Nicaragua - Agricultural And Insudtrial Rehabilitation Project : Credit 0966 - Credit Agreement - 3 - Conformed

CREDIT NUMBER 966 NI Development Credit Agreement (Agricultural and Industrial Rehabilitation Project) between REPUBLIC OF NICARAGUA and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated , 1980 CREDIT NUMBER 966 NI DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated 1980, between REPUBLIC OF NICARAGUA (he einafter alled the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION (hereinafter called the Association). WHEREAS, the Borrower has requested the Association to assist in the financing of the Project described in Schedule 2 to this Agreement by extending the Credit as hereinafter provided; WHEREAS, the Borrower has also requested International Bank for Reconstruction and Development (hereinafter called the Bank) to provide additional assistance towards the financing of the Project and by an agreement of even date herewith between the Borrower and the Bank, the Bank is agreeing to provide such assistance in an aggregate principal amount equivalent to twenty million dollars ($20,000,000) (hereinafter called the Loan); WHEREAS, 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; WHEREAS, pursuant to Law No. 323, dated April 12, 1972, the Borrower has created Fondo Especial de Desarrollo (hereinafter called Fondo), for the purpose of channeling international, public and private resources into development projects and for the purpose of increasing and diversifying production and exports; WHEREAS, Banco Nacional de Desarrollo (hereinafter called BND) has been entrusted with the representation and management of Fondo by the Borrower and, as such, BND conducts the activities and operations of Fondo on behalf of the Borrower; WHEREAS, the Project will be carried out by Fondo with the Borrower's assistance and, as part of such assistance, the Bor- rower will make available to Fondo the proceeds of the Credit as hereinafter provided; 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 and in the Project Agreement of even date herewith between the Association and BND; NOW THEREFORE the parties hereto hereby agree as follows: -2- 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 herein (said General Conditions Applicable to Development Credit Agreements of the Association being hereinafter called the General Conditions). 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 Agreement" means the agreement between the Association and BND of even date herewith, as the same may be amended from time to time, and such term includes all schedules to the Project Agreement and all agreements supplemental to the Project 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 agreement, all agreements supplemental to the Loan Agreement and all schedules to the Loan Agreement; (c) "Participating Bank" means BND, Banco Nicaraguense, Banco de Am6rica or any other financial institution which, in the opinion of the Association, meets the eligibility criteria set forth in Part I*A of the Schedule to the Project Agreement; (d) "c6rdobas" means the currency of the Borrower; (e) "First Loan Agreement" means the Loan Agreement (Agri- cultural Credit Project) dated November 16, 1973, between the Bank and the Borrower, as amended from time to time; (f) "Agricultural Project Unit" means the project unit established in Fondo pursuant to Section 3.02 of the First Loan -3- Agreement, and referred to in Section 2.03 of the Project Agree- ment; (g) "Agricultural Plan" means a specific farm plan or investment plan to be carried out by a Sub-borrower under Part A of the Project utilizing the proceeds of an Agricultural Sub-loan for purposes of the Project; (h) For purposes of Part A (1) of the Project, "medium-scale farming enterprise" means an enterprise which has total farm assets of at least $50,000 equivalent but not more than $130,000 equivalent, and, for purposes of Part A (2) of the Project, "small-scale farmer" means a farmer who has a total area for coffee production of not more than 14 hectares and who derives the majority of his income from coffee production, and "medium- scale farmer" means a farmer who has a total area for coffee production of not less than 14 hectares or a farmer with less than 14 hectares but who derives the majority of his income from activities other than coffee production; (i) "Agricultural Sub-loan" means a loan made by a Partici- pating Institution to a Sub-borrower for financing an Agricultural Plan in accordance with the Lending and Operating Policies and Procedures set forth in Part II of the Schedule to the Project Agreement; (j) "Agricultural Sub-loan Contract" means the contract for an Agricultural Sub-loan to be entered into between a Partici- pating Bank and a Sub-borrower under Part A of the Project as required by Section 2.05 (b) of the Project Agreement; (k) "Industrial Sub-loan" means a loan approved by Fondo and made or proposed to be made by a Participating Bank out of the proceeds of the Credit to an Investment Enterprise for an Invest- ment Project, and "free-limit Industrial Sub-loan" means an Industrial Sub-loan, as so defined, which qualifies as a free- limit Industrial Sub-loan under the provisions of Section 2.02 (b) of this Agreement; (1) "Investment Enterprise" means an enterprise to which a Participating Bank proposes to make or has made an Industrial Sub-loan; (m) "Investment Project" means a specific rehabilitation project to be carried out by an Investment Enterprise utilizing the proceeds of an Industrial Sub-loan; -4- (n) "Industrial Sub-loan Contract" means the contract for an Industrial Sub-loan to be entered into between a Participating Bank and a Sub-borrower under Part B of the Project as required by Section 3.05 of the Project Agreement; (o) "Sub-borrower" means a farmer to whom a Participating Bank proposes to make or has made an Agricultural Sub-loan or an Investment Enterprise to which a Participating Bank proposes to make or has made an Industrial Sub-loan; (p) "Sub-loans" means Agricultural Sub-loans and Industrial Sub-loans, collectively; (q) "Sub-loan Account" means the account to be opened by each Participating Bank on its books as required by Part I.C of the Schedule to the Project Agreement; (r) "Subsidiary Loan" means a loan made or proposed to be made by Fondo to a Participating Bank for making a Sub-loan to a Sub-borrower; (s) "Subsidiary Loan Agreement" means any of the agreements, providing for a Subsidiary Loan to be made thereunder, to be entered into between Fondo and a Participating Bank pursuant to Sections 2.05 (a) and 3.03 of the Project Agreement; (t) "Sub-loan Contracts" means the Agricultural Sub-loan Contracts and the Industrial Sub-loan Contracts, collectively; (u) "Project Account" means the account to be opened on BDN's books for Fondo as required by Section 4.01 of the Project Agreement; (v) "Coffee Renovation Program" means the Borrower's program for the renovation of its coffee industry established under Resolution CD-2D-76 of Banco Central dated January 15, 1976, as amended by Resolution FED-1-A-77, dated February 17, 1977, and administered by Fondo; (w) "Banco Central" means Banco Central de Nicaragua; (x) "INRA" means Nicaraguan Agrarian Reform Institute; (y) "AGROINRA" means the Agroindustrial Division of INRA; (z) "MIDA" means Ministry of Agriculture and Development; -5- (aa) "Project Entities" means BND, Fondo, MIDA and the Participating Banks; (bb) "Law" means Law No. 323 of the Borrower dated April 12, 1972, under which Fondo was created, as such Law may be amended from time to time; (cc) "Decree No. 22" means Decree No. 22 of the Borrower dated July 25, 1979 creating BND, as such Decree may be amended from time to time; (dd) "Decree No. 43" means Decree No. 43 of the Borrower dated August 15, 1979 under which the operation of Fondo was entrusted to BND, as such Decree may be amended from time to time; (ee) whenever reference in this Agreement shall be made to action by BND or Fondo, it shall be deemed to mean action by BND taken pursuant to authority of BND vested in it by Decree No. 43; (ff) "Fondo" includes the technical, financial and adminis- trative organization, resources, staff and facilities used or to be used by BND to operate Fondo; and (gg) "Special Account" means the account established in the name of Fondo in accordance with Section 2.03 of this Agreement. 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 ten million dollars ($10,000,000). Section 2.02. (a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement, as such Schedule may be amended from time to time by agreement between the Borrower and the Associ- ation, for disbursements made (or, if the Association shall so agree, to be made) by Participating Banks for purposes of Parts A and B of the Project or for expenditures made (or, if the Asso- ciation shall so agree, to be made) by the Borrower or Fondo for -6- purposes of Part C of the Project, all in respect of the reason- able cost of goods and services required for the Project described -in Schedule 2 to this Agreement and to be financed out of the proceeds of the Credit; provided, however, that no withdrawal shall be made in respect of an Industrial Sub-loan unless (i) the Industrial Sub-loan shall have been approved by the Association, or (ii) the Industrial Sub-loan shall be a free-limit Industrial Sub-loan for which the Association shall have authorized with- drawals from the Credit Account. (b) A free-limit Industrial Sub-loan shall be an Industrial Sub-loan for an Investment Project in an amount to be financed out of the proceeds of the Credit which shall not exceed the sum of $500,000 equivalent when added to any other outstanding amounts financed or proposed to be financed out of the proceeds of the Credit, the foregoing amount being subject to change from time to time as determined by the Association. Section 2.03. (a) The Borrower shall cause Banco Central to open for Fondo a Special Account on terms and conditions satisfac- tory to the Association. Disbursements from such Special Account shall be made exclusively to finance local expenditures under the Project. (b) The Association shall, promptly after receipt of evi- dence satisfactory to the Association of the establishment of the Special Account, withdraw on behalf of Fondo from the Credit Account and deposic in the Special Account an amount in c6rdobas not exceeding the equivalent of $3,000,000 and shall thereafter, at the request of Fondo, further withdraw from the Credit Account, in accordance with the provisions of Schedule 1 to this Agreement and of the table set forth in paragraph 1 of such Schedule, and deposit in the Special Account such amounts as shall be required to reimburse Fondo for payments made out of the Special Account for local expenditures to be financed under this Agreement, but only to the extent that the amount of any such deposit, together with any amount already on deposit in the Special Account as of the date of the request of Fondo referred to above, shall not exceed in the aggregate the equivalent of $3,000,000. (c) The Borrower shall cause Fondo to furnish to the Associ- ation in respect of each payment out of the Special Account such documents and other evidence as the Association shall reasonably request showing that the payment was made for local expenditures under the Project. -7- (d) If the Association shall have determined that any of the payments out of the Special Account: (i) was made for expenditures not eligible for financing under this Agreement; or (ii) was not justified by the evidence furnished pursuant to the preceding paragraph, the Borrower shall, promptly upon notice from the Association and prior to any further deposit in the Special Account by the Association, deposit in the Special Account an amount equal to the amount of any such payment. Section 2.04. Except as the Association shall otherwise agree, procurement of the goods and services to be financed out of the proceeds of the Credit shall be governed by the provisions set forth or referred to in Section 2.01 (b) of the Project Agreement. Section 2.05. The Closing Date shall be December 31, 1981 or such later date as the Association shall establish. The Association shall promptly notify the Borrower and Fondo of such later date. Section 2.06. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one per cent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time. Section 2.07. Service charges shall be payable semiannually on April 1 and October 1 in each year. Section 2.08. The Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 1 and October 1 commencing April 1, 1990, and ending October 1, 2029, each installment to and including the installment payable on October 1, 1999, to be one-half of one per cent (1/2 of 1%) of such principal amount, and each installment thereafter to be one and one-half per cent (1-1/2%) of such principal amount. Section 2.09. The currency of the United States of America is hereby specified for the purposes of Section 4.02 of the General Conditions. Section 2.10. Fondo is designated as representative of the Borrower for the purposes of taking any action required or per- mitted to be taken under the provisions of Section 2.02 of this Agreement and Article V of the General Conditions. ARTICLE III Execution of the Project Section 3.01. (a) Without any limitation or restriction upon any of its other obligations under the Development Credit Agreement, the Borrower shall cause Fondo to perform in accordance with the provisions of the Project Agreement all the obligations therein set forth, shall take and cause to be taken all action, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable Fondo to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance. (b) The Borrower: .(i) shall make with F-ndo all necessary contractual arrangements satisfactory to the Association for lending the proceeds of the Credit to Fondo for purposes of the Project, such arrangements to provide, inter alia, for (A) the proceeds of the Credit to be loaned to Fondo in c6rdobas and to be repaid to the Borrower in c6rdobas and (B) the repayment by Fondo of the proceeds of the Credit to the Borrower at the rate of incerest set forth in Section 2.06 of the Loan Agreement and in accordance with the amortization schedule referred to in Section 2.08 of the Loan Agreement; and (ii) shall not change such arrangements without the Association's consent. (c) Without limiting the generality of paragraph (a) above, the Borrower shall: (i) take such action as shall be necessary to cause the Project Unit to be provided, during the execution of the Project, with such funds as shall be required to assist in the financing of the Project cash flow deficits and the operat- ing costs of the Agricultural Project Unit during such period; and (ii) provide, through the budget of MIDA, such funds as shall be required t- finance the cost of expenditures under Part C (3) of the Project. (d) The Borrower shall cause Fondo to carry out the Project and conduct it's operations and affairs in accordance with sound administrative and financial standards and practices, with quali- fied management and adequate number of personnel, and in accor- dance with the Law. Section 3.02. The Borrower shall cause Banco Central to: (i) have the Special Account referred to in Section 2.03 of this Agreement for each fiscal year audited, in accordance with appro- priate auditing principles consistently applied, by independent -9- auditors acceptable to the Association; (i) furnish to the Association as soon as available, but in any case not later than four months after the end of each such year, the report of such audit by said auditors, of such scope and in such detail as the Association shall have reasonably requested; and (iii) furnish to the Association such other information concerning the accounts referred to in (i) above and the audit thereof as the Association shall from time to time reasonably request. ARTICLE IV Remedies of the Association Section 4.01. For the purposes of Section 6.02 of the General Conditions, the following additional events are specified pursuant to paragraph (h) thereof: (a) BND or Fondo shall have failed to perform any of its obligations under the Project Agreement which materially and adversely affects the execution of the Project; (b) an extraordinary situation shall have arisen which materially and adversely affects the execution of the Project; (c) unless the Association shall otherwise agree, the Borrower or any other authority having jurisdiction shall have taken any action for the dissolution or disestablishment of any Project Entity or for the suspension of its operations adver- sely affecting the execution of the Project; (d) unless the Association shall otherwise agree, the Borrower or any other authority having jurisdiction shall divest any of the Project Entities of any of the functions or powers vested in any of them as of the date of this Agreement, which are necessary for the efficient carrying out of the Project; and (e) a change shall have been made in the Law or in Decree No. 43 which would materially and adversely affect the operations or the financial condition of Fondo with respect to the carrying out of the Project. Section 4.02. For the purposes of Section 6.02 of the General Conditions the following additional events are specified, namely, that any event specified in paragraphs (a) through (e) of Section 4.01 shall occur. - 10 - ARTICLE V Effective Date; Termination Section 5.01. The following event is specified as an addi- tional condition to the effectiveness of the Development Credit Agreement within the meaning of Section 12.01 (b) of the General Conditions, namely, that the Borrower and Fondo have made the arrangements referred to in Section 3.01 (b) of this Agreement on terms and conditions satisfactory to the Association. Section 5.02. The following is specified as an additional matter, within the meaning of Section 12.02 (b) of the General Conditions, to be included in the opinion or opinions to be furnished to the Association, namely, that the Project Agreement has been duly authorized or ratified by BND, that it is legally binding upon BND in accordance with its terms, and that the obligations of BND in respect of Fondo are valid and binding upon BND in accordance with their terms. Section 5.03. The date I JLiJ , is hereby specified for the purposes of S&G- ion 12.04 of the General Condi- tions. Section 5.04. The obligations of the Borrower under this Agreement shall cease and determine on the date on which the Development Credit Agreement shall terminate or on a date 20 years after the date of this Agreement, whichever shall be the earlier. ARTICLE VI Representative of the Borrower; Addresses Section 6.01. Subject to the provisions of Section 2.10 of this Agreement, Fondo Internacional para la Reconstrucci6n de Nicaragua is designated as representative of the Borrower for the purposes of Section 11,03 of the General Conditions. Section 6.02. The following addresses are specified for the purpose of Section 11.01 of the General Conditions: For the Borrower: Republic of Nicaragua Ministerio de Finanza Palacio de la Revoluci6n Managua, Nicaragua - 11 - For the Association: International Development Association 1818 H Street, N.W. Washington, D.C. 20433 United States of America Cable address: Telex: INDEVAS 440098 (ITT) Washington, D.C. 248423 (RCA) or 64145 (WUI) IN WITNESS WHEREOF, the parties hereto, acting through their representatives thereunto duly authorized, have caused this Agreement to be signed in their respective names, and delivered in the District of Columbia, United States of America, as of the day and year first above written. REPUBLIC OF NICARAGUA Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION By Regional Vice President Latin America and the Caribbean -12 - SCHEDULE 1 Withdrawal of the Proceeds of the Credit and of the Loan 1. The table below sets forth the Categories of items to be financed out of the proceeds of the Credit and of the Loan, the allocation of amounts of such proceeds to each Category and the percentage of expenditures for items so to be financed in each Category: Amount of the Credit and of the Loan Allocated % of (Expressed in Expenditures Category Dollar Equivalent) to be Financed (1) Subsidiary Loans 7,000,000 100% of amounts under Part A (1) disbursed by of the Project Fondo (2) Subsidiary Loans 7,500,000 100% of amounts under Part A (2) disbursed by of the Project Fondo (3) Subsidiary Loans 15,000,000 100% under Part B of the Project (4) Technical Assistance (Part C of the Project): (a) consultants' 100,000 100% services (b) vehicles and 200,000 100% of foreign equipment expenditures for direct im- ports and 80% of local expendi- tures for lo- cally procured vehicles and equipment - 13 - Amount of the Credit and of the Loan Allocated % of (Expressed in Expenditures Category Dollar Equivalent) to be Financed (c) Livestock 200,000 50% survey TOTAL 30,000,000 2. For the purposes of this Schedule: (a) the term "oreign expenditures" means expenditures in the currency of any country other than the Borrower and for goods or services supplied from the territory of any country other than the Borrower; and (b) the term "local expenditures" means expenditures in the currency of the Borrower and for goods or services supplied from the territory of the Borrower. 3. The disbursement percentages have been calculated in com- pliance with the policy of the Bank and the Association that no proceeds of the Loan shall be disbursed on account of payments for taxes levied by, or in the territory of, the Borrower on goods or services, or on the importation, manufacture, procurement or supply thereof; to that end, if the amount of any such taxes levied on or in respect of any item to be financed out of the proceeds of the Loan or the Credit decreases or increases, the Bank or the Association may, by notice to the Borrower, increase or decrease the disbursement percentage then applicable to such item as required to be consistent with the aforementioned policy of the Bank and the Association. 4. Notwithstanding the provisions of paragraph 1 above, no with- drawals shall be made in respect of: (i) payments made for expenditures prior to the date of this Agreement, except that withdrawals, in an aggregate amount not exceeding the equivalent of $3,000,000 may be made in respect of Categories (1), (2) and (3) on account of payments made for such expenditures before that date but after October 15, 1979; (ii) payments made for expendi- tures under Category (4) (a) of Schedule 1 until the Association - 14 - has been furnished with evidence that the consultants referred to in Section 2.10 of the Project Agreement have been employed on terms and conditions satisfactory to the Association; (iii) payments made for expenditures under Category (4) (c) of Schedule 1 until the Association has been furnished with a copy of the timetable for carrying out the livestock survey ut.der Part C (3) of the Project and evidence that the Borrower has made available to MIDA the funds requtred by Section 3.01 (c) of this Agreement; or (iv) any Sub-loan made by any Participating Bank, other than BND, Banco Nicaraguense and Banco de America, until: (A) a Subsidiary Loan Agreement, satisfactory to the Association, between Fondo and such Participating Bank has been duly executed and delivered as required by Section 2.05 (a) of the Project Agreement; and (B) there has been furnished to the Association a certificate satisfactory to the Association of a competent offi- cial of Fondo, acceptable to the Association, showing that such Subsidiary Loan Agreement is legally binding upon Fondo and such Participating Bank in accordance with its terms. In addition, except as the Borrower, the Bank and the Asso- ciation shall otherwise agree, and until all amounts of the Credit shall have been withdrawn or committed, no withdrawals shall be made from the Loan Account except under commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions referred to in Section 1.01 of the Loan Agreement. 5. Notwithstanding the allocation of an amount of the Loan or of the Credit or the disbursement percentages set forth in the table in paragraph 1 above, (i) if the Bank or the Association has reasonably estimated that the amount of the Loan or of the Credit then allocated to any Category will be insufficient to finance the expenditures in that Category, the Bank or the Association may, at the request of the Borrower, reallocate to such Category, to the extent required to meet the estimated shortfall, proceeds of the Loan or of the Credit, as the case may be, which are then allo- cated to another Category and which in the opinion of the Bank or the Association are not needed to meet -)ther expenditures, or (ii) if the amount of the Loan or of the Credit then allocated to Category (4), or any portion thereof, has not been committed, within six months of the date specified in Section 5.03 of this Agreement, then the Bank or the Association may, by notice to the Borrower, reallocate such amount or portion thereof to Category (1) or (2). - 15 - inconsistent with the procedures set forth or referred to in Section 2.01 (b) of the Project Agreement, no expenditures for such item shall be financed out of the proceeds of the Loan or of the Credit and the Bank or the Association may, without in any way restricting or limiting any other right, power or remedy of the Bank or of the Association under the Loan Agreement or the Devel- opment Credit Agreement, by notice to the Borrower, cancel such amount of the Loan or of the Credit as, in the Bank's or the Association's reasonable opinion, represents the amount of such expenditures which would otherwise have been eligible for fin- ancing out of the proceeds of the Loan or of the Credit. - 16 - SCHEDULE 2 Description of the Project The Project is part of the Borrower's program to reconstruct and rehabilitate the agricultural and industrial enterprise sectors of its economy and consists of the following: Part A: Agricultural Credit (1) Agricultural Rehabilitation Credit Provision of Subsidiary Loans to Participating Banks to finance short- and medium-term Agricultural Sub-loans by Participating Banks to privately owned medium-scale farming enterprises and farm enterprises managed by AGROINRA and other farm enterprises managed by other agencies of the Borrower to finance: (a) seasonal production costs, including the purchase of seeds and agro-chemicals; and (b) replacement of agricultural machinery and equipment and other on-farm investments, and rehabilitation of the livestock subsector. (2) Coffee Renovation Credit Provision of Subsidiary Loans to Participating Banks to finance long-term Agricultural Sub-loans by Participating Banks under Fondo's Coffee Renovation Program to about 150 small-scale farmers and about 520 medium-scale farmers to finance approved Agricultural Plans. Part B: Industrial Rehabilitation Credit Provision of Subsidiary Loans to Participating Banks to finance Industrial Sub-loans to existing public and private industrial enterprises, including those in the construction and construction materials subsectors, for Investment Projects to finance current production requirements (excluding inputs related to the construction industry and to the production of goods for which sales are to be financed under Part A above) and repair and replacement of fixed installations. - 17 - Part C: Technical Assistance (1) Provision of about 14 man-months of technical assistance (a) to BND to assist in improving its agricultural credit policies and procedures and (b) to Fondo and to Sub-borrowers to assist in improving their financial structure and management. (2) Purchase and utilization of about 25 vehicles and office equipment required to expand delivery of technical assistance by BND and Fondo to Sub-borrowers. (3) Preparation of a livestock survey to assess the condi- tion of the livestock subsector and to provide data on which to base the formulation of future policies and programs for such subsector. The Project is expected to be completed on June 30, 1981. INTERNATIONAL DEVELOPMENT ASSOCIATION CERTIFICATE I hereby certify that the foregoing is a true copy of the original in the archives of the Interna- tional Development Association. In witness whereof I have signed this Certifi- cate and affixed the Seal of the Association thereunto the d day ofLd/h FOR SECRETARY