Conformed Copy - C1902 - Third Technical Assistance (Pancheswar) Project - Development Credit Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 1902 NEP (Third Technical Assistance (Pancheswar) Project) between KINGDOM OF NEPAL and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated November 28, 1988 CREDIT NUMBER 1902 NEP DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated November 28, 1988, between THE KINGDOM OF NEPAL (the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association). WHEREAS (A) the Borrower, having satisfied itself as to the feasibility and priority of the Project described in Schedule 2 to this Agreement, has requested the Association to assist in the financing of the Project; (B) on December 10, 1977, the Borrower and India reached an understanding to analyze the Pancheswar Multipurpose Project and conduct the required field investigation on their respective territories; (C) on July 20, 1987, the Borrower has entered into an agreement with the Federal Republic of Germany (hereinafter called the Financial Cooperation Agreement) for purposes of contracting a grant in an amount of Deutsche Marks twenty-five Page 2 million (DM 25,000,000) to assist in the financing of various development projects in Nepal, and pursuant to the provisions of the Financial Cooperation Agreement the Borrower intends to enter into an agreement with Kreditanstalt f