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ბიუროზე განხილვის თარიღი 2012-05-21
ბიუროს ნომერი 248
📜 ტექსტი
ხელშეკრულება
LOAN NUMBER 2843.GEO
lAdditional to Loan No 2560-GEO (SF)l
LOAN AGREEMENT
(Ordinary Operations)
(Road Coridor lnvrstm€nt Progrdm - Pro,ect 1 )
betw€en
GEORGIA
and
ASIAN DEVELOPMENT BANK
GEO 41122
LOAN AGREEMENT
(Ordlnary Operations)
LoAN AGREEMENT dat6d Ao, I I b . )A /2
'
j:-("Bonowea)andASIANDEVELOPMENTBaN-RTIEEr
b€twe€n GEORGTA
WHEREAS
(A)
by a frame$/ork financing agre€ment dated 29 August 2009 between
the Borrower and ADB fFFA"), AOB has agreed to provde a multilranche linancing tacility
('Fadlity') to lhe Bonower tor tho purposes of financing projects under the Road Corridor
lnvestment Program (ths "lnv€stment Program"):
(B) by a loan agreement dated 29 October 2009 (Loan No. 256G
GEqSF): Road Comdor lnwstment Program - Pro,ect 1) (the 'lnitial Loan Agraemonf ).
ADB agreed to make a loan in various currencies equival€nt to s€v€nty-tiw millbn eight
hundred nln€ty-two thousand Special Drawing Rights (SDR 75,892,000) for the project
described in Schedulo 1 to the lnitial Loan Agresment (ihe'Projecf)i
(C)
by a periodic financlng Gquest dated 14 Nov€mb€r 201l ('pFR'), Ue
has
U,onowe.
applEd to ADB for a loan ,or the purposes of providing addilional financing tor
the Projecl; and
(D)
AOB has agreed to make a loan to the Bonower from ADB,S ordinary
capital resourcas upon the terms and conditions set forth h€r6in;
NOW THEREFORE the parties hereto agree as fottows:
ARTICLE I
Loan R.gutadons; Dofi nitlons
Section'1.01. All tho provisions of the Ordinary Oporations Loan
Regulations Applicablo to LIBOR-Based Loans Made from ADB'S Ordinary Capitat
Resources, dated 1 July 2001 ('Loan Regulations'), are hereby m8de applicable to this Loan
Agre€monl wilh the sama forcs and efi6ct as if they wero fully set forth herein, subjsct,
however, to the following modifications:
(a)
Section 3.03 is doletod and the foflowing is substitutsd theretor:
Crcdlt.
Commhment Chargs;
(a) The Bonower
shall pay a commitment charge on the unwitMrawn amount of
the Loan at the rat6 and on th6 terms speclfled In the Loan
Agreement.
(b) AOB shall provids to the Bonow€r a crsdit at
the rate specjfied in th6 Loan Agreement, which crodit shall
2
rBmain fixed for the term of the Loan. ADB shall apply the
amount ol the credit against tho rnterest payable by the
Borrowgr.
(b)
Soclion 3.06 is deleted and lh€ tollor'Ying ls substltlJtsd therofor
Seciion 3.06 Rsbat€
(a)
Following any announcemenl by ADB that the
Fix€d Spread applicable lo new Loana 6hall be reducad, ADB
shall provide a Rebats to any Borrower with an outstandlng
Loan on which a hqhor Fixed Sprrsd is applicable. The
amount of the Robats stEll bo determinsd by multiplying (i) lhc
differ€nca betw€€n the Fixed Spread appficable to the
outstanding Loan and the Fixed Sproad thot will bs Eppll€d to
new Loans (expressod as a perc€ntage por annum), by (ii) tho
principal amounl ot the outstanding Loan on which lho
Bonowgr shall pay interest for all interest poriods commancing
on and after thg efl€ctvo date of lhe lowgr Fixed Spread that
will be applied to new LoanE.
(b)
Following 8ny announcemont by ADB that its
Funding Cost Margin calcr.rlations wlth rosPoct to any Loan
Curency (or Approved Cunency) in any S€m€ster resullod in
ADB achieving savings, AoB shall provide a Rebalo to tho
Bonower. Tho amount ol tho Rebate shall b€ d€termined by
Cost Margin (oxpr€ssed as a
i) lhe principal amount ol the Loan
pay interest for the lnterest Perlod
commendng mmgdialely after the Somester for which the
Funding Cost Margin was calculated. AOB shall apply tho
amounl of the RBbat€ against the interost payable by the
Bofiower for lhe lnterosl PErbd commencing immodiately atter
the Sem€ster lor which lhe Funding Cost Margin was
calculated.
(c)
Section 3.07 is deletsd and th8 following is substituted thersfor
Section 3.07 Surcharg€
(a)
Following any announcement by ADB that the
Frxed Spread applicable to new Loans shall b€ increased, any
Bonoy/or with an outstanding Loan on which a lower Fixed
Spresd is applicable shall pay AoB a Surcharge. The amount
of lhe Surchargo shall bs det€rmined by multiplying (i) the
diftorence betwesn the Fixod Spread that will be applied to new
Loans and the Fix6d Spread appllcable to the outstanding Loan
(expr€ssed as a p6rcantage per annum). by (ii) the principal
amount of the outslanding Loan on which the Bonower shall
pay interest tor all intorest periods commerrcing on and afl€l
3
lhe sffsctive date of the higher Fixed Spread lhat will be
applied to new Loans.
(b) Following any announcement by ADB that its
Funding Cost Margin calculations with respect to any Loan
Cunency (or Approved Curency) in any Semester r€sulled in
ADB incuning additional cosls, th€ Borrower shall pay ADB a
Surcharge. The amount of the Surcharge shall b€ determined
by multiplying (i) the Funding Cost Margin (expressed as a
percentage per annum) by (ii) the principal amount of the Loan
on which the Borrower shallpay interest for the lnierosl Period
commencing immediately atter the Semester for which the
Funding Cost Margin was calqrlatsd. ADB shall add the
amount of the Surchargs to th8 lnlerest paydbls by the
Bonowor for the lnterest Period commencing immsdiatoly aftsr
th€ Semester tor which the Funding Cost Margin was
calculatgd.
Section 1.02
Wh€rever used in lhis Loan Agroement, the several
terms delined in the Loan R6gulations havo the raspective meanings thorein sot forth unless
modifisd horeln or the mnlexl otherwisa requires. Additional terms us6d in this Loan
Agreemeni haw thg follo\ ring meanings:
(a)
'Additional Financing Soction" means the section of the proj€ct Road
point
commencing at th8
which is approximately 12.4 kilom€ters and ondlng at th€ point
which is approximalely 31 kilometers, in each cass from the start of the projoct Road;
(b)
"Consultng cuidelines" means the Guidelin€s on the Use ol
Consultants by Asian Developm€nt Bank and its BorrowErs (2010, as am€nded from time to
time);
(c) "Consulting Servic€s- means ths services to be linanc€d oul of the
poceeds ot lho Loan as describ€d in paragraph 3 of Sch€dule I to the tnitiat Loan
Agreement;
(d)
"Environmental Assassment and Review Framework, or ,EARF"
moans the environmenlal assessmenl and review framework for the lnvestment Program.
including any update therelo, agreed betwe€n the Borrower and ADB and incorporated by
referenc€ in the FFA;
(e) "Environmental lmpac{ Ass€ssment'or "ElA. means lh6 environm€ntal
impact assessment lor the Addltional Financing Sectlon, including any update ther6to,
prepared and submitted by ihe Bonower pursuant to tho requiremonts set forth in th€ EARF
and cleared by ADB;
(l)
'Environmental Mansgement Plan" or'EMp' means the environmental
manag€m€nt plan for the Additional Financing Section, including any update ther6to,
Incorporated in the EIA;
(S) "Envlronmontal Safeguards" mgans the principles and requrromenls
set forth in Chapter V, Appendix 1, and Appendix 4 (as apgticabte) of lhe SpS:
4
(h)
"FPU'means th€ Foreign Projoct I'Jnit established within ths RO for the
purposes of development and implementation ol ail agency financed pojects. including the
Project;
(i) "Goods' meens oqulpm€nt and materials to be financed oul of the
proc€€ds of fle Loan, including related sorvicas such as transporbtion, insuBnce,
installation, commissioning, training, and inilial mainlenanca, but excluding Consulting
Servicas;
0)
'lnlroluntary Resettlom€nt Saf€guards' means the principles and
r€qulBmonts set forth n Chapter V, Appondix 2. and App€ndix 4 (8s applicabl€) ot the SPS;
(k)
'Loan Disburs€ment Handboof means AOB'S Loan Olsblrsomont
Handbook (2007, as amended from timo to time)i
(D
'MORDr mean8 lhe Ministty of Roglonal Ebvslopment and
lnfraslructur6 of the Borrolvar;
(m) 'PAM' means th€ proisd administrstion manual for lhe Proj€ct datod
20 D,ecamber 2Ol1 and agr8ed between the Bonower and ADB, as updatod from tlme to
timo ir accordanc€ with the r€spectiw administratiw procadurgs of the Borrow€r and ADB;
(n)
-ProqJrBment Guidellnos' means ADB'S Pro@rem€nt Guldellnes
(2010, as smended from time to time):
(o)
"Procuremenl Plan" m€an6 lhe proqJrement plan for th6 Pro.iec,t dated
20 Decamber 2011 and ag.e€d b€tlBen thc Bono\rrer and ADB, as updated lrom time lo
timg in accordance with the Procuremont Guidelines, lhe Consulting Guidelines, and other
anangements agroed with ADB;
(p)
'Project Exscr.rtjng Agenct' for the purpos€s of, and within the
msaning of, the Loan Regulations, means MORDI or any succ€ssor herelo accEplable to
ADB, which is rEsponsible tor th€ carrying out of the Proioct;
(q) 'Projoct facilitigs' moa.ls the equrpmsnt, materials, suppli6s and
facilites prgvided, r6habilitated or rsconstn cted or to bo provided, rohabllliated or
rsconstruc,ted under the Pojec{;
(r)
'Project Road' means lho road b€tw€en Cholok and Mekhiniaui
totalling approximalBly 34 kilometBrs lo b€ consbucted, rehsbililaied or imprcved under the
Project, as described in Scl|edule 1 to th€ lnitial Loan Agreoment;
(s)
'RD' means the Roads Deparlmsnt of MORDI or any succ6sor
[loreto accaptable lo ADBI
(t)
'Resettlement Framework'or'RF means tho resottloment framework
for th€ lnvestlnenl Program, induding any updale thereto, agrBed b€twsen ths Bonowsr and
ADB and incorporated by rsterenc€ in the FFA;
5
(u)
'Resettlement Plan'or "RP' means a r€settlement plan For a section of
the Prqect Road, inciuding any uNate thereto, prepared and submitted by h€ Bonower
pursuant to the requiremenls set forth in ths RF and cleared by ADB;
(v)
"Safeguards Monitoring Report' means each rsporl prepared and
submitted by lhe Borrowor to ADB that describes progress with implem€ntation of, and
complianco with, the EMP and each RP (as applic€ble), including any conective and
prevenlalive aclions;
(w) "Safeguard Policy Slatement' or 'SPS' m6ans AOB'S Saleguard Policy
Statem€nt (2009); and
(x)
1/orks" means construction or civil works to be financed out of the
proceeds ol tho Loan, including services such as drilling or mapping, and projecl relaled
servic€s that are provided as pa( of a singlo .esponsibility or tumkey conlrad, but exduding
Consulting Services.
ARTICLE II
Tho Loan
(a)
Section 2.01
ADB agees to lend to the Bonowsr trom ADB'S
ordinary capilal resou.cos an amount ot one hundred lorty milllon Doltars (S140,000,000), as
such amount may bo con\rertod lmm time to time through a Cunency ConveEion in
accordance with the provisions of Sec{ion 2.06 of this Loan Agrg€ment.
(b)
The Loan has a principal rapaymont podod of 20 yea6, and a grac€
perlod as dofined in subsection (c) hereinafter.
(c)
Ttl6 term'grace period'as used in subseclion (b) hereinabove m6ans
th€ period prior lo lhe first Principal Payment Date in accordanc€ with lh€ amortization
schedule sat forth in Schedule 1 to this Loan Agreoment.
Section 2.02.
The gonower shall pay to ADB interest on ths principat
lhe
amount of
Loan withdrawn and outstandlng from time to tim6 at a rale for each lntor€st
Period equal to the sum of LIBOR and 0.60% as provided by Secton 3.02 of the Loan
Regulations, loss a qedil of 0.20% as provided by Soction 3.03 of the Loan Regulations.
Section 2 03.
The Bonower sha pay a commitment charge of 0.15%
per annum Such chargo shall accruo on tho full amount ol the Loan (less amounts
withdEwn from tims to timE), commoncing 60 days after the date of this Loan Agreement.
2.04.
Section
lnteresl and olher charges on the Loan shall be payabte
semiannually on 15 January and 15 July in each year.
2.05.
Section
The Bonower shall repay the principat amount of the
Loan withdrawn from th€ Loan Account in accordanca with the provisions of Schedule 1 to
this Loan Agreemont.
6
(a) The Borowor may at any tim€ requ€st any of
Section 2.06.
the following Conversions of the terms ol lhe Loan in ordEr to facilitete prudoni debt
manag6ment:
(i)
a change of ths Loan Cu[Bncy of all or any portion of the
principal amount ol the Loan, whether withdrawn and
outstanding or unwilhdrewn, to en Approved Curr€ncy;
(ii)
8 changs ol the intorest rate basis applicable to all or any
porlion of tho principal amounl of lhe Loan withdrawn and
outslanding from a Floating Rat€ to a Fixed Rate, or vico v€rsa;
and
(iii) the setting of limits on lhs Floatlng Rate applicable lo 8ll or any
portion of th6 principal amount of lhe Loan wlthdrawn and
outstsnding by lhe establishmsnt of an lnterest Rate Cap or
lnter€st REt6 Collar on said Flostlng Rate.
(b)
Any conYersion request€d pursuant to subs€crion (a) h€reinabow that
is accapted by ADB shall be considsrsd 6'ConltrEion', as dsin€d in Section 2'01(6) of tho
Loan iegutations, and shall b€ effscled in accordanca wllh th6 provisions of Miclo V of th€
Loan Regulations and ttlg ConvBrsion Guidollnes
,*,,ll"j'"|'*".*"
3.01.
Tho Borower shall causo tho proc€eds ol th€ Loan to
Sectlon
b€ applled to the flnancing of expsnditures on th€ Project in accordanca wilh the provi6ions
of thls Loan Agre€monl
Th€ procseds of tho Loan shall be allocatsd and
Section 3.02.
withdram in accordance with the povisions of Schedule 2 to this Loan Agrsement, as such
Schqdul€ may b€ amended from time to tims by agreement belwegn lhe Borrower and ADB.
Except as ADB may otherwise agree, lhe Borrower
S€ction 3 03.
procured.
the items gf expendllure to be financed out of tha
procure,
or cause to be
shsll
with
the provisions of Schedule 3 to this Loan
procoeds of the Loan in accordance
Agroement. AOB may r€fuse to finance a contract wherg any such item has noi b€€n
procurod under prDcedures substantially in accordance wih those agreed betwEon the
Borrow€r and ADB or where the terms and conditlons of the contract are not satisfactory to
ADB,
Except as ADB may otherwise agrs€, the Bonower
Seclron 3 04.
sha c€uso all items ot expenditure linanced out of tho proceeds of lh€ Loan to be used
exclusiwly in the c€rrying out ol trle Project.
7
The Loan Closing Oale for tho purposes of Section 9.02
Section 3 05.
ol th6 Loan Regulations shall b€ 31 December 2015 or such other date as may from lime to
timo be agreed b€tween the Bonower and ADB.
,",]]J,'.'"'"1""*
Seclion4o1. (a) Ths Borcw€r shall cause th€ Project to be
canied out with due dilEenc€ and 6ftici6ncy and in conformiv with sound applic€blo
technical, fl nancial, bushsss, and development practices.
(b)
ln the canying out of the Project and operation oI tho Projoct facilltles,
perform,
or cause to be pBrformed, all obligations set forth in Schedulo 4
th€ Bonower shall
to this Loan Agre€monl.
4.02
Th€ Borow€r shall make available, promp(ly as
Section
needed, tho funds, ,acilitigs, seMces, land and olier r€sources, as roquired, in addilion to
the proceeds of lhe Loan, for the carrying out of lhe Pro,ect and fo( th€ op€ration and
maintsnanc6 of th€ Pro,ect facilities.
4.03.
(a)
Whenever applic€ble, in the carrying oul of the
Projgct, the Bonower shall causa competent and qualifisd consultants and contractors,
acc€ptable to ADB lo be employed to an extonl and upon lerms and conditions satistactory
to the Bonower and ADB
Secuon
(b) The Borower shall c€use the Ftojact to be c€nbd out in accordancE
with plans, design standards, specifications, work schedul€s and construclion methods
acceplable to the Borrower and ADB, as appllcabls. The Borow€r shall furnish, or caus6 to
be fumished, to ADB, promplly afler their praparalion. such plans, deslgn stsndards,
spocifications and work schgdules, and any material modillcalions subsaquenlly madE
lherein, in such detail as ADB shall reasonably request.
Section 4 04.
Tha Bonower shall gnsure that the acttvrties of its
departments and agencies with resp€cl to the carrying out ol th€ Project and operation of the
Proj€ct tacillti€s are conducted and coordinat€d in accordance with sound adminislrative
policies and procodures.
(a)
Section 4 05
The Borrower shall (i) maintain, or cause lo be
maintained, separat€ accounts tor the Project; (ii) havo such accounts and retated llnanciat
statements auditsd annually, in accordance with appropriate auditing standards consistently
applied, by indspendent auditols whos€ qualiflc€tions, Experience and terms ol rofgrenco are
acceptable to ADB; (iii) furnish to ADB, as soon as availabl€ bul rn any event not later than
6 months after lhe 6nd of each related liscal year, certified copies of such audiled accounts
and financial staiements and ths report of ths audiloc relating thereto (including lhe auditors'
opinion on the use of the Loan proceeds and comphance with the financial covenants of this
Loan Agreement as well as on the use of the procedures for imprest accounl and statement
of exponditures), all in ihe English language; and (iv) furnish to ADB such other rnlormation
8
conceming such accounts and linancial statemenls and th€ audit lhereol as ADB shall from
llm6 to time reasonably request.
(b) The Bofiolv€r shall enable ADB, upon ADB'S rEquest, to discuss tho
Bonow€/s linancial statemsnts lor tho Projocl 8nd lls linancial atlairs relat€d to the hojsct
from time to time wifl lh€ auditors appotnt€d by the Eonorrer pu^iuant to subssction (a)
heroinabow. and shsll authonzo and roquiro any rsprsssntative of such auditoc to
participat€ in any suci discussions requested by ADB, pmvided that any such discussion
shall ba conducled only in the preseflco of an aulhorized oticer o, the Bonowor unl€ss lhe
Bonow9r shall othsrvris€ agres.
The Bonowsr shall enable ADB'S representatives to
Works,
and any relovant records and documents
inspect the Projecl, the Goods and
Seqtion 4.06
Thq Bonowsr shall ensure that any facilities ro16 nt to
lhe Projecl are operiitd, maintainod and repaired in accordance with sound appllcablg
lechnical, flnancial, businoss, development, operational and maintenance practices
Section 4.07
ARTICLE V
Etl9Ellr,lnatr
5.01.
A dato 60 days aftsr lhe date of this Loan Agr€ement ig
this
Loan AgrEment for th€ purposes of Soctlon 10,04 of
sp€cfi€d for he effectilrnoss of
the Loan Regulalions.
S€ctioo
ARNCLE VI
Miscollaneou8
The Minister of Finance of the Bonower is d€signated
Section 6.01.
for
lhs purpos€s ol S€clion 12.02 of the Loan Regulations.
as representatlve of the Borrower
The following addresses ar6 sp€cilled for the purposes
Section 6.02.
of Sec{ion 12.01 ol ths Loan Regulations:
For lhe Bonowsr
Ministry of Financ€
16 Gorgasal Sfoet, 0114
Tbilisi, Georgia
9
Facsimile Number
(99532) 2261 461.
For ADB
Asian Developmonl Bank
6 ADB Av€nue
l,landalurcng City
1550 Metro Manila
Philippin€s
Fac6imile Numb€rs:
(632) 63e2444
(832)636-2428.
lN WITNESS WHEREOF the p8rties hereto, acting through their
reprgs6ntativgs thereunto duly authorizod, hav6 caused this Loan Agreement to bo signed in
their rBspsctlve nam6s as of the day and yoar flrst abow written and to be dellv€red al the
principal office of ADB.
GEORGIA
DIMITRI GVINDADZE
Minister of Financ€
ASIAN DEVELOPMENT BANK
XIAOYU ZHAO
President (Operations 1)
10
SCHEDULE I
Amortlzstlon Schedulo
(Road corfidol lnva3tment Program - Prolocl 1)
1.
Tho following tiablo sets forth hs Principal Paym€nt Dales of lh€ Loan and the
percentage of the total principal amounl ot ths Loan payable on each Principal Payment Date
(lnstallment Share), lf the proceeds of ths Loan shall hav€ been fully withdrawn as ol the
lirst Principal Payment Date, the principal emount of lhe Loan repayablo by the Bonow€r on
each Principal Paymsnt Oate shall be detsrmined by ADB by multiplying: (a) the total
principal amount ol the Loan withdrswn and outstandlng as ol tho first Principal Payment
Datg; by (b) the lnstallment Share for 6ach Princip€l Paymont Date, such rgpaym€nt amount
to be adjusted, as nsc€ssary. to deduct any amounts refonod to in paragraph 4 of this
Schedule, to which I Currency ConwGion appli€s
Pavment Dus
lnstallmeni SharE
(ExprBssod as a %)
15 January 2017
15 July 2017
2.500000
2.500000
2.500000
2.500000
2.500000
2.500000
2.500000
2.500000
2.500000
2.500000
2.500000
2.500000
2.500000
2.500000
2.500000
2.500000
2,500000
2.500000
2.500000
2.500000
2.50,0000
2,500000
2.500000
2.500000
2.500000
2.s00000
2.s00000
2.500000
2.500000
15 January 2018
15 July 2018
15 January 2019
15 July 2019
15 Janusry 2020
15 July 2020
15 January 2021
15 July 2021
15 Janvary 2022
15 Joly 2022
15 January 2023
15 July 2023
15 Ja uary 2024
15 July 2024
15 January 2025
15 July 2025
15 January 2026
15 July 2026
15 January 2027
15 Juty 2O2f
15 January 2028
15 July 2028
'15 January 2029
15 July 2029
15 January 2030
15 July 2030
15 January 2031
11
Schedule 1
15 July 2031
15 January 2032
15 July 2032
l5 January 2033
15 July 2033
15 January 2034
15 July 2034
15 January 2035
15 July 2035
15 January 2036
15 July 2036
Total
2.500000
2.500000
2.500000
2.500000
2.500000
2.500000
2.500000
2.500000
2.s00000
2.500000
2.500000
100 000000
2.
lf the proceeds o, the Loan shall nol have been fully withdrawn as ol lhe first
Principal Payment Date, the principal amount of lhe Loan repayable by tho Bodower on each
Principal Payment Oate shall b€ determined as follows;
(a)
To the extent that any proceeds of he Loan shall haw been withdrawn
as of the first Prlncipal Paymsnt Date. th8 Bofiower shall repay the amount withdrawn and
outstanding as of such dato in accordanc€ with paragraph 1 ot this Schedule
(b)
Any withdrawal made after the first Principal Payment Date shall be
repaid on each Principal Payrnent Date falllng afler the dat6 of such withdrawal in amounts
determined by ADB by multlplying th€ amount ol each such withdrawal by a fraction, tha
numeiator of which shall be the original lnstallment SharB spgcified ln the table in paragraph
'I oI this Schedule for said Principal Paymont Dat6 (ihe Original lnstallment Share) and the
denominator of whici shall be lhe sum of all remaining Original lnslallment Shar6s for
Principal Payment Oates falling on or after such date, such repayment amounts to be
adjusted, as necessary, to deduct any amounts relerred to in paragraph 4 of this Schedule,
to which a Currency Conversion applies.
3
Withdrawals made within 2 calendar months prior to any P ncipal Payrn€nt
Date shall, for the purposes solely ol calculating the principal amounts payable on any
Principal Paymenl Date. be treatod as witidrawn and outstanding on the second Principal
Payment Date following lhe dalg of withdrawal and shall be ropayablg on eaci Principal
Payment Oate commencing with lhe second Principal Payment Oate following the datE of
withdrawal,
4.
Notwithstandrng the provisions of paragraphs I and 2 ol this Schedule, upon a
Cunency Conversion of all or any portion of the withdrawn principal amount of the Loan to an
Approved Cunency. the amounl so converted in said Approv€d Currency that shall be
repayable on any Principal Payment Date occurring during the Convorsion Period, shall be
determined by ADB by mulliplying such amount in its cunency of d€nomination immediately
pnor to said Conwrsion by €ith€r; (i) thg oxchange rate that reflects tho amounts of princpal
in said Approved Currency pafable by ADB under the Cunency Hedge Transaction relating
to said Conversion; or (ii) if ADB so delermines in accordance wilh the C.nversion
Guidelines, the exchange rate component of the Screen Rate
12
Schedul€ 1
5.
lf ths principal amount ol the Loan witfur8wn and outstanding ftom time lo
lime shall be denominaled in moro than one Loan Cunency. the provisions of this Schedul€
shall apply separdtely to lhe amount d€nominated in sach Loan Curency, so as lo produc€ a
soparate amortization sd)edul€ fo, 6ach such amount.
SCHEDULE 2
Allocation and Wlihdrawal ol Loan proceedg
Ggneral
1
The table attached to lhis Schedute sets forlh the Cat€gories of items o,
expenditure to be financed out of the proceeds of the Loan and the allocation ol the Loan
proc€eds to each such Catsgory ("Tabte'), (Refer€nco to.Cat€gotl/'in this Schedule ls lo a
Calegory or Subcategory of the Table.)
Percsntao6s of ADB Flnancino
?.
Exc€pt as ADB may otherwise agre€, each item of exponditure shsll be
financed oul of the pocseds of th€ Loan on the basis of th€ percanlages sel forih in the
Table.
Reallocation
3.
Notwithstanding the alocation of Loan procoeds aM the withdrawal
percentagos s6t forth in th€ Tabl€.
(a)
if lhe amount ol lh6 Loan a ocatod to any C€tegory appears to be
insuflicienl to llnanco all agre€d exp€ndituros in thst Category, ADB miy,'by notice to th€
Bonower, (i) reallocate to such Category. to the exlgnt r€qulred to meet th€ esflmated
shortfall, amounts of the Loan Mich have been allocated to another Category but, in lhe
opinion ol AO8, ar€ not needed to me€t other exf,enditures, and (ii) if such reallocation
cannot fully meel the estimated shortfall. roduca th€ withdrawsl percentag€ applicable to
such expeMllures in order that further wilhdrawals under such Category may contlnue until
allexpenditurgs thereund€r shall hav6 b€en madE; and
(b) if the amounl of the Loan allocst8d to any Category appears to exceed
all agreed expenditures in lhat Category, ADB may, by notice to the Bonow€r, reallocate
such excess amounl to any other Category.
Disbursement Procedures
4.
Except as ADB may otherwise agree, th€ Loan procesds sh8[ be disbuc€d in
accordanc€ wilh the Loan oisbursoment Handbook.
lmorest Account and Statgmenl of Exoenditures
5.
(a)
Except as ADB may otherwiss agree, the Borrorrer shall establish or
caused to be establishgd immBdiat€ly after the Effective Dat6, an impfest account for the
Treasury Service of the Ministry of Frnance at the Nationat Bank ol Georgia. The imprest
account shall be eslablished, managed, replenished and tiquidated in accordance wih the
Loan Disbursem€nl Handbook, and d€tailed arrangements agre€d upon botw€en the
Bonower and AOB The imprest account shall only be used for the purposos of th6 project.
The curroncy of the imp.est account shalt be th€ Do ar The cBiting fo; the impr€sl account
shall not_€xc€ed lhe lower of (i) tho estimated oxpenditure to be financed lhrough the impr€st
account for 6 monlhs of Projed implementation, or (it) $500,000.
14
Schedule 2
may be ussd for
{b} Th€ statemenl ol expendilures procedurs
provided into tho imprest
reimbursemeni of eligible expenditures and to lhuidate advanc€s
,n accordarics with th€ Loan Disbursement Handbook and detailed anangemenls
""cornt.uoon between tho Borrower and ADB. Any indMdual payment to be reimbursed or
.o,r.o
of expenditures procedure shall not exceed the equivalsnt of
iiirio-"iJ rno"r tn"
"latemant
100,000.
$
condition for withdrawals from Loan Acrount
Notwithstanding any othor provision of lhis Loan Agreement, rc withdrawals
irral be made lrom tho Loa; Aicount lor Wod(s until ADB has received the Bonower's
and substance satisfactory to ADB, that (i) adequat€ tunds shall have
I"rrm-ri"",
o tt" po6ct tor tand acquisition and rEs€t oment aclivities;.and (ri) tand and
o""n
"rro""i"oi"qri_d fo; implementation of rh6 project shal have been obtained lr€o and
iiiii_-"r:"""
whatsoew
cl-ear of anyiiens, rlgtrts, claims or any othor el cumbEnc€
6.
, t"-
15
Attachment lo Schedule 2
TABLE
ALLOCATION AND WITHORAWAL OF LOAN PROCEEDS
(Road Corridor lnvestment Program - Proioct 1)
CATEGORY
AOB FINANCING
Total tunount Allocatod
for ADB Flnancing
Itgm
Numbqr
P€.centagg and Basis for
Wilhdrawal trom the Loan
Account
(s)
'l0O% of total sxp€nditure
1 12,000,000
claimed'
2
Consulting Services
3
Support
100o/o of total oxpenditure
4,000.000 claimed'
100% of tolal expenditur8
500.000 claimed'
4
UnallocatEd
23,500.000
Total
140,000,000
Poiec{ Managemenl
' Exdulit! ot taxes and dut€a lmpo6€d wiu{n tho to.nlory ol tr6 Eonomr
- Subj6ct to lhe dt3bulsoln.nl clndlllon rBhrr€d to tn parEglaph 6 of Sci€duto 2 to thb Loan A€.Em€nt
'16
SCHEDULE 3
Procuromont ot Goods, Wo s and consultino Servlces
99!@l
to
Th€ pro@rement ol Goods. wo s and Consulthg Sowices shall bo subiect
procuremenl Gui.Jelines. and th€ Consulting Gurdelines' resp€cti\r'ely'
anA govemed uy
'1.
d
thls Loan
All torms used in this Schodule and not otherwlse delin€d inand/or
the
Guidelines
Ior""r"nt haw ths meanings provided in th€ Procurement
dnsulting Guidelines. as applicsbl€'
2,
Goods and Works
Erc€gt as ADB may olherwise agr6e' Goods and Works shall
procr..rred on tne basis ol lntemational CompettjvB Bidding'
3.
only be
subiocl to, among othar things. tho detailod
n ih6 Procurement Plan. Th€ Borrower may
hold valu€s with tie prior agrBsment of ADB,
the ProqJGmont Plan
Conditions for Award ol Contract
The Bofioursr shall not award any Wor*s confad which involves
5.
environmental impaclE until MOROI has:
(a)
obtain€d tho final approval of lhs EIA from the Ministry of
Environmental Prot€ctior of the Bonower;
(b)
(c)
obtrain€d clearanco ol an updaled and final EMP from ADB; and
n@rporated the relevant provisions from lh€ EMP into the Works
contracl.
6.
i
RP
resettl€m€nt
applic€ble
any Works contracl. involving in\oluntary
preparod and submittod lo. AOB ths final
obtainsd ADB'S clsa6nce of such RP'
Consultino Ssrvicas
7
uetow, Ure
the paragraPh
Excspt as AOB may otherwis€ agree. and excspl as s8t forth ln
goniweistratt appty quatny- ano ;t-basEd sel€ction for sel€ding and engaginE
Consulting SeMcas.
8.
]uppoa in
Thg Bonov{er may recruit individual consullants for Project managemant
with p;ocedures ac-ceptablo to AoB for recruiting indivdual
consultanls. ""*io"n""
17
Schedul€ 3
lndustrial or lntsllectual Prooertv Riohts
(a) The Bonower shall ensure ihat all Goods and works procured
9
(including without limitation all computor hard\r€re, softwar6 and systoms, whether
separately procurod or rncorporaled within other goods and ssrvicss procurod) do not violate
or infringe any industrial property or intollsctual poperty rilht or claim o, any third party.
(b)
The Bonower shall onsure that all contracis for the procurement of
G@ds and Works contain appropriat€ ropr€sentations, warranties and, if appropriate,
indemnities lrom the contractq or supplior wilh respect lo the matters refened to in
subparagraph (a) of this paragraph.
The Borrower shall ensure that all ADB-financed contracts with consultants
10.
contrain appropriEte repressntations, warranties and, if appopriat€, indemnilios from th6
consultants to ensure lhat the Consultlng Sorvlces provided do not violatB or inftinge any
indusbial prcperty or lntellec{ual prop€rty right or claim o, any third pafty.
ADB'5 R€vi6w ol Procurement Ogcisions
11.
Contracts procured under international comp€titlve bidding procedures and
contracts for ConsultinE SeMces shall b€ sublect to prior review by ADB, unless otherwi6e
agreed b€tween the Borower and ADg and sst fo(h in ths Procurement Plan.
l2
The Borrow€r shall seek AOB'S approval berorg it:
(a)
granls any ext€nsion ol the stipulatsd time for complotion of a contract
for Worksl
(b)
agrea8 to any modiricatron or waiver of the conditions of a contract tor
Works, including any change order that falls under (c)or (d) b€low:
(c)
issues any change ordsr under a contract for Worts that will in
aggregate increase the original contract prico (for th€ avoidance of doubl, such aggregate
shall tako into account any provious or simultansous change ord€r or orders under such
contract): or
(d)
rssues any change order under a confact for Works that wll aflect
morg lhan 157o of ths original contract price (either through incjeases or decreases), even it
th€ net etf€ct of such change order will not in aggregate increase lhe original contracl price.
For the avoidance of doubt, such aggregate shall tako into account any previous or
simultaneou6 change order or orders under such conlract.
ADB shall respond to each request lor approval under paragraph 12 above
within 10 businsss days (in Manila) of ADB s receipt of such request. Such response will
indicate that the request is: (a) approved; (b) declined; (c) pending receipt of additional
information or documentation: or (d) pending consideration by AOB'S Procurement
Comminea, in each case as determined by ADB. lf ADB fails to respond within 10 business
days (in Manila) ol ADB'S rec€ipt of such request, the request (ercept if it relates to
considerahon of AOB s Procurement Committee) shall be deemed to have been approved by
ADB. ln the case of (c), the Borow€r shall promptly provide th€ r€quested inlormation or
13
'18
Schedule 3
dooJmentalion to ADB and ADB shall respond to th8 r€levant request within 10 businGs
days (in Manila) upon recaipt of such requested informahon or documentation satisfaclory to
nOg.ln ttre cale of (d), AOB shall notify tho Boflower of [le deqsion by the Procuramont
Committee within lO business days (in Manila) of such decision by the Procurement
Committee,
14.
The Bonow€r shall, or shsll onsure that MORDI will:
provide to ADB within l0 days a copy ot all time extensions,
modificstions o; waivors to the contracls (including char€€ orde6) following ADg's approval
in accordance wilh paragraph '12 abow and amendment of ths contracts; and
(a)
(b)
maintain a rscord of all change orders under all contracts fo' Works
which do not require ADB'S prior approval und€r paragraph 12 abow and submit such r6cord
for ADB'S review ewry 6 months.
19
SCHEDULE 4
Exoculion ol Prdect and Oporatlon
ot Prolest Facilltles
I.
1.
IMPLEMENTATIONARMNGEMENTS
The Bofiower and MORDI (actir€ through RD)shall€nsure lhat lhe Proiect is
implementod in accordanc€ with the dotailed ararEaments set forth in the PAtr,l. Any
subsequeni change to tho PAM shall bocome effectiya only after approval of such chango by
tho Bonow6r and ADB. ln th6 e',€nt of any diss€pancy between the PAM and this Losn
Agreement, lh€ provisions of this Loan Agreement shall prevail.
2.
ln implemenling lhe Proj6ct, RD will bo assisted by fie Eurasian TrarEport
Conidor lnvestment C€oter (ETCIC),
3.
The Borrowor will ensur€ thal th€ Foreign Projeci Unit (FPU) estrabllshed
wilhin RD will contlnue lo be rssponsible for tho day.to-day implementation of the Projoct (in
relevant part) including, amorE other things. (i) monitorlrE the progress of Prolect
impl€mentaton; (ii) preparing withdrawal applications and Project progress repolb; (lii)
maintaining Project accounts and compl€ting linancjal records for auditing thg Projecl: and
(iv) canying out procurement, induding advance contracting activities. The activitl€s rolat€d
to Project llngncial management will be oulsourced to ETCIC
4.
The Bodower th.ough MORDI shall ensur€ effoctive coodinatlon and
consultalion among RD, ETCIC, and other relevant government agencies as may b€
necsssary for Projeci rmplomontation.
II,
OPEMTIONALCOVENANTS
Road Sector De\,/elopmenl Plan
5.
Ttl6 Borrowsr shall prepare a long-term road sector d6',/elopmenl plan and
adopt it for hplementation by 31 D€cemb€r 20'10, Such plan shall detail polrcy aclions and
measures to: (i) update [)e s),stem for efficient planning and prioritization of road maint€nencs
worksi (ii) develop or adopl adequalo road maintenanco slandards; and (iii) provide training to
slrengthen the capaoty of RD.
Policv Dialooue
6
The Borrower shall ensure that ADB is kept informed oI BorrowBr's policies and
programs related to the road sector that will materially affect the economic viability of the
Project o. any other project. subproject, or component financed under tho Facility.
Chanqe in Orrn€chio and Operatrcn
7.
lf any ol the tollowing is anticipated: (i) any change in own€chlp ot the road,
lacility,
road
or structure financed under lhe Project; (ii) any sale, transfer, or assrgnmenl of
interest or control in the road, road facility, or struc{ure financed under the Projsct; or (iii) any
lease or other contracl or modification of the funclions and authority ot th6 RD over oparation
20
Schedule 4
and maint€nanc€ of any road, road tacility, or struclurc financsd urdff th€ Proiecl; lhen the
Bonolver shall ensure that ADB'5 consont is obtained at least 6 monhs prior to the
implementation of such a plan. Th€ Bonowsr shall ensur€ thst any such changes will bE
canied out in a lBgal and tmnsparent manner.
Road Maintenancs Fundino
The Bofiorxot sh6ll ensur€ that adual annual expenditures for road
8.
maintenancg (induding em€rgencl maintarEnca, but exduding rehabilitaton and new
consuuctiofl) for roads within RDs iurisdidion are incr€ased at least at the sam€ rate as
increasss ln tho ov€rall natpnal budget during 2010-2015, bearing in mind objective
aflordability constraints.
Conshucton and Oporation and Maintenanc€ Oualitv
The Borow€r shall €nsure gr caus€d to be ensured that (i) the Proi€cl Road ls
LnaOiti6t"A or constructed in accordance with the tgchnical Ep€cificatioos of the designi and
(ii) construclion suDerusion, quality control and contraci management are p€rtomed in
IJ-r0"n". wilh inlematbmlly accsptable standards. Ths Bonowsr shall ensure that for ina
o",ioa of if fo"t S veaG following completion. the Projed Road is operated and rEintainod
gooO
and wih no part of hs Projed Road having an int€rnational roughness index
9.
-mifi*
exceedirE 4.0.
Anticonuotlon arld Good GovBnEnca
The Bonower shall and ensure thal MOROI shall (i) comply wilh ADB'S
to date) and acknMedge that ADB r6sorves th€
lnticonuption
-_ Policy (1998, as amended
or
;;hai"
, or through ils agonts, any alleged conupt. fraudulent, collusive
to the Proiect; and (ii) coopsrate with any such investigation 8nd
;;;
10
extond
11.
tance for satrsfactory compl€tlon of such inv€stigation'
The Bonower shall and ensure that MORDI shall ensure that th6
anticorruDtron orovisions acceptable to ADB arB ncluded in all bi
contraai. rncluiing provisions speqfying the right of AOB to audit an
and accounts of the executing and implemgnting agencies and all
consultants, and other servica providors as they relate to ths ftojecL
Outsourcino Road Mantenanc€
12
The BorDwer shall cause RO to us€ its best efforts to enter into a pilot
performanceiased mainlenance conlraci with a private sector €'nlity by 20'12'
Road Saf€tv
13.
The Boriow€r shall ensure that RD installs appropriatg road safety signs and
lacitities dfing the Proigct implementalion and after completion, such as waming signs'
p"r"r"ni ."t,ng", roid s'gns and signals, and hazard barriers, all. in. compliance with
inaritVs Oest o;ctices and-relevant irltemaiional conwntions to which the Bonower is a
ensure that RD monitors the accident rale and traflic volume altor
p"rtv. fi," il":"*i
"t"ll
21
Scfieduls 4
commencement of the operation ol the Projed Road and institutes apprcpriat€ saf€ty
enforcement measures.
Environment
14.
The Borrow€r shall ensure or cause MORDI to ensure that tho proporation,
design, construction, implem€ntaton, op€ration and decommissioning of the Additional
Financing Sectron and all Project facilities psrlaining to the Additional Financing Section
comply with (a) all applicable laws and r€gulatbns of the Borowor relating lo €nvironmenl,
healh, and safotyi (b) the Environmental Safoguards: (c) the EARF| and (d) all measul€s and
requirements set loith in the ElA, thg EMP, and any corr€ctive or preventative actions s€t
forth in a Safeguards Monitoring Report.
LaM Acouisition and lnvoluntarv Resettloment
The Eorrower shall ensure or cause MORDI to ensure that all land and all
righls-olway required for the Project and all Project fscilitjes are made available to ths
Works contraclor in accordance with the schedule agreed under the related Works contract
and all land acquisilion and resetllem€nl activities are implemented in compliance with (a) all
appiicable laws and regulations of the Bonower relating io land acquisitlon and involuntary
resettlemsnt; (b) the lnvoluntary Resettlemeol Safeguards: (c) th6 RF; and (d) all measur€g
and roquiremenb set torh in the respoctive RP, and any conectlw or prewniatiw actions
set forth in a Safegua.ds Moniloring Report-
16.
Without limiting the appllcauon of ths lnvoluntary ResettlBment Safeguards,
the RF or each RP, the Bonower shall onsure or cause MORDI to ensure that no notice to
proc€ed undor any Works conlract is issued and no ph!,sical or economic displacement
takes place in connection with the Project until.
(a)
comp€nsation and other entitlements have boen provided to affected
peopl€ in accordance with the agplic€ble RP; and
(b)
a comprehensive income and livelihood restoration program has been
established in accordance with the applicable RP
17
The Bonower shall make available or c€use irOROl to make a ilable
nsc6ssary budgetary and human resourc€s to fully implement the EMP and each RP.
Safeouards-Related Provisions in Biddinq Documgnts and Works Contracts
18.
Th6 Borrower shall ensure or cause MORDI to ensure that all bidding
documgnts and contracts for Works contain provisions that .equire contractors to:
(a)
comply with the me8sures and requirements relevant to the contractor
set forth in the ElA, the EMP and applcable RP (to ths extent they concern impacts on
affecled people during consiruction), and any correclive or preventatlve actions set out in a
Saleguards Monitoring Reporl;
22
Schedulo 4
(b)
preparo Cons[uclion Environmental Action Plans detailing the actions
to be taken io impiement EMP requirements' including site specific infomation on
management and monitoring measures:
(c)
make availabl€ a budg€t for the environmental and sociel measures
refsrred to in sub-paragraphs (a) and (b)abovei
(d)
provide the Borrorer with a written notlca oF any unanlicjpatod
environmental, resettl€ment or indigonous pooples rlsks or impacts that aris€ during
ionstruclion, implementation or opration of the Project thsl werB not considered in tho ElA,
the EMP or applicable RP:
(e)
adequately record the condilion of roadg, agricultural land and other
inf.astruclure prior to slarling to transport mat€rials and constucUon; and
(f)
fully roinstate pathways, other local inhast,uclure, and ag'icullural land
to at leasl their pre+rolecl cond ion upon the completion of construclion'
Saf€ouards Monilonno and R6oortino
19
The Bonorr€r shall do thE following o. shall cause MORDI to do [1e following:
to ADB and
(a) subm semi-annual Safeguards Monlto'ing Report6promptly
upon
disctose rete;ant inlormatjon from such r( ports to atfectod Persons
submission:
(b) il any unanticipatod snvirormental ard/or social risks and impacts
aris6 during construction, implementation or opergtion of tho Project that were not
of
coniioereO in tite gre, the EMP or applicabl€ RP, promptly lnform ADB ollhe ocqxrenc€
ir"fr iiit" ol, irp""r", with detailed d€sqipton of the event and propos€d @rrectiw action
plan;
(c)
6ngago qualiliod 6nd oxperienced sxt€mal oxp€tts or qualifled NGO8
v€rity rnlormetion
under a select';i proceis ind terms ot roleronce acceptBblo lo ADB, to
out ol any
the
carrying
proOuceO tr,orgt tne Project monito.ing process, and facililate
verification aciivities by such extemal exp€rls; and
(d)
roporl any actual or potential breach ol compliance with ih€ measur€s
and requrrementi set lorth in ihe EMP or each RP promptly atter becoming aware ol the
breach
lndioenous peool€s
Tho Borrowar shall ensurs that the Project do€s not hav€ any indigenous
do€s have any
peoples impacts
20.
tne
sucn impaa,
with the applicab
roject compllss
Schedule 4
Prohibited List of lnvestrnents
The Bono\ /or shall ensure or c€use MOROI to ensure lhal no proceeds of the
21.
Loan are used lo finance any activity included in the list of prohibiled inyestment sctivitiss
provided in Appendix 5 of the SPS.
Local Consultation and Gendsr
The Bo{rower shall cause MORDI to ensure lhat all local consultiations with
rsspecl to saf8ty, socjal, and qJltural issues during Proje€1 implementation ara canied out as
.ecommended in the summary poverty reduction and social analysis prep€red tor the Project.
The mechanisms for maximizing local employment b€nelib shsll be includ€d in the bllding
docum€nts.
23.
Th6 Bonower shall cause MORDI to ensure that (a) thB Project G€nder Action
Plan (GAP) is lully implemented and monitored in a timely manner in accordanc€ with its
terms, rehted regulations ot the Bonow€r, and ADB'S Polrby on Gender Developnenl (1998)
ard adequate resour@s arc allocaled lo. this purpos€: (b) bidding documents includg
prousions as sp€cified in lhe GAP, induding equal pay to men and women for sam€ type ot
wori and enabling wo,king conditions ror femalo wgrkers; (c) p.ogress in achieving th€ GAP
targets are reflecled in the Proiest progress reports and Project complotion report; and (d)
targels under the GAP are achie\red.
Health and Labor Strandards
24.
The Bonower shall €nsure that all contractors: (a) comply with all laws and
provisions
mandated
on labor, health, safety, sanitation and working cpnditions; (b) use their
best etloris to employ women and local people negatively affected by, or living in th6 vicinity
of, lhs Project Road; (c) disseminate inlormalion at worksites and campsites on the risks of
ssxually transmitted diseases and HIV/AIDS for those employ€d during construction; (d) are
requirsd not to differentiate between men and women's wages or benefits for work ol equal
value; (s) provid€ accommodation to construction workers at campsites during lhe
construclion period and ensure thal all wo.k sites and c€mpsites are safe for all employees,
servic€ provrders, th6 pub[c and road usors; (0 eliminate all forms of lorcad or compulsory
labor, (g) allow freedom of association and lhe right of assombly; and (h) abstain lrom
engaging persons below th6 legally employable age in Georgia.
llleoal Traffickino
25
The Bonower shall undertake concrete and adsquate measures to detecl and
pre'r'ent traffcking of humans, wildlife, endarEered species, and illegal substances on the
Pro,Ect Road.
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