Conformed Copy - C3183 - Second Transport Sector Project - Project Agreement 1

Page 1 CONFORMED COPY CREDIT NUMBER 3183-SE PAD Project Agreement (Second Transport Sector Project) between INTERNATIONAL DEVELOPMENT ASSOCIATION and PORT AUTONOME DE DAKAR Dated May 13, 1999 CREDIT NUMBER 3183-SE PROJECT AGREEMENT AGREEMENT, dated May 13, 1999, between INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association) and PORT AUTONOME DE DAKAR (PAD). WHEREAS (A) by the Development Credit Agreement of even date herewith between Republic of Senegal (the Borrower) and the Association, the Association has agreed to make available to the Borrower an amount in various currencies equivalent to sixty four million three hundred thousand Special Drawing Rights (SDR 64,300,000), on the terms and conditions set forth in the Development Credit Agreement, but only on conditions that PAD agree to undertake such obligations toward the Association as are set forth in this Agreement; (B) by a subsidiary loan agreement to be entered into between the Borrower and PAD, part of the proceeds of the credit provided for under the Development Credit Agreement will be made available to PAD on the terms and conditions set forth in said Subsidiary Loan Agreement; and WHEREAS PAD, in consideration of the Association