Conformed Copy - C1843 - Private Enterprise Development Project - Amendment 1

Page 1 March 30, 1988 His Excellency K. Alipui Minister of Economy and Finance Ministry of Economy and Finance B.P. 387 Lome Togo Re: Credit No. 1843 TO (Private Enterprise Development Project) Amendments to the Development Credit Agreement Excellency: Please refer to the Development Credit Agreement for the above-mentioned Project between the Republic of Togo (the Borrower) and the International Development Association (the Association) of even date herewith. In order to correct two printing errors that have slipped in sub-paragraphs 4 (b) and (c) of Schedule 5 to the Development Credit Agreement, we are pleased to amend said Development Credit Agreement by changing said sub-paragraphs 4 (b) and (c) to read as follows: "(b) a debt-servicing ratio of not less than 1.5 (instead of 1:5) and (c) a net worth and cash flow equivalent to at least 5% (instead of 5:1) of the enterprise's annual turnover." Please confirm your agreement with the foregoing by signing the form of confirmation below. Very truly yours, INTERNATIONAL DEVELOPMENT ASSOCIATION By: Edward V. K. Regional Vice President Africa CONFIRMED: REPUBLIC OF TOGO By Authorized Representative