Conformed Copy - C3354 - Urban Mobility Improvement Project - Project Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 3354-SE Project Agreement (Urban Mobility Improvement Project) between INTERNATIONAL DEVELOPMENT ASSOCIATION and SOCIETE NATIONALE DE CHEMINS DE FER DU SENEGAL Dated July 5, 2000 CREDIT NUMBER 3354-SE PROJECT AGREEMENT AGREEMENT, dated July 5, 2000, between INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association) and SOCIETE NATIONALE DE CHEMINS DE FER DU SENEGAL (SNCS). WHEREAS (A) by the Development Credit Agreement of even date herewith between REPUBLIC OF SENEGAL (the Borrower) and the Association, the Association has agreed to make available to the Borrower an amount in various currencies equivalent to fifty two million two hundred thousand Special Drawing Rights (SDR 52,200,000), on the terms and conditions set forth in the Development Credit Agreement, but only on conditions that SNCS agree to undertake such obligations toward the Association as are set forth in this Agreement; (B) by a subsidiary agreement to be entered into between the Borrower and SNCS, part of the proceeds of the credit provided for under the Development Credit Agreement will be made available to SNCS on the terms and conditions set forth in said Subsidiary Agreement; and WHEREAS SNCS, in consideration of the Association