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LOAN NUMBER E394.GE Loan Agreement Cfblrd Conrp.dttvcr..r rad Crowth Devclopm.nt Pottcy Irttr) baitican GEORGIA end INTERNATIONAL BANK TOR RECONSTRUCTION AND DEVELOPMENT Drted l"/4 d ! ,201{ I.oAN NT'MBER T39'.GE LOAN AGREEMENT Agremcnr J Urq dsrcd CEORGIA ("Bonowc/) and &, J ,20t4, cntrrcd into bdwccn TNTERNATIONAL BANK FOR ' :",#l ARTICLE r *"#T:[';rIf#H,:,": - cEN ERAL CONDTTTONS; DEFTNTTTONS | 01. Thc CcncrBl Conditions (as dcfinEd in thc ApFndix lo rtis Agrcrm.nt) constitutc en inlcgrel pan ofthis A&crmcot. 1.02. Unlesr thc contcrt requirB otherwirc, th. capitrtizcd Erms Agr.lmcnt luvc lhc mca,lings ascribcd to thcrr| i; the C"n.r.f the Appcndix to lhis A8rccmcnl. ARTICLE II usrd in this Corairio* o. l" - IOAN 2.0L Thc Bank agrter to lcnd to thc Borowcr, on thc tcrms.Dd condiljons sat forth or rcfqr.! to in this Agrcrmcnr, thc rmount of scvcnry miffion UnitJlu; Dollrrs (U^S$70,O0O,OOO). aj luch smoun! mly bc f., ti""-rJt-,rl hrouth a Uurrcncy Coovcrsion in lccord.a cr wi6 thc "onr"n.a povisions of rhis Agrcarncnt C,Loen'). 2.m. Thc Boirowcr mry xi ithdraw tbc proc.td5 of rhc Lom io st ppon rn accord.ncc ,0r, with Secrion ofsch.iulc I ro this Agrccmcritl ofscction 2.0i proEIlm of -- thc --- -" -' ' ' ar:1:l!.I"c-p6yahle by rhc Borow.r 6hs( bc .qu!t ro onc quartcr of on. l:pe.ccnt (0.25%), ofrhc Loan amoun 2.04. Thc intaasl payrblc by tha Bonowcr for clch Intqtd paiod shefl bc st I rsfc plus lhc vaiabl€ sPred; of lh€ PrinciPsl amounl of cquel to thc rh. thE amount providEd, thc toan, such Anicla lv of thc Gcncrat con amount orrrrc wrthdrawn pqrmcnt continu6 for s tlc Convarsion pcriod on rclev&t povisionr of r.oan Friod *.ffjiHJt# irty drys, rhco fi" hdi;;;bl"-;;; Bofiowc. shdl instc.d b. c.lcuhtcd .s provid.d in S..tion 3.02 (c) of lhc Gancral Conditiont 2.05. Thc Plymcnt Dites !rc Junc l5 and Dcccmbcr 15 in crch yt5t. 2.06. Thc principal rmount of thc Lorn shall bc rcpaid in 3cco.d.ncc wilh th. moftization scbcdulc sct fonh in Schdulc 2 to lhis A8rccmcnl. 2.07. (a) Thc Borowrr may at any timc rcquesl sny of lhe following Conveasions of thc tcrms ofthc Loan in ordcr lo fscilitrlc prudcnt dcbt rhrnagemcnt: (i) a chrngc of thc Loan Currcncy of all or any Portion of thc principal amounl of thc t-oan, withdrawn or unwithdtawn, lo an Appovcd Curlcr|cy; (ii) . chan8. ofthc intcEst lzl. basis aPptcrble to: (A) lll or any portion of thc principal amount of thc Loen withdrawn and oubEndiot ftom r Vsriablc Rate to r Fircd Ratc, or vicc vcrsa; or (B) all or any portion of lhc principal Emount of lhe Lom withdawn and ouslrndiDg liom a V.nabl. Ratc bascd on a RcfErEncc R.tc and thc Varitblc Spr.id lo s varirblc Ratc blscd on r Frxcd Rcf.rcncc Ratc tnd thc vrrieblc Spned, or vic. versa; or (C) all of the pdrcipal amounl of lhe Loen withdEvn and oubbndin8 ftom a Vadablc Rat. bascd on a Vad.ble Spr.{d to a variabb Rate b.scd on r Fixed SPrcad; and (iii) th. sclting oflimits on th! vlriablc Ratc or thc Refcrencc RitE aPPlicablc lo all or sny portion of lhc principal amounl of the latn withdnwn lnd outsundin8 by th€ cstablisbment of an IotcEst Ratc ClD or lotcresl Ra(c Collrr on thc Verirblc Rrlcor thc Rcfercncc Rat . (b) Any .onv.6ion rcqucstcd pursuant lo paragraph (a) of lhb Scction thrt is lcclptcd by lh. B6nk sh.ll be considcred a "Convcrsion", as dclincd n th€ Gcncral Condilions, and shall bc tfltct€d in accordencc with thc prcvisions ofAniclc lv oflhc Gencral Conditions snd of thc Conv66ion Guidclincs. (c) Promptly followint thc Exccution Datc for an Intarett Ratc Gp or Intq6t R!t. Collar for which thc Bonower ha3 rt4u.sl.i thll lhc prcmium bc paid out of lhc proccais of the Loan, thc Blnk shrll, on b.hrlf of lhc Bonowcr, wilbdr.w from lhc Loan Accounl end pay lo ilself lhc amounts rcquircd to pay any p&mium payablc in accord6ncc wi$ Se.tion 4.0J (c) of fic Gcncral Conditions up to lhc amount allocrtcd from time to tirnc for thc purpolc in thc Lablc in Scclion ll of Schcdulc I lo this Atrccficnl. 2.0E. Without l imilrtion upon lbc provisioDs of St tion 5.08 of thc Gcncrsl Condilions (rcnumbcred s3 such puGuant to paragraph 3 ofscction II of thc Appcndix !o this AgrE mcnt rnd ftlatil].B lo Cooperotiot o"d Coasultation), thc Bonower shall 2 promprly fumish to rhc Bank soch information rchtin8 to th. povisions of his Arliclc Il B tha BaDk lruy, from rioc to tiEc, rc.io bly Equcsl. ARTICLE Itr - PROGMJTI 1.01. Thr Borrowcr dcclsrcs its commitncnt lo ltc prognm end its implemcnt tion. To this end, aod 6rrthcr to Scction 5.08ofthc Gcncr.l Coldition6: (a) thc Borrowcr aDd thc B.nk shall from timc to tirhc, at thc rquear of cithcr parg, qch!'|tc vicws on th. Borowcr's rEacloacoDomic policy ftamcwork end lhc progrllrs schicvcd in c&ryiog oul dlc program; (b) prior to aach such axchan8c ofvicws, thr Bonowcr shall fumish (o rha Ban*, for its rcviiw snd commcnt, ! rcpo.! on thc prcgr.$ rchicvrd in canying out thc Protrsm, in 3uch dctril !! thc Bank shall naronably rcquasq and (c) without limilltion upon thc prcvisions of plr.gaphs (a) lnd (b) of $is Scctioo, thc Bonowcr shlll pomptly i[fonn th. Brnk of any siturtion thrt would h.v€ thc cflcct of matrrially rcvcrsing th. objcctivca of thc Progrrm or 6ry action tskcn und.r thc Progrlm including any action spccifi.d in Scction I ofschcdulc I ro this ASrlrme{t. ARTICLE IV _ REMEDIES OFTHE BANK 4 0l Thi Addilionll Evcnts ofsuspcnsion consisl ofthc following: (a) O) A situation h.s aris€n which shell matc it improbablc that rhc program, or e sigrificsnt pea ofit, will bc carriai out. Thc Borrowrr rhall hsvc fail.d to pcrform any of its obligations under thc FinenciDg Agrcamcnt. 4.02. The AdditioDsl Evcnt of Acccl.rstion consisis ofthc following, nam.ly th.t any . cvcn! rpecificd in S.ltion 4 0l of this Agre-€mcnt occurs and ia continuing for pcriod of thirty (10) days ancr noricr of thc cvart has bc.n givcn by rhc Bink to thc Borrowcr. ARTICLE v - EFFESTIVENESS; TERMINATTON 5.01. Thc Addilional Conditions ofEffcctivcncss consisr ofrhc followint: (a) Th. Brnk is satisficd with thc progr.ss rchicvcd by th. Bonowcr in crrrying out th€ protrlm lrd wih ttc rd.quscy of lhc Borowrr.s mecrocconomic policy frErncwork. -l- (b) Thc Fiuncing ASrcandt b!! hc.n csc4utcd i dclivqcd rnd rll cordirioB prcc.dc to its cfrcctivacss o. to $a right ofth6 Borto*cr lo m.kc ryiddrlerb und6 it (othcr thlr thc aftctivr.ncss of this AgE@rcDt) hrv! b.!n ful6U.d. 5.02. Thc Efl6riv6r.s! Dlrdlirc tu tIrc darr onc hundEd lnd rwarry (l2O) dry! !ficr thc drtc of fiis AttEm.nL ARTICLE VI - REPRESENTATTVE| ADORESSES 6.01. Thc BoIrow.r's Rercs.nlrtivc ii irs Ministcr of Finaoc4. 6.02. Thc Bonowa's Addns! it: MinitEy ofFinrnc. 16 Goryrsali StrEt Tbilisi 0l l4 Gcorgia Flcsimilc: +99532-244n 6.03. Thr Binl's Addrcs! is: InrcrDrrional Banl for R.{onsfuction and Devclopmcnt l8l8 H StI!4 N.w. Werhilgton, D.C. 2tX33 Unitrd Statls of Amcrict addrq$: Tcler: INIBAFMD 24Ea8(MCD or Cablc Wrshi4lon,D,C. 641,15(MCI) 4- Flcsimilc: t\A4n439t AOREED etTbilisi, G.orgia,.s ofthi dry and yceJ first,bovc wrincn, GEORGIA By Nama: MODAP EhADl, Al TirJc: Ltt Nl9TeQ 6T +tplNLe INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT "".", lknBY kbP.Ar-t RqAoru,trbree#'L -5- SCHEDULE 1 Progr.E Actionr; Avrllrb[lty ofLatn proc.ads S.ctloE L Thc rctions tlkcn by tha Bonowcr ufldcr thc Program includc thc following: L The Blrow.r br5: (a) for thc implcrneot rion of thc lew on Cornpctition No. 6l4E-lS dltcd Mly t, 2012, ilrucd lLcrcc No. 2t8 drtcd April 14, iot4 lcning up thc corhpciirion rgarcy; rnd (b) for tha implcmcnEtion of rhc lrw o, FooA Sefcly No. 6155-15 drtcd May t, 2012, isiued: (i) Dccr.r No- !20 d!r.i Mg), 17, 20-l 3 mandrlin8 indiclrion of countsy of oriSin and dar€ of production for ;8gs; (ii) Dctrcc No. I 9t darcd Ju ty 30, 20 t 3 derining rhc rulcs of bio-production; iiii) L:w No. l915 ditld Dciambir 2T, 20ll meking rhc viotarion of food tabcting an offcnsc; .nd (iv) thc 20t4 budgd mekinS bud8.l provisiors for an ddirionetl EO staII in tha Nrdons.l Food Agcncy. 2. Thc Bo[owq's Rcvenuc Scrvlcc within the Ministry ofFinaocc ha! adoptcd the tradc frcilitation aystcm !o intcgrat€ customs proccsscs and siftplify rranarctions for handlint conraincrs in sc! po.ts. 3 4. Thc Borowcr's Nrrion.l En€rgy.nd Watcr Su9ply Rcgutalory Commiasion hrs ldiptcd thc nrw hnsmission grid codc by viruc of DccEc No. lO darcd April 17, 2014, purlurnt to l:w No. 1902-RS dered D.ccmbcr 27, 20t3 amcndinS tic lrw on Elcctsiciry and N!tural cas No. El6 drtcd Junc 27, t99?; .nd Minist.rial Order No 5 drtcd January 31, 20t4 of thc Bonowcr's Minkt€r of Encrgy .mcnding $c Elccrricity (Capaciry) Market Rulcs Thc Borrowrr's MinisLr of Educltion and Scicncc has issued Ordcr No. l8O d.lcd May 2,2013, Ord.r No. 960 darrd Dcccmbcr 3. 2Ot3 and Ord.r No. 220 deted March 4, 2014, to catlblish a ftsmcwork for th. monitorinS of lhc implcmcntrtion ofthe ncw narional cuniculum for primary, basic and siondary cduc.tion. 5. Thc Bonowci'r MiniltcI of Educ.tio! and Scicncc h&s issuad Order No. 39N dricd Merch 2E, 2014, adoptilt prof.ssional slandards for tcachcB which dcfinc profcssionll chuarctaristics, knowlcdgc and skill rcquircm€nts pcrtahing to: (a) thc tclchin8 (b) r.rchingflcarnint proEcss; and (c1 profisionj -cnvironmcnt; dcvclopmcnt for cach cacgory oftcachars. 6. Ordca No. 162, fUc ncw qullily ich c.rtiti.d 9Et 6 7. ThG Borrowcr's Ministry of FiDancc ha! conrolidat.d the finrncill rcrDrts prcparcd by all ccntral govcmmcnt budgctary orylnizations, in s.rordftc€ with lhc modificd crth.blsis intcflationrl public sc.tor lccouDtins st ndrr& (lPSAS). 8. Thc 20 I I budg€( pcrformaDcc of rll ccntal govcmmcnl Lcgal Entilics of public Law has bccn madc availablc on thc e-budgcl lnd thc Borrowd'! Ministcr of Finrnce h.s issucd OrdcrNo 77 datcd March 14, 20t4 and frcr No. 442 dtrrd Dccembcr 31, 2013, re{uirint ill ccikal Bovcrnmcnt L.gal Enlitics of public Law to submit lhcir rerpcctiv€ budgct pqformsncc oumbe6: (a) for 2014 cithcr throu8h thc c.bud8ct or throuSh herd copics; rnd O) for 2015 onwErds only throu8h thc c-budgct. 9. Thc Bonowcr's Minister of Labor, H6llh and Social Affairs issucd Orda( No. 0l-25/n datcd Junc 19, 2013, for rhc implemcotstion of upgrad€d shndrrds for facilitics providing primary hcalth carc. 10. The Bono\r/cr's Minislry of trbor, HE:lth and Social AfTai6 hes adoprcd rhc pcnsion modulc of thc social informrtion managcmcnl syskm throughout tho Borrower's tenitory, Seadon II. A. Cancr!|. Thc Borrower may wiudr.w the procccdr of lhc La6n in eccordancc Avril.bility ofLo.n Proce.dr with lhc provisions of rhis Sccrioo and such addiliooal instructions as thc Bank may spccify by noticc to thc Bonowar. B. Alloc.(ion of Lorn Amourtr. Tha Loan (exca{t for sftounts G4uircd to psy thc Fronland Fce) is allocatcd in a smglc withdr.wd rrsncbc, ftom ,r,hich rhc Borrowcr may makc withdrawsls of thc Lan proclrds. Thc ellocrtion of rhc arnounrs oflhc Loan to this cnd is sct out in thc tablc bclow: Amourt ofthc lrao Allo..t d (.rpre$ad ln Doll.rs) Allocatlons (l) Single Wi6drawal Tnnchc 69,825,000 (2) Font-cnd Fcr l?5,000 (3) Amount due pursuant lo S€ctron 2.07(c) of rhis Aprecm€nr TOTAL AMOUNT 0 70@0.00a 1 c. Withdr.wd Trrnctc Rd.at. Condltions No withdEwll shill bc m.dc ofthc Single Whhdrawll TEnchc unlcas thc Brnk i! csti!ficd: G) rvith $c Progrem b.ing cerricd our by rhc Bonowc, and (b) with lha ldcqurcy of thc Borowcr's mlcrocconoaic policy ftlmcwork. F. Ir.po.ltt oIl,o.n AEouEr!. Exccpt.s thc Bank mry oth6t isc !gr.r: l. all wittrdrawals fiom thc Lorn AcJount shlll bc dcpo3itad by tha Blnk into !n icaount desigrlrcd by dlc Borrowcr . ecceptrblc to thc Benk; and 2. thc Borower shrll cnsura that upon rach dcposir ofsn emount of thc Lola into this account. an tquivalcot amount is accouDtad for in lhc Borou,cr's budgct mamtcmcnt rystcm, in t mrnncr rcccptsblc to thc 8.. G. Erdudad Erp.nditur.t. Thc Borowcr undcrtrlcs thst thc procc.ds of th. tat[ shell not bc ured to finrncc Excludcd Expcnditurcs. Ifthc Brnk dctcmincs rt 8ny timc lhal !n dnount of lhc Loan wa5 uscd to mskc e payment for an Ercludcd Erpcnditurc, thc Bonowcr shall, promptly upon noticr from thc Bmk, rcfond 5tr etr|ouot cqual to rhc rmount of such paymcnl to the BauL Amounts t!fundcd lo lhc Blak upotr such n4ucst sMll bc csnccllcd. H. Cloring D.t.- Thc ClosinS Dsrc rs March 31,2015. 8 SCIIEDULE 2 Amordz.don Schcdula L In!trlld€nr Sh.r€ Principol Pry,nent D.te (Erprcs3ed es s Perccnt!gc) On ach Junc 15 aod5ccGEIl3 BctinningDccclnb.r 15, 2024 lhrough Dc.!mbg' 15.2038 ,.330/o On Junc 15,2039 3 43% -9- tmou,|ts Efcrrcd to in prragraph 4 ofthis s..hedulc, to \rhich CoDvcrsion rpplics. . curllrrcf 3. morc lhan onc Lan Curlcncy, cly to thc smount dcnorhinatcd rrlc amortizrtion schcdulc for ,t0- ATPENDD( S..doo I. Dcfinltion. l. "Excludad ExpcndituE'crlos roy cxFodituE: G) for goods or scrvicrs supplicd under a contract which lny nitionll or inlcmalionel financing instirution or lgcncy orhcr than thc Brnk or th. Associalion has financcd or sgr€.d !o fin.trc., or which thc Blok or thc AssocialioD brs firanccd o, a8r.rd to finn cr undd aDothcr to6n, crcdir, or Fant; (b) for toods includcd in thc following groups or 3utrgoups oflhc Shndard Intcmational Tradc Classification, Rcvision 3 (SITC, Rcv.3), pubtishcd by Uc Uoircd Narions in Sr isrical Papcrs, Scria. M, No. 34/Rcv.3 (1986) ($c SITq, or any successor grouF or subgroups undcr futur. r€visions lo the SITC, ai dBign.tri by thc Blnt by notic. ro thc Boraowcr: Group Sub-srouo \t2 Dcscription ofltcm Alcoholic bcvcrages l2r Tobacco, un-menufsctuEd, t22 lobac.o rcfusc Tobacco, manufactur€d (whcthcr or not conrrinint tobacco subslitut.s) RadioactivE and associalld 525 mrtcrials 667 Pcerb, pnciou! and 718 scfiiprccious stonc!, unwortcd or workcd Nuclclr rcactoI!, rnd psrts ? 18.? thcrcof; fucl Glamcntg (clrtidgcs), troE-irlldr.tcd, '728 728 43 897 897 3 for nuclaar Itactol! Tobac€o pro.Gsing m6clincry Jcwclry ofgol4 silvcr or pladnum taoup mo!.ls (cxccpt watchcs and w.tch car6) md goldsm iths' or silvc.slniths' warcs (includinp sat ccms) 97t Gold, non-monctsry (.xcluding gold orcs end conccntrales) .tl- (c) (d) (c) for t@ds. itrt?ndcd for s niliEry or plnmilit!ry pu.pose or for lurury consrnnption; for.cnvironrnefilally h.zardour goods, tI. manufacturc. usc or imDort 6f wtucn ls prohibitcd undcr thc hw. of thc BoEower or inrcmrrionai lgrccllcnb to which lhc Bonower is a pany): l.co'lot o! eny pnymcnt prchibircd by a dccision of thc Unircd NIrons sccunty Council t.kcn undcr Chaptcr VII of the Ch!.rc? ao]r ofthc Unitcd Netion ; lnd "Gcnct.l Condirions" mcins thc ,,lnt marional Bank for RcaonsEuction lnd Dcvllophcnt Gcncral Conditions for toans", datcd Mrrch 12, 2012 with th; moortrcartons ,ct forth in Saction I[ ofthis AprEndix. 4 "Lcgel EnlitiB of Public Law" m.ans thc Borrowcr,s psblic lc8ll cst blishcd in lct4rdrnc! with Law No. 20524ts dar.d 6 M.y it, t999 " cntitics "Singlc Withdlar,,,el TraDchc', mcars thc amounl of thc Loen allocatcd to thc catcgory .ntirl.d "Singlc wirhdrswal Tranchc,,in rhc kbl" fo,r; i; Scction II ofscb€dulc I to this AgrcrmcDt. *t i;;;i S.c(otr II. Mod lcrdor. to ttc c.r.nl Co&tidon, Thc modifications to tho Gcncr.l Conditions src as follows: ' 2. 3. 4. 5. ffifi':l'il::,:IilT:j,l:l:'*'ion 203 (r.ra,in8 Sccrions 2.04 (Da, igated lccout ;-';;;;:",y::riff J".#Jlfi,I,*fl [,,if f _-"tri1yp# j"J# ts) I Scdions Financio S€ctions (Finarciol ita,,agem.dt; l'.5.@ coluEty' ud lhc rcmaining Paragraph (a) ofsccrion 5.05 (rcnunb and rct ating a (rs e or G odi, ffi ;;lffi):i ,!,,j:;:il i, t".#"U,** P.sratraph (c) of Scciion 5.06 fr.nu aoovc) rs modificd to rcad * follo,rr, nh'd ts luch pusuanr to par.Sdph 3 "Scclion 5.06 plzns; Docltncn|i 6 r,o Appric.rio* ror Record, :;r,:fi.'.1"1,':jr:ffixil;,1fl"* ss such pu.!.nt ,o ps*srrph j Scchon S-07. progrom Monitoring ord Eyaluatto| 7 ppendix arc modilicd or daffnitions lIc lddEd in tarrrE baint ralurrtbcrcd -t3- I (a) Th. dctinition of rh. t rm -Elitiblc Exp.ndiur" is modificd to rcrd !r followt: "'EliSiblc Ex!.rdiErc' mc.ns rny use !o which thc Loln is pur tE luppon of thc PrograD, othd th',l to firlncr cxpqditurc. cxcfudld pursuant to thc Lorn Atrccnranl" (b) Thc t rm "Financial Strtcmcnts" and its dcfinition ira dclctcd in .ntircty. (c) "Proj€ct' "S thBr Gcn.rslCondi Thc t€lm thcir B rtrodiGcd ro ft.d ,rr "'ProSmm' mcans thc program rcfcrcd ro in thc Loan Agrccmcnt in supportofwhich thc Loan is medc... (d) Thc dcfinirion of lh€ lerm ,,Loan psymcnt'. is modificd to rEad ss follows: the Variablc SP.cad Fixing c upon thc cstrblishmcnl of Collar, snd any Unwinding -14-