Conformed Copy - L2806-5 - Industrial Export Finance Project - Amendment 1

Page 1 His Excellency August 10, 1990 Mohamed Berrada Minister of Finance Ministry of Finance Rabat Kingdom of Morocco Mr. Jawad Bin Brahim President Credit du Maroc 48-58 Boulevard Mohamed V Casablanca Kingdom of Morocco Re: Loan No. 2806-5 MOR (Industrial Export Finance Project) Amendment to Paragraph A.6(d) of Schedule 4 to the Loan Agreement Dear Sirs: We refer to the Loan Agreement entered into by and between Credit du Maroc (the Borrower) and the International Bank for Reconstruction and Development (the Bank) dated July 27, 1987 (the Loan Agreement), and to the Guarantee Agreement entered into by and between the Kingdom of Morocco (the Guarantor) and the Bank of even date therewith, both in respect of the above-mentioned Project. Pursuant to the Borrower's request, the Bank has agreed to amend the provisions of paragraph A.6(d) of Schedule 4 to the Loan Agreement on the interest rate applicable to Investment Sub-loans. As such, said paragraph is hereby amended to read as follows: "(d) carry interest on the principal amount of the Investment Sub-loan withdrawn and outstanding from time to time, at an effective rate which shall be equal at least to the greater of: (i) the rate of interest applicable, on the date upon which the Sub-loan is made, to the Loan pursuant to the provisions of Section 2.05 of this Agreement, and (ii) the rate of interest established by the Guarantor's Minister of Finance applicable, on the date upon which the Sub-loan is made, to loans made by the Guarantor's National Bank for Economic Development with the same maturity as Sub-loans." Please confirm your respective agreement to the foregoing amendment by signing and duly dating the confirmation space set forth below, and returning this amendment letter to us at your earliest convenience. Two signed duplicate originals of this amendment letter are enclosed herewith, one for each of your respective records. Very truly yours, INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Kemal Dervis Director Country Department II Europe, Middle East and North Africa CONFIRMED: CREDIT DU MAROC By /s/Jawad Ben Brahim Page 2 Date: August 24, 1990 CONFIRMED: KINGDOM OF MOROCCO By /s/_________________________ Authorized Representative Date: __________________________