Nicaragua - Agricultural And Industrial Rehabilitation Project : Credit 0966 - Credit Agreement - 2 - Conformed

UP A LOAN NUMBER 1785 NI DOCUMENTS CREDIT NUMBER 966 NI Amending Agreement (Agricultural and Industrial Rehabilitation Project) between REPUBLIC OF NICARAGUA and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated , 1980 NICARAGUA - CREDIT NUMBER 966-NI AMENDING AGREEMENT Agreement, dated 6kii r , 1980, between Republic of Nicaragua (hereinafter called the Borrower), International Bank for Reconstruction and Development (hereinafter called the Bank) and International Development Association (hereinafter called the Association). WHEREAS by a Development Credit Agreement (hereinafter called the Credit Agreement) dated January 4, 1980, between the Borrower and the Association, the Association has made a credit to the Borrower in an amount in various currencies equivalent to ten million United States dollars ($10,000,000), on the terms and conditions set forth in the Credit Agreement; WHEREAS by a Loan Agreement (hereinafter called the Loan Agreement) dated January 4, 1980, between the Borrower and the Bank, the Bank has agreed to make available to the Borrower an amount in various currencies equivalent to twenty million United States dollars ($20,000,000), on the terms and conditions set forth in the Loan Agreement; WHEREAS by a Project Agreement (hereinafter called the Project Agreement) dated January 4, 1980, between the Associa- tion and Banco Nacional de Desarrollo (hereinafter called BND), BND undertook to carry out the Project through Fondo Especial de Desarrollo (hereinafter called Fondo); WHEREAS Decree No. 463 of the Borrower, dated-*July 2, 1980, abrogated Decree No. 43 of the Borrower, dated August 15, 1979, entrusting to Corporacion Financiera de Nicaragua "CORFIN" (here- inafter called CORFIN) the operation of Fondo; WHEREAS the Borrower, the Bank and the Association have agreed to certain changes in the Credit Agreement and in the Loan Agreement, and, for such purpose, have agreed to enter into this Agreement (hereinafter called this Agreement), upon the terms and conditions hereinafter set forth; NOW THEREFORE, it is hereby agreed as follows: -2- ARTICLE I Section 1.01. The Credit Agreement is amended as follows: (a) Fifth and Seventh WHEREAS clauses, Sections 1.02 (a), 1.02 (ff), 4.01 (a) and Schedule 2, Parts C (1) and C (2). Delete "BND" and substitute therefor "CORFIN"; (b) Section 1.02 (cc). Delete in its entirety and substitute therefor the following: "(cc) "Decree No. 463 means Decree No. 463 of the Borrower dated July 2, 1980 creating CORFIN, and under which the operation of Fondo was entrusted to CORFIN, as such Decree may be amended from time to time;" (c) Section 1.02 (dd). Delete in its entirety, renumbering the subsequent paragraphs accordingly; (d) Section 1.02 (ee). Delete in its entirety and substitute therefor the following: "(ee) Whenever reference in this Agreement shall be made to action by CORFIN or Fondo, it shall be deemed to mean action by CORFIN taken pursuant to authority of CORFIN vested in it by Decree No. 463;" (e) Section 4.01 (e). Delete in its entirety and substitute therefor the following: "(e) a change shall have been made in the Law or in Decree No. 463 which would materially and adversely affect the operations or the financial condition of Fondo with respect to the carrying out of the Project."; (f) Section 1.02. Insert new paragraph (gg), which shall read: "(gg) "BND" means Banco Nacional de Desarrollo, as created by Decree No. 22 of the Borrower dated July 25, 1979." ARTICLE II Section 2.01. The Loan Agreement is amended as follows: "Section 2.03. Delete "Banco Nacional de Desarollo" and substitute therefor "Corporacion Financiera de Nicaragua (COR- FIN)". -3- ARTICLE III Section 3.01. This Agreement shall become effective upon receipt by the Association and the Bank of an opinion or opinions satisfactory to the Association and the Bank of Counsel acceptable to the Association and the Bank showing that: (a) the person or persons executing and delivering this Agreement are duly authorized to act on behalf of the Borrower for such purpose; (b) the persons executing and delivering the Amending Agreement for the Project Agreement are duly authorized to act on behalf of CORFIN and on behalf of BND, respectively, for such purpose; and (c) this Agreement and the Amending Agreement for the Project Agreement have been duly authorized or ratified by, and are legally binding upon, the Borrower, CORFIN and BND, in accord- ance with their terms. IN WITNESS WHEREOF, the parties hereto, acting through their respective representatives thereunto duly authorized have caused this Agreement to be signed in their respective names, and delivered in the District of Columbia, United States of America, as of the day and year above written. REPUBLIC OF NICARAGUA By Authorized Representative INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT By Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION By R e a Authorized Representative INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT CERTIFICATE I hereby certify that the foregoing is a true copy of the original in the archives of the Interna- tional Bank for Reconstruction and Develop- ment. In witness whereof I have signed this Certifi- cate and affixed the Seal of the Bank thereunto this kk day of, 198 0. FOR SECRETARY