Conformed Copy - L4128 - Railway Restructuring Project - Loan Agreement

Page 1 CONFORMED COPY LOAN NUMBER 4128 MOR Loan Agreement (Railway Restructuring Project) between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT and OFFICE NATIONAL DES CHEMINS DE FER Dated April 30, 1997 LOAN NUMBER 4128 MOR LOAN AGREEMENT AGREEMENT, dated April 30, 1997, between the INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank) and the OFFICE NATIONAL DES CHEMINS DE FER (the Borrower). WHEREAS: (A) the Kingdom of Morocco (the Guarantor) and the Borrower, having been satisfied as to the feasibility and priority of the Project described in Schedule 2 to this Agreement, have requested the Bank to assist in the financing of the Project; (B) the Bank has received a letter dated September 25, 1996, from the Guarantor describing a program of actions, objectives and policies (hereinafter called the Program) designed to increase the efficiency of the railway subsector and reduce the Guarantor