Conformed Copy - C2976 - Municipal Development and Decentralization Project - Project Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 2976 GE Project Agreement Municipal Development and Decentralization Project between INTERNATIONAL DEVELOPMENT ASSOCIATION and MUNICIPAL DEVELOPMENT FUND Dated September 15, 1997 CREDIT NUMBER 2976 GE PROJECT AGREEMENT AGREEMENT, dated September 15, 1997, between the INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association) and MUNICIPAL DEVELOPMENT FUND (MDF). WHEREAS (A) by the Development Credit Agreement of even date herewith between Georgia (the Borrower) and the Association, the Association has agreed to lend to the Borrower an amount in various currencies equivalent to fifteen million one hundred thousand Special Drawing Rights (SDR 15,100,000), on the terms and conditions set forth in the Development Credit Agreement, but only on condition that MDF agree to undertake such obligations toward the Association as are set forth in this Agreement; and WHEREAS MDF, in consideration of the Association