Conformed Copy - C2104 - Financial Sector and Private Enterprise Development Project - Amendment 1

Page 1 December 12, 1991 Mr. Blandin Razafimanjato Governor Banque Centrale de la Republique D6mocratique de Madagascar B.P. 550 Antananarivo Madagascar Dear Sir: Re: Credit No. 2104 MAG (Financial Sector and Private Enterprise Development Project) Amendments to the Proiect Agreement We refer to the above mentioned Project Agreement, dated April 4, 1990, and to your letter, dated October 3, 1991, regarding the possibility for free zone investment enterprises to be included as possible beneficiaries of Subloans under the above Credit. Further to discussions held with representatives of the Borrower and your representatives, we are pleased to inform you that the Association hereby agrees to the following amendments to the Projcect Agreement: