Conformed Copy - C2502 - Private Enterprise and Export Development Project - Amendment

Page 1 June 14, 1996 The Governor Bank of Ghana P. O. Box 2674 Accra, Ghana Dear Sir: Re: Ghana - Private Enterprise and Export Development Project (Cr. 2502-GH) Amendment to Project Agreement We are pleased to inform you that subsequent to the mid-term implementation review conducted by the Bank of Ghana, the Ministry of Finance and Economic Planning, other implementing agencies, and IDA for the above-mentioned Project, the Association has agreed to the recom- mendations provided in the joint GOG/IDA Aide Memoire dated February 16, 1996 to amend the Project Agreement to improve project implementation. This Agreement will therefore be amended as follows: Schedule 2, Section C: (a) Number the existing paragraph as paragraph 1 (b) Insert paragraph 2 as follows: 2. "In addition to the criteria set in paragraph (1) above except paragraph (a) (iii) (C), a bank that has operated in Ghana less than 12 months shall be eligible to participate in the Project up to a limit set at 25% of its capital and reserves during its first full year of operation. Thereafter, its continued eligibility will be subject to the conditions described in paragraph (1) above." Schedule 4, paragraph 4 (a) Modify paragraph (a) (ii) to read as follows: "BOG shall provide not less than $4,000,000 equivalent through the prompt deposit of a per- centage of the repayments of the principal of PFI Subsidiary Loans. This percentage will be determined and reviewed annually by BOG and IDA." (b) Modify paragraph (h) to read as follows: "if no claim is made under the guarantee, BOG shall directly refund 25% of the guarantee fee each to both the PFI and the investment enterprise; If you agree with the proposed amendments, please sign your confirmation on the attached copy of this letter and return it to us. The amendment will become effective on the date of your signature. Sincerely, Charles P. Humphreys Acting Director West Central Africa Department Confirmed by the Bank of Ghana: By: Governor Date: July 5, 1996 Page 2