Development Credit Agreement

Transcription

1 Public Disclosure Authorized OFFICIAL DOCUMENTS CREDIT NUMBER 1326 TO Public Disclosure Authorized Development Credit Agreement (CIMAO Restructuring Project) Public Disclosure Authorized between REPUBLIC OF TOGO and INTERNATIONAL DEVELOPMENT ASSOCIATION Public Disclosure Authorized Dated 5 2.1,1983

2 CREDIT NUMBER 1326 TO DEVELOPMENT CREDIT AGREEMENT Aviv,, i OL-, 1983, AGREEMENT, dated between REPUBLIC OF TOGO (hereinafter called the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION (hereinafter called the Association). WHEREAS (A) To provide assistance towards the financing of a regional clinker project: (i) by a Loan Agreement dated June 28, 1976 (CIMAO Regional Clinker Project) between the Bank and CIMAO (hereinafter called the 1976 CIMAO Loan Agreement), the Bank made to CIMAO a loan in various currencies equivalent to forty-nine million five hundred thousand dollars ($49,500,000); and (ii) by three separate Loan Agreements dated June 28, 1976 (CIMAO Regional Clinker Project) between the Republic of Togo and the Bank, the Republic of the Ivory Coast and the Bank and the Republic of Ghana and the Bank, the Bank made to each the Republic of Togo, the Republic of the Ivory Coast and the Republic of Ghana loans in various currencies, each such loan equivalent to three million five hundred thousand dollars ($3,500,000), all said agreements remaining in full force and effect, subject to certain amendments to the 1976 CIMAO Loan Agreement as provided for in the Project Agreement (as hereinafter defined). (B) The Borrower and the Republic of Ghana each have requested the Association to provide assistance towards the financing of the Project described in Schedule 2 to this Agreement (hereinafter called the Project) and the Association is agreeing to provide such additional assistance (1) by making the Credit hereinafter provided; and (2) by making a development credit in an aggregate principle amount equivalent to eight million six hundred thousand Special Drawing Rights (SDR 8,600,000) to the Republic of Ghana (hereinafter called the Ghana Development Credit) as provided by a development credit agreement of even date herewith between the Republic of Ghana and the Association (hereinafter called the Ghana Development Credit Agreement). (C) The Borrower, the Republic of Ghana, the Association and CIMAO intend that, to the extent practicable, the proceeds of the Credit and the proceeds of the Ghana Development Credit be disbursed on account of expenditures for the Project pro rata on the basis of a 38:62 ratio.

3 -2- (D) The Project will be carried out by CIMA0 with the Borrower's assistance and, as part of such assistance, the Borrower will make available to CIMAO the proceeds of the Credit as hereinafter provided. (E) The Republic of the Ivory Coast has agreed to undertake certain obligations towards the Bank as set forth in amendments, contained in an agreement [of even date herewith] [to be entered into] between the Republic of the Ivory Coast and the Bank, to the Guarantee Agreement (CIMAO Regional Clinker Project) dated June 28, 1976, between the Republic of the Ivory Coast and the Bank (hereinafter called the Ivory Coast Amendments). (F) CIMAO intends to contract from certain banks in Togo a medium term loan in an amount of not less than CFA francs 2,650,000,000 to assist in the financing of the Project on the terms and conditions set forth in an agreement to be entered into, between CIMAO and the Togolese Banks. (G) For the purpose of providing each of the Borrowers, the Republic of Ghana, and the Republic of the Ivory Coast with additional assistance towards the financing of the Project by assisting it in financing its subscription of additional shares to be issued by CIMAO: (i) the Borrower, the Republic of Ghana and the Republic of the Ivory Coast intend to contract from the European Investment Bank loans in an amount of 2,430,000 Units of Account each; and (ii) the Borrower and the Republic of the Ivory Coast intend to contract from the Caisse Centrale de Cooperation Economique loans of French francs 24,000,000 and French francs 63,000,000 respectively; and WHEREAS the Association has agreed, on the basis of, inter alia, the foregoing, to extend the Credit to the Borrower upon the terms and conditions hereinafter set forth and in the Project Agreement of even date herewith between the Association and CIMAO; NOW THEREFORE the parties hereto hereby agree as follows: ARTICLE I General Conditions; Definitions Section The parties to this Agreement accept all the provisions of the General Conditions Applicable to Development

4 -3- Credit Agreements of the Association, dated June 30, 1980, with the same force and effect as if they were fully set forth herein (said General Conditions Applicable to Development Credit Agreements of the Association being hereinafter called the General Conditions). Section Wherever used in this Agreement, unless the context otherwise requires, the several terms defined in the General Conditions in the Preamble to this Agreement and in the Project Agreement (including the Preamble thereto) have the respective meanings therein set forth and tha following additional terms have the following meanings: (a) "Project Agreement" means the agreement between the Association and CIMAO of even date herewith, as the same may be amended from time to time, and such term includes all schedules to the Project Agreement and all agreements supplemental to the Project Agreement; (b) "CIMAO" means Ciments de l'afrique de l'ouest (CIMAO) as more fully described in the Preamble to the Project Agreement; (c) "Togo and Ghana Development Credits" means the Credit and the Ghana Development Credit; and (d) "Togo and Ghana Development Credit Agreement" means the Development Credit Agreement and the Ghana Development Credit Agreement. ARTICLE II The Credit Section The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in this Agreement, an amount in various currencies equivalent to five million three hundred thousand Special Drawing Rights (SDR 5,300,000). Section The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement, as such Schedule may be amended from time to time by agreement between the Borrower and the Association, for expenditures made (or, if the Association shall

5 -4- so agree, to be made) in respect of the reasonable cost of goods and services required for the Project and to be financed out of the proceeds of the Credit. Section Except as the Association shall otherwise agree, procurement of the goods required for the Project and to be financed out of the proceeds of the Credit shall be governed by the provisions of the Schedule to the Project Agreement. Section The Closing Date shall be June 30, 1984 or such later date as the Association shall establish. The Association shall promptly notify the Borrower and CIIMAO of such later date. Section (a) The Borrower shall pay to the Association a commitment charge at the rate of one-half of one per cent (1/2 of 1%) per annum on the principal amount of the Credit not withdrawn from time to time. The commitment charge shall accrue from a date sixty days after the date of the Development Credit Agreement to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or shall be cancelled. (b) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section. Section The Borrower shall pay to the Association a service charge at the rate of three-fourths of one per cent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time. Section Commitment charges and service charges shall be payable semiannually on March 15 and September 15 in each year. Section The Borrower shall repay the principal amount of the Credit in semiannual installments payable on each March 15 and September 15 commencing March 15, 1993, and ending September 15, 2032, each installment to and including the

6 -5- installment payable on September 15, 2002, to be one-half of one per cent (1/2 of 1%) of such principal amount, and each installment thereafter to be one and one-half per cent (1-1/2%) of such principal amount. Section The currency of the Republic of France is hereby specified for the purposes of Section 4.02 of the General Conditions. Section CIMAO is designated as representative of the Borrower for the purposes of taking any action required or permitted to be taken under the provisions of Section 2.02 of this Agreement and Article V of the General Conditions. ARTICLE III Execution of the Project; Provision of Funds Section (a) The Borrower shall exercise its rights and powers as a signatory of the Treaty and as a shareholder of CIMAO and every other right, power or remedy available to it to permit or cause CIMAO to perform all its obligations under the Project Agreement, and it shall not take, nor cause or permit any of its political subdivisions or any of its agencies or any agency of any such political subdivisions to take, any action which wou7i prevent or interfere with the performance by CIMAO of its obligations contained in the Project Agreement. (b) The Borrower shall make the proceeds of the Credit available to CIMAO under arrangements satisfactory to the Association providing fo, the use of such proceeds to finance part of the Borrower's subscriptions of CIMAO's share capital. Such arrangements shall, without limitation, provide for: (i) CIMAO to use such proceeds for the purposes, and in the manner, provided for in the Project Agreement; (ii) CIMAO to credit the equivalent in CFA francs of any disbursement from the Credit Account against the Borrower's obligation to meet CIMAO's calls upon the Borrower to pay in the Borrower's subscription of CIMAO's share capital referred to in paragraph 4 (b) of Schedule 1 to this Agreement or any part thereof; and

7 -6- (iii) an increase of CIMAO's subscribed share capital, further to the capital increase referred to in paragraph 4 (b) of Schedule 1 to this Agreement, by an amount which shall not be less than the aggregate of all proceeds of the loans referred to in Recital (G) of the Preamble to this Agreement, which shall not have been used to finance the subscription of CIMAO's share capital referred to in paragraph 4 (b) of Schedule 1 to this Agreement, it being understood that such further capital increase shall be completed not later than three months after all proceeds' of the Credit shall have been withdrawn from the Credit Account and all proceeds of the Ghana Development Credit shall have been withdrawn from the Credit Account provided for in the Ghana Development Credit Agreement. (c) It is provided that until the measures referred to in paragraphs (b) (ii) and (iii) of this Section shall have been completed, proceeds of the Credit which shall not, at the time of withdrawal, have been applied towards the Borrower's obligations to pay-in its subscriptions to CIMAO's share capital increases, shall be deemed to be advances by the Borrower to CIMAO towards meeting said obligations. Section Without limitation or restriction upon any other provision of this Agreement, the Borrower undertakes: (i) to promptly subscribe, and/or pay-in, as the case may be one-third (1/3) of any share capital increase of CIMAO or of any call upon the non paid-in portion of its share capital issued by CIMAO, as the case may be, all as and when required to permit CIMAO to perform its obligations under Section 4.07 of the Project Agreement; and (ii) whenever there is reasonable cause to believe that the funds available to CIMAO will be inadequate to meet the estimated expenditures required for the carrying out of the Project or inadequate to permit CIMAO to comply with its obligations under the Project Agreement, together with the Republic of the Ivory Coast and -the Republic of Ghana to make

8 -7- arrangements, satisfactory to the Association, promptly to provide CIMAO, or cause CIMAO to be provided, with such funds as are needed to meet such expenditures or to comply with such obligations. ARTICLE IV Other Covenants Section The Borrower undertakes: (a) to exercise its rights and powers as a signatory of the Treaty to cause or permit CIMAO to set its prices for the sale of clinker at such a level as will permit CIMAO to meet all its obligations, including debt service, and to earn a reasonable return on capital invested and at least at the level set forth in Section 4.08 of the Project Agreement; (b) to provide CIMAO, or cause CIMAO to be provided, with all such information as CIMAO shall require to establish adequate projections for clinker demand in the Borrower's territory; and (c) (i) to duly perform all its obligations under the Treaty and under the instrument referred to in Recital (J) of the Preamble to the 1976 CIMAO Loan Agreement, provided that such obligations are not inconsistent with a provision hereunder, in which case such provision shall govern, and (ii) without the Association's prior approval, (A) not to consent to any modification or termination of the Treaty, of such instrument or CIMAO's Statutes, nor (B) to sell, pledge or otherwise dispose of any of its shares of CIMAO or permit a change in the percentage of its holdings of such shares. Section The Borrower undertakes (a) to take the action referred to in subsections (iv), (v) and (vi) of- Section 3.03 of the Guarantee Agreement (CIMAO Regional Clinker Project), dated June 28, 1976, between the Borrower and the Bank and (b) to take or cause to be taken, all reasonable action necessary or appropriate to cause STH, CFT and PAL to fulfill promptly as required all their obligations under the agreements referred to in Section 6.01 (h) and (i) of this Agreement. Section The Borrower undertakes to cause to be provided to CIMAO as and when required, all such electric power and

9 -8 - fuel oil as shall be needed for the operation of its facilities as well as of the rail/port terminal referred to in Section 6.01 (i) (B) of this Agreement. Section Without limitation or restriction upon the other provisions of this Agreement, the Borrower shall permit CIMAO: (i) to maintain and renew all rights, privileges, franchises, licenses, consents or other rights required for the operation of CIMAO's facilities; (ii) to export such portion of its clinker production as shall be required in accordance with the provisions of the Treaty or of the instrument referred to in Recital (J) of the Preamble to the 1976 CIMAO Loan Agreement, and (iii) to operate and maintain CIMAO's facilities in accordance with appropriate mining and industrial practices. ARTICLE V Remedies of the Association Section For the purposes of Section 6.02 of the General Conditions the following additional events are specified pursuant to paragraph (h) thereof: (a) CIMAO shall have failed to perform any of its obligations under the Project Agreement; (b) as a result of events which have occurred after the date of the Development Credit Agreement, an extraordinary situation shall have arisen which shall make it improbable that CIMAO will be able to perform its obligations under the Project Agreement; (c) The right of the Republic of Ghana to withdraw the proceeds of the Ghana Development Credit shall have been suspended, cancelled or terminated pursuant to the terms of the Ghana Development Credit Agreement, or the Ghana Development Credit shall have become due and payable prior to the agreed maturity thereof; (d) the Republic of the Ivory Coast shall have failed to perform any of its obligations under the Guarantee Agreement (Regional Clinker Project) dated June 28, 1976 between the Republic of the Ivory Coast and the Bank as amended by the Ivory Coast Amendments;

10 -9- (e) a default materially and adversely affecting the Association, CIMAO, the Project or the operation of CIMAO's facilities shall occur in the performance by any party of any obligation, covenant or agreement under any of the agreements referred to in Sections 3.07 (b) (ii) and 3.08 of the Project Agreement and Section 6.01 (h) of this Agreement; (f) any provision of the agreements referred to in Sections 3.07 and 3.08 of the Project Agreement and Section 6.01 (h) of this Agreement shall have been amended, suspended, abrogated, terminated, waived or assigned without the prior approval of the Association and such event shall materially and adversely affect the Association, CIMAO, the Project or the operation of CIMAO's facilities; and (g) (i) subject to subparagraph (ii) of this paragraph: (A) the right of the respective borrower under any of the agreements referred to in Recitals (F) and (G) of the Preamble to this Agreement to withdraw the proceeds of any loan made to such borrower for the financing of the Project shall have been suspended, cancelled or terminated, in whole or in part, pursuant to the terms of the agreement providing therefor, or (B) any such loan shall have become due and payable prior to the agreed maturity thereof; (ii) subparagraph (i) of this paragraph shall not apply if the respective borrower under any of the agreements referred to in Recitals (F) and (G) of the Preamble to this Agreement establishes to the satisfaction of the Association that: (A) such suspension, cancellation, termination or prematuring is not caused by the failure of such respective borrower, to perform any of its obligations under such agreement, and (B) adequate funds for the Project are available to CIMAO, or to suczh respective borrower, from other sources on terms and conditions consistent with the obligations of CIMAO under the Project Agreement or of the Borrower under this Agreement;

11 (h) any event specified in Section 6.01 of the 1976 CIMAO Loan Agreement shall occur; and (i) the payment facilities referred to in paragraph (g) of Section 6.01 of this Agreement shall not have been obtained by CIMAO by September 30, 1983 or such later date as the Association may agree. Section For the purposes of Section 7.01 of the General Conditions, the following additional events are specified pursuant to paragraph (h) thereof: (a) any event specified in paragraphs (a), (d), (e) and (f) of Section 5.01 of this Agreement shall occur and shall continue for a period of 60 days after notice thereof shall have been given by the Association to the Borrower; (b) any event specified in paragraph (g) (i) (B) of Section 5.01 of this Agreement shall occur, subject to the proviso of subparagraph (ii) of that paragraph; and (c) any event specified in Section 6.02 of the 1976 CIMAO Loan Agreement shall occur. ARTICLE VI Effective Date; Termination Section The following events are specified as additional conditions to the effectiveness of the Loan Agreement within the meaning of Section (c) of the General Conditions: (a) the Ivory Coast Amendments have been executed and delivered; (b) the execution and delivery of the Project Agreement on behalf of CIMAO has been duly authorized. or ratified by all necessary corporate action; (c) all conditions precedent to the effectiveness of the Ghana Credit Agreement, except as they refer to the effectiveness of this Agreement, shall have been fulfilled;

12 (d) all agreements referred to in Recital (F) and (G) of the Preamble to this Agreement, in form and substance satisfactory to the Association, shall have been duly executed and authorized or ratified by all necessary governmental and corporate action, and any conditions precedent to the effectiveness of, or to the initial disbursement under, such agreements, except as they refer to the effectiveness of this Agreement, shall have been fulfilled; (e) all necessary measures for the increase to an amount of not less than CFA francs 25,300,000,000 of CIMAO's subscribed share capital shall have been taken, other than the subscription of new shares to be issued and the paying-in of CFA francs 315,600,000 which shall be required to be paid at the time of the subscription; (f) CIMAO shall have obtained a short term line of credit from Togolese commercial banks in an amount of not less than CFA francs 500,000,000 and all conditions precedent to the utilization of said line of credit shall have been fulfilled; (g) assurances satisfactory to the Association shall have been provided to the Association that CIMAO shall obtain from Compagnie Frangaise d'assurance du Commerce Ext6rieur or from its respective creditors' payment facilittes extending by at least one year, CIMAO's repayment obligations in respect of various suppliers' credits to CIMAO aggregating not less than French francs 170,443,000; (h) CIMAO shall have entered into an agreement, satisfactory to the Association, with STH providing for the storage by STH of all fuel needed by CIMAO in its plant operations. (i) CIMAO shall have obtained price reductions satisfactory to the Association under its agreements: (A) with CFT setting forth the terms and conditions governing the transport by CFT of the clinker produced by CIMAO's clinker production plant to the port of Lome and of the necessary fuel oil from such port to such plant, and (B) with PAL setting forth the terms and conditions governing the use by CIMAO of the rail/port terminal of PAL at Lome; and

13 (j) CIMAO shall have entered into one or more agreements satisfactory to the Association with one or more firms acceptable to the Association providing for the maritime transport, as and when required, of such portion of CIMAO's clinker production as is to be exported from Togo. Section The following are specified as additional matters, within the meaning of Section (b) of the General Conditions, to be included in the opinion or opinions to be furnished to the Association: (a) that the Project Agreement has been duly authorized or ratified by CIMAO, and is legally binding upon CIMAO in accordance with its terms; and (b) that the measures referred to in paragraph (e) of Section 6.01 of this Agreement have been validly taken. Section The date N9 o L 1'$3 is hereby specified for the purposes of Section of the General Conditions. Section The obligations of the Borrower under Article IV and the provisions of Section 5.02 of this Agreement shall cease and determine on the date on which the Development Credit Agreement shall terminate or on a date twenty-five years after the date of this Agreement, whichever shall be the earlier. ARTICLE VII Representative of the Borrower; Addresses Section The Ministre de 1'Economie et des Finances of the Borrower is designated as representative of the Borrower for the purposes of Section of the General Conditions. Section The following addresses are specified for the purpose of Section of the General Conditions: For the Borrower: Ministere de 1'Economie et des Finances B.P. 387 Lom6 Republic of Togo

14 Cable address: Telex: MINIFINANCES 5286 Lomg, Togo Lome For the Association: * International Development Association 1818 H Street, N.W. Washington, D.C United States of America Cable address: INDEVAS Washington, D.C. Telex: (ITT) (RCA) or (WUI) IN WITNESS WHEREOF, the parties hereto, acting through their representatives thereunto duly authorized, have caused this Agreement to be signed in their respective names in the District of Columbia, United States of America, as of the day and year first above written. REPUBLIC OF TOGO By /noa4 0 ~ i'~- Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION By / ' o ho Regional Vice President Western Africa

15 SCHEDULE 1 Withdrawal of the Proceeds of the Togo and Ghanau Development Credits 1. The table below sets forth the Categories of items to be financed out of the proceeds of the Togo and Ghana Development Credits, the allocation of the amounts of the Togo and Ghana Development Credits to each Category and the percentage of expenditures for items so to be financed in each Category: Amount of the Togo and Ghana Development Credits Allocated % of (Expressed in Expenditures Category SDR Equivalent) to be financed (1) Fuel 11,080, % of foreign expenditures and 100% of local expenditures (i) exfactory in Togo or (ii) exrefinery plus transport and insurance expenditures in the case of fuel supplied from Ghana or the Ivory Coast (2) Consultants' 1,250,000 90% services referred to in Section 2.02 (a) of the Project Agreement (3) Spare parts 640,000 90% (4) Unallocated 930,000 TOTAL 13,900,000

16 For the purposes of this Schedule: (a) the term "foreign expenditures" means expenditures in the currency of any country other than the Borrower, the Republic of Ghana or the Republic of the Ivory Coast and for goods or services supplied from the territory of any country other than the Borrower, the Republic of Ghana or the Republic of the Ivory Coast; and (b) the term "local expenditures" means expenditures in the currency of the Borrower, or the Republic of Ghana or the Republic of the Ivory Coast or for goods or services supplied from the territory of the Borrower, the Republic of Ghana or the Republic of the Ivory Coast; provided, however, that if said currency is also that of another country from the territory of which goods or services are supplied, expenditures in such currency for such goods or services shall be deemed to be "foreign expenditures". 3. The disbursement percentages have been calculated in compliance with the policy of the Association that no proceeds of the Togo and Ghana Development Credits shall be disbursed on account of payments for taxes levied by, or in the territory of, the Borrower, the Republic of Ghana or the Republic of the Ivory Coast on goods or services, or on the importation, manufacture, procurement or supply thereof; to that end, if the amount of any such taxes levied on or in respect of any item to be financed out of the proceeds of the Togo and Ghana Development Credits decreases or increases, the Association may, by notice to the Borrower, increase or decrease the disbursement percentage then applicable to such item as required to be consistent with the aforementioned policy of the Association. 4. Notwithstanding the provisions of paragraph 1 above: (a) no withdrawals shall be made in respect of: (i) payments made for expenditures prior to the date of this Agreement except that withdrawals, in an aggregate amount not exceeding the equivalent of SDR 6,470,000, may be made on account of payments made for such expenditures before that date but after July 1, 1982; and (ii) payments made for expenditures for spare parts under Category (3) above unless such spare parts

17 shall be included in the list which shall have been approved by the Association in accordance with the provisions of Part C.1 of the Schedule to the Project Agreement; and (b) no withdrawals in excess of an aggregate amount of SDR 258,000 shall be made until: (i) all measures shall have been taken for the increase of CIMAO's subscribed share capital to an amount of not less than CFA francs 25,300,000,000, and (ii) CIMAO shall have called for the paying-in of the unpaid amount of CFA francs 5,684,400,000 in a manner satisfactory to the Association. 5. The proceeds of the Togo and Ghana Development Credits shall be disbursed to the extent practicable pro rata on the basis of a 38:62 ratio. 6. Notwithstanding the allocation of an amount of the Togo and Ghana Development Credits tr the disbursement percentages set forth in the table in paragraph 1 above, if the Association has reasonably estimated that the amount of the Togo and Ghana Development Credits then allocated to any Category will be insufficient to finance the agreed percentage of all expenditures in that Category, the Association may, by notice to the Borrower: (i) reallocate to such Category, to the extent required to meet the estimated shortfall, proceeds of the Credit which are then allocated to another Category and which in the opinion of the Association are not needed to meet other expenditures; and (ii) if such reallocation cannot fully meet the estimated shortfall, reduce the disbursement percentage then applicable to such expenditures in order that further withdrawals under such Category may continue until all expenditures thereunder shall have been made. 7. If the Association shall have reasonably determined that the procurement of any item in any Category is inconsistent with the procedures set forth or referred to in this Agreement, no expenditures for such ilc'nm shall be financed out of the proceeds of the Credit and the Association may, without in any way restricting or limiting any other right, power or remedy of the Association

18 under the Development Credit Agreement, by notice to the Borrower, cancel such amount of the Credit as, in the Association's reasonable opinion, represents the amount of such expenditures which would otherwise have been eligible for financing out of the proceeds of the Credit.

19 SCHEDULE 2 Description of the Project The purpose of the Project is to assist CIMAO in the implementation of a financial restructuring and technical assistance program. The Project consists of the following parts: Part A: Management Strengthening, with the assistance of specialists, of CIMAO's management and technical capabilities to assist CIMAO in achieving full capacity production and in improving its overall operational efficiency. Part B: Quarry operations The acquisition of quarry equipment in order to expand the capacity of CIMAO's quarry operations at Tabligbo and ensure adequate supplies of limestone to CIMAO's plant. Part C: Plant operations 1. A maintenance program to enable CIMAO to operate its plant at Tabligbo at full capacity including the purchase of (a) spare parts and (b) major replacement equipment. 2. A program for ensuring regular fuel supplies necessary for the operation of kilns at said plant. The Project is expected to be completed by December 31, 1983.

20 INTERNATIONAL DEVELOPMENT ASSOCIATION CERTIFICATE I hereby certify that the foregoing is a true copy of the original in the archives of the International Development Association. In witness whereof I have signed this Certificate and affixed the Seal of the Association thereunto the -day of FOR SECRETARY