Conformed Copy - C3554 - Road Sector Development Project - Development Credit Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 3554-GH Development Credit Agreement (Road Sector Development Project) between REPUBLIC OF GHANA and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated October 23, 2001 CREDIT NUMBER 3554-GH DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated October 23, 2001, between REPUBLIC OF GHANA (the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association). WHEREAS (A) the Association has received a letter, dated March 29, 2001, (hereinafter called the "Letter of Sector Policy") from the Borrower describing a program for the road sector to improve the condition of the road network to 70% good, 20% fair and not more than 10% poor by 2005 and manage the road network on a sustainable basis (hereinafter called the "Program"); WHEREAS (B) 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; (C) the Borrower intends to contract or has contracted from other external sources of funding (the Cofinanciers) loans and grants (the Cofinancing) in an amount equivalent to approximately $650,000,000 to assist in financing part of the Program on the terms and conditions set forth in agreements (the Cofinancing Agreements) entered into or to be entered into between the Borrower and the Cofinanciers; and WHEREAS the Association has agreed, on the basis, inter alia, of the foregoing, to extend the Credit to the Borrower upon the terms and conditions set forth in this Agreement; NOW THEREFORE the parties hereto hereby agree as follows: ARTICLE I Page 2 General Conditions; Definitions Section 1.01. The "General Conditions Applicable to Development Credit Agreements" of the Association, dated January 1, 1985 (as amended through October 6, 1999), with the modifications set forth below (the General Conditions), constitute an integral part of this Agreement. (a) A new paragraph (12) is added to Section 2.01 to read as set forth below, and the existing paragraphs (12) through (14) of said Section are accordingly renumbered as paragraphs (13) through (15): "12.