Guyana - Import Program - 1 : Credit 0853 - Conformed

CONFORMED COPY CREDIT NUMBER 853 GUA Development Credit Agreement (Import Program) between GUYANA and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated October 24, 1978 CREDIT NUMBER 853 GUA DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated October 24, 1978, between GUYANA (herein- after called the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION (hereinafter called the Association). WHEREAS (A) the Borrower has requested the Association to assist in the financing of the foreign exchange cost of a program of importation of essential goods for the development of the Borrower during the period ending June 30, 1979; (B) the Borrower has also requested the Bank to provide additional assistance towards the financing of the same program and by an agreement of even date herewith between the Borrower and the Bank (hereinafter called the Loan Agreement) the Bank is agreeing to provide such assistance in an aggregate principal amount equivalent to five million dollars ($5,000,000) (herein- after called the Loan); (C) the Borrower and the Association intend, to the extent practicable, that the proceeds of the Credit provided for in this Agreement be disbursed on account of expenditures on the Project before disbursements of the proceeds of the Loan provided for in the Loan Agreement are made; and WHEREAS the Association has agreed, on the basis inter alia of the foregoing, to extend the Credit to the Borrower upon the terms and conditions hereinafter set forth; NOW THEREFORE the parties hereto hereby agree as follows: ARTICLE I General Conditions; Definitions Section 1.01, The parties to this Agreement accept all the provisions of the General Conditions Applicable to Development Credit Agreements of the Association, dated March 15, 1974, with the same force and effect as if they were fully set forth hereiQ (said General Conditions Applicable to Development Credit Agreements of the Association being hereinafter called the Gen- eral Conditions). -2- Section 1.02. Wherever used in this Agreement, unless the context otherwise requires, the several terms defined in the General Conditions and in the Preamble to this Agreement have the respective meanings therein set forth and the following additional terms have the following meanings: (a) "Project" means the program of importation referred to in the Preamble to this Agreement; (b) "Loan Agreement" means the agreement of even date herewith between the Borrower and the Bank for the purpose of the Project, as such agreement may be amended from time to time; and such term includes the General Conditions Applicable to Loan and Guarantee Agreements of the Bank, dated March 15, 1974, as made applicable to such aggeement, all agreements supplemental to the Loan Agreement and all schedules to the Loan Agreement; (c) "Project Account" means the account referred to in Section 1.02 of the Loan Agreement; and (d) "SITC" means the United Nations Standard International Trade Classification, 1963 Revision, published in Commodity Indexes for the Standard International Trade Classification, Revised, Statistical Papers, Series M, No. 38 (ST/STA/Ser. M/38) (1963). ARTICLE II The Credit Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions in the Development Credit Agreement set forth or referred to, an amount in various currencies equiva- lent to five million dollars ($5,000,000). Section 2.02. The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to the Loan Agreement, as such Schedule may be amended from time to time by agreement between the Borrower and the Bank; and, except as otherwise agreed with the Association shall be fully withdrawn before any withdrawals are made from the Loan Account. Section 2.03. The Closing Date shall be June 30, 1979 or such later date av shall be agreed between the Borrower and the Asso- ciation.