제18662호                               관              보              2015. 12. 18.(금요일)
    In accordance with the Agreement between the Government of the Republic of Korea and the
Government of the Republic of Ghana on the Extension of Loans from the Economic Development
Cooperation Fund signed on May 29, 2003 (hereinafter referred to as the "Agreement"),
    Have agreed as follows:
                                                Article 1
    The Korean Government shall enable the Ghana Government to obtain loans from the
Economic Development Cooperation Fund (hereinafter referred to as the "EDCF") up to a
maximum commitment amount in Korean Won not exceeding the equivalent of Two Hundred
Million US dollars (US$200,000,000) for the years 2014 through 2016 to finance EDCF loan
projects in the Republic of Ghana, unless otherwise agreed by the two Governments.
                                                Article 2
    An EDCF loan for each individual project (hereinafter referred to as the "Loan") shall be
extended to the Ghana Government in accordance with the following procedures:
    (a) The Korean Government and the Ghana Government shall identify potential projects in
        close collaboration with each other, and the Ghana Government shall submit a list of
        prospective projects to be financed under this Arrangement to the Korean Government;
    (b) The Ghana Government shall request the Korean Government, through diplomatic
        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 Ghana 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 Ghana 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 two Governments:
    (a) The borrower or guarantor of the Loan shall be the Ghana 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 Ghana Government fails to make payment of all or any portion of
        the principal of the Loan or any other amount due under the Loan Agreements, 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 Agreements;
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