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LOAN NUMBER 2469.GEO(SF) LOAN AGREEMEMT (Spsciol Op€r.lirn6) (Emerg.rrcy Assistanc. for Pod-Conf,id RrcovEiy) GEORGIA and ASIAN OEVELOPMENT BANK DAIED 19 NOVEMBER 2OO8 LPS GEO 42477 LOAII AGREEXE]{T (sp.ct.t Op.r.tk n.) LOAN AGREEMENT dated 19 Novembcr 20OB b€tv/eon GEORGTA (.the EorIowsr') and ASIAN OEVELOPMENI BANK CAOB') W}IEREAS (A) lhe BorrowEr hae applicd to ADB tor a loan ftom it! Specjal Funds r€aourora for lh6 purposc. ol tlE Emergonc, A!Bbt6n€6 lor Post{onflici Rccovqy (EAPCR) de!.frbcd in Sdl€dule 1 herG4 End (B) AOB hao, on th€ basis lElgl a!!O of lhe ioEgoing, aglE d to make a toen lo tll€ BonoMrsr from ADB'S Spacial Funds re6oqrCeB uljon ttp tcrms and corditirns h€rsinaltor set torih: NOW THEREFORE lhe parter .gree as folloua: ARTICLE I - Lo.n RoguLdors;. t).6nitgli. Seclion 1.0r. Atl the p.oyrsiorE ot Sle Special Operatiorls Loan Regulations of AOg, daled 1 Janusry 2006 (thc 'Loan Rggulations"), aI! hereby madr applicable to this Loan Agreement with th€ sam; force and ofrgct as if they w6.6 fuily s€t fodh heaein. subiecl, hou/gv6r, to the following rnodrlications: (a) The lerm 'Projecf *ilellwr it appgars in the Loen R€gulations shal be deomed to reter to lhe EAPCR provided lEreurder. (b) The term'Project Execuiing Agency wherever it appears in the Loan Regulations shau be deomed to refsr lo the Exccdmg Agency p[ovidod horesnder. (c) Seclion 6 05 (c) is deleted 102. S€clion The t€rms dsfined in the Loan Regulalions ar6 rncorporated inlo lhts Loan Agreement. unlegs lhe context requires otheMise ln addition, the following tems have the lollowing meantngs: (a) 'Conflic1' means the armed conltici betyreen rhe Bo..ower and the RLrssian Federaton that occurred in August 2008, (b) 'Eligible Expenditures' means the Borower'si (t) budgetary expenditu,es arishg lrom lhe Conflict, a.d 2 (iD recunsnl budgetary experdituras incurEd afler 7 Aug6l 2008, inclugive, to sustatn delivery ol the Bonowe/s core pubtictyfunded programs, g&@!E inoligibb expenditures set forth in th€ Attachment to Schedute 3 to this Loan Agreement; (c) 'Executing Agerrcy'for the purposes of, and wthin lhe meanng of, the Loan ReErlations m€an8 lho MOF or ary lcgal succe6sor lhe.elo ec@plauo to AOB, whk*r is responsible fo. lhe carryirE out of Ol€ E'ArcR; (d) 'Joint Needs Arsessm6nt' or 'JNA' mearts the Joint Noedg Ass€ssm€nt repo.r dated I Odober 2008 prepared by a groirp o, muf,ilat€.-al dono.!, including AOB, led by th€ United Nalrons artd tha World Benk, *|hich dentifi€d 6ser{ial n6€ds ,or G€orgia's pogiConfld econon o afld sociel rccovery; (e) (f) 'Lan'means lhs currency ofthe Bonov,er; and 'MOF" meahs fE Minislry of Fin nce o, the Borlolrer. ARTICLE II Thc Loan ADB agrees to lend to the goftower lrom ADB'S Speqal Funds resources an amounl ln various curencies equivalent to fotty-six million eight Seclion 2 0'1. hund.ed seventy-nrne thousand Spacial Orawing Righls (SDR46,87S,00O) Th6 Bonolrer shall pay to AOB an inleresl charge Seclion 2 02 at the rate ot ooo perced (1016) pel annum on lh€ amounl ot tlre Loan withd6wn from the Loan Accourit and outslanding from time lo tlrne Th€ rnteaesl charge and any other charge on tho Seclion 2 03 Loan shall be payable semiannually on 15 March and 15 Seplember in eadl year. 0.1 Th6 Borro$€r she[ repoy lhe pnncrpal amount of lhe Loan wiihdrawn trom the Loan Account ln ac@rdance with th€ amoatizatbn schedule sot forth in Schodule 2 to this Loan Agroemer{ Section 2 The curency of repaymeri of the pnncrpal ol the Section 2 05 payrnenl the interest charge for the purpos€s ol Sections 4 03(a) of Loan and the cunency of b€ the Dollar shall and 4 M of lhe Loan Regulations 3 ART|CIE Uaa ot Procacda of lha Lo.n Section 3 01 Tho Bono,rla ghall caus€ the paoceed! of lhc Loan lo be appled to the financho ot a)eendiiuie! in accordanco with thc Fovisk rl3 of thl! Loan Agreement Sectron 3 02 The proceeds of the Loan may be withdrawn from the Loan Account only for the purpoges of financing Eligibl6 Erpendrtures in accordanco with the provrslons of Schedula 3 lo thrs Loan Agreernent, a5 such Schedule may be amended from time to time by agreement betweon lhe Bonou/er and ADB Secl'on 3 03 The Loan Closrng Date for lhe purposes of Seclton I 02 of the Loan Regulalions shall be 30 September 2009 or such other dale as may from time to trme be agreed between the Borrower and ADB ARTICLE IV Particola, CoYonantt ln lhe canying out of th€ EAPCR, the Eorrower Section 4 01 shall pertorm, or c3use lo b€ performed, all obligations set forth in Sch€dule 4 lo thts Loan Agreemenl Seclon 4 02 The Borro\/ve, shall enable ADB'S Epreseotaltves to rnspoct any EAPCR-related records and documents re{6ned to in Schedut€ 3 and Schedul6 4 to this Loan Agreement Seclion 4 03 As pan of the repoab and intormation refened lo ,n Regulations Section 6 05 of the Loan the Borrower shall fumish, or cause lo bo fumlshed, to ADB all such repods and hformalion as ADB shall reasonably requesl conceming th€ use of Loan proceeds and the rmplemenlahon ofthe EAPCR ARTICLE V Eftective negs Seclron 5 01 A dale thrrty (30) days after the date ol thrs Loan Agreement ts specilied for the effecliveness of the Loan Agreemenl for lhe purposes ot Section I 04 of the Loan Regulalions 4 ARTICLE VI iscellaneous Seclion 6 01 The Minister of Finance of lhe Bonowor ts deBignaled as r€presenlatno o, the Borower lor the puDoses ol Sedion 1 1 02 of the Loan Regulations Section 6 02 Th€ following addresses are specified for lhe purposes ot Secton 11 0'l of lhe Loan Regulations: Fot the Bonower Ministry of Financ€ 16, Gorgaseli Staeet Tbrllsi, 0114 GeorgE Facsmile Number +99s (32) 4s7 463 For AOB Asian Oevelopment Eank P O Box 789 098O Manrla, Phrlipptnes Factrm e Numbers: +63 (2) 63G2444 +63 (2) 636_242a namea and to be deliv6rDd at the princjpal otlica writlen as oI the day and year first above ,, - 4l' ' MRUH|Ko KURoDA Pr6sident 5 SCHEDULE I Ocacription of Emdgancy Aatlltancc lor Post-Conillci Rocovcry 1. The EAPCR wlll help lhe Borrower revive its economy to pro-Conflrc{ lovet6 of growlh, as envisaged under the Joint Neods A6sea6ment (Jl{A). Tho EArcR is expecled to mitigale the adverse economic and socjat impacls ol the Conflict The EAPCR is anchored on the JNA, which estimates thal S3.7 biuion w t b€ needed tor Georgra's posl-ConflEt recovory This egtimate indudes $896 miIDn for immediale recovery efforts (throwh March 2009), ot which $480 mi ioa of tudget suppon rs needed to help cushion the adverse revenue shocks arising trom lhe Conficl and enable the Borrower to meet critical public expendifures_ The Loan proc€eds wil b€ used to fund the Bonower's budgetary expenditures arising from the Conflict and cedah recurrenl budgetary expenditures incuned aflef 7 Awust 2008, inclusive, lo Sustan delivery oI the Bonowels core publicly-funded p.ogEms The proceeds of lh6 Loan are expecled to te utitized by 3t Marci 2009. 6 SCHEDULE 2 Amortization Schedut (Emorgoncy Assiltanca for Poat-Conflict Rccovory) PERIOO DATE PAYMENT DUE Pavmenl ol Pnncipal (expressed in Special Drawng Rights) AMOUNT 468.800 m ,r6E,E00 00 I 15 March 2019 2 3 15 Septembor 15 March 2019 4 '15 Sedernbor 2020 2020 458,800.(x) 15 March 15 Sept6mber 2021 468,8{X}.00 6 2021 7 l5 March 468.E@ 00 46E,6@.00 468.8m 00 I 1 5 Septernber 9 15 Marctr 10 15 S€ptember 15 March 15 Seplember 15 Ma,cl 15 Soptembor 15 March 15 Scdomber 15 Maratr tl 12 13 14 '15 '16 17 18 19 20 21 23 24 25 26 27 28 29 30 31 33 3,{ 35 36 . 5 Septernber 15 March 15 Sept€mber 15 Marcrl 15 September 15 March 15 September 1 2022 2022 2023 2023 2024 2024 2025 2025 2026 2026 2U27 2021 2028 2028 2029 2029 2030 2030 '15 Mardr 2031 15 Soptember 2031 15 March 15 September 2032 15 March 15 Septembor 15 March 2033 15 September 2031 2035 15 March 15 September 15 March 15 Seplember 2032 2033 2034 2035 2036 2036 468,8{X}.00 46E.EOo.00 4{i8,000.00 468,800 00 46a.EO0 00 458,600.00 .. ,168,800.00 468.800.00 46E,800.00 466.800.00 ,t58,E00.@ .l6a.800.00 466.800.00 937,6@ OO 937.600.00 937.600 00 937,600.00 937.600 00 s37,600 00 937.500 00 937.600 00 937,600 00 937,€00 00 937.600.00 937,600 00 937,600 00 937.600.00 937.600.00 937,600.O0 7 37 38 39 40 41 42 43 44 45 46 47 48 49 50 5t 52 53 U 55 56 57 58 59 60 2037 937,600 00 Sepiember 2037 937,600-00 15 March 2038 937,600.00 15 Septeintsr 2038 937,600.00 15 Mar.h 2039 937,600 0O 15 S6[,temb.r 2039 937,600 00 15 Ma.dr 937,600 (x) m4 15 Scpt€mbor 2O1o 937,600 0O 15 March 204.1 937,600 00 15 S6dsmbor 2o.1 937,600.00 15 March 20"1.2 937,600.00 15 SeptembGr 20/2 937,600.00 15 Mardt m$ 937.600.q! 15 S€pt6mbq. 20,4,3 937d)0.00 15 March 2041 937.600.00 15 Septornb€. 2O4 937,6{X} OO 5 Madr 2045 937,6@.00 15 Septemb.r m45 937,6(x).0O 15 March 2c,,i 937,500.00 15 Sept€rnbor 2W 937,d)0.00 15 ira..h 937,600 00 2Ul 15 September 20/-7 937.600.00 15 March 204A 937,600.00 15 S€ptcmb6. 20,,A 15 March '15 1 Schedule 2 I SCHEDULE 3 Withdrawal ol Loan Proceeds 1 Except a5 ADB may other$,is6 agr€e. til€ follo$ng provisions of this Schedule shall apply lo the wilhdrawal of Loan p.oceeds from the Loan Accounl 2. Withdrawala from the Loan Account shall b6 mad6 for lho finanoing of Eligible Expendiluros An application for withdawal faorn lhe Loan Account shall bo submitled to ADB by the BonowGr ard shall be rn a form satrdactory to AOB. 3 Prior to submrding the applEetioo to ADg foi r{ithdrawal from th€ Loan Account, the Borrou/er shall nominate a foreign drirency accorJt{ (FCA) at the National Bank of Georgia inlo whicfi all withdrerab fiom th€ Loan Account shall bo depo8il6d. The Bonou€r shall onsrre that nithin lhidy (3O) days afie. tll€ deposit ot the procoeds of lhe Loan nto the FCA, the Bonov6/s Treasury Srngle Account (fSA) al the National Bank of ceorgis is credrted w h the Larl cquivalent at the official exchange rate. The Eorower shall fumlsh to AOB an omcial notificetion confirmrng the Loan amouni deposded ioto the FCA, the conversion of such amoonl inlo Lari, and rts deposil mlo the ISA specifying tho date of depos( and the exchange rale applied a la). Wthin thr6e (3) monlhs afler the withdrawal lrom (he Loan Account. the Eorrower shall tumish to ADB a c€dilicale that the velue ol the Eliltible ErDendilures is equal to or exceds lhe Lan equNalont of lhe Loan amount as notdled pursuant to paragraph 3 above Such c€rtficaE shall ident y the lypss and amour{s ot the Eligible EtFrenditures toward whroh the Loan pro{eeds have been applied. (b) Upon ADB's requ6sl, the Bonower ghall hava ihe conversion as notified pursuant to paragaph 3 above, andor the ElElbL Expenditures toward whidr the Loan proceeds have been applicd a6 oert'fed purruant to aJEparagraph (a) abovr, auditad by rndepend€nl audilors, wtlose qualficalons, experisnoa and terms of €forence aro acceplable to ADB and lhe Eorrolver, in accordance wth Borrou€l's appropriate audiling siandard8 and procedures Promptly afler pr€paralion ol such auditE, bul in any eveht not later ihan six (6) months aier the date ol ADB'S requesl, c6rlified copies of such audited conversion andor Elgible Expenclilures toward whidr lh€ Loan proc.€d8 have been app[ed shall be fumished ro ADB (including the auditors' opinion on lhe complrance with this Loan Agreemenr), all in lhe English language The Eorrow€r shall also fumish to ADB such othe. information concernrng the Eligiblc Etpendrtures toward which tho Loan proceedg have been appfted and conveGon and related reclrds and lhe audit thereof as ADB shall from time to lime 16asonably requesl, (c) The Borrower shall enable ADB, upon ADB'9 requesl, to discuss lhe Bofiowe/s fmancral affairs as slrch relate lo lhe EAPCR from time lo time with the audtors appornted by lhe Bonower fxrrsuani lo sub-paragraph (b) above, and shall aulhorize and requre any repfesentatrve of such auditors lo parlrcipat€ in any such discussions requested by AD8, provided that any such drscussion shall be conducted only in the presence ol an authoflzed oflicer of the Borrower unless the Borrower shall oiheMiso agree I 5 Schedute 3 It AOB determn$ at any tim6 Ihat (a) any ponion ol the Loan proceeds remains unutilized by 31 March 2009, or (b) any paym6nl out of th6 Loan proce€d6 was nol made tor Eligible Expendifures or was not supfroIted by evidenc€ salEfactory to ADB, lhe Bonovrer shall, promptly upon notic€ fio.n ADB, provi(,c such additional eu&ncc as ADB may requesl, o. relund to AOB th€ unulilized amount oI the Loan proceeds ahd lhe amounts ol such ineligible paymgnts. 10 Attachment to Schedule 3 &g!g!g Lilr No withdrawals shall be mad€ for the tollo*ing (i) expenditures for goods included in the following groups or sub-grouF of lhe L,nited Natioo3 Slandard lnlemallorEl Trade Classificetion, Rovision 3 (SITC, Rey 3) o. any successor groups or sub-groups under futuro revisions lo the SITC, as designaled by ADB by noticr to lhe Bonower: Tablc A12: lneligible ltofls Ch.pLr H..ding 112 Oracrlgdon orlt mt Alcoholic beverages TobacEo, unmanufadured: tobacco refu se Tobacco, manufactured (wh6ther or not containing tobacco 121 122 substitr.de 525 667 718 71E 728 697 724.43 897 3 Radloadrye ard associat€d materirah Pearls, precioua and semiFecloB slones, unwo*ed or 7 v,rorked Nuclear aeaclors, and parts thg.€ot, tuel €l€mgnts (carlndges), nonrradiated ,or nuclear roeclora Toba6o proc€sgng madrinery Je, bl.y ol gold, silve. o. plalirum-group metals (ercept watches and walch cases) and goldsmiths or sitveasmilhs' set gems) ore and concentrales Unrted Nations ('0 oxponditures foa g@da oa sarvic$ pro€urld ftom Countaio! lhat are not rngmte's of ADB; ['i) orponditu.ea for gooda Elppicd under a cont"et th.t my national o, i.iemational linandng instiMion or agency !^il hsvc financ.d or has ag.ecd to finance, including ony cdrtraal linanced und.,f any loan oa graarl ftom the ADB; (iv) erpenditures for goods i ended lor a military or paramilitary purpose or for luxury consumPtbn, (v) expendifur6 foa na.cotrcs; (vr) erpenditures td environmentally hazardoug goods, the manufrcture, u8e or import of whicil is prohibited under the lalvs of the Bonower or intemational agreements to whidl the Eorrow6r is a psrty; and (vii) exp€ndifures on account o{ any paynent paohibn6d by lhe Eonowe, in complance wfih a d€osiofl of the Unrted Nalion3 Seclnty Council laken under Chapter Ml of th€ Chaier of tho United Netion6 1 SCHEDULE ' lmplomentrdon and Olhor maftal! EAPCR lmplernenlaton '1. The Borrower shall work with ADB and other dono,E pedicipating in the Joint Needs As3essme (Jl.lA) to moniloa resuhs. tracl tha assistanco proviled to thg Govemmont of the Borrower in conneclion with the Jl.lA, and as36 lhe impad of such assBlance 2 The Bonor /er shal updato ADB on lh€ imptern€r{ation of th€ JNA and sllall ensu.e that necessary 3upport is provided to ADB to rgvicw and monitor thc stalus of k€y indicators agre€d to {ith ADB. 3 The Borower shall tumbh to ADB a c6rlifiod copy ol the stato budget exeqJtion reports for 2006 and 2009 as submiUsd lo tho Padiarn€nt od ths Borror€r within six (6) mdlttr6 alter lh6 €nd of the relevari fiscal yesr, with a certilbd tt-anslatbn ot the r€levant parts thereo{ into the Engligh language. The Bono!.,er ahall fumish to ADB a cenified copy of the oprnion of th€ Chamb€r of Cof|trol of lho Borolvea on sucJl reporE wthin el€ven (.ll) months afrer the end of tho r€bvant fiscal year, fith a c€rlified traNtelon ol th6 retevant paats ttEreof into the English language 4 The Borower shall tumish to ADB a certified copy, in tho Engti6h language, of the exlemally audited annual reporl of lhe NaUonal Badk of ceorgia rn accordance wlh lnlernational Finarrcial Reportrng Standards for the lisc€t y6er3 2OOB and 2OO9 within six (6) monlhs afrer th€ end (, the rolevant fiscal year_ 5. The Borrower shall ensure lhat tfl€ Loan poc€€ds are not used to finance expendilures other than th€ Elgibl€ Expendilures Good Govefianco and TransDaronca 6 The Borower shall comply with AOB'$ Anliconuption poticy 1199A, as amendd to dal6) The Bonower, consistent with ils commitmerit to good governan@, accountabilily and transparency, agre€s (a) thal ADB rese e! the nght to tnveslilate. direc0y or through.rts agenls, any alleged co.rupt, frauduler( calhrsive or coorEive praclica! relating lo lhe EAPCR. and (b) to cooperate tufly with any such invetigatioo and to extond aI n;cessary assrstance, including provdrng acces5 to all relevanl books and recordg as such relate to EAPCR and may be necessary for the saiislactory completion of any Such invesiigation Safeouards ComoIance 7 The Borroner shall ensure that ADB'S Environmont policy (ZOOZ) and lnvoluntary Resetlemenl Policy (1995) are comptled wilh in the imptomentalion of any activjlies llnaoced from lhe proceeds of lhe Loan