Conformed Copy - C3727 - Financial Sector Technical Assistance Project - Project Agreement

Page 1 CONFORMED COPY CREDIT NUMBER 3727 NEP Project Agreement (Financial Sector Technical Assistance Project) between INTERNATIONAL DEVELOPMENT ASSOCIATION and NEPAL RASTRA BANK Dated April 30, 2003 Page 2 2 Page 3 CREDIT NUMBER 3727 NEP PROJECT AGREEMENT AGREEMENT, dated April 30, 2003, between the INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association) and the NEPAL RASTRA BANK. WHEREAS (A) by the Development Credit Agreement of even date herewith between THE KINGDOM OF NEPAL (the Borrower) and the Association, the Association has agreed to make available to the Borrower an amount in various currencies equivalent to twelve million four hundred thousand Special Drawing Rights (SDR12,400,000), on the terms and conditions set forth in the Development Credit Agreement, but only on conditions that Nepal Rastra Bank agree to undertake such obligations toward the Association as are set forth in this Agreement; (B) by the NRB Subsidiary Grant Agreement to be entered into between the Borrower and Nepal Rastra Bank the proceeds of the credit provided for under the Development Credit Agreement shall be made available to Nepal Rastra Bank on the terms and conditions set forth in the NRB Subsidiary Grant Agreement; and WHEREAS Ne pal Rastra Bank, in consideration of the Association