Afghanistan - Agricultural Development Bank Project : Credit 0202 - Credit Agreement - Conformed

CONFORMED COPY 0 CREDIT NUMBER 202 AF Development Credit Agreement (Agricultural Development Bank Project) BETWEEN KINGDOM OF AFGHANISTAN AND INTERNATIONAL DEVELOPMENT ASSOCIATION DATED JUNE 24, 1970 CONFORMED COPY CREDIT NUMBER 202 AF Development Credit Agreement (Agricultural Development Bank Project) BETWEEN KINGDOM OF AFGHANISTAN AND INTERNATIONAL DEVELOPMENT ASSOCIATION DATED JUNE 24, 1970 AGREEMENT, dated June 24, 1970, between KINGDOM OF AFGHANISTAN (hereinafter called the Borrower) and INTER- NATIONAL DEVELOPMENT AssoCIATION (hereinafter called the Association). WHEREAS the Borrower and the Agricultural Develop- ment Bank of Afghanistan (hereinafter called AGBANK), a joint-stock company organized under tbc laws of the Borrower, have requested the Association to assist in the financing of a program for agricultural development, which will, inter alia, facilitate farm mechanization and irriga- tion rehabilitation; WHEREAS the Borrower and the AGBANK shall respec- tively carry out parts of the said program on terms and conditions as provided herein and in a project agreement of even date herewith between the Association and the AGBANK and as the Borrower shall assist the AGBANK in carrying out its part of the program by investing part of the proceeds of the credit in AGBANK's share capital; and WHEREAS the Association, on the basis of the foregoing, has agreed to make a credit to the Borrower upon the terms and conditions hereinafter set forth; Now THEREFORE the parties hereto hereby agree as follows: ARTICLE I General Conditions; Definitions SECTION 1.01. The parties to this Development Credit Agreement accept all the provisions of the General Condi- tions Applicable to Development Credit Agreements of the Association, dated January 31, 1969, with the same force 0 4 and effect as if they were fully set forth herein, subject, however, to the following modifications thereof (said Gen- eral Conditions Applicable to Development Credit Agree- ments of the Association, as so modified, being hereinafter called the General Conditions) : (a) The following subparagraph is added to Section 2.01: "13. The term 'Project Agreement' shall have the meaning set forth in the T.evelopment Credit Agreement." (b) Section 6.06 is amended by inserting the words ", the Project Agreement" after the words "the Development Credit Agreement." (c) Section 8.02 is amended by inserting the words "or under the Project Agreement" after the words "the De- velopment Credit Agreement." SECTION 1.02. Wherever used in this Development Credit Agreement, unless the context otherwise requires, the sev- eral terms defined in the General Conditions have the respective meanings therein set forth and the following additional terms have the following meanings: (a) "AGBANK" means Agricultural Development Bank of Afghanistan, a joint-stock company organized under the laws of the Borrower; (b) "Charter" means Charter of the AGBANK as ap- proved by the Royal Afghan Government, Cabinet Resolu- tion No. 2911 of January 19, 1970, (Afghan Calendar: Jaddi 29, 1348) confirmed by Royal Decree No. 1032/3768 of Janu- ary 21, 1970, (Afghan Calendar: Dalw 1, 1348) approved by the AGBANK's Extraordinary General Assembly of Shareholders on February 1, 1970 (Dalw 12, 1348) and published in the Official Gazette No. 150 of February 11, 1970 (Dalw 22, 1348) and as the same may be amended from time to time; 5 (c) "Project Agreement" means the project agreement between the Association and the AGBANK of even date herewith, providing for the carrying out of part of the Project by the AGBANK, as the same shall be amended from time to time by agreement among the Borrower, the Association and the AGBANK; (d) "UNDP/SF Project" means the project provided for in the Plan of Operation for the Agricultural Develop- ment Bank of Afghanistan Project signed by the Kingdom of Afghanistan, the United Nations Development Pro- gramme (Special Fund) and the Bank on August 28, 1969; (e) "Budget" means the Borrower's budget for each fiscal year and includes any supplementary budget for such fiscal year; (f) "MAI" means the Ministry of Agriculture and Irri- gation of the Borrower; (g) "MIS" means the Minor Irrigation Section of the MAI referred to in Section 4.03(a) of this Agreement; (h) "GWD" means the Groundwater Development Sub- Section of the MIS referred to in Section 4.03(a) of this Agreement; (i) "subsidiary" means any company or entity of which a majority of the outstanding voting stock or other pro- prietary interest is owned, or which is effectively controlled, by the AGBANK or by any one or more subsidiaries of the AGBANK or by the AGBANK and one or more of its subsidiaries; (j) "Loan Regulations" means the Loan Regulations of the AGBANK adopted pursuant to Section 4.06 of this Agreement, as the same shall be amended from time to time with the prior approval of the Association; (k) "Policy Statement" means the AGBANK's Policy Statement on its operational and lending policies, adopted 6 pursuant to Section 4.06 of this Agreement, and as the same shall be amended from time to time with the prior approval of the Association; (1) "HVA" means the Helmand-Arghandab Valley Au- thority of the Borrower; (m) "PDA" means the Paktia Development Authority of the Borrower; and (n) "Afghani" and the letters "Af" mean the currency of the Borrower. ARTICLE II The Credit SECTION 2.01. The Association agrees to lend to the Borrower, on the terms and conditions in this Development Credit Agreement set forth or referred to, an amount in various currencies equivalent to five million dollars ($5,000,000). SECTION 2.02. (a) The Association shall open a Credit Account on its books in the name of the Borrower and shall credit to such Account the amount of the Credit. (b) The amount of the Credit may be withdrawn from the Credit Account as provided in, and subject to the rights of cancellation and suspension set forth in, this Develop- ment Credit Agreement and in accordance with the alloca- tion of the proceeds of the Credit set forth in Schedule 1 to this Agreement, as such allocation shall be modified from time to time by further agreement between the Borrower and the .Association. SECTION 2.03. The Borrower shall be entitled to with- draw from the Credit Account in respect of the reasonable cost of goods or services required for the Project and to be financed under this Development Credit Agreement: 7 (i) such amounts as shall have been paid (or, if the Association shall so agree, shall be required to meet payments to be made) for goods or services in- cluded in Categories I, II, V, and VI of the alloca- tion of 'the proceeds of the Credit referred to in Section 2.02 of this Agreement; (ii) the equivalent of forty per cent (40%) of such amounts as shall have been paid (or, if the Asso- ciation shall so agree, shall be required to meet pay- ments to be made) for goods or services included in Category III of the allocation of the proceeds of the Credit referred to in Section 2.02 of this Agreement, which percentage represents the esti- mated foreign exchange component of the cost of such goods or services; provided, however, that no withdrawals shall be made without certification by the AGBANK that such goods and services have been sold or extended, as the case may be, against loans to farmers; (iii) the equivalent of fifty per cent (50%) of such amounts as shall have been paid (or, if the Asso- ciation shall so agree, shall be required to meet payments to be made) for goods or services in- cluded in Category IV of the allocation of the pro- ceeds of the Credit referred to in Section 2.02 of this Agreement; provided, however, that no with- drawals shall be made without certification by the AGBANK that necessary arrangements have been made to cover the cost of works under said Cate- gory IV by cash payments from and loans to farm- ers, groups of farmers or water users' associa- tions; and (iv) the equivalent of fifty per cent (50%) of such amounts as shall have been paid (or if the Associa- tion shall so agree, shall be required to meet pay- 8 ments to be made) for goods or services included in Category VII of the allocation of the proceeds of the Credit referred to in Section 2.02 of this Agreement; provided, further, that if there shall be an increase in the estimate of such payments for goods or services included in any of the Categories III, IV and VII, the Association may by notice to the Borrower adjust the stated percentage applicable to such Category as required in order that with- drawals of the amount of the Credit then allocated to such Category and not withdrawn may continue pro rata with the payments remaining to be made for goods or services included in such Category. SEcTIoN 2.04. No withdrawals from the Credit Account shall be made under Categories I, V and VI of the alloca- tion of the proceeds of the Credit referred to in Section 2.02 of this Agreement on account of payments in the cur- rency of the Borrower, or for goods produced in, or services supplied from, the territories of the Borrower. SECTION 2.05. The currency of the United States of America is hereby specified for the purposes of Section 4.02 of the General Conditions. SECTION 2.06. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one per cent (% of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time. SECTION 2.07. Service charges shall be payable semi- annually on June 15 and December 15 in each year. SECTION 2.08. The Borrower shall repay the principal amount of the Credit withdrawn from the Credit Account in semi-annual installments payable on each June 15 and De- 9 cember 15 commencing June 15, 1980, and ending Decem- ber 15, 2019, each installment to and including the install- ment payable on December 15, 1989, to be one-half of one per cent (1/2 of 1%) of such principal amount, and each installment thereaftel to be one and one-half per cent (11/%) of such principal amount. ARTICLE III Use of Proceeds of the Credit SECTION 3.01. The Borrower shall apply the proceeds of the Credit or shall cause the proceeds of the Credit to be applied in accordance with the provisions of this Devel- opment Credit Agreement to expenditures on the Project described in Schedule 2 to this Agreement. SECTION 3.02. Except as the Association shall otherwise agree, (i) the goods and services to be financed out of the proceeds of the Credit (other than technical services and fellowships) shall be procured on the basis of international competitive bidding in accordance with the Guidelines for Procurement under World Bank Loans and IDA Credits, published by the Bank in Augult 1969, ex,ept for goods referred to in paragraphs 3 and 4 of Schedule 3 to this Agreement and in accordance with such other procedures supplemental thereto as are set forth in Schedule 3 to this Agreement or as shall be agreed between the Borrower and the Association, and (ii) contracts for the procurement of all goods and services to be financed out of the proceeds of the Credit shall (except as otherwise provided in such Schedule) be subject to the prior approval of the Asso- ciation. SECTION 3.03. Except as the Association may otherwise agree, the Borrower shall cause all goods and services financed out of the proceeds of the Credit to be used ex- clusively in the carrying out of the Project. 11 proceeds of the Credit; and (ii) in Afghanis in amounts equivalent to amounts so withdrawn. (b) Whenever in connection with this Section it shall be necessary to value such subscriptions in terms of Afghanis, such valuation shall be made on the basis of the Da Afghanistan Bank free rate of exchange. If, at any time, the Borrower or the Association considers that circum- stances have arisen as a result of which such valuation has ceased to be possible, the parties shall consult together about what action is necessary for valuation of subscrip- tions. (c) The Borrower shall make available the proceeds under Category V of the allocation of the proceeds of the Credit set forth in Schedule 1 to this Agreement to the AGBANK on terms and conditions satisfactory to the Association. (d) The operating policies and procedures for the carry- ing out of the Project by the AGBANK shall be as set forth in Schedule 1 to the Project Agreement and as the same may be amended from time to time by agreement among the Borrower, Association and the AGBANK. SECTION 4.03. (a) The Borrower shall promptly estab- lish and maintain: (i) a Section of MAI to be designated Minor Irrigation Section (MIS) to prepare and execute minor irrigation rehabilitation schemes; and (ii) a Sub- Section of MIS to be designated Groundwater Development Sub-Section (GWD) to assist the AGBANK in appraising applications for pump and Karez loans and in preparing tender documents for pumpsets, on terms and conditions satisfactory to the Association. (b) The Borrower shall: (i) take all necessary steps not later than January 1, 1971 to provide MIS and GWD with staff, facilities and other resources required for the carry- ing out of their responsibilities; (ii) establish (A) within MIS, positions of a Construction Engineer, a Farm Man- 12 agement Expert and a Design Engineer who shall be en- trusted with the executive responsibility for the MIS, and (B) within GWD, the position of a Groundwater and Pump Expert; and (iii) appoint qualified and competent persons to the positions referred to in sub-paragraphs (A) and (B) of this Section for a period of three years on terms and conditions satisfactory to the Association. (c) The Borrower shall ensure that until the completion of the Project, the staff, equipment and resources of MIS shall be used exclusively for the purposes of the Project. (d) The Borrower shall establish and maintain in a man- ner satisfactory to the Association a Project Coordinating Committee satisfactory to the Borrower and the Associa- tion to ensure close coordination and cooperation among Borrower's Ministries of Agriculture, Finance and Plan- ning and the AGBANK on all matters relating to the Project. SECTION 4.04. (a) The Borrower shall expand and im- prove extension services for farmers eligible for loans under the Project for the purchase of animal-drawn imple- ments, minor irrigation rehabilitation schemes and for pump irrigation. To this end, the Borrower undertakes to add at least one hundred extension agents within a period of three years from the date of this Agreement in areas where the AGBANK is financing such investments. (b) The Borrower shall: (i) establish demonstration farms or plots in irrigated areas; and (ii) take all steps necessary including legislative meas- ures to establish water users' associations to enable ,such associations to benefit from the AGBANK's lending operations under the Project. SECTION 4.05. The Borrower shall ensure: 13 (i) that minor irrigation rehabilitation schemes shall be carried out in a manner consistent with most effi- cient use of water in each canal system; (ii) that in exceptional circumstances only such schemes shall be carried out in respect of Government land; and (iii) that costs for the carrying out of any such scheme under paragraph (ii) of this Section are borne by the Borrower. SECTION 4.06. The Borrower shall cause the AGBANK to adopt Loan Regulations and a Policy Statement as to the AGBANK's operational and lending policies, satisfac- tory to the Association. SECTION 4.07. The Borrower shall take all action which shall be necessary on its part to enable the AGBANK to perform all its obligations under the Project Agreement and shall not take or permit any of its agencies to take any action which would prevent or interfere with the perform- ance of any such obligations of the AGBANK. SECTION 4.08. (a) The Borrower and the Association shall cooperate fully to assure that the purposes of the Credit will be accomplished. To that end, each of them shall furnish to the other all such information as it shall reason- ably request with regard to the general status of the Project and the Credit. On the part of the Borrower, such information shall include information with respect to finan- cial and economic conditions in the territories of the Bor- rower and the international balance of payments position of the Borrower. (b) The Borrower and the Association shall from time to time exchange views through their representatives with regard to matters relating to the purposes of the Credit and the maintenance of the service thereof. The Borrower shall promptly inform the Association of any condition 14 which interferes with, or threatens to interfere with, the accomplishment of the purposes of the Credit or the main- tenance of the service thereof. (c) The Borrower shall afford all reasonable opportunity for accredited representatives of the Association to visit any part of the territories of the Borrower for purposes related to the Credit. SECTIoN 4.09. The Borrower shall insure, or cause to be insured, the imported goods to be financed out of the proceeds of the Credit against marine, transit and other hazards incident to acquisition, transportation and delivery thereof to the place of use or installation and for such insurance any indemnity shall be payable in a currency freely usable by the Borrower to replace or repair such goods. SECTION 4.10. The principal of, and service charges on, the Credit shall be paid without deduction for, and free from, any taxes, and free from all restrictions, imposed under the laws of the Borrower or laws in effect in its territories. SECTION 4.11. This Development Credit Agreement and the Project Agreement shall be free from any taxes that shall be imposed under the laws of the Borrower or laws in effect in its territories on or in connection with the exe- cution, delivery or registration thereof. ARTICLE V Remedies of the Association SECTION 5.01. If any event specified in Section 7.01 of the General Conditions or in Section 5.02 of this Agree- ment shall occur and shall continue for the period, if any, therein set forth, then at any subsequent time during the continuance thereof, the Association, at its option, may by notice to the Borrower declare the principal of the Credit 15 then outstanding to be due and payable immediately to- gether with the service charges thereon and upon any such declaration such principal, together with such charges, shall become due and payable immediately, anything in this Development Credit Agreement to the contrary notwith- standing. SECTION 5.02. For the purposes of Section 7.01 of the General Conditions, the following additional events are specified: (a) The Charter shall, without the prior approval of the Association, have been amended, suspended, abrogated, re- pealed, waived, or shall cease to be enforced, or any other action taken, -so as to materially affect the organization, operations or financial condition of the AGBANK. (b) The AGBANK shall have failed to perform any of its obligations under the Project Agreement and such event shall continue for a period of sixty days from the date of notice. ARTICLE VI Effective Date; Termination SECTION 6.01. The following events are specified as addi- tional conditions to the effectiveness of this Development Credit Agreement within the meaning of Section 10.01 (b) of the General Conditions: (a) That the AGBANK shall have submitted to the Asso- ciation financial statements for the financial years ending March 20, 1969, and March 20, 1970, as audited by a firm or auditor acceptable to the Association. (b) That the Project Coordinating Committee referred to in Section 4.03 (d) of this Agreement, MIS and GWD shall have been duly established. (c) That the Design Engineer, Construction Engineer, Farm Management Expert and the Groundwater and Pump 0 16 Expert referred to in Section 4.03 (b) of this Agreement shall have been appointed. (d) That the Loan Regulations and the Policy Statement referred to in Section 4.06 of this Agreement shall have been adopted by the AGBANK. SECTION 6.02. The following are specified as additional matters, within the meaning of Section 10.02 (b) of the General Conditions, to be included in the opinion or opin- ions to be furnished to the Association: (a) That the Project Agreement has been duly authorized or ratified by, and executed and delivered on behalf of, the AGBANK and constitutes a valid and binding obligation of the AGBANK in accordance with its terms. (b) That the Project Coordinating Committee referred to in Section 4.03(d) of this Agreement has been duly and validly established. SECTION 6.03. The date of October 20, 1970, is hereby specified for the purposes of Section 10.04 of the General Conditions. SECTION 6.04. The obligations of the Borrower under Sections 4.01, 4.02(d), 4.03(c), 4.05, 4.07, 4.08 and 4.09 of this Agreement shall terminate on the date on which this Development Credit Agreement shall terminate or on a date 25 years after the date of this Development Credit Agreement, whichever shall be the earlier. ARTICLE VII Miscellaneous SECTION 7.01. The Closing Date shall be December 31, 1974, or such other date as shall be agreed between the Borrower and the Association. 17 SECTION 7.02. The Minister of Agriculture and Irriga- tion of the Borrower is designated as representative of the Borrower for the purposes of Section 9.03 of the General Conditions. SECTION 7.03. The following addresses are specified for the purposes of Section 9.01 of the General Conditions: For the Borrower: Ministry of Agriculture and Irrigation Kabul Afghanistan Cable address: Ministry of Agriculture 'and Irrigation Kabul, Afghanistan For the Association: International Development Association 1818 H Street, N.W. Washington, D.C. 20433 United States of America Cable address: Indevas Washington, D.C. IN WITNESS WHEREOF, the parties hereto, acting through their representatives thereunto duly authorized, have caused this Development Credit Agreement to be signed in their respective names and to be delivered in the District 18 of Columbia, United States of America, as of the day )nd year first above written. KINGDOM OF AFGHANISTAN By /s/ M. S. DANESHJO Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION By /s/ J. BURKE KNAPP Vice President 19 SCHEDULE 1 Allocation of the Proceeds of the Credit Amounts Expressed Category in Dollar Equivalent I. Imported Farm Equipment e.g., tractors and attachments 2,225,000 II. Pumpsets 480,000 III. Locally-made farm equipment including animal-drawn implements and stationary threshers 111,000 IV. Minor irrigation rehabilitation schemes 840,000 V. Vehicles, office equipment, construc- tion and design equipment, and initial set of spare parts for imported equipment 620,000 VI. Technical Services and Fellowships 666,000 VII. Local Extension Services 58,000 TOTAL 5,000,000 20 SCHEDULE 2 Description of the Project The Project is a lending program by the AGBANK to finance farmers' investment in mechanization and irriga- tion rehabilitation, to strengthen the AGBANK's capacity to meet farmers' credit needs and to assist the MAI to cope with farmers' demand for improving small irrigation schemes and for groundwater development, during and beyond the Project's disbursement period. Specifically the Project includes: Part I. Provision of farm equipment including tractors, attachments and pumpsets for sale to farmers on medium- and long-term loans; Part II. Medium- and long-term loans to farmers for minor irrigation rehabilitation schemes; Part III. Procurement of vehicles, office, design and con- struction equipment and of an initial set of spare parts for imported equipment; Part IV. The carrying out of minor irrigation rehabilita- tion schemes, groundwater development and additional ex- tension services; Part V. The training of AGBANK and MAI staff through fellowships 'and provision for expert services. 21 SCHEDULE 3 Procurement Procedures The AGBANK would undertake procurement in accord- ance with the following procedures: 1. Tractors, Spares and Attachments (a) The AGBANK would procure over a three-year period about 450 tractors (including spare parts equal to 15/o, or to such other percentage, as may be agreed between the AGBANK and the Associa- tion, of the c.i.f. value of tractors) and such attach- ments as determined by the AGBANK. Two bids will be invited: (i) for a lot of 150, and (ii) for a lot of 450 tractors, with the AGBANK having the option to accept bids either under paragraph (i) or para- graph (ii) above. In case the AGBANK accepts the bid for a lot of 150 tractors referred to above, the AGBANK will invite bids for the balance at the ap- propriate time. Any supplier not providing assur- ances satisfactory to the AGBANK as to after-sales services will be disqualified. Such after-sales serv- ices will include, among others, stocks of spare parts equivalent to about 10%/o of the c.i.f. value of the tractors. (b) Invitations to bid, specifications, conditions of con- tract, all other tender documents, quotations and the description of the method and places of adver- tising will be submitted to the Association for its review and approval prior to the issuance of invi- tations to bid. (c) The time interval referred to in Section 3.1 of the Guidelines for Procurement between the invitation to bid and bid opening would be equal to at least 45 days. 22 (d) After bids have been received and analyzed, the analyses of bids and the proposals for awards, to- gether with the reasons for such proposals, will be submitted to the Association for its review and approval prior to making any award of contract or issuing any letter of intent. (e) As soon as a letter of intent has been issued or a contract has been executed, a copy thereof will be sent to the Association. 2. Pumpsets The AGBANK would undertake the procurement of pumpsets in accordance with the following procedures: (a) About 430 pumpsets will be procured in lots esti- mated to involve amounts of $50,000 equivalent or more. (b) The AGBANK would require all suppliers submit- ting bids to give full particulars as to after-sales service arrangements. Any supplier not providing assurances satisfactory to the AGBANK as to after- sales service will be disqualified. (c) With respect to all contracts for pumpsets, for the purpose of evaluating bids, bid prices will be deter- mined in accordance with the following rules: (i) The term Local Bid means a bid submitted by a manufacturer, established in the territories of the Borrower, for pumpsets manufactured to a substantial extent (as reasonably deter- mined by the Association) in the territories of Borrower; any other bid will be deemed to be a Foreign Bid. (ii) The bid price under a Local Bid will be the ex-factory price of the pumpsets. (iii) The bid price under a Foreign Bid will be the sum of: 23 (A) an amount representing the c.i.f. Kabul price of the pumpsets net of any taxes on their importation; and (B) any such taxes, as gen- erally apply to pumpsets or their components if imported into the territories of the Bor- rower by non-exempt importers, or 15o of the amount specified in (A) above, whichever will be lower. (d) Provisions of paragraphs 1(b) through 1(e) of this Schedule will be applicable to procurements made under this paragraph. 3. Locally Made Equipment With respect to goods included in Category III of the allocation of the proceeds of the Credit referred to in Section 2.02 of this Agreement, the AGBANK would obtain quotations from established suppliers and would submit contracts involving $50,000 equivalent or more to the Asso- ciation for its approval prior to the award of any such contracts. 4. Minor Irrigation Rehabilitation For minor irrigation rehabilitation schemes the AGBANK would require local competitive bidding. "Local competitive bidding" in this connection means inviting the local contractors to make bids for each scheme or a sub- stantial part thereof. Contracts involving $100,000 equiva- lent or more would be submitted to the Association for its approval prior to the award of any such contracts. If minor irrigation rehabilitation schemes are to be carried out inter-departmentally and in the aggregate involve $100,000 equivalent or more, such schemes will be submitted to the Association for approval prior to their execution. 5. Vehicles and Construction Equipment Identical or similar items will be grouped together when- ever practicable to ensure that the estimated cost of items 24 included in each bid will be the equivalent of $50,000 or more. In addition, all procurements of vehicles and con- struction equipment will be made in accordance with the provisions of paragraphs 1(b) through 1(e) of this Sched- ule. 6. With respect to the procurement of office and design equipment, no international competitive bidding will be required if the contracts involve $20,000 equivalent or less. 7. Whenever for procurements under paragraphs 3, 4 and 5 of this Schedule the procedure specified under said para- graphs is inapplicable because of exceptional circumstances, the following procedure will be followed: (i) in respect of procurements in paragraph 4 of this Schedule estimated to involve amounts less than $100,000 equivalent; and (ii) in respect of procurements in paragraphs 3 and 5 of this Schedule estimated to involve amounts not less than $20,000 and not more than $50,000 equivalent, copies of the bid analyses and evaluation (except for pro- curements in paragraph 3) and a copy of the signed con- tract will be sent to the Association promptly after the execution of any such contract and prior to the submission to the Association of the first application for withdrawal from the Credit Account in respect of such contract.