Conformed Copy - C2352 - Reconstruction Import Credit - Second Agreement Amending Development Credit Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 2352 SL (Second Amendment) Second Agreement Amending Development Credit Agreement (Reconstruction Import Credit) between REPUBLIC OF SIERRA LEONE and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated March 10, 1993 DEVELOPMENT CREDIT NUMBER 2352 SL (Second Amendment) SECOND AGREEMENT AMENDING DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated March 10, 1993, between the REPUBLIC OF SIERRA LEONE (the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association). WHEREAS (A) the Borrower and the Association have entered into a Development Credit Agreement (Reconstruction Import Credit), dated April 15, 1992, (the Development Credit Agreement) for the purpose of assisting in the financing of the program referred to in Recital (A) of the Preamble to the Development Credit Agreement (the Program); (B) the Borrower has requested the Association to provide additional assistance towards the financing of the Program by increasing the amount made available under the Development Credit Agreement by an amount in various currencies equivalent to two hundred ten thousand Special Drawing Rights (SDR 210,000); and WHEREAS the Association has agreed, on the basis, inter alia, of the foregoing, to provide such additional assistance to the Borrower upon the terms and conditions set forth in this Agreement; Page 2 NOW THEREFORE the parties hereto hereby agree as follows: ARTICLE I Amendments to the Development Credit Agreement Section 1.01. Section 1.02 of the Development Credit Agreement is amended by: (a) the deletion of the definition "Amending Agreement" in Sub-section (i) and the substitution therefor of the following new definition: of the following new Subsection: "(i) "Amending Agreements" means the Agreements Amending the Development Credit Agreement (Reconstruction Import Credit) between the Borrower and the Association, dated April 15, 1992."; and (b) the deletion in Subsection (c) of the amount of "SDR 5,900,000" and the substitution therefor of the amount of "SDR 6,110,000". Section 1.02. Section 2.01 of the Development Credit Agreement is amended to read as follows: "Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to thirty-one million eight hundred thirty thousand Special Drawing Rights (SDR 31,830,000) (the Credit), which includes an original amount in various currencies equivalent to thirty-one million four hundred thousand Special Drawing Rights (SDR 31,400,000) and additional amounts in various currencies equivalent to: (i) two hundred twenty thousand Special Drawing Rights (SDR 220,000) (the First Additional Financing); and (ii) two hundred ten thousand Special Drawing Rights (SDR 210,000) (the Second Additional Financing)." Section 1.03. Schedule 1 to the Development Credit Agreement is amended by the deletion: (a) in paragraph 1 thereof of the amount of: (i) "SDR 27,980,000" allocated to Category (1) in the table of withdrawal of proceeds of the Credit and the substitution therefor of the amount of "SDR 28,190,000"; and (ii) "SDR 31,620,000", the original amount of the Credit plus the amount of the First Additional Financing, and the substitution therefor of the amount of "SDR 31,830,000", the new amount of the Credit; (b) in paragraph 6 thereof of the amount of "SDR 25,820,000" and the substitution therefor of the amount "SDR 26,030,000." Section 1.04. Paragraph 7 of Schedule 1 to the Development Credit Agreement is deleted and the following new paragraph substituted therefor: "8. After a date twelve months from the date of the Second Amending Agreement, no withdrawals shall be made and no commitment shall be entered into to pay amounts to or on the order of the Borrower in respect of expenditures to be financed out of the proceeds of the Second Additional Financing. At any time after such date, the Association may, by notice to the Borrower, cancel the unwithdrawn amount of the Second Additional Financing from the Credit Account or any part thereof." ARTICLE II Effective Date; Termination Page 3 Section 2.01. This Agreement shall not become effective until evidence satisfactory to the Association shall have been furnished to the Association that the execution and delivery of this Agreement on behalf of the Borrower have been duly authorized or ratified by all necessary governmental action. Section 2.02. As part of the evidence to be furnished pursuant to Section 2.01 of this Agreement, there shall be furnished to the Association an opinion or opinions satisfactory to the Association of counsel acceptable to the Association showing, on behalf of the Borrower, that this Agreement has been duly authorized or ratified by, and executed and delivered on behalf of, the Borrower and is legally binding upon the Borrower in accordance with its terms. Section 2.03. This Agreement shall come into force and effect on the date upon which the Association shall dispatch to the Borrower notice of its acceptance of the evidence required by Section 2.01 of this Agreement. Section 2.04. If this Agreement shall not have come into force and effect by a date sixty (60) days after the date of this Agreement, this Agreement and all obligations of the parties hereunder shall terminate, unless the Association establishes a later date for the purposes of this Section. If this Agreement shall terminate under the provisions of this Section, the Development Credit Agreement shall continue in full force and effect, as if this Agreement had not been executed. 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 SIERRA LEONE By /s/ John Karimu Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION By /s/ Edward V. K. Jaycox Regional Vice-President Africa