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Page 1 CONFORMED COPY LOAN NUMBER 4594 IN Loan Agreement (Rajasthan Power Sector Restructuring Project) between INDIA and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated February 27, 2001 LOAN NUMBER 4594 IN LOAN AGREEMENT AGREEMENT, dated February 27, 2001, between INDIA, acting by its President (the Borrower) and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank). WHEREAS (A) the Bank has received a letter dated September 25, 2000, from the State of Rajasthan (Rajasthan) enclosing a policy statement designed to restructure, reform and develop the power sector in Rajasthan (hereinafter the Reform Program or Program) and declaring Rajasthan