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Page 1 CONFORMED COPY LOAN NUMBER 4728-CHA Project Agreement (Fourth Inland Waterways Project) between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT and GUANGDONG PROVINCE and GUANGXI ZHUANG AUTONOMOUS REGION Dated October 11, 2004 Page 2 LOAN NUMBER 4728-CHA PROJECT AGREEMENT AGREEMENT, dated October 11, 2004, between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank) and GUANGDONG PROVINCE (Guangdong) and GUANGXI ZHUANG AUTONOMOUS REGION (Guangxi). WHEREAS by the Loan Agreement of even date herewith between the People