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THE WORLD BANK GROUP ARCHIVES

PUBLIC DISCLOSURE AUTHORIZED

Folder Title: Huinco Power Project -Peru -Loan 0260 -P007940 -Administration -

Volume 1

Folder ID:

1710921

Project ID:

P007940

Dates:

6/29/1960 -11/16/1960

Fonds: Records of the Latin America and Caribbean Regional Vice Presidency

ISAD Reference Code: WB IBRD/IDA LAC

Digitized:

9/24/2019

To cite materials from this archival folder, please follow the following format:

[Descriptive name of item], [Folder Title], Folder ID [Folder ID], ISAD(G) Reference Code [Reference Code], [Each Level

Label as applicable], World Bank Group Archives, Washington, D.C., United States. The records in this folder were created or received by The World Bank in the course of its business. The records that were created by the staff of The World Bank are subject to the Bank's copyright.

Please refer to http://www.worldbank.org/terms-of-use-earchives for full copyright terms of use and disclaimers.

M

THE WORLD BANK

Washington, D.C.

@ International Bank for Reconstruction and Development / International Development Association or

The World Bank

1818 H Street NW

Washington DC 20433

Telephone: 202-473-1000

Internet: www.worldbank.org

PUBLIC DISCLOSURE AUTHORIZED

IV~S

1710921

A1995-070

Other #: 58 Box # 169830B

Huinco Power Project -Peru -Loan 0260 -P007940 -Administration

Volume I

USA rATEPM M., 1i3mft

MADER IN U. & A.

DRCLASS

FRED

WBQ Archive

Lima, 21 September 1960

Dr. C, Mariotti

International Bank for

Reconstruction & Development

Treasurer's Department

1818, H Street

NW

Washington 25, DC. -USA.

Re: IBRD Loan No 260 PE Attention: Mr. Peter G. Ramm

Dear Mr. Ramm,

I acknowledge receipt of your letter of August 8, and wish to thank you very much for your valuable information regarding the various procedures to be followed for the withdrawal of funds from our Loan Account, as well as for the samples of appropriate forms which would be applicable in Cases I, III, Y and VI to the above loan. At the moment we are proceeding with the formalities needed to fulfil the conditions of effectiveness of the Loan Agreement, as requested in its Section 7, and I am pleased to inform you that the Government's authorization for the issue of Series D Debentures has already been granted. After the successful outcome of the US$ 6'000'000 preferred stock operation, about which I informed Mr. Kenneth R. Iverson with my letter of July 18, the issue of 33 million Soles in common shares correspond- ing to well over one million dollars, has been practically assured by underwriting commitments of local banks and financial institutions, as well as customers and suppliers. -The contract with Hidrandina SA., foreseen under Lit. c of Section 7.01 of the Loan Agreement, is being prepared, too. As far as the Series 0 Debentures are concerned, we have to decide about the question whether the six million dollars will be issued this year, taking advantage of the fair market situation, or whether we will stick to our original plan of issuing only part of the Series 0 Deben- tures now, in which case we would ask Sudelectra Ltd., Zurich, to ex- tend their written guarantee for the remaining three million dollars, - according to Lit. b, Section 7.01 of the Loan Agreement. Regarding the rate of withdrawal from the Loan Account and the curren- cies expected to be required, appropriate estimates shall be prepared as suggested, on the apposite forms at the close of each calendar quarter, and forwarded to the IBRD, to the attention of the Treasurer's

Department.

We are collecting all data and documents requestod for the reimburse- ment of the outlays which we had since 1 January 1960 for the purchase of foreign goods and for services covered by the above loan, and we shall complete our corresponding application for withdrawal in order to have it ready when the Loan Agreement becomes effective.

Page 2 -21 Sept 1960

This list of reimbursable expenses would include:

1) Imported goods, as well as services of our consulting engineers.

2) Imported goods purchased by us in Perd, to cover urgent con-

struction necessities related to the Huinoo projeat, according to my letter of July 18 to Mr. Iverson.

3) Equipments and machinery built in Perd according to our plans

and orders, the main components of which are imported.

4) Machinery and equipments imported before 1960, which we pur-

chased from other firms after 1 January 1960. Due to the fact that we do not know how far the goods mentioned in points 3 and 4 fall under the expenses covered by the Loan Agreement, I would appreciate having the opportunity to discuss the matter per- sonally during my next visit to Washington, -which I hope will take place in the course of the second half of coming October, -or per- haps even in Lima, if IBRD officers should travel down here previously to my trip to the States. The standing application forms instructing you to pay to yourselves from our Loan Account interests and other charges on the Loan, as they become due each March 15 and September 15, will be completed and sent to you as soon as the Loan Agreement becomes effective. As provided in Section 8.02 of the Loan Regulations, we are including herewith a full list of the officers of our Company authorized to sign withdrawal applications, together with authenticated specimen signat- ures of the persons so authorized. Thanking you again for your kind co-operation, I remain, dear Sir,

Very truly yours,

C. Mariotti

Enols.

LIMA LIGHT AND POWM 00. Lima, 21 September 1960

EMPMRAS EE

1

ETRICAS ASOCIADAS

Gerencia General International Bank for

Reconstruction & Development

Dr. C. Mariotti Treasurer's Department

1818 H Street NW

Washington 25, D.C. -USA

Re: IBRD Loan No. 260 PE Attention: Mr. Peter G. Ramn

Dear Mr. Rams,

I acknowledge receipt of your letter of August 8, and wish to thank you very much for your valuable information regarding the various procedures to be followed for the withdrawal of funds from our Loan Account, as well as for the samples of appro- priate forms which would be applicable in Cases I, III, V and VI to the above Loan. At the moment we are proceeding with the formalities needed to fulfil the conditions of effectiveness of the Loan Agreement, as requested in its Section 7, and I am pleased to inform you that the Government's authorization for the issue of Series

D Debentures has already been granted.

After the successful outcome of the US$6,000,000 preferred stock operation, about which I informed Mr. Kenneth R. Iverson with my letter of July 18, the issue of 33 million Soles in common shares corresponding to well over one million dollars, has been practically assured by underwriting commitments of local banks and financial institutions, as well as customers and suppliers. -The contract with Hidrandina SA., foreseen under Lit. c of Section 7.01 of the Loan Agreement, is being prepared, too. As far as the Series C Debentures are concerned, we have to decide about the question whether the six million dollars will be issued this year, taking advantage of the fair market situation, or whether we will stick to our original plan of issuing only part of the Series C Debentures now, in which case we would ask Sudelectra Ltd., Zurich, to extend their written guarantee for the remaining three million dollars, - according to Lit. b, Section 7.01 of the Loan Agreement. Regarding the rate of withdrawal from the Loan Account and the currencies expected to be required, appropriate estimates shall be prepared as suggested, on the apposite forms at the close of each calendar quarter, and forwarded to the IBRD, to the at- tention of the Treasurer's Department. We are collecting all data and documents requested for the reimbursement of the out- lays which we had since 1 January 1960 for the purchase of foreign goods and for services covered by the above loan, and we shall complete our corresponding applica- tion for withdrawal in order to have it ready when the Loan Agreement becomes effec- tive.

This list of reimbursable expenses would include:

1) Imported Goods, as well as services of our consulting engineers.

2) Imported goods purchased by us in Peru, to cover urgent construction necessities

related to the Huinco project, according to my letter of July 18 to Mr.Iverson. COPY

LIMA LIGHT AND POWER CO. Lima, 21 September 1960

3) Equipments and machinery built in Peru according to our plans and orders, the

main components of which are imported.

4) Machinery and equipments imported before 1960, which we purchased from other

firms after 1 January 1960. Due to the fact that we do not know how far the goods mentioned in points 3 and 4 fall under the expenses covered by the Loan Agreement, I would appreciate having the opportunity to discuss the matter personally during my next visit to Washington, - which I hope will take place in the course of the second half of coming October, -or perhaps even in Lima, if ISMD officers should travel down here previously to my trip to the States. The standing application forms instructing you to pay to yourselves from our Loan Account interests and other charges on the Loan, as they become due each March 15 and September 15, will be completed and sent to you as soon as the Loan Agreement becomes effective.

6 As provided in Section 8.02 of the Loan Regulations, we are including herewith a full

list of the officers of our Company authorised to sign withdrawal applications, to- gether with authenticated specimen signatures of the persons so authorized. Thanking you again for your kind co-operation, I remain, dear Sir,

Very truly yours,

C. Mariotti

Bacls.

AMIINISTRATTON VOLUME Is June 29 -December 1960

Cont. in Vol II.-

HINTERNATIONAL BANK FR OUTGOING WIRE INTERNATIONAL FINANC

RECONSTRUCTION AND DEVELOPMENT CORPORATION

TO: UARTECHE

DATE:DCM 30 1960

SER I CE;

Cable No.

REMTED STOP WIEL R R NOARIZED AMD CERTIFIED AMWTTFOPL MQESSAGE AUTOIE BY: CLE ARANCES AN COPY DISTR IBUTION:

NAM Humau M aCeared with and ces Mrebb

DEPT. raions

Hemisphere

SINAUR ---* an&TiR IE APiM

(51 G ATUR ZED O APP OVE) or Ue byArchives

Divi sn

ORIGNAL, (Fie opy)

(IMPORTAN See back of yeo copy for guidle in parng form Chiecked for Dispatch:

INTERNATIONAL BANK FOR INTERNATIONAL FIjNC

RECONSTRUCTION AND DEVELOPMENT I N CO MING WIR CORPORA TION

DATE OF

R 0 U T I -N 15

WIRE: 29 DEC2BER 1960

LOG NO.: TE X -2

ACTION COPY: T,

TD: IBRD

INeFUM4TON IM ~l

COPY:

FROM LIMA DECODED BY:

PLEASE SEE IF POSSIBLE TO SPEED UN NOTARIZATION EUGiE BLACY3 SIGNATURE TO LOAN AGREE=EE 26o PE ALONG ?1ETHOD PROPOSED BY NOTRY MAICHAKD

1M.MORANWEM TO CARLETON I-F-B OF MC RFIFTH. BEST VISHEls 710- 1

THANI-3 UGARTECIE

LIJMfPLIGFBTPOWER-

ORGIA FORM No 7 NTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (5.48)INENTOABAKFRRCNTUTO

ANDEEOM T

OFFICE MEMORANDUM

TO: Files DATE: December 21, 1960

FROM: Humayun Mirz** .

SUBJECT: Peru -Lima Light and Power Company

On his way to Switzerland for a vacation, Dr. Carlos ariotti, General Manager of Lima Light and Power Company, stopped in Washington to discuss with the Bank the conditions of effectiveness of the loan made to Lima Light. He was accompanied by Mr. Juan Castelli, Treasurer of the Company. Dr. Mariotti said that as required by Section 7.01(b) of Article VII of the Loan Agreement, $3 million would be raised before the end of this month. Of this amount, $2 million have already been credited to the Com- pany and he expects to raise the additional $1 million in Switzerland very shortly. He also said that he expects to finalize the contract with Compagnie Sud-Americaine d'Electricit4, Zurich, before the end of this month in which they would undertake to purchase on or before December 31,

1961, additional debentures in an aggregate principal amount of $3 million

in order to fulfill the requirements of Section 7.01(b) of Article VII of the Loan Agreement. Dr. Mariotti raised with me the question of whether the goods that have been purchased by Hidrandina and/or contractors and transferred to Lima Light after December 31, 1959, would be reimbursable from loan funds when the loan becomes effective. He said that these goods had been purchased before December 31, 1959, and the purchases probably dated as far back as August 1958. This question had been raised by Dr. Mariotti in his earlier visit to Washington and he had been told that according to the List of Goods letter agreed upon between Lima Light and the Bank, the 'ank could only reimburse expenditures made after December 31, 1959. All expenditures made before that date would not qualify for reimbursement from loan funds.

1 reiterated this position to Dr. Mariotti and referred him to this side

letter. As Dr. Mariotti did not wish to make any changes in the Loan documents before the Loan becomes effective, he decided not to pursue the matter any further. If after the Loan becomes effective Lima Light still wants to have these expenditures reimbursed, he would request the Bank for a change in this side letter. I told Dr. Mariotti that until such a request was made, we could not reach a decision on this point. ato carat" s. Wb Dosew" no 190 bm -La WpaLa -!Am lIa et !MsW emn A*4.3bW Is btwoasd bs. IS, qp'uwflag aa giaan.. masttaet botw .Bam. Dow1austr1a (los..efisw thA Po"U.A Gwvnm) ad th e Sm e U4 a tw wanmr. ThIs roaatex to the Ooernmen purme fer the $* mUJean laen mso %V at Su* to tbe Lime L4hZtaM1u c04mw* OsqM

December 13, 1960

Lima Light and Power Corpany

(bpresas Electricas Asociadas)

Casilla 1384

Lima,, Peru

Gentlement

Loan No. 260 PE

We a iedge with thanks receipt of your

letter dated December 7, 1960 with which you enclosed the following:

1) Project Expenditures for 1961,

2) Actual and Forecast income statements 1955-1969,

3) Forecast sources and applications of funds

1960-1969.

Very truly yours,

L. Gray Marshall

Public Milities Division

Department of Technical Operations

43k

FORM No. 295

(4. 55)

INTERNATIONAL BANK FOR

RECONSTRUCTION AND DEVELOPMENT

PROGRESS REPORT SLIP

P11/391

DEPARTMENT OF TECHNICAL OPERATIONS

COUNTRY

PERU

LOAN OR PROJECT

Lima night -260 PE

PERIOD

TO

1)1961

2)1955-69

3) 196o-69

1) project expenditures 2) incom

TYPE OF REPORT statements

3) sour.& app.funds

CARDED

BI& -12 13/60

FOR ACTION TO: INITIAL DATE

2 3 4 5 6

7 Bttcner6'

8 Files

na -Lima, 7 de Diciembre de 1960

International Bank for

Reconstruction & Development

1818 H Street N.W.

Washington 25, D.C. -USA.

Documentacifn Asociadas

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