Conformed Copy - L2947 - Housing Finance Project - Loan Agreement

Page 1 CONFORMED COPY LOAN NUMBER 2947 ME (Housing Finance Project) between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT and BANCO NACIONAL DE OBRAS Y SERVICIOS PUBLICOS, S.N.C. Dated September 28, 1988 LOAN AGREEMENT AGREEMENT, dated September 28, 1988 between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank) and BANCO NACIONAL DE OBRAS Y SERVICIOS PUBLICOS, S.N.C. (the Borrower). WHEREAS (A) the Bank has received a letter dated May 10, 1988 from the UNITED MEXICAN STATES (the Guarantor) describing a program of actions, objectives and policies designed to improve the efficient provision of shelter in the Guarantor's housing sector (hereinafter called the Program), declaring the Guarantor's commitment to the execution of the Program, and the Guarantor and Borrower having been satisfied as to the feasibility and priority of the Project described in Schedule 2 to this Agreement, have requested the Bank to assist in the financing of the Project as part of such Program; (B) by an agreement (the Guarantee Agreement) of even date herewith between the Guarantor and the Bank, the Guarantor has agreed to guarantee the obligations of the Borrower in respect of Page 2 the Loan and to undertake other obligations as are set forth in the Guarantee Agreement; (C) Parts A and B.2 of the Project will be carried out by BANCO de MEXICO (Banxico), as trustee for Fondo de Operaci