Conformed Copy - L3938 - Capital Market Development Project - Japanese Grant Agreement

Page 1 CONFORMED COPY (Capital Market Development Project) between REPUBLIC OF THE PHILIPPINES and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT on its own behalf and as Administrator of Grant Funds provided by JAPAN Dated April 30, 1993 JAPANESE GRANT AGREEMENT AGREEMENT, dated April 30, 1993, between Republic of the Philippines (the Recipient) and INTERNATIONAL BANK FOR RECONSTRUC-TION AND DEVELOPMENT acting on its own behalf (the Bank) and as Administrator (the Administrator) of grant funds provided by JAPAN (Japan). WHEREAS (A) pursuant to a letter agreement dated July 30, 1990 between Japan and the Bank and International Development Association (the Association), Japan has requested the Bank and the Association, and the Bank and the Association have agreed, to administer grant funds to be made available by Japan for the financing of certain programs and projects supported by the Bank and the Association, as the case may be, in accordance with the provisions of such letter agreement; WHEREAS (B) Japan has agreed to make available to the Recipient a grant out of said grant funds (the Grant) to finance the cost of carrying out the technical assistance described in Schedule 1 to this Agreement (the Technical Assistance) on the terms and conditions hereinafter set forth; WHEREAS (C) the Recipient has requested the Bank to carry out the Technical Assistance; and WHEREAS (D) the Bank has agreed to carry out the Technical Assistance on the terms and conditions hereinafter set forth; NOW THEREFORE the parties hereto hereby agree as follows: ARTICLE I Page 2 Definitions; Term of Technical Assistance Section 1.01. The Technical Assistance shall be undertaken by consultants (the Consultants) who shall, as far as practicable, include Consultants with expertise in the following areas: (a) central banking and the role of central monetary authorities in relation to monetary policy and financial sector development; (b) government securities and the development and regulation of government securities markets; and (c) the securities industry and securities markets; (d) treasury management and associated financial trans-actions; (e) the clearing and settlement of securities transactions and the development of systems for recording and trading securities by electronic book entry; (f) the development, investment and regulation of the con-tractual savings sector, including savings represented by funds held by insurers, government bodies and pension funds; and (g) banking, economic, financial, accounting, legal and computer systems and services associated with any of the above. Section 1.02. As used in this Agreement, the terms "yen" and "