The Year's Lending

Summary

This chapter includes summaries by country with brief descriptions of loans, guarantees, technical cooperation operations, small projects and MIF operations authorized by the Bank in 2004. The summaries and introductory paragraphs for each country refer only to operations over $1 million. The chapter concludes with information related to the Bank’s lending and technical cooperation program and the Statement of Approved Loans and Guarantees.

TABLE I. DISTRIBUTION OF LOANS BY SECTOR OF ACTIVITY 1 (In millions of U.S. dollars) Sector 2004 % 1961-2004 % Competitiveness Energy $  146.0 2.4 $ 18,792.2 13.8 Transportation and Communication 582.7 9.7 15,168.3 11.2 Agriculture and Fisheries 90.8 1.5 13,723.4 10.1 Industry, Mining and Tourism 0.8 0.0 13,063.5 9.6 Multisector Credit and Preinvestment 1,000.0 16.6 3,663.1 2.7 Science and Technology 0.0 0.0 1,642.1 1.2 Trade Financing 37.5 0.6 1,650.8 1.2 Multisector Infrastructure 100.0 1.7 614.8 0.5 Capital Markets 145.0 2.4 160.3 0.1 Social Sector Reform Social Investment 2,545.3 42.3 16,490.6 12.1 Water and Sanitation 61.8 1.0 9,063.4 6.7 Urban Development 164.7 2.7 7,857.2 5.8 Education 91.0 1.5 5,566.2 4.1 Health 136.5 2.3 2,789.4 2.1 Environment 34.0 0.6 2,809.2 2.1 Microenterprise 0.0 0.0 432.8 0.3 Reform and Modernization of the State Reform and Public Sector Support 664. 5 11.0 11,554.3 8.5 Financial Sector Reform 125.0 2.1 5,905.4 4.3 Fiscal Reform 43.0 0.7 3,759.7 2.8 E-Government 13.2 0.2 13.9 0.0 Decentralization Policies 30.4 0.5 671.2 0.5 Modernization and Admin. of Justice 3.0 0.0 313.5 0.2 Planning and State Reform 0.0 0.0 119.4 0.1 Parliamentary Modernization 4.8 0.1 76.2 0.1 Civil Society 0.0 0.0 23.1 0.0 Trade Policy Support 0.0 0.0 13.6 0.0 Total $6,019.9   $135,937.2   1Categories reflect priority areas of activity according to the Bank's Institutional Strategy.

The 2004 loans and guarantees authorized by the Bank and cumulative totals, as of December 31, 2004, less cancellations, came from the following sources:

• Ordinary Capital (OC): 56 loans for $5.3 billion and four guarantees for $185 million brought the cumulative total of loans to 1,703 for $115.9 billion and the cumulative number of guarantees to 13 totaling $876 million.
• Fund for Special Operations (FSO): 27 loans totaling $552 million brought the cumulative total of loans to 1,148 for $17.4 billion.
• Other funds: There were no loans approved in 2004. Cumulative total loans were 209 for $1.7 billion.

The Bank agreed to partially defray up to 5 percentage points of the interest on eight loans for $173 million, approved in 2004 from the Ordinary Capital, with funds from the Intermediate Financing Facility (IFF) created under the Sixth Replenishment.

Total Cost of Projects

The $6 billion in Bank loans and guarantees approved in 2004 will help to finance projects involving a total investment of more than $16.4 billion. The Bank’s loans cover only a part of the total cost of the projects being carried out by the borrowing countries. The balance comes principally from the Latin American and Caribbean countries.

Disbursements

The Bank’s disbursements on authorized loans amounted to $4.2 billion in 2004, compared with $8.9 billion in 2003. As of December 31, 2004, cumulative disbursements, including exchange adjustments, totaled $116.8 billion, or 86 percent of the loans authorized by the Bank. The 2004 disbursements and cumulative totals as of December 31, 2004 by funds include:

• Ordinary Capital: $3.8 billion, bringing the cumulative total to $99.8 billion.
• Fund for Special Operations: $463 million, bringing the cumulative total to $15.3 billion.
• Other funds: $1.2 million, bringing the cumulative total from funds administered by the Bank to $1.7 billion.

Repayments

Loan repayments amounted to $5.5 billion in 2004. Cumulative payments as of December 31, 2004 were $58.6 billion. Repayments received by the Bank during the year, and cumulative as of December 31, 2004, were:

• Ordinary Capital: $5.2 billion, bringing the cumulative total, before repayments to participants, to $49.9 billion.
• Fund for Special Operations: $294 million, for a cumulative total of $7 billion.
• Other funds: $9 million, bringing the cumulative total to $1.6 billion.