DOCUMENT OF THE WORLD BANK RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING SAO PAULO METRO LINE 5 PROJECT APPROVED ON APRIL 20, 2010

Transcription

1 Public Disclosur Authorizd Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) DOCUMENT OF THE WORLD BANK REPORT NO.: RES27607 Public Disclosur Authorizd RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF SAO PAULO METRO LINE 5 PROJECT APPROVED ON APRIL 20, 2010 Public Disclosur Authorizd TRANSPORT & ICT LATIN AMERICA AND CARIBBEAN TO STATE OF SÃO PAULO Public Disclosur Authorizd Rgional Vic Prsidnt: Country Dirctor: Snior Global Practic Dirctor: Practic Managr/Managr: Task Tam Ladr: Jorg Familiar Caldron Martin Raisr Jos Luis Irigoyn Shomik Raj Mhndiratta Bianca Bianchi Alvs, Gorgs Bianco Darido

2 Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) ABBREVIATIONS AND ACRONYMS BNDES COMPRASNET CBTC CPTM EMU JBIC IADB ICB ICMS Mtrô SEAIN STM National Economic and Social Dvlopmnt Bank (Banco Nacional d Dsnvolvimnto Econômico Social) Brazil Fdral Govrnmnt Procurmnt Portal Communications-basd train Control São Paulo Mtropolitan Train Company (Companhia Paulista d Trns Mtropolitanos) Elctric Multipl Unit Japan Bank for Intrnational Coopration Intr-Amrican Dvlopmnt Bank Intrnational Comptitiv Bidding Circulation Tax on Goods and Srvics Imposto d Circulação sobr Mrcadorias Srviços) São Paulo Mtro Company (Companhia do Mtropolitano d São Paulo ). Scrtariat of Forign Affairs of th Ministry of Planning (Scrtaria d Assuntos Intrnacionais do Ministério do Planjamnto) Sao Paulo Municipal Scrtariat of Transport (Scrtaria d Transports da Prfitura do Municipio d São Paulo)

3 Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) BASIC DATA Product Information Projct ID P Original EA Catgory Full Assssmnt (A) Approval Dat 20-Apr-2010 Financing Instrumnt Spcific Invstmnt Loan Currnt EA Catgory Full Assssmnt (A) Currnt Closing Dat 30-Jun-2017 Organizations Borrowr Stat of São Paulo Rsponsibl Agncy Scrtaria dos Transports Mtropolitanos (STM) Projct Dvlopmnt Objctiv (PDO) Original PDO To improv th mobility of public transport usrs in th Capão Rdondo-Largo Trz-Chácara Klabin corridor in a costfficint and nvironmntally-frindly mannr. Currnt PDO Th objctiv is to improv mobility for public transport usrs in th Capão Rdondo-Largo Trz-Chácara Klabin corridor in a cost-fficint and nvironmntally frindly way. Summary Status of Financing Ln/Cr/Tf Approval Signing Effctivnss Closing Nt Commitmnt Disbursd Undisbursd IBRD Apr Sp Nov Jun Policy Waivr(s) Dos this rstructuring triggr th nd for any policy waivr(s)? No

4 Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) I. PROJECT STATUS AND RATIONALE FOR RESTRUCTURING A. PROJECT STATUS 1. Th Projct was approvd on April 20, 2010 and bcam ffctiv on Novmbr 12, Th Projct xtnds th xisting São Paulo Mtro Lin 5 by approximatly 12 km from th southwst of th city to th xpandd cntr, and is xpctd to cost a total of approximatly US$4 billion, co-financd by IBRD, th National Economic and Social Dvlopmnt Bank (BNDES), Intr-Amrican Dvlopmnt Bank (IADB), and th Stat of São Paulo. Th World Bank financs th acquisition of 26 nw trains, th upgrading and installation of a Communications Basd Train Control (CBTC) signaling systm and station platform doors along th ntir Lin, and climat chang rlatd studis for a total of US$650.4 million. BNDES financs civil works for a total of US$2.4 billion, IADB financs signaling systms and civil works for a total of US$ 481 million and countrpart funds financs xpropriation, dsigns and studis for a total of US$1.08 billion. 2. Projct Implmntation Progrss is consistntly Modratly Satisfactory. Th xpctd dats for conclusion of works ar July 2017 for th Alto da Boa Vista - Brooklin sgmnt (3 stations), Dcmbr 2017 for th Brooklin - Chacara Klabin sgmnt (6 stations), and Dcmbr 2018 for th Campo Blo station. Th Adolfo Pinhiro station has bn finalizd and is oprational. Th Bank financd CBTC contract is progrssing wll aftr dlays. A numbr of problms with th implmntation of th first phas of this contract hav now bn mostly rsolvd and nw trains hav bn oprating in th xisting link ovr th wknds sinc April Th Bank financd contract for nw trains is advancing wll with 25 of 26 trains dlivrd. Thr is an uncommittd Bank loan balanc of around US$210 million as a rsult of th favorabl prics achivd in th ICB procurmnt of th trains (th main componnt of th Projct), a valuation of th US Dollar rlativ to th Brazilian Ral, and a rduction of goods and srvics taxs (ICMS - Imposto sobr Circulação d Mrcadorias Srviços) obtaind by São Paulo Mtro. B. JUSTIFICATION AND RATIONALE FOR RESTRUCTURING 1. Th Borrowr submittd a rqust on Dcmbr 28, 2015 to rstructur th São Paulo Lin 5 Projct to includ th rmaining scop of th São Paulo Lin 4 Phas 2 Projct (P106390, Loan 7869-BR: s paragraph 4 blow) and xtnd th Lin 5 Projct Closing Dat by 24 months, from Dcmbr 30, 2016 until Dcmbr 30, In Dcmbr 2016, agrmnt was rachd to xtnd th Projct by only six months, until Closing Dat of Jun 30, 2017, as th Fdral Trasury wantd to rassss in mor dtail th fiscal implications of th xtnsion givn th currnt fiscal crisis in Brazil. During this six-month xtnsion, Fdral Trasury compltd th assssmnt and on May 26, 2017 rqustd that th Projct b rstructurd to includ an xtnsion for 18 months to Dcmbr 30, 2018, according to th initial rqust from th Borrowr. If accptd, this would b th third xtnsion, for a cumulativ total of 54 months. 2. Rstructuring. Sinc funding to complt Lin 5 is scurd, th Borrowr sks to allocat US$210 million of IBRD loan savings from th Lin 5 Projct to support th Bank-appraisd civil works undr th Lin 4 Projct. This mans a chang in th PDO to includ th scop of Lin 4 Phas 2 Projct (hrin namd only Lin 4). Phas 1 of Lin 4 Projct was partially

5 Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) financd by Loan 4646-BR and includd six stations (Butanta, Pinhiros, Faria Lima, Paulista, Rpublica and Luz). Phas 2 includs fiv stations (Oscar Frir, Macknzi-Higinopolis, Morumbi and Vila Sonia, undr construction and Fradiqu Coutinho, currntly oprating). Th Borrowr and th Fdral Govrnmnt considrd canclling th loan savings of Lin 5 Projct and procss an additional Financing for Lin 4. Howvr, givn th currnt fiscal and political crisis in Brazil, it was agrd that th bst option would b to us th uncommittd rsourcs from th Mtro Lin 5 Projct to support th Lin 4 Projct. For a dtaild dscription of th dlays and funding gap of th Lin 4 Projct (Loan 7869-BR), plas rfr to th Rstructuring Papr for th Lin 4 loan. 3. Lin 5 Extnsion. Th proposd xtnsion of th Projct s Closing Dat is ncssary for Lin 4 and 5 to fully disburs th US$650.4 million loan and achiv its dvlopmnt objctivs. Th first xtnsion of loan approvd by th Bank in Sptmbr 2014 was th rsult of dlays in commncmnt of BNDES financd civil works. Sinc 2014, civil works hav bn advancing at a rasonabl pac, howvr, changs in dtaild dsigns gnratd additional dlays, rquiring adjustmnts in th implmntation schdul. As a rsult, th CBTC systms contract is dlayd as civil works hav to b compltd bfor installation can start. In addition, th contractor had som prformanc issus in arly stags of implmntation. Th implmntation of th CBTC systm continus to b on a critical path, but th main issus hav bn rsolvd. Th succssful opration of th signaling systm btwn Capao Rdondo and Adolfo Pinhiro stations, mans th rmaining installation and oprations of th systm btwn Adolfo Pinhiro and Chacara Klabin stations should b smooth. 4. Lin 4 Scop. Th us of Lin 5 loan savings and xtnsion ar also critical to complt th rmaining works for Mtro Lin 4, which includ th compltion of Oscar Frir, Macknzi-Higinopolis and Morumbi Stations, which ar partially built and xpctd to b compltd in arly 2018, and th construction of a nw trminus station, a bus trminal, a tunnl xtnsion and a rail yard at Vila Sonia by Dcmbr 31, Th slow progrss with th construction of Lin 4 sinc 2014 was mostly du to th dlays in th finalization of dtaild dsign and rsultd in th original contractor withdrawing from th civil works. Th rbidding of this complx contract took som tim, rsulting in furthr dlays. Th nw contract was signd in July 2016 and is progrssing wll and on station is xpctd to b compltd this yar and th othr two in Th total projct cost for Lin 4 Projct ar stimatd at US$ 604 million, vry clos to th appraisd amount of US$ 601 million in Howvr, in trms of Brazilian Rais, th total costs hav incrasd considrably du to th dvaluation of th Brazilian Ral compard to th US dollar. At appraisal, IBRD funding was nvisiond to covr 21.5% of th total cost of th Lin 4 Projct, whil JBIC funding would covr 21.5% and countrpart funding would covr th rmaining 57%. Howvr, givn th fiscal constraints of th Stat and incrasing costs of th Projct, th Stat rqustd additional IBRD support from loan saving from th Lin 5 to financ Lin 4 Projct. If this rstructuring is approvd, IBRD funding will covr 57% of th projct costs, whil countrpart financing will b rducd to about 22% of th total costs. 5. Financial Managmnt. Financial managmnt is ratd Satisfactory for both Mtro Lin 4 and 5 Projcts. Both Projcts ar in complianc with OP 10.0, and not subjct to suspnsion of disbursmnts. Th Borrowr dos not hav any outstanding audit rport, and all audit rports hav bn satisfactory to th Bank. 6. Social and Environmntal Safguards. Th Mtro Lins 4 and 5 Projcts hav adquatly implmntd th Environmntal Managmnt Plans and ar in complianc with national rgulations and World Bank social and nvironmntal policis. Rsttlmnt has bn compltd and a post-rviw of Sao Paulo Mtro s rsttlmnt and compnsation programs for

6 Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) Lin 4 and Lin 5 has bn prsntd. Th Safguards Ratings for Lin 5 is Satisfactory, whil for Lin 4 it is Modratly Satisfactory. All works to b financd aftr th rstructuring ar part of th original appraisal of Mtro Lin 4 and 5 Projcts, and ar fully compliant with Bank Safguard policis and will not triggr any nw policis nor changs in ratings. 7. Implmntation Risk. Sinc th procurmnt of major civil works and systms contracts has bn concludd and most contracts ar undr implmntation, th risks ar mor associatd to th timly implmntation of civil works and systms. Civil works for Lin 4 ar advancing at a vry fast pac sinc th advanc paymnts wr mad to th contractor in Dcmbr Physical progrss is currntly at 70%, xcpt for th Vila Sonia station and tunnl, which ar at initial stags but progrssing quickly. Mtro has rcntly implmntd a risk managmnt tool that provids much mor dtaild information about implmntation fficacy and improvs its ability to fors and manag construction risks. Mtro is also organizing wkly mtings with th systms contractor and concssionair to mitigat som of th problms ncountrd in th opration of th initial phass of Lin 4. About 90% of th civil works undr Lin 5 hav bn compltd, with th xcption of Campo Blo station which has rachd about 58% of physical progrss. In rcnt months, thr has bn considrabl progrss in th installation of th CBTC systm, which is xpctd to continu now th systm has bn tstd and is oprational in som sctions. Thr ar som dlays in th dlivry of platform doors, which should not affct th start of Mtro oprations. Mtro has optd for a gradual opning of stations as thy ar compltd. This rquirs strong coordination and planning, but provids flxibility and allows for partial achivmnt of rsults, givn th difficultis in nsuring uniform progrss at all stations. As a rsult, th Projct will show substantial progrss towards achiving th PDO vn if som of th stations ar not yt fully oprational. II. DESCRIPTION OF PROPOSED CHANGES 1. Rstructuring including Extnsion of Closing Dat. Th Projct sks to rstructur th São Paulo Lin 5 Projct (P116170, Loan 7855-BR) to includ th rmaining scop of th São Paulo Lin 4 Projct (P106390, Loan 7869-BR) and xtnd th currnt Closing Dat of Mtro Lin 5 Projct by 18 months from Jun 30, 2017 to Dcmbr 30, This will th third xtnsion of closing dat (including th six months xtnsion in Dcmbr 2017) for a cumulativ total of 54 months. 2. Chang in Projct's Dvlopmnt Objctivs. Th PDO will b rvisd and includ rfrnc to Lin 4. Th rvisd PDO is (a) to improv th mobility of public transport usrs in th Capao Rdondo-Largo Trz-Chacara Klabin (Lin 5) and Vila Sonia-Luz (Lin 4) Corridors in a cost-fficint and nvironmntally-frindly mannr; and (b) to facilitat th intgration btwn mtro and bus at th mtro stations for both lins 4 and 5. Th nw PDO (a) includs th improvmnt on th mobility of th usrs of th Vila Sonia-Luz Lin 4 corridor in addition to th usrs in th Capao Rdondo-Largo Trz- Chacara Klabin corridor. Th scop of works now includs th compltion of Oscar Frir, Macknzi-Higinopolis and Morumbi Stations, which ar partially built and xpctd to b oprating by arly 2018, and th construction of a nw trminus station, a bus trminal, a tunnl xtnsion to Vila Sonia station and a rail yard at Vila Sonia by Dcmbr This activitis will contribut to th achivmnt of th PDO. PDO (b) was includd to rflct th original projct intrvntions in Lin 5 projct, consistntly with th rsults framwork, and to includ th sam objctiv for Lin 4 Projct.

7 Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) 3. Chang in Rsults Framwork. Th rsults framwork will b updatd to includ th rsults framwork from Lin 4 Projct and to updat th targt dats for Lin 5. Th first part of PDO (a), of improvmnt of lvl of srvic, will b assssd through th currnt indicators for rduction of travl tim plus waiting tim and th total dmand srvd by th nw stations. Th scond part of th PDO (a), to achiv this improvmnt in lvl of srvic in a cost-fficint and nvironmntally-frindly mannr, will b assssd through th working ratio and th conomic analysis, which includs stimats of mission rduction but ar not part of th indicators. Th PDO (b) will b assssd through th indicators for % of stations intgratd with th bus srvic in Lins 4 and 5 and th rduction of numbr and frquncy of buss in th pak hour in th corridor aftr projct for Lin 5. Th indicators rlativ to Lin 4 wr includd in th rsults framwork and th indicators for Lin 5 wr updatd to rflct mor rcnt projctions. 4. Chang in Financing Plans. Whil thr wr cost incrass in th Civil Works contracts financd by th Borrowr, th succssful procurmnt of th trains has gnratd saving of around $210 million of th Lin 5 Projct Loan. Thrfor, th Govrnmnt has rqustd that th savings ar usd to support th compltion of works of th Lin 4 Projct, which has a similar siz financing gap. 5. Chang in Projct Componnts. Th changs rfr to th inclusion of civil works for Lin 4 and th tchnical assistanc componnts in th Schdul 1 Projct Dscription of th Lin 5 Loan Agrmnt, to support th implmntation of th civil works undr lin 4 and improv th monitoring and valuation framwork of th Mtro Company. Th proposd changs in costs ar dscribd in th tabl attachd. Th Loan will now financ th following itms: Part A: Infrastructur and Equipmnt Invstmnt a) Provision of financing for th acquisition and/or installation of: (i) at last twnty-six (26) nw train sts (EMUs) and rlatd accssoris, to oprat on th Extndd Lin 5; (ii) CBTC signaling systms for th Extndd Lin 5; (iii) platform scrn doors for all stations of th Extndd Lin 5; and (iv) information and communication (ICT) quipmnt to intrconnct oprational control cntrs of Mtro lins into a unifid ntwork. b) Provision of financing for th: (i) compltion of infrastructur and quipmnt invstmnts initiatd during th Lin 4 Phas 2 Projct, including: (i) th civil works of th four stations of Lin 4 initiatd during th Lin 4 Phas 2 Projct; (ii) carrying out civil works for on nw station (Vila Sonia), its accss tunnl of about 1.5 km xtnsion, and a bus trminal at th Vila Sonia yard; and (iii) acquisition and installation of scalators, platform doors, and signaling and tlcommunication systms ncssary to oprat th stations rfrrd to in (i) and (ii) abov. Part B: Tchnical Assistanc c) Provision of financing and tchnical assistanc for: (i) managmnt ovrsight and suprvision of th carrying out of Part A of th Projct; (ii) suprvision of th manufacturing and dlivry of th nw trains acquird undr Part A of th Projct; (iii) suprvision and projct managmnt of civil works; and (iv) suprvision of th supply and installation of th systms includd in Part A of th Projct. d) Carrying out of spcific studis or assssmnts rquird during th xcution th Projct, including, intr alia, (i) a study for stimating grnhous gas missions' rduction; (ii) studis to support th dvlopmnt of São Paulo Mtro's climat chang stratgy; (iii) a study assssing th impact of th Extndd Lin 5 on th low-incom

8 Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) population in th Capao Rdondo-Chacara Klabin Corridor, and (iv) data collction and usrs' prcption survys and studis to support stratgic planning. 6. Chang in Disbursmnt Estimats. Th nw disbursmnt schdul rflcts th ovrall dlays in th implmntation of civil works for both Mtro Lin 4 and 5 Projcts, and th rsultd dlays in th implmntation of th Systms contract for Lin 5. Th risks of dlays and slow disbursmnts for complting th Lin 5 invstmnts ar low, sinc th implmntation of th systms is currntly progrssing as xpctd and th procurmnt of ICT is concludd. For Lin 4, th civil works contract is undr implmntation and rprsnt a larg shar of th projct costs. Th implmntation and disbursmnt risks ar considrd modrat givn th complxity of civil works and many intrfrncs in dnsly populatd aras, which will rquir stringnt safty protocols. Th disbursmnt risk is highr for invstmnts that still nds to b procurd, such as th prmannt way and th auxiliary systms and quipmnt for th xisting stations (th nw stations alrady includ a contract for th installation of this quipmnt). Som of th institutional componnts may also gt dlayd, but th procurmnt procsss ar going wll and contracts should b signd soon. 7. Chang in Componnt Costs. Th Infrastructur and Equipmnt Componnt will b updatd to includ Lin 4 invstmnts. Th institutional componnts hav also bn slightly changd, with th inclusion of additional studis to improv managmnt and planning of th Mtro srvics. 8. Chang in Financial Managmnt. Th tabl of Catgoris of ligibl xpnditurs in Sction IV.A of Schdul 2 to th Loan Agrmnt will b rvisd to includ, undr Catgory (1): non-consulting srvics as wll as th rvisd Parts, as follows: (1) Goods, works; consulting and non-consulting srvics for Parts A.1, A.2 and B of th Projct in ordr to rflct th changs in Projct componnts (paragraph 5 abov). Th financial managmnt tam has rvisd th procdurs and spcifid additional intrnal controls and auditing opinion to nsur that funds ar usd accordingly. 9. Changs in Procurmnt. Th lgal agrmnt would b amndd to includ non-consulting srvics and othr mthods of procurmnt such as national comptitiv bidding, shopping, dirct contracting, and, for off-th-shlf goods and radily availabl non-consultants srvics, th mthod known as Prgão Eltrônico (Automatd Auction), subjct to th bidding documnts bing accptabl to th Bank. Th Bank has rcntly implmntd th automatd Bank procurmnt procss STEP that will likly allow for a mor fficint and rliabl procss. Th migration is currntly undr implmntation. 10. Chang in Implmntation Schdul. Th works for Lin 5 ar schduld to b compltd by July 2017 for th Adolfo Pinhiro - Brooklin sgmnt (3 stations); by Dcmbr 2017 for th Brooklin - Chacara Klabin sgmnt (6 stations); and, by Dcmbr 2018 for th Campo Blo station. Th probability of changs to this implmntation schdul ar low as civil works contracts ar approaching th final stags of implmntation. For Lin 4, th works for Oscar Frir and Macknzi- Higinopolis ar schduld to b compltd by 2017 and by 2018 for Morumbi and Vila Sonia stations. For Lin 4, givn th rlativ smallr progrss of civil works contract, thr is still a modrat risk of changs to this schdul.

9 Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) III. SUMMARY OF CHANGES Changd Not Changd Chang in Projct's Dvlopmnt Objctivs Chang in Rsults Framwork Chang in Componnts and Cost Chang in Loan Closing Dat(s) Rallocation btwn Disbursmnt Catgoris Chang in Disbursmnt Estimats Chang in Financial Managmnt Chang in Procurmnt Chang in Implmntation Schdul Chang in Implmnting Agncy Chang in DDO Status Cancllations Proposd Chang in Disbursmnts Arrangmnts Chang in Systmatic Oprations Risk-Rating Tool (SORT) Chang in Safguard Policis Triggrd Chang of EA catgory Chang in Lgal Covnants Chang in Institutional Arrangmnts Othr Chang(s) Chang in Economic and Financial Analysis Chang in Tchnical Analysis Chang in Social Analysis Chang in Environmntal Analysis IV. DETAILED CHANGE(S)

10 PDO_IND_TABLE Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) PROJECT DEVELOPMENT OBJECTIVE Currnt PDO Th objctiv is to improv mobility for public transport usrs in th Capão Rdondo-Largo Trz-Chácara Klabin corridor in a cost-fficint and nvironmntally frindly way. Proposd Nw PDO Th projct dvlopmnt objctivs ar: (a) to improv th mobility of public transport usrs in th Capao Rdondo- Largo Trz-Chacara Klabin (Lin 5) and Vila Sonia-Luz (Lin 4) Corridors in a cost-fficint and nvironmntally-frindly mannr; and (b) to facilitat th intgration btwn mtro and bus at th mtro stations. RESULTS FRAMEWORK Projct Dvlopmnt Objctiv Indicators Travl tim plus avrag waiting tim btwn slctd stations of Lin 5 Unit of Masur: Minuts Indicator Typ: Custom Rvisd Dat 31-Dc Dc Dc-2018 From Largo Trz to Chacara Klabin Unit of Masur: Minuts Indicator Typ: Custom Brakdown Rvisd Dat 31-Dc Dc Dc-2018 From Capao Rdondo to S Unit of Masur: Minuts Indicator Typ: Custom Brakdown Rvisd

11 Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) Dat 30-Dc Dc Dc-2018 % of Lin 5 stations intgratd with buss Unit of Masur: Prcntag Indicator Typ: Custom Rvisd Dat 31-Dc Dc Dc-2018 Incrmntal numbr of usrs in Lin 5 pr day in thousands Unit of Masur: Numbr Indicator Typ: Custom Rvisd Dat 31-Dc Dc Dc-2018 Numbr of usrs pr day in Lin 5 of housholds with lss than 4 minimum salaris (thousands) Unit of Masur: Numbr Indicator Typ: Custom Rvisd Dat 31-Dc Aug Dc-2018 Numbr of bus kilomtrs/pak hour in th corridor aftr projct Unit of Masur: Numbr Indicator Typ: Custom Markd for Dltion Dat 31-Dc Dc Dc-2018 Working Ratio of São Paulo Mtro as a whol Unit of Masur: Numbr

12 Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) Indicator Typ: Custom Markd for Dltion Dat 31-Dc Sp Dc-2018 Lin 5 working ratio Unit of Masur: Numbr Indicator Typ: Custom Rvisd Dat 31-Dc Sp Dc-2018 Travl tim plus avrag waiting tim btwn pairs of stations Via Sonia - Luz Unit of Masur: Minuts Indicator Typ: Custom Nw Dat 30-Dc Dc Dc-2018 Total annual passngr boardings in Vila Sonia (both dirctions, in millions) Unit of Masur: Numbr Indicator Typ: Custom Nw Dat 30-Dc Dc Dc-2018 Numbr of buss in th corridor of Lin 5 Unit of Masur: Numbr Indicator Typ: Custom Nw

13 IO_IND_TABLE Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) Dat 31-Dc Dc Dc-2018 Frquncy of buss in th pak hour in th corridor of Lin 5 Unit of Masur: Numbr Indicator Typ: Custom Nw Dat 31-Dc Dc Dc-2018 % of Lin 4 stations intgratd with buss Unit of Masur: Prcntag Indicator Typ: Custom Nw Dat 30-Dc Dc Dc-2018 Intrmdiat Indicators Cumulativ % of compltion of nw trains for Lin 5 Unit of Masur: Prcntag Indicator Typ: Custom Rvisd Dat 31-Dc Aug Dc-2018 % of compltion pr yar of th Lin 5 CBTC systms Unit of Masur: Prcntag Indicator Typ: Custom Rvisd

14 Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) Dat 31-Dc Aug Dc-2018 % of compltion pr yr of mtro climat chang action plan - Lin 5 Unit of Masur: Prcntag Indicator Typ: Custom Rvisd Dat 31-Dc Aug Dc-2018 Lin 4 Cumulativ % of compltion of Vila Sonia Tunnl Unit of Masur: Prcntag Indicator Typ: Custom Nw Dat 21-Dc Mar Dc-2018 Lin 4 Cumulativ % of compltion of Vila Sonia Station Unit of Masur: Prcntag Indicator Typ: Custom Nw Dat 21-Dc Mar Dc-2018 Lin 4 Cumulativ % of compltion of Vila Sonia yard Unit of Masur: Prcntag Indicator Typ: Custom Nw Dat 21-Dc Mar Dc-2018 Lin 4 Cumulativ % of compltion of xisting stations Unit of Masur: Prcntag

15 Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) Indicator Typ: Custom Nw Dat 21-Dc Mar Dc-2018 COMPONENTS Currnt Componnt Nam Currnt Cost (US$M) Action Proposd Componnt Nam Proposd Cost (US$M) Infrastructur and Equipmnt Rvisd Infrastructur and Equipmnt Institutional and Policy Dvlopmnt Rvisd Institutional and Policy Dvlopmnt TOTAL LOAN CLOSING DATE(S) Ln/Cr/Tf Status Original Closing IBRD Effctiv 30-Jun-2014 Rvisd Closing(s) 30-Dc-2016, 30-Jun Proposd Closing 31-Dc-2018 Proposd Dadlin for Withdrawal Applications 30-Apr-2019 REALLOCATION BETWEEN DISBURSEMENT CATEGORIES Currnt Allocation Actuals + Committd Proposd Allocation Financing % (Typ Total) Currnt Proposd IBRD Currncy: USD ilap Catgory Squnc No: 1 Currnt Expnditur Catgory: Goods, works; consulting and non-consulting srvics for Parts A.1, A.2 and B 648,774, ,886, ,774, Total 648,774, ,886, ,774,000.00

16 Th World Bank Sao Paulo Mtro Lin 5 Projct (P116170) DISBURSEMENT ESTIMATES Chang in Disbursmnt Estimats Ys Yar Currnt Proposd