Honduras - Agricultural Sector Adjustment Project : Credit 2540 - Credit Agreement - Conformed

CREDIT NUMBER 2540-HO Development Credit Agreement (Agricultural Sector Adjustment Credit) between REPUBLIC OF HONDURAS and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated , 1993 CREDIT NUMBER 2540-HO DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated *dvk lel 4 , 1993, between REPUBLIC OF HONDURAS (the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association). WHEREAS: (A) the Association has received a letter dated December 8, 1992, from the Borrower describing a program of actions, objectives and policies designed to achieve structural reforms in the Borrower's agricultural sector (hereinafter called the Program), declaring the Borrower's commitment to the execution of the Program, and requesting assistance from the Association in the financing of urgently needed imports required during such execution; and (B) on the basis, inter alia, of the foregoing, the Association has decided in support of the Program to provide such assistance to the Borrower by making the Credit in three tranches as hereinafter provided; NOW THEREFORE the parties hereto hereby agree as follows: ARTICLE I General Conditions; Definitions Section 1.01. The "General Conditions Applicable to Development Credit Agreements" of the Association, dated January 1, 1985, with the modifications thereof set forth below (the General Conditions) constitute an integral part of this Agreement: (a) Section 2.01, paragraph 9, shall be modified to read: "'Project' means the imports and other activities that may be financed out of the proceeds of the Credit pursuant to the provisions of Schedule 1 to the Development Credit Agreement."; (b) Section 9.06 (c) shall be modified to read: "(c) Not later than six months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, the Borrower shall prepare and furnish to the Association a report, of such scope and in such detail as the Association shall reasonably request, on the execution of the Program referred to in the Preamble to the Development Credit Agreement, the performance by the -2- under the Development Credit Agreement and the accomplishment of the purposes of the Credit."; and (c) the last sentence of Section 3.02 is deleted. Section 1.02. Unless the context otherwise requires, the several terms defined in the General Conditions and in the Preamble to this Agreement have the respective meanings therein set forth and the following additional terms have the following meanings: (a) "Agricultural Credit Study" means the study to be carried out by the Borrower's Central Bank, in accordance with terms of reference acceptable to the Association, to recommend measures to increase the participation of financial intermediaries in the granting of agricultural credit in the agricultural sector; (b) "BANADESA" means the National Agricultural Development Bank (Banco Nacional de resarrollo Agricola) of the Borrower, established pursuant to Decree Law No. 903 dated March 24, 1980; (c) "Cajas Rurales" means the rural credit financial institutions within the Borrower's territory, established pursuant to Article 44 of Legislative Decree No. 31-92; (d) "COHDEFOR" means the Honduran Corporation for Forestry Development (Corporaci6n Hondurefia de Desarrollo Forestal) of the Borrower, established pursuant to Decree Law No. 103 dated January 10, 1974, or any successor thereto, acceptable to the Association; (e) "EC" means the Economic Cabinet (Gabinete Econ6mico) of the Borrower, conformed by the Borrower's Ministers of Economy, Finance, Planning and Natural Resources and the President of the Borrower's Central Bank, who chairs it; (f) "First Tranche" means a portion of the Credit not exceeding the equivalent of SDR 18,100,000, to be released by the Association on or after the Effective Date; (g) "Forestry Action Plan" means the Borrower's plan of action included as an annex to the Program, designed to implement reforms in the forestry subsector within the Borrower's agricultural sector; -3- (h) "IHMA" means the Honduran Agricultural Marketing Institute (Instituto Hondurefio de Mercadeo Agricola) of the Borrower, established pursuant to Decree Law No. 592 dated February 24, 1978; (i) "INA" means the National Agrarian Institute (Instituto Nacional Agrario) of the Borrower, established pursuant to Decree Law No. 69 of the Borrower dated March 7, 1961; (j) "Land Tenure Action Plan" means the Borrower's plan of action included as an annex to the Program, designed to implement reforms in land tenure within the Borrower's agricultural sector; (k) "Legislative Decree No. 31-92" means the Decree Law No. 31 of the Borrower dated March 5, 1992; (1) "Public Administration Action Plan" means the Borrower's plan of action included as an annex to the Program, designed to: (i) implement reforms in the organizational and administrative structure of the public institutions and entities within the agricultural sector and in the regulatory framework of such sector; (ii) strengthen the institutions and entities referred to in (i) herein; and (iii) improve the mechanisms to prepare the budgets of SRN, INA, IHMA, COHDEFOR and BANADESA; (m) "Rural Credit Action Plan" means the Borrower's plan of action included as an annex to the Program, designed to improve the access to credit by the rural population, in particular the smallholders; (n) "SAL II Program" means the program defined in the preamble of the Loan Agreement (Second Structural Adjustment Loan) of September 17, 1990 between the Borrower and the Bank; (0) "Second Tranche" means a portion of the Credit not exceeding the equivalent of SDR 10,800,000, to be released by the Association on or after the date on which the conditions referred to in paragraph 4 of Schedule 1 to this Agreement have been met; (p) "SITC" means the Standard International Trade Classification, Revision 3 (SITC, Rev. 3), published by the United Nations in Statistical Papers, Series M, No. 343 (1986); (q) "Special Land Credit Fund" means the fund of the Borrower to finance the acquisition of rural land within the -4- agricultural sector, established pursuant to Article 69 of Legislative Decree No. 31-92 (Fondo de Tierras); (r) "SRN" means the Secretariat of Natural Resources (Secretaria de Estado en el Despacho de Recursos Naturales) of the Borrower; and (s) "Third Tranche" means a portion of the Credit, not exceeding the equivalent of SDR 14,400,000, to be released by the Association on or after the date on which the conditions referred to in paragraphs 4 and 5 of Schedule 1 to this Agreement have been met. ARTICLE II The Credit 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 forty-three million, three hundred thousand Special Drawing Rights (SDR 43,300,000). Section 2.02. The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement. Section 2.03. The Closing Date shall be June 30, 1995 or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date. Section 2.04. (a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum. (b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or cancelled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date or at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next payment date in that year specified in Section 2.06 of this Agreement. -5- (C) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section. Section 2.05. The Borrower shall pay to the Association a service charge at the rate of t-ee-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time. Section 2.06. Commitment and service charges shall be payable semiannually on February 1 and August 1 in each year. Section 2.07. (a) Subject to paragraphs (b) and (c) below, the Borrower shall repay the principal amount of the Credit in semi- annual installments payable on each February 1 and August 1 commencing August 1, 2003 and ending February 1, 2033. Each installment to and including the installment payable on February 1, 2013 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount. (b) Whenever: (i) the Borrower's gross national product per capita, as determined by the Association, shall have exceeded $790 in constant 1985 dollars for five consecutive years; and (ii) the Bank shall consider the Borrower creditworthy for Bank lending, the Association may, subsequent to the review and approval thereof by the Executive Directors of the Association and after due consideration by them of the development of the Borrower's economy, modify the terms of repayment of installments under paragraph (a) above by requiring the Borrower to repay twice the amount of each such installment not yet due until the principal amount of the Credit shall have been repaid. If so requested by the Borrower, the Association may revise such modification to include, in lieu of some or all of the increase in the amounts of such installments, the payment of interest at an annual rate agreed with the Association on the principal amount of the Credit withdrawn and outstanding from time to time, provided that, in the judgment of the Association, such revision shall not change the grant element obtained under the above-mentioned repayment modification. -6- (c) If, at any time after a modification of terms pursuant to paragraph (b) above, the Association determines that the Borrower's economic condition has deteriorated significantly, the Association may, if so requested by the Borrower, further modify the terms of repayment to conform to the schedule of installments as provided in paragraph (a) above. Section 2.08. The currency of the United States of America is hereby specified for the purposes of Section 4.02 of the General Conditions. ARTICLE III Particular Covenants Section 3.01. (a) The Borrower and the Association shall from time to time, at the request of either party, exchange views on the progress achieved in carrying out the Program and the actions specified in Schedule 3 to this Agreement. (b) Prior to each such exchange of views, the Borrower shall furnish to the Association for its review and comment a report on the progress achieved in carrying out the Program and the actions specified in Schedule 3 to this Agreement, in such detail as the Association shall reasonably request. Section 3.02. Except as the Association shall otherwise agree, procurement of the goods to be financed out of the proceeds of the Credit shall be governed by the provisions of Schedule 2 to this Agreement. Section 3.03. (a) The Borrower shall maintain or cause to be maintained records and separate accounts adequate to reflect in accordance with consistently maintained sound accounting practices the expenditures financed out of the proceeds of the Credit. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Association; -7- (ii) subject to paragraph (j) of Part I of Schedule 3 to this Agreement in relation to the First Tranche, and to paragraph (i) of Part II of such Schedule in relation to the Second Tranche, furnish to the Association as soon as available, but in any case not later than ninety days after the last withdrawal from the Credit Account has been made under each the First, Second and Third Tranches, a certified copy of the report of the audit by said auditors of the records and accounts in respect of the expenditures financed by the Association under each corresponding First, Second and Third Tranche, of such scope and in such detail as the Association shall have reasonably requested; and (iii) furnish to the Association such other information concerning said records and accounts and the audit thereof as the Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Credit Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Association has received the audit report for the fiscal year in which the last withdrawal from the Credit Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Association's representatives to examine such records; and (iv) ensure that such records and accounts are included in the audits referred to in paragraph (b) of this Section and that the report of each such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted in respect of the First, Second and Third Tranches, as the case may be, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 3.04. The Borrower shall cause INA and COHDEFOR to have their records and accounts audited each year, starting in 1993, until the Closing Date, in accordance with the terms of reference referred to in Part I (c) of Schedule 3 to this Agreement. Section 3.05. To the extent that an action to resettle affected population is required to be undertaken by the Borrower, as a result of the Borrower's execution of the Program, the Borrower shall furnish to the Association for its approval, prior to executing any resettlement action, a plan to resettle the affected population. Section 3.06. (a) The Borrower, through SRN, shall and shall cause INA, IHMA, COHDEFOR and BANADESA to furnish to the Association by August 30 of each year, starting in August 1993, for its review, until the Closing Date, their annual budgets (including current expenditures and investments), as approved by the EC, for the upcoming year. (b) Unless the Association shall otherwise agree, the Borrower, through SRN, shall and shall cause INA, IHMA, COHDEFOR and BANADESA to furnish to the Association by March 31, June 30, September 30 and December 31 of each year, starting in June 1993, for its review, until the Closing Date, quarterly reports concerning SRN's evaluation of the implementation of their annual budgets for the quarter preceding the date of presentation of such reports. ARTICLE IV Additional Event of Suspension Section 4.01. Pursuant to Section 6.02 (h) of the General Conditions, the following additional event is specified, namely, that a situation has arisen which shall make it improbable that the Program, or a significant part thereof, will be carried out. -9- ARTICLE V Effective Date; Termination Section L.1. The following event is specified as additional condition to the effectiveness of the Development Credit Agreement within the meaning of Section 12.01 (b) of the General Conditions, namely, that the macroeconomic policy framework of the Borrower is consistent with the objectives of the Program. Section 5.02. The date 3 M 4 is hereby specified for the purposes of Section 12.04 of the General Conditions. ARTICLE VI Representatives of the Borrower; Addresses Section 6.01. The Secretario de Estado en el Despacho de Hacienda y Cr6dito PCiblico of the Borrower is designated as representative of the Borrower for the purposes of Section 11.03 of the General Conditions. Section 6.02. The following addresses are specified for the purposes of Section 11.01 of the General Conditions: For the Borrower: Secretaria de Estado en el Despacho de Hacienda y Cr6dito Plblico Tegucigalpa, D.C. Honduras Cable address: Telex: Hacienda 1308 HACIENDA HO Tegucigalpa Honduras - 10 - For the Association: International Development Association 1818 H Street, N.W. Washington, D.C. 20433 United States of America Cable address: Telex: INDEVAS 248423 (RCA) Washington, D.C. 82987 (FTCC) 64145 (WUI) or 197688 (TRT) 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 HONDURAS By Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION By Regional Vice President Latin America and the Caribbean - 11 - SCHEDULE 1 Withdrawal of the Proceeds of the Credit 1. Subject to the provisions set forth or referred to in this Schedule, the proceeds of the Credit may be withdrawn from the Credit Account for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods required during the execution of the Program and to be financed out of such proceeds. 2. Notwithstanding the provisions of paragraph 1 above, no withdrawals shall be made in respect of: (a) expenditures for goods included in the following SITC groups or subgroups, or any successor groups or subgroups under future revisions to the SITC, as designated by the Association by notice to the Borrower: Group Subgroup Description of Items 112 Alcoholic beverages 121 -- Tobacco, unmanufactured, tobacco refuse 122 Tobacco, manufactured (whether or not containing tobacco substitutes) 525 Radioactive and associated materials 667 -- Pearls, precious and semiprecious stones, unworked or worked 718 718.1 Nuclear reactors, and parts thereof, fuel elements (cartridges), nonirradiated for nuclear reactors 728 728.43 Tobacco processing machinery - 12 - Group Subgroup Description of Items 897 897.3 Jewelry of gold, silver or platinum group metals (except watches and watch cases) and goldsmiths' or silversmiths' wares (including set gems) 971 -- Gold, nonmonetary (excluding gold ores and concentrates) (b) expenditures in the currency of the Borrower or for goods supplied from the territory of the Borrower; (c) payments made for expenditures prior to the date of this Agreement, except that withdrawals in an aggregate amount not exceeding the equivalent of SDR 8,660,000 may be made on account of payments made for such expenditures within fourth months before the date of this Agreement; (d) expenditures for goods procured under contracts costing less than $10,000 equivalent; (e) expenditures for goods supplied under a contract which any national or international financing institution or agency other than the Association shall have financed or agreed to finance; (f) expenditures for goods intended for a military or paramilitary purpose or for luxury consumption; and (g) expenditures for crude oil imports in amounts which shall exceed the equivalent of 25% of the amount of the Credit. 3. Withdrawals for expenditures under contracts for the procurement of goods estimated to cost less than $5,000,000 may be required by the Association upon the basis of statements of expenditure under such terms and conditions as the Association shall specify. 4. No withdrawal 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 Credit after the aggregate of the proceeds of the Credit withdrawn from the Credit Account and the total amount of such commitments shall have reached the equivalent of SDR 18,100,000, unless the Association - 13 - shall be satisfied, after an exchange of views as described in Section 3.01 of this Agreement based on evidence satisfactory to the Association: (a) with the progress achieved by the Borrower in the carrying out of the Program; (b) that the actions described in Part I of Schedule 3 to this Agreement have been taken in form and substance satisfactory to the Association; (c) that the macroeconomic policy framework of the Borrower is consistent with the objectives of the Program; and (d) that the SAL II Program as applicable to the agricultural sector, is being carried out in a manner consistent with the objectives of the Program. 5. No withdrawal 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 Credit after the aggregate of the proceeds of the Credit withdrawn from the Credit Account and the total amount of such commitments shall have reached the equivalent of SDR 28,900,000, unless the Association shall be satisfied, after an exchange of views as described in Section 3.01 of this Agreement based on evidence satisfactory to the Association: (a) with the progress achieved by the Borrower in the carrying out of the Program; (b) that the actions described in Parts I and II of Schedule 3 to this Agreement have been taken in form and substance satisfactory to the Association; (c) that the macroeconomic policy framework of the Borrower is consistent with the objectives of the Program; and (d) that the SAL II Program as applicable to the agricultural sector, is being carried out in a manner consistent with the objectives of the Program. 6. If, after the exchange of views described in paragraphs 4 and 5 above, the Association shall have given notice to the Borrower that the progress achieved in the carrying out of the Program or the actions taken pursuant to Schedule 3 to this Agreement are not satisfactory, or that the macroeconomic policy framework of the Borrower is not consistent with the objectives of the Program, or that the SAL II Program as applicable to the agricultural sector, is not being carried out in a manner consistent with the objectives of the Program, and, within 90 days after such notice, the Borrower shall not have achieved progress and taken actions satisfactory to the Association or the Borrower's macroeconomic policy framework continues to be not consistent with the objectives of the Program, or the SAL II Program as applicable to the agricultural sector, continues to be carried out in a manner not consistent with the objectives of the Program, then the Association may, by notice to the Borrower, cancel the unwithdrawn amount of the Credit or any part thereof. - 14 - SCHEDULE 2 Procurement 1. Contracts for the procurement of goods estimated to cost the equivalent of $5,000,000 or more each shall be awarded through international competitive bidding in accordance with procedures consistent with those set forth in Sections I and II of the "Guidelines for Procurement under IBRD Loans and IDA Credits" published by the Bank in May 1992 (the Guidelines), subject to the following modifications: (a) Paragraph 2.8 of the Guidelines is deleted and the following is substituted therefor: "2.8 Notification and Advertising The international community should be notified in a timely manner of the opportunity to bid. This will be done by advertising invitations to apply for inclusion in a bidder's invitation list, to apply for prequalification, or to bid; such advertisements should be placed in at least one newspaper of general circulation in the Borrower's country and, in addition, in at least one of the following forms: (i) a notice in the United Nations publication, Development Forum, Business Edition; or (ii) an advertisement in a newspaper, periodical or technical journal of wide international circulation; or (iii) a notice to local representatives of countries and territories referred to in the Guidelines, that are potential suppliers of the goods required." (b) The following is added at the end of paragraph 2.21 of the Guidelines: "As a further alternative, bidding documents may require the bidder to state the bid price in a single currency widely used in international trade and specified in the bidding documents." - 15 - (c) Paragraphs 2.55 and 2.56 of the Guidelines are deleted. 2. Contracts for the procurement of goods estimated to cost the equivalent of less than $5,000,000 shall be awarded: (a) by purchasers required to follow the Borrower's public procurement procedures for the importation of goods, on the basis of such procedures, provided that such contracts shall be awarded to the lowest evaluated bidder, without taking into account, in the evaluation, financial costs for foreign exchange components, and that such procedures shall have been found acceptable to the Association; (b) by other purchasers, in accordance with established commercial practice, except that direct contracting procedures acceptable to the Association may be used where considered appropriate under paragraph 3.5 of the Guidelines; and (c) by any purchasers, subject to the provisions of paragraph 3 below, in respect of the supply of commodities, on the basis of evaluation and comparison of quotations obtained from more than one supplier. 3. Subject to the prior approval of the Association, commonly traded commodities may be procured through organized international commodity markets or other channels of competitive procurement acceptable to the Association, in accordance with procedures acceptable to the Association. 4. With respect to each contract referred to in paragraph 1 of this Schedule, the Borrower shall furnish to the Association, prior to the submission to the Association of the first application for withdrawal of funds from the Credit Account in respect of such contract, two conformed copies of such contract, together with the analysis of the respective bids and recommendations for award, a description of the advertising and tendering procedures followed and such other information as the Association shall reasonably request. 5. With respect to each contract referred to in paragraphs 2 and 3 of this Schedule, the Borrower shall furnish to the Association, prior to the submission to the Association of the first application for withdrawal of funds from the Credit Account in respect thereof, such documentation and information as the Association may reasonably request to support withdrawal applications in respect of such contract. - 16 - 6. The provisions of the preceding paragraph 5 of this Schedule shall not apply to contracts on account of which the Association has authorized withdrawals from the Credit Account on the basis of statements of expenditures. - 17 - SCHEDULE 3 Actions Referred to in Paragraphs 4 (b) and 5 (b) of Schedule 1 to this Agreement I. Actions Referred to in Paragraph 4 (b) of Schedule 1 to this Agreement: (a) progress has been achieved in the implementation of the Land Tenure Action Plan; (b) progress has been achieved in the implementation of the Forestry Action Plan, including the carrying out of any resettlement actions thereunder; (c) the terms of reference to carry out the annual audits of INA and COHDEFOR's records and accounts as referred to in Section 3.04 of this Agreement, have been approved by the Association; (d) progress has been achieved in the implementation of the Public Administration Action Plan; (e) an action plan to implement the recommendations of the Agricultural Credit Study has been furnished to the Association for its review; (f) progress has been achieved in the implementation of a plan of action, satisfactory to the Association, to divest BANADESA; (g) all legal instruments necessary to implement the operation of Caias Rurales, in accordance with Article 44 of Legislative Decree No. 31-92, are issued and duly published, based on the principles set forth in the Rural Credit Action Plan; (h) the Calas Rurales in operation, are carrying out their activities in accordance with the provisions of Legislative Decree No. 31-92, and the legal instruments referred to in paragraph (g) above; (i) the Special Land Credit Fund, to the extent it is operating, is carrying out its operations in accordance with the provisions of Legislative Decree No. 31-92 and the regulations to such Legislative Decree; and - 18 - (j) a certified copy of the audit report referred to in Section 3.03 (b)(ii) of this Agreement in respect of the expenditures financed out of the proceeds of the First Tranche has been furnished to the Association. II. Actions Referred to in Paragraph 5 (b) of Schedule 1 to this Agreement: (a) further progress has been achieved in the implementation ofE the Land Tenure Action Plan; (b) further progress has been achieved in the implementation of the Forestry Action Plan, including the carrying out of any resettlement actions thereunder; (c) certified copies of the reports of the annual audits referred to in Section 3.04 of this Agreement have been furnished to the Association; (d) further progress has been achieved in the implementation of the Public Administration Action Plan; (e) progress has been achieved in the implementation of the action plan referred to in Part I (e) of this Schedule; (f) further progress has been achieved in the implementation of the action plan to divest BANADESA; (g) the Cajas Rurales in operation, are carrying out their activities in accordance with the provisions of Legislative Decree No. 31-92, and the legal instruments referred to in paragraph (g) of Part I above; (h) the Special Land Credit Fund, to the extent it is operating, is carrying out its operations in accordance with the provisions of Legislative Decree No. 31-92 and the regulations to such Legislative Decree; and (i) a certified copy of the audit report referred to in Section 3.03 (b)(ii) of this Agreement in respect of the expenditures financed out of the proceeds of the First and Second Tranches have been furnished to the Association. INTERNATIONAL DEVELOPMENT ASSOCIATION CERTIFICATE I hereby certify that the foregoing is a true copy of the original in the archives of the International Development Association. FOR SECRETARY