Conformed Copy - C2421 - Financial Institutions Modernization Project - Amendment

Page 1 August 26, 1998 His Excellency Emmanuel Moreira Carneiro Minister of Planning Ministry of Planning Luanda Angola Re: Credit No. 2421-ANG (Financial Institutions Modernization Project) Amendment to Development Credit Agreement Excellency: We refer to the Development Credit Agreement (the Agreement) dated September 15, 1992 between Republic of Angola (the Borrower) and International Development Association (the Association), and to your letter dated, June 25, 1998, requesting a number of amendments to the Agreement. This is to inform you of our agreement to your request and to propose the following amendments to the Agreement. Schedule 1 1. A new Category for "Operating Costs" is created and the table in paragraph 1 of Schedule 1 to the Agreement. 2. Paragraph 2 of Schedule 1 to the Agreement is amended to read as follows" "For the purposes of this Schedule" (a) the term "training" means the costs of fellowships, workshops, seminars, study tours, including travel and per-diem and other costs strictly related to training activities carried out by the Borrower under any of the training programs financed under the Project; and (b) the term "Operating Costs" means the costs incurred on account of the maintenance of housing for Project consultants." Schedule 3 3. The amount of US$400,000 in Part D.2 of Schedule 3 to the Agreement is amended to read "US$800,000". All other provisions of the Agreement, except as amended herein, shall remain in full force an effect. Please confirm your agreement to the amendments by countersigning, dating and returning to us the enclosed copy of this letter. This amendment shall become effective as of the date of countersignature. Sincerely, Barbara Kafka Country Director, Angola Africa Region CONFIRMED" REPUBLIC OF ANGOLA By: ____________________ Authorized Representative Date: ___________________ Page 2