„საქართველოსა და რეკონსტრუქციისა და განვითარების საერთაშორისო ბანკს შორის სასესხო შეთანხმება (განვითარების პოლიტიკის ღონისძიება ეკონომიკური მართვისა და კონკურენტუნარინობისათვის)

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LOAN NUMBER 9063-GE Loan Agreement Economic Management and Competitiveness Development Policy Operation between GEORGIA and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT LOAN AGREEMENT AGRFEMENT dated as of the Signature Date between Georgia ("Borrower') and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ("Bank") for the purpose of providing financing in support ofthe Prog^ (as defined in the Appendix to this Agreement). The Bank has decided to provide this financing on the basis, inter alia, of; (i) the actions which the Borrower has already taken under the Progr^ and which are described in Section I of Schedule 1 to this Agreement; and (ii) the Borrower's maintenance ofan adequate macroeconomic policy fi^mework. The Borrower and the Bank therefore hereby agree as follows; ARTICLE I —GENERAL CONDITIONS; DEFINITIONS 1.01. The General Conditions (as defined in the Appendix to this Agreement) apply to and form part of this Agreement. 1.02. Unless the context requires otherwise, the capitalized terms used in this Apeement have the meanings ascribed to them in the General Conditions or in the Appendix to this Agreement. ARTICLE II —LOAN 2.01. The Bank agrees to lend to the Borrower the amount of forty-five million Euro (€45,000,000), as such amount may be converted from time to time through a Currency Conversion ("Loan"). 2.02. The Front-end Fee is one quarter of one percent (0.25%) of the Loan amount. 2.03. The Commitment Charge is one quarter ofone percent (0.25%) per annum on the Unwithdrawn Loan Balance. 2.04. The interest rate is the Reference Rate plus the Fixed apply following a Conversion; subject to Section 3.02 (e) of the General Conditions. 205 The Borrower elects to apply the Automatic Rate Fixing Conversion to the Loan. Accordingly, without limitation upon the provisions of Article IV ofthe Genera Conditions and unless otherwise notified by the Borrower to the Bank in accordance with the provisions ofthe Conversion Guidelines, the interest rate b^is applicable to consecutive withdrawals from the Loan Account which in me aggregate equal or exceed forty-five million Euro (€45,000,000) shall be converted from the initial Variable Rale to aFixed Rate for the full maturity of such amount in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. 2.06. The Payment Dates are February 15 and August 15in each year. 2.07. The principal amount ofthe Loan shall be repaid inaccordance with Schedule 2 to this Agreement. 2.08. Without limitation upon the provisions ofSection 5.05 ofthe General Conditions, the Borrower shall promptly furnish to the Bank such information relating to the provisions ofthis Article 11 as the Bank may, from time to time, reasonably request. ARTICLE III — PROGRAM 3.01. The Borrower declares its commitment tothe Program and its implementation. To thisend,andfurther to Section 5.05 of theGeneral Conditions: (a) the Borrower and the Bank shall from time totime, atthe request ofeitlier party, exchange views on the Borrower's macroeconomic policy framework and the progress achieved in carrying out the Program; and (b) without limitation upon paragraph (a) ofthis Section, the Borrower shall promptly inform the Bank ofany situation that would have the effect of materially reversing the objectives of the Program or any action taken under the Program including any action specified in Section I of Schedule 1 to this Agreement. ARTICLE IV — REMEDIES OF THE BANK 4.01. The Additional Event of Suspension consists of the following, namely that a situation has arisen which shall make it improbable that the Program, or a significant part of it,will becarried out. ARTICLE V — EFFECTIVENESS; TERMINATION 5.01. The Additional Condition of Effectiveness consists ofthe following, namely that the Bank is satisfied with the progress achieved by the Borrower in carding out the Program and with the adequacy of the Borrower's macroeconomic policy framework. 5.02. The Effectiveness Deadline is the date one hundred and twenty (120) days after the Signature Date. ARTICLE VI — REPRESENTATIVE; ADDRESSES 6.01. The Borrower's Representative is its Minister ofFinance: 6.02. The Borrower's Address is: Ministry of Finance 16 Gorgasali Street 0114 Tbilisi Georgia Email: piihlicdebt@mof.ge 6.03. The Bank's Address is: International Bank for Reconstruction and Development 1818 H Street, N.W. Washington, D.C. 20433 United States of America; and AGREED as of the Signature Date. GEORGIA By Authorized ReiSresentative Name: Title: Date; >^ ^ Ma.t~ - 1.0 Li) INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT By SeirAs(wuA/-4 MmM Authorized Representative Name: Title: Date: Sebastian-A Molineus Country Director for the South Caucasus 30-Mar-2020 SCHEDULE 1 Program Actions; Availability of Loan Proceeds Section L Actions talten under the Program The actions taken by the Borrower under the Program include the following: The Government, through Decree No. 2735. dated December 30, 2019, h^ 1. introduced amechanismto support public financial management improvements by 27 municipalities, conditional upon the municipalities improvmg idenufied areas of"ss ^per public expLditure and fnancial accountab.hty assessmem reports. In order to improve public investment management, the Borrower has ado]^^ 2. establishing the Charter ofthe PIM Working Group. The Government, on February 21, 2020, has submitted to Parliament adraft 3. amcnrtment to the Law on State Procurement to strengthen the mdependence and IfiHe » SolutionCouncil, and, through Decree No. 23 dated January 14,2020, has further restricted the use ofangle source procurement. U. regulatory impact assessments. 5. In order to enhance the level of competition, the Competition Agency ofGeorgia, electronic communications networks. 6. Tn nrder to orovide incentives to improve teacher qualifications and » more criteria and conditions for initiation and termination ofteacher employment; and (c) Decree No. 187/n, dated September 6,2019, to amend Decree No. 126/n, dated September 28,2015, on Defining the Minimum Amount and Conditions for Work Remuneration ofPublic School Teachers to introduce higher salaries for certified teachers. 7 The Government, on February 24,2020, has submitted to Parliament adraft Law on Investment Funds to strengthen the regulatory and supervisory fimework applicable to investment fund operations and public issuers' financial information disclosure. 8 The Ministry of Economy and Sustainable Development has adopted Decree No. 1-1/40, dated January 27. 2020, endorsing the strategy for attracting foreign direct investment of the government agency in charge of investment promotion, and implemented key measures from this strategy, including increasmg the staffing of the agency. Section II. A. Availability of l^an Proceeds General. The Borrower may withdraw the proceeds of the Loan in accordance with the provisions of this Section and such additional instructions as the Bank may specify by notice tothe Borrower. B. Allocation of Loan Amounts. The Loan except for amounts required to pay tiie Front-end Fee is allocated in asingle withdrawal tranche, fi-om which the Borrower may make withdrawals ofthe Loan proceeds. The allocation ofthe amounts ofthe Loanto this end is set out in the table below: Amount of the Loan Allocations (expressed in Euros) (1) Single Withdrawal Tranche 44,887,500 (2) Front-end Fee (3) Interest Rate Cap or Interest Rate Collar premium TOTAL AMOUNT C. 112,500 Amount due pursuant to Section 4.05 (c) of the General Conditions 45,000,000 Withdrawal Tranche Release Conditions. No withdrawal shall be made ofthe Single Withdrawal Tranche unless the Bank is satisfied: (a) with the Program being carried out by the Borrower; and (b) with the adequacy of the Borrowers macroeconomic policy framework. D. 1. Audit Upon the Bank's request, the Borrower shall: have the account designated by the Borrower audited by independent auditors acceptable to the Bank, in accordance with consistently applied auditing standards acceptable to the Bank; 2 furnish to the Bank as soon as available, but in any case not later than four (4) months after the date ofthe Bank's request for such audit, acertifiedcopy of the report of such audit, of such scope and in such detail as the Bank shall reasonably request, and make such report publicly available in atimely fashion and in a manneracceptable to the Bank; and 3. furnish to the Bank such other information concerning the account designated by the Borrower and their audit asthe Bank shall reasonably request. E. Closing Date. The Closing Date is March 31,2021. SCHEDULE2 Comnlitmen^Linked Amortization Repayment Schedule The following table sets forth the Principal Payment Dates ofthe Loan and the percentage of the total principal amount of the Loan payable on each Principal Payment Date ("Installment Share"). Level Principal Repayments Principal Payment Date Installment Share On each February 15 and August 15 Beginning August 15, 2034, through August 15,2044 On February 15,2045 4.55% 4.45% APPENDIX Definitions "Charter of the PIM Working Group" means the charter adopted by Ministerial Order No. 411, dated December 26, 2019, issued by the Ministry of Finance of 1. Georgia. 2. "Competition Agency of Georgia" means the Borrower's competition agency 3, "Dispute Resolution Council" means the Borrower's entity with a mandate to consider procurement-related disputes as established under the Law on State constituted under the Law on Competition. Procurement. 4 "General Conditions" means the "International Bank for Reconstruction and Development General Conditions for IBRD Financing. Development Policy Financing", dated D^ember 14,2018. 5 "Law on Competition" means Law on Competition, Law ofGeorgia No. 6148-Is adopted by Parliament on May 8,2012, and any amendments thereafter. 6. "Law on Investment Funds" means the draft of the Law on Investment Funds 7. "Law on Sharing Telecommunication Infrastructure and Telecom Ready Physical Infrastructure" means the draft of the Law on Infrastructure Sharmg submitted to submitted to the Parliament on February 24, 2020. the Parliament on February 28, 2020. 8. 9. "Law on State Procurement" means the Law on State Procurement No. 1388 adopted by Parliament on April 20,2005, as amended afterwards. "Minimum Amount and Conditions for Work Remuneration of Public School Teachers" means Borrower's policy as decree underLaw ofGeorgis^on Gme^ Education through Ministerial Order No. 126/n dated September 28,2015. by the Ministry of Education and Science. 10. "Ministry of Economy and Sustainable Development" means the Borrower s 11 "Ministry of Education, Science, Culture and Sports" means the Borrower's Ministry ofEconomy and Sustainable Development. Ministry ofEducation, Science, Culture and Sports. 10 112. 'TM Guideline" mean the g^iddine adopted through Borrower's Decree No. 191, 13. "PIM Working Group" means the working group for Public Investment • dated April 22,2016, and any amendments thereafter. Management established by Ministerial Order No. 411, dated December 26,2019, issued by the Ministry of Finance of Georgia. 14 "Program" means the program ofobjectives, policies, and actions set forth or referred to in the letter dated February 27, 2020, from ^e Borrower to the Bank, declaring the Borrower's commitment to the execution of the Program, ^d requesting assistance from the Bank in support ofthe Program during its execution and comprising actions taken, including those set forth in Section Iof Schedule 1 to this Agreement, and actions to be taken consistent with the Program's objectives. 15. "Signature Date" means the later ofthe two dates on which the Borrower and the Bank signed this Agreement and such definition applies to all references to "the date of the Loan Agreement" intheGeneral Conditions. 16 "Single Withdrawal Tranche" means the amount of the Loan allocated to the category entitled "Single Withdrawal Tranche" in the table set forth in Part Bof Section II of Schedule 1 to this Agreement.