Conformed Copy - C1926 - Second Structural Adjustment Credit - Agreement Amending Development Credit Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 1926 GUI (Amendment) Agreement Amending Development Credit Agreement (Second Structural Adjustment Credit) between REPUBLIC OF GUINEA and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated May 7, 1993 CREDIT NUMBER 1926 GUI (Amendment) AGREEMENT AMENDING DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated May 7, 1993, between the REPUBLIC OF GUINEA (the Borrower) and the INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association). WHEREAS: (A) the Borrower and the Association have entered into a Development Credit Agreement (Second Structural Adjustment Credit), dated June 29, 1988, (the Development Credit Agreement) for the purpose of assisting in the financing of the program referred to in Recital (A) of the Preamble to the Development Credit Agreement (the Program); (B) the Borrower has requested the Association to provide additional assistance towards the financing of the Program by increasing the amount made available under the Development Credit Agreement by an amount in various currencies equivalent to seventy thousand Special Drawing Rights (SDR 70,000); and WHEREAS the Association has agreed, on the basis, inter alia, of the foregoing, to provide such additional assistance to the Page 2 Borrower upon the terms and conditions set forth in this Agreement; NOW THEREFORE the parties hereto hereby agree as follows: ARTICLE I Amendments to the Development Credit Agreement Section 1.01. Section 1.02 of the Development Credit Agreement is amended by: (i) deleting the word "and" at the end of paragraph (b); (ii) changing the period after the number "1985" into a semi- colon and adding thereafter the word "and"; and (iii) adding the following as a new paragraph (d): "(d) "Amending Agreement" means the Agreement Amending the Development Credit Agreement (Second Structural Adjustment Credit) between the Borrower and the Association, dated May 7, 1993." Section 1.02. Section 2.01 of the Development Credit Agreement is amended to read as follows: "Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to forty seven million seventy thousand Special Drawing Rights (SDR 47,070,000) (the Credit), which includes an original amount in various currencies equivalent to forty seven million Special Drawing Rights (SDR 47,000,000) and an additional amount in various currencies equivalent to seventy thousand Special Drawing Rights (SDR 70,000) (the Additional Financing)." Section 1.03. A proviso is added at the end of Section 2.04 (b) of the Development Credit Agreement reading as follows: "; provided, however, that any commitment charge on the Additional Financing shall accrue from a date sixty days after the date of the Amending Agreement." Section 1.04. The following paragraph is added at the end of Schedule 1 to the Development Credit Agreement: "5. After a date twelve months from the date of the Amending Agreement, no withdrawals shall be made and no commitment shall be entered into to pay amounts to or on the order of the Borrower in respect of expenditures to be financed out of the proceeds of the Additional Financing. At any time after such date, the Association may, by notice to the Borrower, cancel the unwithdrawn amount of the Additional Financing from the Credit Account or any part thereof." ARTICLE II Effective Date; Termination Section 2.01. This Agreement shall not become effective until evidence satisfactory to the Association shall have been furnished to the Association that the execution and delivery of this Agreement on behalf of the Borrower have been duly authorized or ratified by all necessary governmental action. Section 2.02. As part of the evidence to be furnished pursuant to Section 2.01 of this Agreement, there shall be furnished to the Association an opinion or opinions satisfactory to the Association of counsel acceptable to the Association showing, on behalf of the Borrower, that this Agreement has been duly authorized or ratified by, and executed and delivered on behalf of, the Borrower and is legally binding upon the Borrower in accordance with its terms. Page 3 Section 2.03. This Agreement shall come into force and effect on the date upon which the Association shall dispatch to the Borrower notice of its acceptance of the evidence required by Section 2.01 of this Agreement. Section 2.04. If this Agreement shall not have come into force and effect by a date ninety (90) days after the date of this Agreement, this Agreement and all obligations of the parties hereunder shall terminate, unless the Association establishes a later date for the purposes of this Section. If this Agreement shall terminate under the provisions of this Section, the Development Credit Agreement shall continue in full force and effect, as if this Agreement had not been executed. 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 GUINEA By /s/ Boubacar Barry Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION By /s/ Edward V.K. Jaycox Regional Vice-President Africa