Conformed Copy - L4402 - Fes Rehabilitation Project - Loan Agreement 1

Page 1 CONFORMED COPY LOAN NUMBER 4402-MOR Loan Agreement (Fes Rehabilitation Project) between KINGDOM OF MOROCCO and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated December 10, 1998 LOAN NUMBER 4402-MOR LOAN AGREEMENT AGREEMENT, dated December 10, 1998, between KINGDOM OF MOROCCO (the Borrower) and the INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank). WHEREAS (A) the Borrower, having satisfied itself as to the feasibility and priority of the Project described in Schedule 2 to this Agreement, has requested the Bank to assist in the financing of the Project; (B) by an agreement of even date herewith (the Commune Urbaine of Fes-Medina Loan Agreement, as hereinafter defined in Section 1.02 (d)) between the Bank and the Commune Urbaine of Fes-Medina, the Bank has agreed to make a loan (the Commune Urbaine Loan) to said Commune Urbaine in an aggregate principal amount of forty million nine hundred thousand French Francs (FRF40,900,000) to assist in the financing of Parts B.1, (c), (d), and (e), B.2; C.1; D; and E.2 of the Project under terms and conditions set forth in the Commune Urbaine of Fes-Medina Loan Agreement; (C) Parts A; B.1(a) and (b); C.2; E.1; E.3 and E.4 of the Project shall be carried out by the Agency for De-densification and Rehabilitation of the Medina of Fes (ADER-Fes) with the Borrower