Ghana - Second Reconstruction Imports Credit Project : Credit 1573 - Credit Agreement - 2 - Conformed

AFRICAN FACILITY CREDIT NUMBER A-3 GH African Facility Credit Agreement (Second Reconstruction Imports Credit Project) between REPUBLIC OF GHANA and INTERNATIONAL DEVELOPMENT ASSOCIATION as ADMINISTRATOR of the SPECIAL FACILITY FOR SUB-SAHARAN AFRICA Dated , 1985 AFRICAN FACILITY CREDIT NUMBER A-3 GH AFRICAN FACILITY CREDIT AGREE MENT AGREEMENT, dated , 1985, between REPUBLIC OF GHANA (the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION as ADMINISTRATOR of the SPECIAL FACILITY FOR SUB- SAHARAN AFRICA (the Administrator). WHEREAS (A) the Executive Directors of the International Development Associat.ion (IDA) have established by their Resolu- tion No. IDA 85-1 of May 21, 1985 (the Resolution), a Special Facility for Sub-Saharan Africa (the African Facility) consti- tuted by the funds which shall be contributed by the Inter- national Bank for Reconstruction and Development (the Bank) and other donors and administered by IDA, acting as Administrator of the African Facility, for the purpose of, and in accordance with, the provisions of the Resolution; (B) by development credit agreements dated July 18, 1983 and April 5, 1985, between the Borrower and IDA (the First Recon- struction Import Credit Agreement and the Second Reconstruction Import Credit Agreement, respectively), IDA has made available to the Borrower two credits (the First Reconstruction Import Credit and the Second Reconstruction Import Credit, respectively) to support the Borrower's Economic Recovery Program on terms and conditions set forth in the First Reconstruction Import Credit Agreement and the Second Reconstruction Import Credit Agreement and in the project agreements of the same dates between IDA and the Bank of Ghana (the First Reconstruction Import Credit Project Agreement and the Second Reconstruction Import Credit Project Agreement, respectively); (C) the Borrower as part of its Economic Recovery Program intends to carry out the Project described in Schedule 2 to this Agreement; (D) the Borrower, having satisfied itself as to the feai- bility and priority of the Project, has requested assistance from the resources of the African Facility in the financing of the Project, and the Administrator has determined that such assis- tance would be in accordance with the provisions of the Resolu- tion; (E) the Borrower intends to obtain from the Federal Republic of Germany a Credit (the German Credit) in an amount of 16,500,000 Deutsche Mark to assist in the financing of the -2- Project on the terms and conditions set forth in an agreement (the German Credit Agreement) to be entered into between the Borrower and the Federal Republic of Germany; (F) the Borrower intends to obtain from the United Kingdom of Great Britain and Northern Ireland (the United Kingdom) a grant (the United Kingdom Grant) in an amount of 5,000,000 Pounds Sterling to assist in the financing of the Project on the terms and conditions 't forth in an agreement (the United Kingdom Grant Agreement) to be entered into between the Borrower and the United Kingdom; and (G) the Project will be carried out by the Bank of Ghana with the Borrower's assistance and, as part of such assistance, the Borrower will make available to the Bank of Ghana the pro- ceeds of the African Facility Credit as provided in this Agree- ment; and WHEREAS the Administrator has agreed on the basis inter alia of the foregoing, to extend the African Facility Credit to the Borrower upon the terms and conditions set forth in this Agreement and in the Project Agreement of even date herewith between the Administrator and the Bank of Ghana; NOW THEREFORE the parties hereto hereby agree as follows: ARTICLE I General Conditions; Definitions Section 1.01. The "General Conditions Applicable to Develop- ment Credit Agreements" of the International Development Associa- tion, dated January 1, 1985, with the modifications set forth below (the General Conditions) constitute an integral part of this Agreement: (a) the term "Association", when used in the General Condi- tions, means the International Development Association acting as Administrator of the African Facility, except in the phrase "member of the Association" in Sections 2.01 (5), 4.02 (b) and 6.02 (e) thereof; (b) the terms "Development Credit Agreement", "Credit" and "Credit Account", when used in the General Conditions, are amended to read "African Facility Credit Agreement", "African -3- Facility Credit" and "African Facility Credit Account", res- pectively; (c) the second sentence of Section 5.01 is deleted; and (d) in Sections 6.02 and 7.01, the term "Association" shall also include the International Development Association acting in its own capacity. Section 1.02. Unless the context otherwise requires, the several terms defined in the General Conditions and in the Pre- amble to this Agreement have the respective meanings therein set forth and the following additional terms have the following meanings: (a) "Part II member of IDA" means a member of IDA with res- pect to which the terms and conditions of membership are those prescribed in the Articles of Agreement of IDA for countries whose names are listed in Part II of Schedule A to those Arti- cles; (b) -"Economic Recovery Program" means the Borrower's pro- gram for economic recovery as announced in the Borrower's Budget Statement and Economic Policy for 1983, dated April 21, 1983; (c) "GNTC" means the Ghana National Trading Corporation of the Borrower; (d) "Interministerial Committee" means the committee estab- lished by the Borrower pursuant to Section 3.02 of the First Reconstruction Import Credit Agreement; (e) "Project Agreement" means the agreement between the Association and the Bank of Ghana of even date herewith, as the same may be amended from time to time, and such term includes all schedules and agreements supplemental to the Project Agreement; (f) "Project Unit" means the project unit established pur- suant to Section 2.03 (a) of the First Reconstruction Import Cre- dit Project Agreement; (g) "SITC" means the United Nations Standard International Trade Classification, 1974 Revision (SITC, Rev. 2), published in Commodity Indexes for the Standard International Trade Classifi- cation, Revised, Statistical Papers, Series M, No. 34/Rev. 2 (1975); -4- (h) "Special Account" means the account referred to in Section 2.02 (c) of this Agreement; (i) "Subsidiary Agreement" means the agreement to be entered into between the Borrower and the Bank of Ghana pursuant to Section 3.01 (b) of this Agreement, as the same may be amended from time to time, and such term includes all schedules to the Subsidiary Agreement; and (j) "Technical Committee" means the Committee established by the Borrower pursuant to Section 3.03 of the First Recon- struction Import Credit Agreement. ARTICLE II The African Facility Credit Section 2.01. The Administrator agrees to lend to the Bor- rower on the terms and conditions set forth or referred to in the African Facility Credit Agreement, an amount in various curren- cies equivalent to twenty-six million one hundred thousand Special Drawing Rights (SDR 26,100,000). Section 2.02. (a) The amount of the African Facility Credit may be withdrawn from the African Facility Credit Account in accordance with the provisions of Schedule 1 to this Agreement, as such Schedule may be amended from time to time by agreement between the Borrower and the Administrator, for expenditures made (or, if the Administrator shall so agree, to be made) in respect of the reasonable cost of goods and services required for the Project described in Schedule 2 to this Agreement and to be financed out of the proceeds of the African Facility Credit. (b) Withdrawals shall be made only on account of expendi- tures for goods produced in, or services supplied from, the territories of: (i) any Part II member of IDA; (ii) any country designated by the Administrator as meeting the provisions set forth in paragraphs 4 (f) (ii) and (iii) of the Resolution. (c) The Borrower shall, for the purposes of the Project, open and maintain in dollars a special account in a commercial bank on terms and conditions satisfactory to the Administrator. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of Schedule 3 to this Agreement. -5- Section 2.03. The Closing Date shall be December 31, 1987 or such later date as the Administrator shall establish. The Admin- istrator shall promptly notify the Borrower of such later date. Section 2.04. (a) The Borrower shall pay to IDA a commitment charge at the rate of one-half of one per cent (1/2 of 1%) per annum on the principal amount of the African Facility Credit not withdrawn from time to time. The commitment charge shall accrue from a date sixty days after the date of the African Facility Credit Agreement to the respective dates on which amounts shall be withdrawn by the Borrower from the African Facility Credit Account or shall be cancelled. (b) The commitment charge shall be paid: (i) at such places as IDA shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section. Section 2.05. The Borrower shall pay to IDA a service charge at the rate of three-fourths of one per cent (3/4 of 1%) per annum on the amount withdrawn from the African Facility Credit Account and outstanding from time to time. Section 2.06. Commitment charges and service charges shall be payable semiannually on February 15 and August 15 in each year. Section 2.07. The Borrower shall repay to IDA the principal amount of the African Facility Credit in semiannual installments payable on each February 15 and August 15 commencing February 15, 1996 and ending August 15, 2035. Each installment to and includ- ing the installment payable on August 15, 2005 shall be one-half of one per cent (1/2 of 1%) of such principal amount, and each installment thereafter shall be one and one-half per cent (1-1/2%) of such principal amount. Section 2.08. The currency of the United States of America is hereby specified for the purposes of Section 4.02 of the General Conditions. Section 2.09. The Bank of Ghana is designated as representa- tive of the Borrower for the purposes of taking any action -6- required or permitted to be taken under the provisions of Section 2.02 of this Agreement and Article V of the General Conditions. ARTICLE III Execution of the Project Section 3.01. (a) The Borrower declares its commitment to the objectives of the Project as set forth in Schedule 2 to this Agreement and, to this end, without any limitation or restriction upon any of its other obligations under the African Facility Credit Agreement, shall cause the Bank of Ghana to perform in accordance with the provisions of the Project Agreement all the obligations of the Bank of Ghana, shall take and cause to be taken all action, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable the Bank of Ghana to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance. (b) The Borrower shall make the proceeds of the African Facility Credit available to the Bank of Ghana under a subsidiary agreement to be entered into between the Borrower and the Bank of Ghana under terms and conditions which shall have been approved by the Administrator. (c) The Borrower shall exercise its rights under the Sub- sidiary Agreement in such manner as to protect the interests of the Borrower and the Administrator and to accomplish the purposes of the African Facility Credit, and, except as the Administrator shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Agreement or any provision thereof. Section 3.02. Except as the Administrator shall otherwise agree, procurement of the goods and consultants' services re- quired for the Project and to be financed out of the proceeds of the African Facility Credit shall be governed by the provisions of Schedule 1 to the Project Agreement, subject to the eligibili- ty restrictions set forth in Section 2.02 (b) of this Agreement. Section 3.03. The Borrower and the Administrator hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07 and 9.08 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, -7- records and reports, maintenance and land acquisition, res- pectively) shall be carried out by the Bank of Ghana pursuant to Section 2.03 of the Project Agreement. Section 3.04. The Borrower shall maintain the Inter- ministerial Committee to provide interministerial coordination and policy guidance for the Project. Section 3.05. The Borrower shall maintain the Technical Committee to be responsible for the coordination, monitoring and supervision of all Project activities. Section 3.06. The Borrower shall submit to the Administrator for its review on or before October 31, 1985 and within four weeks after the close of each calendar quarter thereafter a report on the status of the import program and capital expendi- tures program, including a statement of the number and dollar amount of import licenses issued and letters of credit opened, broken down by broad categories. Section 3.07. The Borrower shall review with the Administra- tor: (i) on or before December 31, 1985, its policy on the allo- cation of the output of domestic manufacturers to GNTC; and (ii) on or before April 30, 1986, its policy on price and distribution controls. ARTICLE IV Other Covenants Section 4.01. The Borrower shall not later than Septem- ber 30, 1985 submit to the Administrator for review and approval: (a) a rolling development program covering the years 1986 to 1988, inclusive, which will establish a framework for resource mobilization, current expenditures and public investments in the medium term; (b) a program of action for implementing a reform of indus- trial policies and incentives; and (c) a program for restructuring specific sectors of indus- try to be agreed upon with the Administrator. Section 4.02. The Borrower shall undertake and, on or before September 30, 1985 or such later date as the Administrator may -8- agree, submit to the Administrator for review and approval a study to develop appropriate policies for increasing the revenues to the Borrower from the operation of the small-scale gold and diamond industry. Section 4.03. The Borrower shall furnish to the Administra- tor, not later than December 31, 1985, an imports program for 1986, satisfactory to the Administrator. Section 4.04. The Borrower shall set the price of petroleum products and promptly as required make adjustments therein so as to fully reflect exchange rate adjustments. ARTICLE V Remedies of the Administrator Section 5.01. Pursuant to Section 6.02 (h) of the General Conditions, the following additional events are specified: (a) The Bank of Ghana shall have failed to perform any of its obligations under the Project Agreement. (b) As a result of events which have occurred after the date of the African Facility Credit Agreement, an extraordinary situation shall have arisen which shall make it improbable that the Borrower will be able to carry out the Economic Recovery Pro- gram or that the Bank of Ghana will be able to perform its obli- gations under the Project Agreement. (c) Act 182 of 1963 of the Borrower shall have been amended, suspended, abrogated, repealed or waived so as to materially and adversely affect the ability of Bank of Ghana to perform any of its obligations under the Project Agreement. (d). The Borrower or any other authority having jurisdiction shall have taken any action for the dissolution or disestablish- ment of Bank of Ghana or for the suspension of its operations. (e) (i) Subject to subparagraph (ii) of this paragraph: (A) the right of the Borrower to withdraw the proceeds of any grant, loan or credit (including the Second Reconstruction Import Credit, the German Credit and the United Kingdom Grant) made to the Borrower for the financing of the Project shall have been sus- pended, cancelled or terminated in whole or in part, pursuant to the terms of the agree- ment providing therefor; or (B) any such loan or credit shall have become due and payable prior to the agreed maturity thereof. (ii) Subparagraph (i) of this paragraph shall not apply if the Borrower establishes to the satisfaction of the Administrator that: (A) such suspension, can- cellation, termination or prematuring is not caused by the failure of the Borrower to perform any of its obligations under such agreement, and (B) adequate funds for the Project are available to the Borrower from other sources on terms and conditions consistent with the obligations of the Borrower under this Agreement. Section 5.02. Pursuant to Section 7.01 (d) of the General Conditions, the following additional events are specified: (a) the event specified in paragraph (a) of Section 5.01 of this Agreement shall occur and shall continue for a period of sixty days after notice thereof shall have been given by the Administrator to the Bank of Ghana; (b) the events specified in paragraphs (c) and (d) of Sec- tion 5.01 of this Agreement shall occurj and (c) the event specified in paragraph (e) (i) (B) of Section 5.01 of this Agreement shall occur, subject to the proviso of subparagraph (ii) of that paragraph. ARTICLE VI Effective Date; Termination; Designation of Administrator Section 6.01.' The following events are specified a addi- tional condisions to the effectiveness of the African Facility Credit Agreement within the meaning of Section 12.01 (b) of the General Conditions: - 10 - (a) the Borrower shall have submitted to the Administrator a rolling development program pursuant to Section 4.01 (a) of this Agreement, satisfactory to the Administrator; (b) all conditions precedent to the effectiveness of the German Credit Agreement and United Kingdom Grant Agreement, except for the effectiveness of this Agreement, have been ful- filled; and (c) the Subsidiary Agreement has been executed on behalf of the Borrower and the Bank of Ghana. Section 6.02. The following are specified as additional matters, within the meaning of Section 12.02 (b) of the General Conditions, to be included in the opinion or opinions to be fur- nished to the Administrator: (a) that the Project Agreement has been duly authorized or ratified by the Bank of Ghana, and is legally binding upon the Bank of Ghana in accordance with its terms; and (b) that the Subsidiary Agreement has been duly authorized or ratified by the Borrower and the Bank of Ghana and is legally binding upon the Borrower and the Bank of Ghana in accordance with its terms. Section 6.03. The date ninety (90) days after the date of this Agreement is hereby specified for the purposes of Section 12.04 of the General Conditions. Section 6.04. The obligations of the Borrower under Section 4.04 of this Agreement and the provisions of paragraph (d) of Section 5.01 of this Agreement shall cease and determine on the date on which the African Facility Credit Agreement shall termi- nate or on the date five years after the date of this Agreement, whichever shall be the earlier. Section 6.05. In the event that the Executive Directors of IDA decide to terminate the functions of IDA as administrator of the African Facility pursuant to paragraph 10 of the Resolution, the Administrator may, by notice to the Borrower, designate another party which, on the date specified in such notice, shall assume part or all of the rights and obligations of the Admin- istrator under this Agreement in accordance with the Resolution and such decision of the Executive Directors, as specified in such notice. - 11 - ARTICLE VII Representatives of the Borrower; Addresses Section 7.01. Except as provided in Section 2.09 of this Agreement, the Provisional National Defence Council Secretary for Finance and Economic Planning of the Borrower is designated as representative of the Borrower for the purposes of Section 11.03 of the General Conditions. Section 7.02. The following addresses are specified for the purposes of Section 11.01 of the General Conditions: For the Borrower: The Provisional National Defence Council Secretary for Finance and Economic Planning Ministry of Finance and Economic Planning P.O. Box M40 Accra, Ghana Cable address: Telex: ECONOMICON 2205 MIFA EPGH Accra For the Administrator: Administrator of the African Facility (International Development Association) 1818 H Street, N.W. Washington, D.C. 20433 United States of America Cable address: Telex: INDEVAS 440098 (ITT) Washington, D.C. 248423 (RCA) or 64145 (WUI) - 12 - IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized representatives, have caused this Agreement to be signed in their respective names in the District of Columbia, United States of America, as of the day and year first above written. REPUBLIC OF GHANA By Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION as ADMINISTRATOR of the SPECIAL FACILITY FOR SUB-SAHARAN AFRICA By Regional Vice President Western Africa - 13 - SCHEDULE 1 Withdrawal of the Proceeds of the African Facility Credit 1. Subject to the provisions hereinafter set forth or referred to in this Schedule, the proceeds of the African Facility Credit may be withdrawn from the African Facility Credit Account for expenditures made (or, if the Administrator shall so agree, to be made) in respect of the reasonable cost of goods and services required for the execution of the Project and to be financed out of such proceeds. 2. Notwithstanding the provisions of paragraph 1 above and except and to the extent as the Administrator shall otherwise agree, no withdrawals shall be made in respect of: (a) expenditures for goods included in the following SITC groups or sub-groups: Group Sub-group Description of Items 112 - Alcoholic beverages 121 - Tobacco, unmanufactured tobacco refuse 122 - Tobacco, manufactured 667 - Pearls, precious and semiprecious stones, unworked or worked 688 Uranium depleted in U235 and thorium, and their alloys, unwrought or wrought, and articles therefor, n.e.s., waste and scrap of uranium depleted in U235 and of thorium 718 718.7 Nuclear reactors, and parts thereof, n.e.s. - 14 - Group Sub-group Description of Items 897 897.3 Jewelry of gold, silver or platinum group metals (except watches and watchcases) and goldsmiths' or silversmiths' wares (including set gems) 971.0 Gold, non-monetary (excluding gold ores and concentrates) (b) expenditures for petroleum products other than bitumen and lubricants for the manufacturing and mining industry; (c) expenditures for products which are on the list of items under price control and the list of items under distribution control and raw materials for such products, other than ethical drugs, matches and textiles; (d) expenditures in the currency of the Borrower or for goods or services supplied from the territory of the Borrower; (e) payments made for expenditures prior to the date of this Agreement; (f) payments for taxes levied by, or in the territory of, the Borrower on goods or services, or on the importation, manufacture, procurement or supply thereof; (g) expenditures for goods supplied under a contract which any national or international financing institution or agency other than the Administrator shall have financed or agreed to finance; (h) expenditures for goods financed from export retention funds; . (i) expenditures for goods intended for a military or para-military purpose or for private or public luxury con- sumption; (j) expenditures for foodstuffs; (k) expenditures for goods for manufacturing enterprises other than those in which the private sector has an interest; - 15 - (1) expenditures in excess of SDR 6,500,000 equivalent for goods for the agricultural sector; (m) expenditures in excess of SDR 5,200,000 equivalent for goods for the mining sector; (n) expenditures in excess of SDR 7,900,000 equivalent for goods for the industrial sector; and (o) expenditures in excess of SDR 6,500,000 equivalent for goods for the transport sector. - 16 - SCHEDULE 2 Description of the Project The objectives of the Project are to assist the Borrower's Economic Recovery Program and, in particular, to increase the capacity utilization of the productive sectors of the economy, to rehabilitate @elected infrastructure sectors of the economy and to alleviat@ the adverse impact of the drought on the balance of payments. The Prgject coisists of the purchase and importation of goods and iaterial.s for agriculture, industry, mining and transport and the provision of technical assistance required therefor, The Prgject is @Kpected to be completed by June 30, 1987. - 17 - SCHEDULE 3 Special Account 1. For the purposes of this Schedule: (a) the term "eligible expenditures" means expenditures in respect of the reasonable cost of goods and services required for the Project and to be financed out of the proceeds of the African Facility Credit; (b) the term "Authorized Allocation" means an amount equivalent to SDR 5,000,000 to be withdrawn from the African Facility Credit Account and deposited in the Special Account pursuant to paragraph 3 (a) of this Schedule. 2. Except as the Administrator shall otherwise agree, payments out of the Special Account shall be made exclusively for eligible expenditures in accordance with the provisions of this Schedule. 3. After the Administrator has received evidence satisfactory to it that the Special Account has been duly opened, withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account may be made as follows: (a) On the basis of a request or requests by the Borrower for a deposit or deposits which add up to the aggregate amount of the Authorized Allocation, the Administrator shall, on behalf of the Borrower, withdraw from the African Facility Credit Account and deposit in the Special Account such amount or amounts as the Borrower shall have requested. (b) The Borrower shall furuish to the Administrator re- quests for replenishment of the Special Account at such intervals as the Administrator shall specify. On the basis of such re- quests, the Administrator shall withdraw from the African Facili- ty Credit Account and deposit into the Special Account such amounts as shall be required to replenish the Special Account with amounts not exceeding the amount of payments made out of the Special Account for eligible expenditures. All such deposits shall be withdrawn by the Administrator from the African Facility Credit Account in the respective equivalent amounts, as shall have been justified by the evidence supporting the request for such deposit furnished pursuant to paragraph 4 of this Schedule. - 18 - 4. For each payment made by the Borrower out of the Special Account for which the Borrower requests replenishment pursuant to paragraph 3 (b) of this Schedule, the Borrower shall furnish to the Administrator, prior to or at the time of such request, such documents and other evidence as the Administrator shall reason- ably request, showing that such payment was made for eligible expenditures. 5. (a) Notwithstanding the provisions of paragraph 3 of this Schedule, no further deposit into the Special Account shall be made by the Administrator when either of the following situations first arises: (i) the Administrator shall have determined that all further withdrawals should be made directly by the Borrower from the African Facility Credit Account in accordance with the provisions of paragraph (a) of Section 2.02 of this Agreement; or (ii) the total unwithdrawn amount of the African Facility Credit minus the amount of any outstand- ing qualified agreement to reimburse made by the Administrator and of any outstanding special com- mitment entered into by the Administrator pursuant to Section 5.02 of the General Conditions with respect to the Project, shall be equal to the equivalent of twice the amount of the Authorized Allocation. (b) Thereafter, withdrawal from the African Facility Credit Account of the remaining unwithdrawn amount of the African Facility Credit shall follow such procedures as the Administrator shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Administrator shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice have been or will be utilized in making payments for eligible expendi- tures. 6. (a) If the Administrator shall have determined at any time that any payment out of the Special Account: (i) was made for any expenditure or in any amount not eligible pursuant to paragraph 2 of this Schedule, or (ii) was not justified by the evidence fur- nished pursuant to paragraph 4 of this Schedule, the Borrower shall, promptly upon notice from the Administrator, deposit into - 19 - the Special Account (or, if the Administrator shall so request, refund to the Administrator) an amount equal to the amount of such payment or the portion thereof not so eligible or justi- fied. No further deposit by the Administrator into the Special Account shall be made until the Borrower has made such deposit or refund. (b) If the Administrator shall have determined at any time that any amount outstanding in the Special Account will not be required to cover further payments for eligible expenditures, the Borrower shall, promptly upon notice from the Administrator, refund to the Administrator such outstanding amount for crediting to the African Facility Credit Account. INTERNATIONAL DEVELOPMENT ASSOCIATION CERTIFICATE I hereby certify that the foregoing is a true copy of the original in the archives of the Interna- tional Development Association. In witness whereof I have signed this Certifi- cate and affixed the Seal of the Association thereunto the \ day of 198. FOR SECRETARY