Bolivia - Vuelta Grande Gas Recycling Project : Credit 1719 - Credit Agreement - Conformed

OFFICIAL DCREDIT NUMBER 1719 BO Development Credit Agreement (Vuelta Grande Gas Recycling Project) between REPUBLIC OF BOLIVIA and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated ; / :/ , 1986 CREDIT NUMBER 1719 BO DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated L; '/ , 1986, between the REPUBLIC OF BOLIVIA (the Borrower) and the INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association). WHEREAS (A) the Borrower, having satisfied itself as to the feasibility and priority of the Project described in Schedule 2 to this Agreement, has requested the Association to assist in the financing of the Project; (B) the Project will be carried out by YACIMIENTOS PETROLIFEROS FISCALES BOLIVIANOS (YPFB) with the Borrower's assistance and, as part of such assistance, the Borrower will make available to YPFB the proceeds of the Credit as provided in this Agreement; and WHEREAS the Association has e-reed, on th'e basis, inter alia, of the foregoing, to extend the Credit to the Borrower upon the terms and conditions set forth in this Agreement and in the Project Agreement of even date herewith between the Association and YPFB; NOW THEREFORE the parties hereto hereby agree as follows: ARTICLE I General Conditions; Definitions ection 1.01. The "General Conditions Applicable to Develop- ment %.redit Agreements" of the Association, dated January 1, 1985 (General Conditions), constitute an integral part of this Agreement and are hereby incorporated as if fully set forth herein, with the modification that the last sentence of Section 3.02 is deleted. Section 1.02. Unless the context otherwise requires, the several- terms defined in the General Conditions and in the Preamble to this Agreement have the respective meanings therein set forth, and the 'following additional terms have the following meanings: (a) "Project Agreement" means the agreement between the Association and YPFB of even date herewith, as the same may be amended from time to time, and such term includes all schedules and agreements supplemental to the Project Agreement; -2- (b) "Subsidiary Loan Agreement" means the agreement to be entered into between the Borrower and YPFB pursuant to Section 3.01 (b) of this Agreement, as the same may be amended from time to time, and such term includes all schedules and agreements supplemental to the Subsidiary Loan Agreement; (c) "Special Account" means the account referred to in Section 2.02 (b) of this Agreement; (d) "Project Account" means that account referred to in Section 3.11 of the Project Agreement; (e) "Project Preparation Advance" means the project pre- paration advance granted by the Bank to the Borrower pursuant to an exchange of letters, dated March 13, 1981, between the Bor- rower and the Association; (f) "YPFB Charter" means the Decreto Ley of the Borrower, dated December 21, 1936, that created YPFB, and the term includes YPFB's By-laws ("By-laws"), as approved by Decreto Supremo No. 15122 of the Borrower, dated November 18, 1977 and Decreto Supremo No. 15888 of the Borrower, dated October 19, 1978; (g) "Fiscal Year" means the fiscal year of the Borrower or of YPFB, both of which begin on January 1 and end on December 31; (h) "Project Unit" means the Proyecto de Explotacion Vuelta Grande unit, created as part of YPFB by resolution of the General Manager of YPFB (Disposicion Administrativa de Gerencia General, No. 195/82), which shall have responsibility for coordinating and supervising the implementation of the Project, pursuant to Section 2.06 of the Project Agreement; (i) "Annual Capital Investment Plan" means the YPFB invest- ment program for each Fiscal Year, as approved by the Board of Directors of YPFB, beginning with the 1987 Fiscal Year of YPFB, and each Annual Capital Investment Plan approved by said Board of Directors thereafter, through Fiscal Year 1991; (j) "Subsidiary" means Compania Yacibol-Bogoc Transpor- tadores, an entity wholly owned by YPFB; (k) "national currency" means the currency unit of the, Borrower; and -3- (1) "YPFB Procurement Manual" means the manual for procure- ment for the Project referred to in Section 3.02 (b) of this Agreement. ARTICLE II The Credit Section 2.01. The Association agrees to lend to the Bor- rower, on the terms and conditions set forth, or referred to, in the Development Credit Agreement, an amount in various cur- rencies equivalent to twelve million eight hundred thousand Special Drawing Rights (SDR 12,800,000). 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 services required for the Project and to be financed out of the proceeds of the Credit. (b) The Borrower shall, for the purposes of the Project, open and maintain in dollars, a Special Account in a commercial bank acceptable to the Association on terms and conditions satisfactory to the Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of Schedule 3 to this Agreement. (c) Promptly after the Effective Date, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and pay to itself the amount required to repay the principal amount of the Project Preparation Advance withdrawn and outstanding as of such date and to pay all unpaid charges thereon. Section 2.03. The Closing Date shall be June 30, 1989 or such later date as the Association shall establish. The Associa- tion shall promptly notify the Borrower of such later date. Section 2.04. (a) The Borrower shall pay to the Association a commitment charge at the rate of one-half of one percent (1/2 of 1%) per annum on the principal amount of the Credit not withdrawn from time to time. The commitment charge shall accrue -4- from a date sixty days after the date of the Development Credit Agreement, 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 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time. Section 2.06. Commitment charges and service charges shall be payable semi-annually on June 1 and December 1 in each year. Section 2.07. The Borrower shall repay the principal amount of the Credit in semi-annual installments payable on each June 1 and December 1, commencing December 1, 1996, and ending Decem- ber 1, 2036. Each installment, to and including the installment payable on June 1, 2006, shall be one-half of one percent (1/2 of 1%) of such principal amount, and each installment thereafter shall be one and one-half percent (1-1/2%) of such principal amount. Section 2.08. The currency of the United States of America is hereby specified for the purposes of Section 4.02 of the General Conditions. Section 2.09. The Central Bank of the Borrower is designated as representative of the Borrower for the purposes of taking any action required or permitted to be taken under the provisions of Section 2.02 of this Agreement and Article V of the General Conditions. ARTICLE III Execution of the Project Section 3.01. (a) The Borrower declares its commitment to the objectives of the Project as set forth in Schedule 2 to this -5- Agreement and to this end, without any limitation or restriction upon any of its other obligations under the Development Credit Agreement, shall cause YPFB to perform in accordance with the provisions of the Project Agreement all the obligations of YPFB therein set forth, shall take and cause to be taken all action, including the provision of funds, facilities, services and other resources necessary or appropriate, to enable YPFB to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance. (b) The Borrower shall relend the proceeds of the Credit to YPFB under a Subsidiary Loan Agreement to be entered into between the Borrower and YPFB, under terms and conditions which shall have been approved by the Association and which shall include, inter alia, those terms set forth in Schedule 4 to this Agreement. (c) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Association and to accomplish the purposes of the Credit, and except as the Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof. Section 3.02. (a) Except as the Association shall otherwise agree, procurement of the goods, works and consultants' services required for the Project and to be financed out of the proceeds of the Credit shall be governed by the provisions of Schedule I to the Project Agreement. (b) The Borrower shall, with the participation of YPFB, prepare, issue and put into effect, a manual, satisfactory to the Association and consistent with the Guidelines referred to in Section I, paragraph A.1, and Section II of Schedule 1 to the Project Agreement, setting forth the procedures that shall be followed and conditions that shall be applied by YPFB in the procurement of goods, works and consultants' services for the Project (the YPFB Procurement Manual). Section 3.03. The Borrower and the Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07 and 9.08 of the General Conditions (relating to in- surance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition) in respect of the - 6 - Project shall be carried out by YPFB pursuant to Section 2.03 of the Project Agreement. Section 3.04. The Borrower shall take, or cause to be taken, all action necessary or appropriate, to ensure that YPFB shall be provided with sufficient foreign exchange to purchase the goods and services required to carry out the Project. Section 3.05. (a) The Borrower shall take, or cause to be taken, all actiun necessary or appropriate, to maintain domestic sales prices of the Composite of Petroleum Products at such levels as shall be required to ensure economic utilization of such products. To this end, the Borrower shall maintain the Domestic Weighted Average Prices of the Composite of Petroleum Products at a level at least equal to the International Weighted Average Prices for such Composite of Petroleum Products in each of its Fiscal Years. (b) For purposes of this Section: (i) "Composite of Petroleum Products" means all grades of gasoline, diesel, fuel oil, kerosene, jet fuel, and liquified petroleum gas; (ii) "Domestic Weighted Average Prices" means the average of the prices charged in the territory of the Borrower, for each of the products forming the Composite of Petroleum Products, during the relevant Fiscal Year, adjusted to reflect the period of time such prices prevailed for each such product and weighted to reflect the share each such product had as a percentage of the total volume of domestic sales of the Composite of Petroleum Products; and (iii) "International Weighted Average Prices" means the average of the daily prices published by a reputable industry report acceptable to the Association, for each of the products forming the Composite of Petroleum Prices, shipped from Caribbean ports or such other trading basis proposed by the Borrower and acceptable to the Association, during the relevant Fiscal Year, adjusted to reflect the period of time such prices prevailed for each such product and weighted to -7- reflect the share each such product had as a percentage of the total volume of domestic sales of the Composite of Petroleum Products. (c) The Borrower shall: (i) prepare, or shall cause YPFB to prepare, a report comparing the Domestic Weighted Average Prices of the Composite of Petroleum Products with the International Weighted Average Prices for such products and provide the same to the Association within one month after the end of each of its Fiscal Years; (ii) meet, and shall cause YPFB to meet, with the Association, promptly thereafter, and at all such other time as the Association shall reasonably request, to review such prices and any report thereof; and (iii) take, or cause YPFB to take, promptly after any such review has determined that the price levels required by paragraph (a) of this Section have not been achieved, all necessary measure (including without limitation, adjustments of the structure or levels of prices for the Com- posite of Petroleum Products), in order to meet such requirement. Section 3.06. The Borrower shall meet, and shall cause YPFB to meet, annually with the Association and at all such other times as the Association shall reasonably request, to review measures to expand and encourage exploration and production in the petroleum industry in Bolivia, such as enhanced private sector involvement. Section 3.07. The Borrower shall: (a) under terms of reference satisfactory to the Associa- tion, carry out, by not later than June 30, 1987, a study of the activities, operations and efficiency of YPFB; (b) promptly upon completion of the study, furnish to the Association for its reviewq and comment, the results of such study and a proposed preliminary plan for improving the efficiency of YPFB; (c) taking into consideration the results of the study and the comments of the Association, by not later than September 30, 1987, propose a final plan for improving the efficiency of YPFB, and a timetable for the implementation of such plan, acceptable to the Association; and (d) implement such plan in accordance with the agreed time- table. -8- Section 3.08. The Borrower shall: (a) meet with the Asso- ciation and YPFB in accordance with Section 3.05 of the Project Agreement; (b) take all measures necessary or appropriate to ensure that YPFB shall carry out each Annual Capital Investment Plan; and (c) take all measures necessary or appropriate to ensure that YPFB shall comply with Sections 3.06, 3.07, 3.08, 3.09, 3.10 and 3.11 of the Project Agreement. ARTICLE IV Financial Covenants Section 4.01. (a) The Borrower shall maintain, or cause to be maintained, separate records and accounts adequate to reflect, in accordance with consistently maintained sound accounting practices, the operations, resources and expenditures in respect of the Project. (b) The Borrower shall: (i) have the accounts referred to in paragraph (a) of this Section, including the Special Account, for each Fiscal Year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable 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 said auditors, of such scope and in such detail as the Association shall have reasonably requested; and (iii) furnish to the Association such other information concerning the said accounts and the audit thereof and said records as the Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Credit Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, separate records and accounts reflecting such expenditures; -9- (ii) retain, until at least one year after the completion of the audit for the fiscal year in which the last withdrawal from the Credit Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Association's representatives to examine such records; and (iv) ensre that such separate accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report thereof contains, in respect of such separate accounts, a separate opinion by said auditors as to whether the proceeds of the Credit withdrawn in respect of such expenditures were used for the purposes for which they were provided. ARTICLE V Remedies of the Association Section 5.01. Pursuant to Section 6.02 (h) of the General Conditions, the following additional events are specified: (a) YPFB shall have failed to perform any of its obligations under the Project Agreement; (b) as a result of events which have occurred after the date of the Development Credit Agreement, an extraordinary situation shall have arisen which shall make it improbable that YPFB will be able to perform its obligations under the Project Agreement; (c) the YPFB Charter shall have been amended, suspended, abrogated, repealed or waived so as to affect materially and adversely the ability of YPFB to perform any of its obligations under the Project Agreement; and (d) the Borrower, or any other authority having jurisdic- tion, shall have taken any action for the dissolution or dis- establishment of YPFB or for the suspension of its operations. Section 5.02. Pursuant to Section 7.01 (d) of the General Conditions, the following additional events are specified: - 10 - (a) the event specified in paragraph (a) of Section 5.01 of this Agreement shall occur and shall continue for a period of sixty days after notice thereof shall have been given by the Association to the Borrower; and (b) the events specified in paragraphs (c), (d) and (e) of Section 5.01 of this Agreement shall occur. ARTICLE VI Effective Date; 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) that the Subsidiary Loan Agreement has been executed on behalf of the Borrower and YPFB; and (b) that the Borrower has taken all actions referred to in Section 3%02 (b) of this Agreement. Section 6.02. The following are specified as additional matters, within the meaning of Section 12.02 (b) of the General Conditions, to be included in the opinion or opinions, satis- factory to the Association, of counsel acceptable to the Asso- ciation, to be furnished to the Association: (a) that the Project Agreement has been duly executed and authorized or ratified by YPFB, and is legally binding upon YPFB in accordance with its terms; (b) that the Subsidiary Loan Agreement has been duly exe- cuted and authorized or ratified by the Borrower and YPFB and is legally binding upon the Borrower and YPFB in accordance with its terms; and (c) that all necessary actions have been taken by the Borrower and YPFB to ensure that the YPFB Procurement Manual is lawful under the laws of the Borrower and the YPFB Charter, and is legally binding upon the Borrower and YPFB in accordance with its terms. Section 6.03. The date - 11 - is hereby specified for the purposes of Section 12.04 of the General Conditions. Section 6.04. The obligations of the Borrower under Articles III and IV of this Agreement shall cease and determine on the date on which the Development Credit Agreement shall terminate or on the date thirty years after the date of this Agreement, whichever shall be the earlier. ARTICLE VII Representative of the Borrower; Addresses Section 7.01. Except as provided in Section 2.09 of this Agreement, the Minister of Finance of the Borrower is designated as representative of the Borrower for the purposes of Section 11.03 of the General Conditions. Section 7.02. The following addresses are specified for the purposes of Section 11.01 of the General Conditions: For the Borrower: Ministerio de Finanzas La Paz Bolivia Cable address: Telex: MINFINANZAS BX 5332 La Paz, Bolivia 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) - 12 - IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized representatives, 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 BOLIVIA / ~~ /31t~. By Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION By 25 Regional Vice President Latin America and the Caribbean - 13 - 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) Works under 690,000 100% of foreign Part A (1) of expenditures the Project (2) Goods and Works 7,410,000 100% of foreign under Part A (2) expenditures of the Project (3) Consultants' 1,800,000 100% of foreign services under expenditures Part C of the Project (4) Refunding of 860,000 Amount due pur- Project Prepara- suant to Section tion Advance 2.02 (c) of this Agreement (5) Unallocated 2,040,000 TOTAL 12,800,000 2. For the purposes of this Schedule, the term "foreign expen- ditures" means expenditures in the currency of any country other than that of the Borrower, for goods or services supplied from the territory of any country other than that of the Borrower. 3. Notwithstanding the provisions of paragraph 1 above, no withdrawals shall be made in respect of payments made for expenditures prior to the date of this Agreement, except that - 14 - withdrawals in an aggregate amount not exceeding the equivalent of SDR 430,000, may be made in respect of Categories (1), (2) and (3) on account of payments made for expenditures before that date but after April 1, 1986. - 15 - SCHEDULE 2 Description of the Project The objectives of the Project are: (a) to assist the Bor- rower in developing its natural hydrocarbon resources at the Vuelta Grande field in order to maintain adequate production of petroleum products to meet the needs of the domestic market; and (b) to develop greater export capacity. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Association may agree upon from time to time to achieve such objectives: Part A: Development of the Vuelta Grande retrograde gas condensate field Prod: tion of gas condensate from the Vuelta Grande field, stripping liquids therefrom and reinjection of dry gas with the aim of recovering oil and gas reserves from the field, by: 1. drilling of six wells (two production and four injection wells); 2. preparing and installing a gas processing and injection plant and starting the gas recycling operation; 3. laying of gathering and injection lines; and 4. constructing of connections to the main oil pipeline. Part B: Studies Studies of: (a) the staff policies of YPFB and other methods to increase the efficiency and effectiveness of the managerial, technical and professional staff levels of YPFB; and (b) the activities, operations and efficiency of YPFB. Part C: Technical Assistance Consultants' services to assist YPFB in: (a) construc- tion of the gas processing and injection plant; (b) reservoir engineering; and (c) training of YPFB staff in the operation of the gas processing and injection plant. The Project is expected to be completed by December 31, 1988. - 16 - SCHEDULE 3 Special Account 1. For the purposes of this Schedule: (a) the term "Eligible Categories" means the Categories set forth in the table in paragraph 1 of Schedule 1 to this Agreement; (b) the term "Eligible Expenditures" means expenditures in respect of the reasonable cost of goods and services required for the Project and to be financed out of the proceeds of the Credit allocated from time to time to the Eligible Categories in accordance with the provisions of Schedule 1 to this Agreement; and (c) the term "Authorized Allocation" means an amount equivalent to SDR 1,710,000 to be withdrawn from the Credit Account and deposited in the Special Account pursuant to paragraph 3 (a) of this Schedule. 2. Except as the Association shall otherwise agree, payments out of the Special Account shall be made exclusively for Eligible Expenditures in accordance with the provisions of this Schedule. 3. After the Association has received evidence satisfactory to it that the Special Account has been duly opened, withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account may be made as follows: (a) On the basis of a request or requests by the Borrower for a deposit or deposits which add up to the aggregate amount of the Authorized Allocation, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit in the Special Account such amount or amounts as the Borrower shall have requested. (b) The Borrower shall furnish to the Association requests for replenishment of the Special Account at such intervals as the Association shall specify. On the basis of such requests, the Association shall withdraw from the Credit Account and deposit into the Special Account such amounts as shall be required to replenish the Special Account with amounts not exceeding the amount of payments made out of the Special Account for Eligible - 17 - Expenditures. All such deposits shall be withdrawn by the Asso- ciation from the Credit Account under the respective Eligible Categories, and in the respective equivalent amounts, as shall have been justified by the evidence supporting the request for such deposit furnished pursuant to paragraph 4 of this Schedule. 4. For each payment made by the Borrower out of the Special Account for which the Borrower requests replenishment pursuant to paragraph 3 (b) of this Schedule, the Borrower shall furnish to the Association, prior to or at the time of such request, such and other evidence as the Association shall reasonably request, showing that such payment was made for Eligible Expenditures. 5. (a) Notwithstanding the provisions of paragraph 3 of this Schedule, no further deposit into the Special Account shall be made by the Association when either of the following situations first arises: (i) the Association shall have determined that all further withdrawals should be made directly by the Borrower from the Credit Account in accordance with the provisions of paragraph (a) of Section 2.02 of this Agreement; or (ii) the total unwithdrawn amount of the Credit allo- cated to the Eligible Categories, minus the amount of any outstanding special commitment entered into by the Association pursuant to Section 5.02 of the General Conditions with respect to the Project, shall be equal to the equivalent of twice the amount of the Authorized Allocation. (b) Thereafter, withdrawal from the Credit Account of the remaining unwithdrawn amount of the Credit allocated to the Eligible Categories shall follow such procedures as the Associa- tion shall specify by notice to the Borrower. Such further with- drawals shall be made only after and to the extent that the Association shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice have been or will be utilized in making payments for Eligible Expenditures. 6. (a) If the Association shall have determined at any time that any payment out of the Special Account: (i) was made for any expenditure or in any amount not eligible pursuant to paragraph 2 - 18 - of this Schedule; or (ii) was not justified by the evidence furnished pursuant to paragraph 4 of this Schedule, the Borrower shall, promptly upon notice from the Association deposit into the Special Account (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. No further deposit by the Association into the Special Account shall be made until the Borrower has made such deposit or refund. (b) If the Association shall have determined at any time that any amount outstanding in the Special Account will not be required to cover further payments for Eligible Expenditures, the Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount for crediting to the Credit Account. - 19 - SCHEDULE 4 Terms and Conditions of the Subsidiary Loan Agreement between the Borrower and YPFB 1. Term. The Borrower shall relend the proceeds of the Credit to YPFB for a term of twelve (12) years, with a grace period not to exceed 3 years. 2. Interest Rate. The interest rate charged shall be: (i) nine and one-half percent (9.5%) per annum; (ii) fixed for the term of the subsidiary loan; and (iii) charged at least semi- annually on principal amounts withdrawn and outstanding from time to time. 3. Currency. The subsidiary loan shall be: (i) denominated in dollars and repayable in national currency; and (ii) the exchange rate shall be determined as of the date each payment is made and shall be reasonable and acceptable to the Association. INTERNATIONAL DEVELOPMENT ASSOCIATION CERTIFICATE I hereby certify that the foregoing is a true copy of the original in the archives of the International Development Association. FOR SECRETARY