Conformed Copy - C3217 - Microfinance Project - Development Credit Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 3217-MAG Development Credit Agreement (Microfinance Project) between REPUBLIC OF MADAGASCAR and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated June 10, 1999 CREDIT NUMBER 3217-MAG DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated June 10, 1999, between REPUBLIC OF MADAGASCAR (the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association). WHEREAS (A) the Association has received a letter, dated April 9, 1999, from the Borrower describing a program of actions, objectives and policies designed to promote the carrying out by the Borrower of a program (the Program) for the sustainable development of microfinance in the Borrower's territories and declaring the Borrower's commitment to the execution of the Program; (B) the Borrower has requested that the Association support its execution of the Program through a series of Credits over a period of fifteen years, the proceeds of such Credits to be utilized by the Borrower for executing the Program; (C) the Borrower, having satisfied itself as to the feasibility and priority of the Project described in Schedule 2 to this Agreement, which Project forms the first phase of the Program, has requested the Association to assist in the financing of the Project; (D) Part A.1 of the Project will be carried out by the Central Bank of Madagascar (CBM) with the Borrower's assistance and, as part of such assistance, the Borrower will make available to CBM part of the proceeds of the Credit as provided in this Agreement; (E) Parts A.2 through D of the Project will be carried out by Agence d'Ex