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'SECOND 4R1LUPEDRS -SMALL CREDIT PRO;-MT-

a- - -- ~~~~~July lo, 1990

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CURRENCY EQUIVAIENT

Currency unit - Indonesian rupiah(as of May 1, 1990)

US$1.00 Rp 1,830Rp 1.0 billion US$0.546 million

FISCAL YEAR

Government of Indonesia - April 1- March 31Bank Rakyat Indonesia - January 1 - December 31

PRINCIPAL ABBREVIATIONS AND ACRONYMS USED

BI - Bank IndonesiaBRI Bank Rakyat Indonesia -

-GOI - Government of IndonesiaKuPEDES - Kredit Umum Pedesan (General Village Credit Program)SBI - Sertifikat Bank Indonesia (money market instrument)

-NDONESI FOR OFFICUIAL USE ONLYo I ,, ~~~~~~~INDONESIA--

G' . .,SECOND BRIIKUPEDES SHALL CREDIT PROJECT -

Loan and Project SugMary

,Borrowers Republic of Indonesia

Benefici«rv: Bank Rakyat Indonesia (BRI)

Amounts US$125.0 million

Terms: Twenty years, including five years of grace, at theBank's standard variable inteFest rate.

Onlending Termts The proceeds of the loan would be onlent to BRI fortwenty years, including a grace period of five years, ata variable interest rate pegged to Bank Indonesia's (BI)three-month domestic money market certificate (SertifikatBank Indonesia-SBI). The rate would be adjusted onJanuary 1 and July 1 of each year, based on the averageof SBI three-month maturity quotations during thepreceuding s8x montiis, not to exceed the average of end-of-day quotations of the five state-owned-commercialbanks' three-month tinz deposits during the same period.The Government would bear the. foreign exchange risk.- BRIwould also pay commitment-fees equal to those payable bythe GOI to the, Bank under the loani End-users wouldborrow these funds-at rates reflecting_prevailng marketconditions; effectiWie-nnual interest- rates cuftietlyrange trom 22.7_to 31.7 percent, based on loan amount. -

Financing PlaA:Local- Foreign Total---- (US$ miflion) -

IBRD - 125.0 125.0Incremental Unit Desa savings

mobilization -63.1 33.2 296.3- Other BRI/Unit Desa systen

resources - 96.7 - 96.7Repayments of previous KUPEDESloans 1,469.8 629.8 2,099.6

Total 1,829.6 788.0 2,617.6

Economic Rate ofReturns Not applicable

Staff AppraisalReports No. 8644-IND dated july 10, 1990Q - -

map: IBRD 20514R1

This document has a resticted distribution and may be used by recipints only in the perfomance -of their official dutiesm Its.contents may not otherwise be disclosed)without World Bank authorization.

NQ0(RANDMI AND RUECO)ENATION OF TM PRESIDENTOF THE ITERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMZNT

TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TOTHE REPUBLIC OF INDONESIA FOR THE SECOND BRI/KUPEDES SMALL CREDIT PROJECT

1. The following memorandum and recommsndation on a proposed loan to theRepublic of Indonesia for $125.0 million is submitted for approval. Theproposed Bank loan would be for 20 years, including five years of grace, atthe Bank's standard variable interest rate and would help finance a SecondBRI/KUPEDES Small Credit Project. The proceeds of the loan would be onlent bythe GOI to Bank Rakyat Indonesia (BRI) for a term of 20 years, including fiveyears of grace, at a variable interest rate reflecting the market rate fordomestic term funds. The GOI would bear the foreign exchange risk.

2. Background. Since June 1983, the Government of Indonesia (001) hasundertaken major deregulation measures to develop an efficient financialsystem. Indonesia's open capital account and the 001's reform initiativeshave made its financial sector one of the most deregulated and market-basedfinancial systems in the developing world. In 1984, as part of its thrust toreduce credit subsidies, it encouraged Bank Rakyat Indonesia (BRI) to developits XUPEDES credit progran scheme. Under this scheme, loans (the average loansize in 1989 was approximately $425) are made to creditworthy small borrowers,primarily in rural areas, for directly productive activities at -market-determined interest rates. Concurrently, in response to financial sectorreforms aimed at increasing competition and decreasing dependence onsubsidized financing, BRI embarked on a significant progra-,of institutionalreform to enhance its efficiency and profitability. Today, BRI's Unit Destsystem is the only nationwide network meeting the needs of both smallborrowers and small savers. No policy obstacles prevent the entrance ofcompeting institutions, but the perceived costs and risks of establishing sucha network are high. Although several state commercial and private banks haveindicated that they intend to mobilize savings in selected rural areas,complementary efforts to reach the small borrower are not anticipated soon.The Unit Desa system operates as an autonomous profit center within ERlI Toensure that the system's sustainability is not based on the availabilLty ofsubsidized funds, BRI prices any funds passed on to the Uhit Desas at aninterest rate no less than the rate paid by the Unit Desas on three-month timedeposits. The Unit Desa system has taken on an increasingly important role incontributing to BRlI's deposit-taking performance and profitability.Accounting for less than 9 percent of BRI's total assets at end-1989, the UnitDesas mobilized about 14 percent of its total deposits and accounted for30 percent of its total 1989 net Income (before taxes). The quality of theKUPEDES portfolio is good. In addition, a recently completed DevelopmentImpact Surrey of the KUPEDES credit program shows that this scheme has hadsignificant socioeconomic benefits. Among the survey's findings ares a highparticipation of women; direct contributions to poverty alleviation at thevillage level; a high participation of landless and nearilandless farmers;employment generation; and Improvements in borrowers' standards of living.

3. Rationale for Bank Involvement. The Bank will continue to supportefforts, on the basis of demonstrated financial viability and sustainability,to expand and to improve the efficient delivery of credit to those groups of

borrowers whose access to nonsubsidized credit has been constrained in thepast. When BRI's KUPEDES program was introduced, it represented a significantdeparture from the heavily subsidized credit programs that characterized muchof Indonesia's directed lending. This program provided the Bank (through itsfirst BRI/KUPEDES Small Credit Project--Loan 2800-IND) an excellentopportunity to support an approach that extended nonsubsidized funds. Majordesign flaws that were identified as having contributed to the lack of successof the Bank's three Small Enterprise Development Projects (i.e., Credit78-11WD, Loan 2011-IND and Loan 2430-IND), specifically, poor borrowprselection criteria, subsidized interest rates, insufficient spreads to theintermediary and generous credit insurance, have been avoided in implementingthe KUPEDES scheme. BRI's Unit Desa system is the only nationwide networkthat serves a large group of small borrowers and savers whose access tocompetitivc. nonsubsidized credit and savings facilities, in the absence ofthis program, would be limited. During the past six years, the Unit Desas'success has demonstrated convincingly that a nonsubsidized credit scheme aimedat enhancing the access of creditworthy small borrowers to credit can besuccessfully implemented within the context of a financially viable operationthat can also produce substantial socioeconomic benefits. Equally important,the Unit Desa system has demonstrated the potential for mobilizing largeamounts of domestic resources at the small saver level. The Unit Desa systemembodies the model that should be encouraged by the Bank in designing suchprograms. The proposed loan and ongoing supervision assistance will helpensure its long-term sustainability.

4. Proiect Obiectives. The primary objective of the proposed project isto promote BRI's ongoing efforts to strengthen and expand its Unit Desa systemas a financially viable subbranch network that mobilizes resources andprovides nonsubsidized credit nationwide to creditworthy small borrowers. Theproject would also provide continued support to develop BRI's institutionalcapability as related to its Unit Desa system.

5. Project Description. The proposed project would compriset (i) acredit component for general purpose financing in all sectors; (ii) a capitalexpenditure component for the expansion of BRI's five Unit Desa trainingcenters, including computer equipment; and (iii) a technical assistance (TA)component for long-term advisory and short-term consulting services forfurther developing and improving BRI's Unit Desa and rural banking activities.The proposed Bank loan would finance: (i) productive activities undertaken bysmall borrowers in all sectors, including manufacturing, agriculture, tradeand services; (ii) the construction of training facilities; (iII) computers;(iv) nine staff-years of long-term advisory services; and tv) four staff-yearsof short-term consultancies. The estimated total financing requirement forthe project is $2.6 billion equivalent, with a foreign exchange component of$788 million. A breakdown of costs and the financing plan are shown inSchedule A. Amounts and methods of procurement and the disbursement scheduleare shown in Schedule B. A timetable of key project processing events and thestatus of Bank Group operations in Indonesia are given in Schedules C and D,respectively. A map is also attached. The Staff Appraisal Report, No.8644-IND, dated July 10, 1990, is being distributed separately.

6. Agreed Actions. Prior to negotiations, BRI: (a) implemented,effective May 1,;1990, its revised RUPEDES loan parameters, including a

-3-

subloan ceiling and modification of the interest rate structure so thateffective cross-subsidization of investment lending is eliminated. Workingcapital and investment loans to end-users now carry the same rate; and(b) adopted its revised Unit Desa Policy and Strategy Statements. TheGovernment will onlend the proceeds of the loan to BRI at a variable interestrate pegged to Bl's three-month domestic money market certificate (SertifikatBank Indonesia-SBI), subject to a ceiling based on the average of end-of-dayquotations of the five state-owned commercial banks' three-month timedeposits. Terms of reference for the long-term advisory positions as well asa number of institutional arrangements, as provided under the first KUPEDESProject, were agreed during negotiationst (a) modification of the interestrate structure for KUPEDES loans to final borrowers would only be done afterconsultation with the Bank; (b) the agreement between BRI and BI concerningthe repayment by BRI of liquidity credits originally provided to start.up theKUPEDES program would not be changed without the Bank's agreement; (c) BRIwould allocate (on a semi-annual basis) to the Unit Desa Development Fund atleast 50 percent of the margin between the cost to itself of the Bank loanproceeds and the onlending rate to the Unit Desas; and td) should arrears ofone day or more exceed 8 percent of the KUPEDES loan portfolio over acontinuous six-month period, BRI would, within three months, submit to theBank information relating to actions taken and its action plan to reduce sucharrears.

7. Benefits. The Unit Desa system would be expanded and continuedaccess to credit by eligible borrowers would be ensured under the proposedproject. Substantial socioeconomic benefits, as achieved under the UnitDesas' previous lending activities, can be expected from an expanding KUPEDESprogram.

8. Risks. The major risk--portfolio deterioration--is mitigated byBRI's satisfactory track record to date. Appropriate staff training andadvisory support services will contribute towards the continued implementationof sound lending and supervision procedures that are associated with themaintenance of a high-quality loan portfolio.

9. 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

Attacbments

Washington, D.C.July 10, 1990

-4-Schedule A

INDONESIA

SECOND BRI/JKPEDES SMALL CREDIT PROJECT

Estimated Prolect Cost and Financina Plan(S million)

Local Foreign Total

Estimated Costs la

Cumulative KUPEDES Credit Component lb 1,827.1 783.0 2,610.1(Of which: incremental portfolio growth) (357.3) (153.2) (0l0.5)

CWaital Expenditure ComponentUnit Desa training centers 1.9 2.0 3.9Computer equipment - 0.1 0.2 0.3

Policy Development Technical AssistanceLong-term advisory team (108 staff-months) - 1.2 1.2Short-term consultants (48-staff-months) - 0.7 0.?

3ase Cost - 1,829.1 787.1- 2,616.2Physical contingencies 0.4 0.4 0.8Price contingencies 0.1 0.5 0.6

Total Proiect Cost,; 1,829.6 788.0 2,617.6

Financing Plan

Cumulative KUPEDES Credit Comonent 1,827.1 783.0 2,610.1IBRD (for incremental portfolio) - 120.0 120.0Incremental Unit Desa savings mobi-lization (for incremental portfolio) 263.1 33.2 296.3

Other BUIUnit Desa system resources(for incremental portfolio) .94.2 - 94.2

Repayments of previous KUPEDES loans 1,469.8 629.8 2,099.6

Capital Expenditure Comonent 2.5 2.7 5.2IBRD 2.7 2.7BRI 2.5 - 2.5

i Policy Development Technical Assistance - 2.3 2.3ISID - 2.3 2.3

Total Financing 1.829.6 788.0 2,617.6

La Exclusive of duties and taxes, which are insignificant.lb For the period July 1, 1990-September 30, 1992.

Schedule B

IWDOWESIA

SECOND BRIIj.WED S SMALL CREDIT PROJECT

Procurement Method and Disbursements(Million)

Procurement Method a1!

TotalProject Elemnt ICB LCB Other N.A. Cost

1. Credit - - 2.610.1 - 2,610.1of which: incremental -.

portfolio growth 510.5 510.5(120.0) _ (120.0)

2. Caytle~nitureMI) Construction of - 4.9 _ _ 4.9

traiAing centers (2.5)- (2.5)(Li) Computer equipment - 0.3 s - 0,3

(0.2) (0.2)

3. Technical assistance - - 2.3lb - 2.3(2.3) - (2.3)

Total -_ 5.2--2 612.4 2 -- 2.61g - 1-2.7) (122.3) (125.0)

Disbursements

Category 2

Creditt 52 of new KUPEDES loan approvals Lb

Capital Expenditures For civil works, 50 of expenditures;for goods, 1002 of foreign expendi-tures, 1002 of local expenditures (ex-factory cost), and 602 of localexpenditures

Technical assistance: 1 100-

I Estimated IBID Disbursements

Bank FY .1991 1992' 1992 1994

Annual 32.3. 61.1 30.8 0.8Cumulative --32.3 93.4 124.2 125DV

La Figures in parentheses are the respective amo-uts financed by th,e Bank.b However, Bank disbursementsjwould not exceed 3 percent of the incremental

-gowth in the KUPEDES loaa poitfolio during each quarter.of projectimplementation.

-6Schedule C

-- INDONESIA

SECOND BRIIKUPEDES SMALL. CREDIT PROJECT

Timetable for Key ProieCt Processing Events

Time taken to prepare 4 months

Prepared by BRI with Bank assistance

First Bank mission November 1989

Appraisal mission departure -- War6h 17990 - - =

Negotiations June 18-19, 1990

Planned date of effectiveness October 1990 -

List of relevant PCRs and PPARs PPARss Credit 436-IND (ReportNo. 2015); Credit 310-IND (ReportNo. 2563); Loan 1363-IND (Report.

.__-- No. 3862); Loans 1054-IND, 1437-IND and- -- -. 1703-IND (Report No. 6403)

--.PCRs9 Credit 785-IND=end-Loan

J~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

__ I~~~~~~~~~~~~~~~~~~~~~~~~

I '-~~~~~~~~~7-

INDONESIA SDPage 1 of 4

S.CND BRI/KUPEDES SMALL CREDIT P1tOJECT

THE STATUS OF BANK ORMUP OPERATIUNS IN INDONESIA

A. ?STATEET OF ̂ANK LOANS (as of March 31, 1990) Ja

Bank . Undis-Original bursed

LOD-Loan FisCaL- Principalnumber Year Purpose ,less cancellation)

Seventy-five Loans fully disbursed 5,420.20

Of which SECALS, SALs and Program Loans i

2780. 1987 Trade Policy Adjustment 300.002937 1988 Second Trade Policy Adjustment -t 3OOi.O - - = -

3080 1989 Private Sector Development 350.00

- -- ~~Subtotal. 150QQO

1840 1980 National Agricultural Reseatch 35.00 3.772007 1981 Nucleus Estate and Smallholders V 108.00 19.58i049 1981 Jakarta Cikampek Highway l - -- 0 - l20---2066 11S2' Second See*0: - 5CC-- 7 - --2e79t 1982 B__ukit_Asam Coal Mining Deveblopment 183.86 5.132101 198-i2Second Teacher Training 79.59 3.912119 1982 Seventeenth Irrigation (East Java) 70.00 3.022214 1983 Twelfth Power 292;50 43.392232 1983 Nucleus Estate and Smallholders VII 96.00 32.122236- 1983 Jakarta Sewerage and Sanitation 22.40 5.012275 1983 East Java Water Supply 30.60 0.382288 1983 Transmigration IV -n.-30 22.21 --

2290 1983 Second Polytechnic 107.40 8.792300 1983 Thirteenth Power 279.00 14.292341 1984 Third Agricultural Training 63.30 10.482344 1984 Nucleus Estate and Smallholder Sugar 70.30 14.672355 1984 Second Nonformal Education 43.00 2.492408 1984 Fifth Urban, Development 39.25 4.592431 1984 Second Swa*p Reclamation 65.00 29.792443 1984 Fourteenth Power 210.00 24.482472 1985 Secondary Education and Management 75.00 22.03

Training2474 1985 Upland Agriculture and Conservation -_1.30 - 8.62

The sStatus of the prb3octs listed ,in Part A is described in a separatereport on all Bank/IDA financed projects in execution, which is updatedtwice yearly and circulated'to the Executive Directq)sK on April 30 andOctober 31,

Ak Approved during or after FY80, . ' = ,

-I~~~~~~~~~~~~~~~~~~

,!~ ~ 7 / q \<

INDONESIA SchedulePage 2 of-4

SECOND BRI/KUPEDES SMALL CREDIT PROJECT

Amount (USS million)Bank Undis-Original bursed

Loan Fiscal Principalnumbxr Year Purpose ,less cancellation)2494 1985 Smallholder Rubber Development I1 109.00 73.562529 --1985 -Fourth Population 35.13 9.552542 1985 Second Health (Manpower Development) 39.00 20.832543 1985 Kedung Ombo Mulipurpose Dam and 156.00 54.73

Irrigation2547 1985 Second University Development 147.00 62.152560 1985 West Tarum Canal Development 43.40 22.452577 1985 National Ports Development 82.69 41.962578 1985 Transmigration V 97.Y00 27.312599 1986 Science and Technology Training 93.00 26.202628 1986 Smallholder Cattle Development 32.00 15.722632 1986 Second East Java Water Supply 43.30 6.812636 ----1986 Second Nutrition and Community Health- 33.40 17.962638 1986 Nusa TenBgara Agriculture Support 33.00 17.222649 1986 - CetriT and Wect -Tva-- Iriri aton- 166.00 - -105. 8026i0 1986- -GaaDistribution 34.00 22.102702 1986 Export Development 64.50 -- -17.112705 1986 Manpower Development and Training 58,10 19.242717 1986 Highway Maintenance and Betterment 300.00 17.932725 1986 Housing Sector Loan 200.00 6.752748 1987 Third National Agricultural Extension 55.00 31.692757 1987 Telecommunications Technical Assistance 14-.50 4.34-2773 1987 Filsheries SuppQrt Services- 24.50 - 18.882778 1987 Power Transmission & Distribution 226.00 106.282e00 -1987 BRI/KUPEDES Small Credit 101.50 1.752816 1987 Urban Sector Loan 270.00 22.802817 1987 Regional Cities Urban Transport p1.00 17.092879 1988 Industrial Energy Conservation 21.00 17.102880 1988 Irrigation Subsector 234.00 86.732881 1988 Second Rural Roads Development 190.00 107.942891 1988 Railway Technical Assistance 28.06 22.952930 1988 Forestry Institutions &-Conservation -- 30.00 - 23.22-~2932 1988 Jabotabek Urban Development 150.00 130.042940 1988 Accountancy Development 113.00 102.252944 1988 Higher Education Development 140.30 74.382979 1-988 Second Export Development 165.00 120.762992. 1989 Tree Crogp-H1Ia itesourdg Development 18.40 -.17.;19

. , , _ ? _ =.- o -m

-9-

INDONESIA

Page 3 of 4

SECOND BRI/KUPEDES SMALL CREDIT PROJECT

Amount (USS millionL,Sank Undis-

Original bursedLoan Fiscal Principalnumber Year Purooso (less cancellation)3000 1989 Tree Crop Processing 118.20 117.323031 1989 Agriculture Research Management 35.30 33.33r 304Q - 1989 Industrial Restructuring 284.00 278.313041 1989 Small & Medium Industrial 100.00 99.34

Enterprise3042 1989 Third Health 43.50 41.473097 1989 Power Sector Efficiency 337.00 337.003098 1989 Paiton Thermal Power 354.00 343.243112 1990 Public Works Institutional 36.10 35.09

Development and Training3133 1990 Highway Sector 350.00 330.003134 1990 Professional Human-Resource Dev. 117.50 113.513158 1990 Second Secondary EducationJA. 154.20 154.203180 1990 Rural Electrification L --- 329.00 329.003182- -1990 Third Telecommunications- _& _ 350.00 350-,

Total. ank 1oas 1..6652-Of which has been repaid 1,779.51

* - -- Total now outstanding 1 1886.20Amount sold to third party 88.08

Total now neld bv Bank 11.798.j2-

Total undisbursed 4.341.59

~-jj Not yet effective.

.1

l - -~~~~~~l

.- 10 -

INDONESIA -

Page 4 of 4

SECOND BRI/KUPEDES SMALL CREDIT PROJECT

B. STATEMENT °F IFC INVESTMENTS(as of March 31, 1990)

(US$ million)

Undisbursedoriginal Total including

Fiscal Type of commitments held participantsyear Obligor business Loan Equity Total by IFC portion

1971/74 P.T. Primatexco Textiles& fibers 4.0 0.8 4.8 -

1971 P.T. Unitex Textiles& fibers 2.5 0.8 3.3 0.8

1971/73/ P.T. Semen Cibinong Cement 46.0 5.8 51.8 -

74/76/841971 P.T. Kabel Indonesia Cables 2.8 0.3 3.1: - -

1972/77/79 P.T. Daralon Textile TextilesManufacturing Corp. 6 fibers 5.9 1.5 7.4 - -

1973/89 P.T. Jakarta Tourism 9.8 2.7 12.5. 2.7 -

International Hotel1974 P.T. Private Development

Development Finance finance - 0.5 0.5 0.4 -

Company of Indonesia1974 P.T. Monsanto Electronics 0.9 -. 0.9 - -

1974 P.T. Kamaltex Textiles 3.7 0.8 4.5 - -

1980 P.T. Papan Sejahtera Housingfinance 4.0 1.2 5.2 1.2 -

1980 P.T. Supreme Indo- Dinnerware 11.1 0.9 12.0 - -

American1980/85/87 P.T. Semen Andalas Cement 48.5 5.0 53.5 22.6 -

1982/85 P.T. Saseka Gelora Leaiing 5.0 0.4 5.4 0.4 -

Leasing1985 P.T. Asuransi Jiwa Insurance - 0.3 0.3 0.3 -

1986 P.T. Bali Holiday Tourism 11.3 - 11.3 3.3 -

1987 P.T. Monterado Mining 8.0 2.0 10.0 5.5 -

1990 P.T. Astra Manufact. 12.5 12.5 25.O 12.5 12.51990 Federal Motor Manufact. 12.5 - 12.5 12.5 12.51990 Nomura Fund Ctry. Fund 0.0 3.0 3w0 1.5 -

Total 18A.L 38.5 227.0 6.7

P.T. Kalteng La Mining - 1.4 1.4 1.4 1.4P.T. Agro MuIo Ia. Agri. bus. 10.5 2.2 12.7 12.7 12.7

' Agreements not yet si dned as of Narch 31, 1990.

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