Conformed Copy - TF027297 - Development of Moroccan Accounting Standards - IDF Grant

Page 1 September 8, 1999 H.E. Fathallah Oualalou Minister of Economy and Finance Ministry of Economy and Finance Avenue Mohammed V Rabat Kingdom of Morocco Re: Grant for the Development of Moroccan Accounting Standards IDF Grant No. TF027297 Excellency: I am writing on behalf of the International Bank for Reconstruction and Development (the Bank) to indicate the Bank's agreement to make to the Kingdom of Morocco (the Recipient) a grant in an amount not exceeding one hundred and fifty thousand Dollars (US$150,000) (the Grant). The Grant is made in response to the Recipient's request for financial assistance and for the purposes and on the terms and conditions set forth in the Annex to this Letter-Agreement. The Recipient represents, by confirming its agreement below, that it is authorized to contract and withdraw the Grant for the said purposes and on the said terms and conditions. Please confirm your agreement with the foregoing, on behalf of the Recipient, by signing, dating, and returning to us the enclosed copy of this Letter-Agreement. Upon receipt by the Bank of the copy of this Letter-Agreement countersigned by you, this Letter-Agreement will become effective as of the date of countersignature. Very truly yours, INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT By /s/ Christian Delvoie Country Director Maghreb Department Middle East and North Africa Region AGREED: KINGDOM OF MOROCCO By /s/ Fathallah Oualalou Date: November 5, 1999 ANNEX Purposes, Terms, and Conditions of the Grant 1. The purpose of the Grant is to provide the Conseil National de la Comptabilit