Civil Works - 3.8 - - - 3.8(3.4) (3.4)

Goods 1.2 0.3 0.1 - 3.5 5.1(1.2) (0.3) (0.1) (1.6)

Consultancies - - 0.9 0.2 0.6 1.7& Studies (0.9) (0.9)

Training - - - 0.4 - 0.4(0.4) (0.4)

Loan Fund - - - 0.5 - 0.5(0.5) (0.5)

IncrementalRecurrent Cost - - - 3.6 0.4 4.0

(2.0) (2.0)

1.2 4.1 1.0 4.7 4.5 15.5(1.2) (3.7) (1.0) (2.9) (8.8)

Note: Figures in round parentheses () represents IDA financing.a/ Financing Agencies procurement procedures will apply.bl Total Costs exclude duties and taxes except for LCB civil works

costs which include taxes.

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Schedule 8Pane 2

Fisheries Develooment Proiect

Procurement Method and Disbursement

IDA Disbursement

AmountCatesory USS Million Percentage to be Financed

Civil Works 3.4 90Z of total expendituresGoods 1.9 1002 of foreign expenditures, 1002

of local expenditures(ex-factory cost) and 802 oflocal expenditures for otheritems procured locally

Consultant Services 0.6 100I of total expendituresLoan Fund 0.2 1002 of total expendituresTraining and Studies 0.7 1002 of total expendituresIncrementalRecurrent Costs 2.0 802 of total incremental expenditures

Total 8.8

Estimated Disbursement (USS Million)

FY92 FY93 FY94 FY95 FY96 FY97 FY98 FY99

Annual 0.3 1.0 1.4 1.6 1.3 1.7 1.0 0.5Cumulative 0.3 1.3 2.7 4.3 5.6 7.3 8.3 8.8

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Schedule C

MALAVI

Fisheries Develovment Proiect

Timetable of Key Project Processina Events

a) Time Taken to Prepare Projectt 18 monthsb) Project Prepared bys FD with FAOICP assistanceC) First IDA Mission: November 1989d) Appraisal Mission: June 1990e) Negotiation: February 1991f) Planned Date of Effectiveness: July 1, 1991g) List of Relevant PCRs and PPARss None in Malawi but in Africa:

Tanzania-PCR-FDP (Cr.652-TA)Burundi-PPAR-FDP (Cr.626-BU)Tunisa-PCR-SFP (Ln.1746-TUN)

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10 -

Schedule DPare 1

MALAWI

Fisheries DeveloDment Prolect

Slt.s Of1 Bank Gro.p Operat tone In MALAWPF08f25 - Sannstr Stat "nt Of Loans end IDA CreditsILDA data as of 1/30101 MItS date as of 03/02J01)

...... .......... ................... ...........................................

~1~ift li US Mli on

LO&n Or F, .ac Undle- ClosingCredi l No Year Borrower Purpose sank IDA bura4d Ot,

... ....... .. .... .. ..... . ....... ......... ..... . .... . ....... .......

38 Cedttals) closed 463 66

C13300-AL 1083 MALAWI EICATION V 34 00 ? 56 091301/0(R)C13430*kAL 1903 MALAWI NRIP IV 10 so s o5 09/30/i0(R)CFOOO bAL t984 MALANI H104AYS V 13 60 3 53 00130:90C14230tAL 10W4 iALAWI HItGYY6 V 13 10 1 13 09130100C15280- ML 1988 iALANI L.tM I IS 00 tS 52 00/30191C154900M1L 19es MALAWI AII[ REr 23 6O 19 40 10131190C16260WiAL 1986 PAiLAV- EXT PLtANING 1te 60 044 00/01910C17420't1 19V7 MALAW1 LILN1 WATER (Wri 20 00 II 70 00130193Cl7e70M1kL 1087 WVLAWI i0TICN Vt 27 00 2352 12116193C17880-V#L 1967 MALAWI i4ALTHPP ii 11 00 5? 07 013019C15¶0 i-AL 1986 WALAWI IRtJlTLTE CREOiT 5f 0 5 44 06130/95C18O i-WL l988 OiLAWI TRANB5RT I 13 40 7 95 06130194C19200-WAL to9S VALAWI IND/TRADE POL AD.CR T0 00 24 06 12/31/90c19201 4iL 1089 MLWI InD/TRADE POL ADJ CR a 20 6 01 12131190Ct9e6eo1. 10980 S ALAVI AlRI MIIXET111 , 6T 16 31 1S 04 00/30/916CI9900-MAL 1989 VALAIN 94Ef I 40.7O 43 5? 12/31t04C20300-iML 1969 MULWI INSTIT DEV tt 30 tt 02 121311194C20690 -1L 1000 .LANI INFRA3TRUJLIU I 20 so 27 03 12/31/05C20830 tAL 1990 MALAWI Dc lCEC II 30900 39 69 00/30/l0C21210i-.L(S) 1090 MALAWI GRIC SECTOR 70 00 30 77 121S1/91Ct0203.iML(S) 1091 WALJI tICD/TPiAE POL ADJ CR ? 20 7 34 1213119I

TOTAL nfrntes Credits * 21 493 e 320 2

Loans

8 Loane(s) closed 60 6o

L23630i-ML 1984 ALAVt H11Ye V 1s 00 I 7? 09/301i0L24600WML ¶08 WALAVI I t O RE9TR TAS 4 92 03131/911.264800t-L 1980 ALAVNI IND & AtRIC CR. 7 t0 4 62 00I3019IL26700-&AL 1960 VLAWI V Y E if 76 00130l03

TOTAL n~er Loans - 4 3J50 6 e9

TOTAL... 100 46 004 26of whioh repaid 1 tt 1s 007

TOWAL hold by Benk & IDA 7s 54 861f Afomunt sold

of which repald

TOTAL undlebursod 2600 1

Not4s:.....................

* Not yet ff.ectiveNot yet signed

- Total Approved. Rapernnta. end Outstanding balaene reprecent both active and Inactivo Loans and Credits(R) Indletes fornmily rovised Ctosing Doat(S) Indicates SAL/fECAL Loans and Credile

Tho Net Appioved and Sank Repaoyints are historical value, *lt others *re narket value,

Tho Signing, Effective. end Clostng dates ere basod upon the Loan Depritnent offleIl deta and are not takenfroan the Task Budgst f Itle

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Schedule DPaie 2

14ALAW

Fisheries Development Prolect

Statemt of ICS Ivestsmea of December 31, 1990

Investment Loan Equity TotalNumber FY Obligor BuAinesa ----US$ milion----

326-HAT 1976618-HAI 1982 D. Whitehead & Sons Textiles 10.8 - 10.8

362-M&H 77181195 Dvwngs Sugar Corp. Sugar 11.3 - 11.3

434-M&l 1979 IHODHIAJ Devt. Finance - 0.6 0.6

502-MHI 1980184 Malawi Hotels Ltd. Tourism 2.1 - 2.1

543-HUI 1981614-M&A 1982 Ethanol Co. Ltd. Chem/Pot:oches 2.3 0.2 2.5

832-MAI 1986 Le"in & Finace Co. Noney/Cop. Zkt. 0.7 0.2 0.9

741-MAl 1987872-HAL 1987 Viphy* Plywood Plywood 3J 9 I 4.4

Total Gross Comitmente 31.1 1.5 32.6

Leass Cancellations, termnations, *echnge adjut=mate,repayment., write-off., and saloe 19.5 - 19.5

Total Comitmente held by IPC 11.6 1.5 13.1

Total Uncomittcdt Swetmgte - -

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MAP SECTION

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