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Zaire Appraisal Of ReportNo. 1592-ZR Zaire Appraisalof the FILECOPY Oil PalmProject Public Disclosure Authorized March29, 1978 Central AgriculturalDivision EasternAfrica ProjectsDepartment FOR OFFICIAL USE ONLY Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Document of the World Bank This document hasa restricteddistribution and may be used by recipients only in the performanceof their official duties.Its contents may not otherwise be disclosedwithout World Bankauthorization. CURRENCY EQUIVALENTS Z 1 3 1 SDR Z 1 = US$1.153 Z 1 million m US$1,153,000 US$1 = Z 0.867 US$1 million = Z 867,000 WEIGHTS AND MEASURES 1 hectare (ha) = 2.47 acres 1 kilometer (km) = 0.624 miles 1 kilogram (kg) = 2.204 pounds 1 metric ton (ton) = 2,204 pounds ABBREVIATIONS ADF = African DevelopmentFund BADEA` = Banque Arabe pour le Developpement Economiqueen Afrique Busira (Busira-Lomami) = Entreprisesagricoles et industrielles de la Busira au Lomami CCCE = Caisse centrale de cooperationeconomique CCP = Compagniede commerceet de plantations CELZA = Cultures et elevagesau Zaire ENTRIAC = Entreprisesindustrielles, agricoles et commerciales ONATRA = Office national des transports PLZ - PlantationsLever au Zaire SOFIDE = Societe financierede developpement FISCAL YEAR January 1 - December 31 (Governmentand companies involved in Project) FOR OFFICIAL USE ONLY ZAIRE OIL PALM PROJECT TABLE OF CONTENTS Page No. SUMMARY AND CONCLUSIONS .. ............ .. ............. i -iii I. INTRODUCTION .................. e.............. 1 II. BACKGROUND ...............................................e ............. 2 ,A. General ................................................e........... 2 B. Agricultural Sector .*.......... ....... ....... 3 C. The Oil Palm Sector ..... *et........... .** ........... 3 D. Agricultural Services ....... .......................... 7 III. THE PROJECT AREAS . ..................... *o. ........ .. 8 IV. THE PROJECT ............................................ 9 A. General Description ....................... * .......... 9 B. Detailed Features ... ........ o........ o... .o ........ 10 C. Cost Estimates . ..... 15 D. Financing .............. 0... ... .. 17 E. Procurement .... e ..... .......... o ..... .. *... * *. 18 F. Disbursement .................. ... ................. 19 G. Accounts and Audits ...... .. ..................... 20 V. ORGANIZATION AND MANAGEMENT ............................... 22 VI. PRODUCTION. MARKETS AND PRICES, AND CASH FLOWS ............ 22 VII. BENEFITS AND JUSTIFICATION ................................ 23 VIII. AGREEMENTS REACHED AND RECOMMENDATIONS .................... 25 This document hasa restricteddistribution and may be used by recipientsonly in the performance | | of their officialduties. Its contents may not otherwise be disclosedwithout IFC authorization. - 2- ANNEXES 1. Production,Marketing and Prices of Palm Oil Table 1: World Production of Selected Fats and Oils Table 2: Palm Oil Production by Major Producers Table 3: World Exports of Palm Oil Table 4: World Exports of Selected Oils and Fats Table 5: Prices of Selected Fats and Oils Table 6: Palm Oil Production in the Northern Area with and without Project Table 7: Palm Oil Production in the Southern Area Table 8: Oil Palm Project - Yield Projections Table 9: Production due to Project Table 10: Estimated Local Consumption of Palm Oil Table Il: End Use of Palm Oil Table 12: Total Production and Use of Palm Oil Table 13: Export Prices for Palm Oil 2. PlantationsLever au Zaire (PLZ) 3. Busira-Lomami 4. Compagnie de commerce et de plantations (CCP) 5. Research Training 6. Project Cost Estimates Table 1: Summary of Project Cost Table 2: Project Base Cost: PLZ, Lokutu Table 3: Project Base Cost: PLZ, Yaligimba Table 4: Project Base Cost: PLZ, Boteka Table 5: Project Base Cost: Busira-Lomami Table 6: Project Base Cost: CCP Table 7: Project Base Cost: Management and Technical Training Appendix 1: Establishment Cost per Hectare Appendix 2: Plantation Maintenance Cost per Hectare 7. Financial Projections of the Companies Table 1: PLZ Financial Projections Table 2: Busira-LomamiFinancial Projections Table 3: CCP Financial Projections -3- ANNEXES 8. Financial and Economic Analysis Table 1: Palm Oil Price Projections Table 2: Project Cost and Returns: PLZ Table 3: Project Cost and Returns: Busira-Lomami Table 4: Project Cost amd Returns: CCP Table 5: Project Internal Financial Rate of Return and Sensitivity Analysis Table 6: Project Internal Economic Rate of Return and Sensitivity Analysis 9. Government Cash Flow - Resulting from the Project 10. Training 11. Estimated Schedule of Disbursements of IDA Credit 12. Key Indicators 13. Project Implementation Schedule MAP No. 12834 ZAIRE OIL PALM PROJECT SUMMARY AND CONCLUSIONS (i) In the face of stagnation in the traditional agricultural sector and reduced production from the modern plantation sector, the Government of Zaire has recently determined that the highest priority should be given to the rehabilitation and development of the country's agriculture. The Government now realizes that major efforts need to be undertaken to reverse the alarming trends of rapidly increasing agricultural imports and declining exports. Thus, production of palm oil on commercial estates decreased from about 240,000 ton in 1959 to about 125,000 ton in 1976, while production from natural palms is estimated to have decreased from about 55,000 ton to 45,000 ton. Lower production, combined with increasing domestic consumption of palm oil, have caused Zaire's official exports to decline from about 190,000 ton in 1959 to about 40,000 ton in 1976. If this trend were to continue Zaire would need to import palm oil in the next few years and prompt action is therefore necessary to avoid that situation. (ii) In the present circumstances the Government of Zaire considers that the rehabilitation of a number of existing commercial oil palm plantations offers the best prospects for future production increases at the least cost. Additional courses of action include the establishment of new, large, in- dustrial plantations, smallholder schemes and the improvement of production in the natural palm tree areas. All these alternatives are relatively costly or risky, and are uncertain to result in substantial production increases rapidly. Assigning priority to rehabilitation efforts has the clear advan- tage that full use would be made of the infrastructure and management remain- ing on the existing commercial estates. (iii) At the request of the Government of Zaire and with the assistance of an IBRD/FAO Cooperative Program team, three companies (representing about 60% of Zaire's commercial oil palm industry) have drawn up investment pro- posals for the rehabilitation of their existing plantations. The three companies are: Plantations Lever au Zaire (PLZ), Busira-Lomami (Busira) and Compagnie de Commerce et de Plantations (CCP). Along with most of Zaire's commercial and industrial enterprises the companies were de-nationalized in September 1976 and restored to their original foreign shareholders. (iv) The Project would, over five years (1978-1982), provide for the planting of 12,215 ha oil palm; the renewal of equipment of three oil mills; the procurement of earth moving equipment, trucks, tractors and staff vehicles construction or repair of workers and staff houses and social infrastructure; training; employment of ad.ditionalstaff; technical assistance, feasibility studies and pilot programs to develop agricultural production and raise the standard of living of the rural population in the Project areas. Apart from - ii - the technical assistance component, for which the Department of Agriculture would be responsible, the Project would be implemented by the companies mentioned in paragraph (iii). A committee of Government and company repre- sentatives under the chairmanship of the Director General of the Department of Agriculture would assess the Project's progress, review annual work programs and budgets and coordinate Project related matters. (v) The overall cost of the Project including physical and price con- tingencies, is estimated at US$47.4 million of which about 74% would be invested in PLZ. About 56% of Project cost (US$26.4 million) requires external financing while the balance would be financed by the companies themselves. In addition to an IDA Credit of US$9.0 million, the African Development Fund (ADF) is expected to contribute about US$6.1 million, the Arab Bank for Economic Development in Africa (BADEA) about US$4.4 million and the Caisse Centrale (CCCE) about US$4.2 million. US$0.7 million worth of land clearing equipment, which PLZ ordered in 1977, is being financed out of a US$16.6 million US commodity import loan to the Government. (vi) IDA and ADF would lend to the Government, CCCE would lend its funds to SOFIDE and BADEA would lend directly to PLZ and Government. The onlending terms for IDA, ADF and CCCE funds would be identical with a repayment period of 15 years, including five years of grace, and an interest rate of 10% per annum. The companies would take the foreign exchange risk on all off-shore expenditures and the Government would bear this risk on expenditures in local currency to the extent that these are financed with external funds. SOFIDE would administer loans to be made to the companies, as an intermediary for CCCE's funds (on which SOFIDE would receive a 3% margin) and as an agent o Government for IDA funds to be onlent to the 2 small companies (for which SOFIDE would receive a fee). (vii) Vehicles, trucks,
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