Conformed Copy - L4123 - Contractual Savings Development Program Structural Adjustment Loan - Guarantee Agreement

Page 1 CONFORMED COPY LOAN NUMBER 4123-ME Guarantee Agreement (Contractual Savings Development Program Structural Adjustment Loan) between UNITED MEXICAN STATES and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated May 2, 1997 LOAN NUMBER 4123-ME GUARANTEE AGREEMENT AGREEMENT, dated May 2, 1997, between UNITED MEXICAN STATES (the Guarantor) and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank). WHEREAS (A) the Bank has received a letter dated October 14, 1996 from the Guarantor describing a program of actions, objectives and policies designed to achieve restructuring and development of the Guarantor's social insurance system (the Program), declaring the Guarantor's commitment to the execution of the Program, and requesting assistance from the Bank in support of the Program during the execution thereof; WHEREAS (B) on the basis, inter alia of the foregoing, the Bank has decided, in support of the Program, to provide such assistance to the Guarantor by making a loan in an amount equal to four hundred million Dollars ($400,000,000) to Banco Nacional de Obras y Servicios P