Conformed Copy - C1880 - Energy Project - Development Credit Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 1880 NIR (Energy Project) between REPUBLIC OF NIGER and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated March 18, 1988 CREDIT NUMBER 1880 NIR DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated March 18, 1988, between Republic of Niger (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) Parts A and C of the Project will be carried out by DFF and DE (as hereinafter defined), respectively, and Part B of the Project will be carried out by NIGELEC (as hereinafter defined) with the Borrower's assistance and, as part of such assistance, the Borrower will make available to NIGELEC part of the proceeds of the Credit as provided in this Agreement; (C) the Borrower intends to obtain from the Danish International Development Agency (DANIDA) a grant (the DANIDA Grant) in an amount equivalent to $10,300,000 to assist in financing Part A of the project on the terms and conditions set Page 2 forth in an agreement (hereinafter called the DANIDA Grant Agreement) to be entered into between the Borrower and the Association as administrator of the funds provided by DANIDA pursuant to an administrative agreement, dated December 29, 1987, between DANIDA and the Association; (D) by an agreement dated December 18, 1987 (hereinafter called the EIB Loan Agreement) the European Investment Bank (hereinafter called EIB) has agreed to make a loan (hereinafter called the EIB Loan) in an amount equivalent to fourteen million three hundred thousand European Currency Units (ECU 14,300,000) to assist in financing the Project on the terms and conditions set forth in the EIB Loan Agreement; (E) the Borrower intends to obtain from the Kreditanstalt f