Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698072392731.pdf (Guyana)
CREDIT NUMBER 820 GUA DEVELOPMENT CREDIT AGREEMENT (Black Bush Irrigation Project.)

between GUYANA and INTERNATIONAL DEVELOPI-'1ENT ASSOCIATION lated December 4, 1978 DEVELOPMENT CREDIT AGR])ll'lENT I AGRE:Ef.

'lENT, 49 1978,. callea the Borrower) and INTERNATIONAL (he:reinafter called the Association).
· -l'.i, dated December ::b;etweeri:·,:.�Jn.°j\NA DEVELOfflENf,;,'.A�OOCIATION (hereinafter WHEREAS (A) the Borrower has requested the Association··�o of an irrigation project by extending'the assist in the financing Credit as hereinafter provided; (B) by an agreement the Fund Loan Agreement)', 1:>ev-el.opment (the -the Fund Loan) to the Borrower equiva1ent project on the terms and conditions (hereinafter called Fund.)
has agreed to make a loan (heremafter ·of even date herewith the Internation al Fund··:for �riculture called amount to ten million dollars to assist in·: financing the same in an aggregate ·principal therein set forth; (C)the Borrower has requested the Government of America to assist in financing the.
;same Sta:\E!s Gt>v@:rnment of the United States of .America, AgQnc3 f Borrowe� a loan (hereinafter �ui�alent ($1,500,000); called the AID Loan) in an amount do�lars to seven million five hundred thousand the is ex:pected �o make to �l Development,.
or Internatio acting th;rough its of the United project and the (D)the Borrower has requested the Inter-Americ an Development �n\,( to assi�t in financing the same project and the Inter-American 'Development·Bank (hereinafter dollars; mi1lion .. call.ad the ·IDB ,Loan) tn an amount equivalent to make to the Borrower a loan is expected t.o six · · (E} the Borrower, and · ·.
($6,000,000); the Association, :in..\-o an agreement of even date herewith J'"oint Project Agreement) providing a.nd use of the proceeds execution matt.Grs relating of the Project to be financed for the allocation, of the Credit and the Fund Loan and thereby, thereto; as well as other withdrawal and the Fund have entered (hereinafter called the W'HERDJJJ· ,1ie Association has agreed, on the':ll�SiB' upon to extend the Credit, to the Borrower interalia ,, hereinafter set forth; of the foregoing, the terms and conditions NOU THEREFORE the parties hereto hereby agree as follows.
: ARTICLE I General Conditions; Definitions Se�tion 1.01.

The parties to this Agreement accept all the of the General Conditions �:revisions C:rec!it Agreements: of the Association, kha �e force and effect as if they were fully set forth herein (,Said General Conditions Applicabl .

�n�s of the Association being hereinafter Condi tiona).

dated March 15, 1974, with e to Development called the General Applicable Credit Agree­ to Development ,.

- 2 - unless the Section 1.02.


Wherever used in this-Agreement, context otherwise requires,, the several Ge�eral Conditions Agreement have the respective meanings therein set forth.

and in Section 1.01 of the Joint Project terms defined in the ·ARTICLE II The.

_Credit Section 2.01.

The Association agrees to lend to the Borrower, in the Development Credit Agreement on�he terms and conditions set �o�th or referred to, an amount in various: lent to ten million dollars ($10,000,000).
currencies equiva­ from Section 2.02.

The amount of the Credit may be withdrawn tbe Credit Account and used for the Project in accordance with tho provisions of the Joint Project Agreement.

Section 2.03.

The Closing Date shall be December The as the Association shall establish.

31, 1984 or such later date Association shall promptly notify the Borrower of such later date.

Section 2.04.
Section 2.04.

The Borrower shall pay to the Association a service charge at the rate of three-fourths; oi' -1��) and outstanding per annum on the principal from time to time.

of one per cent (3/4 amount of the Credit withdrawn Section 2.05.

Service charges shall be payable semiannually on 3-�nuary_ 1 and July tin each year.

Section.

2.06.
Section.

2.06.

The Borrower shall repay the ·:Principal amount January 1 installments payable orf"each of the Credit in semiannual and J'uly 1 commencing each installment to the installment payable on Jan�ry 1, 1998, to be one-3aJ.f of one per cent (172 of 1%) of such principal and one-half amount, and each installment per cent (1-1./2%) and including principal of such amount.

one July 1, 1.988, and ending January 1, 2028, thereafter to be Section 2.07.
The currency of the United States of America for the purposes of Section 4.02 of the is h�reby specified General Conditions.

ARTICLE III Execution of the Project Section 3.01.

The Borrower shall.

tions set forth in the Joint Project Agreement fully set forth herein.

duly perform all its obliga�· as if they were -3 - ARTICLE IV Remedies of the Association r. l I Section 4.01.
For the purposes of Section 6.02 of the General events are specified pursuant Conditions, to paragraph (h} thereof: (a)The Borrower the following additional · ,.

or any otller authority having jurisdiction shall have taken any action · inant of the Guyana Rice Board ations.
for t_p.e di·s·solution or for the suspension or disestablish­ of its oper- ·· (b)(i) Subject to subparagraph (ii) of this paragraph: (A)the right of the Bort.ower to withdraw or loan made to the of the Project proceeds of any grarit Borrower for the financing shall have been suspended, cancelled or' terminated in whole ·or.in part, pursuant to the terms of the agreement providing therefor, or the (B)any such loan shall have become due and payable prior to the agreed maturity thereof.
(ii) or prematuring is not caused (i) of this paragraph shall not Subparagra�h apply if: {A) such suspension, termination the failure of the Borrower to perform any of its obligations under such agreement; adequate the Borrower from other sources on terms and conditions consistent the Borrower under this Agreement.

with the obligations of and (B) cancellation, by funds for the Project are available-to Section 4.02.
For the purposes of Section 7.01 of the Genera1 s, the following Consition �raph (d) thereof, �2) and (b) (i) B of Section 4.01 of this Agreement events are specified pursuant in paragraphs namely, that a:ny events specified shall occur.

to pa.ra­ ARTICLE V Effective Date; Termination Section 5.01.
The following events are specified as addi­ tional conditions to the effectiveness P.greement tions: �;ondi within the meaning of Section of the Development 12.01 (b) of the General Credit (i)the execution and delivery rower of the Joint Project Agreement authorized tal action; or ratified by all necessary governmen­ on behalf of the Bor­ has been dul.y -4 - (ii) the execution �nd delivery Borrower duly authorized or ratified governmental action; of the Fund Loan Agreement has been on behalf of the by all necessary (iii) the execution and delivery AID Loan; providing of the agreement for the (iv) the execution providing for the IDB Loan; and delivery of the agreement (v) the Borrower the consultanta has employed referred to in Section 3.02 of the Joint and Project Agreement; (vi) the appointment Project·· Engiheer 4.03 of·the·Joint·Proje with Section ct Agreement, of a Project Manager and a in accoedance Section 5.02.
The date ¥1arch 5, 1979, is hereby speci­ fied for the purposes of Section 12.04 of the General Conditions.

ARTICLE VI Represent ative of the Borrower; Addre·sses· Section 6.01.

The Minister as representa designated Section 11 .03 of the General Conditions tive of the Borrower .• of Finance of the Borrower is for the purposes of S�ction 6.02.

The following addresses for are specified 11.01 of the General Conditions: of Section the.
purposes For the Borrower: of Finance Minister :t'iain Street Georgetown Guyana Cable address;: MINFIN Georgetown, Guyana For the Association: ··International Development Association 1818 H Street, N.W.

r/ashington, D. C:.

20433 United States of America Cable address: Telex: INDEVAS Washington, n.c. 440098 ( ITT � 248423 (RCA or 64145 (WUI - 5 - IN WITNESS repre�entatives lnent -to be signed in their respective Columbia, United States of America, as of the day and year first above written.
WHEROOF, the parties hereto, acting through their thereunto duly authorized, have caused names in the District this Agree­ of GUYANA By Authorized Representative INTERNATIONAL DEVELOPr�EN� ASSOCIATION Regional Vice President Latin America and the Caribbean