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World Bank Document Z21V Z6§7-'E Documt of The World Bank FOR OMCIAL USE ONLY Public Disclosure Authorized Report No.P-5991-VE AND RECOMMENDATION OF TSE PRESIDENT OF THE TNTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMET TO TE Public Disclosure Authorized EECUTIVE DIRECTORS ON A PROPOSED LOAN IN THE AMOUNT EQUIVALENT TO US$100 MI.IGN TO THE REPUBLIC OF VENEZUELA Public Disclosure Authorized FOR AN URBAN TRANSPORT PBDJECT SEPTEMBER 30, 1993 MICROGRAPHICS Report No: P- 5991 VE Public Disclosure Authorized Type: PR This document has a restricted distribution and may be used by recipients only In the performance of their official duties. Its coatents may not otherwise be disclosed without World Bank authorization. CURRENCY EQUIVALENTS Currency Unit - Boilvar (Ba) US$1.00 = Bas. 63 (September 92) USS1.00 - Bs. 85.9 (April 93) US$1,00 - Bs. 97.1 (September 93) WEIGHTS AND MEASURES Metric system FISCAL YEAR January 1 to December 31 ABBREVIATIONS AND ACRONYMS CBV - Central Bank of Venezuela CAMETRO - Caracas Metro Company FONTUR - National Urban Transport Fund (Fondo Nacional de Transporte Urbano) FUDECO - Foundation for the Development of the Midwest Region (Fundaci6n para el Desarrollo de Ia Regi6n Centro - Occidental) FUNDACOMUN - Foundation for Community and Municipal Development (Fundaci6n para el Desarrollo de Ia Comunidad y Fomento Municipal) GOV - Government of Venezuela 1D8 - Inter-American Development Bank LORM - Municipal Law (Ley Organica de R4gimen Municipal) MTC - Ministry of Transport and Communications PERL - Public Enterprise Reform Loan UNDP - United Nations Development Programme UT - Urban Transport FOR OFFICIAL USE ONLY VENEZUELA URBAN TRANSPORT PROJECT LOAN AND PROJECT SUMMARY Borrower: Republic of Venezuela. Beneficiaries: National Urban Transport Fund (FONTUR), Ministry of Transport and Communications (MTC) and municipalities with more than 100,000 inhabitants Executing Agencies: National Urban Transport Fund (FONTUR), and Ministry of Transport and Communications (MTC). Amount: US$ 100 million equivalent. Terms: Repayment in 15 years, including five years of grace, with interest at the Bank's standard variable rate. Financing Plan: US$ million World Bank 100 Rep. of Venezuela .QQ Total 200.0 Rate of Return: 32% for about 50% of investments in urban transport infrastructure and equipment. The economic rates of return for the remaining 50% of the investments are expected to range from 12% to about 100%, with most of them exceeding 30%. Poverty Category: Not applicable Staff Appraisal Report 11 445-VE, dated September 30, 1993. Map: IBRD 22154. This document has a restricted distribution and may bc usl by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorisation. MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE REPUBLIC OF VENEZUELA FOR AN URBAN TRANSPORT PROJECT 1. I submit for your approval the following memorandum and recommendation on a proposed loan to the Republic of Venezuela for the equivalent of US$100 millon to help finance an Urban Transport (UT) Project in Venezuela. The loan would be at the Bank's standard variable interest rate, with a maturity of 15 years, including 5 years of grace. 2. Background. An overview of urban transport in Venezuela reveals serious institutional bottlenecks, poor cost recovery and financial management policies, and weak integration between transport and land use planning. A lack of efficient and affordable public transport services has contributed significantly to the economic and social problems of the urban poor. Venezuela is among South America's most urbanized countries, with an estimated 88% of its 1990 population of 19.4 million living In cities. This urbanization pattern and the rapid growth of urban centers, together with a considerable increase of car ownership and use fostered by low fuel prices and poor public transport services, have resulted in chronic urban traffic congestion and air pollution In Caracas and other large cities. 3. The urban poor, the main users of public transportation, bear the brunt of the problems: * shortage of capacity at peak hours, resulting in severely overcrowded conditions; * long work journeys (2 hours each way) from the metropolitan periphery to the urban centers, often with more than two modal transfers; and * high proportion (15%) of income spent on home-to-work fares for combined bus and minibus trips due to lack of fare integretion. 4. This project has its origins in two major developments within Venezuela: the growing urban transport crisis in major cities of the country which, in February 1990, erupted into violent riots and bus strikes; and the Government's efforts to decentralize the responsibility for basic urban transport services to the municipal level in accordance with the country's Constitution and the 1990 Decentralization Law. Early in 1990, the Government of Venezuela (GOV) began a review of its urban transport policies as part of its overall economic reform program. It requested the Bank to review the short-term measures it had designed to soften the impact of the fuel price adjustments (the diesel price in Bs. doubled between December 1988 and February 1989) on public transport users and private sector operators. A Bank mission visited Venezuela in April 1990, reviewed the measures, and advised the Government to consider short-term actions in the context of a longer-term strategy for the sector. The mission also emphasized to the Government the importance of creating a coherent institutional framework for overseeing policy formulation and implementation. 5. In 1989, the government launched a decentralization program aimed at significantly strengthening the role and responsibilities of state and municipal governments. Although Venezuela's decentralization program has shifted financial and decision-making responsibilities to states and municipalities, these entities remain the weaker levels of government and will require extensive institutional strengthening, comprehensive training programs and technical assistance If they are to administer urban transport services effectively. In addion, Institutional responsibility for planning, operations and investment in urban transportation In most of the Venezuelan cities is divided amongst the central, state and local governments, without a clear definition of their respective roles. There 2 have been no guidelines for the allocation of federal resources to the states and cities to help finance UT projects. Municipal and state requests for financial grants for UT projects were handled by the federal government on an ..hghg basis. Since federal grants have not been allocated on the basis of the economic merits of the projects, there has been little incentive on the part of the municipalities to develop comprehensive transport policies or to evaluate projects using sound economic and financial methodologies. Other sectoral Issues which need to be addressed are: (a) traffic congestion which is responsible for long travel delays and the high number of road accidents; (b) institutional weaknesses such as the lack of local coordinating agencies and regulatory frameworks necessary for provision of integrated UT services and fares; (c) subsidies which need to be gradually eliminated and/or adequately targeted to low-income users and lack of appropriate cost recovery, tariff and financial management policies to ensure the financial health of the operators; (d) underfunded and poorly organized road maintenance and traffic operations at the municipal level; (e) lack of trained professionals in transport planning and traffic engineering and (f) lack of traffic regulation enforcement, resulting in underutilization of available street capacity and low levels of safety. 6. GOV Is conscious of the need to create a coherent institutional framework for overseeing UT policy formulation and implementation at the central level. COV is also aware that the decentralization of UT services to the municipalities cah only be done through a program which will build up the technical, institutional and financial capabilities of the local administrations to manage UT services. For that purpose, in November 1991, GOV created an agency (FONTUR) to design and formulate central government policies and allocate federal funds to finance UT projects and equipment at the municipal level. At the same time, GOV requested assistance from IBRD and IDB to finance a project to support the decentralization of UT services to municipalities with more than 100,000 inhabitants. 7. Domestic fuel prices remain an important policy issue in Venezuela. Under the Public Enterprise Reform Loan (3223-VE), GOV has agreed to increase domestic petroleum prices to 100% of export opportunity cost as a condition for the release of the third tranche. However, prices have not been Increased since March 1992, and are currently below 50% of export opportunity cost. While this Issue must be addressed in the medium term to ensure efficient allocation of resources and an adequate modal split between private automobile and public transport users, the urban transport project is proposed for implementation because it is expected to. have significant benefits in terms of improved traffic management and increased access to transport for the urban poor. Moreover, in the short term, due to capacity constraints, the public transport system would be unable to absorb any demand
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