Conformed Copy - C2067 - Second Urban Project - Agreement Amending Development Credit Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 2067 BUR (Amendment) Agreement Amending Development Credit Agreement (Second Urban Project) between BURKINA FASO and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated December 21, 1994 CREDIT NUMBER 2067 BUR (Amendment) AGREEMENT AMENDING DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated December 21, 1994, between BURKINA FASO (the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association). WHEREAS (A) the Borrower and the Association have entered into a Development Credit Agreement (Second Urban Project), dated December 22, 1989 (the Development Credit Agreement), for the purpose of assisting, inter alia, in the creation of employment through the carrying out of public works; (B) the Borrower has requested the Association to provide additional assistance towards the financing of said public works by increasing the amount made available under the Development Credit Agreement by an amount in various currencies equivalent to six million nine hundred thousand Special Drawing Rights (SDR 6,900,000); and WHEREAS the Association has agreed, on the basis, inter alia, of the foregoing, to provide such additional assistance to the Borrower upon the terms and conditions set forth in this Agreement; NOW THEREFORE the parties hereto hereby agree as follows: Page 2 ARTICLE I Amendments to the Development Credit Agreement Section 1.01. Section 1.02 of the Development Credit Agreement is amended by substituting "; and" for "." at the end of Subsection (p) and adding a new Subsection (q) as follows: "(q) "Amending Agreement" means the Agreement Amending the Development Credit Agreement (Second Urban Project) between the Borrower and the Association, dated 1994;". Section 1.02. Section 2.01 of the Development Credit Agreement is amended to read as follows: "Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to twenty-four million nine hundred thousand Special Drawing Rights (SDR 24,900,000) (the Credit), which includes an original amount in various currencies equivalent to eighteen million Special Drawing Rights (SDR 18,000,000) and an additional amount in various currencies equivalent to six million nine hundred thousand Special Drawing Rights (SDR 6,900,000) (the Additional Financing)." Section 1.03. A proviso is added at the end of Section 2.04 (b) of the Development Credit Agreement reading as follows: "; and provided, however, that any commitment charge on the Additional Financing shall accrue from a date sixty (60) days after the date of the Amending Agreement." Section 1.04. The following amendments are made to the table set forth in paragraph 1 of Schedule 1 to the Development Credit Agreement: (a) the amount of the Credit allocated to Category (4) (a) is increased from SDR 6,100,000 to SDR 9,880,000; (b) the amount of the Credit allocated to Category (4) (b) is increased from SDR 3,200,000 to SDR 5,150,000; (c) the amount of the Credit allocated to Category (5) is increased from SDR 2,350,000 to SDR 2,970,000; (d) the amount of the Credit allocated to Category (6) is increased from SDR 2,700,000 to SDR 3,250,000; and (e) the total amount of the Credit referred to at the end of the said table is increased from SDR 18,000,000 to SDR 24,900,000. ARTICLE II Effective Date; Termination Section 2.01. This Amending Agreement shall not become effective until: (a) a public works engineer and a financial analyst, suitably experienced and qualified, acceptable to the Association, have been appointed; (b) a qualified accounting firm, experienced in working according to the International Accounting Standards and acceptable to the Association, has been recruited in accordance with the dispositions of Section II, Schedule 3 of the Development Credit Agreement to audit works and services to be implemented under this Amending Agreement in accordance with Article IV of the Development Credit Agreement; Page 3 (c) satisfactory evidence shall have been furnished to the Association that the execution and delivery of this Amending Agreement on behalf of the Borrower have been duly authorized or ratified by all necessary governmental action; and (d) the Bobo-Dioulasso Subsidiary Loan Agreement and the Kadiogo Subsidiary Loan Agreement have been amended in a manner satisfactory to the Association. Section 2.02. As part of the evidence to be furnished pursuant to Section 2.01 of this Amending Agreement, there shall be furnished to the Association an opinion or opinions, satisfactory to the Association, of counsel acceptable to the Association, showing, on behalf of the Borrower: (a) that this Amending Agreement has been duly authorized or ratified by, and executed and delivered on behalf of, the Borrower and is legally binding upon the Borrower in accordance with its terms; and (b) that the amended Bobo-Dioulasso Subsidiary Loan Agreement and the amended Kadiogo Subsidiary Loan Agreement have been duly authorized or ratified by the Borrower and Bobo-Dioulasso and Kadiogo, respectively, and are legally binding upon the Borrower and Bobo-Dioulasso and Kadiogo, respectively, in accordance with their terms. Section 2.03. This Amending Agreement shall come into force and effect on the date upon which the Association dispatches to the Borrower notice of its acceptance of the evidence required by Section 2.01 of this Amending Agreement. Section 2.04. If this Amending Agreement shall not have come into force and effect by a date ninety (90) days after the date of this Amending Agreement, this Amending Agreement and all obligations of the parties hereunder shall terminate, unless the Association establishes a later date for the purposes of this Section. If this Amending Agreement shall terminate under the provisions of this Section, the Development Credit Agreement shall continue in full force and effect, as if this Amending Agreement had not been executed. IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized representatives, have caused this Amending Agreement to be signed in their respective names in the District of Columbia, United States of America, as of the day and year first above written. BURKINA FASO By /s/ Gaetan Ouedraogo Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION By /s/ Olivier Lafourcade Acting Regional Vice President Africa