제19146호                               관              보                2017. 12. 5.(화요일)
maximum commitment amount in Korean Won not exceeding the equivalent of five hundred
million US dollars (U$500,000,000) for the years 2017 through 2019 to finance EDCF loan projects
in the Democratic Socialist Republic of Sri Lanka, 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 Sri Lankan Government in accordance with the following procedures:
     (a) The Korean Government and the Sri Lankan Government shall identify potential projects
         in close collaboration with each other, and the Sri Lankan Government shall submit a list
         of the prospective projects to be financed under this Arrangement to the Korean
         Government;
     (b) The Sri Lankan 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 Sri Lankan 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 Sri Lankan Government.
                                                 Article 3
1. The terms and conditions for each individual project shall be specified in each Loan
Agreement. Each Loan Agreement shall contain, inter alia, the following principles, unless
otherwise agreed by the two Governments:
     (a) The borrower of the Loan shall be the Sri Lankan Government. In case the Loan is
         extended to local governments or public enterprises, the guarantor shall be the Sri Lankan
         Government;
     (b) The repayment terms and the interest rate shall be specified in the Loan Agreement for
         the individual project;
     (c) No interest shall accrue for the Loan covering the consulting services costs, in cases
         where the consultant is selected from among the Korean firms;
     (d) In the event that the Sri Lankan Government fails to make payment of all or any portion
         of the principal of the Loan or any other amount due under each 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 Democratic Socialist Republic of Sri Lanka for the local
         currency portion; procurement from countries other than the eligible source countries, if
         any, shall be set out in the Loan Agreement;
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