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Page 1 CONFORMED COPY LOAN NUMBER 4801-CHA Project Agreement (Shanghai Urban Environment Project, Phase II) between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT and SHANGHAI MUNICIPALITY Dated October 31, 2005 Page 2 LOAN NUMBER 4801-CHA PROJECT AGREEMENT AGREEMENT, dated October 31, 2005, between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank) and SHANGHAI MUNICIPALITY (Shanghai). WHEREAS by the Loan Agreement of even date herewith between People