Final Report - Asian Development Bank

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24 TA 4721-PRC: Preparing the Shaanxi-Qinling Mountains Integrated Ecosystem Management Project Final Report Appendix 13 tourism facilities after Project implementation is completed from 2014 on. Finally, the eco-fund loans, repayable contributions and grants will generate additional direct and indirect employment and income benefits once the eco-fund is established. These benefits cannot be estimated at this time. It should be stressed that employment and livelihood benefits to PA and in particular in-situ households and businesses will not happen automatically. These will require major Project and related government and enterprise investments in training, capacity building, and village development to ensure that these potential benefits are actually realized. 96. A set of benefits, only partially captured in attendance projections, benefit-cost analysis and employment estimates, is the value that people place on improvements to the bioresources of the PA and wider Qinling. To some degree, these benefits can be quantified and given monetary values through willingness to pay surveys and through the donations that private individuals, foundations, corporations and other groups may provide to accelerate government and international efforts to restore the bioresources of the Qinling to approach the biodiversity found in the distant past. This quantification was not possible within the resources of the PPTA. 97. The estimated EIRR for the whole project is 11% based on the total Project costs being offset against the benefits quantified for Component one only. Additional benefits not quantified relating to biodiversity conservation, ecological function improvement, and rural livelihoods benefits will only increase the overall economic performance. The investment is considered economically feasible within the caveats of the benefit stream estimation described above. The EIRR is well above the PRC hurdle rate of 8% Table 32: Project EIRR and NCF through to 2015 (CNY 0,000’s) Subcomponent NCF 2008 2009 2010 2011 2012 2013 2014 2015 Qinling Botanic Garden -9302 -24346 -2935 -353 2181 2698 2218 2796 SARC -3434 -8254 -10761 181 2040 2857 3233 3931 Hotsprings -5587 1262 1281 1281 1281 1281 1138 1147 Component One NCF -18323 -31337 -12415 1109 5503 6837 6589 7875 EIRR Component One 14.19% Economic Costs Comp. Two -564 -1713 -4043 -2572 -2086 -10979 Economic Costs Comp. Three -458 -1194 -633 -336 -278 -2899 Project NCF -19345 -34244 -17092 -1799 3139 -7042 6589 7875 EIRR Project 10.92% NPV (10%) 8190
TA 4721-PRC: Preparing the Shaanxi-Qinling Mountains Integrated Ecosystem Management Project Final Report Appendix 13 ANNEX ONE: ESTIMATES OF WEIGHTED AVERAGE COST CAPITAL (WACC) Weighted Average Cost of Capital ADB Loan SARC Domestic Loans Government Funds Domestic Equity WACC Weighting 35% 65% Nominal Cost 7.00% 10.00% Tax Rate 25% 0.00% Tax Adjusted Nominal Cost 5.250% 10.000% Inflation Rate 1.90% 3.00% Real Cost of Capital 3.29% 6.80% Weighted Component of WACC 1.15% 4.42% 5.57% Qinling Botanical Garden Weighting 40% 10% 40% 10% Nominal Cost 7.00% 9% 10.00% 15% Tax Rate 25% 25% 0.00% 0.00% Tax Adjusted Nominal Cost 5.250% 6.750% 10.000% 15.000% Inflation Rate 1.90% 3.00% 3.00% 3.00% Real Cost of Capital 3.29% 3.64% 6.80% 11.65% Weighted Component of WACC 1.32% 0.36% 2.72% 1.17% 5.56% Hot Springs Development Weighting 20% 40% 40% Nominal Cost 7.00% 9% 15% Tax Rate 25% 25% 0.00% Tax Adjusted Nominal Cost 5.250% 6.750% 15.000% Inflation Rate 1.90% 3.00% 3.00% Real Cost of Capital 3.29% 3.64% 11.65% Weighted Component of WACC 0.66% 1.46% 4.66% 6.77% 25
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Technical Assistance Consultant’s
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CURRENCY EQUIVALENTS (as at 1 June
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WEIGHTS AND MEASURES 15 mu = 1 hect
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APPENDIXES (PRESENTED IN SEPARATE V
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LOAN AND PROJECT SUMMARY Borrower P
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Implementation Arrangements The Sha
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Figure 1: Map 1 - The Project Area
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ix Figure 3: Map 3 - Google Image o
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Figure 5: Map 5 - Natural Plant Hab
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Figure 7: Map 7: Shaanxi Louguantai
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II. RATIONALE: SECTOR PERFORMANCE,
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maintain ever-increasing staff leve
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(xiii) lack of national, regional,
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low salaries, poor benefits and ina
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and mature product compared to othe
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into the Province’s tourism indus
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on Land Degradation in Dryland Ecos
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CNY 37million to CNY 64million in 2
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91. Revenue will be generated throu
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100. Improved Village and Forest-ba
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plan budget. Provision for this arr
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Component Sub-component Table 4: Pr
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Table 5: Project Investment Plan ($
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Qinling National Botanical Garden (
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Position Package A: Package A -SARC
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covered in these reports. Within 6
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water supplies, (v) a program to im
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160. Other risks relate to (i) the
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was between CNY 900 and CNY 1156 pe
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183. A major lesson from tourism re
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2 Design Summary Outputs Component
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4 Design Summary Component III: Ins
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6 TA 4721-PRC: Preparing the Shaanx
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4 Indigenous People 2 TA 4721-PRC:
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Page 391 and 392: i) Tourism 5. One of the strongest
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60. The current animal rescue and e
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Source (PPTA Estimates) 69. The rev
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77. Institutional Strengthening The
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awareness and understanding of mark
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92. The main risk to the Project’
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modify the drivers of biodiversity
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Expected Project National Biodivers
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Strategic Objectives and Indicative
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after 5 years. It is suggested that
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the lessons from the Project. All m
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119. The SPG commitment is demonstr
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130. In output 1, GEF financing of
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Tracking Tool for GEF Biodiversity
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the current tourism portfolio. This
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Please answer YES or NO to each sta
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Ecological Function Conservation Ar
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ADB TA 4271 Shaanxi Qinling Biodive
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3 ADB TA 4271 Shaanxi Qinling Biodi
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11 ADB TA 4271 Shaanxi Qinling Biod
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