Conformed Copy - C3183 - Second Transport Sector Project - Project Agreement 2

Page 1 CONFORMED COPY CREDIT NUMBER 3183-SE SNCS Project Agreement (Second Transport Sector Project) between INTERNATIONAL DEVELOPMENT ASSOCIATION and SOCIETE NATIONALE DES CHEMINS DE FER DU SENEGAL Dated May 13, 1999 CREDIT NUMBER 3183-SE PROJECT AGREEMENT AGREEMENT, dated May 13, 1999, between INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association) and SOCIETE NATIONALE DES CHEMINS DE FER DU SENEGAL (SNCS). 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 SNCS 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 SNCS, part of the proceeds of the credit provided for under the Development Credit Agreement will be made available to SNCS on the terms and conditions set forth in said Subsidiary Loan Agreement; and WHEREAS SNCS, in consideration of the Association