„რეკონსტრუქციის საკრედიტო ბანკსა (KfW), მაინის ფრანკფურტი, და საქართველოს, წარმოდგენილი საქართველოს ფინანსთა სამინისტროს მიერ („მსესხებელი“), შორის სასესხო შეთანხმება (პოლიტიკაზე დაფუძნებული სესხი)“
📋 განხილვის ეტაპები
სხდომაზე განსახილველი პროექტი
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საქართველოს პარლამენტის დადგენილება
🏛️ კომიტეტები
- საფინანსო-საბიუჯეტო კომიტეტი წამყვანი კომიტეტი
- დარგობრივი ეკონომიკისა და ეკონომიკური პოლიტიკის კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- საგარეო ურთიერთობათა კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
📅 დამატებითი ინფორმაცია
ბიუროზე განხილვის თარიღი 2018-11-05
ბიუროს ნომერი 210
📜 ტექსტი
განმარტებითი ბარათი
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სხვა
n
SlDprl ot tt. Emrly &dor noto.m ot C.d!l.
cER A .d FRENCH FltlAllClAL COOPERAION
WTTH GEORGIA
Dsdaratix| of lnlonl
brlvlesn
Gowmment of G6orgia, ropr€sentod by
the Ministry of Financs ol Georgls
('eG')
and
KfW, Frankturt am Mein
cKfw)
and
Agence Franqaisg do D6valopp€ment, Parls
CAFD]
- Supporl of he Energy S€ctor Reform of Georgh Pml€ct lor 39885
ii'l'z
"0"
Support o( !|. EE€y s.cio' R.rorn ol c.or!!.
1. lntrodrcdon
Reprelentaltu$ ol th6 Govemmenl of G€orgia (GoG), G€rman Developnenl Bank
K and
the Frondr D€v6lopm6nl Ag€ncy (AFo) galh6Gd in TblJlsl, Goorgla bctween Fcb.uary 5 and
F6bru6ry 8, 2018 to distlJ!3 the pos8lbla 3uppo.t ot GoG's embatioq! refom agenda in
Energy S6ctor. Thas lrnlalivo ltrrt d in oarty 2017 wtlen lho GoG app.oa.fi6d Kfw wilh a
requ$t to alsse3s opfioos tor a Pdlcy Ba9ed Lending (PBL) operation to supPorl Georgae's
reform proc€ssas nithln th6 3ts61!9lc framewo*! a, ils lutl membtrEhip in th€ Eneryy
Communlty (EnC) .nd th6 EU Arsocladon AgtoGm.nt. lt ls undorstood by the padilr that thls
Declarauoo of lnt6nt ls not dotlnod a3 en agr€emonl €nt6r6d lnlo by partlos with tho lnlenllon
of croallng legal oblloatons.
Th6 Road i/hp 201&m21 and th6 conespondlrc Policy MaHx 2018 (see Annex6 2 5nd 3)
ytere dov6loped jointly wlth lhe Minislry of Financo and tho relevanl lin€ Minbki6s (Mnistry
ot En6tEy me€ed 6nd ot 2017 to ths Mlnlstty of Economy and Su6tahable D€velopmenl)
Other .sl6vanl slakoholdlrs, elpscially tho En6rgy Communily and lhe EU4En6rgy regionel
offic€ ln Tb{lBl \ ,!f€ lnvolved lo devolopmerll ol lha refo.m p,ograrnme from an 6arly stag€.
The 6rchan€e wilh the EU OGlegation and lhc Frcnch Devdoprn€nt Ag6ncy (AFO) Y€r6 par'
ticularly frulful and culmlnstod ln lho anvLtag.d doa€ coopatatlon on lho PgL oporaton bo'
h.,!on lh6 AFD and Kfi, and a paeliminary indication ot th. Eu Ool€gation's willlngness to
6uppoi lh€ 6ector ralotm paoo63 rYith tochnical assistanca.
The pmpolod PBL ls strucluEd dong a Roed irsp cov€.ing lhe )€arc 201 8 until 2021 , spocied ln a policy maldx snd lEcked ovor a multl-y€ar PBL epPoach. The policy malix wfll b€
reviB6d and updatsd on armual bas€ dopandlng on nocossly. An updalc of tno Road Map ao
conssnt of lhe slgnlng pade3 as and wh€n r€qulld is consldered b€lw€on lho signlng padles
as an oplbn. ll ls agrood bat ll will b€
l*k of th6 stosring co.nmlttee as stipulated in chapt€r 3
to mak6 any nocBssry adju3lnsnts of lho Road Map.
Kfw u,guld llke lo hbhllght lhal all giv€n lerm6 and condillons as well as lho commilmonl of
funds ar€ given on a sLdy lndhalivc ba3is ard ero aubiod to lho rosults of a duo diligoncc
t
trc approyal of both KtWi man5gement and lhe Germn Govem'
COuo Oilloonce') and
menl. The Duo Olligonco wlll 6ncompass an andy3is of lhB financial situallon of lh6 bonolvot
and plauslbility of lhe plann d implemonteUon and operalion concepl.
AFD would like to highloht lhal nolhln0 ln this dodaration ol inlent constllules an ofier or a
commltmont from AFD to provide financing to ola Gotemmonl of Gsorgla. AFD'S decigion to
mak6 rundlng avallabla wi|l ba subjocl lnlot slb to (i) the potitive condusbn of a comprehensiv6 duo-dillgencc proccss on lhe ldonul€d programne, ln partiorlar on dimato impacl ([)
eatbfaclory agro€mgnt on t6ms and condibons of tho finarring. (iil) approval of AFOS dscl.
lion-maklrE aulho.lll€s, (lv) absencs of any mat€ial adwBo chango ln tho finandal siluatlon
of lh6 bo.rou,er end/or mar*el condnlorE and (v) nogotlation aM execulion of all the relal€d
conllaclual documanls satisfaclory to AFD. Thr tlguros and amounls ar6 lor rsforronce only
end may be subjecl lo chan96 in lhs future.
KtW yrouu also ll](e lo highllght lhal for all itefis ol the prolecl to bo flmncod by KllV neod lo
be prcsrr€d ec{ordlrE lo KfWs GuldellneJ tor fl€ Procuramenl of Goods, Works end Services as $/sll as tho Guiddln6 fd lh6 Alrignmanl of CorBullants (i, rel6vant). whi*l r6quire3
Noobi6clioo3 of KfW lo relovont p(oqromonl sl6pl.
AFD r@uld also llke lo hlghllghl thal allltems oftho p.ojocl to b6linancod bv AFD need to b€
procurgd acaording lo AFD3 proorrorncnt ru1e5.
/lr/lt*>
,s
oupFnoao. En l!,S.Cd R.td, o,G.o40.
2. Noxt atops rnd tlrnoline
Tha Go\ltrruno,lt d Gao.!h, KfW .rd AFD w{l larnqh th6 no|d !tcp! fa lhq t}ra Dilbancs
eri Fqact proparanq!.
Thg!.lndlrdo:
ilem
No,
T€ntattvt Tlmellne
SlenlrE ., Fh.nclal Alr.crnanl by G6orgle, r6p.6- April 2018
aonlod by lho t hbfy ol Fhanc6. and KfW on b€hal
of the German Golr6mm6nl for a grenl. pllv{ded by
th6 Gorman Govcmm.nl to tha.rcs a coBdtanl lor
the proJad devalopmgnl.
Ktwintornal eppreis€l and propos€l lo th6 Germ6n
March 2018
Mlnlslry fo. Economlc Coopor.tlon and Do\,€loprnenl
Coollactn€ of e conlultanl for tls proJo€t rr6v6loF Aprll2018
m6nl.
AFD
Contracdng of a cqllulbnl lor conductng psrl of tha
a3.ocialad t€doLC maaau,ra fo.r&.n foa 2O1&
May 2018
ml9
Kfw-lnt rnal loan approval
May 20to
AFD
AFD internal loan app.oyal
July 2018
A$$s.na.rt o, 0r. irtrimqt ol thc relgvnt ldC0€6
lcf20'18
Aogust 2018
AFO
AFO.
Slgning ol lho tirlt loan 8gr€em€ots (ln case of po3i'
ttue rosull of tho assesgr6r{) b€tv,ren the Kfw ard
MOF
Goorgi6, ropEsmigd by lh6 Mlnlstry ol Fhanca and
6130 botwron the AFD a.d Goorua, Epresentad ry
lho Mlnisty ot Flnance
KfwAFD.
OlgbuB€me'll d Loan Funds iolh filt lorn agtre..
ircF
Soptsmber 2018
December 2018
menls (.11o. raltlcalion of loan cortrads by tho G€or
glan Prdbme.t)
3. StructuF and Rauonal ot th. Envlsag6d Coopgratlon
Objodh/e of th€ progrrn ls to contribut6 lo tho imptgm€ntatlon of th6 EnC Treaty and lhs
EU Assodstlon Agroemsnt, fostedrE econofilc gro$ih lhroogh qcr!-bordea stsctrlcity
Fading, lh6 r€ducuoo of 9r6€ohouse ga! slnilsion! yla an snhsncod onorgy elliciency ln
consump0on of dcafidty, tho araatlon o, addluonal export cspeclty Ior etoctrEity through roduo6d domostic consumpbbo duG to cn€rly aiioioncy m€6autr! (6speoletly ln electijiy
lransmklon and buildinli) and creatlon ot skil€d iobs with futuro pot6ntt6t, 6.9, in a future
odonted corBlrucilon ssdo( rEfledirE EU lldld6rds in @nslrucllon.
Nt*a
9A
lj^
Supron oadr. Efilr3..Lr R.to.n ., c.d!L
Th.rdorr, coc. KtW and AFD exprgls $e rohGd u.ld€Istsndtoo about ta folloortng:
Alm ot th. PgL
. Th. obi€dl\6! d ho pBL {o
(1) the lrgloflal martal hhgr€0rn wtth lrforgnca to the
EnC Trsaty wtl€ avor po*tue
lo suangthen c€o.gL.! poalt n Es s regional o.rroy hub and to a$ure
th€ economlc
!
sulblnabtltty of lha tm,!!lm6r
tnto tho t ensmisston Infrastn cturc o, Geoot€,
suppo.tad by thc ht€ma{ond donor co.nrnunly snd, do6.y ltnkcd to s srrstainebt6
me*ed d6\€lopmcnt,
(2) EnrEy Eficb.Ey (o6p.daly kr buulitg.), rc(6nir€ to the NetorEt
Energy EtrL
cl€oq A.tion ptsn (NEEAP, rotos!6d m17) and th. derini0on and hpl.mcn;ton
ol
lqrpaalh/s Enorgy Efrc&rEy Sbndar&, ,fs fudha. d€v6lopment and c6o.gh.s
gaijons und6r ths EUEC boaty.
obti-
Sttuctlr€ ot th6 pBL:
- Th6 6nvlsao6d +Far stratogy ls ou{tn6d in thg Ro6d M.sp (Annex 3), sp€dfi€d in a
Pdlcy iLablx (Am6t 2). na i,lat! con(.lns de.rt d6lirEd tndi:aloB oo
fh. r6quH
,xogr6$ ot the rEfqms h tha r€lpoolke liatds of ,ction (6marl trlggors. gee Ann€x
1).
- Th6 Pollcy t*auir in Anoox 2 b sgrr€d b€nyoon GoG, KrW and AFO afl€I cor}sulta_
lion wilh tho r€lByant stak€hotders (..p. iroESO, cNeRC, SE, ESCO etc.)
cu&rlon wih rllsvrnt domr! ln tho a€clor.
and dts-
Steedm Stuchr€ and Coodhalion
- GoG. KfW snd AFO lhra the common undoBtendtng lhat tho nocassary rupport for
achLring lh6 ststod ooab a! ouuned h tha Road i/hp roquk6 a hlgh level
of coo._
dinauon wflhh t|€ GoG, bolkerl Goc End the dorDa communily
trul allo belw66n
ho donoas th6ms€lv$ a6gsdl.E trlelr ditroront prcgrams on ensrgy
seclor rcform
and en€rgy efilcloncy. Th3rdols, sn efiecllvo sts€dng Btruclure
wll b0 6labllahed.
Tho conposillon of lhls stucturs wll bo agrGed on rls a noxt stop
to as&re hat tha
r€levenl stekeholdoB ln thr lecba grE sdfidont, ropres€ntcd.
Tha dosignatod srs€rhg .t udurr for th. pBL (Stolrirg Commttt66) intonds lo facitiials h; hi0etivs
of
GoG lo. more adysnc€d donoa coodlnatbn ln the lodor.
. Tho Poticy t&td wi bo continuoosty updat.d laUng tnto considoGtion of Ihe Road
irap for the folonilg pha56 In flo 3rd quart€r of a)t8, roflodirE
h tho 1r phase.
th6 6.fit6vemenl3
Phalho. DlsbuBrment 6nd Evahatba of R.3ults
- The dbbrirserhont of lo6n5 ort of h6 pBL Is llnked to the po3live evalualon of lhe indicaloB, ddln€d in lh6 polky MsEix (hggar!) s! pqrt of tho lnplamlntdon
oa th€ r&
fornE ln tho rospcc{vo flold8 ol aclion oa th6 indivtdual iubsactors (Annax
. Tl'a f[!t f*le3o
1).
oa tho pBL b $*redulod to stsrt
h 2016 lo .llo\x urdor the precondt0on
d an adoquata l6wl of fuml|m.nt of tho agrasd oblloations a dlsbursemenl o, the,irst
ll"//->-
r0h
I ].rv
tutCo.'t o, t!. En tly l..ror R.{oifi ot G.o.tL
tranclra dncly to b6 coNEared ln tho 2018 fudg.t. Subs6qu6nt phas6 rolow with an
amudy ov&rato.B ,q flc yota m1'}m21 .
ugrus
. A conaspondlioly gmbuour pollcy llt.tix ln connactlon wllh a rdovant lundlrE vol.
umo guarar c€3 lh6 vblb{lty of lho prog'am a.!d ol lha iolni.rg patusl! (GoG, Kfw
(Blilzr, AFO end potenthly EU) ln th€ !€dor dldogua
Bonofld wO b6 G.o.gia, EpGaa.rtod b, th6 Mintslry d Fllanc6. Rcsgo.l3iblo for lh6 d€.ign
end lmplemantalign oI lh. scoto. .slo.m8 ag.!6d undor lha Eo€.em b lho Mlnlruy of Economy and Sualalnau€ D6.dopmclt.
Tho paogsm lhoold prodde lmpo.tant tnPolu! lor shrdudng and implenlontlng a compae
her|!h/! !6dor rshr and bdnglng il lnto ttta pdflical rofo.m procos!. To ad$s.ro lhi!, it 15
neoalsery lo loach rn agr€smant on lho totel volu.no over the 6nUIe amounl of th6 funds in
odar lo onsur! an inldloaking rafll6m€ol o, dl fou. pha!€! slnca th. folbt+l,p Pha3cs can
ont be tdggored affor sucaossful co.npl6uon of th€ provlous pha3e and iho achlovemenl of
lh6 dafrned palout lrdhators.
For th6 PBL t6ntatlvrly loan cornmitm.ntt of EUR 7a mllion p.a. 6re fo.a.een lo. al l€alt the
yearz 2O1&2t21 wib Fobnli.l oxbndorl3 Ooael losis: EUR 2SO million), suqed b Kfv\r's
ard AFO's Bo6rd approvals eedr ye6r durttg tlo $ftole imdementsroo Period of th8 pr}
gram. KfW 6nd AFO agrga on a shaar of thatr commhmonts ln a tv/clcono ratio (KfW aF
prormalely lv€ thkd! of lh6 lotal loan amount, AFO oie thtd ol th6 lod lo6n arrtount). EU
TA funds. l, apdlcauo. v/ould srrppo.i tho fuf{m€nl of lhe c.il.ria ol tho potrcy besod loen.
Th6 flnsl lundlng wlunlo rhal b. rr€larmln6d oo tha ba6l9 of a srittcn r€quolt from tha Govammont ot GooEb.
lulJ-'>
wat
SuDpqtoltn En O,S..ro? Rriom ot O.orgtr
Al panies ar6 loddng to.v,Ed to e 6uccs3dut coop€retlon in ordor to hrptomgot a succesCut
loctor rcfom ln Goolgla'o anoey s€ator.
*no,, ...1.1*X..lfro,,
For:
@v€nrn€rn oa Geo€lg
Mr Mamuka
Mlnhtorof
For KtW:
DlrBclor KfW Ofroe Tbillsl
KfW S€nlor Proj€ct MarEg€r
For AFD:
for lhB South Coucasus
Annare!:
Anngx 1i Monlloring SctEmo
Arnox 2: Tdgg€a Matrir AntS
Ann6x 3: Rosd M6p 201 &2021
102
სხვა
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S060$od$('5b!S(a500sr)lrSo68'gfr,on6Jt6('a'sga')EJtalf'o8Cg{dlo'56
DESC'$3(xrbroD Q$q'J6s0or
bra6oky6ol' Aocf' (c'oc)'
lDMoBCqxrL Aot06atEJr, Srd'&rcac6('q'o l'jsCid'ouCqx'$ tso6.'6l'o)r
(KW)' ar'h.,, S6!63tsfd'Oo
6alo6l.,O63d0oo! l''$6C(r'tJ('l 6$Jbr
(,t
tr'>go$6conU 0$So<r'rf'Cbob U!r0C6Srl'
(Am)' Jrd'o'bo
6atrolr.
Urdrf,%Cq,o,U trCft0go"Sot' lj&b('tdj ab')r'qDlC6)
Jf,c$[o: 39885
I
a '(,t-') I
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lrldv6o€cq,ci, a(,,J0f,oDol, 9r6sotua6o6qcDo (ffi)' s06'ar&xr' 0!6aoo'ff'b D!63o
r"eftiao.*i&..r.odob U$0o6Oc, (AFDiacoJt,<'66# o'Dr'<'ol'ao' blld'<r'gcqr'lao 2018 Sqrtt 5
Ed'laq'at e$'(,)3€f'!. GoGl' ')6kaoc6o
,gi s;chAq;n Eirraq'oo', dto'! o$dr,eJo'
20u
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8!6JU (K{w) s$cboq,5
b$J6caooo
fifiJEr;
uita.a.l, oarn Oftces*r
(PBL) -!6"o'nt"6 QiJ€0o60Doo' ffi
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lr6fit966q9qn rsd'k'r &Jo'r6b8C8'fJ
eirO"- i.rtgf,O"rr, i"d.,6.RCq-1, Am"tOOCttl' J6cr3CU'
*U"Ou- Cgf,6.6&,,0,.1, CECI6ACO'JSq'" 6€6'o*,i6CDol, (EDc) l'c'"Jq' SCactu qA
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38
შეთანხმება
Loan Aoreement
aatea ,/. ./2. ,/o
td
betw6en
KfW, Frankfurt am Main
("Kfw")
and
Georgia
("Borrower")
represented by its Ministry of Finance
for
EUR 49,000,000.00
Policy Based Loan (PBL)
BMZ lD: 3010 00 272
Loan lD; 28937
39
CONTENTS
CONTENTS
PREAMBLE
'1. Loan
2.
4.
Repayment and prepayment
Calculations and paymenb in
general.........
................ 15
7.
17
8. lllegality
9. CosE
17
10, Special
19
18
2i
'11. Termination of ths Agreement
....:............-.----22
12. Ropressntation and statements........
13. Publication and transfer of Programm-related information .....................-..:.22
14. General
.
Annex 1 Orawdown
Annex 2 Specimen Application
Annex 3 Compliance
32
40
2
PREA BLE
KM/ and the Bonorrsr have agr6€d on policy initiatves, setting forth objecdves,
polioi€s and acdons as dBscribed ln ths irigger matrlx for the yeer 2018 (Annex 2
of ths Separats Agreemsnt (as doflned b8low) (th€ Tdgg6r Matdx 2018')), to
improve sec{oral reform processes ln the snergy 8€ctor ln GBorgla.
Thh programme is e)eected to b€ co financsd.by AFD.
The lerms and conditions of the Loan compty with the OECD requiremenb
applicable on the date of signing of the AgrE€msnt for recognition as Ofiicial
Davelopment Assistancs (ODA).
On this basis and under the condition that the Federal Republic of Germany
extends a guarantee for the Loan, Kfll/ will grant a Loan in accodance with the
tems and conditions of thls Loan Agreement.
41
3
t.'
L
Loan
1.'l
AmounL KM/ will extend to ths Bono\,ver a Loan not excsBding a total of
i
EUR 49,000,000.00
1.-
' ' ("Loan")
(ln words: fourly nine mllllon Euro);
il
Puryoso. The purPose of ihe Loan is to support the energy s€clor rofom
programme of Georgia (the "Programme"). The Bonoi\rar and Kfl / will
dstemine the details ot the Pmgramme by a ssparate agr€€m€nt
CSeparst3 Agreemont).
l
],I
1.3
t
I
Iaxas, charges, cusloms d{r,ies. Taxss and other publlc Clarges of'ed
by ths Bonor{6r as well as cusloms duties will not be tinanced from the
Loan.
I
2.
2.1
Dlsbu]3€mont
R€questing disbusemants. KfW will dlsburss the Loan in one slngle
disbursement to the Bonow€r upon receipt of a duly and valldly
compbted and executed Drawdown Notics provided that all conditions
precodent to disbursemsnt according to Article 2.3 loonditions P,Bc€dent
lo disbu.I,enent) have been met. Tho Drawdown Notice shall only be
complete and valid if (i) it is inevocable and has been submited to Kfl /
no later than by 12 noon on he tent Banking Day (as defined in Article
'14.1 Banking Day) prior to th€ disbuls€rnent date refened to in the
Drawdown Notice; and (ii)
it is substantially in lhe form of
Annex 1 (Drawdolvn NolrL€).
I
I
Deadline for r€quesiing disbursemants. Kfw has the right to refuse to
make disbursements aftBr 30 May 2019
|,,
i
i
I
2.3
Conditions precedent to disbursamerl. KM/ is obligated to make
disbursements under this Agrsement only if the follo,lring conditions
4
i.
i,
precedent have been fulfilled in a manner satisfaciory to KM/ in fotm and
l'
substance:
a)
The Bonower will have demonstrated by presenting a legal oplnion
satisfaclory to KflV, and by presenling certified copies (each wilh an
official translation into lhe language ot this Agreement) o, all
doouments to which this Legal Opinion refers, conrirming that the
Loan Agreement ls legally Valid, binding and enforcgable against the
Borrower (including for the ,avoidance of doubt, a statEment
regarding Kn i's exempilon from all taxes on income from interest,
charges, fees and slmllar costs when granting the Loan);
b)
Kfl/V is in possession of an original of this Agreement and the
Separate Agreement, each signed with legally blnding force;
the specimen slgnalures mentioned in Article 12.1 (Representation ot
the BonoweO hereol have been received by Kff /;
d) the guarantee from the Federal Republic of Germany mentioned in
Allicle 7 (Guanntee trcm the Fedenl Rapublic of Gemany) ls in
force and effect without any restriction;
e) the Bonower has paid the Management Fee set forth In Artide 3.2
(Managemanl Fee) hercoti
no reason for iermination has occurred, nor has an incident occurred
that would be@me a cause for termination by notification or
i
f
expiration or ascertainment or fumlment of a condfion (potential
reason for t6rmination);
I
I
g) no extraordinary circumstances have arisen that preolude or
I
seriously jeopardis€ the implementiation, the operation, or the
purpose of the Programme or the performance of the pai/ment
obligations assumed by the Boro\,{er under this Agreement and
I
x
I
I
t
t
i
I
f
t.
tt
h) the Bonower has provided evidence to Kfr'V on the fulfilhent of ihe
Programme triggers for 2018 as s€t out in the Trigger Matrix 2018
satisfactory to KfW in form and substance.
KM/ has the right prior to any disbursement from the Loan to demand
such further documents and evidence as it deems necessary at its
t,
[,
43
5
discretion to ascerlain ths conditions prscadent for dlsbursement
specifled in this section.
2.4
Doaails of ha disbursmont p,ocadurc. The BonoriEr, in thls tBspect
repBsented by ihe Mlnkfy of Flnence, and KfW will detemln6 lhe
details of the dlsbursemant procadure by the S€parats Agr€omenl and,
in particular, the evidencg lh8t.has to be fumlshed by the Borrower
documsnung that th6 requosEd loan emounts 8rB b€ing used for the
agreed purpose.
Right to canc€lt disbursomenls. Subiecl to the tulfllmont of its obligalions
under Adicle 10 (specldl obligatiot s,) hereof the BonowBr may waivs the
disbuBement of undisbursEd Loan amounB with lh€ prior consent of
Kfi , against payment of a Non-accaPtsnca Compsnlrdon Pursuad to
fult;d
and as donned in Artido 2.6 (l,lon-ac,c€ptanc€ Conpensa
o
lf
ihs Botrorcr can@ls lho
Non-a(rjeplan(€ Componsation.
disbursement of a Loan amount for which an inlerest rate ha3 alrsady
been determined pursuant to Ardcle 2.5 (Right to canf€,l disbursemenfs)
heGot, or if such Loan amount is not dlsbursed at all or ls nol dlsbuBed
by the deadline strated in Article 2.2 (Deadline tor reqwsting
disbursernenls) hereot, the Bonower will promptly pay to Kfi^/ upon its
requsst such amounl os is necsssary to compensate KM/ ior any loss€6,
expenses or costs in@ned by Kn^/ as s result ol the noniisbursement
of the Loan amounl ("Non-eccapt nco Compensadon"), unloss such
non{isbursemont constitutes a breach of this Agreement by KflAr. Kfl ,
will calculate the amount of the Non-acceptance Comp6nsalion €nd
communicaie it to the Bonowsr.
44
6
ti
i;: 3.
3.'1
Fsos
Commilment Fee. The Bonower will pay a non-Iefundable commitnent
!6o ol O.25o/o per annum ("Commltnent Fae") on undlsbursed Loan
amounis.
The Commitrnent Fee is dus tor payment seml-annually in arrears on
15 May and 15 November of each yoar, for ths first Urno on 15 05 2010'
but no earller than on he tesPocdve date following he day on whlch this
Agresment enters into forca and Bffocl pur8uant to Artlcle 14j0 EnAy.
into force and efrect) he@ot.
The Commitment Fee will bs charged if apPllcable wllh retoaclive efiect
for ihe period beginning six monlhs afier the signing of this Agreament
snd lastjng until the date o, disbursement of ths Loan in full or, if
applicable, until the dai6 of definitive termination of dbbursqnenb frcm
I
the Loan.
:
J.Z
Management Fee.lho Bonower will pay Kfl / a non-r€fundable one-timo
lumpsum management fee of 1.OO% of th€ Loan amounl siated in Arllcle
1.1 (Anount) hercol ("Managomant Fse").
The Management Fee is payable on lhe earliesi oI the follw'ing two
dates: (i) before the first disbursement or (ii) afre] three months have
elapsed since the signing of this Agreement by KM/ or afror one month
has elapsed since the entry into force and effec1 of this Agteement
(whichover of the dates stated under (ii) occuB laier). The ManagQment
F€e is due for payment as soon as this Agreement has been s( od
inespeclive of whether the Loan is disbursed in tull or only ln Part or at
all.
t
ft
t1.
.,
lnterelt
t,lelast Th6 Bonower will pay intsrest to Ki / as follows:
[
t
tI
I
Vaiabte lnterest Rate with a frxad intercst option Tho Bonorver will pay
interest on the Loan in accordance with the follovJing provisions:
a, vedable rntorBs, Rate. At the explicit tequest of the Bono er' the
disbursed Loan amount will bear interest at a vatiable annual ratB on
i
k
45
7
the basis of conseculiv6 interest ped)ds puBuant to Ardde 41 b)
(lntarest period) hareof (€adl period an "lnbr€st P€riod-). The
variablo interest rate (Variable lnteEst Rate") is composed ol lhe
Euro lnterbank offered Rate CEURIBOR') plus a margin of
% p€r annum. lf th6 lntarsst aate thus
?.
?d
calculated falls belo., 0 % per annum! the Variable lntsrest Rate will
be 0% per annum for lhe relevant lnterest Period.
(il
Refe,en6€ intercst /8t6'. The EURIBOR to be applied br the
duration of an lnterBst Psliod ls the annual rats (rounded up to
the nearest l/16th of one percentage polnt, tf necs8sary)
stated on ReuteB page EURIBORo1 or, if thb page fails to
contain the necsssary data or is inetrievabls, on Bloomberg
page Corp EBF (or on a follor.,ing PagB ropladng the abow
ReuteB or Bloomberg page) about 11:00 a.m. Brusseb tme
on the second Banking Oay (as definod in &ticle 14.1
(Banking Day\ hereo0 before the beginning of the lnterest
Period as the EURIBOR in euros with a maturity matcfiing the
rel€vant lnterest Period or, if the relevant lntersst P€riod doeg
not malch any of th€ maturitles quotod by Reuters or
Bloomberg, the EURIBoR quoted for lhe noxt longer maturity.
(ii) Ntemate quotalion. lf he relevant quotations 8re not made on
the Reuie6 and Bloornberg pages mentioned in Adicle 4.1 a)
(il (Refer€nce irletBs, rate) hereof or if thes€ pagas fail to
contain the necossary data or if these pages ero unavailable,
and no Benchmark Oiscontinuation Date (as deflned below)
has ocflred on ot prior to the rsspadive lnterest
oetermination Dat6 (as defined b€low), ihe EURIBOR to be
applied for $e duration of an lnterest Pedod will b€ the
EURIBOR det6rmin6d by Kfl / as being equal to the arfimetic
m6an of ths interest rates per annuni (rounded up lo the
n€arest 1/16th of $e pelcentage point, if necessary) at iihlch
loans are ofiered in euros in the European lnterbank Market
by three leading bank selected by KM/ in an amount
comparablo to the rBlevant Loan amount and with a maturity
that most closely matches the relevant lnter€sl Period on he
second Banking Day prior to the beginning of the Inter€st
Period.
46
I
(iii) EURIBOR discontinuatlor,. ln this connection, lhe following will
apply:
.'"..
i.r,,
I
i.'
.
(e\ Negotiation. Upon the Negotiatlon Kick-off Date the parties
will enter into good faith negoliations with a vi6w to
agreeing the Replacement Refsrenca Rale, lhe Margin
Adjustment and the Consequential Tochnical Amendm.€nts
for the period ,oilowing the Benchmart Discontinuation
Date. The negotiations will take into account the then
cunent ma*et standards and will be conducled with a view
to reducing or eliminating, to the exent reasonably
practicable, any transfer of economic value from one party
to another party.
(b) Cosl of furds. Subject to sub".paragraph (a) (Negotiation)
above, for any lnterest period followlng the Benchmark
Discontinuation Date, EURIBOR sha be reptaced by the
rate notified to th6 BonowBr by Kfl , to be that which
expresses as a perceniage rate per annum the cost KM/
would have of funding an amount equal to the Loan during
the relevant lnterest period from whatever source it may
reasonably select
plus ?.?t yo p.a. (in words:
2?.:/Z:L:_{!t/..,_- ?</per cent per annum).
(iv) Definftions.ln this paragraph a) (Variablo lnterest Rate):
Benchmark Discontlnuation Dats: means (i) the date on
which the administrator of EURIBOR has published a notice
(including any announcsment on its website) that EURIBOR will
cease to be provid€d, (ii) the date on which the competent
authority of the administrator of EURIBOR has published a
notice (including any announcement on its website) aa) to
withdraw the authorisation or regiskation of the administrator, or
bb) to prohibit the use of EUR|BOR, (iii) the date on which
EURIBOR, based on a legislative act, ceases to be available, or
(iv) provided that EURTBOR was not displayed on the relevant
page or the relevant page was not available for at least 10
@nsecutive Banking Days immediately preceding an lnterest
Determination Oate, such lnterest Determinaflon Date;
i
4?
I
Consequential Technical Amendments: means any
consequential amendment to this Agreement required or
desirable to make the Replacement Reference Rate and the
Margin Adjustmenl effective;
lntorest Determination Date: means the date on which the
EURIBOR applioable lo an lnterest Period is detemined in
accordance with this Agreement;
Margin Adjustment: means a change to the margin to ensure,
to the extent reasonably practicable, that the replacement of
EURIBOR by the Replacement Reference Rate will not lead to
any transfer of economic value from one party to another parly;
Negotiation Klck-off Dats: means the date on which KfW
nolifies the Borrower that in its reasonable opinion workable
solutions have been deveioped in the relevant lending markets
to replace EURIBOR following the Benchmark Discontinuation
Date; and
Replacement Reference Rate: means the reference rate
which the Borrower and KfliV agree will replace EURIBOR.
b)
lnterest Peiod. With the exception of the first lnterest Period of a
Loan amount, each lnterest Period will commence on a Payment
Date (as defined in Article 4.3 (Paynent Dalesl hereo0 and wilt end
on the next Payment Date. The first lnterest Period of a Loan amount
will begin on the value date of the disbursement of such Loan
amount and will end on the next Payment Date.
lf a Payment Date falls on a day that is not a Banking Day, it will be
adjusted in accordance with Article 6.2 (Due date) hereof, ln this
case the lnterest Period will end on the day of the adjusted payment
Date and the nexl lnterest Period will commence on the adjusted
Payment Date. The intercst rate applicable until the originalexpiry of
the lnterest Period will apply to the adjusted lnterest period.
c)
Change to Fixed lnterest Rate at the request of the Bonower. Afret
the disbursement from the Loan the Borrower may demand that a
fixed interest rate be applied for the full amount then outstanding in
18
10
accordance with the following provisions ("lnterest Change"). ln the
event the Borrower desires an lnterest Change, the following
provisions willapply:
(i)
Fixod-interest petiod. fhe fixed-interest period extends lrom
the date from which the interest rate fl'xed on the basis of
Article 4.1 c) (iv) (F,xed interest rate) hereof below ("Fixed
lnterest Rate") is to be applied at the request of the Borrower
("Date of Effectiveness") until payment in full of the last
repayment instalment; the Date of Effectiveness must fall On a
Payment Date.
(ii)
Notilication of KfW. The Borrower will notify KfW of its request
for lnterest Change in a form that essentially matches A']nex 2
(Specim€n Applicalion for lnterest Chan96) hereof. The
notification must speciry the desired Date of Effectiveness and
must be received in Frankfurt am Main, Federa! Republic of
Germany, by 12:00 noon on the fifteenth Banking Day before
the respective Date of Effectiveness at the latest.
(iiD
lnteresl rate quotation.ln due time but not later than at 12:00
noon in Frankfurt am i,rain, Federal Republic of Germany, on
the fifth (sth) Banking oay before the Date of Effectiveness.
KfW will gjve the Borrower a non-binding quotation oflhe flxed
interest rate thal would be applicable pursuant to Article 4.1 c)
(iv) (Fixed inlercst rate) hereof if the change were to take
place on the date of such quotation.
lf the Borrower irrevocably confirms to Kflfl the lnterest
Change and the Date of Effectiveness by 12:00 noon in
FranKurt am Main, Federal Republic of Germany, on the
foudh (4th) Banking Day before the agreed Date of
Effectiveness at the latest, Kfw will then perform the lnterest
Change as inskucted and will inform the Bonower of the Fixed
I
lnterest Rate determined on the Dale of Efiectiveness
pursuant to Article 4 .1 cl (iv], (Fixed inleresa ral€) hereoi
lf the Borrower does not accept the Fixed lnterest Rate offered
by KfW or if KfW has not received the Borrower's confirmation
by 12:00 noon in Frarkfurt am Main, Federal Republic of
Germany, on the fourth (4th) Banking Day before the
19
11
respective Date of Effectiveness, then KM/ will not effect a
change from the Variable to a Fixed lnterest Rate.
(iv)
Fixed lnterest Rate. KfW will determine the Fixed lnterest Rate
on the basis of lhe capital market conditions then prevailing: in
the European Monetary Union for long-term loans taking into
consideration the costs incured by KfW plus a margin of
o/o per annum. lf the interest rate calculated
/,
accordingly falls below 0 % per annum, the Fixed lnterest Rate
will be 0 % per annum. The Fixed lnterest Rate thus
determined will apply until the last repayment instalment has
been received in accordance with the repaymenlschedule set
out in Article 5.1 (Repayment schedu/e) hereof. KfVV will
rd
inform the Borrower promptly of the Fixed lnterest Rate.
(v)
Non-acceptance Compensation. lf following notirication
pursuant to Article 4.1 c) (iii) (/nteresl rate quotation) hercof
KfW has set a Fixed lnterest Rate for a Loan amount pursuant
to Article 4.'1 ;) (Change to fixed interest rate at the request of
the Borrower) hereof and if the Borrower then cancels the
lnterest Change or if the lnterest Change is cancelled for other
reasons for which Kfw is no: accountable, the Borrower will
pay KfW on request such Non-acceptance Compensation as
is necessary to compensate KfW for any losses, expenses or
costs incurred by KfW as a result of such cancellation without
delay. KfW will calculate the amount of the Non-acceptance
Compensation and communicate ll to the Borower.
(vi)
No reconversion. After an lnterest Change, a reconversion
frorn a flxed interest rate to a variable interest rate is excluded.
lnterest calculation, lnterest on the disbursed Loan amount will be
charged from the date (inclusively) on which the Loan amount is
disbursed from the Loan account held with KfW for the Borrower until the
date (exclusively) on which the respective repayments are credited to
KfW's account specified in Article 6.3 (Account number, lime of crediting)
hereof. lf an lnterest Change pursuant to Article 4.1 c) (Change to fixad
interest rate at the request of lhe Bonower) hereof has been effected,
interest \,yill be calculated including the day on which the repayments are
12
credited, wilh no interest charged for the Dale of Effectiveness lnterest
willbe calculated in accordance with Article 6.1 (Calcul8tion) hereof'
Payment Dates,lnterest will be due in arrears for payment on the dates
specified below (each a "Payment Date"):
a) prior to the due date of the first repayment instalment, on 15 May and
'15 November of each year, for the first time on 15 May 2019, but no
earlier lhan on the Payment Date following the day on which this
Agreement enters into force and effect pursuant to Article 14.10
(Enlry into force and effect) hercof;
b) on the due date ol the first repayment instalment pursuant to Article
5.1 (Repayment schedul4 hereof together with such instalment;
c) thereafter on the due dates of the repayment instalments pursuant to
Nlicle 5.1 (Repayment schedule) hercol.
5t
'13
Repayment and prepayment
Repaym€nt schedute. The Borrower will repay the Loan as follows:
Amount in EUR
lnslalment
Due Oate
1
15.11.2023
2,333,333.33
2
15.O5.2024
2,333,333.33
3
15.11.2024
2,333,333.33
4
15.05.2025
2,333,333.33
5
15.11.2025
2,333,333.33
6
15.05.2026
2,333,333.33
7
15.11.2026
2,333,333.33
8
15.05.2027
2,333,333.33
I
15.11.2027
2,333,333.33
10
15.05.2028
2,333,333.33
11
15,11.2028
2,333,333.33
12
15.05.2029
2,333,333.33
13
15.11.2029
2,333,333.33
14
15.05.2030
2,333,333.33
15
'15.1 1 .2030
2,333,333.33
16
15.05.2031
'15.11.2031
2,3s3,333.33
18
15.05.2032
2,333,333.33
19
15.11.2032
2,333,333.33
20
15.05.2033
2,333,333.33
21
15.11.2033
2,333,333.40
Undisbursed Loan anounts. Undisbursed Loan amounts will be olfset
against the respective last repayment instalment due pursuant to the
repayment schedute set forth in Article 5 1 (Repayment schedul€) heteol
unless KfW at its own discretion chooses another offsetting alternative in
individual cases.
Repaymenls in case of incomplete disbursemenl lf a repayment
instalment is due before the Loan has been disbursed in full, this will not
affect the repayment schedule pursuant to Article 5.1 (Ropaymenl
schedu/e, hereof as long as the repayment instalment due under the
52
14
repayment schedule is lower than the Loan amount disbursed and not
yet repaid ("Outstanding Loan Amount"). lf the repayment instalment
due ir accordance with Article 5.1 (Repayment schedule) hereof exceeds
the Outslanding Loan Amount, such repayment instalment will be
reduced to the level of the Outstanding Loan Amounl and ihe difference
will be allocated evenly to the repayment instalments still outstanding. ln
computing the Outstanding Loan Amount K'vV reserves the right to
consider disbuGements from the Loan that are made within a period of
45 or fewer days before a Payment Date to determine the Outstanding
Loan Amount only for the next ensuing Payment Date.
Prepayment. The following will apply to prepayments:
a) Right to prepayment. Subject to the follo"ing paragraphs 5 4 b)
(Nolification) lo 5.4 e) (Offsetting) hereof, the Borrower has the right
to repay Loan amounts before the scheduled due date if this
prepayment is at least in the amount of a repayment instalment
pursuant to Article 5.1 (Repaymenl schedule) heteol.
b) Notification. Prepayment of a Loan amount pursuant to Article 5.4 a)
(Right to prepaynenl) hereof is subjecl to notmcation of the
prepayment by the Bonower to KM/ no later than on the frfteenth
Banking Day prior to lhe intended prepayment date. Such notice is
irrevocablei it must specify the date and the amount of the
prepayment and obligates the Borro\,/ver to pay to KfW the stated
amount on the stated date.
c\ Prepayment Compensation. lf the Borrower prepays
(i) a fixed interest Loan amount; or
(ii) a Loan amount with a Variable lnterest Rate before the end of
the corresponding lnterest Period,
the Borrower will immediately pay to KfW on demand such amount
as is necessary to compensale for any losses, expenses or costs
incurred by KfvV as a result ol such prepayment (the "Prepayment
Compensation"). KfW will determine the amount of the Prepayment
Compensation and communicate it lo the Borrower. At the request of
the Borrower KfW will provide the Borrower with an indication of the
amount of the prepayment fee prior to the required irrevocable
15
notification of the repayment pursuant to Article 5.4 b) (Notitication)
hereof.
d\ Amounts due. fogether with the prepayment pursuant to Article
5.4 a) (Right to propayment) hereof, the Bonower will pay the
following amounts:
I
(i) any Prepayment Compsnsation due as a result oI the
prepayment puGuanl to Article 5.4 c) (Prepayment
Co mqens ation) hercd| and
(ii) all interest accrued on the prepaid Loan amount and any other
payments still outstanding under this Agleement that have
accrued until the date of the prepayment.
e) Offsetting. Article 5.2 (undisbursed Loan arnounts.) hereof will apply
mutatis mutandis lo lhe offsetting of prepayments
Revised repayment schedule. ln the event that Article 5.3 (Ropayments
in case of incomplete disbursemant) or Article 5 4 (Prepaymont) hercol
applies, KfW will send the Borrower a revised repayment sohedule that
will become an integral part of this Agreement and will replace the
repayment schedule valid until such time.
Calculations and payments in general
6.1
calcutation. The following 'r'{ill apply to the calculation of inierest,
Commilment Fee, default interest pursuant to Arlicle 6.5 (Default intercst)
hereof, lump-sum compensation payments for overdue amounts
pursuant to Article 6.5 (Lump-sum comPensation) hereof, Nonacceplance Compensation and Prepayment Compensation:
a) lf a variable interest rate is applied to the respective Loan amount,
interest, default interest, lump-sum compensation payments for
overdue amounts, Non-acceptanc€ Compensation and Prepayment
Compensation will be calculated on the basis of a 360-day year and
the actual number of days elapsed.
b) lf a fixed interest rate is applied to the respective Loan amount,
interest, default interest, lump-sum compensation payments for
overdue amounts, Non-acceptance Compensation and Prepayment
54
16
Compensation will be calculated on the basis of a 360-day year and
thirty'day months.
c) The commitrnent Fee will be calculated on the basis oi a 360-day
year with thirty-day months.
Due date. lf a payment to be made in connection with this Agreemenl
falls due on a date that is not a Banking Day, the Borrower must make
such payment on the following Ba;king Day. lf the following Banking Day
falls within the next calendar month. such payment must be made on the
last Banking Day of the current calendar morth.
Account number. time of crediting. The Borrower will be .eleased from its
payment obllgations in connection with this Agreement if and to the
extent lhat the respeclive amounts have be€n credited to KfW al its free
disposal without any deductions in euros and no later than at 10.00 a.m.
in Frankfurt am Main, Federal Republic of Germany, to KfWs account in
FranKurt am Main, Federal Republic of Germany, number IBAN DE80
5002 O4OO 3108 4546 98, stating the due date as an additional reierence
('Ref. YYYYMMDD").
Counlerclaims of the Borrower. The Borrower is not enlitled to assert any
rights of retention or set-otf or comparable rights aga:nst paymert
obligations under this Agreement unless such rights are recognised by
declaratory jldgment or are not being contested by Kflru'
Default inlerest.lf any repayment instalments or prepayments pursuant
to Article 5.4 (Prepayment) hereof are not at the disposal of KfW when
due, KflrV may without prior reminder charge default interesl for the
period beginning on the due date and ending on the dale on which such
paymerts arc credited to the account of KfW specified in Article 6.3
(Account number, time of crediting) he,eol at the rate of 200 basis points
above the Variable lntelest Rate per annum determined by KIW for the
relevant lnterest Period pursuant to Article 4.'l (/nfercsf, hereof. Such
default interest must be paid immediately upon KJWS first demand. lf
interesl accrued on the overdue amounts at a Fixed lnterest Rate
plrsuant to Adicle 4 1 c\ (Change to Fixed inte,esled rcte al the requesl
of the Borrower) hereof until thek due date, KfW may alternatively
demand payment of default interest from the due date until the date of
55
17
payment at a rate of 200 basis points above ihis Fixed lnterest Rate per
annum.
Lump-sum compensalion. KflfV may wiihout prior reminder tequest lumpsum compensalion on ov€rdue amounts (with the exception of the
repayment instalments and prepaymenls mentioned in Article 6.5
(Oofault interest) hereoo from the due date until the date of paymenl at a
rate of 200 basis points above the Va.iable lnterest Rale Per annun
determined by KfW for the relevant lnterest Period putsuant to Article 4.1
(/nteres, hereof. lf the Variable lnterest Rate was changed to a Fixed
lnterest Rate pursuant to Article 4.1 c) (change to Fixed lnterest Rate at
the request of the Bonower) hereof, Kfl/v may attematively demand
payment of a lump sum compensation on the overdue amounts from the
due date until the date of payment at a rate of 200 basis points above
this Fixed lnterest Rale per annum.fhe fump-sum compensation must be
paid immediately upon KflA|s first demand. The Bonower is free to
demonstrate that no damages have occurred or that the damages were
less than the lump-sum compensation.
Offsetting. KflN has the right to offset payments received against
payments due under this Agreement or under othei loan agreements
concluded between KIW and the Borrower.
Calculations made by KM. Absent manifest errors, the values calculated
by KfW and calculations performed by KfW of amounts due in connection
with this Loan Agreement constitute pima-facie evidence
(Anschei rsbe lveis).
t.
Guarantee from the Federal Republic of Gemany
Kfw will have paymenl claims under this Agreement guaranteed by the
Federal Republic of Germany prior to the first disbursement.
8.
lllegality
lf, in any applicable jurisdiction, it becomes unlavr,ful for KM/ to perform
any ot its obligations as contemplated by this Agreement or to fund or
maintain the Loan, upon KW notifying the Borrower
56
18
a) the commiiment of KfW will be immediately cancelled, and
b) the Borro\,/er shall repay the Loan in full on the last day of the
lnterest Period in which KfW has notified the Borrower or, if earlier,
the date speoified by Kfl& in the notice delivered to the Borrower
(being no earlier than the last day of any applicable grace period
permitted by
For the avoidance of doubt, any cancellation hereunder will be subject to
A.licle 2.6 (Non-acceptance Compensation) and any repayment of the
Loan hereunder constitutes a prepayment and will be subject to the
provisions set out in Article 5.4 c\ (Prepaynent compansalion) and d)
(Amounts due).
s.
Costs and public charges
:'
No deductions or withholdings. The Borrower will make all payments
under this Agreement without any deductions fol taxes, other public
charges or other costs. ln the event that the Borro\,ver is obligated by law
or for oiher reasons to make any such deductions or withholdings on
payments, the payments made by the Borrower will increase by such
amount as necessary for Kfw to receive in full the amounts due under
this Agreement after deduction of taxes and charges.
Cosls. The Borrower will bear all costs and expenses accruing,in
conneclion with the disbursement and repayment of the Loan, in
particular remittance and transfer costs (including conversion fees), as
well as all costs and expenses accruing in connection with the
maintenance or enforcement ot this Agreement and of any other
document related to this Agreement as well as of all rights resulting
therefrom.
Taxes and other charges. The Borrower wili bear all taxes and other
public charges accruing outside the Federal Republic of Germany in
connection with the conclusion and execution of this Agreement. lf KfW
advances such taxes or charges, the Borrower will transfer them without
delay upon requesl to Kfw's account specified in Article 6.3 (Accoun,
number, timo of crediting) hereof or to such other account as specified by
KIW,
5?
19
Special obligatlons
Programme implemenlation and special infomation. f he Bofiowet
a) will prepare and implement the Programme in conformity wilh sound
financial and technical practices, in compliance with environmental
and social standards and substanlially in accordance with lhe
Programme conception agreed ufon between the Borrower and KfW;
b) shall make available, promptly as needed and on terms and
conditions acceptable to KfW the funds, facilities, services, as
required, in addition to the proceeds of the Loan, for the carrying out
of the Programme and for the operation and maintenance of the
Programme facilities;
c) will keep books and records or have books and records kept that
unequivocally show the implementation and progress of the
Programme;
d) will enable KfW and its agents at any time to inspect such books and
records and any and all documentation relevant to the
implementation of the Programme;
e)
shall furnish KruV with all information related to the Programme and
its furlher progress as KfW may request;
will immediately and on its own initiative, notify KfW of any and all
circumstances that preclude or sedously jeopardise the
implementation or the purpose of the Programmei
g) will of its own accord and without undue delay inform KflN of any and
all circumstances that preclude or seriously ieopardise the
achievement of the purpose ol this Agreement.
Details of Projecl implementation. The Borrower and KfW will determine
lhe details pertaining to Article 10.1 (Programme inplomentation and
special infomation) hereof by the Separate Agreement.
Compliance Undetaking.fhe Borrower undertakes to comply at all times
with the obligations sel out in Annex 4 (Compliance Covenanlsl.
20
Prcgnmme Monitoing. The Bonow€r and KfvV shall quarterly or at the
request of either party consult and exchange views on the development
of the Programme and progress achieved with regard to the
implemenlation of the sector reforms. Prior to each such consultation and
exchange of views, the Borrower shall submit to Kfy'V for its review and
comment a report on the progress achieved in the implementation of the
Programme, in such detail as Kfw may reasonably request.
Parl passo ranking. fhe Borrower warrants and represents that its
obllgations under this Agreement rank and will be serviced at least pa,
passu with all other unsecured and not subordinated External Debts, and
the Borrower will ensure to the extent permitted by law that this ranking is
also assured for all future unsecured and not subordinated External Debt.
ln this Agreement, "Ext€rnal Debt" means an obligation of the Borrower
which is:
(i) governed by a system of law other than the law of lhe Borrower:
or
(ii) payable in a currency other than the currency of the Borrower's
country; or
(iii) payable to a person incorporated, domiciled, resident or with its
head oirlce or principal place of business outside the Bolrowe/s
country.
't
t.
11.1
Terminaton of the Agreement
Reasons for terminalion. KfW may exercise the rights set out in Article
1'1.2 (Legat consequences of lho occuience of a cause for temination)
hereof (Legal consequences of the occunence of a cause for
termination) if a circumstance arises that constitutes good cause
(Wichtiger Grund). These include, in particular, lhe following
circumstances:
a) the Borrower fails to perform payment obligations lo Kfln/ when due;
b) obligatlons under lhis Agreement or under the Separate Agreement
as well as any other legally binding additional agreements to this
Agreement are violated:
59
21
c) this Agreement or any part thereof no longer has a binding effect
upon the Borrower or can no longer be enforced against the
Borrower;
d)
any declaration, confirmation, information, representation or wananty
considered by KfW to be essential for the granting and maintaining of
the Loan proves to be false, misleadjng or incomplete;
e)
other extraordinary circumstances occur which delay or preclude the
performance ol obligations under this Agreement:
the Borrower:s unable to prove that the Loan amounis have been
used for the stipulated purpose;
g) the Borrowea discontinues its payments to creditors, is insolvent or
commences negotiations with one or more of the Borrower,s
creditors on a moralorium, waiver of debts outstanding, deferment of
payments or discontinuation of the debt service.
Legal consequences ol lhe occunence of a cause for termination.ll one
of the events mentioned in Article 1 1. 1 (Reasons for termination) heteol
has occurred, KfW may immediately suspend disbursements under this
Agreement. lf this event is not resolved within a period of five days (in the
case of Article 1'1.1 a) hereoD or in alt other cases of Adcle 11.1
(Reasors for brmination) hereof within a period determined by KfW
which, however, shall be at least 30 days, K,W may cancel this
Agreement in whole or in part with the consequence that its obligations
under this Agreement cease and KIW may demand the immediate
repayment of ali or part of the Outstanding Loan Amount together with
the interest accrued and the remaining amounts owed under this
Agreement. Articles 6.5 (Defautt interest) and 6.6 (Lump-sum
compensalion) hercof apply to accelerated amounls mutatis mutandis.
Compensation for damages. lf this Agreemenl is terminated in full or in
part the Borrower will pay Non-acceptance Compensation in accordance
with Article 2.6 (Non-accoptance Compensation) and/or prepayment
Compensation !n accordance with Article 5.4 cl (prepayment
conpensation).
3epresentation and statements
Representation of the Bonower. The Minister of Finance of Georgia and
such persons as designated by him or her to KM,/ and authorised by
specimen signatlres authenticaled by him or her will represent the
Borower in the execution of this Agreement. The power of
represeatation will not expire until ils express revocation by the
representative of the Borrower authorised at such time has been
received by KflN.
Addresses. Declarations or notifications in connection with lhis
Agreement must be in writing. They must be sent as originals o. - wilh
the exceptlon of requests for disbursement - via facsimile Any and all
declarations or notifications made in conneclion with this Agreement
must be sent to the following addresses:
For Kfw:
Kiw
Postfach'11 11 41
60046 Frankfurt am Main
Germany
Fax: +49 69 7431-2944
For the Borrower:
Ministry of Finance of Georgia
16, Gorgasali Street, Tbilisi
Fax'. +995 32 262423
13.
Pubtication and transter of Programm-related information
iJ. t
Publication of Programme-related intomation by KfW. f o comply with
internationally accepted pincjples of utmost transparency and efticiency
in the development coopelation, KfW publishes selected information
(including evaluation reports) about the Ptogramme and how it is
flnanced during pre-contractual negotialions, while the Programme related agreement(s) is (are) being implemented and in the postcortractual stage (hereinafter referred to as the "Entire Psriod").
The information is published regularly on the website of KfW
Development Bank (http://transparenz.kfw-enivicklunosbank.de/en).
61
The publication of informatjon (either by Kfw or third parties in
sccordance with Article 13.3 (Tnnsfer of progmmme rclaled information
to thitd padios and publication by these, below) about the programme
and how it is financed does not include any contractual documentation or
any sensitive financial or business-related detailed information about the
padies involved in the Programme or its financing, such as
a) information about inlernal financial data:
b)
business strategies;
c)
internal corporate guidelines and reportsi
d) personaldata of natural persons; and
e) KtW's internal rating of the parties' financial position.
Transfer of Programme-related infonnation to third parties. KfW shares
selected information about the programme and how it is financed during
the Entire Period with the entities mentioned below, particularly to ensure
transparency and efflciency:
a) subsidiaries of KfW;
b) the Federal Republic of Germany and its competent bodies,
aulhorities, institutions, agencies or entitiesl
c) other implemenl,ng organisations involved in German bilateral
development cooperation, particularly the Deutsche Gesellschaft fiir
lnternationale Zusammenarbeit (GlZ) GmbH;
d) international organisations involved in collecting statislical data and
their members, especially the Organisation for Economic
Cooperation and Development (OECD) and its members.
Tftnsfer of Programme-related infomation lo lhird padies and
publication by these. Furthermore, the Federal Republic of Germany has
requested KfW to share selected information about the Programme and
how it is financed throughout the Entire Period with the following entities,
which publish the sections relevant to the purpose:
24
a) Federal Republic of Germany for the purposes of the lnternational
Aid Transparency lnitiative
mehr-WrksamkeivTransparenzslrateoie/index.html)
b)
Germany Trade
lnvest (cTAl) for the purposes of market
information
.otai de/GTAI/Naviqation/DE/welcome. html
c) OECD for the purpose of reporting financialflows ,n the framework of
developmenl cooperation ( h ttp:/iwww. oecd.o roA
d) German lnstjtute for Development Evaluation (DEval) for the
purposes of evaluating lhe overall German development cooperation
lo ensure transparency and efficiency (httos:/l ww.deval.oro/en^.
Transfor ol Prcgranme-related inlomation to other third pafties
(including publication by these). KfW further reserves the right to transfer
(including for the purposes of publication) information about the project
and how it is financed during the Entire period to other third parties so
as to safeguard legitimate interests.
The information is not transferred by KW to other third parties if the
legitimate interests of the Borrower in the infomation not being
transferred outweigh KfWs interests in it being transferred. The
legitimate interests of the Borrower particularly include the confidentjality
of the sensitive information mentioned in Ariicle 13.,1 (publication ot
Programne-related infomation by K|VV), which is excluded from
publication.
Furthermore, Kfl/V is entitled to transfer information to third parties if this
is necessary due to statutory or regulatory requirements or to assert or
defend claims or other legal rights in court or adm:nistrative proceedings
14.
General provisions
14.1
Banking Day. Where reference is made in lhis Agreement to a ',Banking
Day" this means a day other than a Saturday or Sunday on which
commercial banks in Frankfurt am Main, Federal Republic of Germany
are open for general business.
63
Place of paiormance. The place of performance for all obligations under
this Agreement is Frankfurt am Main, Federal Republic of Germany.
Padial invalidity and gaps. lf any provision of this Agreement is or
becomes invalid, or if there is a gap in any of the provisions of this
Agreement, this will not affect the validity of the remaining provisions
hereof. The parties to this Agreement will replace any invalid provision by
a legally valid one which comes as close as possible to the spirit and
purpose oI the invalid provision. The parties will filt any gap in the
provisions with a legally valid provision which comes as close as possible
to the spirit and purpose ofthis Agreement.
Wiften fom. Any addenda and amendments to this Agreement must be
in writing. The parties may waive the \,vritlen form requirement only in
writing.
':4.5
Assigr,ment The Borror.ver may not assign or transfer, pledge or
mortgage any claims from this Loan Agreement.
14.6
Applicable law.ftis Ag.eement is governed by German law.
14.7
Limitation peiod. All claims of KfW under this Agreement expire atter five
years from ihe end of the year in $hich such claim has arisen and in
which KlW has become aware of the circumstances constituting such
claim or could have become aware of them without gross negligence.
14.8
Waiver of immunity.lf and to the extent that the Borrower may now or in
future in any jurisdiction claim immunity for itself or its assels and to the
extent that a jurisdiction grants immunity to the Borrower and its assets
from suit, execution, attachment or other legal process, the Borrower
irrevocably agrees to waive such immunity for claims from and in
connection with this Loan Agreement to the fullest extent permitted by
the laws of such jurisdiction, provided however, that immunily is not
waived with respect to
a) present or future 'premises of the mission' as deflned in the Vienna
Convention on Diplomatic Relations signed in 1961, "consular
presumes" as defined in the Vienna Convention on Consular
64
26
Relations signed in 1963 or otheMise used by a diplomat or consular
mission of Georgia or any agency or instrumentality th€reof (except
as may be necessary to eff€ct service of process),
b) property of a military character or under the contrcl of a military
c)
authority or defence agency,
property located in Georgia and dedicated to a public governmental
or cultural use (as opposed to a commercial use) or
d)
for the avoidance of doubt, (A) property of the National Bank of
Georgia whether or not held in a Georgian or a non-Georgian bank or
any other financial institutions, or (B) property located in Georgia of
any lype covered by Article 2r of the Law of Georgia on Enforcement
Proceedings.
Georgia reserves the righl to plead sovereign immunity under the U.S.
Foreign Sovereign lmmunities Act ot 1976 wlth respect to actions brought
against it in any coud of or in the United States of America under any
United States federal or Siate securities law.
Legaldisputes.
a) Abitration. All disputes arising out of or in conneclion with this Loan
Agrcement will be settled exclusively and flnally by an arbitration
tribunal. ln this regard, the following will apply:
(i) The arbitration tribunal will consist of one or three arbitrators
who will be appointed and will act in accordance with the
Arbitration Rules of the lnternational Chamber of Commerce
(lCC) appllcable from time to time.
(ii) The arbitration proceeding will be conducted in FranKurt am
Main. The language of the proceeding will be English.
b) Juisdiction. ln addition Kfw has the righl to institule legal
proceedings in the courts of genelal judsdiction (odentliche
Genbhte) in Frankfurt am Main or in any other court of mmpetent
jurisdiclion, unless the matter in dispute is akeady the subiect of an
arbitration proceeding between the parties. The Borrower inevocably
agrees to the jurisdiction of any such court.
65
27
into lorce and effect This Agreement will not enter into force and
until
a) lhis Loan Agreement has been duly signed by the Minister of Finance
of Georgia and KM.l;
b) this Loan Agreement has been ratified by the Parliament of Georgia;
c) the ratification has been published in the "Legislative Herald of
Georgia"; and
d) the Borrower has provided KfW promply after the ralillcation with a
written confirmation that the Loan Agreement has been duly ratifled
according to applicable law.
Should the Agreement not have entered into force and efiect within six
months foltowing the date the last party has signed this Agreement, Kfl/V
may, as of lhe day following the end of the six month period until the date
ol entry into force, unilaterally withdraw from this Agreement and thus
terminate its provisional inetfectiveness by sending a written notillcation to
the Borrower.
66
28
&.lt o originals in the Englislt language.
Tbilisi,
This
I
day ot
& /3!.,2018
For Georgia
represented by its Ministry oi
Finance
./4
2,r" a /", ZF.J
/'1
lL.-(
-/
*an+s
2;.,,/
So**
Name: .1v o.Yr
$tn\ Joq.,q, rdn
litr, tlitri s\4.
q{ I ,$,oh. e
7rlr,/ l*V
6'1
Annex'l
Drawdown
Notice
lletterhead of Borrower'l
I
5
am Main
of GeImany
Reouest for disbursement N" ....
[..8 eg.e€ment N' .... dated
for an amount of EUR
|le 2 of the above meniioned Loan Agreement and we hercby
unconditionally request to disburss a Loan Amount of EUR
Euro) to our following account, value [Date]:
'- I :: -',S,=ments
SWIFT Field 59 (MT 103) / Fieh 58
SWIFT Field 57
Account Number of
Holding Bank with
ry Bank Name:
SWIFT Field 56
ln addition (it the beneficiary's bank is not
located in the @untry of lhe cwdncy of
payment the name and BIC of the bank's
corespondent in that country must be
68
30
m that all the Ldan Disbursement Conditions as stated in Article 2
r the condilion set out in Art 2.3 h) of the above mentioned
have been satisfled.
I
!
69
Annex 2
Specimen
Application
for lnterest
Change
11 41
am Main
oI Germany
for lnterest Chaflge
description:
the Loan Agreement:
t:
,ance with ArIcle4.1 c) ii) (Nolification of KIW ot the Loan Agreement we
you to change the interest rate for the Loan specified above from the
lnterest Rate to a Fixed lnlerest Rate from the Date of Effectiveness
. which is a Payment Date pursuant to Article 4.3 (Payrnenl
of the Loan Agreement.
(Place)
(Date)
re ol Borrower)
70
32
Annex 3
Compliance
Covenants
lTtoNs
Practice: is the impa:ing or harming, or threatening to impair or harm,
or indirectly, any person or the property of the person with a view to
improperly the actlons of a person.
e Practice: is an arrangement between two or more persons designed to
an improper puryose, including to influence improperly the actions of
person.
Practice: the promising, oftering, giving, maliing, insisting on, receiving,
I or soliciting, directy or indirectly, of any illegal payment or undue
ge of any nature, to or by any person, with the intention of influencing the
of any person or causing any person to refrain from any action.
lent Practics: any action or omission, including misrepresentation lhat
or recklessly misleads, or attempts to mislead, a person to obtain a
benefit or to avoid an obligation.
tive Practics: (i) detiberately destroyjng, fatsiting, altering or conceating
I material to the investigation or the making of false statements (o
sigators, in order to materially impede an officiat investigation into allegations
Conupt Practice, Fraudulent Practice, Coercive practice or Collusive plctice,
ning, harassing or intimidating any person to prevent it from disclosing its
ge of matters relevant to the invesligation or from pursuing the
on, or (ii) acts intended to materially impede the exercise of KlWs
to contractually required information in connection wilh an offcial
ation lnto allegations of a Conupt Practice, Ftaudulent pradice, Coercive
or Collusive Practice
any natural person, legal entity, partnership or unincorporated
n.
ab,e Practice: any Coercjve Practice, Collusive pl-actice, Conupt
Fraudulent Practice or Obstruclive Practice (as such terms are delined
), which (i) is unlaMul under German or other applicable law and (ii) which
or potentially could have, a material legal or reputalional effect on this
t between lhe Borrower and KfW or its implementation.
71
ctions: the economic, financial or trade sanctions laws, regulations,
s or restrictive measures administered, enacted or enforced by any
ing Body.
ionlng Body: any of the United Natjons Security Council, the
and the Federal Republic of Germany.
European
itctions Listt any list of specially designated persons, groups or entities
which
te subject to Sanctions, as issued by any Sanctioning Body.
RIVIATION UNDERTAKING
Bonower shall
promptly make available to KfW on demand all relevant,,know
custome/' or similar information about the Borrower as KfW
your
may request;'
ptomptly furnish to KfW on demand alt project related
information and
documents of the Borrower and jts (sub)contracting and other related parties
rhich KfW requires to futfil its obligations to prevent any Sanctionable
Practice, money laundering or/and terrorism financing
as well as for the
continuous monitoring of the business relationship with the
Borrower which ts
,Ecessary for this pu.pose;
i:rorm KfW, promp y and of its own accord, as soon as it becomes aware of,
suspects, any Sanctionable practice, act of money laundering o/and
orism financing related to the project;
h to KM/ any and all such information and rsports on the poject
r progress as KfW may request for the purposes of this Annex;
and its
and
KfW and its agents at any lime to inspect all other project related
ion of the Bonower and its (sub)contracting and other related
, and to visit the Project and all installations related lhereto for the
of this Annex
ENTATION AND WARRANTY
lo German law or the law of the country of the Borrower, the Borrower
that none of the Persons acting in relation to the project on the
behalf has commifted or is engaged in any Sanctionable practice,
hnldering or financing of terrorism.
'72
34
and warranty set forth in this Article is made
for the
reement. ll will be deemed to be repeated
upon each dr
each lnterest payment Date, in each case
by relerence
g at that date.
TAKINGS
as soon as lhe Borro\,/er or KfW becomes
aware of, or
money launderins or n.".ii;
":'itsofagents,
lt :,.Y-1"]l"iii"
fly moperate with Kfl/V and
"f
in Oetermining
--.-'.,.',,".1 whethe, s'uJ
The
Borrower sha[, in padLutar, respond
jy"_1t- 1"" ,:ccu.rr:9:
d in reasonabte detajl to any notice trom ffVt'ln;;;,,
;;,";
l":f:
for such response upon KfWs request,
UNDERTAKINGS
will not enter into any transactions or engage
in any other aclivities
E Prolect that would constitute a breach of Sanctions.
73