Conformed Copy - L3038 - Fourth Small and Medium Industries Development Project - Loan Agreement

Page 1 CONFORMED COPY LOAN NUMBER 3038 PH (Fourth Small and Medium Industries Development Project) between REPUBLIC OF THE PHILIPPINES and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated May 31, 1989 LOAN NUMBER 3038 PH LOAN AGREEMENT AGREEMENT, dated May 31, 1989, between THE REPUBLIC OF THE PHILIPPINES (the Borrower) and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank). WHEREAS (A) the Borrower, having been satisfied as to the feasibility and priority of the Project described in Schedule 2 to this Agreement, have requested the Bank to assist in the financing of the Project; (B) the Borrower intends to receive from the Japanese Grant Facility a grant (the Japanese Grant) in an amount of