관              보
                        제15416호                                                                2003. 6. 9. (월요일)
                      disbursement in case of a direct payment          prescribed in the Loan Agreement.
                      procedure shall be collected by the Bank. All   (4)The detailed methods and procedures for
                      banking charges and/or costs for services         procurement shall be governed by the Loan
                      rendered by commercial banks in connection        Agreement.
                      with disbursements of the proceeds of the                           Article 4
                      Loan, repayment of principal or payment of        In the event the funds available from the
                      interest payable to the Bank under the Loan     proceeds of the Loan are insufficient for the full
                      Agreement shall be subject to a banking         implementation of the Project, the Borrower
                      arrangement to be concluded between the         shall promptly make arrangements to provide
                      concerned commercial banks of the two           such funds as are needed.
                                                                                          Article 5
                      countries;and
                    (5)In the event the Borrower fails to make          The proceeds of the Loan shall be disbursed
                      payment of all or any portion of the principal  by the Bank to the Borrower or, to the Supplier
                      of the Loan or any other amount when due        on behalf of the Borrower in accordance with the
                      under the Loan Agreement, the unpaid progress of the Project, up to the amount of the
                                                                      Loan, and within the disbursement period
                      amount shall bear an overdue charge at the
                      rate of two percent(2%) per annum above         specified in the Loan Agreement and in
                      the interest rate.                              accordance with disbursement procedure under
                                       Article 3                      the Loan Agreement.
                                                                                          Article 6
                  (1)The eligible source country for the
                                                                        Other terms and conditions to be specified in
                    procurement of goods and services of foreign
                                                                      the Loan Agreement shall be determined through
                    currency portion to be financed out of the
                                                                      negotiations between the Borrower and the
                    Loan required for the Project shall be the
                                                                      Bank.
                    Republic of Korea.
                                                                                          Article 7
                  (2)The suppliers of goods and services
                                                                        This Arrangement shall enter into force on the
                    necessary for the implementation of the
                                                                      date of signing and shall remain effective,
                    Project shall be selected through direct
                                                                      unless otherwise agreed upon, until the Borrower
                    contracting with a certain supplier of the
                                                                      performs all the obligations under the Loan
                    Republic of Korea.
                                                                      Agreement.
                  (3)The goods which contain materials imported
                                                                      Done in duplicate at Accra this 29th day of May,
                    from countries other than the eligible source
                                                                      2003, in the English language, two copies being
                    country may be eligible for financing under
                                                                      equally authentic.
                    the Loan, if the imported portion comprises
                                                                        FOR THE GOVERNMENT OF
                    less than fifty percent (50%) of the contract
                                                                        THE REPUBLIC OF KOREA
                    price of such goods. A formula for calculating
                                                                                            FOR THE GOVERNMENT OF
                                                                                            THE REPUBLIC OF GHANA
                    the ratio of such imported portion will be
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