„საფრანგეთის განვითარების სააგენტოსა (გამსესხებელი) და საქართველოს (მსესხებელი) შორის საკრედიტო შეთანხმება (საქართველოს ენერგეტიკის სექტორის რეფორმა)“

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AFD AGREEMENT N® CGE 1020 01 W CREDIT FACILITY AGREEMENT dated as of22"'' of May, 2020 between AGENCE FRANCAISE DE DEVELOPPEMENT The Lender and GEORGIA The Borrower s;.eM TABLE OF CONTENTS 6 1. definitions AND INTERPRETATION 1.1 Defmilions 1.2 •> 6 5 Imerpretalion FACILITY, PURPOSE AND CONDITIONS OF UTILISATION 2.1 Facility 2.2 2.3 Purpose Absence of Liability 6 5 ^ 31 Drawdown amounts -j 32 33 Drawdown request Payment completion 7 y 2.4 Conditions precedent drawdown OF FUNDS 3. 3.4 4. ^ ^ Payment mechanics ^ INTEREST ^ 4.1 Interest Rate 9 42 Calculation and payment ofinterest ^ 4.3 4.4 Late payment and default interest Communication of Interest Rates jq jq ^ 4.5 Effective Global Rate {Jam EffectifGlobal) CHANGE TO THE CALCULATION OF INTEREST 5.1 Market disruption 5. 5.2 6. FEES Commitment fees 7. 8 PREPAYMENT AND CANCELLATION 81 8.2 83 84 10. 11 ^2 6.2 Appraisal Fee REPAYMENT 9. ZZZZ Replacement ofScreen Rate 6.1 12 13 Voluntary prepayment Mandatory prepayment Cancellation by the Borrower Cancellation by the Lender 13 14 14 8.5 Restrictions ADDITIONAL PAYMENT OBLIGATIONS 9.1 Costs and expenses 15 92 93 Cancellation Indemnity prepayment Indemnity 15 ]5 94 95 96 9.7 Taxes and duties Additional Costs Currency indemnity Due dates 16 15 16 representations AND WARRANTIES 10.1 Power and authority 10Validity and admissibility in evidence 17 10.3 Binding obligations 17 10 4 10.5 No filing or stamp taxes Transfer offunds ,g 18 10.6 No conflict with other obligations 2 r ' 7/ ^6 11. 12. 13. 14. 15. 16. 17. 10.7 Governing Law and Enforcement 18 10.8 No Default 18 10.9 10.10 10.11 No Misleading Information Pari Passu Ranking Origin of funds, Acts of Corruption, Fraud and Anti-Competitive Practices 18 18 18 10.12 No Material Adverse Effect 19 UNDERTAKINGS 19 11.1 Compliance with Laws, Regulations and Obligations 19 11.2 Authorisations 19 11.3 11.4 11.5 11.6 11.7 11.8 Implementation and Preservation of the Program Environmental and Social Responsibility Pari Passu Ranking Monitoring Missions and Inspections Program Evaluation Program Implementation 19 19 20 20 21 21 11.9 Origin of funds, no Acts of Corruption, Fraud or Anti-Competitive Practices 21 INFORMATION UNDERTAKINGS 21 12.1 Financial Information 21 12.2 Program Implementation 22 12.3 Additional Information 22 EVENTS OF DEFAULTS 22 13.1 13.2 13.3 22 23 24 Events of Default Acceleration Notification of an Event of Default ADMINISTRATION OF THE FACILITY 24 14.1 Payments 24 14.2 Set-off 24 14.3 14.4 14.5 14.6 14.7 Business Days Currency of payment Day count convention Place of payment Payment Systems Disruption 24 25 25 25 25 MISCELLANEOUS 26 15.1 Language 26 15.2 Certifications and determinations 26 15.3 Partial invalidity 26 15.4 No Waiver 26 15.5 15.6 15.7 Assignment Legal effect Entireagreement 26 27 27 15.8 Amendments 27 15.9 Confidentiality - Disclosure of information 27 15.10 Limitation 27 15.11 No hardship 28 NOTICES 28 16.1 16.2 In writingand addresses Delivery 28 28 16.3 Electronic communications 29 GOVERNING LAW, ENFORCEMENT AND CHOICE OF DOMICILE 29 17.1 29 Governing Law 29 18. 17.2 Arbitration 17.3 Service ofprocess DURATION 30 32 SCHEDULE lA-DEFINITIONS SCHEDULE IB -INTERPRETATION SCHEDULE 2-PROGRAM DESCRIPTION SCHEDULE 3-INDICATIVE POLICY MATRIX SCHEDULE 4-CONDITIONS PRECEDENT SCHEDULE SA -FORM OF DRAWDOWN REQUEST «««OFCO«n.».T,OMO, """"""" 45 ;• SCHEDULE 5C -FORM OF RATE CONVERSION REQUEST. WEBSITE AND THE LENDER'S WEBSITE SCHEDULE6-1-TRANSACTION INFORMATION NOTICE^ wS'thebTrS'SiVI^^^ grievance MANAGEMENT PROCEDURES SCHEDULE 8-E&S COMMITMENT PLAN SOCIAL DOCUMENTS^ CREDIT FACILITY AGREEMENT BETWEEN: (A) GEORGIA, represented by Mr. Ivane MATCHAVARIANI, in his capacity as the Minister of Finance of Georgia, who is duly authorized to sign this Agreement, ("Georgia" or the "Borrower"); AND (B) AGENCE FRANCAISE DE DEVELOPPEMENT, a French public entity governed by French law, with registered office at 5, Rue Roland Barthes. 75598 Paris Cedex 12. France, registered with the Trade and Companies Register of Paris under number 775 665 599. represented by Ms. Gaelic ASSAYAG in her capacity as the Director for the South Caucasus of the French Development Agency, duly authorised to sign this Agreement, ("AFD" or the "Lender"); (hereinafter jointly referred to as the "Parties" and each a "Party"); WHEREAS: (A) The Borrower intends to adopt laws, regulations and implement the 3'"^ Energy Package of European Union and promote energy efficiency policies in Georgia (the "Program"), as described further in Schedule 2 {Program Description). (B) The Borrower has requested that the Lender makes a facility available for the purposes of participating in the financing of the Program. (C) m Pursuant to a resolution n°C20200l93 of the Board of Directors {Conseil d'adminisiraiion) dated 7"' of May, 2020, the Lender has agreed to make the Facility available to the Borrower pursuant to the terms and conditions of this Agreement. THEREFORE THE PARTIES HAVE AGREED AS FOLLOWS: 1. DEFINITIONS AND INTERPRETATION 1.1 Definitions Capitalised words and expressions used in this Agreement (including those appearing in the recitals above and in the Schedules) shall have the meaning given to them mSchedule lA (Definitions), except as otherwise provided in this Agreement. 1.2 Interpretation Words and expressions used in this Agreement shall be construed pursuant to the provisions of Schedule IB {Interpretation), unless the contrary intention appears. 2. FACILITY, PURPOSE AND CONDITIONS OF UTILISATION 2.1 Facility Subject to the terms of this Agreemem, the Lender makes available in amaximum aggregate amount of one hundred twenty million Euros (EUR 120,000,000). 2.2 Purpose The purpose of the Facility is to finance the Borrower budget intended to implement the ProgLn as described in Schedule 2{Program Description) mi >n accordance with the Indicative Policy Matrix described in Schedule 3(Indicative Policy Matrix). 2.3 Ah<;pnce of Liability The Lender shall not be held responsible for the use of any amount borrowed which is not in accordance with the provisions of this Agreement. 2.4 ronditions precedent (a) No later than the Signing Date, the Borrower shall provide to the Lender all of the (b) ADrawdown Request may not be delivered to the Lender unless. (i) the Lender has received all of documents listed in Part II of Schedule 4 {Conditions Precedent) and has notified the Borrower that such documents documents set out in Part IofSchedule 4(Condiiions Precedent). are satisfactory in form and substance; (ii) on the date of the Drawdown Request and on the proposed Drawdown Date for the Drawdown, no Payment Systems Disruption Event has occurred and the conditions set out in this Agreement have been fulfilled, including; (1) no Event of Default is continuing or would result from the proposed Drawdown; (2) the Drawdown Request has been made in accordance with the terms of Clause 3.2 {Drawdown request)-, (3) r /• yy Each representation given by the Borrower in relation to Clause 10 {Representations and warranties) istrue. 3. DRAWDOWN OF FUNDS 3.1 Drawdown amounts The Facility will be made available to the Borrower during the Availability Period, in one (I) single Drawdown. 3.2 Drawdown request Provided that the conditions set out in Clause 2.4(b) (Conditions precedeni) are satisfied, the Borrower may draw on the Facility by delivery to the Lender ofa duly completed Drawdown Request. The Drawdown Request shall be delivered by the Borrower to the AFD head office Director Eastern Europe, Middle East, Asia Department at the address specified in Clause 16.1 {In writing and addresses). The Drawdown Request is irrevocable and will be regarded as having been duly completed if: (a) the Drawdown Request is substantially in the form set out in Schedule 5A {Form of Drawdown Request)', (b) the Drawdown Request is received by the Lender at the latest fifteen (15) Business Days prior to the Deadline for Drawdown; (c) the proposed Drawdown Date is a Business Day falling within the Availability Period; (d) the amount ofthe Drawdown compl ies with Clause 3.1 {Drawdown amounts)', and (e) all ofthe documents set out in Part II ofSchedule 4{Conditions Precedent) for the purposes of the Drawdown are attached to the Drawdown Request, comply with the abovementioned Schedule and with the requirements ofClause 3.4 {Payment mechanics), and are in form and substance satisfactory to the Lender. 3.3 Pavment completion Subject to Clause 14.7 {Payment Systems Disruption), if each of the conditions set out in Clause 2.4(b) {Conditions precedent) of this Agreement has been met, the Lender shall make the requested Drawdown available to the Borrower not later than the Drawdown Date. The Lender shall provide the Borrower with a letter ofDrawdown confirmation substantially in the form set out in Schedule 5B {Form ofConfirmation ofDrawdown andRate). 3.4 Pavment mechanics The proceeds ofthe Drawdown shall be paid to the Borrower's Account or any other account which details will be duly notified by the Borrower to the Lender. 4. INTEREST 4.1 Interest Rate 4.1.1 Selection of Interest Rate The Borrower may select a fixed Interest Rate or a floating Interest Rate for the Drawdown, which shall apply to the amount set out in the relevant Drawdown Request, by stating the selected Interest Rate, i.e., fixed or floating, in the Drawdown Request delivered to the Lender substantially in the form set out in Schedule 5A {Form ofDrawdown Request), subject to the following conditions: (i) Floating Interest Rate The Borrower may select afloating Interest Rate, which shall be the percentage rate per annum, being the aggregate of: six-month EURIBOR, or, as the case may be, the Replacement Benchmark plus any Adjustment Margin, as determined in accordance with the provisions of Clause 5{Change lo (he calculalion of interest) of the Agreement; and the Margin. Notwithstanding the above, in the case ofthe first Drawdown, ifthe first Interest Period is less than one hundred and thirty-five (135) days, the applicable EURIBOR shall be: one-month EURIBOR, or, as the case may be, the Replacement Benchmark plus any Adjustment Margin, as determined in accordance with the provisions of Clause 5{Change to the calculation ofinterest) ofthe Agreement, ifthe first Interest Period is less than sixty (60) days; or three-month EURIBOR, or, as the case may be, the Replacement Benchmark plus any Adjustment Margin, as determined in accordance with the provisions of Clause 5{Change to the calculation ofinterest) ofthe Agreement ifthe first Interest Period is between sixty (60) days and one hundred and thirty-five (135) days. (ii) Fixed Interest Rate The Borrower may select a fixed Interest Rate, which shall be the Fixed Reference Rate increased or decreased by any fiuctuation of the Index Rate from the Signing Date until the relevant Rate Setting Date. The Borrower may specify in the Drawdown Request a maximum amount for fixed Interest Rate. If the fixed Interest Rate as calculated on the Rate Setting Date exceeds the maximum amount for fixed Interest Rate specified in the relevant Drawdown Request, such Drawdown Request shall be cancelled and the Drawdown amount specified in the cancelled Drawdown Request shall be credited to the Available Credit. 4.1.2 Minimum Interest Rate The Interest Rate determined in accordance with Clause 4.1.1 {Selection ofInterest Rate) shall not be less than zero point twenty-five per cent (0.25%) per annum, notwithstanding any decline in the Interest Rate. 4.1.3 Conversion from a floating Interest Rate lo a fixed Interest Rate The floating Interest Rate applicable to the Drawdown shall be converted to a fixed Interest Rate m accordance with the conditions set out below: (i) Rate Conversion upon the Borrower's request The Borrower may request at any time that the Lender converts the floating Interest Rate applicable to the Drawdown toa fixed Interest Rate. To this effect, the Borrower shall send to the Lender a Rate Conversion Request Sf /V substantially mthe form set out in Schedule 5C {Form ofRate Conversion Request). fixed Interest Rate. If the fixed Interest Rate as calculated on the Rate Setting Date The Borrower may specify in the Rate Conversion Letter a maximum amount for exceeds the maximum amount for fixed Interest Rate specified by the Borrower in the fanLlkT^^'^^'^" Conversion Request will be automatically The^fixed Interest Rate will be effective two (2) Business Days after the Rate Setting (ii) Rate Conversion mechanic The fixed Interest Rate applicable to the relevant Drawdown shall be determined in accordance with clause 4.1.1 (ii) (Fixed Inleresl Rale) above on the Rale Settina Date referred to in subparagraph (i) above. The Lender shall send to the Borrower a letter of confirmation of Rate Conversion substantially in the form set out in Schedule 5D iForm of Rale Conversion Confirmation). A Rate Conversion is final and at no costs. 4-2 Calculation and payment of intere?;t The Borrower shall pay accrued interest on the Drawdown on each Payment Date. The amount of interest payable by the Borrower on arelevant Payment Date and for arelevant If thfouKl H Principal P the amountin of the Outstanding in respect of the Drawdown. Interest owed by theonBorrower respect of the Drawdown shall be calculated on the basis of: (i) sorrower in the Outstanding Principal owed by the Borrower in respect of the relevant Drawdown as at the immediately preceding Payment Date or, in the case of the first Interest Period, on the corresponding Drawdown Date; (ii) the exact number of days which have accrued during the relevant Interest (iii) the applicable Interest Rate determined in accordance with the provisions of Period on the basis of athree hundred and sixty (360) day year; and Clause 4.1 {Interest Rate). 4-3 Late payment and default interest (a) Late payment and default interest on all amounts due and unpaid (except for interest) If the Borrower fails to pay any amount payable by it to the Lender under this Agreement (whether a payment of principal, a Prepayment Indemnity, anv fees or incidental expenses of any kind except for any unpaid overdue interest) on its due date interest shall accrue on the overdue amount, to the extent permitted by law from the due date up to the date of actual payment (both before and after an arbitral award If any) at the Interest Rate applicable to the current Interest Period (default interest) increased by three point five per cent (3.5%) (late-payment interest). No formal prior notice from the Lender shall be necessary. (b) Late payment and default interest on unpaid overdue interest Cf( / Interest which has not been paid on its due date shall bear interest to the exteri permitted by law, at the Interest Rate applicable to the ongoing Interest Period (default interest), increased by three point five per cent (3.5%) (late-payment interest), to the extern tliat such Interest has been due and payable for at least one (1) year. No forma prior notice from the Lender shall be necessary. The Borrower shall pay any outstanding interest under this Clause and default inieresi) immediately on demand by the Lender or on each Payment Dale following the due date for the outstanding payment. (c) Receipt ofany payment of late payment interest or default interest by the Lender shall nehher imply the grant of any payment extension to the Borrower, nor operate as a waiver ofany ofthe Lender's rights hereunder. 44 rommunication of Interest Rates The Lender shall promptly notify the Borrower of the determination of each Interest Rate in accordance with this Agreement. 4,5 FfYertive Glohal Rate (Taux RfTpclifGlobal) Er:: -sr.rx: (0.59%) on the basis ofathree hundred and sixty-five (365) day year, and an Interest Pen ofsix (6) months, subject to the following: (a) the above rate is given for information purposes only; (b) the above rate is calculated on the basis that: (i) drawdown of the Facility is in full on the Signing Date; (ii) no Drawdown made available to the Borrower will bear interest on the floating rate; and (iii) the fixed rate for the duration of the facility should be equal to zero point fifty seven percent (0,57%) per annum; the above rate takes into accoum the fees and costs payable by the Borrower under this Agreemern. assuming that such fees and costs will remain fixed and will apply umil expiry ofthe term ofthis Agreement. 5. CHANCE TO THE CALCULATION OF INTEREST 5.1 Market disruption (a) IfaMarket Disruption affects the interbank market in the Eurozone and it is impossible: (i) for the fixed Interest Rate, to determine the fixed Interest Rate applicable to a (ii) for^thfrariable Interest Rate, to determine the applicable EURIBOR for the relevant Interest Period, the Lender shall inform the Borrower. 10 (b) Upon the occurrence ofthe event described in paragraph (a) above, the applicable Interest Rate, as the case may be, for the relevant Drawdown or for the relevant Interest Period will be the sum of: (i) the Margin; and (ii) the percentage rate per annum corresponding to the cost to the Lender of funding the relevant Drawdowns(s) from whatever source it may reasonably select. Such rate shall be notified to the Borrower as soon as possible and, in any case, prior to (I) the first Payment Date for interest owed under such Drawdown for the fixed Interest Rate or (2) the Payment Date for interest owed under such Interest Period for the variable Interest Rate. 5.2 Replacement of Screen Rate 5.2.1 Definitions: "Relevant Nominating Body" means any central bank, regulator, supervisor or working group or committee sponsored orchaired by. orconstituted at the request ofany ofthem. "Screen Rate Replacement Event" means any ofthe following events or series ofevents: (a) the definition, methodology, formula or means of determining the Screen Rate has materially changed; (b) a law or regulation is enacted which prohibits the use ofthe Screen Rate, it being specified, for the avoidance of doubt, that the occurrence ofthis event shall not constitute a mandatory prepayment event; (c) the administrator ofthe Screen Rate orits supervisor publicly announces: (i) that it has ceased or will cease to provide the Screen Rate permanently or indefinitely, and, at that time, no successor administrator has been publicly nominated to continue to provide that Screen Rate; (ii) that the Screen Rate has ceased or will cease to be published permanently or indefinitely; or (iii) that the Screen Rate may no longer be used (whether now orin the future); (d) a public announcement is made about the bankruptcy of the administrator of that Screen Rate or any other insolvency proceedings against it, and, at that time, no successor administrator has been publicly nominated tocontinue to provide that Screen Rate; or (e) in the opinion ofthe Lender, the Screen Rate has ceased to be used in a series ofcomparable financing transactions. "Screen Rate" means EURIBOR or, following the replacement of this rate by a Replacement Benchmark, the Replacement Benchmark. "Screen Rate Replacement Date" means: - with respect to the events referred to in items a), d) and e) of the above definition of Screen Rate Replacement Event, the date on which the Lender has knowledge of the occurrence of such event, and, - with respect to the events referred to in items b) and c) of the above definition of Screen Rate Replacement Event, the date beyond which the use ofthe Screen Rate will be prohibited or the 11 fi.U' date on which the administrator of the Screen Rate permanently or indefinitely ceases to provide the Screen Rate or the date beyond which the Screen Rate may no longer be used. 5.2.2 Each Party acknowledges and agrees for the benefit of the other Party that if aScreen Rate Replacement Event occurs and in order to preserve the economic balance ot this Agreement, the Lender may replace the Screen Rate with another rate (the "Replacement Benchmark") which may include an adjustment margin in order to avoid any transfer of economic value between the Parlies (if any) (the "Adjustment Margin") and the Lender will determine the date from which the Replacement Benchmark and, ifany, the Adjustment Margin shall replace the Screen Rate and any other amendments to the Agreement required as a result of the replacement of the Screen Rate by the Replacement Benchmark. 5-^3 The determination of the Replacement Benchmark and the necessary amendments will be made in good faith and taking into account, (i) the recommendations of any Relevant Nominating Body, or (ii) the recommendations of the administrator of the Screen Rate, or (in) the industry solution recommended by professional associations in the banking sector or, (iv) the market practice observed in a series of comparable financing transactions on the replacement date. 5^4 In case of replacement of the Screen Rate, the Lender will promptly notify the Borrower of the replacement terms and conditions to replace the Screen Rate with the Replacement Benchmark, which will be applicable to Interest Periods starting at least two Business Days after the Screen Rate Replacement Date. 5.2.5 The provisions of Clause 5.2 (Replacement of Screen Rate) sliall prevail over the provisions of Clause 5.1 (Market Disruption). 6. FEES 6.1 rommitment fees From September l", 2020 onwards, the Borrower shall pay to the Lender acommitment fee of zero point five per cent (0.5%) perannum. The commitment fee shall be computed at the rate specified above on the amount of the Available Credit pro-rated for the actual number of days elapsed increased by the amount o the Drawdown to be made available by the Lender in accordance with any pending Drawdown Request. The first commitment fee shall be calculated for the period from (i) September 1^^', 2020 (included) up to (ii) the immediately following Payment Date (included). Subsequent commitment fees shall be calculated for periods commencing on the day inimediately following aPayment Date (included) and ending on the next Payment Date (included). The accrued commitment fee shall be payable (i) on each Payment Date within the Availability Period; (ii) on the Payment Date following the last day of the Drawdown Period, and (iii) in the event the Available Credit is cancelled in full, on the Payment Date following the effective date of such cancellation. 6.2 Appraisal Fee Prior to the Drawdown and no later than ninety (90) calendar days after the Signing Date the Borrower shall pay to the Lender an appraisal fee of zero point live per cent (0.5/o) calculated on the ma.\imum amount of the Facility. 12 Cc / / 7. REPAYMENT Following expiry ot ihe Grace Period, the Borrower shall repay the Lender the principal amount of the Facility mtwenty-eight (28) equal semi-annual instalments, due and payable on each Payment Date. shall be due and payable on March 16'^ 2040. September I6"\ 2026 and the last instalment At the end ofthe Drawdown Period, the Lender shall deliver to the Borrower an amortisation schedule in respect of the Facility taking into account, if applicable, any potential cancellation of the Facility pursuant to Clauses 8.3 (Cancellation by the Borrower) and/or 8.4 (Cancellation by the Lender). 8. PREPAYMENT AND CANCELLATION 8.1 Voluntary prepayment The Borrower shall not be entitled to prepay the whole or any part of the Facility prior to the expiration date ofaten (10) year period starting on the Signing Date. As from the date referred to in the previous paragraph, the Borrower may prepay the whole or any part ofthe Facility, subject to the following conditions: (a) the Borrower shall notify the Lender of its intention to prepay by not less than thirty (30) (b) the amount to be prepaid shall be equal to one or several instalment(s) in principal; (c) the contemplated prepayment date shall be a Payment Date; (d) all prepayments shall be made together with the payment of accrued interest, any fees, Business Days written and irrevocable notice prior to the contemplated prepayment date; indemnities and related costs in connection with the prepaid amount as provided under this Agreement; (e) (0 there is no outstanding unpaid amount; and in case of a part prepayment, the Borrower shall have given evidence, satisfactory to the Lender, that it has sufficient committed funding available for the purpose of financing the Program. On the Payment Date on which the prepayment is made, the Borrower shall pay the full amount ofthe Prepayment Indemnities due and payable pursuant to Clause 9.3 {Prepavmeni Indemnity). 8.2 Mandatory prepayment The Borrower shall immediately prepay the whole or part of the Facility upon receipt of a notice from the Lender informing the Borrower ofany ofthe following events: (a) (b) Illegality: it becomes unlawful for the Lender pursuant to its applicable law to perform any of its obligations as contemplated by this Agreement or to fund or maintain the Facility; Additional Costs: the amount of any Additional Costs referred to in Clause 9.5 {AddUional Costs) is significant and the Borrower has refused to pay such Additional Costs; 13 ^C4t uJ\ (C) Defaull: the Lender declares an Event of Default in accordance with Clause 13 {Events of Defaults). In ihe case of each of the events specified in paragraphs (a), (b) and (c) above, the Lender reserves the right, after having notified the Borrower in writing, to exercise its rights as a creditor in the manner specified in paragraph (b) of Clause 13.2 {Acceleration). 8.3 Cancellation bv the Borrower Prior to the Deadline for Drawdown, the Borrower may cancel the whole or any part of the Available Credit by giving the Lender athree (3) Business Days' prior notice. Upon receipt ofsuch notice ofcancellation, the Lender shall cancel the amount notified by the Borrower. 8.4 Cancellation hv the Lender The Available Credit shall be immediately cancelled upon delivery of anotice to the Borrower which shall be immediately effective, if: (a) (b) the Available Credit is not equal to zero on the Deadline for Drawdown; the Drawdown has not occurred on the expiry date of a fourteen (14) approval of the Facility by the competent organs of the Lender, as mentioned in paragraph (C) of the Recitals; (c) an Event of Default has occurred and is continuing; or (d) an event referred to in Clause 8.2 {Mandatoryprepayment) has occurred; except where, in the case of paragraphs (a) and (b) of this Clause 84(Cancellation by the LenLr) the Lender has proposed to postpone the Deadline for Drawdown or the deadline for Ihe Drawdown on the basis of new financial conditions which will apply to the Drawdown under the Available Credit and the Borrower has agreed on the proposition. 8.5 Restrictions (a) Any notice of prepayinent or cancellation given by a Party pursuant to this Clause 8 (P,Lament and Cancellation) shall be irrevocable, and, unless otherwise provided in this Agreement, any such notice shall specify the date or dates on which the relevant prepayment or cancellation is to be made and the amount of that prepayment or cancellation. (b) The Borrower shall not prepay or cancel all or any part of the Facility except at the times and (c) ' Any prepayment under this Agreement shall be made together with payment of (i) accrued TnLst on the prepaid amount, (ii) outstanding fees, and (iii) the Prepayment Indemnity (d) Any prepayment amount will be applied against the remaining instalments in inverse order of in the manner expressly provided for in this Agreement. referred to in Clause 9.3 {Prepayment Indemnity) below. maturity. (e) The Borrower may not re-borrow the whole or any part of the Facility which has been prepaid or cancelled. 14 // 9. ADDITIONAL PAYMENT OBLIGATIONS 9.1 Costs and expenses 9.1.1 If any significant amendment to this Agreement is required, the Parties shall enter into a consultation period of ten (10) Business Days in order to evaluate the amount of the relevant costs (including legal fees), reasonably incurred in responding to, evaluating, negotiating or complying with that requirement and which might be borne by the Borrower. 9.1.2 Parties shall reimburse to each other costs and expenses in connection with the enforcement of a final arbitral award rendered by the arbitration provided in Article 17 ofthis Agreement. 9.2 Cancellation Indemnity If the Facility is cancelled in full or in part in accordance with the terms of Clauses 8.3 {Cancellation by the Borrower) and/or 8.4 {Cancellation by the Lender) paragraphs (a), (b) and (c), the Borrower shall pay a cancellation indemnity computed at two point five per cent (2.5%) on the cancelled amount of the Facility. Each cancellation indemnity shall be due and payable on the Payment Date immediately following a cancellation ofail or part of the Facility. 9.3 Preoavment Indemnity On account ofany losses suffered by the Lender as a result ofthe prepayment ofthe whole or any part of the Facility in accordance with Clauses 8.1 {Voluntary prepayment) or 8.2 {Mandatory prepayment), the Borrower shall pay to the Lender an indemnity equal to the aggregate amount of: the Prepayment Compensatory Indemnity; and any costs arising out of the break of any interest hedging swap transactions put in place by the Lender in connection with the amount prepaid. 9.4 Taxes and duties 9.4.1 Registration costs The Borrower shall pay directly, or, if applicable, reimburse the Lender in case of an advance made by the Lender, the costs of all stamp duty, registration and other similar taxes payable in respect of the Agreement and any potential amendment thereto. 9.4.2 Withholding Tax The Borrower undertakes that all payments made to the Lender under this Agreement shall be free of any WithholdingTax. If a Withholding Tax is required by law, the Borrower undertakes to gross-up the amount of any such payment to such amount which leaves the Lender with an amount equal to the payment which would have been due if no payment of Withholding Tax had been required. The Borrower shall reimburse to the Lender all expenses and/or Taxes for the Borrower's account which have been paid by the Lender (if applicable), with the exception of any Taxes due in France. 15 SCH 9.5 Additional Costs 9.5. i In this Clause. "Additional Costs" means: (i) any cost arising after the Signing Date out of one of the event referred to in paragraph 9.5.2 below and not taken into account by the Lender to compute the financial conditions of the Facility; or (ii) any reduction ofany amount due and payable under this Agreement; which is incurred by the Lender as a result of (1) making the Facility available to the Borrower or (li) entering into or performing its obligations under the Agreement. 9.5.2 If the Lender incurs any Additional Cost as a result of: (i) the coming into force of any new law or regulation, or any amendment to, or any change in the interpretation or application of any existing law or regulation; or (ii) compliance with any law or regulation made after the Signing Date and intends to request its payment by the Borrower, the Lender shall notify such request to the Borrower (the "Lender's Notice"). 9.5.3 Following the Lender's Notice, the Borrower and the Lender shall enter into a consultation period often (10) Business Days in order to evaluate the amount of the relevant Additional Costs and to find the decision on payment ofsuch costs suitable for both Parties. If so requested by the Borrower, the Lender shall provide the Borrower with explanatory documents related to the Additional Costs object of the Lender's Notice. Ifthe Parties fail to reach an agreement following the consultation period, the Borrower shall notify the Lender its refusal to pay the Additional Costs within twenty (20) Business Days following the reception ofthe Lender's Notice. 9.6 Currency indemnity If any sum due by the Borrower under this Agreement, or any order, judgment or award given or made in relation to such asum. has to be converted from the currency in which that sum is payable into another currency, for the purpose of: (i) making or filing aclaim or proof against the Borrower; or (ii) obtaining or enforcing an order, judgment or award in relation to any litigation orarbitration proceedings, the Borrower shall indemnify the Lender against and, within three (3) Business Days of the Lender's request and as permitted by law, pay to the Lender, the amount of any cost, loss or liability arising out of or as aresult of the conversion including any discrepancy between: (A) the exchange rate used to convert the relevant sum from the first currency to the second currency; and (B) the exchange rate or rate(s) available to the Lender at the time of its receipt of that sum. This obligation to indemnify the Lender is independent ofany other obligation ot the Borrower under this Agreement. The Borrower waives any right it may have in any jurisdiction to pay any amount due under this Agreement in acurrency or currency unit other than that in which it is expressed to be payable. 9.7 Due dates Any indemnity or reimbursement payable by the Borrower to the Lender under this Clause 9 {Addilional Paymenl Obligations) is due and payable on the Payment Date immediately 16 •! / following the circumstances which have given rise to the relevant indemnity or reimbursement. Notwithstanding the above, any indemnity to be paid in connection with a prepayment pursuant to Clause 9.3 {Prepayment Indemnity) is due and payable on the date ofthe relevant prepayment. 10. REPRESENTATIONS AND WARRANTIES All the representations and warranties set out in this Clause 10 {Represenlalions and wavramies) are made by the Borrower for the benefit of the Lender on the Effective Date. All the representations and warranties mthis Clause 10 {Representations and warranties) are also deemed to be made by the Borrower on the date on which all of the conditions precedent listed in Part II of Schedule 4 {Conditions Precedent) are satisfied, on the date of the Drawdown Request, on the Drawdown Date and on each Payment Date, except that the repeating representations contained in Clause 10 9(Vo Misleading Information) are deemed to be made by the Borrower in relation to the information provided by the Borrower since the date on which the representation was last made. 10.1 Power and authority The Borrower has the power to enter into, perform and deliver this Agreement and to perform all contemplated obligations. The Borrower has taken all necessary action to authorise its entry into, performance and delivery ofthis Agreement. '0-2 Validitv and admissibilitv in evidence All Authorisations required: (a) to enable the Borrower to lawfully enter into, and exercise its rights and comply with its obligations under this Agreement; and (b) to make this Agreement admissible in evidence in the courts of the jurisdiction of the Borrower or in arbitration proceedings as defined under Clause 17 {Governing Law Enforcement and Choice of Domicile), have been obtained and are in full force and effect, and no circumstances exist which could result in the revocation, non-renewal or modification, in whole or in part, of any such Authorisations. 10.3 Binding obligations The obligations expressed to be assumed by the Borrower under this Agreement comply with all laws and regulations applicable to the Borrower in its jurisdiction and are legal, valid. binding and enforceable obligations which are effective in accordance with their written terms. 10.4 No filing or stamp taxes Under the laws of the jurisdiction of incorporation of the Borrower, it is not necessary that this Agreemem be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar taxes or fees be paid on or in relation to this Agreement or the transactions contemplated therein. 17 /;• / 10.5 Tran<;fer of funds All amounts due by the Borrower to the Lender under this Agreement whether as principal or interest, late payment interest, Prepayment Indemnity, incidental costs and expenses or any Other sum are freely convertible and transferable. This representation sliall remain in full force and effect until full repayment ofall sums due to the Lender. In the event that the repayment dates of the Facility are extended by the Lende , no further confirmation ofthis representation shall be necessary. The Borrower shall obtain Euros necessary for compliance with this representation in due course. 10.6 No conflict with other obligations The emry into and performance by the Borrower of, and the transactions contemplated by, this Agreement do not conflict with any domestic or foreign law or regulation applicable to it, its constitutional documents (or any similar documents) or any agreement or instrument binding upon the Borrower or affecting any ofits assets. 10.7 rioverning l aw and Enforcement fa) The choice of French law as the governing law of this Agreement will be recognised (b) Any judgment obtained in relation to this Agreement in aFrench court or any award and enforced by the courts and arbitration tribunals in the jurisdiction of the Borrower. by an arbitration tribunal will be recognised and enforced in the jurisdiction of the Borrower. 10.8 No Default No Event of Default iscontinuing or is reasonably likely to occur. No breach of the Borrower is continuing in relation to any other agreement binding upon it, or affecting any of its assets, which has, or is reasonably likely to have, a Material Adverse Effect. 10.9 Nlf> Misleading Information All information and documents supplied by the Borrower to the Lender and up-to-date as at the date they were provided or, if appropriate, Mat the date at "hich they are stated to be given and have not been varied, revoked, cancelled or renewed on revised terms, and are not misleading in any material respect as aresult of an omission, the occurrence ofnew circumstances or the disclosure or non-disclosure of any information. 10.10 pari Passu Ranking The BoiTower's payment obligations under this Agreement rank at claims ofall its other unsecured and unsubordinated creditors. pan passu with the 10.11 Oritjin of funds. Acts of Corruption. Fraud and Anti-Competitive Practices The Borrower represents and warrants that: (i) the funds used for the implementation of the Program, other than those provided by the State, are not ofIllicit Origin; 18 // (ii) the Program has not given rise to any Act of Corruption. Fraud or Anti competitive Practice. 10.12 No Material Adverse Effect The Borrov^er represents and warrants that no event or circumstance which is likely to have a Material Adverse Effect has occurred oris likely tooccur. 11. UNDERTAKINGS The undertakings in this Clause 11 {Undertakings) take effect on the Effective Date and remain in full force and effect for as long as any amount is outstanding under this Agreement. '• Compliance with Laws. Regulations and QbMpatinnq The Borrower shall comply (a) in all respects with all laws and regulations to which it and/or the Program is subject, particularly in relation to all applicable procurement, environmental protection, safety and labour laws; and (b) with all ofits obligations under this Agreement. 11.2 Authorisations The Borrower shall promptly obtain, comply with and do all that is necessary to maintain in full force and effect any Authorisation required under any applicable law or regulation to enable it to perform its obligations under this Agreement and to ensure their legality validity enforceability and admissibility in evidence of this Agreement. 11-3 Implementation and Preservation of the Program The Borrower shall: (i) implement the Program in accordance with the generally accepted safety principles and in accordance with technical standards in force; and (ii) maintain the Program assets in accordance with all applicable laws and regulations and in good operating and maintenance conditions, and use such assets in compliance with their purpose and all applicable laws and regulations. 11-4 Environmental and Social Responsibility 11.4.1 Implementation of environmental and social measures In order to promote sustainable development, the Parties agree that it is necessary to promote compliance with internationally recognised environmental and labour standards, including fundamental conventions of the International Labour Organization ("ILO") and the international environmental laws and regulations applicable in the Borrower's jurisdiction. The environmental and social documents will be produced as described in the ESCP attached as Schedule (E&S Commitment Plan). Following the AFD-funded study on the protection ofvulnerable Georgian households from rising electricity prices, and the KfW funded study on the Environmental and Social System 19 -S' cA Assessment (ESSA), the modalities of exploitation of the conclusions of both studies will be discussed with the authorities during the steering committee ofthe reform. 11.4.2 Environmental and social grievance management (a) The Borrower (i) confirms that it has received a copy of the ES Grievance Management Procedures and has acknowledged its terms, in particular with respect to actions that may be taken by the Lender in the evem that athird parly lodges agrievance, and (ii) acknowledges ihai the ES Grievance Management Procedures have, as between the Borrower and the Lender, the same contractually bindingeffect as this Agreement. (b) The Borrower expressly authorises the Lender to disclose to the Experts (as defined in the ES Grievance Management Procedures) and to parties involved in the compliance audit and/or dispute resolution procedure, the Program documents concerning environmental and social matters necessary for processing the environmental and social Grievance (as defined in the ES Grievance Management Procedures), including, without limitation, those listed in Schedule 7{Non-exhaustive list ofenvironmental and social documents which the Borrower permits to he disclosed in connection with ES Grievance management procedures). 1L5 Pari Passu Ranking The Borrower undertakes (i) to ensure that its payment obligations under this Agreement rank at all times at least pari passu with its other present and future unsecured and unsubordmated payment obligations; (ii) not to grant prior ranking or guarantees to any other lenders except if the same ranking or guarantees are granted by the Borrower in favour of the Lender, if so requested by the Lender. 11.6 Monitoring Missions and Inspections 11.6.1 The Borrower hereby authorizes the Lender and its representatives to carry out monitoring missions, the purpose of which will be to assess the implementation of the Program on technical, financial and institutional aspects. The Borrower shall co-operate and provide all reasonable assistance and information to the Lender and its representatives when carrying out such monitoring, the timing and format of which shall be determined by the Lender following consultation with the Borrower. 11.6.2 Ifasignificant problem is identified regarding the implementation ofthe Program, and the Lender intends to carry-on an additional inspection out of scope of its standard monitoring missions, the Lender shall notify such request to the Borrower (the "Lender's Inspection Notice"). 11.6.3 Following the Lender's Inspection Notice, the Lender shall determine the timing and format of such inspection following consultation with the Borrower. Such consultation period shall not exceed twenty (20) Business Days. The Borrower shall co-operate and provide all reasonable assistance and information to the Lender and its representatives when carrying out such inspection, and shall reimburse to the Lender for all costs reasonably incurred by the Lender in respect of a maximum of one inspection per year. 11.6.4 The Borrower shall retain and make for monitoring missions and inspections by the Lender, all documents relating to the expenses of the Program for a period often (10) years from the date of the last Drawdown under the Facility. 20 \ c.y/ 11.7 Program Evaluation The Borrower acknowledges that the Lender may carry out, or procure that a third party carries out on its behalf, an evaluation of the Program. This evaluation will be used to produce a performance report including information on the Program, such as: total amount and duration of the Facility, objectives of the Program, expected and actual performance of the Program, assessment of its relevance, efficiency, impact and viability/sustainability. The Borrower agrees on the publication of this performance report, in particular, on the Lender's Website. 11.8 Program implementation The Borrower shall: (i) ensure that any person, group or entity participating in the implementation of the Program is not listed on any Financial Sanctions List (including in particular the fight against terrorist financing); and (ii) not finance any supplies or sectors which are subject to an Embargo by the United Nations, the European Union or France. 11.9 Origin of funds, no Acts of Corruption. Fraud or Anti-Competitive Practices The Borrower undertakes: (i) to ensure that the funds, other than those of Slate origin, used for the implementation of the Program will not be of an Illicit Origin; (ii) to ensure that the Program shall not give rise to any Act of Corruption. Fraud or Anti-Competitive Practice; (iii) as soon as it becomes aware of, or suspects, any Act of Corruption, Fraud or Anti-Competitive Practice, to Inform the Lender without any delay; (iv) in the event referred to in paragraph (iii) above, or at the Lender's request if the Lender suspects that the acts or practices referred to in paragraph (iii) have occurred, take all necessary actions to remedy the situation in a manner satisfactory to the Lender and within the time period determined by the Lender; and (v) to notify the Lender without delay if it has knowledge of any information which leads it to suspect any Illicit Origin of any funds used for the implementation of the Program. 12. INFORMATION UNDERTAKINGS The undertakings in this Clause 12 {Information Undertakings) take effect on the Effective Date and remain in full force and effect for as long as any amount is outstanding underthis Agreement. 12.1 Financial Information The Borrower shall supply to the Lender any information that the Lender may reasonably require in relation to the Borrower's foreign and domestic debt as well as the status of any guaranteed loans. 21 n 0 Protiram Implementation The Borrower shall supply to the Lender, promptly upon the Lender's request, any information orsupporting document regarding the Program implementation. 12.3 Additional Information The Borrower shall supply to the Lender: (a) promptly upon becoming aware of them, details of any event or circumstance which is or may be an Event of Default or which has or may have a Material Adverse Effect, the nature of such an event and all the actions taken or to be taken to remedy it (if any); (b) promptly, details ofany decision or event which might affect the organisation, completion or operation of the Program. 13. EVENTS OF DEFAULTS 13.1 Events of Default Each of theevents or circumstances set out in this Clause 13.1 {Events ofDefault) is an Event of Default. (a) Payment Default The Borrower does not pay on the due date any amount payable by it under this Agreement in the manner required under this Agreement. However, without prejudice to Clause 4.3 {Late payment and default interest), no Event of Default will occur under this paragraph (a) ifsuch payment is made in full by the Borrower within five (5) Business Days of the due date. (b) Undertakings and Obligations The Borrower does not comply with any term of the Agreement, including, without limitation, any ofthe undertakings it has given pursuant to Clause 11 {Undertakings) and Clause 12{Information Undertakings). Save for the undertakings given pursuant to Clause 11.4 {Environmental and Social Liabilir)'), Clauses 11.8 {Program Implementation ) and 11.9 {Origin offunds, no Acts of Corruption, Fraud or Anti-Competitive Practices) in respect of which no grace period is permitted, no Event ofDefault will occur under this paragraph (b) ifthe noncompliance is capable of remedy and is remedied within five (5) Business Days of the earlier of(A) the dale of the Lender's notice of failure to the Borrower; and (B) the Borrower becoming aware of the breach, or within the time limit determined by the Lender in the case referred to in subparagraph (iv) of Clause 11.9 {Origin offunds, no Acts of Corruption, Fraud or Anti-Competitive Practices). (c) Misrepresentation A representation or warranty made by the Borrower in the Agreement, including under Clause 10 {Representations and warranties), or in any document delivered by or on behalf of the Borrower under or in relation to the Agreement, is incorrect or misleading when made or deemed to be made. 22 Qt (d) Cross Default (i) Subject to paragraph (ii), any Financial Indebtedness of the Borrower is not paid on its due date or, ifapplicable, within any grace period granted pursuant to the relevant documentation. (ii) A creditor has cancelled or suspended its commitment towards the Borrower pursuant to any Financial Indebtedness, or has declared the Financial Indebtedness due and payable prior to its specified maturity, or requested prepayment in full of the Financial Indebtedness, in each case, as a result of an event of default or any provision having a similar effect (howsoever described) pursuant to the relevant documentation. (iii) No Event of Default will occur under this clause 13.1 (d) if the relevant amount of Financial Indebtedness or the commitment for Financial Indebtedness falling within paragraphs (i) and (ii) above is less than forty millions Euros (EUR 40,000,000) or its equivalent in any other currency (ies). (e) Unlawfulness It is or becomes unlawful for the Borrower to perform any ofits obligations under this Agreement. (0 Material adverse change Any event (including a change in the political situation of the country of the Borrower) or any measure which have a Material Adverse Effect occurs or is likely to occur. (g) Authorisations Any Authorisation required for the Borrower in order to perform or comply with its obligations under this Agreement or required in the ordinary course ofthe Program is not obtained within the required timeframe or is cancelled or becomes invalid or otherwise ceases to be in full force and effect. (h) Judgments, rulings or decisions having a Material Adverse Effect Any judgment or arbitral award or any judicial or administrative decision affecting the Borrower has or is reasonably likely, to have a Material Adverse EfTect, occurs or is likely to occur. (i) Suspension of free convertibility and free transfer Free convertibility and free transfer ofany ofthe amounts due by the Borrower under this Agreement, or any other facility provided by the Lender to the Borrower or any other borrower ofthe jurisdiction ofthe Borrower, ischallenged. 13.2 Acceleration On and at any time after the occurrence of an Event of Default, the Lender may, without providing any formal demand or commencing any judicial or extra-judicial proceedings, by written notice to the Borrower: (a) cancel the Available Credit; and/or 23 CiJr (b) declare that all or part of the Facility, together with any accrued or outstanding interest and all other amounts outstanding under this Agreement, are immediately due and payable. Without prejudice to the above, in the event that an Event of Default occurs as set out in Clause U.({Events of Default), the Lender reserves the right to, upon written notice to the Borrower, (i) suspend or postpone the Drawdown under the Facility; and/or (ii) suspend the Hnalisation of any agreements relating to other possible financial offers which have been notified by the Lender to the Borrower; and/or (iii) suspend or postpone any drawdown under any loan agreement entered into between the Borrower and the Lender. 13.3 Notification of an Event of Default In accordance with Clause 12.3 {Additional Information), the the Lender upon becoming aware of any event which is or is likely to be an Event of Default and inform the Lender of all the measures contemplated by the Borrower to remedy it. 14. ADMINISTRATIOIN OFTHE FACILITY 14.1 Payments All payments received by the Lender under this Agreement shall be applied towards the payment of expenses, fees, imerest. principal amounts or any other sum due under this Agreement in the following order: 1) incidental costsand expenses; 2) fees; 3) late-payment interest and default interest; 4) accrued interest; 5) principal repayments. Any payments received from the Borrower shall be applied first in Borrower, should it be in the Lender's interest to apply these sums to such other loans, sums due and payable under the Facility or under other loans extended by the Lender to he order set out above. 14.2 Set-off Without prior approval ofthe Borrower, the Lender may, at any obligations owed by the Borrower against any amounts held by the Under on behalf of he Borrower or any due and payable obligations owed by the Lender ^ ^ obligations are in different currencies, the Lender may convert either obligation at the prevailing currency exchange rate for the purpose of the set-off. All payments made by the Borrower under the Agreement shall be calculated and made without set-off. The Borrower is prohibited from making any set-off. 14.3 Rii5;iness Days If apayment is due on aday which is not aBusiness Day the due date for that be the ne.M Business Day if the next Business Day is in the same calendar month, or the preceding Business Day if the next Business Day is not mthe same calendar month. 24 During any extension of tiie Paymenl Date tor a principal or unpaid amount under this Agreement, interest shall be payable on that amount during the extension period at the rale applicable on the original Payment Date. 14.4 Currency of payment The currency ofeach amount payable under this Agreement is Euros, except as proyided in Clause 14.6 {Place ofpayment). 14.5 Day count conyention Any interest, fee or expense accruing under this Agreement will be calculated on the basis of the actual number of days elapsed and a year of three hundred and sixty (360) days in accordance with European interbank market practice. 14.6 Place of payment (a) Any funds to be transferred by the Lender to the Borrower under the Facility will be paid to the Borrower's Account or any other account specifically designated for such purpose by ihe Borrower, proyided that the Lender has giyen its prior consent on the selected bank. (b) The Borrower shall pay directly or, if applicable, reimburse the Lender in case ofan adyance made by the Lender, the amount of all costs and expenses in connection with the transfer of funds to, or for the account of, the Borrower from Paris to any other place agreed with the Lender, as well as any transfer fees and expenses in connection with the payment ofall sums due under the Facility. (c) Any payment to be made by the Borrower to the Lender shall be paid on the due date by no later than 11:00 am (Paris time) to the following bank account: RIB Code: 30001 00064 00000040235 03 IBAN Code:FR76 3000 1000 6400 0000 4023 503 Banque de FranceSWIFT code (BIC): BDFEFRPPCCT opened by the Lender at the Banque de France (head office/main branch) in Paris or any other account notified by the Lender to the Borrower. (d) The Borrower shall request from the bank responsible for transferring any amounts to the Lender that it proyides the following information in any wire transfer messages in a comprehensiye manner and in the order set out below (the caption numbers are referring to SWIFT MT 202 and 103 protocol) • Principal: name, address, bank account number (field 50) • Principal's bank: name and address (field 52) Reference: name of the Borrower, name of the Program, reference number of the Agreement (field 70) (e) All payments made by the Borrower shall comply with this Clause 14.6 {Place of payment) in order for the releyant payment obligation to be deemed discharged in full. 14.7 Payment Systems Disruption If the Lender determines (in its discretion) that a Payment Systems Disruption Eyent has occurred or the Borrower notifies the Lender that a Payment Systems Disruption Eyent has occurred, the Lender: 25 (a) may, and shall if requested by the Borrower, enter into discussions with the Borrower with a view to agreeing any changes to the operation and administration of the Facility as the Lender may deem necessary in thecircumstances; (b) shall not be obliged to enter into discussions with the Borrower in relation to any of the changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, it has no obligation to agree to such changes; and (c) shall not be liable for any cost, loss or liability arising as a result of its taking, or failing to 15. MISCELLANEOUS 15.1 Language take, any actions pursuant to this Clause 14.7 {Payment Systems Disruption). The lansuaiie of this Agreement is English. If this Agreement is translated into another lanauaue. the English version shall prevail in the event of any conflicting interpretation or in the'event ofa dispute between the Parties. All notices given or documents provided under, or in connection with, this Agreement shall be in English. The Lender may request that anotice or document provided under, or in connection with, this Agreement which is not in English is accompanied by acertified English translation, in which case, the English translation shall prevail unless the document is a statutory document of a company, legal text orother official document. 15.2 Certifications and determinations In any litigation or arbitration arising out of or in connection with this Agreement, entries made in the accounts maintained by the Lender are prima facie evidence of the matters to which they relate. Any certification or determination by the Lender of a rate or amount under this Apeement will be, in the absence of manifest error, conclusive evidence of the matters to which it relates. 15.3 Partial invaliditv If. at any lime, a term of this Agreement is or becomes illegal, invalid or unenforceable, neither the validity, legality nor enforceability of the remaining provisions of this Agreement will in any way be affected or impaired. 15.4 No Waiver Failure to exercise, or a delay in exercising, on the part of the Lender of any right under the Agreement shall not operate as awaiver ofthat right. Partial exercise of any right shall not prevent any further exercise of such right or the exercise ofany other right or remedy under the applicable law. The rights and remedies of the Lender under this Agreement are cumulative and not exclusive ofany rights and remedies under the applicable law. L5.5 Assitinment The Borrower may not assign or transfer, in any manner whatsoever, all or any of its rights and obligations under this Agreement without the prior written consent of the Lender. 26 ^ // The Borrower agrees that the Lender may assign or transfer any of its rights or obligations under this Agreement to any other third party, with the same conditions than those provided in the Agreement, and may enter into any sub-participation agreement relating thereto. The Lender shall inform the Borrower in case ofany transfer of its rights or obligations to any third party. 15.6 => & j' Legal effect The Schedules annexed hereto and the recitals hereof form part of this Agreement and have the same legal effect. 15.7 Entire agreement As of the Effective Date, this Agreement represents the entire agreement between the Parties mrelation to the matters set out herein, and supersedes and replaces all previous documents, agreements or understandings which may have been exchanged or communicated as part of the negotiations in connection with this Agreement. 15.8 Amendments No amendment may be made to this Agreement unless expressly agreed in writing between the Parties. The entry into force ofany amendment to this Agreement will have to follow the same procedure as provided for the entry into force ofthis Agreement. '5.9 Confidentiality - Disclosure of information (a) The Borrower shall not disclose the content of this Agreement to any third party without the prior consent of the Lender except to any person to whom the Borrower has a disclosure obligation under any applicable law, regulation or judicial ruling. (b) Notwithstanding any existing confidentiality agreement, the Lender may disclose any information or documents in relation to the Program to: (i) its auditors, experts, rating agencies, legal advisers or supervisory bodies; (ii) any person or entity to whom the Lender may assign or transfer all or part of its rights or obligations under the Agreement; and (iii) any person or entity for the purpose oftaking any protective measures or preserving the rights of the Lender under the Agreement. (c) Furthermore, the Borrower hereby expressly authorizes the Lender: (i) (ii) to exchange with the French Republic for publication on the French government website pursuant to any request from International Aid Transparency Initiative; and to publish onthe Lender's Website; information relating to the Program and its financing as listed in Schedule 6{Informafion ihai may be published on the French Governmeni Website and the Lender s Website). 15.10 Limitation The statute of limitations of any claims under this Agreement shall be ten (10) years, e.xcept for any claim of interest due under this Agreement. 27 /• rM' 15.11 No hardship Each Party hereby acknowledges that the provisions of article 1195 of the shall not apply to it with respect to its obligations under this Agreement and it shall be n entitled to make any claim under article 1195 of the French Code civil. 16. NOTICES 16.1 hi writing and addresses Any notice, request or other communication to be given or made under or this Attreement shall be given or made in writing and, unless otherwise stated, may be g or mS or by lettr sen, by the post office to the address and number of the relevam Party set out below: For the Borrower: Name: Ministry of Finance ofGeorgia Address : 16 Gorgasali Street, 0114 Tbilisi, Georgia Tel:+995 32 2261450 E-mail: pMhlirdeht@mor.ue Attention: Public Debt Management Department For the Lender: AFD-PARIS HEAD OFFICE Address: 5, rue Roland Barthes - 75598 Paris Cedex 12, France Telephone: + 33 153 44 31 31 Facsimile: + 33 1 44 87 39 65 Attention: AFD Director - Eastern Europe, Middle East, Asia or such other address, fax number, department or officer as one Party notifies to the other Party. 16.2 Delivery Any notice, request or communication made or any document sent by aParty to the other Party in connection with this Agreemem will only be effective: (a) il'by fa.\. when received in alegible form; and (b) if by letter sent though the post office, when delivered to the correct address, and whereunderciause' aparticular person or adepartmem specified asifpartsuchof notice, the address detailsor p™;ided l6.1 (/« w,7/«g end isaddresses), request proviaeu r unuci . 4 , v I M Hianartmpnt communication has been addressed to that person or department. 28 16.3 Electronic communications (a) Any communication made by one person to another under or in connection with this Agreement may be made byelectronic mail or other electronic means if the Parties: (i) agree that, unless and until notified to the contrary, this is to be an accepted form of communication; (ii) notify each other in writing oftheir electronic mail address and/or any other information required to enable the sending and receipt ofinformation by that means; and (iii) notify each other ofany change to their address or any other such information supplied by them. (b) Any electronic communication made between the Parties will be effective only when actually received in a readable form. 17. GOVERNING LAW, ENFORCEMENT AND CHOICE OF DOMICILE 17.1 Governing Law This Agreement is governed by French law. 17.2 Arbitration Any dispute arising out ofor in connection with this Agreement shall be referred to and finally settled by arbitration under the Rules of Arbitration of the International Chamber of Commerce applicable on the date of commencement of arbitration proceedings, by one or morearbitrators to be appointed in accordance with such Rules. The seat ofarbitration shall be Paris and the language ofarbitration shall be English. This arbitration clause shall remain in full force and effect if this Agreement is declared void or is terminated orcancelled and following expiry of this Agreement. The Parties' contractual obligations under this Agreement are not suspended if a Party initiates legal proceedings against the other Party. For the avoidance ofany doubt, the costs ofconservatory or protective measures taken before any arbitral procedure shall be incurred by the Party against whom the final arbitral award has been rendered if this point is not covered by such arbitral award. The Parties expressly agree that by signing the Agreement, the Borrower irrevocably waives all rights ofimmunity in respect ofjurisdiction or execution on which it could otherwise rely provided, however, that immunity is not waived with respect to (i) present or future "premises of the mission" including any bank accounts as defined in the Vienna Convention on Diplomatic Relations signed in 1961, "consular premises" including any bank accounts as defined in the Vienna Convention on Consular Relations signed in 1963 or otherwise used by a diplomat or consular mission ofGeorgia or any agency or instrumentality thereof (e.xcept as may be necessary to effect service ofprocess), (ii) property ofa military character or under the control of a military authority or defence agency, (iii) property located in Georgia and dedicated to a public, governmental or cultural use (as opposed to a commercial use) or (iv) for the avoidance ofdoubt, (A) property ofthe National Bank ofGeorgia, whether or not held in a Georgian or a non-Georgian bank or any other financial institution, or (B) property located in Georgia ofany type covered by Article 2' ofthe Law ofGeorgia on Enforcement Proceedings. Borrower reserves the right to plead sovereign immunity under the U.S. Foreign 29 Sovereign Immunities Act of 1976 with respect to actions brouglit against it in any court of or in the United States of America under any United States federal or State securities law. 17.3 Service of process Without prejudice to any applicable law, for the purposes of serving judicial and extrajudicial documents in connection with any action or proceedings referred to above, the Borrower irrevocably chooses its registered office as at the date of this Agreement at the address set oi^ In Clause 16 {Nofices) for service of process, and the Lender chooses the address "AFD HEAD OFFICE" set out in Clause 16 {Notices) for service ofprocess. 18. DURATION This Agreement shall emer into force on the date upon which the Georgian Parliament will have ratified the Agreement (the "Effective Date") such ratification occurring not later than ninety (90) days after the Signing Dale. This Agreement shall remain in full force and effect for as long as any amount is outstanding. Notwithstanding the above, the obligations under Clause 15.9 informalion) shall survive and remain in full force and effect for aperiod of five (5) years after the last Payment Date; the provisions ofClause 11.4.2 {Environmental andsocial^ievance management) shall continue to have effect whilst any grievance lodged under the ES Grievance Management Procedures is still being processed or monitored. 30 7 V ./ <4 Executed in two (2) originals, in Tbilisi, on the 22'"' of May, 2020. BORROWER GEORGIA Mr. Ivane MATOTAVARIANI Minister of Finance of Georgia LENDER AGENCE FRAN<pAISE DE DEVELOPPEMENT / Ms. Gaelic ASSAYAG Director for the South Caucasus Co-signatory, msExcellency Diego COLAS, Ambassador of the French Republic to Georgia 31 SCHEDULE 1A - DEFINITIONS Act of Corruption means any of the following; (a) the act ofpromising, offering or giving, directly or indirectly, to a Public Official or to any person who directs or works, in any capacity, for a private sector entity, an undue advantage of any nature, for the relevant person himself or herself or for another person or entity, in order that this person acts or refrains from acting in breach of his or her legal, contractual or professional obligations and, having for effect to influence his or her own actions orthose ofanother person orentity; or (b) the act ofa Public Official or any person who directs or works, in any capacity, for a private sector entity, soliciting or accepting, directly or indirectly, an undue advantage of any nature, for the relevant person himself or herselfor for another person or entity, in order that this person acts or refrains from acting in breach ofhis or her legal, contractual or professional obligations and, having for effect to influence his or her own actions orthose ofanother person orentity. Agreement Anti-Competitive Practices means this credit facility agreement, including its recitals. Schedules and, ifapplicable, any amendments made in writing thereto. means: (a) any concerted or implicit action having as its object and/or as its effects to impede, restrict or distort fair competition in a market, including without limitation when it tends to: (i) limit market access or the free exercise of competition by other companies; (ii) prevent price setting by the free play of markets by artificially favouring the increase or decrease of such prices; (iii) limit or control any production, markets, investment or technical progress; or (iv) share out markets or sources of supply; (b) any abuse by a company or group of companies of a dominant position within a domestic market or in a substantial part thereof; or (c) any bid or predatory pricing having as its object and/or its effect to eliminate from a market, or to prevent a company or one of its products from accessing the market. Authorisation(s) means any authorisation, consent, approval, resolution, permit, licence, exemption, filing, notarisation or registration, or any exemptions in respect thereof, obtained from or provided by an Authority, whether granted by means of an act, or deemed granted if no answer is received within a defined time limit, as well as any approval and consent given by the Borrower'screditors. 32 SC/1 f:,u Authority(ies) Availability Period Tieans any government or statutory entity, department or commission jxercising a public prerogative, or any administration, court, agency 3r State or any governmental, administrative, tax or judicial entity. neans the period from and including the Signing Date up to the Deadline for Drawdown. Available Credit means, at any given time, the maximum principal amount specified in Clause 2.1 {Facility) \ess: (i) the aggregate amount of any Drawdowns drawn by the Borrower; (ii) the amount of any Drawdown to be made pursuant to any pending Drawdown Request; and (iii) any portion of the Facility which has been cancelled pursuam to Clauses 8.3 {Cancellation by the Borrower) and/or 8.4 {Cancellation by the Lender). Borrower's Account means the accoum with the following details: • IBAN code: GE65NB0331100001150207 • Bank SWIFT code: BNLNGE22 opened in the name of the Borrower with the State Treasury, Ministry of Finance of Georgia. Business Day Certified means aday (other than Saturday or Sunday) on which banks are open for general business in Paris, and which is also aTARGET Day. means for any copy, photocopy or other duplicate of an original document, the certification by any duly authorised person as to the conformity of the copy, photocopy or duplicate with the original document. Deadline for Drawdown Means December 31" 2020, date after which no further Drawdown may occur. Drawdown means adrawdown of all or part of the Facility made available by the Lender to the Borrower pursuant to the terms and conditions set out in Clause 3{Drawdown ofFunds) or the principal amount outstanding o such Drawdown which remains due and payable at agiven time. Drawdown Date means the date on which a Drawdown is made available by the Lender. Drawdown Period means the period starting on the Drawdown Date up to and including the first of the following date: (i) the date on which the Available Credit is equal to zero, 33 // (ii) the Deadline for Drawdown. Drawdown Request means a request substantially in the form set out in Schedule 5A {Form ofDrawdown Request). Effective Date has the meaning given in Clause 18{Duration) of this Agreement. Embargo means any sanction of a commercial nature aiming at prohibiting any import and/or export (supply, sale or transfer) of one or several goods, products or services going to and/or coming from a country for a given period as published and amended from time to time by the United Nations, the European Union or France. ES Grievance Management means the contractual tenns contained in the Environmental and Procedures Social Grievance Management Procedures, which is available on the Website, as amended from time to time. EURIBOR means the inter-bank rate applicable to Euro for any deposits denominated in Euro for a period comparable to the Interest Period of the relevant Drawdown, as determined by the European Money Markets Institute (EMMI), or any successor thereto, at 11:00 am Brussels time, two (2) Business Days before the first day of the Interest Period. Euro(s) or EUR means the single currency of the member states of the European Economic and Monetary Union, including France, and having legal tender in such Member States. Event of Default means any event or circumstance set out in Clause 13.1 {Events of Default). Facility means the credit facility made available by the Lender to the Borrower in accordance with this Agreement up to the maximum principal amount set out in Clause 2.1 {Facility). Financial Indebtedness means any financial indebtedness for and in respect of: (a) any monies borrowed on a short, medium or long-term basis; (b) any amounts raised pursuant to the issue of bonds, notes, debentures, loan stock or any similar instruments; (c) any funds raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; (d) any potential payment obligation that results from a guarantee, bond, or any other instrument. Financial Sanctions List means the list(s) of persons, groups or entities which are subject to fmancial sanctions by the United Nations, the European Union and/or 34 France. For information purposes only and for the convenience of the Borrower, wiio may rely on, the following references or website addresses: For the lists maintained by the United Nations, the following website may be consulted: https://www.un.org/sc/suborg/en/sanctions/un-sc-consolidated-Iist For the lists maintained by the European Union, the following website may be consulted: hitp7/eeas.europa.eu/cfsp/sanclions/consol-list en.htm For the lists maintained by France, the following website may be consulted: hltpV/www.tresor.economic.t'ouv.fr/4248 Disoositit-National-de-GelTerroriste Fixed Reference Rate means zero point fifty seven percent(0,57%) perannum. Fraud means any unfair practice (acts or omissions) deliberately intended to mislead others, to intentionally conceal elements there from, or to betray or vitiate his/her consent, to circumvent any legal or regulatory requirements and/or to violate internal rules and procedures of the Borrower or a third party in order to obtain an illegitimate benefit. Fraud against the Financial Interests of the European Community means any intentional act or omission intended to damage the European Union budget and involving (i) the use or presentation of false, inaccurate or incomplete statements or documents, which has as effect the misappropriation or wrongful retention of funds or any illegal reduction in resources of the general budget ofthe European Union; (ii) the non-disclosure of information with the same effect; and (iii) misappropriation ofsuch funds for purposes other than those for which such funds were originally granted. Grace Period Illicit Origin means the period from the Signing Date up to and including the date falling seventy-two (72) months after such date, during which no principal repayment under the Facility is due and payable. means funds obtained through: (a) the commission of any predicate offence as designated in the FATF 40 recommendations Glossary categories of offences'' under ''Designated (http://www.falf- pall om/media/faif/documents/recommendations/Ddfs/FATF Re commendations.odtV. (b) any Act of Corruption; or (c) any Fraud against the Financial Interests of the European 35 \r// Community, iforwhen applicable. Index Rate means the TEC 10 daily index, the ten-year constant maturity rale displayed on a daily basis on the relevant quotation page of the Reference Financial Institution or any other index which may replace the TEC 10 daily index. On the Signing Date, the Index Rate on the 19 ofMay, 2020, is minus zero point zero one per cent (-0.01 %) per annum. Interest Period(s) means each period from a Payment Date (exclusive) up lo the next Payment Date (inclusive). For each Drawdown under the Facility, the first interest period shall start on the Drawdown Date (exclusive) and end on the next successive Payment Date (inclusive). Interest Rate means the interest rate expressed as a percentage and determined in accordance with Clause 4.1 {Interest Rate). Margin Means zero point sixty per cent (0.60%) per annum. Market Disruption Event means the occurrence ofone ofthe following events: (i) EURIBOR is not determined by the European Money Markets Institute (EMMl), or any successor thereto, at 11:00am Brussels time, two (2) Business Days before the first day of the relevant interest Period; or (ii) before close of business of the relevant interbank market, two (2) Business Days prior to the first day of the relevant Interest Period, the Borrower receives notification from the Lender that (i) the cost lo the Lender of obtaining matching resources in the relevant interbank market would be in excess of EURIBOR for the relevant Interest Period; or (ii) it cannot or will not be able lo obtain matching resources on the relevant interbank market in the ordinary course of business to fund the relevant Drawdown for the relevant time period. Material Adverse Effect means a material and adverse effect on: (a) the Program, insofar as it would jeopardise the implementation and operation of the Program in accordance with this Agreement; (b) the business, assets, financial condition of the Borrower or its ability lo perform its obligations under this Agreement; (c) the validity orenforceability ofthis Agreement; or (d) any right or remedy ofthe Lender under this Agreement. 36 {7h- Outstanding Principal means, in respect of any Drawdown, the outstanding princ.pal amount due in respect ofsucli Drawdown, corresponding to tlie amount of the Drawdown paid by the Lender to the Borrower less the aggregate of instalments of principal repaid by the Borrower to the Lender in respect of such Drawdown. means March 16'" and September 16* ofeach year. Payment Dates Payment Systems Disruption Event means either or both of: (a) a material disruption to the payment or communication systems or to the financial markets which are. in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by this Agreement to be carried out), provided that the disruption is not caused by, and is beyond the control of, any of the Parties; or (b) the occurrence of any other evem which results in adisruption (of a technical or system-related nature) to the treasu^ o payment operations ofaParty preventing that, or any other Party. (i) from performing its payment obligations under this Agreement; or (ii) from communicating with the other Parties in accordance with the terms of this Agreement; and which (in either case) is not caused by, and is beyond the control of, either Party. Prepayment Compensatory Indemnity means the indemnity calculated by applying the following percentage to the amount ofthe Facility which is repaid madvance: ifthe repayment occurs prior to the 6'"' anniversary (e.xclusive) ofthe Signing Date: two point five per cent (2.5%); if the repayment occurs between the 6'" anniversary (inclusive) and the 10'" anniversary (exclusive) of the Signmg Date: two per cent (2%); if the repayment occurs between the lO"' anniversary (inclusive) and the 15'" anniversary (exclusive) of the Signing Date; one point five per cent (1.5%); if the repaymern occurs after the 15'" anniversary (inclusive) of the Signing Date: one per cent (1%)^ Program Public Official means the Program as described in Schedule 2 {Prog} am Description). means (i) any holder of legislative, executive, administrative or judicial office whether appointed or elected, serving basis or otherwise, paid or unpaid, regardless of rank, person defined as apublic official under 'h® ^ Borrower's jurisdiction of incorporation, and (ni) any other person 37 exercising a public function, including for a public agency or organisation, or providing a public service. Rate Conversion Rate Conversion Request means the conversion of the floating rate applicable to all or part of the Facility into a fixed rate pursuant to Clause 4.1 {Interest Rate). means a request from the Borrower substantially in the form attached as Schedule 5C{Form ofRate Conversion Request). Rate Setting Date means: I - in relation to any Interest Period for which an Interest Rate is to be determined: (i) the first Wednesday (or, if that date is not a Business Day, the immediately following Business Day) following the date of receipt by the Lender of the Drawdown Request, provided that such date is at least two (2) full Business Days prior to said Wednesday; (ii) the second Wednesday (or, if that date is not a Business Day, the immediately following Business Day) following the date of receipt by the Lender of the Drawdown Request, if such date does not at least two (2) full Business Days prior to the first Wednesday specified in paragraph (a) above. II - in the case of a Rate Conversion; (i) the first Wednesday (or, if that date is not a Business Day, the immediately following Business Day) following the date of receipt by the Lender of the Rate Conversion Request from the Borrower provided such date is at least two (2) full Business Days before the first Wednesday; (ii) the second Wednesday (or, if that date is not a Business Day, the immediately following Business Day) following the date of receipt by the Lender of the Rate Conversion Request, If such date is not at least two (2) full Business Days prior to the first Wednesday. Reference Financial Institution means a financial institution chosen as a suitable reference financial institution by the Lender and which regularly publishes quotations of financial instruments on one of the international financial information networks according to the practices recognised by the banking industry. Schedule(s) meansany schedule or schedulesto this Agreement. Signing Date means the date of execution of this Agreement by all the Parlies. TARGET Day means a day on which the Trans European Automated Real Time Gross Settlement Express Transfer 2 (TARGET2) system, or any 38 successor thereto, isopen for payment settlement in Euros. Tax(es) means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with a failure to pay or any delay in the payment of any such amounts). Website Withholding Tax nf AFn fhnp://»ww.afd.fr/) or any other such replacement website. means any deduction or retention in respect ofa Tax on any payment made under or in connection with this Agreement. 39 cty SCHEDULE IB - INTERPRETATION (a) "assets" includes present and future properties, revenues and rights ofevery description; (b) any reference to the "Borrower", a "Party" or a "Lender" includes its successors in title, permitted assigns and permitted transferees; (c) any reference to the Agreement or other document is a reference to this Agreement or to such other document as amended, restated or supplemented and includes, if applicable, any document which replaces it through novation, in accordance with the Agreement; (d) a"guarantee" includes any cawionnemem, aval and any garanfie which is independent from the debt to which it relates; (e) "indebtedness" means any obligation of any person whatsoever (whether incurred as principal or as surety) for the payment or repayment ofmoney, whether present, future, actual or contingent; (0 a"person ' includes any person, company, corporation, partnership, trust, government, state or state agency or any association, or group of two or more of the foregoing (wheiher or not having separate legal personality); (g) a regulation includes any legislation, regulation, rule, decree, official directive, instruction, request, advice, recommendation, decision or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, supervisory authority, regulatory authority, independent administrative authority, agency, department or any division of any other authority or organisation (including any regulation issued by an industrial or commercial public entity) having an effect on this Agreement or on the rights and obliaations of a Party; (h) a provision oflaw is a reference to that provision as amended; (i) unless otherwise provided, a time ofday is a reference to Paris time; (j) The Section, Clause and Schedule headings are for ease ofreference only and do not affect the interpretation of this Agreement; (k) unless otherwise provided, words and expressions used in any other document relatinii to ihis Agreement or in any notice given in connection with this Agreement have the same meaning in thatdocument or notice as in this Agreement; (I) an Event of Default is"continuing" if it has not been remedied or ifthe Lender has not waived any of its rights relating thereto; (m) a reference to a Clause or Schedule shall be a reference lo a Clause or Schedule of Ihis Agreement; and (n) words importing the plural shall include the singular and vice-versa. 40 dew / / M SCHEDULE 2- PROGRAM DESCRIPTION I- Objective of the Program The objective of the Program is to support the government with the implementation of the Energy Sector Reform of Georgia. Scope of the Program Tlie scope of the Proaram is fully aligned with the Policy Based Loan of the KfW on Ener^ Sector p^fnrm nf fieorcia Both Policy Based Loans set the same series of triggers to be reached by the government in the comext ofthe reform agenda detailed in the Indicative Policy Matrix mSchedule 3. The obiective of the program is to support Georgia in its efforts to (i) structure the framework of the energy efficiency sector and (ii) the regulatory and operational ['"P'®'"®"®'"" ° the 3rd Fnergy Package (electricity market) with here also in perspective the ^ efLiaicy She further development ofaGeorgian electricity mix based on renewable energies. The prior actions are to be fulfilled for the Program to be considered complete. The Program covers the period 2018-2021 and might be extended. The first tranche of the Program was disbursed in December 2018 and the second in 2019. II- Monitoring of the Program The monitoring of the Program will be carried out in full coordination with KW, on the basis of the irillrrrsented in the Policy Matrix and according to the Principles of the Monitoring Scheme ^ nnn with ihe KfW and the Georgian Government within the Declaration of Interest signed ri 'Cr 201. rX will be held with the KfW and the Georgian authorities to ensure acbL' and updfted monitoring of the Program, especially through the Program Steering Committee. 41 SCHEDULE 3 - INDICATIVE POLICY MATRIX This Policy Matrix (2020) may be subject to amendments and changes based on the discussions held between the KfW, AFD and the Borrower. New Old Trigger liigge-r Ni. lype PRM ijf*' M.. Obiigaiory Triggers Oir.Oi.l-; OOop'K.r. t-l Ihf 1 •? 2i 3 «•(!(•: if r..; , I';,* The legal ioT.dir.9odoci>ori Ofan ene-gy tf'lcs-r.cy ijw'^ai i: ccTiolior.i •.vh Di-ectivre 2C-2/27/CU 2 • j 4i,s •Soveinmc-nt odODlior ot enf-tgv »f(icscpcy iCDiilir.j io* -r. cc.tnpiiafice wi!f\ C'iKi-ctive 20I0-30. EO: The tego! om^ng odootion o' me sne'^y efficiency loteSng taw it v/i' e',tacfiJ-. the G«or5ian tegol fo>;';aotion •©' sfonsposir.g Su <«gv)at>cr, JO'?/"3 Minnierioi ond C-c-veinmcni odopiicir of deicslttf tr.ori;?! ton/: vf.-f 1 5 8 St? Acfoction of 3 aetoilsa elecficity mar<9t concect dv MciSD ar-'d sywfrocer.r.v t>y ihe Oove-fnmeni 10 c'ovidfe HTOJegic guido-icft arid to'ije'Of. •) =4!i{(r. fc* eiccftc'v riarvst 'rJo-n-. b; o«wsn <0' e^ecricity oolsr.cir.g -^'Ofr- .jna S) o*\ftcieie!tr.f C'^r"onar. o( a for.c»iO'"ino eitc'ciw "-ar^e' cv o-cv.j loiviion: •jiw-'np ft-Micmon; .~.i :!>v t r ~ ONfFC C'e~3Tio^.o!me legia! ^arr^•vwo'^ to- n^cnzip, rr o-Kt' aevi'^.o'^rr.- tr.rc'. gn adop'ior. s' two i«l5 o! pfevtouily developed r-i^uia'orv act: sv t^4 fei^vort gcve-r.rr.ferlol bodies ij 'he neiv ettcrricity i*"Or<e• "Jet if !r.» V4''ih If f eltc "''C-'y if « 11 market concept p'sviaujiy endorsed ar-d M pa'arcir-j ''»'es >.e:e ai": snooid oe cor^csion^ witn 'fit tne'jrv '-aw i—ciefer.- tr.* -a'ast ^ode c-a foresee t-oniitc-v of ca; O'j-ny Wiicr trse i-ifrrej a-, ta-^-*: a; r ov-'o'ea '• Ovth i.ir-ac'ivi''? CO'.;-1.1*. wi! to ce '"•jn-'^er'ea " c t •a'-c-t ^-tr y •e'car.; -.atic-a' ona ^rie-nat^o'ai atcicapis a'o staraa-ci! ••. c-vco- 01 jor'.pt-ir.ce v.-^r vsMie nc: :ir>cnv mai'iaa'C'v m tnei* c a'-a :'C "a-af '/••.•at'*. co-. i •'•.a' a3vi;ta Mceove' ti-T.eiy in'.oi^rremai'.or, of<3 iaer.Jificai^cr. o! ccittfi'ia' 'tjoi a^d 'esuiotoiy oafie^ snouid be erisu-ed randeimc iocic! suppoit icrieme; Design, adopt, cr.d irr-.oiement e iemponai eme^jiency etectnciry -eiotea se-c«o' suoport scheme Jnot provides odequote lemooroi suopoi to consume*!— speciol ottentior. wS oe given lo the ccje ol the e-derty ir. 'oce a* The . . ond ecortomic cessures orisinp from oor.der~.ic octbfeaMc; a-^a the associated policiet to mitfgote its spread ac.d cost of live *he eanaerriic leiated sucoc-t scheme cor; inct'.!ae ene.-gy.'etated meosves :ut^ a; te'-po-a'- p'otfc'>cf OQatr.ii o'sccrrect'o^ v;»-.eri Joiiing t.;i c.ay elecix'ry rffi: o.'^al 'i'l-arc-.a! t-a'i'e* to rr>oir<tai.'. cor.s.jme''. fir.ariciai viaoiuty give'- -nai eitc'ric'tv cr sis •*»••;•'.•?'• i a jigr.ificon; iha'S o' O f'Oosehclo s o* Ov'Si'i^li mc-rtPlv t'CerO'iv'^- Preferable Triggejs Adopti&n c-t K.fwj MEiA? ty V.ofSO EslooHihing T.e sfotegit iristisut'Oia'. ano 'ir.oricioi /isior. ar.d 3:3'! Va'^fvKO'i. i ° ' ' !or ene'gv e'ficer.cv m C-ec-'gio. The shoi! ericcr^ooss ;ne odCrOTian cf ^ario'.a (Split) Sr-ergy ilficiency Act'Or. "lar, jt.iSrA/') tr;a' sets ti-;s C-eo'g'or- .Jcve.T.mert e'ficiercy la'aet as •.•.e;i as 'he gove-n—e'.t •: lec sijr.s :f e i-;- t.-vcai dra fii-.ar.ciai ^-arr&wz.'3;r,;e*.r.p j.aia !a-3i''; gc'o :t/0'3 3 : »ea'-i-r-t f.a C.^C'iovr'." 3-3 r-c er^iriov.c;/' c'"ne t-.a'.-;&3:aRCi*<j vO-*.ctct z-r-r,y 3; ctiy—.r.g C-i: r ; ii : a ct-oJ 3 c i - ' . ' y ar>^ oct3 'vi' *i:cTr.;:ra.*v c*"?' t':e ioaa-'*es)oe.'icy cor.:rc'c-focesse! or.d aii actic-.i st'C'Syr'a ..rae-osiarc^rg within the criC ocquis (le purjwor.t to the S-M'CO*: Ocf atior -ardt«oc«. •«« Operoiior: Cvidei'ne. 'escectiveV). cove'i''>9 t! me .aimer,jsoring o' -eserves -i, the introovction o' iood-f'savericy cont-oi ard Polarcmg ene.-gv act.vaticr. pfocewes as v/el; as n) the definiiion ar.d orccj-er er.t cf oaS-ar.cl''--^ 'ese^es 42 ; \' '.w i; cr.' -: <• r .; i-i 'C^ •, rsv.^ril rs'oC':'••*• •?" •""•• c'S"' liao- coi'S "o* •i'r-f , •?'•:•+• :• ''f-' o. Ol---?! •'! •-^5l C-CO-i of v.-"' " •<••:»"? ;C"C7;'/tU rr. 'ofr.nmj;- ?ne-;v cfc-isr.ce 'tv. ona e'jiitr.Q c.o•.^:ll'.i3S "ne cc"-0!'0nr.<- wnri =i '»?:sk3'on sna): fi- -Jis.'-ic: oWivt' oMessnie-r-t ?' ihe i'.i-SV Conn'-u'.'tv "le HpiMoiior, :noii covir lo-.ict '.ycf. asoevesoomerii c!o ivjn-:lior.mg scne^s- 'o' osii'-o'. cos- calcvio^T. o« 4n»'9y c.e'fo.Tio.-iCe o? ouSoir.js o so*%vo'« if.erjv oerfo-^ance c«-MiS«atis>n. Ih*pJiooraHtw. of DL-hain® HOCk inv-riTow: •cooc^'otio'. to: sytarR'.c. o c5ma)>c cssloooi^. ana f'oming o' exeen 'w ci-r-Hjcsii-i-r 303 tr.trQy Ol weK 05. edvicoiw. or.d ir.'o«->oiien COT'.OO ar«ctsa :c.v/a-at mf gen-ro! ou&sc'o en*c.-ce r.ftw:t3.!ict.or, iMC.i'J :r.;yrcl<;rv on [r.rigy ffticitncy: C>?aft o' sscoridorv legisJctive ac-.UI on ^r.^rgy e'liciftncv ir-ctuding oui r.oT iir-iii'^a 10 Itfloatif^ or irntitoiionai sifting and financing iniirvinen!?. eneray i i e'ltcif-cy a'oeur'Srr.er.t erccfcclKfei. monc(ono!>'ene'gy et'icifocyloDfrKing oc.a ctii'icaiior. nieie-tng ir.forr^ol've oiSng ond erisrgy oudtis ss wsS o$ rr-toturifs wnch 'ocui on to* er.erjy efficiency o! OfWiogi. >i3 snau oe sucetef-entftd oy or; ow3fer.«s -aiiino cofooigr.s d'Saji-'ed lo t^xitair. tne Dsr.sSts 0?e'-i'Cy effic^ncy. rie-asu'^s ona fir.oncl'ig oopoivnitK-s. Mcf.St) Fromorior. ot .••eg;>iaioiy inaspe'nO'ence. rsioetithi'^S imo^rr^'Sn'olion. anaer.torctfnftnt ofocquh inoi let*, upGN:RC os onir.a«oercie'-.( regulator "hit than encomssos! bestowing uponthe rtouioiw '.u^fici'Sn' cower "y-cic-ns. ono ooilrtit! Suchtho' the regula'C-' i: -ndepefiOin! '•or- Cviit'coi ana •ni*a-co'i ir.ttuir.e«r. It Shan eiiafcfch -rie rsgu'aiO' GNffiC :r3<-ctr.0tr.i ^r. -s-.etc- tc ».•» r.o- ii~ited to Wgai i'-yficie'.!: ttaf.-'.g cct'or ?' 3. ana 'ir.arc a! a-fa; Mo-eove-r rt s^oll «.'iOJia'e arcCv^n-aciiTv -i-ivar.! T-or;t3'<!r.cvonr,c:oo:te ot aaf-i-iS tcoyrne •trgj air-.c n ; mIV-vT 'iifcvto'-. 0* 'na- run-, 'o- 'he Kn^-rt oorticiconu ard j-a-s-nciot-i c' 'ne nev.' c-aianci'? ra-iet rc oitri-' jndfjiand '.he or-jcesse'. 'est-rvr -^haii if 04,'o'tr.«a V.Tig mi la'T'esc'two't a-a hcawa-t t'-a'« srvisojeo fs* fe -ira! iss-o-c" c* the Da.a'-.ci'.^ "o-.ei "tc- :ne to- a-- cce-a^'.g t.a.a".;.'-? "a-'-et sncjia ai-eadv ce devetopea •Vo i '-.- a >•.'•: ic! f.-pp-'-r' ><: C>' Gc • nn<•• r.: iatctior i* an 30C'C?-:aie icneme 'c fc^otec? vui',e'OCie ana ene-jy pove'ry •tveoienta thoogn meoso'et that do no: inl-ioit ro- diitcn e>ecl'ic*;y w.c.ISCj n-.aicei fu'ict.oniny fr.ii sc.-s-rr.e snat oe occompaoiea ey o ccr.tinvous -evi-w and postrv*. comci.'ance check by the Ensnjy Cof mi'n'ty Sec*elo'ia<. Adopstc-ii ot FwDliC Srivice OUliactton lot Univeisot 5v'np!y ty GNERC: Ejtopliihing o fsnsRorv 'egime »or me pho^g-owJ ol price r-juiatior. r. tr.e ecfft'gv secTOf in o» 5«^r^er,ti du-i'.g a trontitofy psrica. r^eosyre snould !o.-m the bate foro smoc-th ae-fegy!otic-n cf prices in aH eiecincity rrgrv.ei tegrrenjs wnite ar toe some t'me confoSng tfie inipoct o! oe'eguiation on onvate housefoios 43 )i // OWfPC SCHEDULE 4 - CONDITIONS PRECEDENT The following applies to all documents delivered by the Borrower as acondition precedent: ifthe document which is delivered is not an original but a photocopy, the original Certified photocopy shall be delivered to the Lender; the final version ofa document which draft was previously sent to, and agreed upon by the Lender, shall not materially differ from the agreed draft; documents not previously sent and agreed upon, shall be satisfactory to the Lender. Part l - Conditions Precedent to be satisfied on the Signing Date (a) Delivery by the Borrower to the Lender ofthe following documents: (i) a Certified copy ofthe Decree ofthe Government ofGeorgia on authorization of the Ministry ofFinance ofGeorgia to sign the Agreement and on approving the terms and conditions of this Agreement, including the financial ones ; (ii) a Certified copy ofthe Order of the Prime Minister ofGeorgia appointing Mr. Ivane Matchavariani as a Minister of Finance of Georgia n°306 dated 8th of"September 2019; (iii) a Certified copy of the passport of Mr. Ivane Matchavariani, Minister of Finance of Georgia together with his specimen ofsignature; (iv) a certificate issued by a duly authorised representative of the Borrower listing the person(s) authorised to sign, on behalf of the Borrower, the Drawdown Requests and any certificate in connection with this Agreement and to take all other measures and/or sign all other necessao' documents on behalf of the Borrower under this Agreement; (V) a specimen of the signature of each person listed in the certificate mentioned in paragraph (iv); and (vi) a letter duly signed by the Ministry of Finance confirming that the drawdown ofthe Facility will not breach any borrowing limit, or any other similar limit binding on the Borrower. (b) Delivery by a reputable law firm established in the jurisdiction of the Borrower and selected by the Lender ofa draft legal opinion, in form and substance satisfactory to the Lender. Part 11 - Conditions Precedent to the Drawdown (a) Delivery by the Borrower to the Lender of the following documents: (i) a certified copy of the Resolution of the Parliament of Georgia relating to the ratification of the Facility Agreement; (ii) a letter duly signed by the Ministry of Finance stating that the Facility Agreement is included in the "Registry of State Loan" of Georgia; (iii) a letter duly signed by the Ministry of Finance confirming that the Facility is included in the Borrower's relevant year's budget. 44 6 Off (i'f (iv) alener indicating Che Program cofinancing loan's expected date of presentation to KfWs Board, and the loan Facility expected signing date. (c) (d) (e) Delivery by the Ministry ofJustice ofGeorgia to the Lender ofaduly executed legal opinion, in form and substance satisfactory to the Lender; Delivery by areputable law firm established in the jurisdiction of the Sthe UnLr ofasigned legal opinion, in form and substance satisfactoty to the Lender, Payment by the Borrower to the Lender of all fees and expenses due and payable under this Agreement. 45 SCHEDULE 5A - FORM OF DRAWDOWN REQUEST [on the Borrower'sIenerhead] To: AGENCE FRAN^AISE DE DEVELOPPEMENT On: [date] Borrower's Name - Credit Facility Agreement n° (•] dated (•] Drawdown Request n°(*] Dear Sirs, 1. We refer to tiie Credit Facility Agreement n° [•] entered into between the Borrower and the Lender dated [•] (the "Agreement"). Capitalised words and expressions used but not defined herein iiave the meanings given to them in the Agreement. 2. 3. We irrevocably request that the Lender makes aDrawdown available on the following terms: Amount: EUR 120,000,000 Interest Rate: \fixed/floating] The Interest Rate will be determined in accordance with the provisions ofClause 4{Interest) and Clause 5 {Change to the calculation of interest) of the Agreement. The Interest Rate applicable to the requested Drawdown will be provided to us in writing and we accept this Interest Rate [(subject to the paragraph below, ifapplicable)], including when the Interest Rale is determined by reference to a Replacement Benchmark plus any Adjustment Margin as notified by the Lender following the occurrence ofa Screen Rate Replacement Event. IFor fixed Interest Rate onlv:1-lf the Interest Rate applicable to the requested Drawdown is greater than [•insert percentage in words] ([•]%), we request that you cancel this Drawdown Request. 4. We confirm that each condition specilied in Clause 2.4 {Conditions precedent) is satisfied on the date ofthis Drawdown Request and that no Event of Default is continuing or is likely to occur. We agree to notify the Lender immediately if any of the conditions referred to above is not satisfied on or before the Drawdown Date. 5. The proceeds ofthis Drawdown should be credited to the following bank account: (a) Name [of the Borrower]: [•] (b) Address [of the Borrower]: [•] (c) IBAN Account Number: [•] (d) SWIFT Number: [•] (e) Bank and bank's address [of the [•] Borrower]: (0 Correspondent bank and account number of the Borrowers bank: 46 [•] 6. This Drawdown Request is irrevocable. 7. We have attached to this Drawdown Request all relevant supporting documents specified in Clause 2.4 {Condilions precedent) ofthe Agreement: [List ofsupporting documents] Yours sincerely. Authorised signatory of Borrower 47 SCHEDULE 5B - FORM OF CONFIRMATION OF DRAWDOWN AND RATE [on Agence Frangaise de DMoppemenf leUerhead] To: [the Borrower] Date: (•] Ref: Drawdown Request n° [•] dated [•] Borrower's Name - Credit Facility Agreement n°(»] dated [•] Drawdown Conrirmation n®|*I Dear Sirs, 8. We refer to the Credit Facility Agreement n°[«] entered into between the Borrower and the Lender dated [•] (the "Agreement'"). Capitalised words and expressions used but not defined herein have the meanings given to them in the Agreement. 9. By a Drawdown Request Letter dated [•], the Borrower has requested that the Lender makes available a Drawdown in the amount of EUR 120,000,000, pursuant to the terms and conditions of the Agreement. 10. The Drawdown which has been made available according to your Drawdown Request is as follows: • Amount: Euros one hundred and twenty million (EUR 120,000,000) • Applicable interest rate: [•percentage in words] ([•]%) per annum [equal to the aggregate ofthe six-month EURIBOR (equal to [•]% per annum) ' and the Margin]" • Drawdown Date: [•] IFor fixed-Interest Rate loans onlvl For information purposes only: • Rate Setting Date: [•] • Fixed Reference Rate: [•percentage in words] ([•]%) per annum • Effective global rate (per annum): [•percentage in words] ([•]%) • Index Rate: [•percentage in words] ([•]%) per annum • Index Rate on Rate Setting Date: [•percentage in words] ([•]%) per annum.] ' If the six-monlh EURIBOR is nol available on the date of confirmaiion of drawdown due to ihe occurrence of a Screen Rate Replacement Event, ihe Replacement Benchmark, ihe precise terms and conditions of replacement ofsuch Screen Rate with a Replacement Benchmark and the related total effective rates will be communicated to the Borrower in a separate letter. • To be deleted in case of fixed Interest Rate. 48 Ill being specified that the above Interest Rate may vary in accordance 4.1.3(i) {Fhaling liUere.il Rale) and 5.2 {Replacemeni ofaScreen Rale) ofthe Agreement] Yours sincerely. Authorised signaiory ofAgence Frangaise de Developpement ^To bedeleted in caseof fixed Interest Rate. 49 SCHEDULE 5C - FORM OFRATE CONVERSION REQUEST [on the Borrower's letterhead] To: AGENCE FRANCAISE DE DEVELOPPEMENT On: [date] Borrower's Name - Credit Facility Agreement dated (•] Rate Conversion Request n°(»| Dear Sirs, 11. We refer to the Credit Facility Agreement n°[«] entered into between the Borrower and the Lender dated [•] (the "Agreement"). Capitalised words and expressions used but not defined herein have the meanings given tothem in the Agreement. 12. Pursuant to Clause 4.1.3 (i) {Conversion from a floating Interest Rate to a fixed Interest Rate) of the Agreement, we hereby request that you convert the floating Interest Rate of the following Drawdown: • [mention Drawdown amountand Drawdown date], into a fixed Interest Rate in accordance with the terms ofthe Agreement. 13. This rate conversion request will be deemed null and void ifthe applicable fixed Interest Rate exceeds [•insertpercentage in words] [•%]. Yours sincerely. Authorised signatory of Borrower 50 SCHEDULE 5D -FORM OF RATE CONVERSION CONFIRMATION [on Agence Frangaise de Developpemeni leuerhead] To: [the Borrower] Dale: [•] Re: Rale Conversion Requesl n® [•] daied [•] Borrower's Name - Credit Facility Agreement n"!.] dated 1»| RateConversion Confirmation n°\*\ Dear Sirs. SUBJECT- Conversion from aHoatlng Interest Rate to afixed Interest Rate 14. herein have the meanings given to them in the Agreement. 15. We refer also to your Rate Conversion Request dated [•]. We confirm that the fixed Interest Ra eap lSle to .he Drawdown referred to in your Rate Conversion Request dehvered m accordance with Clause 4.1.3 (i) (Convenion from afloadng Interest Rate to afixed /n« Rate) ofihe Agreement is; « 16. [•]% per annum. This n.ed interest Rate, calculated in accordance with Clause 4.1.1 «';./win IpplTto tl^e Drawdown referred in your Rate Convers.on Request from [•] (effective date). 17. Further, we notify you that the effective global rate per annum ofthe Facility is [•]%. Yours sincerely. Authorised representative of Agence Frangaise de Dewhppemcm 51 <^•(1 SCHEDULE 6 - INFORMATION THAT MAY BE PUBLISHED ON THE FRENCH GOVERNMENT WEBSITE AND THE LENDER'S WEBSITE 1. Information regardingthe Program Number and name in AFD's book; Description; Operating sector; Place of implementation; Expected starting date; Status of implementation updated on a semi-annual basis; 2. Information regarding the financing of the Program Kind of financing (loan, grant, co-financing, delegated funds); Principal amount of the Facility; Amount of the Facility which has been drawn down (updated as the implementation of the Program goes). 3. Other information - Transaction information notice and/or sheet presenting the transaction attached to this Schedule. 52 SCHEDULE 6-1 - TRANSACTION INFORMATION NOTICE Supnort to the Energy Sector Reform of Georgia Project context and strategic objectives Poorly endowed in fossil resources. Georgia depends almost exclusively on imports as far as those are concerned. They represent 78% ofthe country's total energy consumption, mspite of it, hydropower represents 80% of Georgia electricity mix, but with high variability between the different seasons. This last source of energy represents a high potential that the Government of Georgia wishes to take advantage of with the involvement of private stakeholders. The Georgian demand for electricity grew on average of 5.6% per year for the last years, while the economy was growing of 3.6% per year. Although the energy intensity of the country remains high, Georgia had not until recently laid the strategic, legislative and regulatory groundwork necessary to the promotion of energy efficiency. Georgia has integrated the Energy Community in 2017, which implies for the country a commitment to transpose the European regulations on energy. This new membership is ahuge opportunity for Georgia to establish awell-tested and consistent framework for its electricity market. The current need is to initiate the development of energy efficiency, for it is at the time being missine to the country's economy and it will allow it to set itself on the right direction to commit to its objectives set within the framework of Paris Agreement as well as to continue developing its hydropower potential. Project aims and contents The project is the third part of aProgram which is structured on the basis of apublic policy matrix comprising 36 reform triggers on 6years (from 2018 to 2023) among which 13 for the year 2020. The aims ofthe Program are to accompany Georgia in its efforts to: (i) (ii) Structure the legal framework of the energy efficiency sector; Implement in a regulatory and operatively way the 3"^ Energy Package of the European Union while looking forward to the development of energy efficiency and the integration of renewable sources of energy as amajor part of the Georgian energy mix. Project nnerators and modus operandi The Program will have for public stakeholders the Ministry of Economy and Sustainable Development, representing the Government of Georgia on the operational side and the Ministry of Finance on the financial contracting with AFD and KfW, but also the Georgian public electricity market regulator (GNERC) as well as the Georgian public transmitting operator (GSE). In order to support the Government of Georgia in the implementation ofthe reforms triggered by the policy matrix, several programmes of technical assistance are being implemented: one 53 (c// is operated by KfW, on the ground of its own finances complemented by delegated funds from the European Union and another one is financed by AFD. Costs and financing This program is a Policy Based Loan, renewable every year for six years, co-financed by the KfW. This year amounts are of 90 M EUR for KfW, and of 120 M EUR for AFD. The program of technical assistance provided by AFD is financed with a grant of EUR 242 000 from the French Fund for exchange and technical expertise (FEXTE) and is being implemented by EDF. The program has also benefitted from a 8 k EUR grant from AFD dedicated to finance the study about the potential impact of electricity tariff evolution as a result of electricity market liberalization on vulnerable households and the measures to be adopted to mitigate it, and to provide technical assistance to GoG on this topic. Main anticipated effects This public policy program shall allow Georgia to initiate a policy on energy efficiency development, and thus to reinforce its economy and to commit into an energetic transition trajectory, fully compatible with the Paris Agreement. Transposing the 3rd Energy Package ofthe European Union will allow Georgia to reverberate the actual costs of the existing electricity purchase contracts to the final consumers and also to reassure the private investors with a secure and experienced market framework, all of that without additional costs for the Government of Georgia. In the long run, Georgia expects to develop the cross-borders exchanges of electricity, and by that mean to lower the prices of electricity for Georgian consumers. 54 -601 SCHEDULE 7- NON-EXHAUSTIVE LIST OF ENVIRONMENTAL AND SOCIAL DOCUMENTS WHICH THE BORROWER PERMITS TO BE DISCLOSED IN CONNECTION WITH ES GRIEVANCE MANAGEMENT PROCEDURES Environmenial and Social System Assessment (ESSA) oftiie Program Protection ofvulnerable Georgian Households from rising electricity prices. Report on public consultation 55 /• / / SCHEDULE 8 - Ei&S COMMITiMENT PLAN The following table sets the recommendations of two documents produced during the former phases of the PBL: Environmental and Social System Assessment (ESSA), financed by KfW; Impact study for Protection of vulnerable Georgian households from rising electricity prices, financed by AFD. The Ministry of Economy and Sustainable Development of Georgia commits to present to the reform's PSC on the way each of these recommendations of these two studies are planned to been taken into account. THEME ACTIONS - RECOMMENDATIONS ENVIRONMENTAL AND SOCIAL SYSTEM ASSESSMENT (ESSA), FINANCED BY KFW Engagement of stakeholders Tariff rates Enguri HPP Hazardous waste management E&S management support the ministry in integrating activities for disclosureand transparent transmission of information and engagement with national stakeholders (including vulnerable groups and all involved stakeholders) into the implementation approach of the PRM through technical assistance and facilitation of policy dialogue The tariff reform process shall include confirmation of affordability of the adjusted tariff rates for household and non-household consumer groups. This shall be undertaken through a series of studies supported through technical assistance, including the following topics: cost of service, subsidy and tariff reforms, affordability for household consumers and socio-economic effects. This should confirm any additional measures necessary for poor and vulnerable groups, as well as targeted support for energy intensive industries, if necessary. Measures to support sound E&S performance and management of the Enguri HPP by integrating ongoing and future E&S relevant studies and impact analysis of technical issues into E&S management systems. Support the ministry in ensuringthat E&S impactsare adequately addressed by the partnersand information is communicated in a meaningful and transparent way in both national and crossborder market integration strategies. Ensure that as part of developing the Hazardous Waste Management National System a policy dialogue is initiated around E&S management and monitoring plans and processes. If deemed necessary, further policy actions or concrete technical assistance measures shall be proposed. Support E&S management through technical assistance to develop capacities within the agencies, by assistance to Include E&S considerations into the planningand implementation monitoring, with a focus on the relevant Roadmap policy actions (i.e. 6i, 9ii, 11, Hi, I2i, 21i, 2lii), namely: • • • • • strategy development transboundary coordination incorporating small scale renewables reorganization of GSE Analysis of energy efficiency potential implementation Thissupportcould include the development of guidelines, tendering processes and documentation for studies on the market reform, manuals, and trainings, etc. The E&S management should remain part of the policy dialogue to inform the definition of the next policymatrix, where relevant. The social and stakeholder aspects should also be included in the dialogue. IMPACT STUDY FOR PROTECTION OF VULNERABLE GEORGIAN HOUSEHOLDS FROM RISING ELECTRICITY PRICES, FINANCED BY AFD The Government should consider providing full compensation for increased electricity tariffs to fourgroups that face the highest riskof poverty and can also easily be reached through existing social protection mechanisms. This include: TSA recipients, families with 3 or more children, single parent families and families with disabled members. 56 THEME ACTIONS - RECOMMENDATIONS An alternative tothis option could be toraise the TSA threshold below which the electricity subsidies are granted from 70,000 to 100,000. However, our results confirm the findings of previous studies that majority ofpoor households are not registered in DSVF, mainly due to lack of trust in the fairness of the system. Therefore, most poor people will still be left without the needed support. Given that the costs of providing subsidies are substantial, the Government should also consider non-monetary measures to promote energy efficiency, while reducing the need for budget support. One measure could be the replacement of incandescent light bulbs by LED bulbs which is a simple and very efficient measure. Beyond the fiscal savings, the use ofLED bulbs has major ecological and individual benefits, and their use should be encouraged among the whole population. For this purpose a nation-wide information campaign should be considered and would be essential during the reform period. To promote energy efficiency, the Government may also consider designing systemic incentives without affecting the energy component ofelectricity tariff Potential measures include reducing or removing VAT on a limited monthly amount ofconsumed electricity orestablishing a twocomponent price setting mechanism similar to those that exist in France and other European countries. Launch a study ofthe impact ontargeted households ofthe system chosen by the GoG tosupport vulnerable people, and study possibilities for improvement ofthis system, in particular in terms of "ender equality, or widening to include other groups of people in vulnerable situations 57 f' // a