Conformed Copy - C3395 - Privatization and Utility Reform Project - Project Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 3395-MAI Project Agreement (Privatization and Utility Reform Project) between INTERNATIONAL DEVELOPMENT ASSOCIATION and MALAWI POSTS CORPORATION Dated September 28, 2000 CREDIT NUMBER 3395-MAI PROJECT AGREEMENT AGREEMENT, dated September 28, 2000, between INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association) and MALAWI POSTS CORPORATION (MPC). WHEREAS (A) by the Development Credit Agreement of even date herewith between the Republic of Malawi (the Borrower) and the Association, the Association has agreed to make available to the Borrower an amount in various currencies equivalent to twenty-one million eight hundred thousand Special Drawing Rights (SDR 21,800,000), on the terms and conditions set forth in the Development Credit Agreement, but only on conditions that the Malawi Posts Corporation agree to undertake such obligations toward the Association as are set forth in this Agreement; (B) by a Subsidiary Grant Agreement to be entered into between the Borrower and the Malawi Posts Corporation, the proceeds of the Credit allocated to Part C of the Project under the Development Credit Agreement will be made available to the Malawi Posts Corporation on the terms and conditions set forth in said Subsidiary Grant Agreement; and WHEREAS the Malawi Posts Corporation, in consideration of the Association