Document of The World Bank
FOR OFFICIAL USE ONLY Public Disclosure Authorized
Report No. 4464 Public Disclosure Authorized
PROJECT COMPLETION REPORT
ISRAEL: SECOND HIGHWAY PROJECT (LOAN 781-IS)
Public Disclosure Authorized May 2, 1983 Public Disclosure Authorized Europe, Middle East and North Africa 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.
FOR OFFICIAL USE ONLY
PROJECT COMPLETION REPORT
ISRAEL: SECOND HIGHWAY PROJECT (LOAN 781-IS)
Table of Contents
Page No. Preface...... Key Project Data ...... ii Highlights ...... iv
I. INTRODUCTION ...... 1
II. SECTOR BACKGROUND. 2
III. PROJECT PREPARATION AND APPRAISAL ...... 3
IV. PROJECT IMPLEMENTATION AND COST A. General ...... 4 B. Execution of Civil Works ...... 4 C. Costs ...... 7 D. Quality of Completed Works . . . . 9 E. Equipment Procurement ...... 9 F. Consulting Services ...... 9 G. Loan Covenants .9
V. INSTITUTIONAL DEVELOPMENT ...... 11
VI. ECONOMIC JUSTIFICATION ...... A. General .12 B. Traffic 12 C. Economic Benefits/Costs ...... 13 D. Economic Return .14
VII. CONCLUSIONS .16
Annexes
Borrower Comments...... 17a
Tables
1. SAR Estimates and Actual Construction Periods . . . . . 18 2. SAR Estimates and Actual Project Costs ...... 19 3. Actual Construction Costs ...... 20 4. Variations in Construction Costs from SAR Estimates . . 21 5. Variations in Currency Exchange Rates ...... 22 6. Cumulative Expenditures for MAZ and Ayalon Components . 23 7. Expenditures for MAZ Components ...... 24
| 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. Tables of Contents continued Page No.
8. Expenditures for Ayalon Components ...... 25 9. Expenditures per Quarter for MAZ Components ...... 27 10. Cumulative Value of Civil Works in Current US$'ooo - Ayalon Component ...... 32 11. Cumulative Withdrawal Applications ...... 37 12. Withdrawal Applications 1-34 ...... 38 13. Average Annual Daily Traffic ...... 45 14. Vehicle Operating Costs ...... 46 15. Ex-Post and Appraisal Estimates of Economic Ratep of Return and First Year Benefit Ratios ...... 47 16. Variations in Consumer Price Indices ...... 48 17. Variations in Foreign Exchange Component ...... 49
Charts
1. Timings and Cumulative Expenditures for MAZ and Ayalon Components (under preparation) ...... 50 2. Comparison of SAR and Actual Disbursement Profiles . 51
Maps
IBRD 3155R1(PCR) - Project Roads IBRD 3156R(PCR) - Tel Aviv - Ayalon Expressway
NOTE: Israel currency was changed from Pounds to Shekels on September 30, 1980, with I£1O=Shl. Israeli Pounds are used throughout this report. PROJECT COMPLETrION REPORT
ISRAEL: SECOND HIGHWAY PROJECT (LOAN 781-IS)
PREFACE
1. The Second Highway Project, for which Loan 781-IS for US$30 million was approved in July 1971, had two main objectives:
(i) the improvement of the inter-urban network; and
(ii) the improvement of the intra-urban road network in Tel Aviv, particularly in the Central Business District (CBD) and to the international Ben Gurion airport. Both these objectives were consistent with the aims of Israel's 1971-75 highway development program.
2. The loan was closed in June 1981 after cancellation of US$80,000.
3. A copy of the Project Completion Report (PCR) was sent to the Borrower on January 24, 1983, for review. The Government deemed the PCR satisfactory and had no other comments to make (see Annex I to the PCR).
- ii -
KEY PROJECT DATA
Appraisal Actual or Item Expectation Current estimate
Total Project Cost (US$ Million) 91.3 81.4 Underrun (%) 11 Loan Amount (US$ Million) 30.0 Disbursed ) 29.9 Cancelled ) 0.1 Repaid to ) April 15, 1982 7.9 Outstanding to ) April 15, 1982 22.0 Date Physical Components Completed 12/75 06/81 Proportion of Time Overrun (%) - 66 mo. 125% Economic Rate of Return 14-33 13-23 * (incl. passenger time savings) (%)
OTHER PROJECT DATA
Item Original Plan Revisions Actual
First Mention in Files - 12/17/64 Government's Application - 06/16/66 Negotiations - 04/29/71-05/06/71 Board Approval - 07/13/71 Loan Agreement - 07/14/71 Effectiveness Date - 08/16/71 Closing Date 06/30/76 06/30/77; 06/30/81 12/30/79 Borrower State of Israel Executing Agency Public Works Department & Ayalon Highways Co. Ltd. Fiscal Year of Borrower April 1 - March 31 Follow-on Project Name None
* See Table 15 ** Truncated Project (see paras. 1.05, 4.01 and 4.11). The cost of the project envisaged at appraisal and negotiations would have been very much higher due to unusually high inflation.
MISSION DATA
Month/ No. of No. of Date of Item Year Weeks Persons Man-Weeks Report
Preappraisal 11/69 1 3 - 3 12/24/69 Appraisal 12/70 2 3 6 06/28/71 Total 3 6 9
Supervision I 06/72 1 1 1 01/21/72 Supervision II 12/72 1 1 1 01/23/73 Supervision III 10/74 1 1 1 11/13/74 Supervision IV 02/75 1 1 1 03/21/75 Supervision V 06/75 1 3 3 07/14/75 Supervision VI 04/76 1 2 2 04/30/76 Supervision VII 11/76 1 1 1 12/20/76 Supervision VIII 11/77 1 1 1 12/16/77 Supervision IX 03/78 1 1 1 04/05/78 Supervision X 10/78 1 1 1 10/24/78 Supervision XI 10/79 1 1 1 11/12/79 Supervision XII 10/81 1 2 2 06/07/81 (PCR) Total 12 16
Country Exchange Rates**
Name of Currency Pound (Israel) Shekel per US$ Year: 1971 3.5 - 1972 4.2 - 1973 4.2 - 1974 4.5 _ 1975 6.39 - 1976 7.98 - 1977 10.46 - 1978 17.47 - 1979 25.44 - 1980 51.24 5.12 1981 114.31 11.43 1982 174.53 17.45
* See Table 5
- iv -
HIGHLIGHTS
1. The main highlight was the reduction of the project scope to counteract unexpected changes in Israel's economic situation, which brought about high inflation and compensatory continuous devaluation (see paras. 1.05, 4.01 and 4.11).
2. The main truncation of the project was the reduction of the scope of works on the Ayalon component in the CBD of Tel Aviv. The Government remains committed to the completion of the whole Ayalon project as envisaged at appraisal and negotiations, although the construction period will be extended to 1985/86, at which time a supplementary PCR is recommended (see para. 6.11).
3. Implementation was slower than expected due to budgetary constraints, delays in land acquisition and shortage of manpower and construction equip- ment during the 1973 hostilities and its aftermath (see para. 4.08).
4. Although the construction expenditures in Israeli pounds increased considerably, the US$ equivalent of the truncated project decreased, indicat- ing that the progressive devaluation of Israeli currency offset the effects of inflation (see paras. 4.13 and 7.04).
5. The quality of construction is of a high standard. The complex Ayalon component, involving highways, bridges, canals and railways within a very busy central business district, was commendably executed with the interference to existing traffic conditions minimized (see para. 4.18).
I. Introduction
1.01 The first of three Bank loans for the transport sector involved US$27.5 million equivalent (265-IS) financial assistance beginning in 1960 for the construction of the port of Ashdod.
1.02 The second transport sector loan (Loan 323-IS--First Highway Project) of US$22 million equivalent was made in 1962 for the construction and improve- ment of 611 km of main and district roads and 460 km of feeder roads and also for the transport survey carried out by foreign consultants during 1964 and 1965 which became the starting point for national transportation planning in Israel, and which, in turn, generated the basis for the Second Highway Project, which is the subject of this report.
1.03 In 1969 the State of Israel requested the Bank to help finance the Israeli 1971-75 highway development program, which had been developed from the outputs of the 1964-65 consultants' transport survey undertaken in the First Highway Project. The Bank responded to this request by sending pre-appraisal and appraisal missions to Israel in 1969 and December 1970, the outcome of which resulted in the Second Highway Project being presented to the Board on July 14, 1971, signed on July 14, 1971 and becoming effective on August 16, 1971.
1.04 The 1971-75 highway development program was designed with two main objectives. The first was the widening and improvement of the main inter- urban network to support the development of new agricultural areas, the creation of new towns, the expansion of industry and its dispersal over the country and the increasing utilization of the port of Ashdod and Ben Gurion airport. The second was the improvement of the intra-urban road network in the large cities. The Second Highway Loan provided foreign exchange support for some of the key components (para. 3.02) of this program.
1.05 During the process of implementation very substantial cost overruns occurred due to major unexpected changes in Israel's economic situation, energy crises, 1973 war and its aftermath. The Israeli Government approached the Bank for a reduction in the project component. The reduction was mainly justified on the grounds of general savings measures applied by the Government to combat unusually high inflation. All public spending was reduced and restricted to what were considered highest priority projects. The Bank agreed with this policy from an overall economic point of view. Since the Second Highway Project consisted of several economically self-reliant subprojects, the project content could be reduced (paras. 4.01 and 4.10) without affecting the project character (see Map 3155R1(PCR)). -2-
II. Sector Background
2.01 Israel with an area of about 21,000 sq. km has a well developed and evenly distributed transportation network (Map 3155R1(PCR)) that provides access to all major centers of economic activity. The transportation network includes about 12,000 km of roads, about 500 km of main railway lines, three major sea ports and a pipeline network for crude and refined petroleum products.
2.02 Highways are the main mode of transport for passengers and freight in Israel, carrying about 98% of the passenger and 80% of inland freight traffic. The railways primarily carry freight and only about 20% of their revenue is from passenger traffic. Israel is heavily dependent on sea and air transport for foreign trade.
2.03 The growth in traffic has generally been higher than the rate of growth in the economy. The motor vehicle fleet has grown from about 51,000 in 1960 to about 470,000 in 1980 (average 11.7% per year). As a result many sec- tions of the highway network became congested. The Tel Aviv metropolitan area, comprising seven municipalities, is Israel's largest conglomeration. It is in this highly populated central area of the country that rapidly growing traffic volumes required a substantial increase in highway network capacity. The currently completed highway project was designed to provide additional capacity necessary on some of these important road sections to meet the increasing demands of a growing economy.
2.04 The present national highway network is basically capable of satisfy- ing the transportation demands of the economy and its condition is not inhibiting the development of the various economic sectors. Highway mainte- nance is good.
2.05 In general, transport is well planned and co-ordinated. There is no obvious conflict between modes. There are no restrictions on choice of mode by shippers and the transport industry is fully competitive. -3-
III. Project Preparation and Appraisal
3.01 A comprehensive transport study of the Tel Aviv metropolitan area was carried out by consultants between 1966 and 1968 and formed the basis for the inclusion of the Ayalon Expressway in the project.
3.02 During the preparation of the national transportation plan (para. 1.02) by the Government, aided by consultants, Bank missions first identified a group of prima facie project components for further study for inclusion in a Bank project. Later, as the five-year program pro- gressed, Bank missions refined the original prima facie selections on the basis of economic feasibilities to 12 high-priority components (see Map 3155R1(PCR)) whose total proposed costs at that time represented about 63% of the proposed expenditure on highways from 1971 to 1975. Nine of the proposed project components were situated in and around Tel Aviv, with the Ayalon Expressway for that city being the largest single component.
3.03 The Government agreed with the selection of project components by rankings in economic feasibilities.
3.04 The major loan covenants originated from agreements between the Borrower and the Bank during negotiations to recognize the needs for:
(a) investigation of vehicle dimensions and axle loads to determine to what extent these conformed to existing traffic regulations;
(b) amendment of existing traffic regulations if the results of the investigation of vehicle dimensions and axle loads demonstrated the need therefor; and
(c) complementary investments in improvements to Tel Aviv City streets to improve traffic flows to and from the Ayalon Expressway, the major project component.
3.05 The seven-month period (December 1970 to July 1971) between appraisal and Board presentation was adequate. Loan effectiveness in August 1971 was appropriately timed with the project cycle as work on the first of a series of construction contracts began in January 1972.
3.06 The stages of the loan processing from Borrower's request through identification, preparation, appraisal, Board presentation and signature to effectiveness proceeded efficiently. -4-
IV. Project Implementation and Cost
A. General
4.01 The orginal project, as envisaged at appraisal and negotiations, had to be reduced in scope and cost in 1975 (see paras. 1.05, 4.10 and 4.11) when assessment by the Borrower and the Bank revealed that the effects of:
(i) earlier hostilities;
(ii) high inflation;
(iii) continuous devaluation of the Israeli currency;
(iv) construction materials price increases; and
(v) limitations of Government funds for the project would raise and extend the original cost and construction duration estimates beyond acceptable, practical limits and diminish the effective- ness of the Bank's participation.
4.02 Physical progress of construction was much slower than expected at appraisal and negotiations (see Chart 1). Despite truncation of the original project, completion of the revised project was only achieved in June 1981, or five-and-a-half years later than the expected completion of the original project mainly because of severe budgetary constraints (see also paras. 4.08 and 4.09).
4.03 The original Closing Date of the loan, June 30, 1976, was extended three times by the Bank at the request of the Borrower:
- to June 30, 1977.
- to December 30, 1979.
- to June 30, 1981.
4.04 The final cost of the truncated project was IE 1,235.3 million (US$81.4 million equivalent) compared to the estimated cost of the original project of IE319.5 million (US$91.3 million equivalent). Reim- bursements totalling US$29.92 million equivalent were made by the Bank and the undisbursed balance of the loan at the completion of the trun- cated project, US$0.08 million, was cancelled (see Chart 2).
B. Execution of Civil Works
4.05 The Government accepted the principle of international competi- tive bidding (ICB) for the Second Highway Project because, since the First Highway Project in 1962, the local contracting industry had -5- developed experience and capacity to undertake large highway construction projects at home and overseas and some foreign contractors had expressed interest in bidding for contracts in Israel. Although at the time of appraisal in December 1970, 14 firms (eight local and six foreign) had been prequalified to bid, only local contract rs responded to invitations to bid except in one case. For the nine MA T and the Ayalon project components reimbursable under the loan, contracts were awarded to local contractors as follows:
Year No. of Contracts Started MAZ Ayalon
1972 3 1 1973 2 2 1974 2 - 1975 - 1 1976 1 - 1978 - 2 1979 1
4.06 The SAR reported the schedule for procurement of construction works spread over a four-year period, 1971-75. The first group of con- tracts for the MAZ components was expected to be awarded in early 1972 and to be followed by a second group later in that year. For the Ayalon construction component, which was to be split into three contracts with contractors having the option to bid on any combination thereof, con- struction was expected to start in mid-1972 after earlier finalization of land acquisition and be completed by the end of 1975. Please refer to Chart 1 and Table 1.
4.07 Although three of the MAZ construction components were started in 1972 the remainder were delayed by budgetary constraints and the last component to be started, Geha Interchange, did not begin until May 1979. Despite extensions of time for extra work and inclement weather, delays in completion ranged from 4 to 34 months (Azur Interchange, where land acquisition was mainly responsible) with an average of 13 months (see Chart 1).
4.08 Apart from budgetary constraints which affected the timing of contract starts, the two main general reasons for delays in specified construction periods were:
(i) physical obstructions, generally encountered at the start of construction, such as relocation of water mains, telephone cables, electricity lines and maintenance of railway track operation near one project; and
1/ Public Works Department of the Ministry of Construction and Housing. -6-
(ii) land acquisition particularly at Azur Interchange and on the Ayalon component.
Two other contributing reasons for delays in constructions were:
(iii) the shortage of manpower and construction equipment during the 1973 hostilities and in its aftermath; and
(iv) the enforcement of the maximum axle load in August 1977 which retarded the rate of extraction and haulage of borrow excavation, sub-base, base and pavement materials during the second half of 1977.
4.09 The causes of delays in particular contracts, additional to those mentioned above, are given in the following subparagraphs:
(a) Beit Kama - Beer Sheba Road - Extra agricultural overpass and box culverts required.
(b) Shefaram - Nazareth Road - Work standstill caused by discovery of antiquities. Increase in earthwork, sub- base and base course materials because bearing capacity of subgrade was below design expectations.
(c) Bat Shlomo - Missaf Arakim Road - Change of source of base course materials and quantity increases for earthworks, box culverts and asphalt wearing course.
(d) Netanya Interchange - Drainage problems near electrified railway track, control of existing traffic during construction and design change for road-over-rail bridge.
(e) Abir Interchange - Access difficulties to nearby brewery, ramp design changes and increases in earthworks, culverts and lighting.
(f) Ben Gurion Airport - Lod Interchange - Net increases in earthworks, bridgeworks and day work.
(g) Azur Interchange - Budget restrictions necessitated a reduction of bridge width, diversion of manpower and equipment to a nearby higher priority road section and the rainy winter of 1978/79.
(h) Ganot - Lod Expressway - Increases in earthworks and base course on some sections, increased fill due to reduction of embankment side slopes and a month long engineers strike. -7-
(i) Geha Interchange - Difficulties with installation of underground drainage and removal of a section of the national water carrier pipeline.
(j) Ayalon Component - Design change for part of the canal works from reinforced concrete to stone-filled gabion type.
4.10 Three other MAZ project components (Beit Dagan-Ramleh, Rishon- Rehovoth and Ra'anana-Beit Lid) were directly financed by the Government as works were carried out by force account to avoid the higher costs that the Government expected would have been included in contractor's bids for construction under unrestricted traffic conditions.
4.11 The truncation of the project to- take account of the factors mentioned in para. 4.01 above was achieved in October 1975 by mutual agreement of the Government and the Bank to the following (please see Map 3156R(PCR)):
(a) Reimbursements for the MAZ component Ayalon (end of Jerusalem Extension)--Ganot-Lod-Ramleh being restricted to the works up to Lod only. The construction work between Lod and Ramleh was directly Government-financed; and
(b) Reducing the elements of the Ayalon component qualified for reimbursements from the loan by:
(i) reducing 7 km of four-lane expressway to 3 km of the four-lane Jerusalem extension;
(ii) reducing bridges from seven to three (Kibutz Galuyot, Hashalom and Petah Tikvah); and
(iii) confining canal works for regulating the Ayalon river to about 2.5 km and changing about 1.2 km of canal from reinforced concrete to stone-filled gabion type.
In order to maximize the benefits from the limited financial resources available, the Government examined the comparative attractiveness of several alternative forms of truncation and the most beneficial alterna- tive was chosen.
C. Costs
4.12 In the SAR, foreign exchange costs were assessed at US$37.5 million (July 1970 prices). on the assumptions that:
(a) project components 1, 2, & 3 (Ayalon Expressway, Ayalon-Ganot-Lod-Ramleh and Beit Dagan-Ramleh) would involve equal participation by foreign and local contractors and that all other components would be constructed by local contractors only, resulting in the foreign exchange component of construction being 42%; foreign exchange components of construction costs were 51% and 37.5% for foreign and local contractors respectively. -8-
(b) physical contingencies would be 10;
(c) annual escalation of foreign and local prices would be 5%;
(d) 25% of consultants' services would be foreign costs; and
(e) equipment for materials and research testing would be 100% foreign costs.
The loan amount of US¢30 million therefore represented 80% of the esti- mated foreign exchange cost of the project and the Bank participation in the construction component was set at 33% (or 80% of the foreign exchange component). However, a proviso, introduced in the SAR (para. 4.12) and incorporated in the Loan Agreement (Schedule 1, Section 5(a)), allowed for an increase in the Bank participation to a maximum of 42% in the event that total construction expenditures should decrease so that the Borrower could withdraw at an even rate the full balance of the amount then remaining allocated to the construction category of the loan.
4.13 Although the construction expenditures in Israel pounds increased considerably, particularly due to high, continuous devaiuation of Israeli currency, the US$ equivalent cost of the truncated project decreased from US$85.9 million equivalent at July 1970 prices to US$81.4 million at current prices (Tables 2, 3 and 4).
4.14 The Government therefore proposed and the Bank agreed in April 1978 to invoke the provisions of Schedule 1, Section 5(a) of the Loan Agreement whereby an effective even rate of Bank participation at 42% of construction expenditures was reimbursed.
4.15 Prior to July 1978, withdrawal applications had been made at 33% of total expenditures. To adjust these previous disbursements at a 33% rate to an effective even rate of 42% overall, withdrawal applications received by the Bank between July 1978 and December 1979 were disbursed at 95% of total expenditures; thereafter disbursements were continued to the end of the project at 42% (see below and Chart 2).
I IiI-
Tt i X tt 4 0 r1
oW1_ 1 I RI 1 _1A1'--j--H---,-U l---l:X t'____ _~~~~~~~~~~~1ER?LmL~~~~~~~ T+ ,A 9t 1 1g-S -,-11---2I.--
IiiQ7 wrtiti |I SbrvPmen 1O1 -- -9-
4.16 Towards the end of 1977, the exchange rate of the Israeli pound, already 180% lower the rate at appraisal in December 1970, fell a further 190% and continued to decline sharply (see Table 5). Although high inflationary construction price increases were mostly offset by the fal- ling exchange rate, the reduction of exchange parity during the period between actual construction and submission of withdrawal applications to the Bank, exacerbated the rate of disbursements from the loan account. Eventually, when the final Closing Date of the loan was reached, US$0.08 million were cancelled because the US dollar equivalent of the last eligible reimbursement claims for the truncated project, as earlier defined plus an additional Ayalon bridge which was reinstated as part of the project, was insufficient to raise disbursements to the US$30 million level of the original loan amount.
4.17 Hence, on closing the loan account, the effective overall dis- bursement rate was 36.7% of total expenditures, not the 42% intended (see para. 4.14). Please refer to Tables 1 to 12 and Charts 1 & 2 for cumula- tive expenditures for civil works and comparison of disbursement profiles at SAR and on completion of the project.
D. Quality of the Completed Works
4.18 The quality of the completed works was consistently good for bridges and roads alike and their performance under traffic has been satisfactory. The largest bridge on the Ayalon component at Petah Tikva deserves special mention for the aesthestics of its design, both of the superstructure when viewed from the overpass and the super and substruc- tures when seen from the underpass roads along the Ayalon canal banks.
E. Equipment Procurement
4.19 The project included procurement of materials testing equipment and mobile weighing devices totalling US$100,000, whereas only US$48,370 was disbursed for a highway skid resistance system, moisture/density soil gauge, engineering seismograph, road meter, axle weight analyser system, soil shear tests apparatus and a laboratory precision balance. The balance of US$51,630 was part of the US$78,324.27 cancelled at the end of the project.
F. Consulting Services
4.20 The allocation of US$1.2 million to Category II, Consultants' Services for construction supervision was reduced to nil in two stages by reallocation to Category I, Civil Works, since no foreign expenditures were involved in the supervision services for the Ayalon component which were satisfactorily carried out by local consultants.
G. Loan Covenants
4.21 All general loan covenants were complied with satisfactorily by the Borrower as were the five specific covenants relating to: -10-
(i) collection of highway planning data;
(ii) consistency of vehicle dimensions and axle loads with traffic regulations;
(iii) the undertaking of a study on traffic regulations;
(iv) provision of adequate staff for planning, construction and maintenance of the Ayalon component; and
(v) the provision of resources for complementary investments in Tel Aviv city streets, although budget constraints resulted in the investment period becoming longer than expected at appraisal. -11-
V. Institutional Development
5.01 Using as a basis the results of a transport survey carried out by consultants in 1964 and 1965 under the First Highway Project, the appropriate agencies of the Government formulated a transportation investment plan which included components of the Second Highway Project. The Government agencies were efficient in adaptation of the project implementation to react to budget restraints, high cost escalation and severe currency devaluation. Both MAZ and the Ayalon Highways Co. consistently and effectively collaborated with the Bank in all aspects of the project from preparation through procurement and supervision to completion. The Government agencies developed and sustained an efficient and effective project management system.
5.02 The first Bank highway project was undertaken by force account sup- plemented by contracting small works or materials supply with local contrac- tors. With Bank's encouragement there has been a growing trend since 1967 to contracting road works. There are now a number of sizable local firms, some of whom are active overseas. The growth of the contracting industry has also helped to modernize the local industry. The Israeli authorities who were reluctant to accept international competitive bidding (ICB) for civil works in the first highway loan agreed to accepting ICB in accordance with the Bank guidelines for the second highway project. The domestic contracting industry which was by that time capable, highly competitive and sufficiently aggres- sive, won all the contracts for civil works in the Second Highway Project. -12-
VI. Economic Justification
A. General
6.01 The main objectives of the project were to reduce the cost of transport and relieve congestion by eliminating some important transport bottlenecks, reducing travel distances, and accelerating travel speeds. As the Israeli economy grows and produces more perishable agricultural and higher value industrial goods for export, more efficient transport services between producing areas and principal export outlets are expected to bring significant benefits to the economy. A substantial part of the completed project would help provide this.
6.02 The largest single project item is the first phase of the Ayalon Expressway, designed as a north-south collector for inter-urban traffic and a distributor for traffic through the main east-west arteries of Tel Aviv. The Ayalon Expressway together with the Ganot-Lod expressway improves connection between Tel Aviv, Ben Gurion airport and the eastern part of the country. Because of the unexpected changes in Israel's economic situation due to heavy inflationary pressures, energy crises, 1973 war and its aftermath, the Government of Israel in consultation with the Bank decided to reduce the construction program of the first phase of the Ayalon Expressway (paras. 4.01 and 4.11). Even after this truncation, two sub-projects, Ayalon Expressway (Jerusalem extension) and Ganot-Lod Expressway, which are inter-linked, are the two principal components of the entire project and together account for more than 60% of the total construction costs.
B. Traffic
6.03 The average daily traffic volumes on the project road sections as estimated at appraisal and from actual counts and latest estimates are shown in Table 13.
Ayalon Expressway (Jerusalem Extension) and Ganot-Lod Expressway
6.04 The appraisal estimate of the traffic assignment to the Ayalon- Ganot-Lod road assumed the construction of the Ayalon Expressway, and the above two sub-projects have, therefore, been studied together in this ex-post evaluation for a valid comparison. Average annual daily traffic (AADT) on the two expressways is substantially lower than the appraisal forecast. This is mainly because the presently completed portion of the Ayalon Expressway (Jerusalem extension) forms only a part of the Ayalon Expressway originally appraised and, therefore, is not able to attract at this stage a sizeable portion of the traffic presently using eastern Tel Aviv Bypass to avoid congested city streets. The utilization of these two sections will improve significantly as further stages of the Ayalon Expressway are completed and come into service. The percentage of trucks and buses is about 10% of the total AADT and compares favorably with the appraisal estimate. -13-
Azur, Geha, Abir and Netanya Interchanges
6.05 The average daily traffic on all the four-grade separated inter- changes is high and the actual traffic in 1980 is quite close to appraisal estimates for Azur and Geha interchanges but is about 40% lower than the appraisal estimates for Abir and Netanya interchanges.. Apparently, the appraisal assessment of the prospect of traffic for these two latter inter- changes was somewhat optimistic. However, it is difficult to determine to what extent the over-estimation of traffic could have been avoided. At appraisal, the trend of growth of traffic on these intersections for the preceeding few years exceeded 15% per annum as the intersections were located in the highly populated central area in Israel and traffic was expected to continue to grow. Thus, the appraisal forecast of about 10% traffic growth per annum for the succeeding period during the seventies and thereafter a declining rate to less than 5% per annum in the nineties, would not seem unreasonable. However, the traffic on these two interchanges is expected to increase sharply with the completion of the next stage of Ayalon Expressway by 1985 and the subsequent diversion of traffic from the roads east of Tel Aviv.
Shefar Am-Nazareth, Bat Shlomo-Missaf Amakim, and Beit Kama-Beer Sheba Road Sections
6.06 Average daily traffic (1980) on Shefar Am-Nazareth and Beit Kama- Beer Sheba sections is lower than the estimated volume by about 25%, though the Beit Kama-Beer Sheba section had a surge of traffic in 1974 seemingly caused as a result of war. On Bat Shlomo-Missaf Amakim section, overall traffic (1980) was close to the appraisal estimates.
C. Economic Costs and Benefits
6.07 Savings in the congestion costs are the main benefits from the construction of Ayalon Expressway (Jerusalem extension) and Ayalon-Ganot-Lod Expressway. They are the difference between the costs which are (or will be) incurred by the users of the expressways and those costs which would have been incurred by the same users on the Tel-Aviv street network without the expressways. The costs and benefits of the Ayalon Expressway and Ganot-Lod Expressway have been considered for three cases: Case I, in addition to the construction costs of Jerusalem extension and Ganot-Lod Expressway, the cost stream also includes all the complementary investments for improvement of city streets, construction of canal and bridges which do not generate ade- quate benefits now because the corridor is not yet complete. In this case, future potential benefits have not been included in the actual benefit stream for present traffic and projections thereof. In Case II, the complementary investments mentioned above have been excluded from the cost streams, while comparing against the same benefit streams. In Case III, the cost streams include not only the complementary investments, but also the additional investments that will be necessary to complete the first phase of the Ayalon Expressway as appraised and the benefit streams include the potential bene- fits which will be realized on completion. -14-
6.08 The benefits from the provision of the four grade-separated inter- changes primarily consist of time savings of professional drivers and passengers making business trips and avoidance of costs incurred by vehicles while stopping and starting at traffic-actuated signals. The benefits from the other three sub-projects accrue from operational cost savings resulting from faster-moving traffic on improved facilities and reduction of travel distances. In the case of Beer Sheba-Beit Kama section, about 80% of the total benefits are due to distance savings alone.
6.09 Vehicle operating costs (including costs of productive drivers' time and passenger time travelling for business purposes) at various speeds are shown in Table 14, as estimated at appraisal and as revised on the basis of updating operational cost information available for the years 1975 and 1980. The figures show that average vehicle operating costs, and therefore savings, have increased by about four times from 1970 to 1975 and by another 12 times from 1975 to 1980. This increase is primarily due to very high rate of inflation in Israel and partly to the marked producer price increases in petroleum products.
6.10 The costs in Israeli currency of construction of the project roads, Shefar Am-Nazareth, Bat Shlomo-Missaf Amakim, Beit Kama-Beer Sheba and the Abir and Netanya interchanges, all completed before 1976, increased by 1.5 to 3 times compared to the appraisal estimates at current prices. Furthermore, the costs (at current prices) in Israeli currency of the sub-projects Ganot- Lod Expressway, Azur interchange, Geha interchange and Ayalon Expressway, which started late and continued up to late seventies or early eighties, increased five to eight fold, except Geha where the cost increased to 45 times the appraisal estimate. Abnormally high inflation rates (more than 100% per year for several years) and unexpected implementation delays are an integral part of the causes of most of the cost increases. But the increases in the value of the operational cost savings due to high inflation compounded with the marked producers price increase in petroleum products have more than compensated the combined effect of cost overruns and traffic underruns in most cases. However, in the ex-post economic justification, actual project costs and estimated benefits in current prices of each year have been adjusted to eliminate the likely effect of inflation.
D. Economic Return
6.11 The economic returns (ERs) and the first-year benefit ratios (FYBRs) of the project road sections and interchanges, as estimated at appraisal and as revised on the basis of up-dated traffic, construction and vehicle operat- ing cost information, are shown in Table 15. The Annex shows that the revised estimated ERs vary between 14 and 33 percent. The results show that ex-post calculated rates of return are fully satisfactory and generally in line with those calculated ex-ante. Similarly, ex-post estimates of the FYBRs are always 10% or higher confirming clearly the overall economic justification of all the sub-projects. However, to derive optimum benefits from the Ayalon Expressway and the Ganot-Lod Expressway sub-project, the Goverment should complete the balance of the work as expeditiously as pos- sible, given their budgetary constraints. The Goverment has stated that -15- it remains committed to the completion of the whole Ayalon project, albeit over a longer period than originally envisaged. This is perhaps a special case when a further review around 1985/86 could be sufficiently rewarding. -16-
VII. Conclusions
7.01 The project objectives of the inter-urban highway components managed by MAZ have been achieved and the economic rates of return are fully satis- factory. Reimbursements for construction were limited on the original Ganot- Lod-Ramleh road up to Lod only but the section to Ramleh was directly financed by the Government, as were three other MAZ components constructed by force account.
7.02 The project objectives of the Ayalon project component have not yet been fully achieved as the scope of works eligible for reimbursement was cur- tailed (see Section IV) and construction scheduling hampered by budgetary constraints. Nevertheless, the truncated project remains economically viable and its viability will further improve with the completion of the subsequent stages of Ayalon Expressway. The ultimate achievement of the Ayalon objec- tive of traffic congestion relief in the centre of Tel Aviv is assured as the Government has committed itself to complete the Ayalon component during the next four to five years by progressively constructing the highways northward along the canal banks from the end of the Jerusalem Extension in the south to join the Haifa road on the northern side of Tel Aviv. This progressive con- struction along the Banks of the Ayalon canal will gradually unify the canal, bridge and city street investments already made under the project and by direct-financing into a comprehensive and efficient urban traffic distribu- tion network.
7.03 The appraisal estimate of project implementation was optimistic although budget constraints and other delaying factors, could not have been foreseen at the time of appraisal.
7.04 Progressive devaluation of Israeli currency against the US dollar have largely offset the effects of high domestic inflation and the US dollar costs of project components compare satisfactorily with appraisal estimates after taking authorised construction variations into consideration.
7.05 Devaluations of Israeli currency which occurred between the time of certification of payments to contractors and submission of withdrawal appli- cations to the Bank retarded the rate of disbursement and effectively reduced the Bank participation rate for US dollar equivalents of work values. How- ever, at appraisal the Bank loan of US$30 million was expected to finance about 80% of the foreign exchange cost of the project, but because of trunca- tion of the project, the amount disbursed (US$29.9 million) covered about 95% of the foreign exchange cost (Table 17).
7.06 With hindsight, it seems that, in the face of the deteriorating financial situation, the energy crisis and unusually high inflation, the Bank and the Borrower have demonstrated a great flexibility and understanding when examining high priority components of the project for the comparative attrac- tiveness of several alternative forms of truncation. One lesson to be drawn is that in such a situation substantial benefits will accrue to such truncat- ed project in future on completion of the subsequent stages and a further review at a later stage could be rewarding (Paras 1.05, 4.01 and 4.11). -17-
7.07 The project included both inter-city roads (PWD components) and also intra-city roads with the Ayalon Expressway (under the Netivey Ayalon Ltd) for the Tel Aviv metropolitan city being the largest single component. Many of these roads were interlinked and called for effective coordination. In particular, construction of the four-lane connection between the central business district of Tel Aviv and Ganot had to proceed in planned synchroni- zation with that of the contiguous PWD managed project component and provide a new main connection between Tel Aviv and Jerusalem. Effective supervision and excellent collaboration between the implementing agencies and the Bank in all aspects of the project from preparation through procurement to completion paid rich dividend (paras. 1.04, 5.01).
7.08 The project also provided an example of how aesthestical aspects can be suitably integrated in major bridge design (see para. 4.18).
9 - 17a - r0l5 ESTO ANNEX I WORLDBNK44009s3
ZCZC TLD358 VIA ITT KIT805 JTA1060 1l(76076 USNX CK ILJM 043
JERUSALEMISR 43/42 16 1355
ET AT I NTBAFRAD WASHI NGTON
ATT MR SHIV S. KAPUR DIRECTOR OPERATIONS EVALUATION DEPT
REF YOUR LETTER JAN 24 1983 PROJECT COMPLETION REPORT ON ISRAEL
SECOND HIGHWAY PROJECT LOAN 781- IS YOUR DRAFT REPORT SEEMS SATISFAC- TORY AND I HAVE NO COiMIM"ENTS
BARUCH, FOREIGN LOANS DEPT.
COL JAN 24 1983 781
-17b- ANNEX II bX njrm.
STATE OFISRAEL Ministry Of Construction And Housing Public Works Department P. 0. Box 13198 Jerusalem 91131 ISRAEL Date 9: March 1983 Rd. 6/4/3
Mr. Shiv Kapur Director Operation Evaluation Department The World Bank 1818 H Street, N.W. Washington, D.C. 20433 U . S . A.
Dear Mr. Kapur
Re: Project Completion Report on Israel Second Highway Project (Loan 781-IS)
I acknowledge hereby receipt of your letter dated January 24, 1983, and the draft report attached therero. I am glad to inform you, that I have no comments to make.
Please transmit to all your colleagues at the World Bank who were connected in any capacity with the frictionless implementation of the project, my heartfelt appreciation for their helpful cooparation, at all stages of our decade-long common effort.
Sincerely 4.tE M. Shohamy Director Public Works Depa tment
Copies Director Ayalon Highways Co. Ltd. 46 Al Parashat Drachim St. Tel-aviv Mr. V. Amiel, Foreign Currency Depar':ment, Bank of Israel, Jerusalem Mr. H. Baruch, Accountant General's Office, Jerusalem
1030 Vn
PROJECT COMPLETION REPORT
ISRAEL; SECOND HIGHWAY PROJECT (LOAN 781-IS)
SAR Estimates and Actual Construction Periods
D A T E S O F X of the Works Bid Receipt Contract Award Beginning of Work Completion of Work Completed by Project Component Contractor/Nationality Actual Actual Actual Expected Actual Expected Ecpected Completion Date
MAZ
Belt Kama - Beer Sheba Solel Boneh (Israeli) 10/01/71 12/01/71 01/15/72 ) 09/30/74 ) 100 Shetar Am - Nazareth Roichman (Israeli) 12/26/71 04/10/72 04/01/72 ) 01/15/75 ) 100 Bat Shlomo - M. ArakiLm Solel Boneh (Israeli) 05/05/72 08/01/72 08/01/72 ) Late 07/30/74 ) End 100 Netanya Interchange Solel Boneh (Israeli) 10/20/72 01/01/73 04/01/73 ) 1971 06/30/76 ) of 85 Abir Interchange Solel Boneh (Israeli) 10/20/72 01/01/73 04/01/73 ) (SAR) 09/30/75 ) 1975 100 Ayalon-Ganiot-Lod Solel Boneh (Israeli) 02/27/76 06/13/76 06/16/76 ) 09/30/79 ) (SAR) 0 Ben Gurion-Lod I/C Solel Boneh (Israeli) 11/02/73 01/15/74 03/15/74 ) 03/31/76 ) 93 Azur Interchange Solel Boneh (Israeli) 05/10/74 11/01/74 ) 08/30/79 ) 36 Geha Interchange Solel Boneh (Israeli) 02/02/79 04/22/79 06/03/79 ) 04/30/79 ) 0
co AYALON
Bridges Ramet (Israeli) 04/24/72 07/27/72 9/72 ) 4/81 ) 05/27/76 43 Canal Works!/ Solel Boneh (Israeli) 05/09/72 09/04/72 4/73 ) 9/76 ) 08/15/76 68 Canal Works Ramet (Israeli) 04/24/72 07/27/72 6/73 ) Mid 6/81 ) 05/27/76 3 Roads Solel Boneh (Israeli) 05/21/72 09/04/72 8/75 ) 1972 8/79 ) 08/15/76 11 Gabion Canal!' Solel Boneh (Israeli) 3/78 ) (SAR) 12/80 ) 08/15/76 0 Road Bridge (JE)2/ Solel Boneh (Israeli) - - - ) - - ) _ N.Yitzak Bridge3/ Mekorot (Israeli) - - - ) - - ) - Retaining Walls3/ Speilman Engg. (Israeli) - - - 3 - - ) -
Source: MAZ, Ayalon Highways Co. and SAR
1/ Balance of contract cancelled October 1976 and replaced with gabion canal.
2/ Added to roads (Solel Boneh) by contract variation order.
3/ Added to project for final disbursement purposes.
Note: See also Graph No. 2. PROJECT COMPLETION REPORT
ISRAEL: SECOND HIGHWAY PROJECT (LOAN 781-IS)
SAR Estimates and Actual Project Costs (US$ Million)
Actual Cost.!/ Appraisal Estimate of Cost"/ Local Foreign Total Local Foreign Total Actual Cost as a Country Country Proportion of Currency in Currency in Appraisal US Dollar US Dollar US Dollar US Dollar Estimate of Cost Project Component Equivalent US $ Equivalent Equivalent US $ Equivalent x (1) (2) (1) . (2) x 100
Ayalon Expressway4/ 19.7 11.9 31.6 2t 20.6 15.0 35.6 89 (First Phase) Beit Kama - Beer Sheba 2.7 1.6 4.3 2.8 2.0 4.8 89 Shefar Am - Nazareth 2.6 1.5 4.1 2.6 1.8 4.4 93 Bat Shlomo - M. Arakim 1.9 1.1 3.0 1.9 1.4 3.3 91 Netanya Interchange 2.8 1.7 4.5 1.5 1.1 2.6 173 3/ Abir Interchange 1.3 0.8 2.1 1.0 0.7 1.7 123 Ayalon-Ganot-Lod4/ 9.4 5.7 15.1 ) 7.5 5.5 13.0 142 Ben Gurion-Lod Interchange 2.1 1.2 3.3 ) Azur Interchange 5.1 3.0 8.1 2.3 1.6 3.9 208 3/ Geha Interchange 3.2 2.0 5.2 1.3 1.0 2.3 226 3/
Total 50.8 30.5 81.3 41.5 30.1 71.6 114
1/ US$ equivalents used throughout to eliminate distortion due to heavy inflation.
2/ Truncated component.
3/ Increased cost was mainly due to delay in completion of these project components by 5 to 6 ftyears in a highly inflationary situation.
4/ SAR assumed equal participation by foreign and local contractors.
Source: Bank Completion Report Mission.
Note: Contingency allowances have been distributed over all project components for the appraisal estimates of costs. PROJECT COMPLETION REPORT
ISRAEL: SECOND HIGHWAY PROJECT (LOAN 781-IS)
I. SAR Construction Cost Estimates II. Actual Construction Costs
- - - - -U S $ M I L L I O N------Contingencies Proj. Comp.l/'3/ Estimate hs.T1/ Esc1n.I/ Total FX Proj. Comp.l/,3/ Total FX 1 27.4 2.7 5.4 35.5 15.8 1 31.6./ 13.3 2 10.0 1.0 2.0 13.0 5.7 2 18.4 7.7 3 5.8 0.6 1.2 7.6 3.3 5-8 & 10-123/ 31.3 13.1 4-12 22.9 2.3 4.6 29.8 11.2 81.3 34.1 66.1 6.6 13.2 85.9 36.0 100% 42% 77% 8% 15% 100% 42%
1/ SAR assumptions: Equal participation by foreign and local contractors for project components 1-3. Local contractors only for project components 4-12. : 10% physical contingencies. : 5% annual escalation for foreign and local prices. 2/ Truncated project.
3/ Project Components 3,4 and 9 withdrawn from project and constructed by MAZ forc account Project Component Description
1 Ayalon Expressway (First phase) 2 Ayalon-Ganot-Lod-Ramleh(reduced to Lod only, includes Lod Interchange) 3 Belt Dagan-Ramleh (MAZ force account) 4 Rishon-Rehovoth (MAZ force account) 5 Azur Interchange 6 Geha Interchange 7 Abir Interchange 8 Netanya Interchange 9 Ra'anana-Beit Lid (MAC force account) 10 Shefar Am-Nazareth 11 Bat Shlomo-Missaf Arakim 12 Beit Kama-Beer Sheba PROJECT COMPLETION REPORT
ISRAEL: SECOND HIGHWAY PROJECT (LOAN 781-IS) (IE '000)
Variations in Construction Costs from SAR Estimates
Completion Cost Escalation I/ Net Value of Completion Cost Including x SAR 1970 - Bid Price Date of Additions at Additions as x at Bid Prices Escalation CCE-CC Estimate (BP) Bid Bid Prices Bid Price (CC) (CCE) CC
MAZ Project Road Component 28.4 +381 +2.7 14,231 18,266 Beit Kama-Beer Sheba 16,640 13,850 12/01/71 43.6 +1,226 +10.2 13,260 19,041 Shefar Am- Nazareth 15,600 12,034 04/10/72 18.5 +719 +7.2 10,662 12,638 Bat Shlomo-Missaf Arakim 11,440 9,943 08/01/72 103.4 +12 +0.1 12,281 24,977 Netanya Interchange 9,230 12,269 01/01/73 89.2 +536 +9.3 6,269 11,862 Abir Interchange 5,850 5,733 01/01/73 58.0 +447 +2.6 17,940 28,340 Ben Gurion Airport-Lod I/C 2/ 3/ 17,493 01/15/74 -9.4 30,120 85,198 182.9§/ Azur Interchange 13,650 33,237 11/01/74 4/ -3,117 141.1 -597 -0.6 97,136 234,201 Ganot-Lod Expressway 45,500 5/ 97,733 06/13/76 274.O.Y +4,590 +6.3 77,000 288,000 Geha Interchange 8,190 72,410 04/22/79
1/ Includes 10% quantity contingency and 5% annual price escalation.
2/ Bank disbursement percentage applied to IE 18,343,288, only of component whose CCE was IE28,340,000: Bank Government Total z BP 9,606 7,887 17,493 CC 11,605 6,335 17,940 CCE 18,343 9,997 28,340 Total figures shown in table above
3/ No estimate in SAR, component added to project later.
4/ Commencement of works. from project financing. 5/ Includes estimate for construction beyond Lod to Ramleh, later excluded components by 6/ Increased cost was mainly due to delay in completion of these project 5 to 6 years in a highly inflationary situation. - 24 - TABLE 7
ISR
LOANI781-IS
(411968ii, 1981 QUARTERLY REIMBURSAB LE WO0R K V A L UES (tE000)
Pa.mcw N. 29(111707) 2(b527 2B 5 6 7 N15 11 12 IDE ALLE TOTEAL.VAM,I
LODI/c III I/C I C04 801815 K 88915 TD99
N.te. This L971 2 colu NOT2 3 n,clud4 4 Totals
1972 1 898 920 89 920 2 5,0 1732 2,075 2:,172 3,777 3,90. 3 18,8381,912 J,016 1.035 2,069 2,28 4,923 5 165 4 1,326 1,412 1,540 1,574 1,550 1,701 4,416 4,687
1973 I 872 9661 1,514 1,611 1.100 1,256 3,486 3,833 2 563 626 1,9 ,74 1.389 1,635 2,274 2,572 1,852 2,246 7,673 8,853 3 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~9421,09 1.255 1458 1,457 1,818 2,121 3,024 2,538 3,265 8,713 10,659 4 595 773 300 39 455 835 627 841 46 66 2,023 2,705
1944 1 69 78 43 48 337 570 404 118 368 585 423 651 274 450 1,831 2,952 2 1,85 1,4 873 66718 1,154 1,254 2,016 540 932 126 209 821 1,426 4,110 6,573 3 38T 5,55 2,366 3,442 378 658 1,984 3,446 1,364 2,584 543 955 1,174 2,280 7,825 13,315 4 2,298 J.433 1,425 2,120 1,373 1,953 682 1,447 969 2,056 1,956 3,861 6,405 11,445
4975 1 2,584 4,215 1,402 2,613 664 1,016 739 1,824 503 1,242 3,508 6,695 2 2,553 4,212 1,583 2,411 3,022 4,775 548 1,404 1,099 2,817 6,252 11,607 i 3,199 5,814, 1,983 3,W6 3,210 5,388 89 2,382 667 l,a31 6,7374 L3,215 4 1,808 3,359 1,121 2,0863 2,585 4,731 935 2,879 4,64L 9,493
1976 1 1,209 2,467 750 1,543 2,745 5,188 490 4,503 3,985 8,233 2 2,515 2,828 2,633 5,292 946 3,047 6,0394 11,285 3 10,532 11,821 892 1,891 11,424 13,512 4, 10,328 12,138 1,89 4,209 12,216 t6, 367
1977 4 4,741 6,117 1,402 3,267 6,143 8,384 2 12,87014,098 1,111 2,778 11,989 16,876 1 5,686 9,9 956 7,734 6,662 12,031 4 3,310 8,21939 2, 1132 7,867 5,472 16,001
1978 1 4,325 10,662 8104 3,176 5,129 13,836 2 7,~~~~~~~~~~~~168317,928 829 2,975 322 20,903 3 7,837 70,236 1, 041 5,507 8,878 25,783 4 3,570 19,671 842 3,961 4,212 23,632
1879 1 8,058 26,197 833 4,234 8,731 30,451 2 8,633 33,114 1,174 9,333 1,001 1,400 10,7927 44,047 8,97R 41,819 576 4,507 61ODD 9,400 15,556 55,723 4 7,001 13,400 7,001 13,400
1984 1 8,702 21,505 9,008 21,500 .4 14,470 41,500 14,170 41.500 3 16,OOD 60,501 1,001 60,500 4 14,470 69,900 14,105 69,900
1981 1 8,602 41,900 6,640 41,911 2 3,202 28,505 3,200 38,505 3
FOR8FI59. 61 (18 59 (566) (125 (17094) (2163 (857) (77) 76 1146) (3795 (2,5171
F I NAL 17,968 28,340 11,805 18,343 97,136 2-34"3 38,128 85,001 77,440788,000 6,289 10,748 12,2981 24,120 15,268 18,072 10,662 12,472 14,231 17,983 272,564 708,755
_ AI _I _
CON T RACT 17r,483 113,84 97,733 33,237 77,410 5,733 12,268 12,034 9,943 13,81 368,055-- - 25 - ISRAEL TABLE 8
LOAN 781-IS - SECOND HIGHWAY PROJECT Page 1
Avalon Component -Expenditure (IE)A/
------Contract/Contractor ------Individual Bridges Canal Roads Canal Monthly Quarterly Date Ramet Ramet Solel-Boneh Solel-Boneh Totals Totals
Oct 72 316,322 316,322 Nov 72 93,506 93,506 Dec 72 266,252 266,252 676,080 Feb 73 539,383 539,383 539,383 Apr 73 471,181 471,181 May 73 392,334 392,334 June 73 1,008,668 1,008,668 1.872,183 July 73 867,333 255,904 338,263 1,461,500 Aug 73 3,314,224 159,176 348,639 3,822 039 Sept 73 837,635 207,152 379,084 1,423,871 6,707,410 Oct 73 503,445 503,445 Nov 73 457,795 299,917 757,712 Dec 73 380,460 380,460 1,641,617 Feb 74 480,804 480,804 Mar 74 705,000 705,000 1,185,804 Apr 74 611,123 294,114 905,237 May 74 1,093,076 960,075 469,042 2,522,193 June 74 891,166 512,601 1,403,767 4,831,197 July 74 1,523,440 433,296 548,060 2,504,796 Aug 74 2.273.952 1,206,590 464,787 3,945,329 Sept 74 1,410,852 2,1ll,P51 505,472 4,028,175 10,478,300 Oct 74 1,844,947 404,128 511,969 2,761,044 Nov 74 1,013,294 64,290 549,202 1,626,786 Dec 74 1,262,511 39,686 1,302,197 5,690,027 Jan 75 1,455,815 1,455,815 Feb 75 1,245,734 1,245,734 Mar 75 1,022,557 1,022,557 3,724,106 Apr 75 1,143,908 64,493 1,208,401 May 75 2,285,833 2,285,833 June 75 2,978,896 1,252,053 4,230,949 7,725,183 July 75 2,891,909 885,909 3,777,818 Aug 75 2,460,188 575,714 3,035,902 Sept 75 1,628,924 794,621 1,538,420 3,961,965 10,775,685 Oct 75 1,872,121 838,483 980,551 3,961,155 Nov 75 2,667,965 292,158 973,898 3,934,021 Dec 75 1,548,534 175,601 1,724,135 9,349,311 Jan 76 2,527,543 228,469 187,070 2,943,082 Feb 76 1,542,598 464,527 2,007,125 Mar 76 1,442,022 518,899 1,960,921 6,911,128 Apr 76 2,036,147 315,379 2,351,526 May 76 1,145,475 144,058 3,899,186 5,188,719 June 76 871,111 263,618 145,686 1,280,415 8,820,660 July 76 547,580 56,249 603,829 Aug 76 788,694 940,104 1,728,798 Sept 76 974,998 1,684,541 2,408,834 5,068,373 7,401,000 Oct 76 1,769,126 922,250 1,509,930 b/ 4,201,306 Nov 76 3,634,216 3,634,216 Dec 76 3,023,483 140,414 370,204 3,534,101 11,369,623 Jan 77 2,091,995 2,091,995 Feb 77 1,553,800 1,553,800 Mar 77 647,719 647,719 4,293,514 Apr 77 983,940 983,940 May 77 1,135,567 768,058 1,903,625 June 77 1,224,331 1,224,331 4,111,876 July 77 2,872,951 1,028,369 3,901,320 Aug 77 1,603,709 1,988,638 3,592,347 Sept 77 1,400,273 1,044,236 2,444,509 9,938,176
SUITOTALS: IE 78,682,586 11,442,742 8,994,212 18,922,743 118,042,283 118,042,283
a/ Land acquisition costs excluded. b/ Balance of contract cancelled beyond construction limits of Jerusalem Extension near Kibutz Galuyot bridge.
October 31. 1979 0~~ ~ C Hoo
g ' ~~ ~ ~ ~ 'CE' 'C0Qt 0't II '
9~~~~~~~~~~~~~~~~~~~ t8 s;$ O ~~~~~~~~~~~~~~~~~~~~~~~~~~~§0
0 t 0 '; C
. '9 W S S > rX > ¢ rt-e~~~~~~~~~~~~~~~~~~~
'JO' ~ ~~t'0 ~ ~ 0-' ~ .~J~ ~to ~ ~ ~ M _'Ct'_JSC
I §Wg o~W woc - 25 - ISRAEL TABLE 8
LOAN 781-IS - SECOND HIGHWAY PROJECT Page 1
Ayalon Component- Expenditure (IE)I!
------Contract/Contractor ------Individual Bridges Canal Roads Canal Monthly Quarterly Date Ramet Ramet Solel-Boneh Solel-Boneh Totals Totals
Oct 72 316,322 316,322 Nov 72 93,506 93,506 Dec 72 266,252 266,252 676,080 Feb 73 539,383 539,383 539,383 Apr 73 471,181 471,181 May 73 392,334 392,334 June 73 1,008,668 1,008,668 1,872,183 July 73 867,333 255,904 338,263 1,461,500 Aug 73 3,314,224 159,176 348,639 3,822,039 Sept 73 837,635 207,152 379,084 1,423,871 6,707,410 Oct 73 503,445 503,445 Nov 73 457,795 299,917 757,712 Dec 73 380,460 380,460 1,641,617 Feb 74 480,804 480,804 Mar 74 705,000 705,000 1,185,804 Apr 74 611,123 294,114 905,237 May 74 1,093,076 960,075 469,042 2,522,193 June 74 891,166 512,601 1,403,767 4,831,197 July 74 1,523,440 433,296 548,060 2,504,796 Aug 74 2.273.952 1,206,590 464,787 3,945,329 Sept 74 1,410,852 2,111,P51 505,472 4,028,175 10,478,300 Oct 74 1,844,947 404,128 511,969 2,761,044 Nov 74 1,013,294 64,290 549,202 1,626,786 Dec 74 1,262,511 39,686 1,302,197 5,690,027 Jan 75 1,455,815 1,455,815 Feb 75 1,245,734 1,245,734 Mar 75 1,022,557 1,022,557 3.724,106 Apr 75 1,143,908 64,493 1,208,401 May 75 2,285,833 2,285,833 June 75 2,978,896 1,252,053 4,230,949 7,725,183 July 75 2,891,909 885,909 3,777,818 Aug 75 2,460,188 575,714 3,035,902 Sept 75 1,628,924 794,621 1,538,420 3,961,965 10,775,685 Oct 75 1,872,121 838,483 980,551 3,961,155 Nov 75 2,667,965 292,158 973,898 3,934,021 Dec 75 1,548,534 175,601 1,724,135 9,349,311 Jan 76 2,527,543 228,469 187,070 2,943,082 Feb 76 1,542,598 464,527 2,007,125 Mar 76 1,442,022 518,899 1,960,921 6,911,128 Apr 76 2,036,147 315,379 2,351,526 May 76 1,145,475 144,058 3,899,186 5,188,719 June 76 871,111 263,618 145,686 1,280,415 8,820,660 July 76 547,580 56,249 603,829 Aug 76 788,694 940,104 1,728,798 Sept 76 974,998 1,684,541 2,408,834 5,068,373 7,401,000 Oct 76 1,769,126 922,250 1,509,930 b/ 4,201,306 Nov 76 3,634,216 3,634,216 Dec 76 3,023,483 140,414 370,204 3,534,101 11,369,623 Jan 77 2,091,995 2,091,995 Feb 77 1,553,800 1,553,800 Mar 77 647,719 647,719 4,293,514 Apr 77 983,940 983,940 May 77 1,135,567 768,058 1,903,625 June 77 1,224,331 1,224,331 4,111,876 July 77 2,872,951 1,028,369 3,901,320 Aug 77 1,603,709 1,988,638 3,592,347 Sept 77 1,400,273 1,044,236 2,444,509 9,938,176
3UZTOTALS: IE 78,682,586 11,442,742 8,994,212 18,922,743 118,042,283 118,042,283
a/ Land acquisition costs excluded. b/ Balance of contract cancelled beyond construction limits of Jerusalem Extension near Kibutz Galuyot bridge.
October 31. 1979 - 26 -
TARIt 8 Page 2
ISRAEL
SEqON HImoAY PROJECr (Loan 781-IS)
Ayalon Caconent - Expenditure (aE)
Contract/Contractor Individual Bridges Canal Roads canal Gabion-Canal Rail Bridge Mtnthly Quarterly Date Raret Ran-et Solel-Boneh Solel-Banh Solel-Bonieh Solel-Boneh Totals Totals
Oct 72 Sept 77 78,682,586 11,442,742 8,994,212 18,922,743 118,042,283 118,042,283 Oct 77 2,178,215 1,350,412 3,528,627 Nov 77 1,954,740 1,854,726 3,809,466 Dec 77 3,053,432 754,008 1,302,990 5,110,430 12,448,523 Jan 78 2,584,770 734,924 3,319,694 Feb 78 L,986,720 1,986,720 Mar 78 3,021,982 3,021,982 8,328,396 Apr 78 1,232,808 337,156 274,968 186,0O0 2,030,932 May 78 1,391,598 766,971 4,371,916 6,530,485 June 78 2,052,524 1,301,118 1,453,760 8LL,452 573,300 6,192,154 14,753,571 July 78 6,726,838 1,523,441 753,240 3,337,850 12,341,369 Aug 78 2,963,457 1,710,542 4,172,599 1,039,973 2,077,390 11,963,961 Sep 78 4,617,561 2,505,372 2,316,3% 2,178,660 978,460 12,596,449 36,901,779 Oct 78 1,896,377 1,313,012 1,483,748 1,984,348 439,235 7,116,720 Nov 78 L,240,677 2,507,622 2,200,107 455,779 6,404,185 Dec 78 1,259,344 602,963 1,468,670 416,071 3,747,048 17,267,953 Jan 79 707,672 1,967,465 262,330 2,937,467 Feb 79 2,090,956 367,385 3,351,745 788,686 6,598,772 Mar 79 310,000 3,209,103 3,431,011 472,069 7,422,183 16,958,422 Apr 79 400,000 4,046,552 4,446,552 May 79 513,200 1,209,608 2,036,009 3,758,817 June 79 1,266,149 4,518,955 5,785,104 13,990,473 July 79 380,000 2,700,936 120,190 6,675,723 270,058 10,146,907 Aug 79 2,250,00) 2,465,235 2,783,217 8,517,362 16,015,814 Sept 79 700,000 5,401,372 9,583,194 15,684,566 4L,87,287 Oct 79 1,131,340 4,052,234 6,050,109 11,233,683 Nov 79 1,516,876 5,072,665 6,589,541 Dec 79 4,210,873 5,385,025 9,595,898 27,419,122 Jan 80 1,070,t16 3,108,466 4,178,582 Feb 80 955,201 1,883,741 2,838,942 Mar 80 2,840,958 2,840,958 9,858,482 Apr 80 8,274,567 1,734,731 10,009,298 May 80 12,974,743 5,159,044 18,133,787 June 80 15,242,661 4,559,862 19,802,523 47,945,608 July 80 22,756, 200 5,949,102 28,705,302 Aug 80 130,181 23,374,666 7,603,532 31,108,379 Sept 80 28,022,212 2,106,590 30,128,802 89,942,483 Oct 80 9,974,452 9,974,452 Nov 80 Dec 80 26,112 9,039,140 9,065,252 19,039,704 Jan 81 Feb 81 Mar 81 Apr 81 241,660 6,750,000 6,991,660 May 81 20,440,080 20,440,080 June 81 30,899,640 30,899,640 58,331,380
125,698,638 223,129,923 35,362,619 18,922,743 119,704,315 10,257,2 2 8 5 533,075,466 al USt258,418 for gabion casings at May '979 exchange rate of IE 16.918 per LS$. PROJECT COMPLETION REPORT
ISRAEL: SECOND HIGHWAY PROJECT (LOAN 781-IS)
Expenditures per Quarter for MAZ Components (US$'000)
1972 1973 QTR 1 2 3 4 1 2 3 4 Component Ii per US$ 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2
Beit Kama - Beer Sheba IE'000 920 2,172 2,218 1,701 1,256 2,246 3,265 66 US$ 219 517 528 405 299 535 777 16 USS 219 736 1,264 1,669 1,968 2,503 3,280 3,296 Shefaram - Nazareth IE'000 - 1,732 1,912 1,412 966 1,635 1,818 635 US$ - 412 455 336 230 389 433 151 US$ - 412 867 1,203 1,433 1,822 2,255 2,406 Bat Shlomo - M. Arakim IE'000 - - 1,035 1,574 1,611 2,572 3,024 841 US$ - - 246 375 384 612 720 200 US$ - - 246 621 1,005 1,617 2,337 2,537 Netanya Interchange IE'000 - - - - - 1,774 1,458 390 US$ - - - - - 422 347 93 USS - - - - - 422 769 862 Abir Interchange I£'000 - - - - - 626 1,094 773 US$ - - - - - 149 260 184 USs - - - - - 149 409 593 Ben Gurion Airport-Lod I/C IE'000 ------US$ ------US$ ------Azur Interchange IE'000 ------( r US$ ------I- US$ ------Ayalon-Ganot-Lod IE'000 ------US$ ------USs ------Geha Interchange IE'000 ------US$ ------USs ------
Cumulative US$ for MAZ Components No. I - 9 219 1,148 2,377 3,493 4,406 6,513 9,050 9,694 Expenditures per Quarter for MAZ Components (US$'000)
1974 1975 QTR 1 2 3 4 1 2 3 4 Component IE per USS 4.2 4.2 4.2 5.4 6.0 6.04 6.453 7.067
Belt Kama - Beer Sheba IE'000 450 1,426 2,260 - - - - - US$ 107 339 538 - - - - - USS 3,403 3,742 4,280 4,280 4,280 4,280 4,280 4,280 Shefaram - Nazareth IE'000 585 932 2,584 3,861 - - - - USS 139 222 615 715 - - - - US$ 2,545 2,767 3,382 4,097 4,097 4,097 4,097 4,097 Bat Shlomo - M. Arakim If'000 651 209 955 - - - - - US$ 155 50 227 - - - - - US$ 2,692 2,742 2,969 2,969 2,969 2,969 2,969 2,969 Netanya Interchange IEI'ooo 718 2,016 3,446 2,056 1,242 2,817 1,831 2,679 US$ 171 480 820 381 207 466 284 379 US$ 1,033 1,513 2,333 2,714 2,921 3,387 3,671 4,050 Abir Interchange IE'000 500 1,154 658 1,447 1,824 1,404 1,288 - USS 119 275 157 268 304 232 199 - US$ 712 987 1,144 1,412 1,716 1,948 2,147 2,147 Ben GurLon Airport-Lod I/C IE'000 48 836 3,442 2,128 2,613 2,611 3,606 2,083 US$ 11 199 820 394 435 432 559 295 US$ 11 210 1,030 1,424 1,859 2,291 2,850 3,145 Azur Interchange IE'000 - - - 1,953 1,016 4,775 5,386 4,731 USS - - - 362 169 791 835 669 US$ - - - 362 531 1,322 2,157 2,826 O Ayalon-Ganot-Lod m 1E'000 ------
USs - - - - - _ _ _ US$ - - - Geha Interchange IE'000 ------USs - - - USs - - -
Cumulative USS for MAZ Components No. 1 - 9 10,396 11,961 15,139 17,258 18,373 20,294 22,171 23,514 Expenditures per Quarter for MAZ Components (US$'000)
1976 1977 QTR 1 2 3 4 1 2 3 4 Component IE per US$ 7.38 7.82 8.145 8.564 9.003 9.321 9.895 13.616
Beit Kama - Beer Sheba I£'OO ------USs ------US$ 4,280 4,280 4,280 4,280 4,280 4,280 4,280 4,280 Shefaram - Nazareth IE'000 ------U1$ ------US$ 4,097 4,097 4,097 4,097 4,097 4,097 4,097 4,097 Bat Shlomo - M. Arakim IE'000 ------US$ ------_ USS 2,969 2,969 2,969 2,969 2,969 2,969 2,969 2,969 Netanya Interchange IE'000 1,503 2,190 ------US$ 204 280 ------US$ 4,254 4,534 4,534 4,534 4,534 4,534 4,534 4,534 Abir Interchange I'000 ------US$ ------US$ 2,147 2,147 2,147 2,147 2,147 2,147 2,147 2,147 Ben Gurion Airport-Lod I/C IE'000 976 ------US$ 132 ------US$ 3,277 3,277 3,277 3,277 3,277 3,277 3,277 3,277 Azur Interchange IE'000 5,188 5,292 1,891 4,209 3,267 2,778 2,734 7,867 US$ 703 677 232 491 363 298 276 578 USS 3,529 4,206 4,438 4,929 5,292 5,590 5,866 6,444 a Ayalon-Ganot-Lod IE'000 - 2,926 11,621 12,138 6,117 14,098 9,297 8,139 US$ - 374 1,427 1,417 679 1,512 940 598 US$ - 374 1,801 3,218 3,897 5,409 6,349 6,947 Geha Interchange IE'000 ------US$ - - - - _ _ _ _ USS ------
Cumulative US$ for MAZ Components No. I - 9 24,553 25,884 27,543 29,451 30,493 32,303 33,519 34,695 Expenditures per Quarter for MAZ Components (US$'000)
1978 1979 QTR 1 2 3 4 1 2 3 4 Component It per US$ 16.075 16.990 18.179 18.642 19.585 23.444 26.820 31.906
Beit Kama - Beer Sheba IE'000 ------USs ------US$ 4,280 4,280 4,280 4,280 4,280 4,280 4,280 4,280 Shefaram - Nazareth II'000 ------US$ ------US$ 4,097 4,097 4,097 4,097 4,097 4,097 4,097 4,097 Bat Shlomo - M. Arakim I£'000 ------US$ ------US$ 2,969 2,969 2,969 2,969 2,969 2,969 2,969 2,969 1 Netanya Interchange w II'000 ------C US$ ------USs 4,534 4,534 4,534 4,534 4,534 4,534 4,534 4,534 Abir Interchange IE'000 ------US$ ------US$ 2,147 2,147 2,147 2,147 2,147 2,147 2,147 2,147 Ben Gurion Airport-Lod I/C I£'000 ------US$ US$ 3,277 3,277 3,277 3,277 3,277 3,277 3,277 3,277 Azur Interchange IE'000 3,176 2,975 5,507 3,961 4,254 9,533 4,507 - US$ 198 175 303 212 217 407 168 - 0 US$ 6,642 6,817 7,120 7,332 7,549 7,956 8,124 8,124 P M Ayalon-Ganot-Lod IE'000 10,662 17,928 20,276 19,671 26,197 33,114 41,816 - US$ 663 1,055 1,115 1,055 1,338 1,412 1,559 - US$ 7,610 8,665 9,780 10,835 12,713 13,585 15,144 15,144 Geha Interchange IE'000 - - - - - 1,400 9,400 13,400 US$ - - - - - 60 350 420 US$ - - - - - 60 410 830
Cumulative US$ for MAZ Components No. 1 - 9 35,556 36,786 38,204 39,471 41,566 42,905 44,982 45,402 Expenditures per Quarter for MAZ Components (USS '000)
1980 1981 1972-1981 QTR 1 2 3 4 1 2 3 Component I£ per USS 38.380 45.100 54.144 67.347 84.11 102.7 125.39 TOTALS
Beit Kama - Beer Sheba IE1000 ------17,980 US$ ------US$ 4,280 4,280 4,280 4,280 4,280 4,280 4,280 4,280 Shefaram - Nazareth I£'000 ------18,072 US$ ------US$ 4,097 4,097 4,097 4,097 4,097 4,097 4,097 4,097 Bat Shlomo - M. AraKim I£'000 ------12,472 US$ ------US$ 2,969 2,969 2,969 2,969 2,969 2,969 2,969 2,969 Netanya Interchange ItOOO ------24,120 H US$ ------US$ 4,534 4,534 4,534 4,534 4,534 4,534 4,534 4,534 Abir Interchange If'000 ------10,768 USS ------US$ 2,147 2,147 2,147 2,147 2,147 2,147 2,147 2,147 Ben Gurion Airport-Lod I/C I£'000 ------18,343 US$ ------US$ 3,277 3,277 3,277 3,277 3,277 3,277 3,277 3,277 Azur Interchange IE'000 ------85,000 e
USE ------US$ 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 M M Ayalon-Ganot-Lod IE'OOO ------234,000 US$ ------US$ 15,144 15,144 15,144 15,144 15,144 15,144 15,144 15,144 Geha Interchange IE'000 21,500 41,500 60,500 69,900 41,900 28,500 - 288,000 US$ 560 920 1,117 1,038 498 278 - - US$ 1,390 2,310 3,427 4,465 4,963 5,241 - 5,241
Cumulative US$ for MAZ Components No. I - 9 45,962 46,882 47,999 49,037 49,535 49,813 - 49,813 PROJECT COMPLETION REPORT
ISRAEL: SECOND HIGHWAY PROJECT (LOAN 781-IS)
Cumulative Value of Civil Works in Current-US$'000 - Ayalon Components
1972 1973 QTR 1 2 3 4 1 2 3 4 Component IE per US$ 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2
Bridges - Ramet I£'000 - - - 676 539 1,480 5,007 851 US$ - - - 161 128 352 1,192 203 US$ - - - 161 289 641 1,833 2,036 Canal - Solel Boneh I£'OOO - - - - - 731 1,231 300 US$ - - - - - 174 293 71 ust - 174 467 538 Canal - Ramat I£I000 ------622 US$ ------148 - US$ ------148 148 Roads Solel Boneh I£'000 ------US$ ------US$ - - - - - Gabion Canal - Solel Boneh I£'000 ------US$ - - - - _ _ _ US$ ------Rail Bridge - Solel Boneh I£'000 ------
US ------_- X
Cumulative US$ for Ayalon o Components No. 1 - 6 - - - 161 289 815 2,448 2,722 Cumulative Value of Civil Works in Current US$'000 - Ayalon Components
1974 1975 QTR 1 2 3 4 1 2 3 4 Component IE per US$ 4.2 4.2 4.2 5.4 6.0 6.04 6.453 7.067
Bridges - Ramet I£'000 1,186 2,595 5,208 4,121 3720 6,413 6,981 6,089 US$ 282 618 1,240 763 620 1,062 1,082 862 US$ 2,318 2,936 4,176 4,939 5,559 6,621 7,703 8,565 Canal - Solel Boneh I£'000 - 1,276 1,518 1,101 - 1,316 3,000 1,954 US$ - 304 361 204 - 218 465 276 US$ 538 842 1,203 1,407 1,407 1,625 2,090 2,366 Canal - Ramat II'000 - 960 3,752 468 - - 795 838 US$ - 229 893 87 - - 123 119 US$ 148 377 1,270 1,357 1,357 1,357 1,480 1,599 Roads Solel Boneh IE'000 ------468 US$ ------66 US$ ------66 Gabion Canal - Solel Boneh IE'000 ------US$ ------US $ ------Rail Bridge - Solel Boneh If'000 ------US$ ------
US s ------ItH
Cumulative US$ for Ayalon Components No. 1 - 6 3,004 4,155 6,649 7,703 8,323 9,603 11,273 12,596 Cumulative Value of Civil Works in Current US$'000 - Ayalon Components
1976 1977 QTR 1 2 3 4 1 2 3 4 Component IE per US$ 7.38 7.82 8.145 8.564 9.003 9.321 9.895 13.616
Bridges - Ramet IE'000 5,512 4,053 2,311 8,427 4,294 3,344 5,877 7,186 US$ 747 518 284 984 477 359 594 528 US$ 9,312 9,830 10,114 11,098 11,575 11,934 12,528 13,056 Canal - Solel Boneh I£'000 187 3,899 2,409 - - - - - US$ 25 499 296 - - - - - US$ 2,391 2,890 3,186 3,186 3,186 3,186 3,186 3,186 Canal - Ramat IE'000 - 264 2,681 1,063 - - - 754 US$ - 34 329 124 - - - 55 US$ 1,599 1,633 1,962 2,086 2,086 2,086 2,086 2,141 Roads Solel Boneh IE'000 1,212 605 1,510 370 - 768 4,061 4,508 _ US$ 164 77 185 43 - 82 410 331 US$ 230 307 492 535 535 617 1,027 1,358 Gabion Canal - Solel Boneh I£'000 ------US$ - - - _ _ _ US$ ------Rail Bridge - Solel Boneh IE'000 ------US$ ------_ _ X L US$ ------D M Cumulative US$ for Ayalon w Components No. 1 - 6 13,532 14,660 15,754 16,905 17,382 17,823 18,827 19,741 Cumulative Value of Civil Works in Current US$'000 - Ayalon Components
1978 1979 QTR 1 2 3 4 1 2 3 4 Component IE per US$ 16.075 16.990 18.179 18.642 19.585 23.444 26.820 31.906
Bridges - Ramet I£'000 7,593 4,677 14,308 4,396 3,109 913 3,330 1,131 US$ 472 275 787 236 159 39 124 35 US$ 13,528 13,803 14,590 14,826 14,985 15,024 15,148 15,183 Canal - Solel Boneh US$ 0 - - - - - _ _
USS 3,186 3,186 3,186 3,186 3,186 3,186 3,186 3,186 Canal - Ramat IE'000 - 2,405 5,739 1,313 367 - 10,566 9,771 1 US$ - 142 316 70 19 - 394 306 w US$ 2,141 2,283 2,599 2,669 2,688 2,688 3,082 3,388 2 Roads Solel Boneh I£'000 735 1,454 6,489 4,594 3,209 2,476 2,903 - US$ 46 86 357 246 164 106 108 - US$ 1,404 1,490 1,847 2,093 2,257 2,363 2,471 2,471 Gabion Canal - Solel Boneh Ii'000 - 5,458 3,972 5,653 5,319 10,602 24,776 16,508 US$ - 321 218 303 272 452 924 517 US$ - 321 539 842 1,114 1,566 2,490 3,007 Rail Bridge - Solel Boneh I£'000 - 759 6,394 1,311 1,523 - 270 - US$ - 45 352 70 78 - 10 - US$ - 45 397 467 545 545 555 555 L
Cumulative US$ for Ayalon Components No. 1 - 6 20,259 21,128 23,158 24,083 24,775 25,372 26,932 27,790 O Cumulative Value of Civil Works in Current US$'000 - Ayalon Components
1980 1981 1972-1981 QTR 1 2 3 4 1 2 - 3 Component IE per US$ 38.380 45.100 54.144 67.347 84.11 102.7 125.39 TOTALS
Bridges - Ramet I£'000 - - 130 - - 242 - 125,699 US$ - - 2 - - 2 - 15,187 US$ 15,183 15,183 15,185 15,185 15,185 15,187 15,187 15,187 Canal - Solel Boneh I£'000 ------18,922 US$ ------3,186 US$ 3,186 3,186 3,186 3,186 3,186 3,186 3,186 3,186 Canal - Ramat I£'000 2,025 36,492 74,153 10,000 - 58,090 - 223,118 US$ 53 809 1,370 148 - 566 - 6,334 US$ 3,441 4,250 5,620 5,768 5,768 6,334 6,334 6,334 Roads Solel Boneh IE'000 ------35,362 US$ ------2,471 US$ 2,471 2,471 2,471 2,471 2,471 2,471 2,471 2,471 Gabion Canal - Solel Boneh I£'000 7,833 11,454 15,659 9,039 - - - 116,273 US$ 204 254 289 134 - - - 3,888 US$ 3,211 3,465 3,754 3,888 3,888 3,888 3,888 3,888 Rail Bridge - Solel Boneh I£O000 ------10,257 US$ ------555 US$ 555 555 555 555 555 555 555 555 9
Cumulative US$ for Ayalon n' Components No. 1 - 6 28,047 29,110 30,771 31,053 31,053 31,621 31,621 31,621 0 - 37 -
TABLE 11 PROJECT COMPLETION REPORT
ISRAEL; SECOND HIGHWAY PROJECT (LOAN 781-IS)
Cumulative Withdrawal Applications
Date of WA Disbursement by Bank Individual WA Cumulative -- Us--__…_----Us$
1 January 9, 1973 945,582.58 945,582.58 2 April 5, 1973 423,417.72 1,369,000.30 3 July 30, 1973 319,478.64 1,688,478.94
4 February 15, 1974 1,830,634.82 3,519,113.76 5 August 16, 1974 625,329.33 4,144,443.09
6 January 10, 1975 631,353.63 4,775,796.72 7 May 11, 1975 1,376,438.73 6,152,235.45 8 September 29, 1975 659,994.20 6,812,229.65 9 December 8, 1975 446,394.75 7,258,624.40
1U January 26, 1976 799,020.06 8,057,644.46 LI September 23, 1976 1,700,280.00 9,757,924.46
12 April 13, 1977 798,668.35 10,556,592.81 13 December 1, 1977 986,132.81 11,542,725.62
14 June 13, 1978 1,725,751.33 13,268,476.95 15 August 4, 1978 3,138,817.08 16,407,294.03 16 August 28, 1978 928,611.35 17,335,905.38
17 January 31, 1979 2,504,192.99 19,840,098.37 18 March 19, 1979 1,480,533.11 21,320,631.48 19 August 14, 1979 2,351,177.81 23,671,809.29 20 November 14, 1979 1,141,626.13 24,813,435.42
21 January 4, 1980 1,239,783.84 26,053,219.26 22 June 20, 1980 1,051,047.55 27,104,266.81 23 October 24, 1980 548,851.53 27,653,118.34 24 December 30, 1980 387,150.10 28,040,268.44
25 February 10, 1981 507,699.65 28,547,968.09 26 June 11, 1981 333,267.15 28,881,235.24 27 July 24, 1981 120,319.02 29,001,554.26 28 August 12, 1981 303,013.00 29,304,567.26
29 August 17, 1981 555.98 29,305,123.24 30 August 17, 1981 1,129.19 29,306,252.43 31 August 13, 1981 1,267.28 29,307,519.71 32 August 18, 1981 115,190.95 29,422,710.66 33 October 22, 1981 445,528.71 29,868,239.37 34 January 12, 1982 7,052.89 29,875,292.26 35 January 12, 1982 46,383.47 29,921,675.73
- Cancellation 78,324.27 30,000,000.00 ISRAEL SECONDHIGHCWAy PROJECT (Loan 781-1S1 Withdra..alAPPn --ato 1-34
------P W.D Cosp.. . ------Aton. C opu - -p------Di-b -r-eeo D ta-l------Payaent to Ben io-no Bat Sl,ln.s Canal and Canal an-d Tota Etchings Actual Wo- 1. -oar -cno Airport to Ca... o Abi- -d Slic- do no Riaa..f Roi Koed to Road Worl Bridge Works Capeod--o R-biabotle Rat Dt-b---ee ana/ dLe at WA iDate) (Dale) Lod i/C Lod ear- I/I. BtNvaY I/C Gaha I/C to Natateth Rokim Beet Sheba Dolel-Donet Ramet clOD?) ep....d--uc- Ilnde by) us$ C-tBr-n
1/.1. 8cc In, 72 sp 12 na4,192,812 J1/iop7 na 2,574,045 J/3 Sepb732 .a 267,8308 i/f Raoc ep 12 2,640,000D I/f AMlanc Ang 12 2,368,888 12,034,681 3,971,447 4 28D8 945,58298
I'll Ra h97io 72 0cc- 1,889,873 /IJ CNn7 Den 72 1,590,065 1/-i-i Ron ~~72lien 72 1,624,292 aDd Don~~C,7c Jot 72 284,722 5,388.952 1,778,354 A 2000 4223,417.72
3/,i Jul tO7d Fob 73 M.ar72 1,314,68n0 d/.ti Boo~~NId Apr La 809,223 -i/-i-i PonF73 Apr 7i 927,164 Feb 73 Bar 73 977,053 4,023.120 1,327,630 4 1556 319,478 64 I
4/3.i Jan 7,74 Ott 73 inL 4,907,054 J/i tsp73 Denl J 5,624,168 41-i Oin Id BoJ 7 3,073,131 uti- sap 73 Do 7 4.137,000 CLt J-n73 sop 73 4/-id 1,595,865 Jul73 Oat L 837.530 .433 odnanteM- lin73 2,635,000 4/-i u4PŽ s 86,971 4/Ji u48 n 90,918 4/.t. toP a a 84,817 23,093,462 7,620,512 4.1628 1,830,634 82
7/-id Jul I,7s Pen. 774 tsr74 1,685,108 7/JI Pal 74 .a 74 1,508,999 7/id oa 74, Ape In 1,110,597 )ti3 FeB 7~~:4 Apr 74 787,522 2./a-i u,dci 73 Man 44 1,778,747 sn77 ela. 7 1,113,981 7,968.946 2,629,753 4.2054 625,32833 n/,- -n Ray Li, 14 7.. JoL 70 2,603,138 n.-iJ uo 74 uop 74 2,118,776 n/ll stay 74 Joe 74 584,444 sLi Aug:70 lie 7 5,334.500 1~ddAu 74 .ug In 838,299 11,4179,157 3,788,122 6.0008 621,35363
7/ti M,a d8,)S Sep 74 Ro I 3,929,983 7/ti sep 74 Ja 75 1//3 tnt 74 De 4 6,537.808I 4,0888,631 ti-i-i Ro~N.74 Dsu74 3,211,839 7/ti tact14 Rot 74 2,965,686 //3d Ba~~~y7o 0c- 74 1.513,911 7iji __ep_74 Ret 74 2,787,109 25,026,159 8,258,632 688800 1 ,376,4 38. 713
/di Asg nh7 J.n 75 flay77 3,18,0255 8t3i ear 7, 3.. 75 B/ti up 2,187,847 74 FeB 75 138,669 ii dna listIs ~~~J:o75 1,554,810 n/a, list~u:74 tsr7o 2,144,488 nt dap In Ran 75 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~1,854,556 si-i-i Oct~~~7In JnI 911,80G l3.999 .8 77 4,619.959 7 8880 s59,994 28 L--cl P.o.ot JILl c/i D,RI,t8 - 911,000 15,821,82b - 16,295,133 12,521,242 18,266,368 4.750,188 215,767,411 1103,013.368 39,994,489 - 6,812,22965
/ OinralAplsicaio -nd -Bonn prnicipaige ~------~------P.W.D. Co.. .t------Ayalco Co-po... c ------Dsb-rse-ne D-LI ------Paynnt to Ben Cotton Bat Sbl o Canal and Canal and Total Et-hcng Actual Bort to Contractor Airport to Canot to Abar and Shefor A. to Ca..saf Beat tos to Road Worka Bridge Works Enyondatere Reasbtrsable Rate D-nbnrsenent ,A Uate ot WA (DJte) (Dote) Lad l/C Lad A-r I/C Neteo /C Gnht I/C to aN-reth Ak-t BD-erShea Solel-Boneh Relt (100?) torendanoce (D-ide by) uS$ Category
D/t 8,681,000 - 911,000 15,821,026 - 16,295.133 12,521,242 18,266.360 4,750,188 25,767,411 103,013.360 33,994,409 - 6,812,229 65 9/as ot 29,71 Jan 75 jar 75 1,768,705 1 9/ 3 Non 74 Apr 7) 81,307 1 9/li Ksar 75 JUn 75 3,164,571 1 n/is ten 75 Bay 75 790,540 1 9/aJ FOB 75 Jnn 75 1,465,000O 9/i p_ar 75 Jul 75 2,333,135 9.603,258 3,169,075 7.0993 446,394.75 1
aU/33 Jan 5S7i ag iS Non 75 5,738,257 1 au/ij Apr 75 Aug 75 4,009,b34 1 1O/iS Jan 75 SDp 75 3,176,490 1 cO/ J JUn 75 A 75 4.454,144 17.378,525 5,734.913 7.1774 799,020.06 1
l/J tug 167in Fat 7b Br 7e 11,490,000 1 ac/i) Jan in FeB 76 10,591,479 1 al/jj Son- 7N on 75 263,009 l/aJ Den 75 fto 76 5,817,294 1 aL/i) Ban 75 Apr 76 8,658,616 1 11/iu Dec 75 Bay 76 3,754,820 11/3 Jan 76 Bay 76 1,736,507 42,311,725 13,962,869 8.2121 1,700,280.00 1
ct/sJ Bar 4, 77 JiU 76 Vec 76 5,434.396- ,Ia/ A", 76 'on 76 7,761,768- I LZ/i te. 76 Apr 76 1,413,300- 1 LIV3) Oct 78 J a 77 7,280,949 1 LI/JJ stay in Uct 7b c/ 7.523,358 1 Il/si inn ine on 76 -10,890,063 3.918,875 22.442.581 7,406,052 9.2730 798,668.35 1
1I/ JJ Ban 10,77 Dop 77 esp 77 8.887.597 1 13/J3 JUn 76 Bay 77 734,700 1.350,000 lI/Ji Aug 76 Sep 77 1 9,758,031 li/3J Jon 77 Oct 77 1 3,811,673 Li/JJ 76 f1/3u Son Apr 77 7*,89,537 12 857,078 1 LI/,J Flb 77 Oup 77 632,108 45,520,724 15,021,839 1.2331 986,132.81 1
Total. Isrul Pounds lit) o/f 16,903,569 - 33,396,528 34,763,777 - 18,326,847 12,602,549 18,266.360 23,975,274 82,035,269 240,270,173 79,289.157 - 11,542,725.62 n-a
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4 : ,~a'.,A- D 1 2 1> [ 4. °RA -2 o Q 1120012 O A _V - 00 n., 0 00 a' Ran i I C;|>|;'_'>^1. O 0 Or°' 0 a2 a a a I~~~ ! - 42 - TABLE 12 I '______a __'___ ~~~____~______ ;anal 0 ,°CC ~ ~ C % r° I ea.-j0c0 , .. j @ ~~~~~~~~~~~~I oIC 20o Zjl, j -- <*I lO ,CSIO CIO I ...-So.I J ~I I . 2 8~~~~~~~~~~~~~~~~ ' I - IA ' ja R a B a -1 !2-e> .w 1> q -rn 44I o>eiNjOsS=I I S J A e S 5o 4 >.2"e!°N. - 43 - ~~~~~~~~~~~TABLE12 Peg. 6 i~~~~~~~~~~~S " is , If @IS,StR| S*S 2 ,,,' 1 ' I -:.5: 3 01o Z. o I Z ! * ~ ~I ~ ~ I , , 4 o; g°[ig°Sg G o.1> i I l 1°'°>^°°-I N° j ° 4 I " I I ; e j o j j I ,j~ I~~~~~~~~~~~~~~ 1- e310~~~ .10 I 0 0 , i hi . tl 3 ! 3 u6 3Ac 38Oo 3333 3 ; ; ll 7 Z $XX2j Q2t| t IozX|! i 2 zCjo0 AZJj I 4 0 o o7t CI 3_ss3 S°S33 SS o I3n3 ;;e S I °j i ! i ^i~ ~ ~° ~ ~~~~~~01 j4t A243 w £...... A8iiiA3i j iA'£.*. 3 j X~~~~~~~;~ | .4nnn^t>Nsxj--- ^^_|____*'''|"_jSS8SjB|StA TABLE 12 tB P.g. 7 * i S_ I SI - 12; I I I -Z f* 3 I X celN I o 4 i |0 3 a I '. e @1 °I I-- iI'^! PROJECT COMPLETION REPORT ISRAEL: SECOND HIGHWAY PROJECT (LOAN 781-IS) Average Annual Daily Traffic (AADT) Volumes on Project Roads (1965-95) /I P r o ] e c t A p p r a i s a 1 E s t i m a t e s R e v i s e d E s t i m a t e s 1965 /2 1969 /3 1974 1980 1985 1995 1965 /2 1969 /3 1974 /3 1980 /3 1985 1995 1. Ayalon Expressway ------40,000 60,000 70,000 70,000 ------19,000/12 40,000/12 70,000/12 (first phase) 2. Ayalon-Ganot-Lod- 6,000 /4 28,000 44,000 56,000 70,000 --- 6,000 /4 10,000 /4 26,000 45,000 65,000 Ramleh 3. Azur interchange --- 58,000 /5 58,000/6 90,000 110,000 140,000 --- 58,000 /5 65,000 /4 84,000 100,000 120,000 4. Geha interchange 24,000 /5 38,000 /5 61,000 96,000 120,000 150,000 24,000 /5 38,000 /5 50,000 /5 100,000 125,000 150,000 5. Abir interchange --- 25,000 /5 40,000 63,000 80,000 100,000 --- 25,000 /5 30,000 /8 35,000 50,000 80,000 1 4- 6. Natanya interchange 15,000 /5 30,000 /5 48,000 75,000 95,000 120,000 15,000 /5 30,000 /5 42,000 /8 47,000 60,000 90,000 7. Shefar Am-Nazareth --- 600 3,700/7 5,800 7,400 9,500 --- 600 2,500 /9 4,500 7,000 9,000 8. Bat Shlomo-Missaff 600- 1,200- 3,250- 5,100- 6,500- 8,300- 600- 1,200- 4,100-/10 5,800 /10 7,500/10 9,000/10 Amakim 2,000 3,000 5,200 8,200 10,500 13,400 2,000 3,000 5,500 7,000 10,000 14,000 9. BeLt Kama-Beer Sheba ------5,600 8,800 11,200 14,300 ------6,400 /11 6,700 9,503 12,000 /1 Cars, trucks and buses; percentage of trucks and buses to the total traffic varies between 20 and 30% for the different project roads, excepting Ayalon Expressway where it works out to about 10%. /2 Actuals, in some cases 1963 or 1964 data. /3 Actuals /4 Only part open to traffic Summer 1970 and restricted to light traffic. /5 Relates to intersections /6 Part of existing traffic diverted to projects 1 and 2 /7 Including 3,000 diverted traffic. /8 Relates to 1977. /9 Opened fully to traffic, February 1975 and actual average daily traffic in 1978 was about 4,000. /10 Relates to two sub-sections, Elyakim-Yokhneam and Yokhneam - Missaff Amakim. /11 Temporary high traffic seemingly caused as a result of war. /12 Relates to Jerusalem extension. Source: Latest Traffic Survey Data, Appraisal Report, Statistical Abstract of Israel (1979), and Mission estimates. PROJECT COMPLETION REPORT ISRAEL: SECOND HIGHWAY PROJECT (LOAN 781-IS) Vehicle Operating Costs (agorot per km) 1/ Net of Taxes A p p r a i s a I E s t i m a t e Re v i s e d E s t i m a t e at 1970 prices at 1975 prices at 1980 prices Speed Light 2/ Truck & 3/ Light 2/ Truck & 3/ Light 2/ Truck & 3/ km/hr Car Commercial Bus Truck Trailer Bus Commercial Bus Truck Trailer Car Commercial Bus Truck Trailer 24 31.9 60.9 336.2 107.5 130.5 127.6 243.6 1,344.8 430.0 522.0 1,531.2 2,923.2 16,137.6 5,160.0 6,264.0 32 25.4 48.2 257.7 95.4 112.2 101.6 192.8 1,030.8 381.6 448.8 1,219.2 2,313.6 12,369.8 4,579.2 5,385.6 40 22.7 40.1 209.5 85.0 101.8 90.8 160.4 838.0 340.0 407.2 1,089.6 1,924.8 10,556.0 4,080.0 4,886.4 48 19.0 36.0 178.4 81.7 94.3 76.0 144.0 713.6 326.8 377.2 912.0 1,728.0 8,563.2 3,921.6 4,526.4 56 17.1 31.3 156.3 78.3 91.5 68.4 125.2 625.2 313.2 366.0 820.8 1,504.2 7,502.4 3,758.4 4,392.0 64 16.2 28.9 140.7 78.9 91.0 64.8 115.6 562.8 315.6 364.0 777.6 1,387.2 6,753.6 3,787.2 4,368.0 72 15.2 26.9 128.1 79.1 90.2 60.8 107.6 512.4 316.4 360.8 729.6 1,291.2 6,148.8 3,796.8 4,329.6 ' 80 14.8 25.6 120.0 83.5 95.0 59.2 102.4 480.0 334.0 380.0 710.4 1,228.8 5,760.0 4,008.0 4,560.0 88 14.4 24.5 113.7 88.6 102.0 57.6 98.0 454.8 354.4 408.0 691.2 1,176.0 5,457.6 4,252.8 4,896.0 97 14.3 24.0 108.6 94.1 110.0 57.2 96.0 434.4 376.4 440.0 686.4 1,152.0 5,212.8 4,516.8 5,280.0 105 14.4 22.2 --- 57.6 88.8 ------691.2 1,065.6 ------ A. Average Consumer Price Increase B. Average Vehicle Operation Cost Increase C. Price Index of Selected Vehicle Operation Cost Components 1970 - 75 about 2.95 tLmes about 4.0 times 1975/1970 1980/1975 1975 - 80 about 10.97 times about 12.0 times (1970 - 100) (1975 - 100) Motor Fuel 903 1545 NOTE; 1 II = 100 Agorot Oil 315 1400 Tires & Tubes 250 1250 Repairs and Maintenance 440 1000 Wages 440 1/ Includes passenger time costs for business/work trips and drLvers' time costs for commercial vehicles 2/ Light commercial vehicles are up to 2.5 tons. 3/ Relates to combinations with a payload of about 25 tons. Source: Appraisal Report Vehicle Operating Costs, PWD, 1975 International Financial statistics March 1977 International Financial Statistics July 1981 Monthly Bulletin of Statistics, Central Bureau of Statistics, Israel, Volume XXXII 4 AprlI 1981 and Volume XXIX 3 March 1978 StatLstical Abstract of Israel 1977 and 1979 Mission estimates PROJECT COMPLETION REPORT ISRAEL: SECOND HIGHWAY PROJECT (LOAN 781-IS) Ex-Post and Appraisal Estimates of Economic Rates of Return (ER) and First Year Benefit Ratios (FYBR) 1/ (Percentages) Economic Rate (X) First Year Benefit Ratios % Proportion of Ex-post Appraisal Ex-post Appraisal Project Total Investment Estimate Estimate Estimate Estimate 1. Ayalon Expressway ) 14 3/ 10 3/ (first phase) 2/ ) 33 4/ 26 4/ ) 61.5 28 5/ 22 22 5/ 20 2. Ayalon-Ganot-Lod-Ramleh ) 3. Azur Interchange 6.9 15 18 10 10 4. Geha Interchange 24.3 27 24 20 12 5. Abir Interchange 0.9 27 33 17 20 6. Natanya Interchange 2.1 18 26 10 14 7. Shefar Am-Nazareth 1.6 25 17 18 14 8. Bat Shlomo-Missaff Amakim 1.1 24 14 18 10 9. Beit Kama-Beer Sheba 1.6 22 22 19 19 1/ Economic benefits include occupant's time savings for passenger cars and buses on work trips and drivers' time savings for commercial vehicles. 2/ Ex-Post estimates relate to Jerusalem Extension 3/ Case I, when all complementary investments for improvement of city streets, and construction of canal and bridges which do not generate adequate benefits now have been included in the cost stream. 4/ Case II, when the complementary investments are excluded from the cost stream described in Case I above. 5/ Case III, when in addition to complementary investments, additional investments necessary to complete the Ayalon Expressway as appraised are included in the cost streams and potential benefits which will be realized on completion included in the benefit streams. Source: Appraisal Report and Mission Estimates. - 48 - TABLE 16 PROJECT COMPLETION REPORT ISRAEL: SECOND HIGHWAY PROJECT (LOAN 781-IS) Variations in Consumer Price Index (1970 = 100) Average USA, UK, WG, & FR Israel Year Qtr. U.S.A. U.K. W.Germany France Per Qtr. Per Year Per Qtr. Per Year 1 102.8 105.5 103.5 103.0 103.7 107.9 1971 2 103.9 109.3 105.0 104.6 105.7 106.1 110.2 112.0 3 104.9 110.8 105.7 106.0 106.8 111.5 4 105.5 112.2 106.8 107.5 108.0 118.2 1 106.4 114.0 109.0 108.9 109.6 121.9 1972 2 107.2 116.0 110.2 110.4 111.0 112.0 125.0 126.4 3 108.2 117.9 111.6 112.5 112.6 126.0 4 109.1 120.8 113.4 114.9 114.6 132.6 1 110.7 123.0 116.0 115.9 116.4 139.1 1973 2 113.1 126.8 118.2 118.2 119.1 120.3 148.8 151.6 3 115.6 128.9 119.3 121.1 121.2 153.9 4 118.3 133.2 121.7 124.4 124.4 164.8 1 121.6 138.7 124.6 129.0 128.5 187.4 1974 2 125.0 147.1 126.6 134.3 133.3 134.8 204.5 211.9 3 128.9 150.8 127.8 138.7 136.6 211.7 4 132.6 157.5 129.5 143.1 140.7 243.9 1 135.0 166.9 132.0 147.0 145.2 275.8 1975 2 137.1 182.8 134.5 150.6 151.3 152.5 288.8 295.2 3 140.1 190.7 135.5 153.9 155.1 292.8 4 142.3 197.3 136.7 157.3 158.4 323.2 1 143.7 204.4 139.0 161.1 162.1 338.2 1976 2 145.5 211.9 141.1 164.8 165.8 167.3 372.4 387.5 3 147.8 216.8 141.2 168.6 168.6 400.8 4 149.4 226.8 141.9 173.0 172.8 438.7 1 152.0 238.2 144.5 175.6 177.6 458.2 1977 2 155.4 248.8 146.6 181.1 183.0 183.6 488.0 522.1 3 157.6 252.6 147.0 185.3 185.6 526.6 4 159.4 256.3 147.2 188.9 188.0 615.5 1 162.0 260.7 148.4 191.8 190.7 676.0 1978 2 166.3 267.9 149.8 197.3 195.3 196.7 748.6 786.1 3 170.2 272.5 149.8 202.5 198.8 801.8 4 173.5 277.2 150.2 206.7 201.9 918.1 1 178.0 285.8 152.9 211.3 207.0 1040.3 1979 2 184.1 296.3 154.9 217.1 213.1 217.4 1233.1 1401.8 3 190.2 316.1 156.9 224.3 221.9 1466.3 4 195.7 325.1 158.3 230.6 227.4 1867.4 1 203.3 340.4 161.4 239.4 236.1 2282.2 1980 2 210.7 360.1 164.1 246.9 245.5 247.1 2850.7 3238.6 3 214.6 367.9 165.3 254.9 250.7 3411.6 4 220.2 374.7 166.6 261.9 255.9 4409.7 1 226.1 383.6 170.3 269.7 262.4 5329.8 1981 2 231.3 402.2 173.3 278.6 271.4 274.0 6385.5 7021.4 3 238.0 409.2 175.5 289.6 278.1 7347.5 4 241.3 419.1 177.5 298.9 284.2 9022.8 Source: International Financial Statistics. ISRAEL LOAN 781-IS SECOND HIGHWAY PROJECT COMPLETION REPORT Variation of Foreign Exchange Component FOREIGN EXCHANGE (FX) Local Costs(Loc Total Costs Col.7 Col.10 Val.Wk FX Exch.Rte Exch. Col. 4 LOC LOC 62 Col. 7 +Col. * Done per FX T LOC T Cal Yr/ FXo Escal. 38 a Col.3 IL per Rte. T X Escal. x Col. 9 + 11 Col.l1 Qtr. Qtr. X Factor X US$ 3.50 Col. 6 X Factor X Col, 10 FXTZ LOC T US$00 US00S us0oo0 1971/1 38 103.7 3,940.6 3.50 1.00 3,941 62 107.9 6,690 10,631 37 63 - - - 1971/2 38 105.7 4,016.6 3.50 1.00 4,017 62 110.2 6,832 10,849 37 63 - - - 1971/3 38 106.8 4,058.4 3.97 1.13 4,586 62 111.5 6,913 11,499 40 60 - - - 1971/4 38 108.0 4,104.0 4.20 1.20 4,925 62 118.2 7,328 12,253 40 60 - - - 1972/1 38 109.6 4,164.8 4.20 1.20 4,998 62 121.9 7,558 12,556 40 60 219 88 131 1972/2 38 111.0 4,218.0 4.20 1.20 5,062 62 125.0 7,750 12,812 40 60 929 372 557 1972/3 38 112.6 4,278.8 4.20 1.20 5,135 62 126.0 7,812 12,947 40 60 1,229 492 737 1972/4 38 114.6 4,354.8 4.20 1.20 5.226 62 132.6 8,221 13.447 39 61 1.277 498 779 1973/1 38 116.4 4,423.2 4.20 1.20 5,308 62 139.1 8,624 13,932 38 62 1,041 395 645 1973/2 38 119.1 4,525.8 4.20 1.20 5,431 62 148.8 9,226 14,657 37 63 2,633 974 1,659 1973/3 38 121.2 4,605.6 4.20 1.20 5,527 62 153.9 9,542 15,069 37 63 4,170 1,543 2,627 1973/4 38 124.4 4,727.2 4.20 1.20 5,673 62 164.8 10,218 15.891 36 64 918 330 588 1974/1 38 128.5 4,883.0 4.20 1.20 5,860 62 187.4 11,619 17,479 34 66 984 335 649 1974/2 38 133.3 5,065.4 4.20 1.20 6,079 62 204.5 12,679 18,758 32 66 2,716 869 1,847 1974/3 38 136.6 5,190.8 4.20 1.20 6,229 62 211.7 13,125 19,354 32 68 5,671 1,815 3,856 1974/4 38 140.7 5.346.6 5.40 1.54 8,234 62 243.9 15,122 23,356 35 65 3,174 1,111 2,063 1975/1 38 145.2 5,517.6 6.00 1.71 9,435 62 275.8 17,100 26,535 36 64 1,735 625 1,110 1975/2 38 151.3 5,749.4 6.04 1.73 9,946 62 288.8 17,906 27,852 36 64 3,201 1,152 2,049 1975/3 38 155.1 5,893.8 6.45 1.84 10,845 62 292.8 18,154 28,999 37 63 3,547 1,312 2,235 1975/4 38 158.4 6,019.2 7.07 2.02 12,159 62 323.2 20,038 32,197 38 62 2,666 1,013 1,653 1976/1 38 162.1 6,159.8 7.38 2.11 12,997 62 338.2 20,968 33,965 38 62 1,975 751 1,224 1976/2 38 165.8 6,300.4 7.82 2.23 14,050 62 372.4 23.089 37,139 38 62 2,459 934 1,525 1976/3 38 168.6 6,406.8 8.15 2.33 14,928 62 400.8 24,850 39,778 38 62 2,753 1,046 1,707 1976/4 38 172.8 6,556.4 8.56 2.45 16,088 62 438.7 27,199 43,287 37 63 3,059 1,132 1,927 1977/1 38 177.6 6,748.8 9.00 2.57 17,344 62 458.2 28.408 45,752 38 62 1,519 577 942 1977/2 38 183.0 6,954.0 9.32 2.66 18,498 62 488.0 30.256 48,754 38 62 2,251 855 1,396 1977/3 38 185.6 7,052.8 9.90 2.83 19,959 62 526.6 32,649 52,608 38 62 2,270 844 1,376 1977/4 38 188.0 7,144.0 13.62 3.89 27,790 62 615.5 38,161 65,951 42 58 2,090 878 1,212 1978/1 38 190.7 7,246.6 16.08 4.59 33,262 62 676.0 41,912 75,174 44 56 1,379 607 772 1978/2 38 195.3 7,421.4 16.99 4.85 35,994 62 748.6 46,413 82,407 44 56 2,099 924 1,175 1978/3 38 198.8 7,554.4 18.18 5.19 39,207 62 801.8 49,712 88,919 44 56 3,448 1,517 1,931 1978/4 38 201.9 7,672.2 18.64 5.33 40,893 62 918.1 56,922 97,815 42 58 2,192 921 1,271 1979/1 38 207.0 7,866.0 19.59 5.60 44,050 62 1,040.3 64,499 108,549 41 59 2,787 1,143 1,644 1797/2 38 213.1 8,097.8 23.44 6.70 54,255 62 1,233.1 76,452 130,707 42 58 1,936 813 1,123 1979/3 38 221.9 8,432.2 26.82 7.66 64,591 62 1,466.3 90,911 155,502 42 58 3,637 1,528 2,109 1979/4 38 227.4 8,641.2 31.91 9.12 78,808 62 1,867.4 115,779 194,587 41 59 1,278 524 754 1980/1 38 236.1 8,971.8 38.38 10.97 98,421 62 2,282.2 141,496 239,917 41 59 817 335 482 1980/2 38 245.5 9,329.0 45.10 12.89 120,251 62 2,850.7 176,743 296,994 40 60 1,983 793 1,190 1980/3 38 250.7 9,526.6 54.14 15.41 147,377 62 3,411.6 211,519 358,896 41 59 2,778 1,139 1,639 1980/4 38 255.9 9,724.2 67.53 19.29 187,580 62 4,409.7 273,401 460,981 41 59 1,320 541 779 1981/1 38 262.4 9,971.2 84.11 24.03 239,608 62 5,329.8 330,448 570,056 42 58 498 209 289 1981/2 38 271.4 10,313.2 102.70 29.34 302,589 62 6,385.5 395,901 698,490 43 57 846 364 482 1981/3 38 278.1 10,567.8 125.39 35.83 378,644 62 7,347.5 455,545 834,189 45 55 - - - 1981/4 38 284.2 10,799.6 145.02 41.43 447,427 62 9,022.8 559,414 1,006,841 44 56 - - OVERALL. 2,583,227 3,535,104 6,118,331 42 58 81,434 31,300 1/ 50,134 (42) (58) (100) (100) (38) (62) 1/ Total disbursements of US$29.92 xillion represent 95Z of foreign exchange costs. ISRAEL LOAN 781-IS SECOND HIGHWAY PROJECT CUMULATIVE VALUE OF WORK Project Completion Report US$ MILLION Beit Kama-Beer Sheba 50s_o_ 49 8 Shofar Am-Nazareth MAZ a COMPONENTS Bat Shlomo-M. Arakim Netanya Interchange Abir Interchange 40 BBenGurion-Lod Interchange Azur Interchange ACTUAL Avalon-Ganot-Lod & Geha Interchange 30 _ _ _ _ m______-_ -_ MAZ PLANNED / .00- __~~~~ -/ ~ AYALON 20 AYALON Bridges (Rametl - COMPONENTS Canal (Solel Boneh) - Canal (Ramet) r _) 'iI) ~~ACUARoadsW (SB) 10 Iuu ACTUALS2 Z 10 Er> 4 7Z W L - O Road/Rail Bridge U -a Ivi~~~~~~~ _____ ~ ~ _J___ S______0u _ V Z / PLANNE, 0 U) z p <~~~~~~~~~~~ 0 .04 _J<~~~~~~~~~~~~~~~~~i O z ,ei \ _ 0 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 World Bank-23992 ISRAEL LOAN 781-IS SECOND HIGHWAY PROJECT COMPLETION REPORT DISBURSEMENTS 30 -30 25 -25 20 -20 z z 0 0 15 15 .Z,5L~~~~~~~~~~~~~A/ USS APRIA30 MlILLI ON |US DISBRSEENT29.92 MILLION 10 _ 10 L ) I 19 1 U. _j BANK PARTICIPATION RATES 0 I U)w Z Z -o-o-33% so me ~~~~~95% 42%- U- 100 Z~~~~~~~~~~ iccU 0 0 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 World Bank-23489 IBRD 3155R1(PCR) 345130' 35 Akk I S R A E L JSYRIA SECOND HIGHWAY PROJECT ) PROJECT ROADS Hi 0 hefar-Am i) T,b IIe -- Existing main roads 1 Existing secondary…---- roads ' Missaffi AmkI * Interchanges in project Roads in project -.------Railways ~ iUrbon areos 0 Towns and villages International boundaries n o S / 1~~~~~~~~~~ZchooBalt Shlom _ )CI o 5 10 iS 20 25 MILES 32' 30'3 3 ol ilo 20 3p 4P KILOMETERS THISUAV UHO SEEN PSEPASlEI EAR TUE PROJiECT COAPCET10 //I(A- - -- HnEPORTO1 THESECOND HIGHWA^Y PROJECT THE MAPIA BASES ONE 35_SR.,J.NE 197 I-TES..AH-tNAL .A.R.A.IES H -C B... .. WUGT.1 TOOATE Na t Any t Bei id_'A S \___- Medoterranean Sea -32° jo > _'- 32 eshkelonss-Z-ion JF~~~~~ sHbrSe As~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~I.OIO,ICdodaraWsH / ~ ~ ~ ~~~~~A /~ /frSov}~v// 3430 a 12_ |mO o 35' ebro a T hamaphamETEER pprn r 30,lb.9 F.A_shkelon\ 4 < ) ( / ee =""~_e of Ih.,lalAiIaa ryat___Gat ', er3e A I,I-EHA( / Aod/ T ,. WoldlBank an IS Af,J,f n ,hd: en a.nrh ia.a( lsH 3420 \ / 35~~~~~~~~~~~~~~~~~~~~~~~~~~0b.d. SEPTEMBER 1981 3SAMS / / TO MA/PA S3*'5O / CEAIIARISOFCT*IEPLEEO N RAAIGHAAZRJ1 H MZI AED// CHANGEE1NPA 3JCT ILEV53T^lION/ \ IL| \ TO//A/FA LA SEA B DODGHAP BR IVATYAYIM / .. U C0 EBAT'N CASH . . S YA DISTRI-T HIh:I:,RRI -I--1t44j|K / b.t. G. dF/ \_ /|1 II~~~~~~~~~~~~~~~~~~~~~~~7 / XE'EIT-DA~~~~~~~~~~~~~~~~GANO j AI /° BAT YAM LI TELONAVI-AAON5ZROECRNMBR XRESA ~~~AI r / Z / ,~~~~~~~~~~~~~0RAMXEH BATYAAA HAOLLONXRESWA 11 -- _ / I~~~~~~~~~~ISRAE-L / / SECONDHIGHWAY PROJECT TEL AVIV-AYALON EXPRESSWAY ll / / ~ ~~~~~~~~~~~~~~~~~~5PROJECTNUMBERS 11 / RI SH O N/ _ _ _ ~~~~~~~~~~FLUTLUREMAIN ROADS / \ / R~~~~~~~~~~~~RIDGES IN PROJECT 1 1 | 1 { ~~~~~~~~~~~~~~~~~~AYALONEXPRESSWAY || == i / t IN~~~~~~~~~~~~~~~~~~1TERCHANGESIN PROJECT + / _==_ ~~~~~~~~~~~~~~~~~~~~~AYALONEXPRESSWAY(DEFERRED) II *1A N INTERCHANGESIDEFERRED) f I / | 14 = = _ = FUTUREEXFRESSWAY ,S/ | PFUTUREINTERCHANGES TO ASH009 ~~~~~~~~~~~~~~~~~~~~~~~~~~~.ROAD ANGBRIDGE IMPROYEMENTS IN - COAU//DOD / | * ,. RCONNEC WITH THEAAXION EXPRESSWAT E______OTHER ROADSIN PROJECT RES,th DIASISTATIIS,SD ,EAA,S*ATSIAD A.hASESnAmTATS, lmS.550. 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