2014 წლის 9 ივლისს ხელმოწერილი „საქართველოსა და საერთაშორისო განვითარების ასოციაციას შორის დაფინანსების ხელშეკრულება (კონკურენტუნარიანობისა და ზრდის განვითარების პოლიტიკის მესამე ღონისძიების დაფინანსება)“

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CREDIT A NUMBER 55I I.GI' CRTDIT B NUMBER 55I2-CE Financing Agreement Ohird ComFtitiveoess rBd Grovth Dev.lopm.trt policy Finr[cing) between CEORCIA .nd IN'ITRNATIONAL I'EVELOPMENT ASSOCIATION Dared J4 -= g ,2014 CREDIT A NUMEER 55I I-Gf, CREDIT B NUMBER S5I2.Gf, FINANCINC AGRXEMENT ,l Agreemenr dated 'l CEORGIA ("Recipiena') and"4r[c g , 2014, enrered rnro ber*cen INTERNATIONAL DEVELOPMENT ASSOCIATION ("Association") for lhe purpose ofproviding financing in suppon of (he Program (as dcllncd rn the Appendix ro this A8reement) The Association has dccided 1() provide lhis financing on the basis, irrer a/ia, of: (a) the actions whrch thc Rcciprenr has already laken undcr the Program and which are described in Section I of Schedulc I to this Agrcemenl; and (b) the Recipienl's maintenance o[ an adequarc macroeconoDic policy framework The Recipient and the Association lherefore hereby agree as follows ARTICLE I l0l - cENERAL CONDITIONS; DEFINmIONS The Ccneral Conditions (as defined in rhc Appendix lo lhis ABr€emcnr) consritute an integralpart ofthrs Agrcemenl I 02 Unlcss thc contexr requrres otherwise, the capilalized lcrms uscd rn thrs Agreement have the meanings ascflbcd to them in thc Gcneral Condirions or in thc Appendrx to this Agreement ARTICLE II _ FINA}ICING 2 0r Thc Association agrees !o extend to thc Recipient, on $e terms and cond(ions sct forth or referred to in this Agreementt (a) a credit rn an amount cquivalcnr lo s€ven ftillion eight hundred and four lhous.nd Special Drawing Righrs (SDR 7,804,000) ("Credit A'); and (b) a crcdit in ao amounl €quivateor to six mrltron eighl hLrndred forty six thousand Special Drawing Righls (SDR 6,E46,OOO) ("Credit B") (collectively and variously, "Credia'and "Financing") 2.02 The Recipienr may withdraw tbe piocceds of thc Financint in suppon of rhe Program in accordance with Seclion II ofSchcdulc I !o this Atrcem.nt 203 Tbc Maximum Commrhenl Charge Rate payable by th€ Rccrpicnl on rhc Unwithdrawn Financing Balance shall be one-halfofone perc€nt (l/2 of I%) per 2 04. Thc Servicc Charge payable by the R€cipient on rhe Withdrawn Crcdrl Balancc shall be equal to three,fourths ofone percent (3/4 of l7o) pcr annum 2.05 The Intcresr Charge payablc by thc Reciprent: (a) on thc Withdrawn Crcdit Balancc shall bc equal to onc ard s quarter p€rcenl (1.25%) per annum for C,cdii A; and (b) on lh. Withdrawn Crcdit Balancc shall bc equal to one and four t€nth pcrcent (1.4%) p€r ennum for Crcdit B 2 06 Thc Payment Dates arc Junc l5 and Dccember l5 in each year 201 The principal amount of th€ Crcdit shall be repaid in accordanc€ wirh rhe rcpayment schedule set forlh in Schedule 2 to lhis Agreement 2.0t The Payment Curcncy is Dollar. ARTICLE III 3 - PROGRAM 01. Thc REcipienr declares ils commitmenl to the Progmm and ils impl.mcntaLion To thrs end: (a) (b) the Recipient and the Associalion shall from time to timc, at thc rcqucsr of citler party, erchangc viows on lh€ Recipient's macrocconomic policy framework and the progress achieved in carrying oul the Program; prior to each such exchange of views, the Recipient shall fumish to the Associetion for its r€vi€w and commcnt, a report on the progrcss acbieved in cafiying out the Program, in such delail as thc Association shall reasonably request; and (c) without limitalion upon lhe provisions of paragraphs (a) and (b) of lhis Section, the Recipicnt shall promptly mform the Arsociation of any situation tlat would havc the effect ofmaterially reversing thc objcclrves of the Program or any action laken under the Program includin8 any actron specilied in Scction I ofSchedule I to this Agrcemenl ARTICLE IV 4.0 I - REMEDIES OF THE ASSOCIATION Thc Additional Evenb o f Suspension consist of thc following: (a) A that a siNation has ariscn which shall makc il improbable that lhe Program, or a significant pan ofit, will b€ carried out. (b) The Recipienl shall have failed lo perform any of its obligations under the Loan Agrecmenl. 2 402 tton consists ofthe following, namely that any this Agreement occurs and rs connnuinR tor notice of the event has been given by rhe i ARTICLE V 5.0 I - EF,FECTIVENESS; TERMINATION The Additional Cond itions of E ffectiveness cons tsts o I thc following: G) (b) The Associatroo is sarisficd wirh rhe progrcss achieved by ths ttg.;r,.., rn carrying out the program and wrrh the adequacy of the Rec,pi;nt,s mactoeConomic policy framework. Thc Loan Agreemcnt has becn ex€cuted and dclivered, and all condirions preccdeDt to its eEectivcness or to the right ot thc Rccipient to makc wirhdrawals under il (other rhan the cffectivcness of this ASreemenq, have bccn tulfitled 5.02. The Effecdvencss Deadtine is rh€ datc on. hundred and rwenry (l2O) days aficr the date of this Agreemenl. ARTICLE VI - REpRESENTATM; ADDRESSES 6 0l 6 02 The Recipienl's Addiess rs: Thc Rccipient's Representative is its Minister ofFrnanc€ Ministry ofFinancc 16 Cortasali Stseet Tbilisi 0l l4 Georgia Facsimile: +99512-262422 6 03 The Association's Address is: Intemational Developmenr Association LEl8HStreel,NW Washin8ton, D C 20433 Unrtcd Statcs of America Cable address: INDEVAS Telcx: 248423(MCt) Washington, D C 1 Facsimile' I -202-471 -6391 AGREED at Tbrlisi, Georgia, as of the day and year first above written GEORGIA By rized Rcprcscnlaiivc Namer I/DDAP VkA>t1 Pl 'titte. M t p l<74 6r A N ATJCE INTERNATIONAL DEVELOPMENT ASSOCIATION By HENSY KE:B.p<t-l Tirlo: REltorunu brREcroe Namc SCHEDULE T Progrrm Actions; Avril.billty of Financlng Proceeds Section [. Actions under th€ ProErrm Thc actions laken by thc Recipienl under the Program includc lhe following: I Thc Recipienl has (a) for the implemcntetiol of the Law on Compelitton No. 6l4t.ls dated May 8, 2012, $sued Decree No 2tt dated April 14, 2014 scttinB up the compelitron agcncy; and (b) for thc rmplcmcntalion of the Law on Food Safety No 6155-15 dated May E, 2012, issuei: (i) Decrce No. 120 dated May l?, 2013 mandating indication ofcounlry of origin and dalc ofproduction for cggs; (ii) Dccree No 198 dated July 30,2013 defining th€ rules ofbio producrion; (iii) Law No 19l5 dated December 27, 2013 making the violation o{ food labcling an offense; and (iv) the 2014 budgel making budget provisions for an additional 180 staffin the National Food Agency. 2 Thc Recipient's Rcvcnue Sewice within thc Ministry of Finance has adopted thc iradc facilrtation systcm to mleSralc customs processes and srmplify transac(ions for handling conriiners in sea pons 3. The Recipient's National Energy and Water Supply Regulatory Commrssion has adopted lhe new tGnsmission grid code by virtu€ of Decrce No l0 datcd April 17, 2014, pursuant to Law No. l902.RS dated Dcccmbcr 2?, 2013 amending the Law on Electricity and Natural Gas No 816 dated June 27, 1997; and Ministerial Ordcr No 6 dated January 31, 2014 of the Recrprent's Mrnrslry of Encrgy amcnding rhe Elecrricity (Capacity) Market Rules 4 The Recipient's Mrnrster of Educalion and Screncc has 6sucd Order No 180 dal.d May 2, 2011, Order No 960 dated December 3,2013 and Order No 220 da(cd March 4, 2014, ro establish a framework for the monitorints of thc implem€ntation of the n€w national curflculum for primary, basic and s.condary cducalion 5 Thc Recipient's Minist€r of Educatioo and Scienc€ has rssued Ordcr No 39/N dated March 28,2014, adoptint professioral standards for teachers which define professronal charactcristics, knowledge and skill requirernents perlarnrnt to (a) thc teachrDg environment; (b) teaching/leaming proc6ss, and (c) professional developmenl for each category ofleachers 6 Thc Recrprcnl's Minister ofEducalion and Screncc has issucd Ord€rs No 162, 163, and 164 dated February 6, 2014 for the implemcnhtion oflhe new qoalrty assessmcnt system for the evalualion of school princlpals which cerlrfied 981 candidates 5 7 Thc Recrpient's Ministry ot Fmance has consoldaled the financial rcports prepared by atl cenkal govemmenl budgehry organizations, in accordance with the modified cash-basis rnlemalional public sector accounling staidards (IPSAS) 8 The20l3 budget performance ofall central government Legal Entities of Public Law has been made available on the e-budBet and thc Recipient's Mrnrstcr of F,nance has issucd Order No 77 dalcd March 14, 2014 and Ordcr No- 442 daled Dccembcr 31, 2013, requinnS all cenkal Eovemmenl Legal Entitics of Public Law lo submil their respective bud8ct p€rformance numbcrsr (a) for 2014 e(her through ihe e-bud8et or ihrouSh hard copies; and (b) for 2015 onwards only through the e-budg€t. 9 Thc Recipient's Minister of Labor, Health and Social Affairs issued Ordtr No 0l-25/n dated June 19, 2011, for lhe implemenlatlon of up8raded standards for facrlrtres provrdrng primary heallh care lO The Recipicnas Mrnistry ot t.abor, Hcalth and Social Affa,rs has adopred lhe pensron module of thc socisl Information ManaSemenl syst€m throughoul lhe Recipienfs lerritory. Sectionll. Av.il.bilityotFinencinl-ElglSgb A. Generrl. The Recipient may wllhdraw the proceeds of the Frnancrng rn B. Allocalion of Financing Amounts. The Financing is allocated in a single withdrawal tranche, from which th€ R€cipient may make withdrawals of lhc Frnancing The allocetion of the amounts of the FinancinS lo lhis end ls s€t out accordance w(h the provisrons ofthis S€ction and such addilional instructiofls as the Association may sp€ci[y by notrc€ lo the Recipiont in the lable b€lowi Srngle Wi!hdrawal Tranche Amount oI the Credil A Financing Allocated (expressed in SDR) Amounaofthe Credit B Finrncing Allocated (erpresred ir SDR) 7,804,000 6,846,000 qJl!-oir0 TOTAL AMOUNT C. Withdrrwal Tranche R€lease Conditions, No wilhdrawal shall be made ofthc Srngle Wilhdrawal Tranche unless the Association is satrsfied: (a) with thc 6 Program being ca.ried out by the Recipient; and (b) with the bdequacy of lh€ Recipienl's macroeconomic policy framework Deposits of Fin.ncing Amountr. Excopt as tha Assoc,alion may oth€rwise aSree: I all withdrawals from thc Finarcing Account shall b. dcposited by thc Associalron into an account dcsignatcd by thc Recipicnl and acccplablc to the Association;and 2 the Recipient shall ensure that upon cach deposit of an amount of lhe Financlng into lhis account, an equivalcnt amounl is accounted for in lhe Recipient's budtct managcment system, in a manner acceptablc to the Associalion E Ercluded Erpendirure3 The Rccipicnt undcrtakes lhat thc proceEds of the Financing shall not b€ used to financc Excluded ExPenditures [fthe Association determines at any time that an amount of the Financin8 was used to make a paymenl for an Excluded Expenditurc, the Recipienl shall, promptly upon notice from the Associalion, refund an amount equal lo the amount of such paymeni to the Assocration. Amounts refunded !o the Association upon such roquest shall be cancclled. l Closing D.tc. The Closing Dale is March 31,2015 -'t - SCHEDULE 2 Repaymcnt Schedule Principrl Amount of the Credit rep.yablc Dete Payment Due (expressed as e perccntage)* On each June 15 and Decembcr 15 commcncing Deccmber 15,20t9 to and including June 15,2029 commencing December 15,2029 to and rncluding June 15, 2039 | 65% 3 350/0 + The pcrcentages represent thc percentage of thc principal amounr of th€ Credil (o be rcpard, cxccpt as the Association may ofierwise sp€ciry pursuanr to Secrion 3 Ol (b) of the Gencral Conditions 8 APPIiNDIX Sectio, I. Delinitions I "Excludcd Expcnditurc" meaos any expendih[e: (a) for goods or servic.s supplied under a contract whrch any national or intemational financing institution or agency other than the Associatron or the BaDI has financed or agreed to fioance, or rrhich the Association or thc Bank has financ€d or agrecd to finaoce undcr anorher credit, grant or loan; (b) [or Soods included in lhe followrng groups or sub-groups ofthe Standard International Trade Classificarion, Revlsion 3 (SITC, Rev 3), published by rhc Unikd Nations in Slalistical Papers, Series M, No. 34/Rcv 3 (1986) (the SITC), or any successor groups or subgroups under furure revisions lo the SITC, as designated by the Associarion by nolice lo thc Recipicnt: GrouD Sub-sroup 1L t2t Descnpl,on ofltem Alcohohc bcveragcs Tobacco, un-manufaclured, tobacco refuse Tobacco. manufactured (whetier or not containing lobacco substitutes) Radioactrvc and associatEd matenals t22 525 Pearls, prccious and 667 scmrprecrous stones, 718 118',7 728 12E 4.1 897 897l unworked or worked Nuclear reacrors, and parrs th€reof; fuelelemenls (cartridges), non-irradiated, for nuclear reactors Tobacco procesing machinery Jewelry of gold, silver or platinum group melals (excepr walchcs alld walch cascs) and goldsmrths' or silvcrsmirhs' wares (includinq set sems) 91t Gold, non-monetary (excluding Sold ores and conccntrales) 9 G) for goods intended for a military or paramilitary purpose or for luxury consumplion; (d) for environmentally hazardous goods, the manufacturc, usc or import of which rs prohibitcd under (he laws o[ thc R.crpicnl or intemarional agrccm€nts to which lh€ R.cipient is a party, (c) on account of any payment prohibtted by a decision o[ Lhc Unrlcd Nations Security Councrl talen uoder Chapter vll of the Chancr ot the United Nations; and (0 with rcspect to which the Association determincs lhat corrupt, fraudulenl, collusive or co€rcrv€ praclces wcre cnEa8cd in by rcpr€sentatives ofthe Rccipi€nt or other recipienr of rhe Financint proceeds, wilhout rhc Rccrpicnl (or other such rccipicni) having tatcn iimcly and approprialc aclion salisfactory to thc Association to addrcss such practiccs whcn thcy "General Conditions" means lhe "lnlemalional Dcv€lopmcnt Associalion Ccncral Conditions for Crcdits and Grants", dated July 31,2010 with the modificarions set forth in Section ll oflhis Appendix 3 "Legal Entilies of Public Law" m€ans thc Recipienl's public legal cnhhcs establ ishcd in accordanc. wrth Law No. 2052/IIs dated May 2E, I 999 4 "Loan Agreemenl" means lhe agreemed between the Rccipient and lhc Bank ir suppo( of lhe Program, of the same date as lhis Agrecment; as such agrccmc t may bc amended ftom time to lirne "Loan Agreement" includes all appcndrccs, schcdulcs and aFeem€nis supplcmenhl to the Loan Agrc.mcnl "Program" mcans thc protram of aclions, objcctrvcs and policies desiSncd lo (a) strengthcn legislation to promote markct acccss to the Europ€an Union and improve cusloms €fficiency, power sector reliabrliry, and the quality of gcncral education; (b) improve the coveraBe and traDsparcncy of the budgeti and (c) improve the accessibility and quality ofhealthcare sewices and cfficicncy of largeted social prograrns, as s.t forth or rcferred lo in thc lettEr dated May 13, 2014 from the Recipi€nt to the Association declanng lhe Recipi€nt's commilm€nt to lhe execution of thc Program, and requestint assrslancc from lhc Association in support ofthe Program dunng ils cxccution. 6 "Single withdrawal Tranche" means the amounl oflhe Financing allocatcd lo lhc category entitled "Single Wrlhdrawal Tranche" in the table set fonh rn Part B of Scction II ofSchedule I to this Agrccmcnt - t0 Section II. Modilic.tiom to the C€ncr[l Conditions Thc modifications 10 the Cencral Conditions are as follows- I The last sentence of paragraph (a) of Section 2 03 Gelaling to Applications for Withdrawal) is delered in ils entirety 2 Sections 2.04 (Designate.l AccounLs) andzls (Etigible Expenditu.er) arc delered in thcir entirety, and the remainiog Sections in Anicle II ate renumbercd accordingly 3 "Scction I 02 Sereice Charge and lnterutt Charle (a) Seruice Chorge Thc Rccipient shall pay thc Association a scwice charBe on the Withdrawn CEdir Balance at the rate sF,ccified rn the FinancinS A8rc€menr Thc Service CharS€ sha accrue from the respectrvc dates on which amounts of the Credil are withdrawn aDd shall be payable semi-annually in arrcars on each Payment Date Service Charges shall be computed on thc basrs ofa 360-day year of twelve 3o-day months (b) In@rest Charge The Recipienr shall pay lhe Associarion inrcrcsl on rhe Withdrawn Credit Balance at thc rate specilled in lhe Financing Agreement Interest shall accruc from thc respecnve dates on which amounts ofthc Crcdit are vrthdrawn and shall be payablc semi-annually tn arears on each Paymenr Date ln(erest shall b€ computed on the basis of a 360day year of rwclve lOday ftonths " Sections 4.01 (Project Ercation Generollyl, and 4 09 \Financiol Manogement; Finoncial Statements, Audils) arc de]lt d in therr enlirety, and the renaining S€ctions in Articlc IV are renumbered accordrngly 5 Paragraph (a) ofSection 4.05 (renumbercd as such pursuant to paragraph 3 above and.elat;nE lo Use of Goods, WorkJ ond Senices) is deleted in rts entirety 6 Paragraph (c) of Section 4.06 (renurfibered irs such pursuant to paraSraph J above) rs modified lo read as follows: "Section 4.06. Ploru; Documents: Records (c) Thc Rccipicnr shall rctain all rccords (contracts, ordcrs, invoices, bills, rcceipts and olher documeots) evidencing expcnditurcs under the Financing until two years aft€r thc Closing Date The Recipient shall€nable th€ Association's r€presenlalivcs to examine such records_" ll, ,7 Sccrion 4.07 (r€numbcrcd as such pursuant to parsgraph 3 abov€) is modrfied to read as follows: "Sccion 4 01. Prcgran Monitoring ond Evaluation . (c) The Reciprcnt shall preparc, or cause to bc prcpared, and fumrsh to lhe Associatron not latcr than sir months aflc. lhe Closlng Datc, a rcpon of such scoPe and in such delail as the Association shall reasonably requ€sl, on the exccutiod ofthe Progam, the Pcrformance by thc Recipicnt and the Assocration of their rcspective obliSations undal lhe Letal Agreements ard the accomplishmenl of thc PurPoscs of thc Financing " 8 The following terms and delinitions sel forth in the Append,x are modlfied or del.ted as follows, and the following new tcrms and dcfinitions ar€ added in alphabetical order to the Appcndix as follows, with the tcrms bcing renumbercd accordingly G) The definitron of the tcrm "Eligibl€ Expenditure" is modified lo read as follows: "'Eligible Expcnditure' means any use to which the Financing is put in suppon of thc Protram, othcr than to financc expendrturcs excludcd pursuant to the Frnancing Atrccment " (b) The term "FinancEl Statements" and its definition as scl fonh in thc Appendix are dcleted in their €ntireiy. (c) The tErm "Frnancing Paymcnt" is modified by inscrting the words'lhc Intcrest Charge" between the words "lhc Servicc Charge" and "th€ Commilmenl Charge" (d) A new tcrm called "Interest Charge" is addcd to read as followsi "'lntercst CharSe'mcans thc intcrest charge spccilied in thc Financing Agrccment for the purpos€ ofsection 3 02(b) " (c) The t€rm "Payment Date" rs modificd by ins€(in8 the words "lnt€rest Charges" betwcen the words "Scrvrce Charges" and "Commiimeot Char8es" (f) The term "Projcct" is modified to rcad "Program" and its definition is modificd to rcad as follows: -12- "'Program'means the program r€fened to in thc FinancinB Agrecmetrt in suppon of ,rhich rhc Financing is made.., aii rcfcrences lo ..projcct,, ihroughout these Cene;l Conditions are decmed to be rcferenccs to..program" (g) The term ''Scrvice Chargc" ls modificd by replacing th. reference to Secuon 3.02 wirh Secrion j.O2 (a). - 13,