Conformed Copy - C3491 - Regional Trade Facilitation Project - Project Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 3489-UG CREDIT NUMBER 3490-KE CREDIT NUMBER 3491-TA CREDIT NUMBER 3492-MAI CREDIT NUMBER 3493-ZA CREDIT NUMBER 3494-RW CREDIT NUMBER 3495-BU Project Agreement (Regional Trade Facilitation Project) between INTERNATIONAL DEVELOPMENT ASSOCIATION and AFRICAN TRADE INSURANCE AGENCY Dated June 8, 2001 CREDIT NUMBER 3489-UG CREDIT NUMBER 3490-KE CREDIT NUMBER 3491-TA CREDIT NUMBER 3492-MAI CREDIT NUMBER 3493-ZA CREDIT NUMBER 3494-RW CREDIT NUMBER 3495-BU PROJECT AGREEMENT AGREEMENT, dated June 8, 2001, between INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association) and AFRICAN TRADE INSURANCE AGENCY (ATI). WHEREAS (A) by Development Credit Agreements of even date herewith between Republic of Burundi, Republic of Kenya, Republic of Malawi, Republic of Rwanda, United Republic of Tanzania, Republic of Uganda and Republic of Zambia (collectively, the Borrowers), respectively, and the Association, the Association has agreed to make available to the Borrowers, credits in the aggregate amount equivalent to eighty-one million three hundred thousand Special Drawing Rights (SDR 81,300,000), on the terms and conditions set forth in the respective Development Credit Agreements, but only on condition that ATI agree to undertake such obligations towards the Association as are set forth in this Agreement; (B) by participation agreements of even date herewith between each of the Borrowers respectively, and ATI, the Borrowers and ATI have agreed the terms and conditions under which ATI shall operate the Insurance Facility on behalf of the Borrowers; (C) by the Development Credit Agreement of even date herewith between ATI and Page 2 the Association (the ATI Development Credit Agreement), the Association has agreed to make available to ATI 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 ATI Development Credit Agreement; and WHEREAS ATI, in consideration of the Association