Senegal - Fifth Highway Project : Credit 1448 - Credit Agreement - 1 - Conformed

OFFICIAL CREDIT NUMBER 1448 SE DOCUMENTS Development Credit Agreement (Fifth Highway Project) between REPUBLIC OF SENEGAL and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated '0 at 2 , 1984 CREDIT NUKBER 1448 SE DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated :Y U2 k f , 1984, between REPUBLIC OF SENEGAL (hereinafter called the Borrower) and INTER- NATIONAL DEVELOPMENT ASSOCIATION (hereinafter called the Associa- tion). WHEREAS (A) the Borrower has requested the Association to assist in the financing of the Project described in Schedule 2 to this Agreement by extending the Credit as hereinafter provided; and (B) the Borrower has also requested the Association in its capacity as Administrator of the Special Fund established by its Executive Directors by Resolution No. IDA 82-6 of October 26, 1982, to assist in the financing of the same Project by grant- ing a Special Fund Credit (hereinafter called the Special Fund Credit) to the Borrower in an amount equivalent to ten million two hundred thousand Special Drawing Rights (SDR 10,200,000); and the Association as such Administrator (hereinafter called the Administrator) is willing to grant the Special Fund Credit pursuant to the Special Fund Credit Agreement of even date herewith between the Borrower and the Administrator (hereinafter called the Special Fund Credit Agreement); WHEREAS the Association has agreed, -on the basis inter alia of the foregoing, to extend the Credit to the Borrower upon the terms and conditions hereinafter set forth; NOW THEREFORE the parties hereto hereby agree as follows: ARTICLE I General Conditions; Definitions Section 1.01. The parties to this Agreement accept all the provisions of the General Conditions Applicable to Development Credit Agreements of the Association, dated June 30, 1980, with the same force and effect as if they were fully set forth herein (said General Conditions Applicable to Development Credit Agree- ments of the Association being hereinafter called the General Conditions). Section 1.02. Wherever used in this Agreement, unless the context otherwise requires, the several terms defined in the -2- General Conditions and in the Preamble to this Agreement have the respective meanings therein set forth and the following addi- tional terms have the following meanings: (a) "DERM" means Direction de l'Entretien Routier et du Materiel, the Borrower's Directorate of Road Maintenance and Equipment of the Direction Ggn6rale des Travaux Publics within the Borrower's Ministry of Equipment; (b) "RF" means the special account (Fonds Routier), estab- lished within the Borrower's Treasury and as reorganized pursuant to the Borrower's Decree No. 80.963 of September 26, 1980; (c) "RPA" means the Road Project Account to be opened by the Borrower in a financial institution pursuant to the provi- sions of Section 6.01 (b) of the Development Credit Agreement; (d) "Sub-Accounts" means the sub-accounts ("Caisses d'Avance") of the RF opened in the name of the Service R(gional des Travaux Publics in each region and of the Division du Mat6riel of DERM pursuant to Arretes No. 012682 to 012690 of October 13, 1980 and to be replenished pursuant to Section 3.03 (d) of this Agreement; (e) "CFAF"' means the Borrower's currency; and (f) "FY" means the Borrower's fiscal year which runs from July 1 to June 30. ARTICLE II The Credit Section 2.01. The Association agrees to lend to the Bor- rower, on the terms and conditions in the Development Credit Agreement set forth or referred to, an amount in various curren- cies equivalent to ten million two hundred thousand Special Drawing Rights (SDR 10,200,000). Section 2.02. (a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement, as such Schedule may be amended from time to time by agreement between the Borrower and the Asso- ciation, for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods and -3- services required for the Project and to be financed out of the proceeds of the Credit. (b) The Association shall withdraw on behalf of the Bor- rower from the Credit Account and deposit into the RPA each annual advance allocated to Category (1) in paragraph 1 of Sched- ule 1 to this Agreement on the basis of requests by the Borrower furnished to the Association each year and subject to the condi- tions set forth in paragraph 3 of said Schedule. (c) If the Association shall have determined at any time that: (i) any payment out of the proceeds of an annual advance deposited in the RPA (A) was made for any expenditure or in any amount not eligible pursuant to paragraph (a) of this Section, or (B) was not justified by the evidence referred to in paragraph 3 (b) of Schedule 1 to this Agreement, the Bor- rower shall, promptly upon notice from the Asso- ciation and, unless otherwise agreed by the Asso- ciation, prior to any further deposit into the RPA by the Association, deposit into the RPA or, if the Association shall so request, refund to the Association an amount equal to the amount of such payment or the portion thereof not so eligible or justified; or (ii) any amount advanced to the Borrower by the Asso- ciation pursuant to the provisions of this Section will not be required to cover further payments for eligible expenditures, the Borrower shall, prompt- ly upon notice from the Association, and unless otherwise agreed by the Association, refund to the Association such amount so advanced. (d) The Borrower shall, upon withdrawal by the Borrower of the proceeds of the Credit, deposit all such proceeds in the RPA. (e) The proceeds of the Credit deposited in the RPA pur- suant to paragraph (b) of this Section shall be transferred to the Sub-Accounts in a proportion satisfactory to the Association. Section 2.03. Except as the Association shall otherwise agree, procurement of the goods and civil works required for the -4- Project and to be financed out of the proceeds of the Credit shall be governed by the provisions of Schedule 3 to this Agree- ment. Section 2.04. The Closing Date shall be December 31, 1987 or such later date as the Association shall establish. The Associa- tion shall promptly notify the Borrower of such later date. Section 2.05, (a) The Borrower shall pay to the Association a commitment charge at the rate of one-half of one per cent (1/2 of 1%) per annum on the principal amount of the Credit not with- drawn from time to time. The commitment charge shall accrue from a date sixty days after the date of the Development Credit Agree- ment to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or shall be cancelled. (b) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section. Section 2.06. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one per cent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time. Section 2.07. Commitment charges and service charges shall be payable semiannually on March 15 and September 15 in each year. Section 2.08. The Borrower shall repay the principal amount of the Credit in semiannual installments payable on each March 15 and September 15, commencing March 15, 1994 and ending 5. otem- ber 15, 2033, each installment to and including the id_:a,' -ment payable on September 15, 2003, to be one-half of one pa cent (1/2 of 1%) of such principal amount, and each installment there- after to be one and one-half per cent (1-1/2%) of such principal amount. Section 2.09. The currency of the Republic of France is hereby specified for the purposes of Section 4.02 of the General Conditions. -5- ARTICLE III Execution of the Project Section 3.01. (a) The Borrower shall carry out the Project through its Ministry of Equipment with due diligence and effi- ciency and in conformity with appropriate financial, administra- tive and engineering practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for the purpose. (b) All the funds to be provided by the Borrower under paragraph (a) of this Section shall be so provided through the RF. Section 3.02. (a) The Borrower undertakes to insure, or make adequate provision for the insurance of, the imported goods to be financed out of the proceeds of the Credit against hazards inci- dent to the acquisition, transportation and delivery thereof to the place of use or installation, and for such insurance any indemnity shall be payable in a currency freely usable by the Borrower to replace or repair such goods. (b) The Borrower shall cause all goods and services fi- nanced out of the proceeds of the Credit to be used exclusively for the purposes of the Project. Section 3.03. (a) The Borrower shall furnish to the Associa- tion, promptly upon their preparation, the plans, specifications, contract documents and procurement schedules for the Project, and any material modifications thereof or additions thereto, in such detail as the Association shall reasonably request. (b) The Borrower shall: (i) maintain records and procedures adequate to record and monitor the progress of the Project (including its cost and the benefits to be derived from it), to identify the goods and services financed out of the proceeds of the Credit, and to disclose their use in the Project; (ii) enable the Association's representatives to visit the facilities and work sites included in the Project and to examine the goods financed out of the proceeds of the Credit and any relevant records and documents; and (iii) furnish to the Association at regular intervals all such information as the Association shall reasonably request concerning the Project, its cost and, where appropriate, the benefits to be derived from it, the expenditure -6- of the proceeds of the Credit and the goods and services financed out of such proceeds. (c) Upon the award by the Borrower of any ccntract for goods, works or services to be financed out of the proceeds of the Credit, the Association may publish a description thereof, the name and nationality of the party to whom the contract was awarded and the contract price. (d) During execution of the Project, the Borrower shall before May 31 in each year discuss with the Association: (i) its proposed work program for road maintenance under the Project in respect of the ensuing FY and its budget therefor; and (ii) the amounts out of the proceeds of the RF and the RPA to be deposited in each of the Sub-Accounts for such FY. (e) The Borrower shall, no later than May 31, 1985, or two years after the start of the execution of the Project, whichever shall be the earlier, review with the Association: (i) the esti- mated cost and means of financing of the next two years of the execution of the Project; (ii) the progress made in the imple- mentation of its road maintenance policy; and (iii) progress made in carrying out its staffing policy of replacing all permanent DERM staff which shall have retired during the preceding two years by transferring staff employed on a non-permanent basis at DERM to the positions which have so become vacant. (f) Promptly after completion of the Project, but in any event not later than six months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, the Borrower shall prepare and furnish to the Association a report, of such scope and in such detail as the Association shall reasonably request, on the execution of the Project, its cost and the benefits derived and to be derived from it, the performance by the Borrower and the Association of their respective obligations under the Development Credit Agreement and the accomplishment of the purposes of the Credit. ARTICLE IV Other Covenants Section 4.01. (a) The Borrower shall maintain or cause to be maintained separate accounts adequate to reflect in accordance with consistently maintained appropriate accounting practices the -7- operations, resources and expenditures, in respect of the Pro- ject, of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) Without limitation to the foregoing, the Borrower shall: (i) maintain or cause to be maintained separate accounts reflecting all expenditures on account of which withdrawals are requested from the Credit Account on the basis of statements of expenditure; (ii) retain, until one year after the Closing Date, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing the expenditures on account of which withdrawals are requested from the Credit Account on the basis of statements of expenditure; and (iii) enable the Association's representatives to examine such records. (c) The Borrower shall: (i) have the RPA and the accounts referred to in paragraphs (a) and (b) of this Section for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors accept- able to the Association; (ii) furnish to the Association, as soon as available, but in any case not later than four months after the end of each such year, a certified copy of the report of such audit by such auditors, of such scope and in such detail as the Association shall have reasonably requested, including without limitation to the foregoing, a separate opinion by said auditors in respect of the expenditures and records referred to in para- graph (b) of this Section as to whether the proceeds of the Credit withdrawn from the Credit Account on the basis of state- ments of expenditure have been used for the purpose for which they were provided; and (iii) furnish to the Association such other information concerning said accounts, records and expendi- tures and the audit thereof as the Association shall from time to time reasonably request. Section 4.02. The Borrower undertakes that no feeder road construction will be financed out of the proceeds of the RPA. Section 4.03. During execution of the Project, the Borrower shall annually exchange views with the Association on the size and content of its new road construction investment program for the following year and shall furnish to the Association all information relating thereto as the Association may reasonably request. -8- ARTICLE V Remedies of the Association Section 5.01. For the purposes of Section 6.02 of the General Conditions, the following additional event is specified pursuant to paragraph (h) thereof, namely, that the Decree reor- ganizing the RF referred to in Section 1.02 (b) of this Agreement or any of the Arr8t6s establishing the "Sub-Accounts" referred to in Section 1.02 (d) of this Agreement has been amended, abrogated or modified, so as to affect materially and adversely the ability of the Borrower to carry out the Project. Section 5.02. For the purposes of Section 7.01 of the Gen- eral Conditions, the following additional event is specified pur- suant to paragraph (d) thereof, namely, that any event specified in Section 5.01 of this Agreement has occurred. ARTICLE VI Effectiveness; Termination Section 6.01. The following events are specified as addi- tional conditions to the effectiveness of the Development Credit Agreement within the meaning of Section 12.01 (b) of the General Conditions: (a) the Association has received evidence satisfactory to it that the aggregate authorized ceiling of the Sub-Accounts has been raised from CFAF 700 million to CFAF 1,200 million; (b) the RPA has been opened by the Borrower in a financial institution acceptable to the Association; and (c) all conditions precedent to the effectiveness of the Special Fund Agreement, except for the effectiveness of this Agreement, have been fulfilled. Section 6.02. The date ;>. L . , is hereby specified for the purposes of Sec ion 12.04 of the General Condi- tions. Section 6.03. The obligations of the Borrower under Sections 4.02 and 5.02 of this Agreement shall cease and determine on the date on which the Development Credit Agreement shall terminate or - 9 - on a date twenty-five years after the date of this Agreement, whichever shall be the earlier. ARTICLE VII Representative of the Borrower; Addresses Section 7.01. The Minister responsible for economy and finance of the Borrower is designated as representative of the Borrower for the purposes of Section 11.03 of the General Condi- tions. Section 7.02. The following addresses are specified for the purposes of Section 11.01 of the General Conditions: For the Borrower: Mini8tAre de l'Economie et des Finances Rue Charles Laine B.P. 4017 Dakar Senegal Cable address: Telex: MINFINANCES 3203 SG Dakar, Senegal For the Association: International Development Association 1818 H Street, N.W. Washington, D.C. 20433 United States of America Cable address: Telex: INDEVAS 440098 (ITT) Washington, D.C. 248423 (RCA) or 64145 (WUI) - 10 - IN WITNESS WHEREOF, the parties hereto, acting through their represeatatives thereunto duly authorized, have caused this Agreement to be signed in their respective names in the District of Columbia, United States of America, as of the day and year first above written. * REPUBLIC OF SENEGAL Bylb AAAM4*4,4 V%.' Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION 4 t& Regional Vice President Western Africa - 11 - SCHEDULE 1 Withdrawal of the Proceeds of the Credit 1. The table below sets forth the Categories of items to be financed out of the proceeds of the Credit, the allocation of the amounts of the Credit to each Category and the percentage of expenditures for items so to be financed in each Category: Amount of the Credit Allocated % of (Expressed in Expenditures Category SDR Equivalent) to be Financed (1) Advance to RPA (a) FY 1985 1,750,000 (b) FY 1986 870,000 (c) FY 1987 870,000 (2) Equipment and 2,310,000 ) spare parts ) 65% in FY 1984, ) and FY 1985, ) 30% in FY 1986, ) and 25% in FY (3) Fuel and other 3,290,000 ) 1987 operational costs ) (4) Unallocated 1,110,000 TOTAL 10,200,000 2. The disbursement percentages have been calculated in com- pliance with the policy of the Association that the proceeds of the Credit shall not be disbursed on account of payments for taxes levied by, or in the territory of, the Borrower on goods or services, or on the importation, manufacture, procurement or supply thereof; on this basis, if the amount of any such taxes levied on or in respect of items in any Category decreases or increases, the Association may, by notice to the Borrower, in- crease or decrease the disbursement percentage then applicable to - 12 - such Category as required to be consistent with the aforemen- tioned policy of the Association. 3. Notwithstanding the provisions of paragraph I above, no withdrawals shall be made: (a) in respect of payments made for expenditures prior to September 1, 1983; (b) in respect of any payments made for expenditures in any FY unless the Association has received: (i) a work plan, satis- factory to the Association, in respect of the road maintenance works to be carried out under the Project during the FY con- cerned, and a budget, satisfactory to the Association, whereunder the Borrower shall finance such part of the cost of carrying out such plan which shall not be financed out of the proceeds of the Credit or the Special Fund Credit; and (ii) except in the case of FY 1984, evidence satisfactory to the Association that the Bor- rower has financed through the RF during the immediately pre- ceding FY, such part of the cost of carrying out the Project as shall not have been financed out of the proceeds of the Credit or the Special Fund Credit; (c) from any Category other than Category (1) in respect of any payments made for expenditures in a particular FY other than FY 1984 unless the Association has received evidence satisfactory to it: (i) that the Borrower has financed out of the proceeds of the RF, deposited thereinto by the Borrower out of its own resources, works or goods required for the Project during such FY in an amount equivalent to not less than: 54% of the amount of the annual advance allocated in Category (1) in the case of FY 1985, two times and one-third of the amount of the annual advance allocated to Category (1) in the case of FY 1986, and three times of the amount of the annual advance allocated in Category (1) in the case of FY 1987; and (ii) showing that the Borrower has used the proceeds of the annual advance deposited by the Association into the RPA for such FY to pay for expenditures in respect of works and goods required for the Project; and (d) in respect of any expenditures after the aggregate of the proceeds of the Credit withdrawn from the Credit Account shall have reached the equivalent of SDR 7,400,000, unless the Association shall be satisfied, after the review to be carried out pursuant to Section 3.03 (e) of the Development Credit Agree- ment, that the Borrower has satisfactorily carried out its road maintenance policy. - 13 - 4. Notwithstanding the allocation of an amount of the Credit or the disbursement percentages set forth in the table in para- graph I, above, if the Association has reasonably estimated that the amount of the Credit then allocated to any Category will be insufficient to finance the agreed percentage of all expenditures in that Category, the Association may, by notice to the Borrower: (i) reallocate to such Category, to the extent required to meet the estimated shortfall, proceeds of the Credit which are then allocated to another Category and which in the opinion of the Association are not needed to meet other expenditures; and (ii) if such reallocation cannot fully meet the estimated shortfall, reduce the disbursement percentage then applicable to such expenditures in order that further withdrawals under such Cate- gory may continue until all expenditures thereunder shall have been made. 5. If the Association shall have reasonably determined that the procurement of any item in any Category is inconsistent with the procedures set forth or referred to in this Agreement, no expen- diture for such item shall be financed out of the proceeds of the Credit, and the Association may, without in any way restricting or limiting any other right, power or remedy of the Association under the Development Credit Agreement, by notice to the Bor- rower, cancel such amount of the Credit as, in the Association's reasonable opinion, represents the amount of such expenditures which would otherwise have been eligible for financing out of the proceeds of the Credit. - 14 - SCHEDULE 2 Description of the Project The Project consists of the road maintenance program of the Ministry of Equipment of the Borrower for FYs 1984-1987 and includes the following: Part A: 1. Routine maintenance of about 9,000 km of roads in the first year rising to about 10,000 km of roads in the fourth year, including maintenance of the feeder road network; and 2. periodic road maintenance including repaving and regravel- ling of road surfaces and repair of structures. Part B: Modernization of DERM's workshops and strengthening of DERM's equipment maintenance capacity. Part C: Acquisition of maintenance equipment. The Project is expected to be completed by June 30, 1987. - 15 - SCHEDULE 3 Procurement A. Procurement Without Contracting Such routine and periodic maintenance works under Part A of the Project, as shall have been determined in agreement with the Association, shall be carried out by force account. B. International Competitive Bidding 1. Except as provided in Parts A and C hereof, civil works, new equipment, related spare parts for road maintenance and work- shops, bulk purchases of imported materials and other goods shall be procured under contracts awarded in accordance with procedures consistent with those set forth in the current edition of the "Guidelines for Procurement under World Bank Loans and IDA Cre- dits" published by the Bank in March 1977 (hereinafter called the Guidelines), on the basis of international competitive bidding as described in Part A of the Guidelines. 2. For goods and works to be procured on the basis of inter- national competitive bidding, in addition to the requirements of paragraph 1.2 of the Guidelines, the Borrower shall prepare and forward to the Association as soon as possible, and in any event not later than 60 days prior to the date of availability to the public of the first tender or prequalification documents relating thereto, as the case may be, a general procurement notice, in such form and detail and containing such information as the Asso- ciation shall reasonably request; the Association will arrange for the publication of such notice in order to provide timely notification to prospective bidders of the opportunity to bid for the goods and works in question. The Borrower shall provide the necessary information to update such notice annually so long as any goods or works remain to be procured on the basis of inter- national competitive bidding. 3. Bidders for the works included in Part A of the Project shall be pre-qualified as described in paragraph 1.3 of Part A of the Guidelines. 4. Contracts for materials and spare parts shall be grouped in lots costing at least $60,000 equivalent. - 16 - 5. For the purpose of evaluation and comparison of bids for the supply of goods to be procured on the basis of international com- petitive bidding: (i) bidders shall be required to state in their bid the c.i.f. (port of entry) price for the imported goods, or the ex-factory price or off-the-shelf price of other goods, offered in such bid; (ii) customs duties and other import taxes levied in connection with the importation, or the sales and simi- lar taxes levied in connection with the sale or delivery, pur- suant to the bid, of the goods shall not be taken into account in the evaluation of the bids; and (iii) the cost of inland freight and other expenditures incidental to the delivery of the goods to the place of their use or installation shall be included. C. Other Procurement Procedures (a) Contracts for materials and spare parts that cannot be grouped into lots costing more than $60,000 equivalent, subject to the provisions of paragraph (c) of this Section, and contracts for fuel shall be procured on the basis of local competitive bidding procedures satisfactory to the Association. (b) Minor items urgently needed may be procured by local shopping subject to the provisions of paragraph (c) below. (c) Items other than fuel procured under the provision of paragraphs (a) and (b) of this Section shall not exceed in the aggregate $250,000 equivalent in any given year. D. Review of Procurement Decisions by the Association 1. Review of prequalification. The Borrower shall, before qual- ification is invited, inform the Association in detail of the procedure to be followed, and shall introduce such modifications in said procedure as the Association shall reasonably request. The list of prequalified bidders, together with a statement of their qualifications and of the reasons for the exclusion of any applicant for prequalification, shall be furnished by the Bor- rower to the Association for ite comments before the applicants are notified of the Borrower's decision, and the Borrower shall make such additions to, deletions from, or modifications in, the said list as the Association shall reasonably request. 2. Review of invitations to bid and of proposed awards and final contracts: - 17 - With respect to all contracts estimated to cost the equiva- lent of $60,000 or more: (a) Before bids are invited, the Borrower shall furnish to the Association, for its comments, the text of the invitations to bid and the specifications and other bidding documents, together with a description of the advertising procedures to be followed for the bidding, and shall make such modifications in the said documents or procedures as the Association shall reasonably request. Any further modification to the bidding documents shall require the Association's concurrence before it is issued to the prospective bidders. (b) After bids have been received and evaluated, the Borrower shall, before a final decision on the award is made, inform the Association of the name of the bidder to which it intends to award the contract and shall furnish to the Associa- tion, in sufficient time for its review, a detailed report on the evaluation and comparison of the bids received, and such other information as the Association shall reasonably request. The Association shall, if it determines that the intended award would be inconsistent with the Guidelines or this Schedule, promptly inform the Borrower and state the reasons for such determination. (c) The terms and conditions of the contract shall not, without the Association's concurrence, materially differ from those on which bids were asked or prequalification was invited. (d) Two conformed copies of the contract shall be furnished to the Association promptly after its execution and prior to the submission to the Association of the first application for with- drawal of funds from the Credit Account in respect of such con- tract. 3. With respect to each contract not governed by the preceding, paragraph (except for contracts on account of which withdrawals are allowed from the Credit Account on the basis of statements of expenditures), the Borrower shall furnish to the Association, promptly after its execution and prior to the submission to the Association of the first application for withdrawal of funds from the Credit Account in respect of such contract, two conformed copies of such contract, together with the analysis of the res- pective bids, recommendations for award and such other informa- tion as the Association shall reasonably request. The Association shall, if it determines that the award of the contract was not - 18 - consistent with the Guidelines or this Schedule, promptly inform the Borrower and state the reasons for such determination. 4. Before agreeing to any material modification or waiver of the terms and conditions of a contract, or granting an extension of the stipulated time for performance of such contract, or issu- ing any change order under such contract (except in cases of extreme urgency) which would increase the cost of the contract by more than 10% of the original price, the Borrower shall inform the Association of the proposed modification, waiver, extension or change order and the reasons therefor. The Association, if it determines that the proposal would be inconsistent with the pro- visions of this Agreement, shall promptly inform the Borrower and state the reasons for its determination. INTERNATIONAL DEVELOPMENT ASSOCIATION CERTIFICATE I hereby certify that the foregoing is a true copy of the original in the archives of the Interna- tional Development Association. In witness whereof I have signed this Certifi- cate and affixed the Seal of the Association thereunto the day of 198 FOR SECRETARY