Conformed Copy - C1854 - Cocoa Rehabilitation Project - Development Credit Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 1854 GH (Cocoa Rehabilitation Project) between REPUBLIC OF GHANA and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated February 18, 1988 CREDIT NUMBER 1854 GH DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated February 18, 1988, between REPUBLIC OF GHANA (the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association). WHEREAS (A) 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; (B) the Borrower intends to obtain from the African Develop- ment Fund (ADF) a loan (the ADF Loan) in an amount of twenty eight million Funds Units of Account (FUA 28,000,000) equivalent to assist in financing the Project on the terms and conditions set forth in an agreement (the ADF Loan Agreement) to be entered into between the Borrower and ADF; (C) the Borrower intends to obtain from the Arab Bank for Economic Development in Africa (BADEA) a loan (the BADEA Loan) equivalent to ten million dollars ($10,000,000) to assist in Page 2 financing the Project on the terms and conditions set forth in an agreement (the BADEA Loan Agreement) to be entered into between the Borrower and BADEA; (D) the Borrower intends to obtain from the Government of the United Kingdom of Great Britain and Northern Ireland (U.K.) a grant (the U.K. Grant) in an amount equivalent to eleven million nine hundred thousand dollars ($11,900,000) to assist in financing the Project on the terms and conditions set forth in an agreement (the U.K. Grant Agreement) to be entered into between the Borrower and the U.K.; (E) Parts A through J of the Project will be carried out by Ghana Cocoa Board (COCOBOD) with the Borrower's assistance and, as part of such assistance, the Borrower will make available to COCOBOD part of the proceeds of the Credit as provided in this Agreement; 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 and in the Project Agreement of even date herewith between the Association and COCOBOD; NOW THEREFORE the parties hereto hereby agree as follows: ARTICLE I General Conditions; Definitions Section 1.O1. The "General Conditions Applicable to Develop- ment Credit Agreements" of the Association, dated January 1, 1985, with the last sentence of Section 3.02 deleted (the General Condi- tions) constitute an integral part of this Agreement. Section 1.O2. Unless the context otherwise requires, whenever used in this Agreement, the several terms defined in the General Conditions and in the Preamble to this Agreement have the respec- tive meanings therein set forth and the following additional terms have the following meanings: (a) "Project Agreement" means the agreement between the Association and COCOBOD 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; (b) "Subsidiary Loan Agreement" means the agreement to be entered into between the Borrower and COCOBOD pursuant to Section 3.O1 (b) of this Agreement, as the same may be amended from time to time, and such term includes all schedules to the Subsidiary Loan Agreement; (c) "Special Accounts" means the accounts referred to in Section 2.02 (b) of this Agreement; (d) "DFR" means the Department of Feeder Roads in the Borrower's Ministry of Roads and Highways; (e) "CRIG" means the Cocoa Research Institute of Ghana; (f) "CSD" means the Cocoa Service Division within COCOBOD; (g) "PBC" means the Produce Buying Company, Ltd., a wholly owned subsidiary of COCOBOD; (h) "PPMR" means the Policy, Planning, Monitoring and Research Department within COCOBOD; (i) "CSSVD" means the Cocoa Swollen Shoot Virus Disease; and (j) "PNDC" means the Provisional National Defense Council of Page 3 the Borrower.