Conformed Copy - C2104 - Financial Sector and Private Enterprise Development Project - Amendment 3

Page 1 July 22, 1992 His Excellency Evariste Marson Minister of Finance Ministry of Finance Antananarivo, Madagascar Excellency: Re: Credit No. 2104 MAG (Financial Sector and Private Enterprise Development Project) Amendments to the Development Credit Agreement We refer to the above-mentioned Development Credit Agreement, dated April 4, 1990, as amended by letter from the Association dated December 12, 1991 confirmed by the Borrower on January 22, 1992, and your telex number 86- MIMFIN/SG/DGT/DDPOF/MC dated May 12, 1992 proposing some amendments to this Agreement. We are pleased to inform you that the Assoc at on ere y agrees, in accordance with your proposal, to the following: In Section 3.02 (a), these terms are added at the end of subparagraph (ii): "and/or other provisions acceptable to the Association"; and sub-paragraph (iii) is substituted by: "the principal amount shall be repaid an the same terms as those applicable under the Sub-loans." With respect to the proposed changes in the Subsidiary Loan Agreement and in the Participation Agreements, we wish to inform you that they are acceptable to the Association. Please confirm your agreement to the foregoing amendments to the Development Credit Agreement by signing and dating the form of confirmation on the enclosed copy of this letter and returning it to US. It is understood that these amendments shall come into force upon receipt by the Association of: (i) confirmation of your agreement as indicated above; and (ii) the Subsidiary Loan Agreement a,nd the Participating Agreements, as amended to reflect the amendments in this letter, in the above-mentioned letter from the Association dated December 12, 1991 and in the letter from the Association dated December 12, 1991 to BCRDM regarding amendments to the Project Agreement. Very truly yours, Michael N. Sarris Acting Director South-Central and Indian Ocean Department Africa Region CONFIRMED: DEMOCRATIC REPUBLIC OF MADAGASCAR By: Authorized Representative Page 2 Date: 05 AUG 1992