Cameroon - Economic Recovery Credit : Credit 2627 - Credit Agreement - 1 - Conformed

ivICUM EITS CREDIT NUMBER 2627-1 CM (First Amendment) First Agreement Amending Development Credit Agreement (Economic Recovery Credit) between REPUBLIC OF CAMEROON and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated , 1994 CREDIT NUMBER 2627-1 CM (First Amendment) FIRST AGREEMENT AMENDING DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated C o t , 1994, between REPUBLIC OF CAMEROON (the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association). WHEREAS: (A) the Borrower and the Association have entered into a Development Credit Agreement (Economic Recovery Credit), dated June 23, 1994 (the Development Credit Agreement), for the purpose of assisting in the financing of the program referred to in Recital (A) of the Preamble to the Development Credit Agreement (the Program); (B) the Borrower has requested the Association to provide further additional assistance towards the financing of the Program by increasing the amount made available under the Development Credit Agreement, by an amount in various currencies equivalent to twenty- three million two hundred thousand Special Drawing Rights (SDR 23,200,000); 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: ARTICLE I Amendments to the Development Credit Agreement Section 1.01. Section 1.02 of the Development Credit Agreement is amended by deleting the "and" at the end of Subsection (b) thereof and adding it to the end of Subsection (c) after having changed "." into ";"; furthermore, a new Subsection (d) is added to read: "(d) 'First Amending Agreement' means the First Agreement Amending the Development Credit Agreement (Economic Recovery Credit) between the Borrower and the Association, dated June 23, 1994". Section 1.02. Section 2.01 of the Development Credit Agreement is amended to read as follows: -2- "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 fifty-three million one hundred thousand Special Drawing Rights (SDR 53,100,000) (the Credit) and an additional amount in various currencies equivalent to twenty-three million two hundred thousand Special Drawing Rights (SDR 23,200,000) (the First Additional Financing). Section 1.03. The following is added at the end of Section 2.04 (b) of the Development Credit Agreement: "; provided, however, that commitment charges on the First Additional Financing shall accrue from a date sixty days after the date of the First Amending Agreement." Section 1.04. Schedule 1 to the Developmenr Credit Agreement is amended as follows: (a) Paragraph 2 (d) is to read: "(d) expenditures for goods procured under contracts costing less than $10,000 equivalent;" and (b) A new paragraph 4 is added to read: "4. After a date twelve months from the date of the First Amending Agreement, no commitment shall be entered into to pay amounts to the Borrower or others in respect of expenditures to be financed out of the proceeds of the First Additional Financing. At any time after such date, the Association may, by notice to the Borrower, cancel the amount of the First Additional Financing unwithdrawn from the Credit Account or any part thereof." ARTICLE II Effective Date; Termination Section 2.01. This First Amending Agreement shall not become effective until evidence satisfactory to the Association shall have been furnished to the Association that the execution and delivery of this First Amending Agreement on behalf of the Borrower have been duly authorized or ratified by all necessary governmental action. - 3 - Section 2.02. As part of the evidence to be furnished pursuant to Section 2.01 of this First 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, that this First 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. Section 2.03. This First 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 First Amending Agreement. Section 2.04. If this First Amending Agreement shall not have come into force and effect by a date ninety (90) days after the date of this First Amending Agreement, this First 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 First Amending Agreement shall terminate under the provisions of this Section, the Development Credit Agreement shall continue in full force and effect, as if this First Amending Agreement had not been executed. -4- IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized representatives, have caused this First Amending Agreement to be signed in their respective names in the District of Columbia, United States of America, as of the date and year first above written. REPUBLIC OF CAMEROON B y Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION By/S S UA10(o Regional Vice President Africa INTERNATIONAL DEVELOPMENT ASSOCIATION CERTIFICATE I hereby certify that the foregoing is a true copy of the original in the archives of the International Development Association. FOR SECRETARY