Conformed Copy - L2898 - Second National Low-Income Housing Project - Amendment 1

Page 1 October 20, 1988 Ing. Jorge Gallard Ministro de Finanzas y Credito Publico 10 de Agosto y Jorge Washington Quito Ecuador Dr. Fausto Vasquez Gerente General Banco Ecuatoriano de la Vivienda Ave. 10 de Agosto y Cordero Quito, Ecuador RE: Loan 2898-EC (Second National Low-Income Housing Project) Amendment to the Project Agreement Dear Sirs: Please refer to the Loan Agreement for the above-referenced Project between the Republic of Ecuador (the Borrower) and the International Bank for Reconstruction and Development (the Bank), dated May 24, 1988, and to the Project Agreement of the same date between Banco Ecuatoriano de la Vivienda (BEV) and the Bank. In accordance with discussions held in Washington, D.C., between Bank staff and representatives of the Borrower and BEV on October 19, 1988, concerning the above referenced project, the Bank is pleased to inform you of its agreement to extend the date of the utilization of the Lending Instrument and Variable Interest Rate System by BEV. Therefore, the Bank proposes to amend Section 2.17 (b) the Project Agreement as follows: "(b) Not later than August 1, 1989, BEV shall begin utilization of the Lending Instrument and the Variable Interest Rate System, on an exclusive basis, in all of its lending operations, including those referred to in Section 2.16 (a) of this Agreement." If you agree with the proposed amendment, please confirm this by signing the enclosed copy of this letter and returning it to us duly dated. Sincerely yours, INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT /s/ Pieter P. Bottelier By Director Country Department IV Latin America and the Caribbean CONFIRMED: MINISTERIO DE FINANZAS Y CREDITO Page 2 PUBLICO By: Authorized Representative BANCO ECUATORIANO DE LA VIVIENDA By: Authorized Representative