Conformed Copy - L7192 - Cundinamarca Education Quality Improvement Project - Guarantee Agreement

Page 1 CONFORMED COPY LOAN NUMBER 7192-CO Guarantee Agreement (Cundinamarca Education Quality Improvement Project) between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT and REPUBLIC OF COLOMBIA Dated September 30, 2003 Page 2 LOAN NUMBER 7192-CO GUARANTEE AGREEMENT AGREEMENT, dated September 30, 2003, between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank) and REPUBLIC OF COLOMBIA (the Guarantor) WHEREAS (A) the Guarantor and Departamento de Cundinamarca (the Borrower), having been satisfied as to the feasibility and priority of the Project described in Schedule 2 to the Loan Agreement, have requested the Bank to assist in the financing of the Project; and (B) by the Loan Agreement of even date herewith between the Bank and the Borrower, the Bank has agreed to extend to the Borrower a loan in the amount of fifteen million Dollars ($15,000,000), on the terms and conditions set forth in the Loan Agreement, but only on condition that the Guarantor agree to guarantee the obligations of the Borrower in respect of such loan as provided in this Agreement; and WHEREAS the Guarantor, in consideration of the Bank