„საქართველოსა და აზიის განვითარების ბანკს შორის (ჩვეულებრივი ოპერაციები) (შიდა რესურსების მობილიზაციის გაუმჯობესება ინკლუზიური ზრდის პროგრამისათვის - ქვე-პროგრამა 1) სასესხო ხელშეკრულება

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LOAN NUMBER 3190‑CEO LOAN AGREEMENT (Ordinary Operauons) Omprrl輔 ng Domestic Ro30urCe Mobl'2atiOn foi nclusive Cr。 嗽 h Program― Subprogram l) ■veen GEORCtA and ASlAN DEVELOPMENT BANK Ll NotevSeLUl\ CE0 48044 LOAN ACREEMENT (Ordinary Opera LOAN ACREEMENT dated (・ B。 on3) Lt. .l l. il / Y between GEoRGIA OWeF)and ASIAN DEVELOPMENT BANK(・ ADB・ ) 「 WHEREAS (A) ・ ADB haS received from the Bo「 ower a develoPment polCy letter dated l:s訛 ::η:雷 :::￨」 :哨 路よ 謡 Llも 輝t肝 lぷ器鼎習:詭 f禦 おli鷺 :憎 お b010W).designed to develop the Borrowers ttnancial seclor('PrOgram') 肥脚 鶉 ∬酬 嘲 :繊 ll 麒 嵐∫ :鵠 降 ￡ l器 幣 ξ 1蒲踊 1朧 椰 請 鰍 each case rorthe purposes Ofthe Programi 襦 冊 場 :鰹 諦 澤 備 ij塑 鷺 瀞 謝 :1冨 !嚇 i轍 鷺 雌 purposes ofthe Programi and (D) ADB haS agreed to make a oan tO the BorowerfrOm ADB s Ordinary cap tal resou「 CeS upOn the tenns and cond tions setronh hereini NOW THEREFORE the parties hereto agre6 as follows: ART:CLE I Loan R● ●ulauon3:00Flnmons 榊驚 習 測 ‖ 辮 鱗 鱚輔 糀 (a) Section 2.01(49) is deleted and lhe follo\fling is substrtuted therefori program for which AOB 49. The term 'Program' meaN the descnbed in the Loan tras aoroed to mak; the Loan, as as lhe descriplion thereof may be amended nsl"-i""t "no frim time to time bv agreement between AOB and the Bonower. 2 (b) The lsrm 'Project' whercver ii appeaB in the Loan Regulaiions be substiMed bY the tem 'Program'. (c) shall Sec'tion 2.01(51) is d6leted and the following is substituted theretor: lhe enlity 51. The term 'Program Executing Agencf' means the Program as or ent ies responaible for the carryhg out of sPeciUed in ths Loan Agreoment' (d) The term'Projecl Execuling Agency'wherever it appears in the by ti|e tsm "Pr€ram Executing Agency' sub6tiluted Regutations snlliue (e) Seclion 3 03 is deleted and ihe following is substituled therefor Commltm€nt Chrrge; Credit (a) The Bor'ower shall pay a commitment ch;rge on lhe unwithdrawn amount of tne lba'n at the rate and on the terms specified in the Loan Agreement. (b) ADB shall provde to the Borrower a cred( at the rate specrfied in the Loan Agreement which credrt shall iemain fixed for the term of the Loan ADB shall apply the credit against the inlerest payable by the Borrower' (f) Section 3 06 is deleted and the lollowing is substituted therefor: Rebale. (a) Following any announcemenl by ADB lhat lhe Fixed Spread applicable to new Loans shall be reduced, ADB shall provide a Rebate to any Bonow€r with an oritt"nJ,rg Loan on whrch higher Fixed Spread..rs aoo|cabblTne amount of lhe Rebate shall be delermrned by a -it'oiu,no rrl the dflerence between the Fixed Spread ;o;lr;ble'loihe oulslandrng Loan and lhe Frxed Spread lhal per wli be applied to new Loans (expressed as a percentage on annum), by (ii) the principal amount of the outstanding Loan if,.'go;.o*", shall pay interest for all interesl periods "fti"n ihe effective date of the lower Fixed on "fr"r "nO "o.."niing applied to new Loans' Spread that will be (b) Following any announcement by ADB that its Fundinq bos Margrn aalculations w[h respecl to any Loan b"ii""iv i"inpp,*"0 curencv) rn any semester resulted.in to.the ac't iiving savings, ADB shall provide a Rebate nOe 'So"owir. by determined be shall Rebale Tti amou-nl of the a as (expressed Margln Cost m,tttiotvino t't lh€ Fundrng Loan of the prinopal amount (rr) the by o"i""ni"o-" #, "nnr.t shall Pay for the lnterest Perroo on which-the Eonower 'nterest .o.."n",nq rmmedrately after the Semester for whlch the iunoino c&t Margrn was calculated ADB shall apply the ,."rni oi rr'" Re;ate against lhe rnterest payable by lhe Loan 3 afler Borower for the lntergsl Period commencing immediately was Margin Cost Funding the which tne Se.est , for calculated. (g) Seciion 3.07 is deletod and the following is substituted therefor: Su,charga' (a) Followng any announcemenl by ADB thal ihe F';ed Spread apphcable to now Loans shall-be whlcn a tncreased, any Borower with an oulslandlng Loan on lower Frred S'pread i8 applicable shatl pay ADB a Surcharg€ oy The amour{ of the Surcharge shall be determrned thal wll (i) ihe difference b€t$€en lhe Flxed Spread multlplyng 'u. Loans and the Fixed spread applicable to aiririei i6 per annum)' "",, it-"-J,iionOing Lo"n t"xpress€d as a percentage on whrcn Loan oulstanding o' lhe the prin;ipel amount by (ii)'Bonower peJiods interest all pay for interesl shall t(e higher l-rxeo commenqng on and affer the effective date of the Spread that will be applied to new Loans' Following anv announcem€nt b{ lD9-ll?t^l: any,.::ql Fundlng Cosl Margin celculations with respect. to rl result:oSemesler in any Cunen;y (or Approved Cunency) sl"ll the Bonower q?I Aoa incu,ting iooitionalcosts determheo Surcharge. ihe amount of the Surcharge shall be (exprels:d MaQln Cost Funding (i) the uv .rttipryins :s-: percenlag€ per annum) by (ii) the principal amoY"l "t pay tnteresl for lhe lnterest Penoo ln *+,1"t-ttt" Botto"''"t f?' ,'-191 "hall commencing lmmediately afler lhe Semester shall aod lne ADB iunurng Cost Margin was calculated' payable by th€ interesl the amouni of the Surcharge to anel immedrately commenclng Period lor the lnterest (b) ry:-: tl"^:::i :l: Boraot/ver GL semeste' for which the Funding cost Margin was caloulatgd. several Wh€rever used in lhis Loan Agreemeni' the have Agreement Loan Operatrons r"-s aefin a ii'ti.-Lo"niequtations ano rn the specral otherwse context or the t'"'e'n toaineo the;in set lorth i;:;L;ilr""";;;;; Seclion requires. 1.02. 'nt""s ARTICLE l: The LOan 1難 Υ 畳 認 鸞 ｀ 思 ￡ 静 帽樋 動諾胞 f予 掠 柵翻晶 l A9reement (b) The Loan has a pnncipal repeyment period of 12 years' and a grace period as delined in Paragreph (c) of thb Section' (c) The term 'g.ace period' as used in paragraph (b) of this Soclion the means lho p;ri;d prior to the firsl Principal Paymenl Date in accordance wilh amortization schedule sot fodh in Schedul€ 1 to this Loan l€reement' 2.02. The Bonowea shall pay to AoB lniorest on the pnncipal Section lnterest amounl of the Loan withdaawn and outstanding from lime lo time at a rate for each Period equal to the sum of: (a) (b) LIBOR;and 0.60% as determin8d by Section 3 02 of the Loan R€gulations less a credit of O.1O% as provid€d by Section 3.03 of the Loan Regulalions Section The Eonower shall pay a commitment charge of 0 2.03 '!5olo (less amounts oer annum. Srih cnarse shall accrue on the full amount ol ihe Loan Agreement Loan date ofthis the days afler 60 illiai# iiorn ti."io ti;e), commencing lnterest and other charges on the Loan shall be year' semaannually on'15 May and 15 November in each Section 2 04 Sec{ion Loan wftMra;i; payable Th6 Boroler shall repay the pdncipal-amount .ol the 'l to the Loan Accounl in accordance with lhe provisions of Schedule 2.05. thb Loan Agreement. (a) The Bonowor may at any ime requesl any of Section 2.06. the following ConveEions of the terms of the Loan in oriler lo facrlilate prudent debt managgment: (i) ' a change of ihe Loan Currency of all or any portion of ihe principal amount of the Loin' whether wilhdrawn and outst;nding or unwilhdrawn, to an Approved Cunency; (iD a chango of the interest rate basis applicable to all or any portion ;t the prindpal amount of the Lo€n withdrawn and outstanding from a Floaling Rate lo a Frxed Rate' or vlce versa: and any (iiD the setting ol limits on the Floating Rate applicable.to all or and portion oi the principal amount of the Loan withdra"vn outstanding by ihe establishment of an lnteresl Rate Cap or lnterest Rate Collar on said Floating Raie' rhl Anv converson reouesled pursuant to paragraph (a) of this Seclion as defined in Seolion 2 01(6) of tr.r i" acceotJiv ADB lrrair u" *ns,air'"o "'conversion',with the provisions or Arlicl. v or ;"J lii"rio" "i"-aJi" "ccordance the Loan Regulations and the Conversion Guidelines i#'ff;ff;;,i"il;;, 5 ARTICLE:ll U8001P70C00d80fthe Loan SectiOn 3 0' The BOrroWer sha‖ Cause the proceeds of the Loan to be applied to the nnancing Of expendlures forthe Program in accordance■ th the proViSiOns ofthis Loan Agreement 認 1柵 』 鞣 mt為 }‖im謂ぶ榊 県還稽 需留 織 脳 鞭 ih溜 :瀾 ″ど罵胤鳳借部鶏 踊瀾穏電 IB ARTICLE IV Particular Cov'nrntg 4.01. cause the Program to be (a) The Borower shall Section and in conformity with sound applicable efficiency Jiiig"n". canieo out wir]r- oue "nd pGctices' tectrnical. tinanciat, tusiness and development perform' or thl ln ihe carwlno out of lhe Program' the Bodcvwer shall Loan Jurii"(oni t"tronr' in schedule 4 to the special operatrons to u. o.lii-"i, "ii ""ur" Agreement. The Bonower shall make available' promptly as needed Section the funds' facilities' services' land and other and on terms a-ni conaitions acceptablo to ADB, out of the rn additon to the proceeas ofLtre Loait Jgl,lle carryrng lacnlles' piogram and for the operation aM maintenance of the Program 4.O2 L"rllii, i"l"i,]i.o The Borower shall ensure that the aclivities of its Section are conducled and .tehrrrments and aqencies with respea to Ge carrying out ofthe Program wilh sound admrniskative policies and procedures iJ[roinaieo in 4.O3 "cco'.oance Section 4.04. (a) The Borower shall maintain' or cause to be iJentity tfre Eligibie ltems financed out of maintaineO, reJordianO aocuments "ieqrati-to progEss of the Program iiie pioceiOs of tne loan and to indicate the /hl The Borower shall enable ADB'S representatives to inspect any relevanl record;;nd documents refengd lo in Seclion 4 05. paragraph (a) oflhis Section' As pari ot the reports and tnforhalion refened lo in or cause lo be fum6hed to Seaion 2.04 oflie ioan negutations, tni eononer shailfumish' concerning the anJ information as-loa sharr reasonablv request lir'"i,.ri ffiii .i",t'" 6 ξ 雲鵬服冊∬:認:he aCC・ 鼎:翻需 mttshmet t he b● OS and 中ng Ou ARTICLE V E,f6cdvoneaa 5.01. The following are specrfied as addnional condilions to Section 10-01(0 of the Loan lhe eflec-tiven€ss ot ihis Loan Agreement for th, purposes of Section and i"orr"iitn", th€ special operations Loan Agreement shall have been duly executed(other i.ri.rJ o" uertariot tre Bonower and all ;nd ions precedent to its effectivenesslulfilled if,"n-" conJNon ,uqriri.g the effectiveness of lhis Loan Agreement) shall have b€en The follor''ing is specified as an addilional maller' for or ihe oumoses of Seclion 10 O2(d) of tho Loan Regulations, to be rncluded rn the oprnron dulv has been Asreement Loan 6peratrons speciar ;;;#5i;; tu;;; to Aoi. ihat the is u, l."t,r,"0 by, and executed and delivered on behalf ot lhe Borower and "Ii'rr"ri.J upon the Borrower in accordance with its terms lesally bindrng "i Section 5.02. 5.03 A date 30 daF after the clate of thrs Loan Agreement is purposes of Seclron 10 M ol speoneo ro, rn-e-eiiiaiveness of lhe Loan Agree;ed tor the Section the Loan Regulalions. ART:CLE V: 田leC● :laneou3 Section 6 01 The Minister of Finance of the B。 OWer is designaled 「 ons as repcentatⅣ e ofthe BoroWerforthe puⅢ SeS Oi SecliOn 12 02 ofthe Loan Regula類 The following addresses are specified for lhe purposes Secton 6 02 of Seclion 12.01 ofthe Loan Regulationsl Foithe Bo「 OWer Min stry Of Finance 16 Gorgosal Street 0114 Tbl s,Ceorgia Facsimlo Numbe「 (99532)2261461 7 For AOB Asian Developmsnt Eank 6 ADB Avenue Mandaluyong CitY '1 550 Metro Manila PhiliPPines Fa6imile Numbers: (632) 63e244 (632) 63$2424. lN WTNESS WHEREOF the padEs hereto acting lh'ough theh raDr.sentativeslhgr€runtodulyauthorizedhavecausedthisLoanAgreemer{tobesignedin il#r;t;il; ;;;; as oi in. aav ano vea' fiBt above written and to be delivered at the principal ofiice of AOB. ASIAN DEVELOPMENT BANK Counlry Director Georgia Resrdent I\rissron I SCHEOULE 1 Amortkation Schadulg (lmprovlng Domesllc Relourcq llobllizatior for Inclusive G,omh Program Subprogram l) 1. The following table sets forth the Principal Payment Dates of the Loan and the percentage of the lotal principalamount of lhe Loan payable on each Principal Paymenl Date (nstalm;nt Share). lf the proceeds of the Loan shall have been fully withdrawn as of lh€ filst Principal Payment Oate, the principal amount of the Loan repayable by lhe Bonower on each Principal Paiment Oate shall be determined by ADB by muhiplying: (a) the total principal amount of the Loan wthdrawn and outslanding as of the first Principal Paymenl Dale by (b) the lnstallmer{ Share for each Principal Payment Date, such repayment amount lo be adjusted. as necessary, to deduct any amounts referred to in paragraph 4 of this Schedule, to which a Currency Conversion applies. Payment Due inslalment Share (Expressed as a%) 15 November 2020 15 May 2021 15 November2021 15 May 2022 15 November 2022 15 May 2023 15 November2023 15 May 2024 15 November 2024 15 May 2025 15 November2025 15 May 2026 15 November 2026 15 May 2027 15 November2027 15 May 2028 15 November 2028 15 May 2029 15 November2029 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166659 TOTAL 100000000 15 May 2018 15 November2018 15 May 2019 15 November2019 15 May 2020 Schedule 1 lf the procoeds of the Loan shall not have been fully withdrawn as of the llrsl irincipal Payment Oate, the principalamount of the Loan rcpayable by the Bonower on each Principal Payment Oate shall be determinod as followsl 2. (a) To the extent that any proceeds ol the Loan shall have been withdrawn Payment Oate, the Bono'.t/er shall repay the amounl Yv hdrawn and first Principal the as of outstanding as of sucl date in accordance w(h paragraph 1 of this Schedule' (b) Any withdrawel made afier the first Principal Paymenl Date shall be reMid on each Pnnopal Payment Oate falling after the date ol such wlhdrawal n amounls by a fractron' lhe Oie-i"J UV AOB by mulirplyrng tho amount ot each such withdrawal in paraoraph table in lhe specified Share lnstallment be tili original nrmir"to, ot irt icr, "nill Principrl Payment Date (the original lnstallment share) and the I ot itri" s"n"aut" ro, shall be the sum ol all remainrng Original lnstallmenl Shares for Oenominato, of which"aid irin,ipri i"vr"nt Dates falling on or afier such date, such repayment amoLlnts lo b€ to deduct any amounts rcfsnod to in paragraph 4 of this Schedule "oiri[uo, Cur€ncy ConveFion applies lo wlrch a"i'n"""""".v, Withdrawals made wilhin tlvo calendar months prior to any Principal Paymenl payable^on any 6ate shall, for the purposes solely of cslculating the princiPal amounts Pflncrpal lhe second on outstanding and wlMrawn as be troated_ ir-"",o"f-i"rr"nr Date. o"i" i"rr""i"q th6 date of withdrawal and shall be repavable on each Principal of commeicing with the s€cond Principal Payment Date followinq lhe date 3. 'p"ri!ii ;;il;;i Dil withd€wal. Notwithslanding the provigions ot paragraphs 1 and 2 of this Schedule' upon a princiPal amount of the Loan to an Cunency Conversion of all or;ny portion of the withdrawn Cunency that shall be Approved in said so converted nooa""O Crrtun"v, lhe amou;t irincipat Payment Date occumng cturing the conversron Penod shall be uv;uftiplying such amounl in is cunency of denomrnatron tmmedialely of pnncrpal onoi to saiO ionrers'6n bv e'lie; (i) the exchang€ rale lhal reflecls the amounls on relating Transac ii i"ia noo.r"o cr*ncv pavable by ADB undar the cunency Hedge the conversion with i"'""io 6'o*eoio"; o, (iii ii eoa'so cl€termhes rn ac'ordance Guidelines, the exchange rato comPonenl of the Scre€n Rato' 4. ; ;;;i; ";t il"ilinJuyebe 5 lf th€ prjncipal amount of the Loan wlhdrawn and outstanding trom time lo Schedulo ime shall be denominated in more than one Loan Cunency, lhe provisions of this produce a lo so as currency, Loan in each amount denominaled sna]fipplv sepiratefy to the separate amorlization schedule for each such amount. 10 SCHEOULE 2 Wilhdrawal of Loan Piocoodg 1. Except as ADB may otheMise agree, the lollowing provisions of this Schedule shall apply to the wilhdrawal of Loan prcc6ods from the Loan Account. 2. (al An applicaiion tor withdmwalfrom lhe Loan Account shall be submitted to ADB by the Borro',i€r and shall be in a form satisfaclory to ADB (b) Such withdrawal applications shall be accompanied by a cerlificate of the Bonower confirming that with respecl to each year during which the proceeds of the Loan are expected to be disbuBed, the value of the Eligible lmports is expected to be greater than lhe amount ot thg Loan expgcted lo be dBbursed dunng such year (c) The Borolter shall allow experts appointed by AOB to verity the value during any period ln respect of which the Borrower has certified the value of Ehgible lmports in its withdrawal applrcation. of Eligible lmports (a) Prior to subrnitting the first application lo ADB for Mhdraw-al-from lhe ioan eccount, ine Bonolver shall nomi;ato a sutaccount oI the State Treasury Fx accounl Account shall be lOiposit eccounq at the NBG into which all withdrawals from the Loan in accordance liquidated managed and lipisit"a. ffr" oipo"it Account shall be established, to AOB. wilh lems and conditions satbfaclory 3 (b) Separate accounts and records in respect of the Deposit Account shall be mainlajned in accordance with accountrng principles acceptable to AO8' Upon ADB'S reluesl, the Bonower shall have the financial statements for the Oepos{ Account audited by ind;pendent auditors, whose qualmcatons, experience and lerms of reference are acceotable to AOB. ln accordance wdh intemalional standards for auditing or lhe nalional eqrJialent acceptable to ADB Promptly after their proparation bul in-any evenl not laler than olnonths afrer ihe date of AoB's reqiesl, copies of such audited financial slatements and ttre opinion of tfre audito6 on the financisl alalements, ln lhe English language shall be fumBhed to AOB. (c) Throughout the Program implementaiion perrod the Borroter shall to time to submit trade siaiislics and ;ny olher informatlon as ADB may requlre from llme lmporis' assess the Bonower's compliance wjth the formula for detemining Eligible 4. Agreement. The Borower may ',vithdraw lhe Loan upon effec{iveness of this Loan