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Page 1 CONFORMED COPY LOAN NUMBER 4781-CHA Project Agreement (Liuzhou Environment Management Project) between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT and GUANGXI ZHUANG AUTONOMOUS REGION Dated August 11, 2005 Page 2 LOAN NUMBER 4781-CHA PROJECT AGREEMENT AGREEMENT, dated August 11, 2005, between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank) and Guangxi Zhuang Autonomous Region (Guangxi). WHEREAS by the Loan Agreement of even date herewith between Peo ple