제19838호                                  관              보                2020. 9. 16.(수요일)
           channels, to extend a Loan for each individual project;
           (c) In case the Korean Government decides to extend a Loan for the requested project
       after appraisal of the project, it shall inform the Kenyan Government of its decision
       through diplomatic channels; and
           (d) Details of each individual project and the Loan amount for the project shall be set out
       in and made available through a loan agreement (hereinafter referred to as the "Loan
       Agreement") to be concluded between the Export-Import Bank of Korea (hereinafter
       referred to as the "Bank") and the Kenyan Government.
                                                Article 3
1. The terms and conditions for each individual project shall be specified in each Loan Agreement
to the extent consistent with the Agreement and the provisions of this Arrangement. Each Loan
Agreement shall contain, inter alia, the following principles, unless otherwise agreed by the
Parties:
           (a) The borrower or guarantor of the Loan shall be the Kenyan Government;
           (b) The repayment terms and the interest rate shall be specified in the Loan Agreement
       of the individual project;
           (c) No interest shall accrue for the Loan covering the consulting services costs, in case
       the consultant is selected from among Korean firms;
           (d) In the event that the Kenyan Government fails to make payment of all or any portion
       of the principal of the Loan or any other amount due under the Loan Agreement, the
       unpaid amount shall bear an overdue charge at the rate of two percent (2%) per annum in
       addition to the interest rate specified in the Loan Agreement;
           (e) The eligible source countries for the procurement of goods and services, including
           consulting services, to be financed out of the Loan shall be the Republic of Korea for the
           foreign currency portion and the Republic of Kenya for the local currency portion; the
           procurement from countries other than the eligible source countries, if any, shall be set
           out in the Loan Agreement;
           (f) The suppliers of the goods and services necessary for the implementation of the
       project shall be selected through competitive bidding from among Korean firms;
           (g) The consultants shall be employed through limited competitive bidding from among
           Korean consulting firms;
           (h) The procurement or consulting contracts shall be concluded within eighteen (18)
       months from the effective date of each relevant Loan Agreement;
           (i) Details of the methods and procedures for the procurement shall be governed by the
       Loan Agreement; and
           (j) All taxes, customs duties and other fiscal charges imposed in the Republic of Kenya
       on goods and services provided by the suppliers and consultants for the implementation of
       the project under the Loan Agreement shall either be exempted or borne by the Kenyan
       Government.
2. The revision of any principle stated in paragraph 1 of this Article may be made with the
mutual consent of the Parties, and shall be set out in the Loan Agreement.

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