Conformed Copy - C3374 - Rural Financial Services Project - Project Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 3374 GH Project Agreement (Rural Financial Services Project) between INTERNATIONAL DEVELOPMENT ASSOCIATION and BANK OF GHANA Dated October 23, 2001 CREDIT NUMBER 3374 GH PROJECT AGREEMENT AGREEMENT, dated October 23, 2001, between INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association) and BANK OF GHANA (BOG). WHEREAS (A) by the Development Credit Agreement of even date herewith between the Republic of Ghana (the Borrower) and the Association, the Association has agreed to make available to the Borrower an amount in various currencies equivalent to three million nine hundred thousand Special Drawing Rights (SDR 3,900,000), on the terms and conditions set forth in the Development Credit Agreement, but only on condition that BOG agrees to undertake such obligations toward the Association as are set forth in this Agreement; (B) by a subsidiary administration agreement to be entered into between the Borrower and BOG, the proceeds of the credit provided for under the Development Credit Agreement will be made available to BOG on the terms and conditions set forth in the Subsidiary Administration Agreement; and WHEREAS BOG, in consideration of the Association