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World Bank Document Document of The World Bank. FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No. 3481b-PAN Public Disclosure Authorized STAFF APPRAISAL REPORT SECOND PORT PROJECT PANAMA Public Disclosure Authorized May 21, 1982 Public Disclosure Authorized Projects Department Latin America and the Caribbean Regional Office 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 = Balboa (B/. 1) US$1 = B/. 1 Note: The issue of Balboas is restricted to coins; the U.S. Dollar (US$) is accepted as currency. Fiscal Year January 1 - December 31 Units and Measures 1 meter (m) = 3.28 feet (ft) 1 kilometer (km) 2 = 0.62 mile (mi) 1 square kilometer (km ) = 0.386 square mile (sq mi) 1 metric ton (m ton) = 1.1 US short ton (sh ton) Abbreviations APN - Autoridad Portuaria Nacional (National Port Authority) DAC - Direccion de Aeronautica Civil (Civil Aviation Authority) FNC - Chiriqui National Railway FTZ - Free Trade Zone (Colon) GDP - Gross Domestic Product GNP - Gross National Product IRHE - Panama's Power Company MHWN - Mean High Water of Neap Tides MHWS - Mean High Water of Spring Tides MIPPE - Ministerio de Planification y Politica Economica (Ministry of Planning and Economic Policy) MOP - Ministerio de Obras Publicas (Ministry of Public Works) PCC - Panama Canal Company PCR - Panama Canal Railway PTP - Petroterminal de Panama UNCTAD - United Nations Conference on Trade and Development UNDP - United Nations Development Programme FOR OFFICIAL USE ONLY STAFF APPRAISAL REPORT SECOND PORT PROJECT PANAMA TABLE OF CONTENTS Page No I. THE TRANSPORT SECTOR. ............ 1 A. General. 1 B. The Transport System ................... 1 C. Sectoral Coordination, Planning and Financing. 4 D. Bank Assistance to the Sector. 5 II. THE MARITIME SUBSECTOR .......................................... 6 A. General ................................................... 6 B. Characteristics and Growth of Traffic .......................7 C. The Port of Cristobal ....................................... 7 D. The Port of Coco Solo Norte ................................8 E. The Port of Balboa ...................................... 8 F. The Previous Port Project ................................... 8 G. Port Administration and Training ..... .................... 9 H. Port Finances ............................................... 11 I. Planning .................................................... 11 III. THE PROPOSED PROJECT ............................................ 12 A. Objectives and General Description .................. ........ 12 B. Description of the Main Project Items ....................... 12 C. Cost Estimates and Financing ................................ 14 D. Project Implementation ...................................... 15 E. Procurement and Disbursement ................................15 F. Project Monitoring .......................................... 16 G. Ecology and Environment ..................................... 17 IV. ECONOMIC EVALUATION ............................................ 17 A. Project Benefits ............................................ 17 B. Project Costs ............................................... 20 C. Economic Returns, Sensitivity and Risk ...................... 21 This report is based on the findings of an appraisal mission which visited Panama during March 1981. The mission comprised Messrs. F. Khin-Maung-Gyi (Port Engineer); G. Spier (Economist) and A. Stephenson (Financial Analyst). Postappraisal missions were conducted in September 1981 and March 1982, comprising Messrs. Khin-Maung-Gyi, R. Vinekar (Senior Port Engineer), G. Morra (Senior Training Specialist) and T. Markus (Financial Analyst). The report has been edited by Miss V. Foster. This document has a restricted distribution and may be used by reelpients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Hank authorization. TABLE OF CONTENTS (Continued) Page No V. FINANCIAL ANALYSIS .............................................. 21 A. Introduction ................................................ 21 B. Financial Performance of APN ................................ 22 C. Financial Objectives of APN ................................. 25 D. Revenue and Cost Projections ................................ 26 E. Cash Flow Projections and Project Financing ................. 29 F. Sensitivity of Financial Forecasts ..... .....................30 VI. AGREEMENTS REACHED AND RECOMMENDATION ........................... 30 TABLES 1.1 Domestic and International Freight Traffic by Mode in Selected Years, 1967-1980 ..................................... 32 1.2 Passenger Traffic by Mode in Selected Years, 1967-1980 .... ...... 33 2.1 International Port Traffic in Selected Years, 1970-1981 ......... 34 2.2 Container Traffic Growth - Cristobal ............................ 35 3.1 Cost Estimates .................................................. 36 3.2 Implementation Schedule ...... ....................................37 3.3 Estimated Disbursement Schedule ................................. 38 3.4 Port Efficiency Indicators .................. ....................39-40 4.1 Port of Cristobal: Comparison of Project Economic Benefits and Costs - 1983 Through 2000 .................. ...................41 4.2 Coco Solo Norte: Comparison of Project Economic Benefits and Costs - 1983 Through 2000 .................. ...................42 5.1 APN Income Statements 1976-1979 .............. .. .................43 5.2 APN Canal Ports - Current Tariff Summary ............ ............ 44 5.3 APN Balance Sheets 1976-1979 .................. ..................45 5.4 APN Income Statements 1980-1986 ................. ................46 5.5 APN Projected Balance Sheets 1980-1986 ............. .............47 5.6 Projected Sources and Applications of Funds Statements 1981-1985 48 - iii - TABLE OF CONTENTS (Continued) Page No ANNEXES 1. Description of the Project Civil Works and Cargo Handling Equipment .............................. 49 2. Outline of Proposed Technical Assistance ..................... 51 3. Economic Analysis Methodology ........... ..................... 53 Table A-1 Port of Cristobal: Total, Inbound and Outbound Waterborne Commerce by Type of Cargo and Commodity. 59 Table A-2 Coco Solo Norte Foreign and Cabotage Waterborne Commerce by Type of Cargo ........................ 60 Table A-3 Port of Cristobal: High, Medium and Low Projections of Container Transshipment, 1967--2000........... 61 4. Related Documents and Data Available in the Project File ..... 62 CHARTS World Bank 22914 - Current Structure of APN .................. 63 World Bank 22915 - Proposed Structure of APN ................. 64 MAPS IBRD 15796R - Panama - Transportation Network IBRD 15797R - Port of Coco Solo Norte Improvements IBRD 15799R - Port of Cristobal Improvements I. THE TRANSPORT SECTOR A. General 1.01 Panama is a relativelysmall country,both in terms of population (estimatedat 1.9 million in 1980) and geographicalarea (not more than about 100 km wide in most places and approximately670 km long). The country has developed basicallyalong two main axes: one, along the Panama Canal between the cities of Panama and Colon, an area known generallyas the MetropolitanRegion; and the other, along the Pacific coast, to the west of the Canal, followingwhat is now the alignment of the Pan-AmericanHighway. Agriculture,which is the primary source of income and employment in the western Pacific corridor,accounts for about 16% of GDP, while the Metropoli- tan Region has a far more dominant role in the national economy. About 56% of the country'stotal populationlives in the MetropolitanRegion. The economy of this Region, which is heavily dependent upon the provision of international commercialand financial services,and, more recently,upon the export of light manufacturedgoods, particularlyfrom the Free Trade Zone (FTZ) in Colon, accounts for about 70% of the country'sGDP. B. The TransportSystem 1.02 The transportsystem (Map IBRD 15796R) in the developedareas of the country is broadly adequate;road transport is the basic mover of domestic freight and passengers. About 97% of all domestic freight trafficand 99% of passenger traffic is carried by road (Tables 1.1 and 1.2). However, in the relativelyunexplored regions in the eastern part of Panama, air travel and coastal shippingare the only means of transportationavailable. 1.03 The most important internationaltransport facilities are the Omar Torrijos InternationalAirport at Tocumen, the Panama Canal, the Canal ports of Cristobal (near Colon) and Balboa (near Panama City) and the Pan-AmericanHighway. The Panama Canal, its ports and ancillaryfacilities, includinga trans-isthmianrailway and a small oil products pipeline, carry an importantpart of the internationalcargo traffic,while the Canal ports handle most of Panama's general imports. The Pan-AmericanHighway, although handling only 5% of the internationaltraffic, is playing a growing role in the developmentof intra-regionalcommerce. Internationalpassenger traffic is mainly by air (some 80%). (i) Roads and Road Transport_/ 1.04 The Ministry of Public Works (MOP) is responsiblefor practically all highway-relatedwork in the country, as well as the constructionand maintenanceof city streets,national buildings and drainage works. The Ministry staff totals some 6,500 employees, of whom about 100 are professionals
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