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Page 1 CONFORMED COPY LOAN NUMBER 4705-CHA Project Agreement (Shanghai Urban Environment Project) between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT and SHANGHAI MUNICIPALITY Dated November 10 , 2003 Page 2 LOAN NUMBER 4705-CHA PROJECT AGREEMENT AGREEMENT, dated November 10 , 2003 , between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank) and SHANGHAI MUNICIPALITY (Shanghai). WHEREAS by the Loan Agreement of even date herewith between People