Docuwent of

The World Bank

FOR OFFICIAL USE ONLY

/ ~~~3 j3 -Reput No. P-5107-BR

MEMORANDUM AND RECOMMENDATION

OF THE

PRESIDENT OF THE

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

TO THE

EXECUTIVE DIRECTORS

ON A

PROiOSED LOAN

IN AN AMOUNT EQUIVALENT TO US$47.0 MILLION

TO THE

FEDERATIVE REPUBLIC OF BRAZIL

FOR THE

THIRD AGRICULTURAL RESEARCH PROJECT

SEPTEMBER 11, 1989

This document has a resticted distribution and may he used by recipients only In the performance oftheir offcial duties Its contents may not otherwise he disclosed without World Bank authorization.

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CURRENCY EQUIVALENTS

(As of April 20, 1989)

Currency Unit New Brazilian Cruzado CNCz$)US$1.00 N NCz$1.00 1

WEIGHTS AND MEASURES

The metric system is used throughout the report.

FISCAL YEAR

Government of Brazil - January 1 to December 31

EMBRAPA (Executing Agency) - January 1 to December 31

ACRONYMS

EMBRAPA Empresa Brasileira de Pesquisa Agropecuiria(Brazilian Agricultural Research Corporation)

ICH Imposto sobre a Circulaclo de Materias(Tax on the Circulation of Goods)

NaDP-PAPP Programa de Apoio ao Pequeno Produtor(Northeast Rural Development Program)

PRONAPA Programa Nacional de Pesquisa Agropecuaria(National Program for Agricultural and LivestockResearch)

SCPA Sistema Cooperativo de Pesquisa Agropecuaria(Cooperative Agricultural Research System)

1/ Exchange rate at time of negotiations (August 1989) was US$1.00 -NCz$2.70

FOR OMCIAL USE ONLY

BRAZIL

THIRD AGRICULTURAL RESEARCH PROJECT

LOAN AND PROJECT SUMMARY

Borrowers Federative Republic of Brazil.

* Beneficiarys Empress Brasileira de Pesquisa AgropecuAria(EMBRAPA).

Amount: US$47.0 million equivalent.

Term:s Repayable in 15 years, including 5 years ofgrace, at the Bank.'s standard variableinterest rate.

Financing Plan: Government US$ 50.8 millionIBRD USS 47.0 million

Total USS 97.8 million

Staff Appraisal Report: Report No. 7991-BR

Maps: IBRD Nos. 21641 and 21642.

This document has a festricted 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.

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

TO THE EXECUTIVE DIRECTORSON A PROPOSED LOAN

TO THE FEDERATIVE REPUBLIC OF BRAZILFOR THE THIRD AGRICULTURAL RESEARCH PROJECT

1. The following memorandum and recommendation on a proposed loan foragricultural research for US$47.0 million equivalent to Brazil is submittedfor approval. The proposed loan would be repayable in 15 years, including5 years of grace, at the Bank's standard variable interest rate. It wouldhelp finance an agricultural research project.

2. Background. Until the 1980s, Brazil's agricultural performancehad been generally good with an average annual growth rate of about 4.42.Almost all of the production growth was attributable to area expansion asopposed to yield increases. Production was particularly dynamic in theagricultural frontier areas of the Center-West, but also grew steadily inthe traditional agricultural states of the South. During the early 1980.there was a relative stagnation in agriculture, followed by a partialrecovery during the second half of the 1980s. Traditional export crops,and to some extent, food crop production began to increase due, in part, tosignificant increases in yields, produced. in large measure, by a highlysuccessful agricultural research program. EMBRAPA, Brazil's agriculturalresearch organization, besides being the country's lerJing researchinstitution. is also the coordinating agency for the cooperativeagricultural research system (SCPA). Besides EMBRAPA, this system, whichis responsible for the execution of the national agricultural researchprogram (PRONAPA) comprises, as the major participants: (a) state-levelresearch companies and institutions; (b) universities; and (c) some fortyresearch institutions and universities throughout the world with whomEMBRAPA maintains technical cooperation agreements.

3. EMBRAPA's research station network comprises six regional centers,twenty-one national centers for commodity research and eight state-levelresearch centers. In addition, there are seventeen state-owned researchcompanies. The state level research entities take the findings generatedby EMBRAPA's regional and national centers and incorporate these intoadaptive research programs at the local level. Finally, in support of allof these research programs, EMBRAPA also operates special service centersfor genetic resources and biotechnology; soil surveys and conservation;basic seeds production; agro-industry and food technology; plant protectionand environmental research; and irrigation and draiiage.

4. Based on its experience over the last fifteen years, EMBRAPAcurrently sees as major priorities for the national research systems(i) the development of imp.3ved resource conservation and managementpractices at the farm level based on increased kwowledge of the nature anddistribution of the country's productive resourr a, particularly those inthe semi-arid Northeast, the Amazon and the Pantanal regions; (ii) thestrengthening of the state-based agricultural research companies; and(iii) an improved flow of information between research, extension and thefarming community.

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5. Rationale for Bank Involvement. The Banks strategy for Brazil isto foster macro-economic stability and economic growth, to supportefficient resource allocation, increased efficiency in the public sector,and appropriate targeting and delivery of support services to the poorwhile contributing to sound environmental management. The important rolewhich technology generation and dissemination have played in the growth andincreased productivity of Brazil's agricultural sector is widelyacknowledged. During the past decade the Bank has supported efforts tostrengthen agricultural research at the federal and state level. Under theNortheast Rural Development Program the Bank is also supporting ten stateresearch programs. Based on lessons learned it is recognized thatincreased attention needs to be focused on the Northeast and Amazonregions. Due to their more complex agro-ecological and eocio-economicconditions, these regions have thus far benefitted much less than otherparts of the country from newly generated technologies. Through theproposed project, the Bank would support Brazilian efforts to develop anddisseminate environmentally sound agricultural production technology whichwould contribute to sustained development in two of Brazil's ecologicallymost vulnerable and economically depressed regions. The Bank would alsocontinue its support to EHERAPA and state research agencies instrengthening and improving the efficiency of the country's cooperativeagricultural research system.

6. Proiect Obiectives. The proposed project would support theexecution, dissemination and assessment of the results of research programsdesigned to contribute to the formulation of sustainable agriculturalproduction systems in two distinct agro-ecological areas. The projectwould also strengthen EMBRAPA's and the state research agencies' capacityto generate and disseminate technology, and increase the efficiency of theSOPA in the Northeast through the adjustment of ongoing research programsand the definition of appropriate procedures to consolidate these programsunder the aegis of EHBRAPA.

7. Proiect Descrintion. The project, which would potentially benefitsome 3.5 million medium and smallholder farmers and livestock producers andtheir families located in the Northeast and Amason regions, would have thefollowing five components: (i) development of new crop productiontechnology at three regional and eight national commodity research centers,along with crop, livestock and forestry improvement research covering ninemajor crops, three minor crop groups, plus beef, dairy cattle, waterbuffalo, goats, and forestry, and field-tested at sixteen state-leveladaptive research centers (56S of base costs); (ii) research supportprograms in the areas of biotechnology, food technology, soil biology, soilsurvey and conservation, irrigation, and environment at eight researchcenters (322 of base costs); (iii) technology transfer, including testingof alternative technology transfer systems, collaborative programs withprivate and public agricultural extension services, and increased use offield tests and demonstration plots (42 of baseline costs);(iv) institutional development and streagthening of EMBRAPA and other partsof the SCPA, including reform and unification of management and operationalsystems (US$3.6 million, 41 of baseline costs); and (v) project impactassessment and special studies, including continued monitoring andevaluation initiated under the second research project (Loan 2016-BR), andexpansion of socio-economic studlies on the impact of research on farmproductivity and incomes (42 of baseline costs). The research programs

would be executed at three regional research centers; thirteen specialservices and national commodity research centers; six state-level EMBRAPAunits (UEPAEs); and nine state-owned research agencies under the generalcoordination of EMBRAPA. Institutional strengthening would aim atconsolidating procedures for research planning and monitoring by EMBRAPAand within the various units belonging to the SCPA. Satisfactorycoordination arrangements, including a Project Coordinator and two RegionalCoordinators, are already in place.

8. The project, which would be carried out over five years, wouldprovide funds for research infrastructure; incremental machinery, furnitureand equipment needs; graduate studies and training fellowships and short-term fellowships; consultant and specialized services; and incrementaloperating costs. The total cost is estimated at US$97.8 millionequivalent, with a foreign exchange component of US$47.0 million (48Z).The Bank loan of US$47.0 million would finance all of the foreign exchangecosts, or about 502 of total project costs, excluding taxes and duties.Retroactive financing up to a maximum of US$4.7 million equivalent would beprovided for expenditures related to consultancies and training, civilworks, furniture and equipment, and inputs from April 20, 1989 to the dateof loan signing. A breakdown of project costs and the financing plan arein Schedule A. Amounts and methods of procurement and of disbursements andthe disbursement schedule are in Schedule B. A timetable of key projectprocessing events and the status of Bank Group operations in Brazil are inSchedules C and D, respectively. Maps and Staff Appraisal ReportNo. 7991-BR. dated September 8, 1989, are also attached.

9. Agreed Actions. Conditions of loan effectiveness would be thats(a) the minimum number of twenty staff required for the technology transfercomponent had been assigned within the various major research unitsbenefitting from the project; (b) contractual arrangements between EMBRAPAand participating state research agencies, on terms and con'.itions agreedwith the Bank, would have been signed; (c) the Subsidiary Agreement betweenthe Borrower and ENBRAPA by which the proceeds of the loan would be passedto EMBRAPA, wouild have been signed; and (d) the Government would haveprovided evidence to the Bank that the 1990 prpposed federal budgetprovides for the funds required by EMBRAPA to implement the 1990consolidated research program funded under the project. Duringnegotiations, LIBRAPA provided assurances that it would: (a) create andmaintain the positions of a Project Coordinator and two Regional ResearchCoordinators in accordance with terms of reference agreed to betweenEMBRAPA and the Bank, and thereafter appoint to and maintain in suchpositions Coordinators with qualifications and experience satisfactory toEMBRAPA and the Bank; (b) submit a draft consolidated Annual OperationalPlan (PAT) and budget to the Bank for review and comment by November 30 ofeach year; (c) during the third year of the project and assisted by a teamof international experts, it would arrange for a mid-term review of projectactivities, impact and priorities; and organizational aspects, includingresearch planning and coordination, monitoring and evaluation; the te .,.'sterms of reference would be presented to the Bank for approval by March 31,1992; the team's report would be presented no later than September 30, 1992and program adjustments recommended in the report and agreed upon betweenEMBRAPA and the Bank would be implemented thereafter; and (d) makeavailable to each project-executing agency funds in accordance with theamounts and timetable specified in the approved annual plan.

- 4 -

10. Benefits. Although returns to investments in agriculturalresearch are generally difficult to quantify, past investments have madesignificant contributions to the country's expanding agriculturalproduction. Moreover, returns would be expected to be relatively higher inareas where the current level of technology ig relatively low, as Is thecase in Brazil's Northeastern and kmazon regions. The total ruralpopulation in the project area amn nts to some 18 million people or morethan half of the country's rural population. The proposed project wouldgive particular attention to applied research protrams that owold benefitmedium and small-scale farmers and livestock producers in these regions.In addition, the project would be expected to have a beneficial impact onthe environment through its emphasis on the development of sustainableagricultural and livestock production technologies for two of Brasil's mostfragile regions. finally, by strengthening state research companies and byimproving the national research system's administration and coordination,particularly in the Northeast, it would contribute to increased publicsector efficiency.

11. RLiks. Optimum returns to research depend upon the degree ofcoordination between research and extension at the state and field leveland the feed-back received from farmers. The proposed project wouldstrengthen the technology diffusion process and the linkages betweenresearch, extension and the farmers. Research results can also benullified by unfavorable policy decisions affecting returns to farming.However, other Bank-supported lending operations in the sector, rangingfrom policy-based sector lending to regional rural development (NRDP/PAPPand Northwest Development Program) and operations in the irrigationsubsector, are designed as parts of a coherent strategy and effectivelyreduce this type of risk. Finally, delays and shortfalls In counterpartfunding from the Federal Government could represent a major risk. Thesupport which agricultural research enjoys at the Federal and State level,together with a sound annual planning and budgeting process should help tomitigate this risk.

12. Recommendation. I am satisfied that the proposed loan wouldcomply with the Articles of Agreement of the Bank and recommend that theExecutive Directors approve the proposed loan.

Barber B. ConablePresident

AttachmentsWashington, D.C.September 11, 1989

-5-

SCHEDULE A

BRA?IL

THIRD AGRICULTURAL RESEARCH PROJECT

ESTDMATED COSTS AND FINANCING PLAN

Local Foreign TotaEstimated Costl ------- (US$ million)-

A. Technologv Generation- Amazon Region 12.4 9.6 22.0- Northeast Region 11.1 11.5 22.6- Other 0.5 0.5 0.9

Subtotal 23.9 21.6 45.5

B. Research Support 12.5 14.0 26.5

C. Technoloay Transfer- Amazon Region 1.0 0.5 1.5- Northeast Region 0.9 0.5 1.4- Other 0.3 0.1 0.4

Subtotal 2.2 1.1 3.3

D. Project ImDact Assessment andSpecial Studies 1.9 1.2 3.1

E. Institutional Development 1.9 1.7 3.6

Total Baseline Costs 42.4 39.7 82.1

Physical Contingencies 2.0 1.3 3.3Price Contingencies 6.5 5.9 12.4

Total Proiect Costs 50.9 46.9 97.8

Financing Plan

Government 50.8 - 50.81IBRD - 47.0 47.0

Total 50.8 47.0 97.8

1, Include US$5.1 million of local taxes.

-6-

SCHEDULE B

BRAZIL

THIRD AGRICULTURAL RESEARCH PROJECT

PP.OCUREMENT METHODS AND DISBURSEMENTS

Procurenent U thodwUSE million)

Project Element ICB LCB OTHER TOTAL

Civil Works 28.7 1.0 24.7(12.8) (0.5) (12.0)

Furniture and Equipment 28.0 8.2 E.G 81.6(10.1) (0.4) (5.6) (16.1)

Technical Assistance 10.4 10.4(E.E) (6.5)

Training 17.1 17.1(10.4) (10.4)

Operational Costs 4.0 9.7 18.7(0.7) (1.5) (2.2)

Toatl 2a.2 1TK 4 -478.(10.1) (18.4) (28.5) (47.0)

Note: Figures In parenthess are tho r spective amounts (includingcont1ngencies) expected to be financed by the Sank.

Olsbur s ento(Mls ml I to")

Allocation of Percentage of TotalCategory Loan Amount Expenditures to be

(USS million) Flnanced

(1) Civil Works 11.6 59E of total cIivl works(2) Equipment A Furniture 14.0 100X of foreign and 16X of

(includes bcoks and locl expendituresIIvestock)

(8) Technical Assistance 4.6 100W of foraogr *xpenditures(4) Training 9.4 100W of foroegn gpenditures(5) Incremental Operating Costs 2.0 26X, dclin.ng t1 4X by Year 6(8) Unallocated 5.0

Total -7g.

Estimated Log. Disbursemnts

Fiscal Year 19901219 f 1899 1994 1995

Annual 6.8 5.7 12.9 13.0 7.4 2.7Cumulative 6.8 11.0 28.9 J8.9 44.9 47.0

2/ Includes initial deposit of US$4.0 million into the Special Accounts.

SCHEDULE C

BRAZIL

THIRD AGRICULTURAL RESEARCH PROJECT

TIMETABLE OF KEY PROJECT PROCESSING EVENTS

(a) Time taken to prepare: one year

(b) Prepared by: EMBRAPA

(c) First Bank Missions March 16, 1988

(d) Appraisal Mission Departuret March 20, 1989

(e) Negotiations August 1989

(f) Planned date of Effectiveness: January, 1989

(g) List of relevant PCRs and PPARs: PPAR of First Agricultural ResearchProject. Report No. 5474,February 1985.

PCR of Second AgriculturalResearch Project. May 31, 1989.

THE STATS- Or muNS aRmUP CIZAStioNS zu BsUAIL

A. 8UI Y STATMmI? LONS(As of Hatch S1, 1969)

Am$m lessLAoan4 xYar Borrower Paragoe Undslburs

One Hundred and five loans fully disbursed 6,037.30

1721 1979 COPEL Power B6e.7?1721-5 1979 COPEL Power 22.3 0.21924 1981 Brazil Rural Development 54.0 5.81939 1981 ELETROBRAS Power 54.0 9.31970 1981 CEF Water Supply 160.0 1/ -

1909 1981 Brazll Alcohol Development 232.8 9.52060 1982 Brazil Agriculture 67.0 9.32061 1982 Brazil Health 13.0 1.02062 1982 Brazil 18hvaYs8 2006.0 0.72116 1982 Brazil Agriculture 26.4 3.72138 1982 ELETRORAS Power 182.7 75.52163 1982 Brazil Agriculture 26.4 5.72170 1982 Brazil Urban Development 123.9 25.02177 1982 Brazil Rural Development 42.7 12.72224 1983 Brazil Feeder Roads 154.0 16.62249 1983 CEF Water Supply 302.3 1.02268 1983 Brazil Agro-Industries 400.0 22.82269 1983 Brezil Rural Development 67.8 48.42343 1984 Brazil Urban Development 52.7 3.22347 1984 Brazil Export Development 351.4 0.12348 1984 Brazil Agriculture 303.0 1.02153 1S84 Brazil Agriculture 38.0 20.51729-1 1984 Brazil A8riculture 7.7 0.22060-1 1984 Brazil Agriculture 22.8 22.72364 1984 ELETROBRAS Power 250.0 134.82365 1984 ELETROBRAS Power 222.8 0.32366 1984 Brazil Education 20.0 9.02412 1984 Brazil Zducation 40.0 18.82446 1984 Brazil Federal Highways 210.0 15.12447 1984 State of Sao Paulo Health 55.5 15.12448 1984 Brazil Health Studies 2.0 0.92488 1985 Brazil Development Banking 300.0 64.22489 1985 Brazil Education 72.0 36.42523 1985 Brazil Rural Development 61.3 42.12524 1985 Brazil Rural Development 61.4 42 62532 1985 Brazil Rural WS&S Pllot 16.3 13.22563 1985 Brazil Railways 200.0 122.92564 1985 ELETROBRAS Power Transmission 400.0 299.62565 1985 ELETROBRAS Power Distribution 312.0 238.82593 1985 Brazil Land Tenure 100.0 72.42623 1986 State of Santa Catarina Urban Development 24.5 20.32645 1986 Brazil Urban Reconstruction 100.0 3.42679 1986 Brazil Agriculture 155.0 104.22680 1986 BrazIl Irrigation Eng. 48.0 36.22681 1986 Brazil Urban Development 55.0 49.02699 1986 Brazil Health 59.5 53.82718 1986 Brazil Rural Development 92.0 71.02719 1986 Brazil Irritation 57.0 26.32721 1986 Brazil PublIc Sector 29.0 23.72727 1986 Brazil Credit t Marketing

Reform 500.0 5.0

9 SCHEDUL Drage a z 0

A. S.MLARY STATVMNT OF LOANS (Continued)

(As of March'S3, i989) -

Amount lessLoan J Yesr PBorroweruroose Cancellation Undisburs.

2761 1987 Brazil Rural Development 171.0 lS2.52762 1987 Brazil Rural Development 78.0 67.32763 1987 Brazil Rural Development 122.0 104.32810 1987 Brazil Education 74.5 71.82822 1987 Brazil Urban Transport 200.0 187.72830 1987 State of Sao Paulo State Highway 174.0 159.32831 1987 Brazil Ind.Pollution Control 50.0 39.62857 1987 FEPASA Railway Rehabilitation 100.0 90.32860 1987 Brazil Rural Development 60.0 52.92861 1987 Brazil Rural Developmernt 55.0 48.61862 1987 Brazil Rural Development 84.0 77.82863 1987 Brazil Rural Development 42.0 35.92864 1987 Brazil Livestock Disease

Control 51.0 46.42883 1988 Centrais Eletricas Resettlement &

Brasileiras S.A. Irrigation 132.0 78.62895 21 1988 State of Minas Gerais Forestry Development 48.5 48.52931 1288 Brazil Disease Control 109.0 101.02941 1988 PORTOBRAS Port Technical Assist. 20.0 18.82950 21 1988 Brazil Irrigatxon Subsector 195.0 195.02960 Z/ 1988 Brazil Agro-Industries Credit 300.0 300.02971 21 1988 Brazil Agricultural Credit 300.0 300.02975 - 1988 CEF RIo Flood Reconst. 175.0 152.52983 1988 CEF Municipal & Low-income 80.0 62.03013 1989 Brazil Irrigation 71.0 71.03018 1989 State of Parana Land Management 63.0 63.0

Total 15,073.20 3/Of which has been repaid to the Bank 3,979.74 -

Total now outstanding 11,093.46

Amount sold 45.8Of which has been repaid 45.8 45.80

Total now held by Bank 11.047.66

Total undisbursed 4.338.76

1/ Although this loan is fully disbursed, and include lnder loans fully disbursed above,the initial deposit to the Special Account is currently in the recovery process. Theloan will be removed from the list after the loan account closes.

21 Not yet effective.

31 No IDA credits have been made to Brazil.

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

SCHEDULE D10- Page 3 of 3

~~~~~~~~S. .T?f .. _F ... . _ _ (a. ~ ofPrh6. _99

- -n t In S mIIlenFlegt YTar Oblligor typo of Beene Lie" 5tu1t7 YOtUl

la? Sloami do Sei OI Cie. de alotridode aloetriceal f 0t 2.0 -0.001965 80betbrof. B.A. Celulogo * Ptal Pulp and Piper 1.10 - 1.20am S.La. PlaoSbooo d mail. S.A. Autoitlv Port 0.45 - 0.45Sms i l.-11worisof do St,l I, S.A. - iu tri; Cemrco otor Vehicle i.45 - 2.4

1*se CeipmohIl Mine.l. l o Cl_nto Portind. 8.A. Cement 1.20 - 1.201I95 @ha on C.luloe. S.A. Pulp 4.00 4.0019S8/1 11972 Ac4o ViIleros. S.A. Stel B 00 1 93 9.931986/196 Ppal * Co ulol Cato-r*n.*, S.A. Pulp And Pat.r 1 .4 5.71 7. 11957/1972 Ultrefortil. S.A. -.. nd-otri * Comercio do Fortiliganto P*rtiliasro 8.22 3 03 11 251ti9 Pitrequioica Lbnigo. S.A. Petrochemicatl 5.50 2.68 8.s81970 Peliolifinee. S.A. Indotr;is * C.oee,io Petrochk.ieolo S. 0 2. 5 83.1971 Oeitoe., 5.A. Induct,;. Co_orr;o Petrochemic lo 4.60 .44 6.041971 Rio Orind- - coaoth;e CobolWOO do Sul Pulp 4.90 - 4.901972/1975/19S1/1987 Cfatenhis do Cl- nto Uoe onol do "inss Cemnt 199.14 6.70 205.641973/74M7?/81/8/84 Cmwonhi- Siderwrgbel do Oumnobae - COSWOJA Sto.l 76.97 15.27 02.241975 Capitol Markot Dweelopment Fund - FUCAP Capitol Market ODvelopoent 5.00 - S.00

173/1976/1083 i rsoo do D.nvoelviente do Rocurao flinir.ri - CWESIM.5.A Nicke Mining ond Refining 6e.00 S.74 93.741W74 Unduotriom Villor". S.A. aloetors A Ind. iqu;iD-nt 6.00 - 6.001074 Fabrico do

Tecido Totuop., S.A. Textiles 3e.s0 - 39.60

1975/1"70 Capuomvo Carbono Induatrios Ltd. Cirbon SlickS 6.18 1.19 7.571975 Ooxtno Nordeoto. S.A. Patrachasical- 10.00 - 10.001e76 SentIota Induotria - Toxtil do Nordoto. S.A. Tr tilI. 6.45 1.00 7.451976/1960 Tconor S.A. - TUti I Crtor;iono do Nordesoe Texti leo 1.20 - 15.20177 lOS S.A. Preductoe litolouric. Iron 4 Aluoinuo Co-tingo 20.00 - 20.001977 inoroee tRio do Norte S.A. Mining 15.00 - 15.001C78 Ciutal Siderourgi S.A. Iron ond-Sto. 63.8 3.00 11.61979 Volvo do Sro-il MetoreO Voicule, S.A. Motor Vshielfo 60.00 6.95 66 951i60 Miting do Nordeoto S.A. - lalheo Ready-sade COroonto 2.00 - 2.001000 Dendo tto Pot S/A - Deno**s - Agriculturo, Indluot,is

co eie d- oleginoro Pal_-Oil 8.50 1.00 4.6019i0 Villbeso Indotr-lo do Sam. S.A. - VIASA Iron end Stool S.00 - 5.00106 PM - Cooehi* Ind"etritl do Pol Ipropi long Chooltolo & Patrochooieols *1.00 2.00 63.001960 oOtilori Clttort S.A. Cheiaol. A Potroeheeical - 0.25 0.2516o0 Ioewe Amazonl Qub ieo a Minerol S/A Fortlllgore 38.00 6.00 41.001960/1961/967 Pelol Potroquloioa Cweol-ol & Petroehomlicl- 4S.00 6.00 49.0011191 erollpar Money & Capital Markets - 1.80 1.501961 Compenhie Srtailitre do Aeropcuoria - C0O8APE Food end Food Procooing S. 0 5.00 8.501091 Trlunfo Choicl- A Potroeh.oieol 4e.00 4.10 80.101982 Cleento CAUE Cement & Crot. Materlole 40.00 S.00 45.00192 Agrloining S.A. ^mny Cepitol market 80.00 0.45 5045

8am Cbi Rior4rndee do Pirtieipegooo (CRP) MoWay Capitol market - 0.12 0.121063 Aice Fritgoeiflco Food and Food Prteoeing 13.00 - 13.0019t3 Cosponhi Dend do Ampa (CODA) Pile Oi l 6,10 - 6.10141S PIA - Pipeb do U*rw4k* S.A. Pulp A Piper Product 860.60 0.e7 90 4719t c/$SA Food and Food Proc;oing 5.00 2 60 8 5010on Ct 4t0* Cemet A Cnt. Motorialo 55.00 - 55.00lo"e Nitreotr Predutas Chem ale, £ Potro _hoolca.e 5 00 S 70 8 701498 Camponhie Alcoolruiice l4aional Cheamesle A Petrocholeobel 20.00 4.00 24.001985 lui-ico do Sable Chemicol- a Petroeh.emiclo 5.80 1.60 5.301987 Sao Poule Alpargtuo Testi;l e nd Fabric* 50.00 - a0.00

1987 A_pO Florootol * Culobo - ACEL. Pulp nd Paper Producto 14,00 - 14.00196 Fabrics Cerioca do Cotelindor - FOC Cheeical- 20.60 - 20.50a9m Eauity Fund of Brazil Capital Market Institutions - 20.00 20.00low8 5.A. C4 rclo o Induetrial - PERDI0a Foed end Food Prooooooino 20 00 - 20.00196 Sincoe Aoxeno D blent/Fine 20.00 - 20 00l108 Snae. Ittu oO lop_ent/Fineneo 0.o00 - 30 00198 Minoreco. Srtee lei roe Reonidto mining 20.00 - 20 0019d8 Unibanco - Unige do Sancoe Stl bit.iro ODevlopment/Finaneo 30 00 - 30001966 Ourate,, S.A. Pulp end Paper Product. 7 S7 - 7 a7105 Cobro ho sy A Capitel MarkI . 40.00 6 00 45 00l108 erseitel Textiles and Fibers 0.10 - 0 10198 Senc r Testi le and Fibe r 20 1 30 4 50196S loinho Tentiloo and Fiber. 4.00 - 4 00im6 Toeli* Textiles and Fiber. 1.* - 1 9C1989 COP&4E Ch*micale A Petr4 o...ic*la 45 00 - 45 00ose ELIJKA Cheoicel- A Potroqoaficals 15.00 - 15.00199 FPCC Pelp & Paper Products 15.00 - 15.00

Total Cro" Cooitonto 1,324.89 14031 1.46S520Le" Cseh*llstions, Terminations. Ropaymente end Sole" 16t.hC SO 21 918 2;Tetol Coesitmento Now Held by IFC 456 89 90.10 546.99Totel Undioburoed 217.83 894 226 57

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