Conformed Copy - C3754 - Mineral Resources Goverance Project - Development Credit Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 3754 MAG Development Credit Agreement (Mineral Resources Governance Project) between REPUBLIC OF MADAGASCAR and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated June 23, 2003 Page 2 CREDIT NUMBER 3754 MAG DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated June 23, 2003, between REPUBLIC OF MADAGASCAR (the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association). WHEREAS (A) the Borrower, having satisfied itself as to the feasibility and priority of the Project described in Schedule 2 to this Agreement, has requested the Association to assist in the financing of the Project; (B) the Borrower has issued a letter of mineral sector policy, dated January 28, 2003, describing a program of actions, objectives and policies designed to promote transparency and good governance in the development of its mining sector (the Program), and declaring the Borrower's commitment to the execution of the Program; (C) the Borrower intends to contract from Agence Fran