Document of The World Bank

FOR OFFICIAL USE ONLY Public Disclosure Authorized

Report No. P-6984-AR

MEMORANDUM AND RECOMMENDATION

OF THE

PRESIDENT OF THE Public Disclosure Authorized

INTERNATIONAL BANK FOR

RECONSTRUCTION AND DEVELOPMENT

TO THE

EXECUTIVE DIRECTORS

ON A

PROPOSED LOAN

Public Disclosure Authorized IN AN AMOUNT OF US$200 MILLION

TO THE

ARGENTINE REPUBLIC

FOR THE

BUENOS AIRES URBAN TRANSPORT PROJECT

April 11, 1997 Public Disclosure Authorized

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

Currency Unit = Peso US$1 = 1 Peso

WEIGHTS AND MEASURES

Metric System

FISCAL YEAR

January 1 - December 31

PRINCIPAL ABBREVIATIONS AND ACRONYMS

AMBA - Buenos Aires Metropolitan Area (Area Metropolitana de Buenos Aires) ICB - International Competitive Bidding IERR - Internal Economic Rate of Return MCBA - Municipality of the City of Buenos Aires NCB - National Competitive Bidding PAR - Project Analysis Report PCR - Project Completion Report PPF - Project Preparation Facility SOPyT - Secretariat of Public Works and Transport (Secretaria de Obras Piblicas y Transporte) UEP - Project Implementation Unit (Unidad de Ejecuci6n del Proyecto)

Vice President Shahid Javed Burki Director Gobind T. Nankani Division Chief Asif Faiz Task Manager Gerhard Menckhoff FOR OFFICIAL USE ONLY

ARGENTINA BUENOS AIRES URBAN TRANSPORT PROJECT

LOAN AND PROJECT SUMMARY

Borrower: Argentine Republic

Implementing Agency: Public Works and Transport Secretariat (SOPyT) of the Ministry of Economy and Public Works and Services.

Beneficiaries: Residents of the Buenos Aires Metropolitan Area, particularly those who use public transport.

Poverty: Not applicable.

Amount: US$200 million (including up to US$20 million in retroactive financing).

Terms: Repayment in 15 years, including five years of grace, at the Bank's standard interest rate for variable LIBOR-based US Dollar single-currency loans.

Commitment Fee: 0.75 percent on undisbursed loan balances, beginning 60 days after signing, less any waiver.

Onlending Terms: Not applicable.

Financing Plan: See Schedule A.

Net Present Value: At 12 percent: US$239 million for the Metrovias concession; US$338 million for subway Line A; and between US$0.68 million and US$24.82 million for the road/rail grade separations.

Staff Appraisal Report: No. 15951-AR, dated April 2, 1997.

Maps: IBRD No. 28384 and IBRD No. 28385

Project ID: AR-PA-39584

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

MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE ARGENTINE REPUBLIC FOR THE BUENOS AIRES URBAN TRANSPORT PROJECT

1. I submit for your approval the following memorandum and recommendation on a proposed loan to the Argentine Republic for US$200 million to help finance the Buenos Aires Urban Transport Project. The loan would be at the Bank's standard interest rate for variable LIBOR-based US Dollar single- currency loans, with a maturity of 15 years, including five years of grace.

Background

2. At the beginning of the century Argentina was one of the five wealthiest nations in the world. It was a time when railways were at their zenith, and Argentina built an extensive rail system and Latin America's first subway line. For the next three decades, the nation's capital, Buenos Aires, enjoyed the most modern and comprehensive public transport system in Latin America. But the international depression of the 1930s and continued economic difficulties after World War II caused a gradual decline in Argentina's rail infrastructure. During the 1960s and 1970s, almost no new investments were made in Argentina's rail systems. By the 1980s, unreliable schedules and safety concerns had caused a drop in the number of people using the rail systems. Between 1984 and 1993, suburban rail usage dropped by more than 30 percent, and that of the subway by more than 20 percent. In 1993, more than 37,000 suburban trains were canceled or late, and the subway was inoperative for a total of 152 hours during the year.

3. The neglected rail infrastructure got a boost when the Government passed the State Reform and Public Enterprises Restructuring Law (No. 23696) in 1989. It declared many public enterprises "subject to privatization," including all of the country's railways. Following a widely publicized tender in 1992, the first urban rail concession became effective in January 1994 when the subway and Urquiza commuter services were transferred to the Metrovias consortium. By mid-1995 all metropolitan passenger rail services in Greater Buenos Aires were concessioned to the private sector. The initial results of the private sector participation have been encouraging. Since 1993 (the last year of government operation) ridership is up 98 percent on the suburban railways and 37 percent on the subway system. The number of canceled or late suburban trains has dropped by 80 percent, and there are 61 percent fewer service interruptions on the subway.

4. The railway concession contracts spell out investments to be financed by the Government and implemented by the concessionaires. In addition, the Government committed itself to rehabilitate the subway Line A. Although it was built in 1913, Line A's original wooden cars, complete with manually- operated doors, are still in operation. Its tracks have been in operation 16 hours a day for 65 years. The last upgrades to the line were forty years ago, and there has been little maintenance since then.

5. Besides supporting urgently needed civil works, the proposed project would also address the weaknesses and inefficiencies in the sector. Perhaps the most pronounced weakness is the absence of a strategy for coordinating urban transport in the Buenos Aires Metropolitan Area (AMBA). National, provincial and municipal levels of government have overlapping responsibilities and little coordination. In the road transport sector of the AMBA, for example, roads are controlled by the municipal, provincial and national jurisdictions, each with its own standards and administrators. To help address this problem, the National Government attempted to create an apex Metropolitan Area Transport Authority, but the Argentine Congress did not pass the legislation. The Government now plans to formally establish a technical unit responsible for transport planning in the metropolitan area, utilizing professionals that have been staffing a similar unit which was set up in anticipation of the transport authority. Collaborating closely with the Project Implementation Unit (UEP) responsible for coordinating the proposed project, this technical unit would become the nucleus of a future agency responsible for metropolitan transport -2- planning by fostering technical cooperation among the different jurisdictions in a bottom-up development strategy.

Project Objectives

6. The Project's objectives would be to: (a) support the private-public partnership in improving the service quality and coverage of mass transit; (b) support the infrastructure improvements defined in the concession agreement between the Government and the private sector; (c) assist in improving the conditions of traffic safety and environmental quality; and (d) help in developing an integrated urban transport (road and rail) system for the AMBA.

Project Description

7. The project would comprise a package of actions and investments aimed at the following:

(a) finance the rail equipment and infrastructure which are critical for the upgrading of public transport services;

(b) promote the integration of the transport system by upgrading transfer stations among rail lines, building better transfer facilities between rail and road-based transport, and generally improving road access to rail stations;

(c) improve traffic safety and environmental conditions through the construction of grade separations at high-volume crossings, the enhancement of controls at road/rail grade crossings, the development of a complementary program of road safety actions, and the introduction of systematic air pollution monitoring; and

(d) strengthen the institutional framework which would ensure the continued operation of an economically and environmentally sustainable transport system in the metropolitan area.

8. The proposed works, goods acquisition and technical assistance have been grouped into the following five subprojects:

(a) support of the basic investment program of the Metrovias concession (36 percent of total project costs net of project administration); (b) rehabilitation of the subway Line A (31 percent); (c) integration of the transport system (9 percent); (d) environmental monitoring and traffic safety program, including road/rail grade separations (16 percent); and (e) strengthening of the institutional framework (8 percent).

Metrovias Concession 9. The Metrovias consortium started operating the Buenos Aires subway and the Urquiza suburban railway on January 1, 1994 under a 20-year concession. The concession contract specifies the improvements and rehabilitation of the system which are to be carried out by Metrovias and funded by the Government. In addition, Metrovias will receive operating subsidies until 1998. Starting in 1999, Metrovias will pay the Government a fee (canon) which will increase every year thereafter.

10. Over the life of the concession, Metrovias will pay the Government about US$26 million for operating passenger services and receive about US$208 million in Government payments for -3-

undertaking the specified investment programa. In addition, the Government will provide about US$120 million worth of improvements to Line A. This is advantageous to the Government, considering that in 1993 alone the operational deficit amounted to US$54 million. When preparing its bid, Metrovias estimated that traffic would increase by 60 percent over the length of the concession compared to 1993. In the same period, operating expenses were estimated to decrease by 36 percent.

11. Given that the concession has been under private operation for over three years, a clearer understanding of its results is available. Prior to the takeover, traffic on the Urquiza line was declining at the rate of 4.7 percent per year; the decline on the subway was 2.7 percent per year. In 1996, ridership on the subway had increased by some 37 percent compared to 1993; on the Urquiza line it was up by 47 percent during the same period. By the end of 1996, three years after Metrovias commenced operations, passenger volumes reached the level forecast in its concession bid for year eight. On the other hand, ridership on the Urquiza line grew slightly less than forecast during this period. Nonetheless, Metrovias' total revenues were up by more than US$20 million in 1995 compared to its original projections.

12. Basic Investment Program of the Metrovias Concession. The 1992 tender documents for the subway/Urquiza concession included a detailed investment program which is now part of the Government's concession agreement with Metrovias. A US$142.9-million three-year slice (1997-1999) of that program would be considered part of the project, of which US$50 million would be funded from the World Bank loan. In accordance with Article 3.13 (a) of the procurement guidelines, works and goods required for the basic investment program would be procured by Metrovias, using its own procedures.

Project Implementation

13. Overall responsibility for project implementation would be with the Secretariat of Public Works and Transport (SOPyT) of the Ministry of Economy and Public Works and Services. The first subproject "(a)" would be implemented by the concessionaire, Metrovias. The other four subprojects would be implemented by the UEP. Staffing for the UEP would be selected from a pool of candidates with the requisite skills and experience. In addition, a technical transport planning unit and an inter-agency management committee would be created to participate in and provide guidance to, respectively, an urban transport study included under subproject "(e)", with a long-term view of converting them into a permanent bodies responsible for transport planning in the metropolitan area.

Project Sustainability

14. Metrovias has a 20-year concession for both the subway and the Urquiza Line. At the end of the concession period, Metrovias will be eligible for 10-year concession extensions indefinitely. Thus it is in Metrovias' interest to make the concession financially and physically sustainable in the long term. Financially, Metrovias is doing considerably better than forecast in its concession bid. Physically, the investments in the proposed project would make rail operations in the AMBA safer and more efficient, as well as sustain operations of Line A for the future.

Lessons Learned from Previous Bank Involvement

15. Bank-wide experience with private sector railway concessions is still quite limited. There is, however, significant experience from Brazil in formulating a comprehensive urban transport approach from which lessons can be gleaned: (a) lack of counterpart funds is one of the primary causes of project delays; (b) effective regulatory agencies are critical to private sector participation; (c) clear institutional responsibilities greatly improve the effectiveness of implementation; and (d) any proposed investment or institutional changes have to be in the context of an overall regional transport plan. The design of the proposed project incorporates these lessons learned.

a In present value terms at a discount rate of 12 percent. -4-

Rationale for Bank Involvement

16. The Bank's Country Assistance Strategy for Argentina, discussed by the Board on May 4, 1995 and updated on April 25, 1996, aims to: (a) consolidate macroeconomic reforms, particularly by strengthening weak public institutions; (b) rebuild deteriorated infrastructure; and (c) help Argentina's poor adjust to the country's fast-paced changes. The proposed project would directly address the first two objectives by supporting recent reforms in the AMBA's urban transport sector and by financing the rehabilitation of long-neglected transport infrastructure. Further, it would deepen the Bank's previous involvement, through the Public Enterprise Reform Adjustment Loan (Ln. 3291-AR), in the privatization of the Argentine railways. Buenos Aires is now in the forefront of private mass transit, but its reforms are still quite recent and potentially fragile. The Bank's continued support could be vital for demonstrating the viability of increased private sector participation in urban rail services-an approach that could be replicated in other large urban areas.

Agreed Actions

17. Agreement was reached on the following principal actions:

(a) The Government will formally establish the UEP. (b) The UEP will be structured and adequately staffed and otherwise supported in the implementation of its responsibility under the project. (c) Procurement will be carried out in accordance with Bank guidelines, including: (i) the use of standard bidding documents for the procurement of goods and works, under NCB and ICB procedures; (ii) use of Bank's guidelines for the selection of consultants; and (iii) the procurement limits. (d) A Special Account in a commercial bank will be opened and maintained. (e) The Special Account and Statements of Expenditures (SOEs): (i) will be audited according to procedures, and by independent auditors acceptable to the Bank; and (ii) audits will be submitted by June 30 of each year. (f) The project will be executed in accordance with sound environmental practices and the Bank's policy on resettlement. (g) The UEP will send the Bank progress reports every six months within one month from the end of each semester. (h) The UEP will send the Bank a project completion report not later than six months after the closing date of the loan. (i) Annual reviews will be carried out to assess progress and, as necessary, agree on remedial actions. (j) A Mid-term Project Review will take place no later than November 1999 to review pre- agreed institutional, operational and financial performance indicators, and compliance with covenants of the Loan Agreement, to assess project performance and progress on decentralization, and as necessary agree on remedial actions. (k) The Government will make its payments to the concessionaires of urban and suburban rail services in a timely fashion, as specified in the concession agreements. Environmental Aspects

18. The project focuses on public transport improvements, thereby attenuating traffic congestion caused by the growth of personal travel by car; in addition, it would likely divert bus passengers to rail services. It would thus contribute to a reduction of traffic-generated air and noise pollution, which has a major impact on public health. The project would also support the introduction of a systematic air quality -5-

monitoring program in the city of Buenos Aires. Overall, its environmental impact on pollution, traffic congestion and accidents is expected to be positive.

19. In the case of the grade separation component, a preliminary environmental screening was conducted for all proposed road/rail crossings. None of the proposed crossings was found to have adverse environmental impacts. No residential resettlement is envisioned, neither for the grade separation nor for any other component of the project. However, the operational manuals for the grade separation and transport integration components would set out the procedures required to compensate for impacts on commercial property as well as for impacts on residential properties under principles set forth in the Borrower's Social and Environmental Letter submitted to the Bank. Moreover, the institutional component would include technical assistance to provide advice on environmental and social aspects of project execution, under terms of reference acceptable to the Bank.

Participatory Approach

20. The project component with the largest neighborhood impact would be the construction of grade separations of road/rail crossings which are currently at grade. The final designs for the new crossings would be defined with the participation of the affected population, using the approach developed in a successful pilot consultation exercise carried out for one crossing. Once the grade separations have been ranked according to the selection criteria based on maximum IERR, plans for about 12 crossings would be presented to the nearby communities as possible projects. Designs would be modified based on suggestions received from the affected population. Two aspects of design would be especially important: (a) providing acceptable access to the properties facing the grade separations; and (b) providing for pedestrian and bicycle use of the crossings as well. Public participation exercises are also foreseen for the transfer station improvements.

Project Benefits

21. Quantifiable and non-quantifiable benefits are expected from the proposed project, including cost savings, time savings for the users, and fewer accidents and fatalities. By supporting private sector participation in Argentina's railways, the proposed project would help the Government to keep the public transport subsidies at a low level. Environmental benefits, in the form of improvements in air quality and noise pollution, are expected from a reduction of motor vehicle emissions and road congestion, and from the introduction of systematic air pollution monitoring in Buenos Aires. Reductions in road accidents are also expected given the traffic safety measures proposed. An economic evaluation of the project shows an adequate economic return for the rail and road/rail crossing components, which represent over 80 percent of the total project cost.

Risks

22. To some degree, the usual risks associated with investment projects-cost and time overruns- apply to this project. They are partly offset, however, by the fact that the largest component (Metrovias concession) is already being implemented on the basis of agreed prices laid down in the concession agreement. The investment is in well-known technology, available from many sources. Little technological risk is therefore involved. Commercially, the contractually agreed fixed terms of remuneration for the concessionaire shift any financial risk associated with the basic investment program of Metrovias to the concessionaire. The risks thus become the risks of the concession failing. Three main reasons may be suggested for failure of the concession, namely: (a) financial failure of the concessionaire due to commercial eventualities; (b) failure due to default by the Government on its payment obligations; and (c) withdrawal of the concessionaire from the concession agreement for reasons other than direct financial failure.

23. In respect of the financial viability of the concession, the evidence available so far indicates that traffic and revenue are substantially higher than anticipated. There is also anecdotal evidence that concessionaires are obtaining supplies at prices lower than those anticipated in their concession bids. -6-

Given the growing passenger demand for rail transport in Buenos Aires, the risk of direct financial failure appears small.

24. In respect of Government default on its obligations, there is also no immediate reason to view the risk as high. The National Government has so far made payments to all the rail concessionaires fully and on time. The most significant problem was the delay in completing the Line A rehabilitation by December 1997, the deadline stipulated for in the concession contract. However, because of the inclusion of that component in the project, a modification of the concession agreement was signed on January 22, 1997, which indicates June 1999 as the new estimated completion date for the Line A rehabilitation.

25. The risk of the investment being invalidated due to the concessionaire voluntarily abandoning the concession concerns the possibility that, at some early stage of the concession, before the present value of the contract to the Government had become positive, the concessionaire would find it more attractive to withdraw than to remain in the concession. In practice, the phasing of the financial flows under the concession contract are such that at all times during the life of the concession the present value of the payments under the concession is less than expected Government payments without the concession. In the event of termination of the concession the investment would revert to the Government. The Government would then have enjoyed a positive value of financial flows during the concession, and a higher capital stock at the termination of the concession than would have occurred without the concession. Experience with other rail companies suggests that it would also then be possible for the Government to relet the concession to mutual advantage.

Recommendation

26. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank, and recommend that the Executive Directors approve it.

James D. Wolfensohn President

By Caio K. Koch-Weser

Attachments Washington, D.C. April 11, 1997 -7- SCHEDULEA

Project Cost Estimate

- (US$ milon Su bproject World Bank Government Total Metrov[as Concession 50.0 92.9 142.9 Rehabilitation of Subway Line A 64.8 17.1 81.9 Transport System Integration 13.6 11.9 25.5 Environmental Monitoring and Traffic Safety 24.3 20.6 44.9 Institutional Framework 16.4 6.9 23.3 Project Administration 6.7 -- 6.7 Subtotal 175.8 149.4 325.2

Taxes -- 35.8 35.8 Contingencies 24.2 14.8 39.0 Total 200.0 200.0 400.0

Financing Plan (US$ million Source Local Foreign Total % of Total Government 200 -- 200 50 World Bank 43 157 200 50 Total 243 157 400 100 -8- SCHEDULE B

Procurement Arrangements ...... __ ...... (Estimated cost in US$ million) 4' Expenditure Category ICB NCB Other N.B.F. Total A. Metrovias Concession -- -- 142.9 -- 142.9 (50.0) (50.0) B Works -Line A 117.1 -- 1.2 -- 118.3 (76.1) (0.8) (76.9) C. Works - Transport Integration 10.0 21.4 0.5 -- 31.9 (4.0) (8.7) (0.2) (12.9) D. Works - Environment and Traffic Safety 10.0 39.1 1.5 -- 50.6 (4.0) (15.7) (0.6) (20.3) E. Equipment for Air Pollution Monitoring 2.9 ------2.9 (2.0) (2.0) F. Other Equipment 0.6 1.8 1.0 -- 3.4 (0.4) (1.3) (0.7) (2.4) G. Supervision, Other Technical Assistance and Training "' -- -- 33.7 -- 33.7 (27.9) (27.9) H. Transport Planning Unit -- -- - 7.7 7.7 (0.0) (0.0) I. Project Administration -- -- 7.6 -- 7.6 (7.6) (7.6) J. Impacts Caused by Transfer Centers and Grade Separations ------1.0 1.0 (0.0) (0.0) Total 140.6 62.3 188.4 8.7 400.0 (86.5) (25.7) (87.8) (0.0) (200.0) Figures in parentheses are the respective amounts financed by Bank loan. Not Bank Financed. Expansion of signal control center through direct contracting. d' Services to be procured in accordance with World Bank Guidelines: Use of Consultants by World Bank Borrowers and by the Won'd Bank as Executing Agency (Washington, DC, August 1981). Bank Loan Disbursement Schedule (US$ million) Bank Fiscal Year 1998 1999 2000 2001 2002 2003 2004 Annual 30 46 45 41 25 10 3 Cumulative 30 76 121 162 187 197 200

Allocation of Disbursements Expenditure Category Amount in % of Expenditures to be US$ million Financed A. Metrovias Concession 50.0 35% B. Works - Line A 65.0 65% C. Works - Transport Integration 11.0 40% D. Works - Traffic Safety 19.0 40% E. Equipment for Air Pollution Monitoring 1.5 70% F. Other Equipment 1.7 70% G. Technical Assistance and Training 22.0 100% net of taxes H. Technical Assistance for Project Administration 6.3 100% net of taxes 1. PPF 1.5 J. Unallocated 22.0 Total 200.0 -9- SCHEDULE C

Timetable of Key Project Processing Events

Time taken to prepare: 24 months

Prepared by: Government of Argentina, with Bank assistance from Messrs. Gerhard Menckhoff, Moazzam M6kan, Ken Gwilliam, Juan Quintero, and Craig Leisher.

First Bank mission: November 1994

Appraisal mission departure: October 1996

Date of negotiations: February 1997

Planned date of effectiveness: October 1997

List of relevant PCRs and PARs: PAR dated November 14, 1986 (Report No. 6495), and PCR dated January 28, 1986 for Brazil: Urban Transport Project (Loan 1563-BR);

PAR dated December 16, 1994 (Report No. 13806), and PCR dated April 29, 1987 (Report No. 7069) for Brazil: Second Urban Transport Project (Loan 1839-BR);

PCR dated December 7, 1990 (Report No. 9186) for Brazil: Third Urban Transport Project (Loan 1965-BR); and

OED Report dated June 1994 (Report No. 13117), Twenty Years of Lending for Urban Development, 1972-1992. Schedule D Status of Bank Group Operations in Argentina IBRD Loans and IDA Credits in the Operations Portfolio Difference Between Original Amount in US$ Million actual Fiscal and expected Project ID Loan No. Year Borrower Purpose IBRD IDA Cancellations Undisbursed Disbursements a/ Number of Closed Loans/credits: 49

AR-PE-5945 L26410 1986 ARGENTINE REPUBLIC WATER SUPPLY 60.00 0.00 20.03 1.64 AR-PE-5968 L28540 21.67 1987 SEGBA SEGBA V 276.00 0.00 0.00 68.45 68.45 AR-PE-6009 L32970 1991 ARGENTINE REPUBLIC AG SER. & INST DEV 33.50 0.00 0.00 5.10 2.40 AR-PE-5977 L32810 1991 ARGENTINE REPUBLIC WTR SUPPLY II 100.00 0.00 0.00 76.35 61.55 AR-PE-6005 L32800 1991 ARGENTINE REPUBLIC PROVINC DEV PROJ 200.00 0.00 0.00 68.48 68.48 AR-PE-6034 L34600 1992 ARGENTINE REPUBLIC TAX ADMIN II 20.00 0.00 0.00 2.13 2.13 AR-PE-6003 L36110 1993 ARGENTINE REPUBLIC RDMAINT & REHABSCT 340.00 0.00 0.00 172.60 127.50 AR-PE-6051 L35210 1993 ARGENTINE REPUBLIC FLOOD REHABILITATION 170.00 0.00 0.00 11.39 11.39 AR-PE-6036 L35200 1993 ARGENTINE REPUBLIC YACYRETA II 300.00 0.00 0.00 4.02 3.52 AR-PE-6062 L37100 1994 MIN OF ECONOMY CAPITAL MKT TA 8.50 0.00 0.00 5.88 3.68 AR-PE-5988 L37090 1994 ARGENTINE REPUBLIC CAPITAL MKT DEVT 500.00 0.00 0.00 393.64 -106.36 AR-PE-6025 L36430 1994 ARGENTINE REPUBLIC MT NAL CHILD HLTH & N 100.00 0.00 0.00 60.80 26.80 AR-PE-6018 L38770 1995 ARGENTINE REPUBLIC PROV DEVT 11 225.00 0.00 0.00 225.00 18.00 AR-PE-6060 L38600 1995 ARGENTINE REPUBLIC MUNIC DEVT II 210.00 0.00 0.00 202.81 -2.19 AR-PE-6035 L38360 1995 ARGENTINE REPUBLIC PROV. REFORM 300.00 0.00 0.00 100.37 .37 AR-PE-5992 L37940 1995 ARGENTINE REPUBLIC SECOND ARYEDI 190.00 0.00 0.00 177.82 92.02 AR-PE-45687 L40040 1996 ARGENTINE REPUBLIC H. INSURANCE TA 25.00 0.00 0.00 22.11 -2.89 AR-PE-40909 L40030 1996 ARGENTINE REPUBLIC H.INSURANCE REFORM 100.00 0.00 0.00 100.00 0.00 AR-PE-40909 L40020 1996 ARGENTINE REPUBLIC H. INSURANCE REFORM 250.00 0.00 0.00 100.00 -66.63 AR-PE-6057 L39710 1996 ARGENTINE REPUBLIC SECNDARY ED 2 115.50 0.00 0.00 115.50 18.00 AR-PE-38883 L39600 1996 ARGENTINE REPUBLIC ENT.EXPORT DV. 38.50 0.00 0.00 35.99 11.49 AR-PE-37049 L39580 1996 ARGENTINE REPUBLIC PUB.INV.STRENGTH. 16.00 0.00 0.00 16.00 1.40 0 AR-PE-35495 L39570 1996 SEC. OF SOC. DEV SOCIAL PROTECTION 152.00 0.00 0.00 51.69 29.19 AR-PE-6040 L39480 1996 ARGENTINE REPUBLIC FORESTRYtDV 16.00 0.00 0.00 15.70 .60 AR-PE-6030 L39310 1996 ARGENTINE REPUBLIC PROV HLTH SCTR DEV 101.40 0.00 0.00 97.66 6.66 AR-PE-6055 L39270 1996 ARGENTINE REPUBLIC MINING SCTR DEVT 30.00 0.00 0.00 22.29 -5.01 AR-PE-40904 L39260 1996 ARGENTINE REPUBLIC BANK REFORM 500.00 0.00 0.00 166.00 166.00 AR-PE-34091 L39210 1996 ARGENTINE REPUBLIC HIGHER ED REFORM 165.00 0.00 0.00 156.72 42.22 AR-PE-6052 L41170 1997 ARGENTINE REPUBLIC FLOOD PROTECTION 200.00 0.00 0.00 200.00 0.00 AR-PE-44445 L41160 1997 ARGENTINE REPUBLIC PROV. PENSION 1 300.00 0.00 0.00 150.00 -150.00 AR-PE-5980 L40930 1997 ARGENTINE REPUBLIC PROV. ROADS 300.00 0.00 0.00 300.00 3.00 AR-PE-40808 L40850 1997 ARGENTINE REPUBLIC N. FOREST/PROTEC 19.50 0.00 0.00 19.50 0.00 AR-PE-5980 L40930 1997 ARGENTINE REPUBLIC PROVINCIAL ROADS 300.00 0.00 0.00 300.00 0.00 AR-PA-6052 L41170 1997 ARGENTINE REPUBLIC FLOOD PROTECTION 200.00 0.00 0.00 200.00 0.00 Total 5,361.90 0.00 20.03 3,145.65

Active Loans Closed Loans Total Total Disbursed (IBRD and IDA): 2,321.29 6,044.76 8,366.05 of which has been repaid: 164.72 2,765.20 2,929.92 Total now held by IBRD and IDA: 5,177.15 3,281.69 8,458.84 Amount sold : 0.00 12.79 12.79 Of which repaid : 0.00 12.79 12.79 Total Undisbursed : 3,020.58 2.13 3,022.71 a. Intended disbursements to date minus actual disbursements to date as projected at appraisal. b. Rating of 1-4: see OD 13.05. Annex D2. Preparation of Implementation Summary (Form 590). Following the FY94 Annual Review of Portfolio performance (ARPP), a letter based system will be used (HS = highly Satisfactory, S = satisfactory, U = unsatisfactory, HU = highly unsatisfactory): see proposed Improvements in Project and Portfolio Performance Rating Methodology August 23, 1994. (SecM94-901), c. Following the FY94 ARPP, "Implementation Progress" will be reported here.

Generated by the Operations Information System (OIS) -11- SCHEDULED

Argentina STATEMENT OF IFC's Committed and Disbursed Portfolio As of 11/30/96 (US$ million) Committed Disbursed IFC - lFC

FY Approval Company Loan Equity Quasi Partic Loan Equity Quasi Partic 1960 Acindar 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1977 Alpargatas 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1978 Minetti 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1981 Minetti .67 0.00 0.00 0.00 .67 0.00 0.00 0.00 1984 Alpargatas 0.00 1.05 0.00 0.00 0.00 1.05 0.00 0.00 1985 ROPASA 0.00 .05 0.00 0.00 0.00 .05 0.00 0.00 1986 Alpargatas 0.00 0.00 0.00 0.00 0.00 0.00 0.00 000 1986 Minetti .23 0.00 0.00 1.17 .23 0.00 0.00 1.17 1987 BGN-Bolland 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1987 BGN-CENCOSUD .07 0.00 0.00 0.00 .07 0.00 000 0.00 1987 BGN-CILSA .01 0.00 0.00 0.00 .01 0.00 0.00 0.00 1987 BGN-Flichman .02 0.00 0.00 0.00 .02 0.00 0.00 0.00 1987 BGN-Longvie .03 0.00 0.00 0.00 .03 0.00 0.00 0.00 1987 BGN-Noroeste .03 0.00 0.00 0.00 .03 0.00 0.00 000 1987 BGN-Sebastian .07 0.00 0.00 0.00 .07 0.00 0.00 000 1987 BGN-TBR .21 0.00 0.00 0.00 .21 0.00 0.00 000 1987 BGN-Vandenfil .03 0.00 0.00 0.00 .03 0.00 0.00 0.00 1987 BRLP 3.00 0.00 0.00 0.00 3.00 0.00 0.00 0.00 1987 Minetti .47 0.00 0.00 2.33 .47 0.00 0.00 2.33 1987 Terminal6 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1987 BGN-Moldeada .07 0.00 0.00 0.00 .07 0.00 0.00 0.00 1987 BGN-COLORTEX .07 0.00 0.00 0.00 .07 0.00 0.00 0.00 1987 BGN-Valley .03 0.00 0.00 0.00 .03 0.00 0.00 000 1987 BGN-Tevycom .02 0.00 0.00 0.00 .02 0.00 0.00 0,00 1988 Alpargatas 0.00 0.00 1.37 0.00 0.00 0.00 1.37 0.00 1988 Bungey Bom 0.00 0.00 0.00 0.00 0.00 0.00 000 0.00 1989 AstraCAPSA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1989 BGN-Algodonera .32 0.00 0.00 0.00 .32 0.00 0.00 0.00 1989 BGN-Bolland .27 0.00 0.00 0.00 .27 0.00 0.00 0.00 1989 BGN-Ferrum 1.00 0.00 0.00 0.00 1.00 0.00 0.00 0.00 1989 BGN-Flichman .20 0.00 0.00 0.00 .20 0.00 0.00 0.00 1989 BGN-Genaro .82 0.00 0.00 0.00 .82 0.00 0.00 0.00 1989 BGN-Paratina .75 0.00 0.00 0.00 .75 0.00 0.00 0.00 1989 BGN-Willmor .82 0.00 0.00 0.00 .82 0.00 0.00 000 1989 ROB-COMESI .38 0.00 0.00 0.00 .38 0.00 0.00 0.00 1989 ROB-Fracchia .21 0.00 0.00 0.00 .21 0.00 0.00 0.00 1989 ROB-INTA .38 0.00 0.00 0.00 .38 0.00 0.00 0.00 1989 TerminaI6 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1989 BGN-Interpack .30 0.00 0.00 0.00 .30 0.00 0.00 0.00 1989 BGN-FRIGOTOBA .15 0.00 0.00 0.00 .15 0.00 0.00 0.00 1990 CIP 0.00 .08 0.00 0.00 0.00 .08 0.00 0.00 1990 Petroken 8.33 0.00 5.00 3.67 8.33 0.00 5.00 3.67 1990 Terminal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 000 1991 AstraCAPSA 11.57 0.00 0.00 20.42 11.57 0.00 0.00 20.42 1991 BCA 2.20 0.00 0.00 2.80 2.20 0.00 0.00 2.80 1991 Minetti .58 0.00 000 0.00 .58 000 000 0.00 1991 ROB-Alimenticia .28 0.00 0.00 0.00 .28 0.00 0.00 0.00 1991 ROB-Emprigas .38 0.00 0.00 0.00 .38 0.00 0.00 0.00 1991 ROB-Guilford .20 0.00 0.00 0.00 .20 0.00 0.00 0.00 1991 ROB-Jugos .06 0.00 0.00 0.00 .06 0.00 0.00 0.00 1991 ROB-Longvie .45 0.00 0.00 0.00 .45 0.00 0.00 0.00 1991 ROB-Surfactan .04 0.00 0.00 0.00 .04 0.00 0.00 0.00 1991 ROB-Mendoza .38 0.00 0.00 0.00 .38 0.00 0.00 0.00 1991 ROB-Interpack .33 0.00 0.00 0.00 .33 0.00 0.00 0.00 1992 AstraCAPSA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1992 Bridas 24.36 0.00 15.00 38.14 24.36 0.00 15.00 38.14 1992 BRLP 10.78 0.00 0.00 1.95 3.24 0.00 0.00 1.95 1992 FEPSA 10.80 0.00 0.00 12.67 8.60 0.00 0.00 10.27 1992 Oleaginosa Oeste 8.67 0.00 5.00 10.27 6.87 0.00 5.00 10.27

Generated by the Operations Information System (OIS) -12- SCHEDULED

Committed Disbursed IFC - IFC

FY Approval Company Loan Equity Quasi Partic Loan Equity Quasi Partic 1992 Rioplatense 6.33 1.00 0.00 2.00 6.33 1.00 0.00 2.00 1992 SanJorge 0.00 27.00 0.00 0.00 0.00 0.00 0.00 00.00 1992 Malteria Pampa 7.19 0.00 0.00 13.27 7.19 0.00 0.00 13.27 1993 Argentina Equity 0.00 4.00 0.00 0.00 0.00 4.00 0.00 0.00 1993 APSA 0.00 19.47 0.00 0.00 0.00 19.47 0.00 0.00 1993 BungeyBorn 4.25 0.00 0.00 32.08 4.25 0.00 0.00 36.08 1993 Cadipsa 9.29 0.00 5.00 11.70 9.29 0.00 5.00 11.70 1993 MalteriaPampa 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1993 Minetti 1.62 0.00 0.00 0.00 1.62 0.00 0.00 0.00 1993 Molinos 0.00 4.31 0.00 0.00 0.00 4.31 0.00 0.00 1993 Nuevo Central 7.50 3.00 0.00 12.50 7.50 3.00 0.00 12.50 1993 Yacylec 9.35 5.04 0.00 36.13 9.35 5.04 0.00 36.13 1994 Aceitera 15.00 10.00 0.00 15.00 15.00 10.00 0.00 0.00 1994 Aguas 36.53 7.00 0.00 107.60 36.53 7.00 0.00 107.60 1994 Alpargatas 11.54 5.00 5.00 16.57 11.54 5.00 5.00 16.57 1994 BGN 12.00 0.00 3.00 0.00 12.00 0.00 3.00 0.00 1994 Cla. Combustible 19.46 15.00 0.00 32.80 19.46 15.00 0.00 32.80 1994 EDENOR 21.13 0.00 15.00 99.25 21.13 0.00 15.00 99.25 1994 LaMaxima 0.00 10.19 0.00 0.00 0.00 10.19 0.00 0.00 1994 LBAR 0.00 1.17 0.00 0.00 0.00 .64 0.00 0.00 1994 LBAV 0.00 3.62 0.00 0.00 0.00 3.62 0.00 0.00 1994 Molinos 0.00 1.24 0.00 0.00 0.00 1.24 0.00 0.00 1994 MASISA 9.63 0.00 0.00 0.00 9.63 0.00 0.00 0.00 1994 Petroken 15.91 0.00 0.00 2.27 15.91 0.00 0.00 2.27 1994 Quilmes 12.64 0.00 0.00 11.25 12.64 0.00 0.00 11.25 1995 Acindar 13.75 0.00 10.00 17.78 13.75 0.00 10.00 17.78 1995 Aguas 40.00 0.00 0.00 173.00 40.00 0.00 0.00 173.00 1995 Banco Roberts 0.00 0.00 20.00 0.00 0.00 0.00 20.00 0.00 1995 Bridas 20.00 10.00 0.00 40.00 20.00 10.00 0.00 40.00 1995 CEPA 13.00 0.00 0.00 4.20 13.00 0.00 0.00 4.20 1995 EDENOR 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1995 Kleppe/Caldero 6.00 0.00 0.00 0.00 6.00 0.00 0.00 0.00 1995 LaMaxima 0.00 0.00 4.00 0.00 0.00 0.00 3.96 0.00 1995 Mastellone 38.57 0.00 0.00 35.00 38.57 0.00 0.00 0.00 1995 Nahuelsat 30.00 5.00 0.00 0.00 30.00 5.00 0.00 0.00 1995 SanCor 20.00 0.00 20.00 30.00 20.00 0.00 20.00 30.00 1995 Socma 24.99 0.00 0.00 0.00 24.99 0.00 0.00 0.00 1995 Terminales Port. 10.00 2.00 0.00 0.00 7.00 1.40 0.00 0.00 1995 Tower Fund Mgr 0.00 .13 0.00 0.00 0.00 .03 0.00 0.00 1995 Tower Fund 0.00 18.71 0.00 0.00 0.00 5.54 0.00 0.00 1995 SIDECO 0.00 15.00 0.00 0.00 0.00 15.00 0.00 0.00 1996 Aguas 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1996 Alpargatas 15.00 0.00 0.00 81.00 10.00 0.00 0.00 81.00 1996 APSA 0.00 0.00 2.50 0.00 0.00 0.00 2.50 0.00 1996 BancoFrances 40.00 0.00 0.00 0.00 2.31 0.00 0.00 0.00 1996 Brahma-ARG 18.50 0.00 0.00 33.00 18.50 0.00 0.00 33.00 1996 Grunbaum 8.00 0.00 2.00 0.00 8.00 0.00 2.00 0.00 1996 Malteria Pampa 6.00 0.00 1.00 0.00 6.00 0.00 1.00 0.00 1996 Minetti 10.00 0.00 0.00 30.00 4.10 0.00 0.00 12.30 1996 MBA 0.00 .16 0.00 0.00 0.00 .16 0.00 0.00 1996 Neuquen Basin 0.00 26.40 0.00 0.00 0.00 16.76 0.00 0.00 1996 Terminal6 10.50 0.00 0.00 6.50 10.50 0.00 0.00 6.00 1996 Transconor 25.00 0.00 20.00 210.00 25.00 0.00 20.00 210.00 1996 Zanon 14.00 0.00 6.00 0.00 12.00 0.00 6.00 0.00 1996 Banco Galicia 30.00 0.00 0.00 200.00 30.00 0.00 0.00 200.00 1997 Acindar 25.00 0.00 15.00 0.00 0.00 0.00 15.00 0.00 1997 Milkaut 10.00 0.00 10.00 0.00 10.00 0.00 10.00 0.00 1997 Vicentin 25.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Pending Commitments 1996 *AGUASIII-INC 15.00 0.00 0.00 75.00 1997 *FRIAR 10.00 2.50 7.00 1997 *GUIPEBA 15.00 5.00 20.00 1994 *EDENORINCREASE 0.00 0.00 0.00 8.00 1996 *EDESURIIBLINC 0.00 0.00 0.00 108.00

Generated by the Operations Information System (01S) -13- SCHEDULED

Committed Disbursed

FY Approval Company Loan Equity Quasi Partic Loan Equity Quasi Partic 1996 *EDESURREHAB 40.00 0.00 0.00 80.00 1997 *TGN II BLINC 0.00 0.00 0.00 10.00 1996 *FRANCESCL 40.00 0.00 0.00 0.00 1997 *MILKAUT 20.00 0.00 0.00 5.00 1996 *MINETTIEM 0.00 0.00 10.00 0.00 1995 *R-E-CTOLLHWAY 20.00 0.00 0.00 61.00 1996 *REFISAN 20.00 0.00 0.00 30.00 1996 *TRANSCONORII 5.00 0.00 0.00 0.00 1997 *VICENTIN 25.00 0.00 0.00 10.00 1996 *WESTERNACCESS 30.00 0.00 5.00 130.00

Generated by the Operations Information System (OIS) - 14 - Argentina at a glance Latin Upper- POVERTY and SOCIAL America middle- Argentina & Carib. Income Development diamond* Population mid-1995 (milfons) 34.6 480 440 GNP pr capit 1995 (USS) 7,770 3,300 4,300 Life expectancy GNP 1995 (bilana USS) 268.8 1,584 1.592 Average annual growth, 199046

Population (%) 1.2 1.8 1.7 GNP Gross Labor force (W 2.0 2.4 2.1 pet I * prirmiary Most recent estimate (last year availale since 1989) capda niollmonl Poerty headcourt index N% of poputaon) 26 Urban poputallon (% of Ioa populadon) 88 74 74 I Life expectancy at ioth (yeaa) 73 68 69 Infant mortality (per 1,000 IN birtis) 22 41 36 Access to safe waler Child mainutrition (S of chkn under 5) 5 Acces to safe woter (% ofpopulsn) 64 81 69 Iliseracy (% ofpopulaion age 15+) 4 13 13 Argotina Gross primary enrollment (% ofachoot-age population) 107 110 107 i Male 108 Upper-mkkite-hu:ome g Female 107

KEY ECONOMIC RATIOS and LONG-TERM TRENDS 1976 1986 1994 1996 Economic ratios' GOP (h(lWom USS) 52.4 88.4 280.5 276.0 Gres domesticlAvestmenlIGDP 29.4 17.6 199 17.8 Exports of goods and non-factor oxvices/GDP 5.8 11.7 6.8 8.9 Opunnss of ocnomy Grpss dometic oevingLGDP 29.3 23.1 176 18.0 Grae national savingGOP 26.9 16.5 16.6 17.0 Current sooun balanceIGDP -2.5 -1.1 -33 -08 Interest paymenilQd/P 0.9 5.0 1 3 1.8 Savings I I invosttmint Total debuOP 14.7 57.6 27.6 30.3 Talal debi svioe/eports 44.7 60.1 326 33.6 Present value of deM/GDP .. 24.4 Preeent value of detiexperts . 325 8 . Indobindness 1976-84 1986-86 1994 1995 1996-04 (average annual growth) - Argntina GOP 1.0 28 7.4 -44 4.9 GNP per capita -15 2.0 5.9 -5.2 3 7 group Exports of goods and rits 5.1 6.9 14.8 257 8.0

STRUCTURE of the ECONOMY 1975 1986 1994 1996 (% of GDP) Growth rates of output and Investment (%) Agriculture 6.6 7.6 4.9 40 Industry 50.1 39.3 30.1 2 MWnufacturing 38.2 29.6 20.0 Services 43.3 53.1 65.1 .0 91 2

Private consumption 58.1 66.5 69.2 69.6 -40 General govemment consumption 12.6 10.4 13.3 12.4 Imports of goods and non-factor services 6.0 6.3 9.2 8.7 -GDI --- GDP

1976-84 1986-96 1994 1996 (average annual growth) Growth rates of exports and Imports (%) Agriculture 1.7 1.6 3.8 2.1 so industry -1.1 2.7 6.5 -6.0 Manufacturing -1.4 1.4 4.2 -6.5 Services 2.5 3.1 8.5 -3.4 4

Private consumption .. .. General govemment consumption .. .. . o 9 'I 9. Gross domestic Investment -2.4 5.4 19.0 -15.9 -20 Imports of goods and non-factor services 4.5 14.0 20.9 -10.6 - Exports - Irports Gross national product 0.0 3.4 6.9 -5.0

Note: 1995 data are preliminary estimates. The diamonds show four key indicators in the country (in bold) compared with its income-group average. If data are missing, the diamond will be incomplete. - 15 -

Argentina

PRICES and GOVERNMENT FINANCE 1976 1986 1994 1996 Domestic pcas Inflation (%) (% change) 4,000 Consumer prices 182.6 .. 3.9 1.6 3o000 Implicit GDP deflator 198.2 618.0 1.8 2.5 2,000 Government finance 1.000 (% of GDP) o 0 0, Current revenue .. .. 16.6 16.5 90 91 92 93 94 95 Current budget balance .. .. 0.7 -0.1 - GDP def. -O CPI Overall surplualdeficit .. .. 0.0 -1.0

TRADE 1976 1986 1994 1996 (mitionsUSS) Export and Import levels (mill. US$) Total exports (fob) 2,961 8,396 15,839 20,968 25.000 Food .. .. 1,323 1,956 Meat 1,546 1,572 20000 Manufactures .. .. 8,059 10,635 15,000 Total imports (cif) 3,947 3,814 21,590 20,124 10o0oon1 Food ..I.. F... Fuel and energy .. .. 591 628 5000 Capital goods .. .. 6,039 4,754 a . I 1 i 95 Export price Index (1987-100) .. .. 118 124 so 90 91 92 93 94 Import price index (1987-100) .. .. 115 120 DExports DImports Terms of trade (1987-100) .. .. 102 103

BALANCE of PAYMENTS 1975 1986 1994 1995 (nmilions USs) Current account balance to ODP ratio (%) Exports of goods and non-factor services 3,498 10,039 18,507 23,857 Imports of goods and non-factor services 4,324 5,285 25,591 23,724 Resource balance -826 4,754 -7,084 133 1

Net factor income -466 -5,706 -2,547 -2,842 0 Net currenttransfers 6 0 320 432 99 90 92 93 94

Current account balance, -2 before official transfers -1,286 -952 -9,310 -2,277 Financing items (net) 208 2,200 9,868 2,208 Changes in not reserves 1,078 -1,248 -558 69 -4

Memo: Reserves including gold (mill. US$) 848 4,703 19,758 19,888 Conversion rate (locaVUS$) 37E-10 6.0E-05 1.0 1.0

EXTERNAL DEBT and RESOURCE FLOWS 1975 1985 1994 1996 (mIIons USS) Composition of total debt, 1995 (mill. US$) Total debt outstanding and disbursed 7,723 50,946 77,457 83,724 IBRD 341 700 4,109 4,913 G A IDA 0 0 0 0 7171 4913 C 8131 Total debt service 1,603 6,209 6,847 8,609 D IBRD 43 114 709 565 4501 IDA 0 0 0 0 E Composition of not resource flows 11428 Official grants 0 6 16 20 Official creditors 58 217 715 851 Private creditors -111 2,350 5,805 1,993 Foreign direct investment 0 919 1,200 3,900 F Portfolio equity 0 0 1,205 294 World Bank program Commitments 0 0 509 2,272 A - IBRD E -Bilateral Disbursements 19 144 547 941 B - IDA D - Other multilateral F - Private Principal repayments 17 68 425 259 C -IMF G - Short-term Net flows 1 75 122 682 Interest payments 26 46 284 306 Net transfers -25 30 -162 376

International Economics Department 8/20/96

MAP SECTION

ARGENTINA BUENOS AIRES URBAN TRANSPORT PROJECT Suburban Railways Operated By Private Concessionaires

S SARMIENTO LINE 0 RAILWAY STATIONS M MITRE LINE RAILWAYS U URQUIZA LINE MUNICIPAL BOUNDARIES

-R ROCA UINE SM SM SAN MARTIN LINE - .- INTERNATIONAL BN BELGRANO NORTE LINE BOUNDARIES (Inset only) BS BELGRANO SUR LINE

Su

BS

iR

_0~4 BOUVIA 50

PARAGUAy BRAZIL

SARGENTINA 0 5 0 15 20 \ URUGUAY l i l i l CHUlE Area 0 A s -{å KILOMETERS Area '.. SUENOS AJRES_____ Map Th, p w produed by the M.p Desgn Uni of The Wold Bank The bound ,es, colors denom -nos and o he m- o ho-40° -p d° ~-°°°p»-" ®e d°° TheWodd B-k -- 40Group any dgment on the lega o ay terrory orny endorsement or acceptance of such boundones 80- 70 60 50 N *>______o

BRO 28385

This map was produced by the Map Desgn Unt? of The World Bnk' The boundaries, colors, denominohons and ony other inforrmaot,n shown on this mop do not ;mply, on the part of The World Bank Group, ony judgmeot on the eg. status of any terntory or any endorsementy O or occeptance of such boundares.

05ý

L~~~ A E L, AVE;'ZLELZS

AVE PERITO MOREN~O4

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o t 2 3 up A 1 1 KILOMETERS

v 1 2

To Oen,smaoI AUrport EZEIZA BOLUVIA ~AGUAY~.

ARGENTINA ARGENTINA jLRUGAY BUENOS AIRES URBAN TRANSPORT PROJECT Beo Metrovías Rail Services "

a SUBWAY LINE A ---+u- OTHER RAlWAYS - OTHER SUBWAY LINES S RAILWAY STATIONS - • - PRE - METRO - - - INTERNATIONAL BOUNDARIES - - - URQUtZA SUBURBAN RAILWAY

MARCH 199

IMAGING

Report No. P 6984 AR Type: MOP