BTSC - 3rd Investment (A loan) [BTSC Greenline was 2nd]

completed

Revised Summary Of Project Information (SPI)Project NameThailand-Bangkok Mass Transit System Public Company Limited (BTSC, Green Line)Additional LoanRegionAsiaSectorTransportationProject No008721Projected Board DateJanuary 30, 1998Company NameBangkok Mass Transit System Public Company LimitedTechnical Partner and/or Major Shareholders The two major shareholders in the project are Tanayong Public Company Limited (Tanayong) and Italian-Thai Corporation (Ital-Thai). Tanayong is one of the largest real estate companies in Thailand and has diversified interests in property development, property investments and hotels. Ital-Thai is one of the largest and experienced civil contractors in Thailand and is also the main civil contractor for the project. Under the terms of the concession, Tanayong is required to retain 51% of the project company until project completion. Project Cost Including proposed IFC investment Project cost is estimated at US$1.4 billion equivalent at an exchange rate of Baht 35 = US$1. IFC has already approved a US$50 million loan to the project and an equity investment of up to US$20 million. IFC is presently proposing an additional loan of US$30 million. Location of project and Description of site The project is located in the central business district of Bangkok primarily along Silom and Sukhumvit roads.Description of Company and Purpose of Project(include IFC’s Role and Development Impact) The project is to construct, operate and maintain an elevated rail system in the central business district of Bangkok, consisting of two separate lines with a combined total length of approximately 23.5 km with 25 stations, including one line interchange station. Initially, the system will have three-car trains, to be subsequently increased to six-car trains. The system has been designed with the target capacity of a link flow of 50,000 passengers per hour per direction. The project is expected to raise the transit capacity of the central business district of Bangkok with the effect of helping to alleviate the district’s traffic, pollution, health and excess fuel consumption problems. IFC has played an important role in this project, including assisting the company with traffic analysis, evaluation of safety features, environmental impact, concession arrangements, and structuring of the project’s financing. Environmental Category and Issues This is a category A project according to IFC’s environmental review procedure. It was screened as category A during IFC’s initial environmental review in July 1993 because diverse and significant environmental impacts may result. The sponsor’s Environmental Assessment (EA) satisfactorily addressed construction and operational environmental and social impacts from the project, and was placed in the World Bank Public Information Center (PIC) on April 5, 1994. Under new Thai requirements, an updated EA was prepared in March 1995 and released in-country at that time; an English-language summary was reviewed by IFC. The configuration and service area of the transit system have not materially changed since IFC’s earlier investments.Environmental, health and safety guidelines were developed by IFC specifically for the project. Environmental monitoring and public information and consultation is proceeding during project construction. BTSC is submitting a plan to IFC for conducting its public consultation program throughout the life of the project. An independent report evaluating the effectiveness of the environmental management programs put in place by BTSC and the company’s current compliance with the project-specific environmental guidelines has been released to the PIC on November 24, 1997, and subsequently in-country.Host country location of environmental documentsBangkok Mass Transit System Public Company Limited26/I th Fl., Sathorn City Tower175 South Sathorn Rd.,Tungmahamek, Khet SathornBangkok 10120 ThailandDate SPI sent to PIC December 30, 1997     “This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).