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LOAN NUMBER L0388A Loan Agreement (Georgia Emergency COVID-19 Response Project) between GEORGIA and ASIAN INFRASTRUCTURE INVESTMENT BANK Dated 21 ,2020 a LOAN AGREEMENT Agreement dated 0\ , 2020 ("Loan Agreement"), between GEORGIA ("Borrower") andASIAN INFRASTRUCTURE INVESTMENT BANK ("Bank"). (a) WHEREAS, tiie Co-financier has provided Co-financing in the amount of seventy three million one hundred tliousand Euros (€73,100,000) to the Borrower through the Cofinancing Agreement toassist inthefinancing ofthe project described in Schedule 1to this Loan Agreement (the "Project"); (b) WHEREAS, the Borrower has requested the Bank to extend a Loan to assist in tlie financing of the Project; and (c) WHEREAS, theBank hasagreed, onthe basis, inter alia, of the foregoing to extend a Loan to the Borrower upon the terms and conditions set forth in this Loan Agreement. NOW THEREFORE, the Borrower and the Bank herebyagree as follows: ARS^ICLE I - GENERAL CONDITIONS; DEFINmONS 1.01. The GeneralConditions (as defined in the Appendix to this Loan Agreement) constitutean integral part ofthis Loan Agreement. 1.02. Unless the context requires otherwise, the capitalized temis used in this Loan Agreement have the meanings ascribed to tliem in tlie General Conditions or in tlie Appendix to tliis Loan Agreement. ARTICLE II-LOAN 2.01. The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in this Loan Agreement, the amount of ninety one million three hundred and forty thousand Euros (€91,340,000) ("Loan"), to assist in financing Uie project described in Schedule 1 to this Loan Agreement ("Project"). 2.02. 2.03. The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Loan Agreement. The Front-end Fee payable by the Borrower shall be equal to one-quarter of one percent (0.25%) of the Loan amount. 2.04. The Commitment Fee payable by the Borrowershall be equal to one-quarter ofone percent (0.25%) per annum on tlie Unwithdrawn Loan Balance. 2.05. Tlie interest payable by the Borrower for each Interest Period shall be tlie Reference Rate plus the Variable Spread or such rate as may apply following a Conversion, subject to Section 3.02(d) of the General Conditions. Notwithstanding the foregoing, if any amount ofthe Withdrawn Loan Balanceremains unpaidwhen due and such non-paymentcontinues for a period of thirty (30) days, then tJie Borrower shall pay the Default Interest Rate on -2- A .1 such overdue amount, in lieu of the Variable Rate, or such interest rate that may be applicable as a result of a Conversion, as provided in Section 3.02(d) of the General Conditions. 2.06. The Interest PaymentDates are February 15 and August 15 in each year. 2.07. The principal amount of the Loan shall be repaid in accordance wltli the provisions of Schedule 3 to tliis Loan Agreement. ARTICLE m - PROJECT 3.01. 3.02. The Borrower declares its commitment to the objectives of the Project. To this end, tlie Borrower shall carry out the Project, through its Ministiy of Internally Displaced Persons from the Occupied Territories, Labor, Healtli and Social Affairs ("MoILHSA"). in accordance with the provisions of Article IV of the General Conditions. Without limitation uponthe provisionsof Section3.01 of this LoanAgreement, and except as the Borrower and the Bank shall otherwise agree, the Borrower shall ensure that the Project is carried out in accordance with the provisions of Schedule 2 to this Loan Agreement. ARTICLE IV - ADDITIONAL EVENTS OF SUSPENSION AND ACCELERATION 4.01, The Additional Events of Suspension consist of the following: (a) any event of suspension has occurred under the Co-financing Agreement and is continuing; and (b) the Project Co-financiers' Agreement has been tenninated. 4.02. The Additional Events of Acceleration consist of the following: (a) the event specified in Section 4.01 (b) of this Loan Agreement occurs; and (b) tlieeventspecified in Section 4.01 (a) of this LoanAgreement occursand is continuing for a period of thirty (30) days after notice of the event has been given by the Bank to the Borrower. ARTICLE V - EFFECTIVENESS 5.01. The Additional Condition of Effectiveness consist ofthe following: (a) The Project Co-financiers' Agreement has been executed on behalfof the Bank and the Co-financier, and all conditions precedent to its effectiveness (except for the effectiveness of this Loan Agreement) have been satisfied; and 5.02. The Effectiveness Deadline is the date ninety (90) days after the date ofthis Loan Agreement. -3- ARTICLE VI - REPRESENTATIVE; ADDRESSES 6.01. Except as provided in Section 2.02 of this Loan Agreement, the Borrower*s representative designated for purposes ofSection 9.02 ofthe General Conditions is the Minister ofFinance. 6.02. The Borrower's addressfor purposes ofSection9.01 ofthe General Conditions Is: Ministiy of Finance 16 Gorgasali Street 0114 Tbilisi Georgia Email: pubiicdebt@mof.ge 6.03. The Bank's Address is: Asian Infrastructure Investment Bank Asian Financial Center, No.1 Tian Chen Dong Lu Chaoyang District, Beijing, People's Republic of China 100033 Facsimile: +86-10-8358-0002 -4. AGREED, asof tlie day and year first above written. GEORGIA By Authorized Representative Name: >MQt/'.k(3i\/arian l Title; Mi!^i<^kr "Vino^nd^ ASIAN INFRASTRUCTURE INVESTMENT BANK Autlimized Repi^entative Name: konstftn.ttri LunUovsIa^ Title: l/ka FYMuLtt^ -5- SCHEDULE 1 Project Description The objective ofthe Project is to prevent, detect, and respond to the threat posed by the COVID19 pandemic and strengtlien national systems for public health preparedness in Georgia. TheProject consists of the following components: Component 1: Emergency COVID-19 Response Assistance in the provision ofurgent efforts to slow down and limit the spread of COVID-19 through: (a) supporting Georgia's healtli sector by strengthening disease surveillance systems and epidemiological capacities ofselected public health laboratories to facilitate early detection and confinniation ofCOVID-19 cases by increasing overall testing capacity and expanding the availability ofcritical medical supplies and equipment; and (b) strengthening the preparedness planning and clinical care capacity of Georgia's health systems through inter alia, establishing specialized care units, increasing availability of isolation facilities, increasing availability ofcritical medical supplies, equipment, and other related goods, and mobilizing additional resources to public and private health care facilhies for effective management of cases including non-severe cases and ensuring readiness forforthcoming COVID-19 cases and treatment. Component 2: Enabling Health Measures to Contain the COVID-19 Outbreak Through Temporary Income Support for Poor Households and Vulnerable Individuals Assistance in the provision ofsocial assistance and financial support to households and individuals affected directly or indirectly by COVID-19, through: (a) providing financial assistance, in addition to the expansion of the assistance provided by the Targeted Social Assistance Program to additional poor and vulnerable households; and (b) providing temporary financial assistance to selected Formal Workers and Self^Eraployed Persons, whose employment is directly or indirectly affected due to the measures adopted to contain tlie COVID-19 pandemic and who are not otherwise covered by other social protection programs. -6- A Component 3: Project Management and Monitoring Canying out Project management activities, including carrying out the following: (a) financial management and procurement requirements; (b) monitoring and evaluation activities related to the Project including inter alia monitoring, impact evaluation assessments, data collection, and spot checks ofthe provision offinancial assistance; and (c) other tasks related to overall administration, procurement, financial management, environmental and social aspects, and communication and ouU^ach. -7- /I SCHEDULE 2 Project Execution Section 1. Imniementatlon Arrangements A. Institutional Arrangements 1. The Borrower shall vest the responsibility for the carrying out of the overall Project with MoILHSA, with information and support from the Revenue Service and the State Procurement Agency. 2. The Borrower, through MoILHSA, shall: (a) establish no later than thirty (30) days after the Effective Dale, and thereafter maintain throughout the implementation of the Project, a Project Implementation Unit ("PIU") with composition, resources, and terms ofreference acceptable to the Bank; and (b) vest responsibility for day-to-day implementation ofthe Project to such PIU. B. Manuals 1. The Borrower, shall prepare and adopt no later than tliirty (30) days after the Effective Date, a Project operations manual ("Project Operations Manual") containing: detailed guidelines and procedures for the implementation ofthe Project, including with respect to: administration and coordination, monitoring and evaluation, financial management, procurement and accounting procedures, environmental and social safeguards, anti- corruption and fraud mitigation measures, a grievance redress mechanism, provisions on Personal Data collection and processing inaccordance with Law of Georgia on Personal Data Protection and good international practice, roles and responsibilities for Project implementation, including the specific roles and responsibilities ofthe agencies and units involved in Project implementation, and such other arrangements and procedures as shall be required for the effective implementation of the Project, in a form and substance satisfactory to the Bank and the Co-financier. 2. The Borrower, through MoILHSA and tlie Ministry ofFinance, shall prepare and adopt no later than thirty (30) days after the Effective Date, amanual for budgetand reimbursements ("Global Budget and Reimbursements Manual") related to activities for health-sector readiness under Component 1(b) of the Project, containing detailed guidelmes and procedures for implementation of Component 1(b) ofthe Project, including with respect to: budget allocations, methodology for the estimation, review, approval, and transfer of such budget allocations, detailed reimbursement mechanisms, arrangements for the flow offtinds, and such other arrangements and procedures as shall be required for the effective implementation ofsuch activities, in form and substance satisfactoiy to the Bank and the Co-financier. 3. The Borrower shall carry out the Project in accordance with this Loan Agreement, tlie Project Operations Manual, and the Global Budget and Reimbursements Manual. Except as the Bank and the Co-fmancier shall otherwise agree, the Borrower shall not assign, amend, abrogate, or waive the provisions oftlie Project Operations Manual or tlie Global Budget and Reimbursements Manual without prior approval ofthe Bank and the Co-8- financier. In the event of any conflict between the provisions of the Project Operations Manual or Global Budget and Reimbursements Manual and this Loan Agreement, the provisions ofthis Loan Agreement shall prevail. C. Data Protection Without limitation upon Section B. 1above, in order to ensure adequate protection ofPersonal Data under Component 2 ofthe Project, tlie Borrower shall: (a) no later tlian sixty (60) days after the Effective Date, provide the Bank aproposed plan ("Plan of Action") setting out the timeline and steps for carrying out the recommendations setout in the 2018 and 2019 reports from theState Audit Office of Georgia pertaining to the information system ofthe social assistance program and the pension program respectively, being implemented by the Social Service Agency, ^d such other actions necessary for the effective implementation of an information security management systems ofthe Social Service Agency, all in accordance with tlie Law ofGeorgia on Personal Data Protection and good international practice; and (b) no later than ninety (90) days after the Effective Date, adopt the Plan of Action, after taking into account recommendations ofthe Bflnk and the Go-financier, and thereafter begin to implement the Plan ofAction in accordance with its terms, in a manner satisfactory to the Bank and theCo^financier. D. Prohibited Practices 1. The Borrower shall ensure that tlie Project is carried out in accordance widi (i) the CoFinancier's Anti-Corruption Guidelines; and (ii) the Bank's Policy on Prohibited Practices with respect to the Prohibited Practices of"Misuse of Resources" and "Theft", as defined therein, to the extent that such Prohibited Practices are not covered in the Co-financier's Anti-Corruption Guidelines. 2. The Borrower acknowledges and agrees thai the Bank may give full force and effect to the E. Environmental and Social Requirements 1. The Borrower shall ensure that the Project is carried out in accordance v^ith the Co- Bank's Sanctions List and to the Co-financier's Sanctions List in relation tothe Project. financier's Environmentaland Social Standards. 2. Without limitation to paragraph I above, tlie Borrower shall ensure that the Project is carried out in accordance with the Environmental and Social Commitment Plan, in a manner acceptable to the Bank and the Co-financier, and in particularly, in accordance to the provisions set forth in Section I.D. ofSchedule II ofthe Co-financing Agreement. 3. The Borrower understands and agrees that in the event that a coniplaint regarding compliance with the Co-financier's Environmental and Social Standards is received by Ae Bank, tlie Bank shall refer such complaints for investigation to the Co-financier, which shall investigate the latter through its independent accountability mechanism. -9- /I A Scction DL Proicct Monitoring Reporting and Evaluation A. Projcct Reports 1. The Bom)wer shall furnish to the Bank each Project Report not later than forty-five (45) 2. days after the end ofeach calendar quarter, covering the calendar quarter, Except as may otlierwise be explicitly required or permitted under this Loan Agreement or as may be explicitly requested by the Bank, in sharing any infonnation, report or document related to the activities described in Schedule 1ofthis Loan Agreement, the Borrower shall ensure that such information, report ordocument does not include Personal Data. B. Financial Management, Financial Reports and Audits 1 The Borrower shall maintain or cause to be maintained a financial m^agement system in 2. accordance with the provisions ofSection 4.09 ofthe General Conditions. Without limitation on the provisions ofPart Aoftliis Section, the Borrower shall prepare and furnish to the Bank not later than forty-five days after tlie end ofeach calendar quartei; interim unaudited financial reports for the Project covering the quarter, in form and substancesatisfactoiy to the B&nk. 3 The Borrower shall have its Financial Statements audited in accordance with the provisions ofSection 4.09(b) ofthe General Conditions. Each audit oftlie Financial Statements shall cover the period of one (I) fiscal year of the Borrower. The audited Financial Statements for each such period shall be ftiniished to the Bank not later than six (6) months after the end ofsuch period. To that end, the Borrower shall continue to engage independent auditors acceptable to the Bank, whose terms of reference, qualifications and experience shall be acceptable to the Bank. Scction m. Procurement All goods, works, consulting services and non-consulting services required for the Project and to be financed out ofthe proceeds oftlie Loan shall be procured in accordance with the Co-financier s Procurement Regulations and the Procurement Plan. -10- Section IV. Withdrawal of Loan Proceeds A. General 1. The Borrower may withdraw the proceeds ofthe Loan in accordance with the provisions of Article II of the General Conditions, thisSection, and suchadditional instnictions as the Bank shall specify by notice tothe Borrower, to finance Eligible Expenditures as set fortli below m the table in paragraph A.2 of this Section. 2. The following table specifies the categories ofEligible Expenditures that may be fmanced out ofthe proceeds ofthe Loan ("Category"), the allocation ofthe amounts ofthe Loan to each Category, and the percentage ofexpenditures to be fmanced for Eligible Expenditures in each Category. Category (1) Goods, Works, Non-Consulting Amount of the Loan Allocated Percentage of Expenditures to (expressed in EUR) (inclusive of Taxes) 36,383,770 55% be financed services, Consulting services, Operating Costs, andTraining for Components 1 and3 of theProject (2)Cash Transfers and Unemployment Benefits for Component 2 of the Project 55% 54,727,880 Amount payable pursuant to (3) Front-end Fee 228,350 Section 2.03 of this Loan Agreement in accordance with Section 2.08(b) of the General Conditions TOTAL AMOUNT 91.340,000 -n- A .1 B. Withdrawal Conditions; Withdrawa! Period 1. Notwithstanding the provisions ofPart Aofthis Section, no withdrawal shall be made: (a) from the Loan Account until the Bank has received payment in full of the Front-end Fee; (b) for payments made prior to the date of this Lx)an Agreement, except as otherwise provided below in paragraph 2 ofthis Part B; or (c) under Category (2), until the Borrower, has adopted a decree governing and establishing a framework satisfactoiy to the Bank for Cash Transfers and Unemployment Benefits. 2. 3. For purposes of Section 2.05 of the General Conditions, withdrawals may be made for Retroactive Payments under Category I, subject tothe following limits. (a) the Retroactive Financing Date is Februaiy l, 2020; and (b) the Retroactive Financing Limit is Euro (€36,536,000). For purposes of Section 2.05(c) of the General Conditions, and paragraph 8 of the Appendix thereto, the Closing Date is April 30, 2022. -12- .1 SCHEDULES Amortization Schedule I. The following table setsfortli tlie Principal Payment Dates of tlie Loan and the percentage of the total principal amount of the Loan payable on each Principal Payment Date ("Installment Share"). If theproceeds ofthe Loan have been fully witlidrawn as ofthe first Principal Payment Date, the principal amount of the Loan repayable by the Borrower on each Principal Payment Date shall be determined by the Bank by multiplying: (a) Withdrawn Loan Balance as of the first Principal Payment Date; by (b) the Installment Share for each Principal Payment Date. Principal Payment Date Installment Share (Expressed as a Perceiitase) 2. On each Februaiy 15 and August 15. Beginning August 15,2033 through August 15, 2045 3.85% On February 15,2046 3.75% Iftheproceeds oftheLoan have not been fully withdrawn asofthe first Principal Payment Date, the principal amount of the Loan repayable by the Borrower on each Principal Payment Date shall bedetermined as follows: (a) To the extent tliat any proceeds of the Loan have been witlidrawn as of the first Principal Payment Date, the Borrower shall repay the Withdrawn Loan Balance as of such date in accordance witli paragraph 1of tliis Schedule. (b) Any amount withdrawn after the first Principal Payment Date shall be repaid on each Principal Payment Date falling after thedate of such withdrawal in amounts determined by the Bankby multiplying tlie amount ofeach such withdrawal by a fraction, tlie numerator ofwhich is the original Installment Share specified in the table in paragraph 1 of this Schedule for said Principal Payment Date ("Original Instalhnent Share") and the denominator of which is the sum of all remaining Original Installment Shares for Principal Payment Dates falling on or after such date. 3. (a) Amounts of the Loan withdrawn within two (2) calendar month prior to any Principal Payment Date shall, for the purposes solely of calculating the principal amounts payable on any Principal Payment Date, be treated as withdrawn and outstanding on tlie second Principal Payment Date following the date of withdrawal and shall be repayable on each Principal Payment Date commencing with tliesecond Principal Payment Date following the date of withdrawal. (b) Notwithstanding the provisions of sub-paragraph (a) of this paragraph, if at any time theBank adopts a due date billing system under which invoices areissued on or after tlie respective Principal Payment Date, the provisions of such sub-13- parj^grapii shall withdra\vaismad0 after theadoption ofsuch billingsystem. -14- A .1 APPENDIX Section 1. 1. Definitions "Anti-Corruption Guidelines" means the "Guidelines on Preventing and Combating Fraud and Corruption in Projects Financed by IBRD Loans and IDA Credits and Grants", dated October 15, 2006 and revised inJanuary 2011 and asofJuly 1,2016. 2. "Borrower" means the Recipient, as said term is defined in tlie General Conditions. 3. "Cash Transfers" mean cash grants provided by the MoILHSA out ofthe proceeds ofthe Loan to an eligible beneficiaiy pursuant to eligibility criteria and requirements set forth in the Project Operations Manual for the purpose ofactivities referred to in Component 2(a) of Schedule 1 of this Loan Agreement. 4. "Categoiy" means acategory set forth in the table in Section rV.A.2 ofSchedule 2to this Loan Agreement. 5. "Co-financier** means the International Bank for Reconstruction and Development. 6. "Co-financmg" means, for purposes of paragraph 10 ofthe Appendix to the General 7. "Co-fmancing Agreement" means the agreement entered into by and between the Borrower Conditions, an amount equal to seventy three million one hundred thousand Euros (€73,100,000) to be provided by the Co-financier to assist in financing the Project. and the Co-financier onMay 1,2020, providing for the Co-financing. 8. "COVID-19" means the coronavirus disease caused by the 2019 novel coronavirus (SARSCoV-2). 9. "Environmental and Social Commitment Plan" means the environmental and social commitment plan for the Project, dated April 28,2020, as the same may be ainended from time to time in accordancewith the provisions tliereof, which sets outthe material measures and actions that the Borrower shall cany out or causc to be earned out to address Uie potential environmental and social risks and impacts of the Project, including the reporting arrangements, and any environmental and social instruments to be prepared timeframes ofthe actions and measures, institutional, staffing, training, monitoring and thereunder. 10. "Environmental and Social Standards" means, collectively: (i) "Environmental and Social Standard 1: Assessment and Management of Environmental and Social Risks and Impacts"; (ii)"BnVironmental and SocialStandard 2: Labor and Working Conditions"; (Ui) "Environmental and Social Standard 3: Resource Efficiency and Pollution Prevention and Management"; (iv) "Environmental and Social Standard 4: Community Health and Safety"; (v) "Environmental and Social Standard 5: Land Acquisition, Restrictions on Land Use and Involuntary Resettlement"; (vi) "Environmental and Social Standard 6: Biodiversity Conservation and Sustainable Management of Living Natural Resources"; (vii) "Environmental and Social Standard 7: Indigenous Peoples/Sub-Saharan Historically Underserved Traditional Local Conununities"; (viii) "Environmental and Social Standard -15- A 8: Cultural Heritage"; (ix) "Environmental and Social Standard 9: Financial Intermediaries"; and (x) "Environmental and Social Standard 10: Stakeholder Engagement and Information Disclosure"; effective on October 1, 2018, as published by tlie Cofinancier. 11. "Formal Workers" means formally employed, waged, or salaried workers whose earnings are presented to the Revenue Service as personal income tax on salaries for the period of the first quarter of2020. 12. "General Conditions" means tlie "Asian Infrastructure Investment Bank General Conditions for Sovereign-backed Loans", dated March 20,2020. 13. "Law ofGeorgia on Personal Data Protection" means the law ofGeorgia on personal data protection dated December 28,2011. 14. "MolLHSA" means Uie Borrower's Ministiy of Internally Displaced Persons from the Occupied Territories, Labor, Healtli and Social Affairs. 15. "Operating Costs" means the reasonable mcremental expenses incuired by the Project Implementing entity on account ofProject implementation, including costs related to office equipment and supplies, vehicle operation and maintenance, shipping costs, office rentals, communication and insurance costs, office administration costs, bank charges, utilities, transport costs, travel, per diem and supervision costs, and salaries including reasonable hazard/indemnity pay lo health employees. 16. "Personal Data" means any information relating to an identified or identifiable individual. An identifiable individual is one who can be identified by reasonable means, directly or indirectly, by reference to an attribute or combination of attributes within the data, or combination of the data with other available information. Attributes that can be used to identify an identifiable individual include, but are not limited to, name, identification number, location data, online identifier, metadata and factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity ofan individual. 17. "Policy on Prohibited Practices" means, "Policy on Prohibited Practices", dated December 8,2016, as published by the Bonk. 18. "Procurement Plan" means the Borrower' s procurement plan for the Project, provided for under Section IV of the Procurement Regulations, as such plan may beupdated from time to time with the Bank and the Co-financier' s approval. 19. "Procurement Regulations" means the "World Bank Procurement Regulations for IFF Borrowers", dated July 2016, revised November 2017 and August 2018. 20. "Project Co-financiers' Agreement" means the agreement to be entered into between the Bank and the Co-financier relating to the Co-financing, entitled "Project Co-Lenders Agreement". 21 "Revenue Service" means the Borrower's revenue service established pursuant to the Law ofGeorgia "On tlie Revenue Service", dated February 23,2010. -16- /I .1 22. "Self-Employed Persons" means persons whose income is not presented to tlie Revenue Service as personal income tax on salaries and those who can provide evidence ofhaving economic activity according tothe regulations of theGovernment of Georgia. 23. "Social Service Agency" means the Borrower's agency in charge of social assistance as established pursuant to Decree No. 13 of the Government of Georgia, dated January 9, 2020. 24. "State Procurement Agency" means the Borrower's central agency for state procurement as established pursuant to the Law of Georgia "On Public Procurement" dated April 20, 2005. 25. "Targeted Social Assistance" means the social security scheme ofGeorgia asestablished under Resolution 758 issued by the Government of Georgia dated December 31,2014 as amended from time to time. 26. "Training" means the reasonable costs associated with training under the Project, and attributable to study tours, training courses, seminars, workshops and other training activities, not included under service providers' contracts, including costs of training materials, space and equipment rental, travel, accommodation and per diem costs of tramees and trainers, trainers' fees, andother training related miscellaneous costs. 27. "Unemployment Benefits" mean temporary cash grants provided by MoIHLSA out ofthe proceeds ofthe Loan to an eligible beneficiaiy pursuant to the criteria and requirements set forth in the Project Operations Manual for the purpose of activities referred to in Component 2(b)of Schedule 1of this Loan Agreement. -17- /! .^