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Page 1 CONFORMED COPY LOAN NUMBER 4832-CHA TF NUMBER 054772 Project Agreement (Changjiang and Pearl River Watershed Rehabilitation Project) between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT, acting as Administrator of Grant Funds provided by the European Community represented by the Commission of the European Communities and CHONGQING MUNICIPALITY GUIZHOU PROVINCE HUBEI PROVINCE YUNNAN PROVINCE Dated July 31, 2006 Page 2 PROJECT AGREEMENT Agreement dated July 31, 2006, entered into between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the