Appendix A. Crisis Indicators and Infrastructure Lending

Appendix A. Crisis Indicators and Infrastructure Lending APPENDIX A Table A.1. Crisis Indicators (Case Study Countries) Country % as Share of GDP Share of in Bank Crisis Severity Score (principal factor score) Score rank averages) Forecast vs. Actual GDP Exchange Rate Reserves Stock Market Returns EMBI Spread Credit Deposit Export Domestic Investment Consumption Ukraine 141% 0.35% 0.10% High 2.75 10.60 2 3 37 1 1 21 7 25 4 5 Latvia 0.99% 0.40% High 2.89 15.00 3 49 16 9 4 5 40 5 4 Russian Federation 100% 0.01% 0.61% High 1.57 16.90 5 9 41 14 9 22 18 13 21 17 Montenegro 88% 0.43% 0.01% High 21.14 12 58 1 1 55 1 20 Mongolia 23% 0.23% 0.06% High 1.77 22.33 17 28 14 18 9 6 27 12 70 Kazakhstan 2092% 1.89% 2.70% High 1.44 23.90 45 47 42 7 17 2 8 5 41 25 Romania 54% 0.19% 1.53% High 1.40 25.11 10 15 64 4 15 27 70 8 13 Venezuela, Republic 100% 0.00% 0.01% High 1.87 27.00 38 118 17 39 11 3 3 11 14 16 Armenia 102% 1.03% 0.02% High 1.79 29.75 1 43 26 47 52 34 2 33 Bulgaria 57% 0.29% 0.21% High 1.13 29.90 15 75 56 2 3 51 16 38 7 36 Serbia 158% 0.64% 0.09% High 0.96 31.10 20 27 24 3 12 50 15 87 31 42 Seychelles 0.47% 0.01% High 1.56 33.50 75 2 4 25 23 118 19 2 Antigua and Barbuda 0.00% 0.00% High 1.32 33.63 7 118 9 54 49 14 15 3 Georgia 423% 2.29% 0.25% High 2.00 33.63 6 97 44 5 4 43 10 60 Belarus 1199% 0.53% 0.34% High 0.54 35.75 39 33 11 58 31 22 62 30 Bosnia and Herz 160% 0.65% 0.04% High 37.13 27 73 25 5 45 35 18 69 Croatia 10% 0.06% 0.69% High 0.63 37.22 16 50 27 8 44 46 62 51 31 Turkey 69% 0.19% 1.47% High 0.59 37.50 21 16 69 19 34 24 60 58 27 47 Jamaica 1595% 1.30% 0.27% High 0.29 38.00 43 34 23 44 35 55 62 10 55 19 Tajikistan 35% 0.46% 0.06% High 38.00 74 41 2 44 58 9 Moldova 49% 0.52% 0.05% High 1.54 39.38 4 95 54 34 17 82 6 23 Sao Tome and Principe 23% 0.30% 0.00% High 40.29 99 35 13 10 33 25 67 Pakistan 14% 0.12% 2.84% High 0.56 41.80 78 24 3 17 2 30 22 97 45 100 Solomon Islands 1.08% 0.01% High 0.63 42.75 57 90 20 11 21 36 64 43 Slovak Republic 100% 0.00% 0.01% High 44.25 14 92 1 33 87 39 23 65 Fiji 0.00% 0.00% High 0.67 44.38 56 19 8 37 12 77 88 58 Maldives 28% 0.38% 0.03% High 0.90 44.38 35 118 22 7 58 68 3 44 Macedonia, FYR 29% 0.27% 0.18% High 0.39 44.63 46 72 19 59 29 20 57 55 South Africa 93875% 0.71% 3.53% High 0.31 45.10 48 10 97 35 5 29 37 65 86 39 169

Country % as Share of GDP Share of in Bank Crisis Severity Score (principal factor score) Score rank averages) Forecast vs. Actual GDP Exchange Rate Reserves Stock Market Returns EMBI Spread Credit Deposit Export Domestic Investment Consumption Hungary 16859% 0.58% 1.31% High 0.17 46.70 24 23 74 15 7 76 70 61 76 41 Mexico 487% 0.43% 5.75% High 0.35 47.00 26 29 83 32 28 35 74 75 54 34 Mauritania 49% 0.58% 0.09% High 47.17 34 104 12 6 109 18 Argentina 23% 0.11% 1.87% High 0.10 47.90 73 48 82 20 8 46 55 69 30 48 Chile 67% 0.02% 0.18% High 0.22 48.80 42 14 121 40 25 56 48 46 33 63 Kyrgyz Republic 12% 0.16% 0.10% High 50.50 62 45 75 47 47 27 Congo, Dem Rep 42% 1.42% 0.43% High 0.69 50.75 25 4 2 96 25 81 96 77 Barbados 0.45% 0.03% High 0.37 51.50 31 118 40 53 33 29 63 45 Sudan 24% 0.09% 0.37% High 0.82 51.75 29 54 7 6 19 66 98 135 Namibia 9% 0.00% 0.01% High 0.25 51.78 52 10 113 30 42 35 37 44 103 Colombia 50% 0.24% 1.12% High 0.21 52.10 71 26 110 38 22 39 32 76 43 64 Zambia 24% 0.17% 0.19% High 0.15 52.25 126 8 39 64 85 9 73 14 Trinidad and Tobago 0.00% 0.00% High 0.17 52.67 19 113 119 15 32 83 4 37 52 Honduras 32% 0.22% 0.22% High 0.67 52.75 40 116 79 28 24 73 13 49 Samoa 317% 1.90% 0.01% High 0.29 53.13 23 53 35 27 44 50 134 59 Ecuador 100% 0.29% 0.50% Medium 0.02 53.90 70 118 15 43 16 43 59 42 67 66 St. Lucia 16% 0.11% 0.01% Medium 0.69 54.50 18 118 62 19 63 119 29 8 Gabon 100% 0.17% 0.07% Medium 0.14 54.78 53 59 125 32 23 26 19 80 76 Iran 100% 0.08% 0.78% Medium 57.57 72 99 20 28 21 61 102 Costa Rica 1111% 1.13% 0.43% Medium 0.26 57.67 55 80 43 26 68 30 100 42 75 Ghana 49% 1.13% 0.40% Medium 57.86 79 5 29 71 67 28 126 Malaysia 0.00% 0.00% Medium 0.08 58.10 36 87 36 34 19 79 91 78 71 50 Cambodia 21% 0.07% 0.06% Medium 0.71 58.25 22 108 115 41 20 109 22 29 St. Vincent and Grenadin 100% 0.47% 0.01% Medium 0.29 58.63 44 118 29 67 79 103 17 12 Poland 738% 0.48% 2.69% Medium 0.37 59.00 90 6 48 16 18 115 90 49 68 90 El Salvador 191% 1.22% 0.16% Medium 0.21 59.22 37 117 86 14 61 57 99 40 22 Central African Rep 10% 0.24% 0.09% Medium 0.11 59.75 82 59 49 69 61 26 46 86 Brazil 194% 0.22% 1.71% Medium 0.19 60.00 68 22 93 31 33 63 76 63 53 98 Sri Lanka 68% 0.35% 0.15% Medium 0.05 60.40 98 103 6 28 31 26 72 94 78 68 Peru 125% 0.52% 0.02% Medium 0.17 61.10 54 89 80 10 23 106 81 53 35 80 Vietnam 125% 1.49% 0.05% Medium 61.11 101 86 18 6 6 65 98 99 71 Albania 31% 0.20% 0.17% Medium 0.16 62.88 89 46 90 10 34 60 66 108 Botswana 2.73% 0.58% Medium 0.36 62.89 32 30 57 36 98 11 54 125 123 Madagascar 78% 2.55% 0.73% Medium 0.29 63.13 13 81 92 77 99 45 11 87 India 115% 0.32% 0.34% Medium 0.23 64.11 96 39 60 22 40 64 92 91 73 Angola 107% 0.14% 0.02% Medium 0.02 64.75 8 82 100 57 101 1 24 145 Papua New Guinea 1% 0.00% 0.03% Medium 0.17 65.25 124 106 85 48 14 24 114 7 170

Country % as Share of GDP Share of in Bank Crisis Severity Score (principal factor score) Score rank averages) Forecast vs. Actual GDP Exchange Rate Reserves Stock Market Returns EMBI Spread Credit Deposit Export Domestic Investment Consumption Liberia 111% 4.84% 0.01% Medium 65.86 50 79 111 97 73 50 1 Egypt, Arab Rep 311% 1.05% 1.32% Medium 0.24 66.20 94 111 84 13 10 60 41 67 83 99 Korea, Rep. of 0.00% 0.00% Medium 0.59 66.20 64 7 46 29 38 80 125 91 108 74 Dominican Repub 233% 0.37% 0.12% Medium 0.17 66.22 128 96 38 4 101 43 104 26 56 Morocco 16% 0.09% 0.74% Medium 0.28 66.67 118 83 63 42 91 56 48 48 51 St. Kitts and Nevis 0.00% 0.00% Medium 0.24 67.38 30 118 55 92 53 106 70 15 Kenya 194% 1.47% 0.25% Medium 0.36 68.33 112 44 53 21 89 69 93 49 85 Lesotho 97% 1.28% 0.01% Medium 68.43 59 10 52 106 80 126 46 Ethiopia 102% 3.45% 0.20% Medium 68.57 136 18 13 42 90 92 89 Guatemala 167% 0.77% 0.12% Medium 0.32 70.75 66 102 106 62 97 16 39 78 Nigeria 164% 0.59% 0.40% Medium 0.71 70.78 108 32 34 12 99 103 7 115 127 Swaziland 0.00% 0.00% Medium 71.57 116 10 78 18 50 113 116 Senegal 70% 0.96% 0.13% Medium 0.27 72.38 69 59 28 84 86 105 60 88 Thailand 0.02% 0.07% Medium 0.21 72.44 33 94 87 23 86 102 83 65 79 Tanzania 50% 1.71% 0.70% Medium 0.00 72.50 100 85 77 33 38 117 38 92 Jordan 367% 1.14% 0.22% Medium 0.25 72.56 76 115 108 37 31 68 86 97 35 Azerbaijan 5% 0.05% 0.53% Medium 0.06 73.25 41 137 101 12 9 2 138 146 Grenada 43% 0.34% 0.01% Medium 0.09 74.25 11 118 58 85 96 112 74 40 Paraguay 104% 0.44% 0.01% Medium 0.41 74.88 28 93 107 119 118 31 75 28 Panama 297% 0.63% 0.12% Medium 0.21 74.89 63 118 114 27 74 65 96 34 83 Cape Verde 20% 0.31% 0.05% Medium 75.57 60 57 59 112 47 112 82 Indonesia 225% 0.70% 2.17% Medium 0.75 75.60 103 31 72 24 20 93 109 79 106 119 Tunisia 74% 0.27% 0.11% Medium 0.70 76.00 88 52 95 46 13 94 95 59 122 96 Chad 62% 0.26% 0.09% Low 0.52 76.50 65 59 10 113 45 52 144 124 Equatorial Guinea 0.00% 0.00% Low 2.00 76.50 131 59 30 129 126 3 102 32 Congo, Republic 33% 0.15% 0.10% Low 0.44 77.50 85 59 124 127 13 12 87 113 Mauritius 1090% 1.61% 0.18% Low 0.65 77.89 77 42 61 25 105 111 85 111 84 Philippines 58% 0.16% 0.39% Low 0.70 79.30 58 78 99 27 30 103 115 84 104 95 Cameroon 36% 0.11% 0.09% Low 0.88 79.50 91 59 71 110 82 51 146 26 Dominica 100% 0.15% 0.00% Low 0.34 79.75 81 118 52 83 89 108 69 38 Yemen, Republic 162% 0.68% 0.06% Low 0.29 79.75 61 109 66 36 71 74 89 132 Libya 0.00% 0.00% Low 0.45 80.63 9 101 102 124 127 41 84 57 Guinea Bissau 34% 0.49% 0.01% Low 0.37 80.75 125 59 31 17 54 126 129 105 Nicaragua 34% 0.32% 0.08% Low 0.21 81.25 49 88 96 16 84 101 119 97 Belize 0.00% 0.00% Low 0.64 82.78 95 118 126 24 75 80 89 77 61 Burkina Faso 56% 1.26% 0.17% Low 0.47 82.88 86 59 21 73 98 124 85 117 Burundi 67% 4.73% 0.07% Low 0.63 84.25 97 55 112 107 75 23 94 111 Rwanda 114% 3.12% 0.01% Low 84.50 106 107 70 64 59 101 Tonga 716% 0.80% 0.00% Low 0.26 84.50 102 77 67 38 39 125 118 110 Afghanistan 19% 0.72% 0.80% Low 85.29 140 105 8 51 28 131 134 171

Country % as Share of GDP Share of in Bank Crisis Severity Score (principal factor score) Score rank averages) Forecast vs. Actual GDP Exchange Rate Reserves Stock Market Returns EMBI Spread Credit Deposit Export Domestic Investment Consumption Algeria 0.00% 0.00% Low 0.91 86.00 92 98 117 49 36 8 145 143 Benin 25% 0.65% 0.35% Low 86.00 84 59 51 78 108 141 81 Myanmar 0.00% 0.00% Low 86.71 133 100 95 124 57 36 62 Suriname 0.00% 0.00% Low 0.30 87.75 87 118 98 82 94 122 95 6 Comoros 179% 0.71% 0.00% Low 0.84 87.88 109 56 47 123 112 120 82 54 Syrian Arab Republic 0.00% 0.00% Low 1.42 88.25 117 118 91 81 110 18 147 24 Bhutan 19% 0.39% 0.05% Low 1.11 88.50 123 37 81 70 104 17 143 133 Uruguay 71% 0.44% 0.12% Low 1.15 88.78 110 84 120 21 117 128 95 52 72 Vanuatu 0.00% 0.00% Low 0.59 89.13 127 51 68 121 66 128 16 136 Djibouti 24% 0.33% 0.03% Low 0.57 90.13 93 118 109 122 120 113 9 37 Gambia, The 233% 2.64% 0.02% Low 0.99 92.00 114 21 50 108 88 130 132 93 Niger 7% 0.13% 0.14% Low 0.64 93.00 47 59 105 90 117 129 79 118 Mozambique 28% 0.74% 0.35% Low 1.16 93.63 120 40 76 126 123 72 101 91 Sierra Leone 11% 0.56% 0.18% Low 0.88 95.00 80 36 89 125 93 88 110 139 Bangladesh 108% 0.78% 0.12% Low 0.77 95.78 115 114 88 45 88 77 107 107 121 China 35% 0.02% 2.32% Low 1.37 95.80 122 138 116 11 26 116 122 56 136 115 Guyana 100% 0.64% 0.04% Low 0.69 96.13 105 112 103 109 100 102 127 11 Cote d'ivoire 1.00% 0.34% Low 0.82 97.50 107 74 32 102 78 116 133 138 Mali 34% 0.77% 0.23% Low 0.90 97.50 119 59 33 100 107 114 128 120 Togo 1.99% 0.09% Low 98.57 113 59 65 72 114 142 125 Uganda 9% 0.32% 0.78% Low 0.94 99.13 129 25 73 104 105 127 100 130 Bolivia 39% 0.08% 0.07% Low 1.02 100.50 104 139 123 87 119 30 93 109 Malawi 24% 0.59% 0.14% Low 1.97 102.00 134 110 5 128 130 123 72 114 Eritrea 100% 2.04% 0.10% Low 103.29 135 118 94 66 40 130 140 Iraq 43% 0.24% 0.78% Low 105.13 136 118 36 118 131 15 140 147 Nepal 210% 1.81% 0.13% Low 106.71 130 38 120 129 115 103 112 Lebanon 139% 0.10% 0.01% Low 1.63 106.80 137 135 122 41 37 114 113 111 121 137 Haiti 21% 0.29% 0.13% Low 1.17 113.13 111 91 104 111 121 121 124 122 Guinea 154% 1.25% 0.02% 51 17 32 135 10 Kiribati 100% 0.52% 0.00% 83 20 56 21 Kosovo 22% 0.07% 0.04% 81 53 Lao People's De 60% 0.82% 0.06% 121 92 71 20 141 Marshall Islands 0.00% 116 94 Micronesia, Fed. Sts. 0.00% 118 45 120 107 172

Country % as Share of GDP Share of in Bank Crisis Severity Score (principal factor score) Score rank averages) Forecast vs. Actual GDP Exchange Rate Reserves Stock Market Returns EMBI Spread Credit Deposit Export Domestic Investment Consumption Palau 0.00% 117 128 Somalia 0.01% 123 106 Timor Leste 66% 2.04% 0.04% 138 14 116 90 144 Turkmenistan 0.00% 0.00% 67 32 142 Uzbekistan 373% 0.38% 0.09% 132 76 105 104 West Bank and G 1% 0.11% 110 139 129 Zimbabwe 0.07% 0.01% 139 1 137 131 Sources: IMF (2008, 2010); Bloomberg; Datastream; UN National Accounts Statistics. Data on World Bank lending comes from internal databases. Note: Rankings are based on all eligible Bank clients in FY09-10 (147). Ranks are in descending order of severity (that is, a rank of 1 implies most severe stress/crisis). For definitions and details, see appendix B, section 2. 173

Infrastructure Lending during the Crisis This appendix briefly describes the World Bank s new lending for infrastructure during the period of the crisis. It also points out that much of that lending was not related to the crisis, and much had been under preparation before the crisis. Most crisis-related infrastructure lending was concentrated in a handful of large loans approved late during the crisis period. Infrastructure lending included were approved during FY09 10, with an infrastructure-related sector content of at least 25 percent a database of 294. 1 INFRASTRUCTURE CRISIS PROJECTS PORTFOLIO OVERVIEW There was a large increase in the numbers of new infrastructure lending operations during the crisis, and a much greater increase in infrastructure commitments by value, reflecting a large increase in average project size. The number of operations with infrastructure content rose from an annual average of 115 in FY05 07 to 147 in FY09 10. Annual new commitments grew to $23 billion in FY09 10, compared with $10 billion committed on average, in FY05 07. The surge in commitments came from a near doubling of average project size, from $87 million in FY05 07, to $157 million in FY09 10. However, the share of with some infrastructure content approved during the crisis period increased very slightly, both in number, from 38 to 41 percent, and in value, from 42 to 44 percent of all commitments approved during the crisis period. Table A.2. Lending in Infrastructure during the Crisis and Before the Crisis IBRD IDA Fiscal year US$ billion % of total US$ billion % of total 2005 5.0 61 3.3 39 8.3 2006 6.5 65 3.5 35 10.0 2007 6.8 59 4.7 41 11.5 2008 8.6 61 5.6 39 14.2 2009 14.4 72 5.5 28 19.8 2010 20.3 76 6.5 24 26.7 Annual average 6.1 61 3.8 39 9.9 before crisis Annual average 17.3 74 6.0 26 23.3 during crisis Change (%) 184 56 135 Source: World Bank data. As in other sectors, International Bank for Reconstruction and Development (IBRD) financing for infrastructure during the crisis increased more rapidly than financing from the International Development Association (IDA). IBRD lending increased to 74 percent of total commitments in infrastructure, up from 61 percent before the crisis (table A.2). But un- 1 Including information and communications technology; energy and mining; transportation; and water, sanitation, and flood protection. The sector content definition is in some respects wider than a definition based on sector boards, which would lead to 195 infrastructure and omit 38 percent of the current sample. The present sample includes 94 percent of the with an Infrastructure Sector Board. 174

like other sectors, there was a difference in the regional lending pattern. About half of infrastructure commitments during the crisis were allocated to the Latin America and the Caribbean and Africa Regions reflecting largely a single loan to South Africa. Compared with the pre-crisis period, there was a decline in the share of the Europe and Central Asia and East Asia and Pacific Regions. CRISIS RELEVANCE OF INFRASTRUCTURE LENDING ALL PROJECTS About half (45 percent) of the infrastructure approved during the crisis were under preparation before the crisis. Projects in other sectors approved during the crisis had a somewhat shorter gestation period 39 percent had been initiated before the crisis (table A.3). However, despite their longer gestation, their preparation time was reduced somewhat during the crisis, by around 7 percent compared to the pre-crisis period. Projects in other sectors experienced a greater reduction in preparation time, by 12 percent on average. Table A.3. Initiation of Bank Projects Approved in FY09 10: Infrastructure and Other Sectors Infrastructure (number) Infrastructure (%) Rest of (number) Rest of (%) BEFORE THE CRISIS > 12 months before 59 20 48 12 107 6 12 months before 41 14 45 11 86 3 6 months before 21 7 23 6 44 3 months before 12 4 43 10 55 45 39 AFTER BEGINNING OF CRISIS 3 months after 38 13 48 12 86 3 6 months after 30 10 54 13 84 6 12 months after 38 13 76 18 114 > 12 months after 54 18 80 19 134 293 100 417 100 710 Source: World Bank data. Notes: The cut-off date for the beginning of the crisis is September 1, 2008. The planning stage is considered to start at the Concept Note Date. Infrastructure are those with at least 25 percent of commitments assigned to the infrastructure sector. One crisis infrastructure project did not have a Concept Note Date. The bulk of infrastructure crisis lending was clustered fairly late in the crisis period. More than a quarter of the infrastructure and commitments approved during the crisis period were approved in the last quarter of FY10. Fifty-nine infrastructure, amounting to $10 billion out of a total crisis period commitment of around $30 billion, were approved in the last quarter of FY09. The use of additional/supplemental financing increased during the crisis period. Both the number and commitment amounts of such had been increasing since FY05, but they surged further during the crisis. Of the 294 infrastructure approved in the crisis, 86, or 29 percent, were processed as additional financing, up from 18 percent in FY06-175

07. And 14 percent of FY09-10 commitments came from additional/supplemental infrastructure, up from 8 percent in FY06 07. In FY05 07 infrastructure supplements were 8 percent of new commitments and 18 percent of, while during the crisis period additional financing was 14 percent and 29 percent of all commitments and, respectively. The volume and number of supplemental at least doubled. Additional financing in the infrastructure portfolio during the crisis was more frequent than in the Bank s overall portfolio, but other sectors used it as or more extensively. Using the Sector Board classification, 2 about a third of the infrastructure approved in FY09 10 were additional financing. However, a few other sectors also had similar shares of additional financing health, agriculture, and social development. CRISIS RELEVANCE HIGH INFRASTRUCTURE CONTENT PROJECTS Fewer than half of the with high infrastructure content were explicitly identified as crisis-related. Of the 294 infrastructure identified in the sample that had a 25 percent or higher infrastructure content, another subset was identified that had at least 50 percent or more infrastructure content. These 245 high-content infrastructure accounted for 83 percent of the initial sample. Based on appraisal documentation, these were classified according to the strength of reference to the crisis in the description of each project s justification. Three-quarters of the with high infrastructure content did not refer to the crisis beyond the description of the context. Over half of commitments by value (59 percent) were from with no reference, or a low reference, to the global economic crisis. Table A.4. Crisis References in Projects with High Infrastructure Content, FY09 10 Number of Disbursements as of 12/2010 Crisis-related 51 16,450 4,631 Not crisis 194 23,613 4,323 245 40,063 8,954 PERCENT OF TOTAL Crisis-related 21% 41% 52% Not crisis 79% 59% 48% 100% 100% 100% Source: World Bank data. However, crisis-related infrastructure disbursed faster. Six percent of with a high reference and 19 percent with a moderate reference to the global economic crisis disbursed more than 75 percent of their commitments within 3 months of approval, compared to half that share for with low or no reference to the crisis (table A.5). And 17 percent and 31 percent of with high or moderate reference to the global economic 2 Sector board classification. The infrastructure sector includes the following sector boards: Global Information/Communications Technology, Energy and Mining, Transport, and Water. 176

crisis respectively disbursed more than 75 percent of their commitments within 12 months of approval. Table A.5. Three Month Disbursement Rates of Infrastructure Projects during the Crisis, FY09 10 Disbursement ratio Crisis-related content High Medium Low Not crisis NUMBER OF PROJECTS <25% 31 13 59 130 233 25%-50% 2 2 4 >75% 2 3 2 1 8 35 16 61 133 245 SHARE OF TOTAL <25% 89% 81% 97% 98% 95% 25%-50% 6% 0% 0% 2% 2% >75% 6% 19% 3% 1% 3% 100% 100% 100% 100% 100% Source: World Bank data. Finally, crisis related infrastructure lending was highly concentrated, even more so than noncrisis lending. Seven countries accounted for 55 percent of all commitments in infrastructure during this period and 70 percent of crisis-related infrastructure commitments. And the five largest infrastructure approved in FY09 10 accounted for 24 percent of all infrastructure commitments and for 58 percent of crisis-related commitments in infrastructure. Table A.6. Country Concentration of Infrastructure Lending during the Crisis, FY09 10 Countries (in US$ million) Number of Disbursements as of 12/2010 (in US$ million) India 5,421 17 349 South Africa 3,750 1 371 China 3,214 19 245 Mexico 2,585 5 2,358 Brazil 2,558 16 342 Turkey 2,240 4 1,705 Kazakhstan 2,173 2 326 7 countries 21,941 64 5,696 Percent of total 55 26 64 OF WHICH CRISIS RELATED India 2,195 2 26 South Africa 3,750 1 371 China 800 4 2 Mexico 2,355 3 2,355 Brazil 490 2 49 Turkey - - - Kazakhstan 2,125 1 326 7 countries 11,715 13 3,128 Percent of total crisis-related 71 25 68 177

Table A.7. Project Concentration of Infrastructure Lending during the Crisis, FY09 10 Approval quarter Country Project ID Project name Commit ments FY10-Q4 South Africa P116410 Eskom Investment Support Project 3,750 371 2,125 326 FY09-Q4 Kazakhstan P099270 South West Roads Project: Western Europe Western China International Transit Corridor Disbursements as of 12/2010 FY10-Q2 Mexico P115608 Framework for Green 1,504 1,504 Development Policy Loan FY10-Q1 India P102771 Financing Public- 1,195 3 Partnerships in Infrastructure through Support to the India Infrastructure Finance Company Limited FY10-Q1 India P115566 Fifth Power System Development 1,000 23 Project 5 9,574 2,226 Percent of all 24 25 Percent of crisis-related 58 48 Source: World Bank data. 178