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LOAN NUIV]BER 2664-GEO LOAN AGREEMENT (Ordinary OPerations) (Social Services Delivery Prcgram) (' between GEORGIA and ASIAN DEVELOPMENT BANK DArED )'l l-pL,L :"lo PLL:GEO 43496 LOAN AGREEMENT (Ordinary Op6ratlons) }1 !"L-L' r'to r ' LOAN AG_REE]iI-ENT -dated and ASIAN DEVELOPMENT BANK (.AUts) between GEORGTA (,'Borrowe/,) WHEREAS has .eceived frDm the Borou/er a development policy l€tter dated Lettef), setting forth certain objecttues, potiiies ;nd aclions, .this Loan Agreement, designed lo develop the Borrowe/s social (B) the Bonower has applied to ADB filr a toan from its ordinary c€pitat resources for the purposes of the prog,-am; and (C) ADB has, on the basis j!!gl ela of th6 foregoing, agreed Io make a loan to the Borrower from ADB.S ordinary capit-ke-sources ,pon -t" iJ-"" ino tnoitron, hereinafter set forth; NOWTHEREFORE the parties hereto agree as fc[owsl ARTICLE I Loan Rogulaflon8i Definiflons (a) Section 2.01(49) is deteted and the tolowing is substituted therefor: 49. The term,prog[am. means lhe program for which ADB has agreed to make the ro"n, u" j"iriu"J-i.-il ;; Agre€menl and as the descrtption tirereof may ;; ;";;; from time lo tme by agreernent b.G";-6; ;;; ;; Bonower. (b) The term.proiecfl vwherever ll appears ln the Loan Regu,allons shall ue suusrirutea iy'rhe te; iil;#Yi- 2 (d) The term "Project Executing Agency" wherever it appeaG in the Loan Regulations shali be substituted by the term "Program Executing Agency" (e) Section 3.03 is deleted and the following is substituted therefor: credit' (a) The Borrower Commitment Charge; amount of the unwithdrawn on pay charge a commitment shall in the Loan specilled the Loan at the rate and on the terms Agreement. (b) ADB shall provide to the Bonower a credit at the rate specified in the Loan Agreement' which credit shall remain fixed for the term of the Loan ADB shall apply the amount of the cJedit against the interest payable by the Borrower. (f) Section 3.06 is deleted and the following is substituted therefor: will be apPlied to new Loans. calculated (s) Section 3 07 is deleted and the following is substituted therefor: the any new Loans shali be increased' ing Loan on which a lower Fixed Y announcement bY ADB that 3 Spread is applicable shall pay ADB a Surcharge. The amount of the Surcharge shall be determined by multiplying (i) the difference between the Fixed Spread that will be applied to new Loans and the Fixed Spread applicable to the outstanding Loan (expressed as a percentage per annum), by (ir) the principal amount of the outstanding Loan on which the Borrower shall pay interest for all interest periods commencing on and after the effective date of the higher Fixed Spread that 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 Currency) in any Semester resulted in ADB incurring additional costs, the Bo[ower shall pay ADB a Surcharge. The amount of the Surcharge shall be determined by multiplying (i) the Funding Cost Margin (expressed as a percentage per annum) by (ii) the principal amounl of the Loan on which the Borower shall pay interest for the lnterest period commencing immediately after the Semester for which the Funding Cost Margin was c€lculated. ADB sha add the amount of the Surcharge to the interest payable by the Bonower for the tnterest period commencing immediateli affer the Semester for which the Funding Cost Margin was catculated (h) Section 6.01(a) is deleted and the fo owing is substituted therefor: (a) Subjec{ to any conditions or restriclions specified in the Loan Agreement, the Borrower shall be entitled to withdraw from the Loan Account such amounts as shall be required to meet payments for expenditures required for the program and to be financed under lhe Loan Agreemenl. Sectionl.02. Vvherever used in this Loan Agreement, untess the context otherwise requires, the several lerms deflned in the Loan -Regulitions have the respective meanings therein set forth, and the following additional lermsiave the following meanlngs: (a) "Counterpart Funds,,_means the Lari proceeds accruing lo the _ Bonower and generated from proceeds the of the Loan; goods imported under the program (excepl graph 3(c) of Schedule 3 to this Loan e delivery and inslallation of such goods, the linancing out ofthe proceeds of thJLoan; (c) each applicable year; (d) "Financial yeal. means the period from .l "Lari" or the sign .GElj means the law'ul January to 31 December for curency of the Borower; (e) "MOES" means the Ministry of Education and Science of fhe Borrower or any successor thereto; (0 'MOF' means the Ministry of Finance of the Borrower or any successor theretoi (S) 'MOLHSA'means the Ministry of Labor, Health and Social Atfairs of the Bonower or any successor thereto; National Centre (h) "National Centre of State lntemal Control'means the lnlernal Audit and of State lntemai Control established pucuant to the Law on State lnspection of the Bonower or any successor thereto; (i) 'NBG' means the National Bank of Georgia or any successor thereto; to in the Policy (,l) 'Policy Matrit' means the policy matrix as referred j gl-a[a the poiicy Letter and aorded between the Bonower and ADB, and which sets od and actions tor ttr-e program as sel forth in Schedule 6 to this Loan Agreement; (k) 'social Service Agency' means the Social Service Agency under the MOLHSA or any successor thereto. ARTICLE II The Loan orrower from ADB'S 0'000'000)' as such rsion in accordance ordinary amount with the (b) The Loan has a principal repayment period of 12 years' and a grace penod as defined in paragraph (c) of this Sec{ion' (b) of this Section (c) The term 'grace period" as used in Paragraph in accordance with the means the pJirO ptioi to the first irincipal Payment Date Agreement' amortization ichedule set forth in Schedule 2 to this Loan 2.O2 withdra of or Section amount of the Loan ro the sum ;;;J "qr;i nlgrLtl]; r.i" " "t"dlt 0 d s shall pay to ADB interest on the principal m time to time at a rate for each lnterest determined by Section 3 02 of the Loan d bv Seclion 3 03 ol the Loan Regulations all pay to ADB a commitment charge of Loan- Such charge shall accrue from a the respective dates on which amounts cancelled 5 Section 2 04 lnterest and olher charges on the Loan shall be payable semiannually on 15 March and 15 September in each year. 05 Section 2 The Bonower shall repay the principal amount of the Loan lvithdrawn from the Loan Account in accordance with the provisions of Schedule 2 to thrs Loan Agreement. (a) 06 Section 2 The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to facilitate prudent debl management: (D a change of the Loan Currency of all or any porlion of the principal amount of the Loan, whether withdrawn and outstanding or unwithdrawn, to an Approved Currencyi (D a change of the interest rale basis applic€ble to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Floating Rate to a Fixed Rate, or vice versa; and (iiD the setting of timits on the Floating Rate applicable to all or any portion ot the principal amount of the Loan withdrawn and outstanding by the establishment of an lnterest Rate Cap or lnterest Rate Collar on said Floating Rate (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by ADB shall be considered a ,,Conversion,,, as defined in Section 2.0,l(6) of the Loan Regulations, and shall be etfecled in accordance with the provisions of Aftcle \i of the Loan Regulations and the Conversion Guidelines ARTICLE III Use of proceeds ofthe Loan 3.0'1. Section The Borrower shall cause the proceeds of the Loan to be.applied to the financing of expenditures for the program in accordance wittr the provisions of this Loan Agreemeni. eds of the Loan may be withdrawn from the ing foreign cunency expenditures incurred for nce with the provisions of Schedule 3 to this amended from time to time by agreement may otheMise agree, all Eligible ltems all be produced in, and procured from, provisions of Schedule 4 to this Loan 6 3.o4. The Loan Closing Date forthe purposes of Seclion 9 02 Section time to time of the Loan Regulations shall be 31 March 2011 or such other date as may from be agreed between the Bonower and ADB ARTICLE IV Particular Covenants (a) The Bonower shall cause the Program to be Seclion administrative carried out wittt Oue Oitlgence and etliciency and in conformity with sound financial, environmental and social praclices. 4.01. (b) ln the carrying out of the Program, the. Borrower shall perform' or cause to be peiormed, all obligationa set fonh in Schedule 5 to this Loan Agreement' The Bonower shall make available' promptly as Section 4 v,/hich are required, in addition to needeo, tte tunJs, Lcilities, services and other resources the proceeds of the Loan, for the carrying out ofthe Program' 02 The Bonower shall ensure that the activities of its Section 4 the Program are conducted and deDartments and agencies with respect to the carrying out of pollcies and procedures' with sound administrative in 03 "oiroin"t"o ""*'toance The Borower shall maintain' or cause to be Section ltems financed out of maintained, records and documenfs aiequate to identity the Eligible Program the proceeds of the Loan and to indicate the progress ol the 4.04. (b) (a) The Borrower shall enable ADB'S representatives to inspect any relevant recordi and documents refened to in paragraph (a) of this 4.05. Seclion (a) As part of the reports and information referred to Section or cause to be furnished in Section 7 04 of the Loan Regulations' the Bonower shallfumish' conceming the .;"h reports and i-nformation as ADB shall reasonably requestand carrying out rr i[" iiogram, including the accomplishment of the targets i;;;]t;i irpr"'ri""i"t"" ofthe aclions set out in the Policy Letter' erality of the foregoing or Section 7'04 of the or cause to be furnished, to ADB semiannual nd on the accomplishment of the targets and Letter 7 ARTICLE V EffsctiYeness Section 5.01 The following ts specifled as an additional cond[ion to the effecliveness of this Loan Agreement for the purposes of Section 10.01(f) of the Loan Regulations: the policy actions for the Program as specified in Schedule 6 to this Loan Agreement shall have been carried out to the satisfaclion of ADB. 5.02. Section A date 30 days after the date of this Loan Agreement is specified for the effediveness of the Loan Agreement for the purposes of Seciion 10 04 of the Loan Regulations. ARTICLE VI iscellaneous 6.01. Section The Minister of Finance of the Borrower is designated as represenlative of the Bonower for the purposes of Section 12.02 of the Loan Regulttions. Seclion 6.02. The following addresses are specified for the purposes of Section 12.01 of the Loan Regulations: For lhe Bonolr€r Ministry of Finance 16 Gorgasati Street Tbilisi, 0114 ceorgia Facsimile Number (egs) 32 262 422. For ADB Asian Oevelopmenl Bank 6 ADB Avenue Mandaluyong City '1550 Metro Manita phitippines Facsimile Numbers: (632) 636_2444 (632) 636_2424. 8 lN WTNESS WHEREOF the parties hereto, acting through their represenlatives thereunto duly authorized, have caused this Loan Agreement to be signed in their respective names as of the day and year frst above written and to be delivered at the principal office of ADB. ASIAN DEVELOPMENT BANK By r I,AWRINCE vice-?resldeaE (0peEat1oo6 2) SCHEDULE { Oescriptlon of the Program 1 The principal objective of the Program is to improve the effecliveness and efficiency of social services delivery and social protection programs of the Bonower. Specifically, the Program supports: (a) effective and gender equitable coverage of social services; (b) initiatives to supporl retirement needs; (c) inc{usive allocation of resources for education and healthcare; and (d) sound management of public resources for social services delivery and social proteclion. The Program is described in more detail in the policy Letter. 3 ln support of lhe Program: (a) the proceeds of the Loan shall be used to finance the foreign cunency expenditures of Eligible ltems; and (b) the Counterpart Funds shall be used to finance the local currency expenditures relating lo the implementation of certain programs and other aclivities consistent with the objestives of the program. Th! gonower shall ensure that the Counterpart Funds shall be used, first, to support the adjustment costs lor policies adopted and actions taken under the prooram and second. to financ€ the expenditures for the general Oevetop'meni purposes of the Borrower. 4 The Program is expected to be compteted by 30 September 2010 '10 SCHEDULE 2 Amortization Schedule (Social Services Delivery Program) 1 The following table sels forth the Principal Payment Dates of the Loan and the Date oercentaoe of the total Drin;ipal amount of the Loan payable on each Principal Payment as of the fully withdrawn been lf the proc€eds ol the Loan shall have lfnri"if.Jnt on Bonower )unt of the Loan repayable by the (a) the total ined by ADB by multiplying: Payment first Principal of the as outstanding cipal Payment Date, such repayment amount amounts refened to in paragraph 4 o' this St"r"l lies. Pavment Due 15 March 20'14 15 September 2014 '15 March 2015 '!5 September 2015 15 March 20'16 15 September 2016 15 March 2017 15 September 2017 15 March 2018 '15 September 2018 15 March 2019 15 September 2019 '15 March 2020 15 September 2020 '15 March 2021 '15 September 202'l 15 March 2022 15 September 2022 15 March 2023 '15 September 2023 15 March 2024 '15 September 2024 15 March 2025 15 September 2025 lnstallment Share (Expressed as a %) 4.166667 4.166667 4.'166667 4.166667 4.166667 4.'t66667 4.166667 4.166667 4.'166667 4.166667 4.166667 4.166667 4 166667 4 166667 4.166667 4 166667 4.166667 4.166667 4.166667 4.166667 4.166667 4.'166667 4.166667 4 166659 lDAOoAoo 11 Schedule 2 2 lf the proceeds of the Loan shall not have been fully withdra,rvn as of the first Principal Payment Date, the principal amount ofthe Loan repayable by lhe Borrower on each Principal Payment Date shall be determined as foltows: (a) To the extent that any proceeds of the Loan shall have been withdrawn as of lhe first Principal Payment Dale, the Borrower shall repay the amount withdrawn and outstanding as of such date in accordance with paragraph 1 of this Schedule. (b) Any withdrawal made after the first principal payment Date shall be repaid on each Principal payment Date falling after the date ol such withdrawal in amounts delermined by ADB by multiplying the amount of each such Mhdrawal by a fraction, the numerator of which shall be the original lnstallment Share specitied in the table in paragraph 1 of this Schedut; for said Principal payment Date (the Original lnstaflment Share) and the denominator of which shall be the sum of all remaining Original lnstallment Shares for principal payment Dates falling on or aier s-uch date, such repayment amounls to be adjusled, as necessary, to deducl any amounts referred to in paragraph 4 of this Schedule, to which a Cunency Conversion applies. 3 \,nlrlhdrawals made within hvo c Date shall, for the purposes solely of Principal Payment Date, be treated as Payment Date following the date of withdr Paymenl Date commencing with the second withdrawal provisions .t the of paragraphs and 2 of this Schedute, upon a 1. _^_^. ^-_ .f:*lhstanding uurrency.uonversron of all or any portion of the withdrawn principal amount of the Loan to an Approved L;urency, the amounl so converled in said Approved Currency that shall be Screen Rate. 5. lf the principal amount of the time shall be denominated in more than one shall apply separately to the amount denomina separate amortization schedule for each such 12 SCHEDULE 3 Withdrawal of Loan Proc6eds '1. Except as ADB may otherwise agree, the following provisions of lhis Schedule shall apply to the lvithdrawal of Loan proc€eds from the Loan Account 2 (a) Withdrawals from the Loan Account shall be made for the financing ol the cost of Eligible ltems (b) No wilhdrawals from the Loan Account shall be made in respect of any expenditures which have been financed by credits from official intemational or bilateral aid agencies or any other loans made by ADB. 3 (a) An aPplication forwithdrawal from the Loan Account shall be submitted to ADB by the Bofiower and shall be in a form satisfaclory to ADB. (b) Such withdrawal applic€tions shall be accompanied by a certificate of the Bonower confirming that with respect to each year during which the proceeds of the Loan are expected to be disbursed, the value of the Eligible lmports is expected to be equal to or gread than the amount of the Loan expected to be disbursed during such year' (c) For the purposes of this paragraph, the term 'Eligible lmports" means the total imports of the Borrower during the relevant period minus the following imports during the same period: (i) (iD imports from countries which are not members of ADB; imports for ineligible items specified in lhe Attachmenl to this Schedule; and (iiD imporls financed from credits from official inlernational or bilateral aid agencies or any other loans or grants made by ADB. (d) The Bonower shall allow experts appointed by ADB to verify the value of Eligible lmports during any period in respecl of which lhe Bonower has certified the value of Eligible lmports in its withdrawal application. 4 (r) Prior to submitting the first application to ADB Jor withdrawal from the Loan Accounl, the Borrower shall nominate an accounl (the Deposit Account) at the NBG into which all withdrawals from the Loan Account shall be deposited' The Deposit Account Shallbeestablishedandmanagedinaccordanc€withtermsandconditionssatisfactoryto ADB, (b) Separate accounts and records in respect of the Deposit Account shall principles Upon be maintained in accordance with consistently maintained sound accounting to the Loan respect ADB'S request, the Bonower shall have the Deposit Account audited with oroceeds'bv indeoendenl auditors, whose qualifications, experience and terms of reference acceptabte to ADB, ln accordance with appropriate auditing standards Promptly atter lre 13 Schedule 3 their preparation but in any event not later than 6 months afrer the date of ADB,S request, certified copres of such audited accpunts and records shall be furnished to ADB, all in the English language. (c) Throughout the Program implemenlation period, the Bonower shall submit trade statistics and any olher information as ADB may require from time to time to assess the Borrower's compliance with the formula for delermining Eligible lmports. 5. The proceeds of the Loan shall be disbursed in a single tranche upon effecliveness of this Loan Agreement 14 Attachment to Schedule 3 Neoative List No withdrawals will be made for the following: (i) expenditures for goods included in the followng groups or sub-groups of lhe United Nations Standard lnternational Trade Classifrcation, Revision 3 (SlTC, Rev. 3) or any successor groups or sub-groups under future revisions to the SITC, as designated by ADB by notice to the Bonower: Table A'12: lneligible ltems 112 121 122 525 714 718.7 728 728.43 897 3 897 971 Alcoholic beverages Tobacco, unmanufacturedi tobacco refuse Tobacco, manufactured (whether or not containing tobacco substitute Radioactive and associated materials Pearls, precious and semiprecious stones, unworked or worked Nuclear reaclors, and parts thereof, fuelelements (cartridges), nonirradiated for nuclear reaclors Tobacco processing machinery Jewelry ofgold, silver or platinum{roup metals (except watches and watch cases) and goldsmiths' or silversmiths' wares (including sei gems) ld ore and concenkates Gold, nonmonetary (excl Source: United Nations- (iD expenditures in the currency of the Bonower or for goods supPlied from the territory of the Bonower; (iiD expenditures for goods supplied under a contract that any nalional orto intemational Iinancing institution or agency will have financed or has agreed finance, including any contracl financed under any loan or granl from lhe ADB; (iv) expenditures for goods intended for a military or paramilitary purpose or for luxury consumPtion; (v) expendiiures for narcotics; goods, the manufacture, use or fvi) exoendilures lor environmentally hazardous laws of the Borower or international i.po.t ot *tti"tt is prohibited under the agreements to which the Bonower is a party; and the BorovYe[ ln rvii) exoenditures on account of any payment prohibited by Council taken under colrptiance witn a Oecision of the United Nations Security Chapter Vll of the Charler of the IJnited Nations' 15 SCHEDULE 4 Procurement Except as ADB may otherwise agree, the procedures refened to in the Iorlowlng paragraph of this Schedule shalt apply in the procurement of Eligible ltems to be flnanced out of the proceeds of the Loan. 1 (g) Exc€pt as provided in subparagraph 2(b) betotv, each contract for ?,.. Elrgrble ltems shall be awarded on the basis of either the purchaser,s normal commercial procurement praclices, in the case of procuremenl by the private seclor, or lhe Bonowe/s prescnbed procurement procedures, in the case of procurement by the public seclor, having due regard for the principles of economy and efficiency. ... (b).. Each supply contract for Eligible ltems which are commonly traded commodities shall be awarded on the basis of procedures appropnate io tte trade and acceptable to ADB. .... SCHEDULE 5 Program lmplementation and Other Matters lmDlementation Arranoements 1. The MOF shall be the Program Execullng Agency The Program shall be implemented by the MOES, the MOF' the MOLHSA and the NBG Policv Aclions and Dialooue 2. fhe Borrower shall ensuE that all policies adopted and actions taken under ite progr"m, ai set forth in the Policy Letter and the Poticy Matrix, shall contrnue to be in effect for and beyond the duration of the Progri m 3. The Borrower shall keep ADB informed of policy discussions with other multilateral and bilateral aid iii" iiog;, ,no th"rr proui proposais. The Borrower implications for the implementation of ity to comment on any resulting policy ADB's views before finalizing and implementing any such Proposal Govemanc€ and AnticonuDlion shall The Bonower, through the MOES, the MOF, the MOLHSA and the NBG' comply with ADB'S Anticonuption Policy (1 consistenl with its commitment to good gov 4. ctory completion of such inYestigatlon Monitorino and Review The Bonovver and ADB shall carry out review of the Program' particularly with Program' respect to the outcome and output indicalors and follow-up actions for the 5 '17 SCHEDULE 5 policy Actions for the program The policy^actions_for the program as set forth in this schedure, and to be satisfied with respect to Seclion 5.01 ol this Loan Agreement, are as follows: 1. The Bonower shall have improved social services delivery through implementation ofthe medic€l insurance program for 2 healthcare by: the poorby G So"irt-S"ri". ng"n"y. The Bonower shall have improved gender equality in education and (a) ensuring that tu and equal access to healthcare is provided to the populalion without any discriminationi (b) providing specific?crivities aimed at supporting maternity care, famiry ptanning and protection of women,s reproductivi'rigtrisj and'- l?r"rfiirrl*n,rn equat conditions in general, vocationat and lertiary hall have initiated a structured dialogue changing pension costs for men ind ion), and budgetary implications arising 4. The parliament shalt have. enacted amendments lo the Law on Non-State Penspn tnsurance and provision ro enabte ctiversificatil ;;ilons for private -0" pension funds and promote disclosure "i;";;i.; of inrormation wittr iespeJ i;;;,ift. l^^,,^^ seryrce seryrce ough lhe MOLHSA, shalt have adopted revised minimum viders for.hospilats, ourpatie;i c.;;;;l;Joicat taborarory weis medical insuran"" progr"r. - - '- "'"' ,..shall have developed a program to through protecting consumers from quality requirements in Georgia. Such (a) implementation of administrative control over the distribution chain and acquisition of pharmaceuticat product samfr". r,i, irr" (b) Iaboratory examination ofthe acquired samples "iii,jli:L"o 7. The Bonower. throuoh the.MoEs,.shall have implemenled the professional ,, standards for teachers Mich were ar-dopted uy ft,e rr,roEs i" zOd6i;,'-, * (a) launching certirjcation for teachers on a voluntary basis, and 18 (b) ensuring that approximately 12,000 teachers have received financial support (through the issue of vouchers by the MOES) in 2010 for the training to help them meet certification requirements for subjects under the certification examinations for 2010 (of lvhich at least 50% of such teachers are women) I The Borrower, through the MOES, shall have allocated in the IrOES's budget Year 2O'lO GEL8.1 million for the purchase of texibooks for at least 50,000 for Financial school children from familles below the poverty lne I The Borrower, through the MOF, shall have completed the report on budget executron for 11 1 "legal entities of public law' (i.e public bodies for implementing speciflc programs or functions) for the period between January 2010 and June 20'10. 10 The Parliament shall have enacled the Law on State lnternal Aud[ and lnspeclion which provides for: (a) the establishment of internal audit units in the ministries and for such units to be tunclionally independent (ie. for such units to report directly to the respective ministers); and (b) the establishment of the financial management and control function in the ministries The Borrower, through the MOF, shall have implemented the Law on State lnternal Audit and lnspeclion through: 11 (a) (b) the establishment ofthe Nalional Centre of State lntemal Control: and (prepared the distribulion of the proforma charter for internal audit units based on international standards and best pradices) to at least 10 ministries for the establishment of their respective internal audit units The Borrower shall ensure that the MOES and the MOLHSA have established their internal audit units. 12.