Conformed Copy - C2952 - Third Andhra Pradesh Irrigation Project - Development Credit Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 2952-IN Development Credit Agreement (Third Andhra Pradesh Irrigation Project) between INDIA and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated June 3, 1997 CREDIT NUMBER 2952-IN DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated June 3, 1997, between INDIA, acting by its President (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) the Borrower has also requested the International Bank for Reconstruction and Development (the Bank) to provide additional assistance towards the financing of the Project and by an agreement of even date herewith between the Borrower and the Bank (the Loan Agreement), the Bank is agreeing to provide such assistance in an amount equal to one hundred seventy-five million dollars ($175,000,000) (the Loan); (C) the Borrower and the Association intend, to the extent practicable, that the proceeds of the Credit provided for in this Agreement be disbursed on account of expenditures in respect of the Project before disbursements of the proceeds of the Loan are made; (D) the Project will be carried out by the State of Andhra Pradesh (Andhra Pradesh) with the Borrower