Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698076849943.pdf (Guyana)
CREDIT NUMBER 5753-GY Financing Agreement (Additional Financing for University of Guyana Science and Technology Support Project) between CO-OPERATIVE REPUBLIC OF GUYANA and INTERNATIONAL DEVELOPMENT ASSOCIATION FINANCING AGREEMENT Agreement dated as of the Signature Date (as defined in the Appendix to the Financing Agreement), entered into between CO-OPERATIVE REPUBLIC OF GUYANA ("Recipient") and INTERNATIONAL DEVELOPMENT ASSOCIATION ("Association") for the purpose of providing additional financing for the Original Project (as defined in the Appendix to this Agreement).
The Recipient and the Association hereby agree as follows: ARTICLE I — GENERAL CONDITIONS; DEFINITIONS 1.01.

The General Conditions (as defined in the Appendix to this Agreement) constitute an integral part of this Agreement.

1.02.

Unless the context requires otherwise, the capitalized terms used in this Agreement have the meanings ascribed to them in the General Conditions or in the Appendix to this Agreement ARTICLE II — FINANCING 2.01.
The Association agrees to extend to the Recipient, on the terms and conditions set forth or referred to in this Agreement, a credit in an amount equivalent to two million seven hundred thousand Special Drawing Rights (SDR 2,700,000) (variously, "Credit" and "Financing"), to assist in financing the project described in Schedule 1 to this Agreement ("Project").

2.02.

The Recipient may withdraw the proceeds of the Financing in accordance with Section IV of Schedule 2 to this Agreement.

2.03.
2.03.

The Maximum Commitment Charge Rate payable by the Recipient on the Unwithdrawn Financing Balance shall be one-half of one percent (1/2 of 1%) per annum.

2.04.

The Service Charge payable by the Recipient on the Withdrawn Credit Balance shall be equal to three-fourths of one percent (3/4 of 1%) per annum 2.05.

The Interest Charge payable by the Recipient on the Withdrawn Credit Balance shall be equal to one and a quarter percent (1.25%) per annum.

2.06.
2.06.

The Payment Dates are June 1. and December 1 in each year.

2.07.

The principal amount of the Credit shall be repaid in accordance with the repayment schedule set forth in Schedule 3 to this Agreement.

2.0S.

The Payment Currency is U.S. Dollar.

ARTICLE III — PROJECT 3.01.

The Recipient declares its commitment to the objectives of the Project.
To this end, the Recipient shall carry out the Project with the assistance of the University of Guyana ("UG"); all in accordance with the provisions of Article IV of the General Conditions and pursuant to the Subsidiary Agreement.

3.02.

Without limitation upon the provisions of Section 3.01 of this Agreement, and except as the Recipient and the Association shall otherwise agree, the Recipient shall ensure that the Project is carried out in accordance with the provisions of Schedule 2 to this Agreement.
ARTICLE IV — REMEDIES OF ASSOCIATION 4.01.

The Additional Events of Suspension consist of the following: (a) Act has been amended, suspended, abrogated, repealed or The waived or failed to enforce so as to affect materially and adversely, in the opinion of the Association, the ability of UG to perform any of its obligations under the Subsidiary Agreement.

(b) UG shall have failed to comply with any of its obligations under the Subsidiary Agreement.

4.02.
4.02.

The Additional Event of Acceleration consists of, namely, that any of the events specified in Section 4.01 of this Agreement occurs and is continuing for a period of sixty (60) days after notice of the event has been given by the Association to the Recipient.

ARTICLE V — EFFECTIVENESS; TERMINATION 5.01.

The Effectiveness Deadline is the date ninety (90) days after the Signature Date of this Agreement.

5.02.
5.02.

For purposes of Section 8.05 (b) of the General Conditions, the date on which the obligations of the Recipient under this Agreement (other than those providing for payment obligations) shall terminate is twenty (20) years after the Signature Date of this Agreement.

ARTICLE VI — REPRESENTATIVE; ADDRESSES 6.01.

The Recipient's Representative is its Minister of Finance.

-2- 6.02.
-2- 6.02.

The Recipient's Address is: Ministry of Finance Main and Urquhart Streets Georgetown Cooperative Republic of Guyana Facsimile: (592) 226-1284 6.03.

The Association's Address is: International Development Association 1818 H Street, N.W.
Washington, D.C. 20433 United States of America Telex: Facsimile: 248423 (MCI) 1-202-477-6391 -3 AGREED at the District of Columbia, United $tates of America, on behalf of the / 5, and at fli) t 4 irftf2 tiON)//3 , Co- Association on Decemt,E r operative Republic of Guyana on behalf of the Recipient on ae'D lC /) CO-OPERATIVE REPUBLIC OF GUYANA By Authoiiz epresentative Name: fr\// /VITD iv/ JD aprri Title: )/V)-1-1g IDF INTERNATIONAL DEVELOPMENT ASSOCIATION By Authoriz d Representative .
Name: 44R-ini Title: Ac4 c) C_o Lat—d4,4 C); 4e c_-b4- - 4 - SCHEDULE 1 Project Description The objective of the Project is to strengthen the four science and technology faculties at UG through infrastructure, research and curricular improvements while building the basis for improved facilities management and future growth.

The Project consists of the Original Project.

-5 SCHEDULE 2 Project Execution Section I.

 Implementation Arrangements A.

 1.


 Institutional Arrangements The Project shall be implemented in accordance with the terms of the Original Financing Agreement, and in the same manner as the Original Project.

B. Anti-Corruption The Recipient shall ensure that the Project is carried out in accordance with the provisions of the Anti-Corruption Guidelines.

Section II.

 Project Monitoring, Reporting and Evaluation A.

 1.

2.

B.

 1.

2.

3.


Project Reports The Recipient shall monitor and evaluate the progress of the Project and prepare Project Reports in accordance with the provisions of Section 4.08 of the General Conditions and on the basis of indicators acceptable to the Association.

Each Project Report shall cover the period of one calendar semester, and shall be furnished to the Association not later than forty-five (45) days after the end of the period covered by such report.
For purposes of Section 4.08(c) of the General Conditions, the report on the execution of the Project and related plan required pursuant to that Section shall be furnished to the Association not later than six (6) months after the Closing Date.

Financial Management, Financial Reports and Audits The Recipient shall maintain a financial management system in accordance with the provisions of Section 4.09 of the General Conditions.
The Recipient shall prepare and furnish to the Association not later than forty-five (45) days after the end of each calendar quarter, interim unaudited financial reports for the Project covering the quarter, in form and substance satisfactory to the Association.

The Recipient shall have Project Financial Statements audited in accordance with the provisions of Section 4.09(b) of the General Conditions.

Each audit of the Financial Statements shall cover the period of one fiscal year of the Recipient.
The audited Financial Statements for each such period shall be furnished to the Association not later than six (6) months after the end of such period.

- 6 - Section III.

 Procurement A.

 1.

2.

3.

B.

 1.

2.

General Goods, Works and Non-consulting Services.


All goods, works and non- consulting services required for the Project and to be financed out of the proceeds of the Financing shall be procured in accordance with the requirements set forth or referred to in Section I of the Procurement Guidelines, and with the provisions of this Section.

Consultants' Services.


All consultants' services required for the Project and to be financed out of the proceeds of the Financing shall be procured in accordance with the requirements set forth or referred to in Sections I and IV of the Consultant Guidelines, and with the provisions of this Section.

Definitions.
Definitions.

The capitalized terms used below in this Section to describe particular procurement methods or methods of review by the Association of particular contracts, refer to the corresponding method described in the Procurement Guidelines, or Consultant Guidelines, as the case may be.

Particular Methods of Procurement of Goods, Works and Non-consulting Services International Competitive Bidding.
Except as otherwise provided in paragraph 2 below, goods, works and non-consulting services shall be procured under contracts awarded on the basis of International Competitive Bidding.

Other Methods of Procurement of Goods, Works and Non-consulting Services.

The following table specifies the methods of procurement, other than International Competitive Bidding, which may be used for goods, works and non- consulting services.
The Procurement Plan shall specify the circumstances under which such methods may be used: Procurement Method (a) National Competitive Bidding (b) Shopping (c) Direct Contracting C. Particular Methods of Procurement of Consultants' Services 1.

 Quality- and Cost-based Selection.

Except as otherwise provided in paragraph 2 below, consultants' services shall be procured under contracts awarded on the basis of Quality and Cost-based Selection.

-7 2.
-7 2.

 Other Methods of Procurement of Consultants' Services.

The following table specifies methods of procurement, other than Quality and Cost-based Selection, which may be used for consultants' services.

The Procurement Plan shall specify the circumstances under which such methods may be used.
Procurement Method (a) Quality-Based Selection (b) Least-Cost Selection (c) Selection based on Consultant Qualifications (d) Selection under a Fixed Budget (e) (i) Single Source Selection of Consulting Firms; and (ii) Single Source Procedures for the Selection of Individual Consultants (f) Individual Consultants selected pursuant to the procedures set forth in paragraphs 5.2, 5 3 and 5.4 of the Consultant Guidelines D. Review by the Association of Procurement Decisions The Procurement Plan shall set forth those contracts which shall be subject to the Association's Prior Review.
All other contracts shall be subject to Post Review by the Association.

Section IV.

 Withdrawal of the Proceeds of the Financing A.

 1.

2.
General The Recipient may withdraw the proceeds of the Financing in accordance with the provisions of Article II of the General Conditions, this Section, and such additional instructions as the Association shall specify by notice to the Recipient (including the "World Bank Disbursement Guidelines for Projects" dated May 2006, as revised from time to time by the Association and as made applicable to this Agreement pursuant to such instructions), to finance Eligible Expenditures as set forth in the table in paragraph 2 below.
The following table specifies the categories of Eligible Expenditures that may be financed out of the proceeds of the Financing ("Category"), the allocations of the amounts of the Financing to each Category, and the percentage of expenditures to be financed for Eligible Expenditures in each Category: -g Amount of the Credit Allocated (expressed in SDR) Percentage of Expenditures to be financed (inclusive of Taxes) 135,000 100% 2,295,000 100% 270,000 100% Category (1) Honoraria, Research Grants, goods, consultants' services, Non-consultants' services, Training and Operating Costs under Part A the Project (2) Honoraria, goods, works, consultants' services, Non-consultants' services and Operating Costs under Part B of the Project (3) Honoraria, goods, consultants' services, Non- consultants' services, Training and Operating Costs under Part C the Project TOTAL AMOUNT 2,700,000 B.
1.

2.

Withdrawal Conditions; Withdrawal Period Notwithstanding the provisions of Part A of this Section, no withdrawal shall be made for payments made prior to the Signature Date of this Agreement.

The Closing Date is June 30, 2017.
- 9 - SCHED1ULE 3 Repayment Schedule Date Payment Due On each June 1 and December 1: commencing on June 1, 2021 to and including December 1, 2030 commencing on June 1, 2031 to and including December 1, 2040 Principal Amount of the Credit repayable (expressed as a percentage)* 1.65% 3.35% * The percentages represent the percentage of the principal amount of the Credit to be repaid, except as the Association may otherwise specify pursuant to Section 3.03 (b) of the General Conditions.

- 10 - Section I.
- 10 - Section I.

 Definitions APPENDIX 1.

2.

3.

4.

5.

6.

7.

8.

9.

"Anti-Corruption Guidelines" means the "Guidelines on Preventing and Combating Fraud and Corruption in Projects Financed by IBRD Loans and IDA Credits and Grants", dated October 15, 2006 and revised in January 2011.

"Category" means a category set forth in the table in Section IV of Schedule 2 to this Agreement.
"Consultant Guidelines" means the "Guidelines: Selection and Employment of Consultants under IBRD Loans and IDA Credits and Grants by World Bank Borrowers" dated January 2011 (revised July 2014).

"General Conditions" means the "International Development Association General Conditions for Credits and Grants", dated July 31, 2010, with the modifications set forth below.
"Honoraria" means a fixed, reasonable allowance granted by UG to selected UG staff as compensation for successfully carrying out certain activities under the Project in accordance with the provisions set forth in the Operational Manual; providing that such allowance is: (a) granted for a fixed period of time; and (b) not financed or agreed to be financed by any national or international financing institution or agency other than the Association, all of this in accordance with UG's Act.
"Operating Costs" means reasonable expenditures directly related to the Project, incurred by the Recipient (which expenditures would not have been incurred absent the Project), including the costs of equipment maintenance, office supplies and other consumables, communications and charges for the opening and operation of bank accounts, postage and handling.
"Original Financing Agreement" means the financing agreement for a University of Guyana Science and Technology Support Project between the Recipient and the Association, dated September 19, 2012, as amended to the date of this Agreement (Credit No.

4969-GY).

"Original Project" means the Project described in Schedule 1 to the Original Financing Agreement.
"Procurement Guidelines" means the "Guidelines: Procurement of Goods, Works and Non-consulting Services under IBRD Loans and IDA Credits and Grants by World Bank Borrowers" dated January 2011 (revised July 2014).

10.

11.
10.

11.

"Procurement Plan" means the Recipient's procurement plan for the Project, dated October 22, 2015 and referred to in paragraph 1.18 of the Procurement Guidelines and paragraph 1.25 of the Consultant Guidelines, as the same shall be updated from time to time in accordance with the provisions of said paragraphs.
"Signature Date" means the latest of the two dates on which the Recipient and the Association signed the Financing Agreement and such definition applies to all references to "the date of the Financing Agreement" in the General Conditions.

Section H. Modifications to the General Conditions The modifications to the General Conditions are as follows: 1.

 Section 3.02 is modified to read as follows: "Section 3.02.

Service Charge and Interest Charge (a) (b) Service Charge.
The Recipient shall pay the Association a service charge on the Withdrawn Credit Balance at the rate specified in the Financing Agreement.

The Service Charge shall accrue from the respective dates on which amounts of the Credit are withdrawn and shall be payable semi- annually in arrears on each Payment Date.

Service Charges shall be computed on the basis of a 360-day year of twelve 30-day months.

Interest Charge.
Interest Charge.

The Recipient shall pay the Association interest on the Withdrawn Credit Balance at the rate specified in the Financing Agreement.

Interest shall accrue from the respective dates on which amounts of the Credit are withdrawn and shall be payable semi-annually in arrears on each Payment Date.

Interest shall be computed on the basis of a 360-day year of twelve 30-day months."
Paragraph 28 of the Appendix ("Financing Payment") is modified by inserting the words "the Interest Charge" between the words "the Service Charge" and "the Commitment Charge".

The Appendix is modified by inserting a new paragraph 32 with the following definition of "Interest Charge", and renumbering the subsequent paragraphs accordingly: "32.

"Interest Charge" means the interest charge specified in the Financing Agreement for the purpose of Section 3.02(b)."

2.

 3.

 4.
2.

 3.

 4.

 Renumbered paragraph 37 (originally paragraph 36) of the Appendix ("Payment Date") is modified by inserting the words "Interest Charges" between the words -12- "Service Charges" and "Commitment Charges".

5.

 Renumbered paragraph 50 (originally paragraph 49) of the Appendix ("Service Charge") is modified by replacing the reference to Section 3.02 with Section 3.02 (a).

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