Conformed Copy - C3398 - Distance Learning Project - Project Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 3398-SE Project Agreement (Distance Learning Project) between INTERNATIONAL DEVELOPMENT ASSOCIATION and DISTANCE LEARNING CENTER Dated July 5, 2000 CREDIT NUMBER 3398-SE PROJECT AGREEMENT AGREEMENT, dated July 5, 2000, between INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association) and DISTANCE LEARNING CENTER (DLC). WHEREAS (A) by the Development Credit Agreement of even date herewith between the Republic of Senegal (the Borrower) and the Association, the Association has agreed to lend to the Borrower an amount in various currencies equivalent to one million six hundred thousand Special Drawing Rights (SDR 1,600,000), on the terms and conditions set forth in the Development Credit Agreement, but only on condition that DLC agree to undertake such obligations toward the Association as are set forth in this Agreement; and (B) by a subsidiary agreement to be entered into between the Borrower and DLC the proceeds of the Credit provided for under the Development Credit Agreement will be made available to DLC on terms and conditions set forth in said Subsidiary Agreement; and WHEREAS DLC, in consideration of the Association