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LOAN NI]NIBER 850.}.GT] Loam Agreement (!'irsr lnclusive CroBth D€vclopmctrt Policy Opcrrlion) betweer GEORCIA rnd INTERNATIONAL BANK FOR RECONS RUC'I'IOI! AND DEVELOPMEN'I' D.red '/7 M1 , zot: LOAN NUt\nltiR 1t503 Cl: LOAN AGREEMENT As,ccmenr darcd 2-2 fad-V .20ts.enrcrcdinro b.hlccn GEORCTA (''Borro\ver') and rhi, INftRNATtONAL BA\]K FOR RECONSTTIUCTION AND DEVELOPMENT ("Ba k") lor rhc purpose of prov,ding fifancrnS iI suppon ofrhc Program (as dcfincd in rhc Appcndir lo rhis AgrccNcnr) thc Bank has dccidcd lo provide this financinS on the basis, intu alio,oft (a) rhe acrioos whrch rhe Borrowcr has ale-ady t8kcn under rhe Program and whrch arc dcscribcd in Scctio l of Slhcdule I to thjs Agreemeni: aod (b) t[e Bor.owcls rnrinrenance ofan .dcquar€ macroeconomic policy framcwork The Bonower and rhe Banli thcrcforc hcreby agrcc as follows: ARTTCLE I l0l - GONERAL CONDITIONSi DEFINITIONS Thc Gcncral Condilions (as defined in lhc Appendir ro lhir Asrecmcn0 consrirute an integral part of thrs Agrc€m€ot 102 Unlcss rhe con(exr requires olherwise, dr€ capitzlized rcrhs uscd iD rhis Agrcemenr bave lhe meanings ascrib€d lo lh€m in the Ccnenl Condilions or in lhc Appendix to this Agr€emcnt ARTTCLE I! 2 0l - LOAN Thc Batrk agrees ro lend to the Borrowcr, oo lbe tcrms and condilions scl lorrh o. tcf.rcd ro in rhis Agrcemcnt, thc amounr ofsiriy million Dollars ($60,000.000) as stlch arnorlDt may bc convcncd from time to lim€ lhrough a Cuncnc] Con!cNror in ac.ordancc with rhc provisions ofS€crion 2 08 oflhis Agrccmcnr ("Loan ) 202 l hc Boriow€r Inay withdraw thc procecds ofthc Loan in s ppon oiihc Prograrn in accordancewith Secrion Il ofSchcdul€ I to this Agrc€mcnr 2 0l Thc Froni'end Fee payable by rhe EoEower shall be cqual ro oll. quarrcr olonc percenl (0 25Yo) 0fthe Loan amounr 2 M Thc Cornrn(m€nt Charge payable by lhc Borower shall bc eqnal to onc quartcr olone pcrcenl(0.25%) per annum orl thc UDwithdmwn Loan Balancc 2 05 Thc itrlcrcsr payable by rhe Borrower for each Ioterest Period shall bc at a ratc cqual ro tlrc Referenc€ RaG for th€ Loan Currency plus the variablc Sp,ca(lt provrdcd, that upon a Conversion ofall or any portion oI lhe principal 3mDunt ol the l-oan, thc int.rest payable by tb€ Borrower during lhe Conlcrsron fcrioC on such alnouri shall bc d.Iermrncd in accorCance with the rclevanl provisions of -2, A(iclc IV ot oflhc conti Boro*cr sha amounl paymcnr ng' rt rn' ruch notr' blc bv lhc (c) ol rhc GcncralConditions ? 06 The Paymenl Datcs are April 15, and Octob'r l5' in "ch vear rcp'id rn ac(ordan(c \vrth lltc 20? Thc Drhcrpal 2mount of lhc Loan shall bc this Agreemcnl amonizalton sch€dule sel fo,th rn Sch€dulc 2 to 20s (3) (b) Curdclrnes (c) Sch€dule ! to this Agrcem€nt -3- ARTICLE III - PROCRAM (a) (b) (c) ARTICLE IV 4 0l - REMEDIES OF THEBANK Thc Addrrional Evcnts of Susp€nsion onsist of the foltowrng, namely thar a situarton has arir€n which shal nak ir improbabte thar ,r,! Irog*ir, n. significanr pan ofiq wilt be carricd our " 4 02 Thc Addirional Event of Accrlcrarion consisrs of th€ fo o\$ng, namely thal lhc cvcnl speflfied in Sccrion 4.Ot ofthis Agreerncnt occurs and rs contrnurnr tor ; pcnod ofrhirry (30)days lhe Borro\rcr ARTtCLI: v rficr ootrce o[ rhe evcnt has bccn grvcn by thc B-antr ro - EF.FECTIVf, NESSi TERMINATTON -4- o t th€ P.ogram and wjlh thc adcquacy ofthe Bonowcr's macroeconomic policy 5 02 Thc Effecrrvcncss Dcadline is the date onc hurdrcd and tvenrv (120) davs aliff lhc darc oI this Agrccmcnt ARTICLE Vl 60 6 I - REPRESENTA'flvE; ADDRESSES Thc Bon ower's Rcpresentrhvc is ils Minislcr of Financ€ 02 Thc oorrowcr's Address is: Ministry ofFinaEcc l6 GorgasaliStr€tl Tbilisi0l la Georgia Facsimilc +995122.262422 6 0l Thc BaDk's Address is lnternalional Bank for RccoDslruchon and Developmcnl !818 H Strcet, N.W Washington, D C 2M33 Unitcd Stalcs of Amcrica Cable addrcss Telcx: Facsimrlc: nTTBAFRAD 248123(MCl)or t '202-411'6391 64145(MCI) washingron, D c -5AGREeD Ar Tbitisi, ceorgra,,s ofthe day and ycar,irsr atove wrificn CEORCIA a,,rt o'l.a ["p".'"*.t,* Name; Trllc: f,lo. ltt^ 1*-, [tr.]lftc fir,s!c(- INTERNAT]ONAL BANK I,OR RECONSTRUCTION AND DEVELOPMIJN I Author izcd Rcprcscr jlalr!. N,"" HeuqY Kzp*ul r,.. lQrar grsr<- \t g-q-r o s- -6- SCHEDULE I Progr.m Aciions; Av.ilability of l,orn Proc€eds Section l. Actions Trk€n Und.r thc Proeram Tltc actions undcr lhc Prograrn includc tht followiDg: taken bv thc Borrowcr Strc sthe', Fkcat O'ar\ight of Pubtic htttitutio'Ll o 'l ln'Ptu'e Pi ir l. B qcti'tg o n he Frono'otk lot Civilstnants '! od;":: Ji"JJff.',:s:H,,"J: ag€ment lnforrnanon Sysrcnr, rs 2935-ls dated Deccmbcr 12 20t4' which ld* is in tullforct and €trect 2 - Etrtcrpnscs (SOES) The Borowcr, rhrough MoF, has rcgistcred rhe Sratc Owncd in;ludtn; rhosc rn thc ianncahrp Fund and-sol's subsid,"cs: ds hy lhe letlc! fiom the Borcwcr'< Mrnrsl€r o[ Frn'nlce lo lhc E:rlr' ;;L;;'s;. cvidcnccd dalcd Fcbruary 20,2015 Rcfo'rn! 3s Thc Bonower has adopled lhc Dcw FmrYiework for Civrl Scrvicc 19'2014 and rry rhc Borrower's Decrc€ No 62? daled Novembct 4 20 I ""'Lr.J 20 Novernbcr plrbh shed in ihc Legislative Hcrald on 'I Piltar tt. l ,pruw the Covzngz o'tl Quolitr of Sociol Senices LNI Sn'\tl'! ,t o n ito t ing of Outco m er 4' Thc Bonowcr has adopled a ncw methodologv Ior lhc Trrgctcd ,o nnprovc targcltng and colemgc of rhc poor p.'iY't"] o.t,."".. trsnf Borrcwe' s Rcsolulton No ?58 daled Dec.mb'r il Social " ll: 2014 and publrshcd rn inr Legislaliv€ Hcrald oo re samc datc (hc has eslablishcd a rcquircnrcnL whcrcby on rs required for lhc purcfiase of (crr':n 5 rhc ralional use of mcdicines as cvrdcn(cu /n dated luly lE' 201'1' and Publishcd in rhc 6- Thc Borowcr, rhrough N'IOLHSA has mandarcd cnhancemcnts lor thc p'olisron ro iNprovc acccss Io ofobsretric ana nconiralcare across rbeBorrolvcr's regions' Lcgislalivc Herald on the samc datc -1- Section Il. Av$ilrbiliw oILo.n procecds A. Gcneril, Thc gorower may withdEw rhc pro€€cjs of thc Loa wrih rhc provisions of rhis S$rion and such additional rnstucrons as thc may sDcciry by otice to $e Eorrower A e Loan singte of the (cxce wirt Loan rhc rhc rhc amonrts ofthe Loan to rhis cnd h sct out in the tabte bctow Amount of thc Loin Atlor,rtcd (erprcssrd itr Dolhrs) lD Sinsle w'rhd.awal Tranche (2) Frotrcend Fce (i) InrelEsr Raic Cap or Inrcresl C 59,850,000 r50 000 Rarc Collar prc'nium 0 ANIOUN'T 60-00x-000 ,[O'T{L Wilhdr.wal Tr.rche Retease Condirions Bank -8Deposils ofLorn Amount!. Exccptas the Bank may othcNiscagrcc: I all wirhdrawals from lhc Loan Accouol shall bc depositcd by lhc Bant mto an ,ccount d€signaled by ihe Bonowcr and accepEblc ro the Bankl 2 ofa arno nt ol rhe Loan rnto tbis accoxDr, .n cquivalenl amount rs acco!trtcd for in rh. Bormwer's budgel management syslern. in a manncr acccptablc to rhc rhe Borrowcr shall €nsur€ that upon thc dcposit Bank f,xcludcd Erpenditures. The Bonower uDdenakcs rfia hc pro.eeds ol rhc Loan shall nol bc us€d to financc Excl'rded Expeodiiores IfrhcBank dcrcnnincs al any llrc that an smo nt of rhe Loan was Ned to nlakc a payDent tor an Ercllded Expcnditurc, lhc Bo(ow.r shall, promptly rpoD nolioc fiorr the Bank, refund an amounr equal to rhc amounl ol such paymcnr to the Bank Amounls refunded ro rh€ Banl upon such r€quest shsll b€ canc€lled t,. Closing Dxte. Thc Closing Datc is Decemb€r 31,2015 ,9SCI{EDULD 2 Amortiz.tion $hedulc I Thc following lablc sets fonh the Principal Payment D lcs of thc Loarr and lhc pc(ccr)tage of lhe loral priocipal amount of thc Loan payablc on cach Principal Paymcnr Dalc ('lnsrallmenr Sharc"). Ifrhe procctdsotrhc Loan have bccn fuily withdEwn as of lhc firsr Pr;ncipal Payrncnl Date, lhe prinopal amourrl ol lhc Loan rcpayablc by rhc Borowcr on eaclt Principal Paymenl Datc shall bc dcrermincd by rhe Bank by nluliiplying: (a) Wnbdrawn Loan Balancc as ol'lhc firsl Principal Payrncnt Dare; by (b) drc Insrallnent Sharc l'or cach Princ,pal Paymcnr Date, such repayablc amount ro be adjusted, as ncc€ssarY, lo dcducr lny arnoun$ refercd to in pamgraph 4 of this Schcdul., ro which a Curcncy Conv$sion applies Principrl Pr)'n:ent Drtc lnrtallm€nr SIrrr (Ernressed as n Perccnrirc) Or c.ch AIril I5 ^ld Ociobcr l5 BegrnningOcrcber 15, 2029 rhrough Octobcr 15, 2019 On April 15,2040 4 4501, 4 45.1 lf lhc procccds of thc Loan have not been fully withdrawr as of the firsl I'rincrlal PaymcDt Date, thc principal amounl ofthc Loan rcpaysblc by Ihe Borroscr oi cnch PriDcrpalPaymeDr Date shallbe del€nnrned as follows (a) To the exlcnt rhat anY pro{ccds of lhe Loan havc bccn wilhdrawn as ol rlc firsr Principal PaymcDt DaIe, the Borro$cr shall rcPrv lhc w irhdrawn Loan Ba lanca as of such darc in nccordancc w ith Para sra ph I ofcnis Schcdul.- (,) Ary anlouril withdrawn aflel the firsl Pnncipal l'aynrenl Da(c shrll bc r.paid on each Pnncipal Payment Date falliDg alrer lhe dalc ol such withdrawal in amounts dEGrmrned by rhc BanL by moltiplyrng lhc amount ofeach sucb wilhdrawal by a fftcrion, thc nnmcrato. ofNir,ch is thc tablc rn parag'aph I ol !hrs the orrgnul lnstllment Share specificd 'n Schedule for said Principal Paymcnl Dare ('O ginal lnstallnrcnr Sharc') and rhc denonrinalor of which is lhc suD of all rcma;ning Or18 13l lnsrallmcni Sharcs for Prrncipal Pay,ncnl Dalcs islIng on or alicr sueh d3te, such amounE repayable to be adjusted, ar ncccssar-a. io dcdtrcr a'ry -t0amounts rctcr€d ro in pamgnph 1 ofrhis Schcdute, to \vtrict, a Curcncy Conversion sppties ,] lfthe W lhc p,o! ::.i::1" is denominard rn morc than one Loan Cnrrcncy. shallapply iepararcty ro rhc lrnourr de.ro.n, ,,Iit ro produce a sepamre amo,,i7a,ion schcrL,r 'o, -t tAPPENDIX Srclior l. D.finirinn. I l. "Erchided Expcndirrrc, means aDy erpcndi$rc: G) for goods or scrvices supptied under a conkacr which any narronat intehatronal finaocing instrtution or agency othcr rhan tt,; Ba k or r Aisociarion has financed or agreed to financ€, or which rhc Bank or tfie AssociatioD has financcd or agneed to finance uuder anothcr loan, crcdit, or grint; (b) for goods included in rhe foltowing groups or sub.g,orlps otrhc Srandard lnremar,onal Tradc Classrficatron. Rcvrsrcn I (SliC, Re! Plrbt[hcd by the Unitcd Narrcns rn Sbtislical paPtl!, Sc,,es M, No larRcvl (1986) (ihe SITC). or any suc{essor groups or subgroDps undcr rurc l) rcv$ions to rhc S]TC, ar designared by the Bani by nolicc I lhc 0rouo Sub-qrouo lr2 r2l Tobacco, un rnanufacturcd. tob.cco t22 Totacco,'nan,r,cruria (*hctrrc, o, Dot conra,nrns tobacco sulrstrrurcs) i25 lkdtoactive and assocrar€d malcriats 66," r" t8 Psrls, prccious and scmiprccrous '7181 i28 12.8 43 897 89? l slones, unrrorkcd or worlcd rtrc.co- Nuclea. .cac rots, ana p".ri tucl elements (cartndBes). non, rrradiared, for nuclcar rerckrs processing nrachrncry Jcwchy ofgold. srlvcr or platrnuin group melals (cxccpt warclcs and walch ciscs) and goldsmirhs'or silversmitbs' war€s (incbding scr gems) 9lt (c) i I Gob, non-moncra.y 1exct,d.g gotd ores and concentrale, for goods int€nded for a nritirnry or paramitilary purposc or tbr tuxury -t2(d) for eN iron rhcnrr y. hazardous goods, thc manuf&turc, ure or rmporr of wnrch E prohibited ondcr rhe taws of rhc BoFowc, or ,nrcrnar,on6t agreln cnts to which rhc Borrowef is a parry: (c) on accounr of aDy pryrncnr proh,brtcd by s ll1li:1",:**, ..*., "ken r:nder chapicr d.cision of rhc Upitcd vI of rhc chanc, or,hc 'Fiv€ Largest SOES" mcans the fo n t*uy. tsC Ocorg,ao O,t a;d - "ii : tlccr'osystcm. JSC Elecft jc y Sysrcm Reform,, ,ncans rhc Borrowcr.s firnrc$,ork c secror, devclop a stratcgy for a rcl(lrm in said specific recommendarions for proposed policy ''Gencml CondirionC mcans lh€ ,.intemarional Bank for Rccon ruclion and Dcvclopmcnr Gcncrat Condilions for Lodnr,,, darcd March t2, 12 wtrh rhc I modrrrcat,on3 sct for(h ,n Scctron ll ol.lbrs Appendrx -ta$ on Cen€rat Educar,on' mcans hc Borowcas L.rw No lljo dnrcd Ap,,t li :00j.rnd pubt'shcd rn rhe kgistatrv Heratd on May 1 "Law on Sialrsncs means rhc Borrower,s Law No 22gt,RS darcd Dcccnrblr I l 2009 and pubhshcd rn lhc L€Eistafiv. Hcrald on s I 4, 2O0j De.ernbc! 2 r.200, "Legislarive Heratd rncar)s lhc Borrower,s offici;tgazcrtc "Y9^!l^-::ll' rhc Borro*er's Min ry or Fiucarion and s(,cnLc successor thereto, acccptable lo tha Ban o, a1) -lI, 0 "MOF'nEros thc Bonowcr's MiDisrry of Finance or atry succcssor rhcrcro, acccprrble io the Bank "MOLHSA menns rhc Borowcr's Ministry oftabor, Hcalrh and Social AlTairs or any sncccssor therero, acccptablc to thc Bank l "MOESD" caos (hc Borou,cr's Ministry of Econonry atrd Su(ainablc Dcvclopmetrr or any successor thercto, acccptable to ihc Dank ll "Panncrship Fund' m.ans lhc Bonowcr's joint sbck cornirany, csrablishcd pu.suani to Law No N4522-ls datcd Apfll E,20ll, and Partncrship tunds Charler approved by the tsorrowcr's D.crc. No.210 dated June 2,20ll ro prorholc privale sector rnvcsBnen6 io sh-aregic sactoE, and ro whrch rhc asscb ol lhc Fnc Largesr SOESwerc lransfcrred 11 "Program" means $e progmm ofactions and polcies aiming to imflovc public scrvice dcliver-v and srengihcn fiscal ovcrsight while promoling growrh and achicvirg sustainabl€ reducrions iD povcfly, s€r forth or rclorrcd to in lhc lclle, darcd March 1.2015 from thc Borrolvcr ro lhe Bank, dcclanng thc Eorower's commimrcnt to the execurior of thc Program, and r€qu€sling assisrancc lroDl thc Banl in sLrpporr o[rhe Prcglam durirg lrs decutioo r5 ''Pubhc Financial Managcmcnt lnfomalron Syslcm" nrearr rhc Borow.r's inrcrncr bascd system uscd by rhc Minisrry ol Finarce. *hich intcg'flcs rlrc rrcasury, budget preparation and ,lnancr.l manag€menl sysrems t6 'Singlc wirhdBwal TEnchc mcans thc amount oi tlre Loar irllocatcd ro lirc calcgory €ntillcd "Srnglc Wirhdrawal lranche m rhc tablc sct forrh in Pafl ll ol Scciior Il ofSchedulc I lo this Agrcchenl t1 "SOEr' o. "Stat€-Owncd Entcrprise" means any cntcrprisc cslablishcd according lo rhc Borrower's legislarion, lhar is wholly or partially owned by rhc Bo,,owcr rnd whrcl is rllo\vcd lo partrcipate in commercialacti!ities. ts Targctcd Sociri Assisrance CI'SA) mcans the Borrowcr's program of cash rransfcrs ro socially disadvanhge! families. bas€d or e pro\y.mcans lcslcd fonnula S!!!jg!_ll ivlodincations to lhc G€ncrel Conditions Thc Ccncral CoDdirionr arc lrercby modificd as follorls _t4_ In thc T.btc ofCoDrents, rhc rcfercnccs ro s, ",,","" "* iltr.d;. Ht ilTTil.illll.fl :[::i ii,T: T1*.[l 2 The lasr scnrcncc of parasrsph (a) *rnorawarr rs dcl.red in rr< of Secnon 2 0l (relanrs ro ApDlrcr'x ennrcN rs ro' and2.05 tEt is bte i:.,*l: i:j?*,g:1": Accouhts) c dctc,cc, rcma,ninr Secrior r in Arliulc ^pen.tturc,) ll J,c rcnumbcrc,t nccorotngty rLr lncrr entircry, and rhe Secrioo 3 0t (F,ort-ed./i?s) is modrfied "Se.tion j (a)_ . ffirt a, Lo read a, folows 0) Froht-ed Fee: Connitne,t Choryj! Thc,Boftower sha pay rfie Bank "t a front-cnd icc on rhc taan rL" rare spcc,fied ,n rhe toan Asrccmcrr r,r" -nir.-"J 5 P_arrs,"ph G) ofsc ron 5 05 (rcnlmbered a\ such ano rerahng ro Use o/ Coo dt. Wo,ks o ntt Sctui. a | pul' nl rc para,lraph j dbovc --"'. $a. .A .,rr.-"i,,'"ry- Paragraph (c) of Seclion 5.06 (rcnuhber€d er such pursuanl ro pa,nq,aph 5 aoove, rs modrfied ro rcad as followlr "Secdon 5 06 ptoDs. Docuhenlt: Recofttr -t5, S Paragraph (c) of Section 5 07 G.number€i as such pnrsuanr ro paEgraph 5 abovc) is modifi€d to rcad as folloq.s "Sccrion 5 0? ProAro Mo4itotng and Eyohnhon (c) Thc Bonower s}all pr€par€, o' causr to bc p|oparc.d, and f,mish ro thc Bsnk nor latcr rhan six (6) months ancr thc Closing Daic, I rcport ot such scopc and in such detail as tlrc Bank shall rcasonabh request, on thc cxccution of lhc Prcgram, thc pcrfornur]cc by rhc Loan Iartics and rhc Bark of th€'r respeclive ohligarions undcr thc Legal Agreements3nd thcaccomplishrnetrtof the puDosesof lhc Loan' 9 ln rhc App€Ddi)i, Dcfiniiions, all refercnces lo Secrion numbcE and pardgraplrs arc modified. as nec.ssary, ro reflcct lhe modifications scr lbflh abovc l0 The Appendix is modified by insc(ing a new parsgraph 19 wirh lhc follo\lnrg dcfinirion of'.Commnmert Charge ', and renumb€ring lhe remaining paragraphs atcordinglyl '19 "Comrnitmeot Chargc'mcans rhe com'nitmcnl charge spccificd in the Loan Agrcem€nl for thc purpose ofS€crion I 0l(b) " Rcnumbercd paragEph l7 (ongmally paragraph 36) ofthc Appcndr\ ( tl'srblc Expcndrturc") is modificd ro rurd as follows: "31 "Eligiblc Expcnditurc' means any us€ ro which lhc L()3n is pui jo suppon of lhc Program, orher rhao lo finance expcnditurcs crcludcd pDrsuan! ro tbc Loan ASrecmcnr " L] Renumberedparagraph44(originallyparagraph41)ofth€Appcndix(Financr:rl Starcmenrs') isdeleted in rrs entirety r:1 ln paragEph 48 ofrhc Appendix, the dcfinitron of"Froncend Fcc is Nodificd by rcplaciog rhc rcfcrcncc to Scction 3 0l Nnh SectioD 3 0l (a) t4 ln paragraph 67 ofthc Appcndix, fic dtfinilion of the tenn "Loan Payrmri is modrfied to r€id as follows: "61 "Loan PayrnenC means any amount payablc by lhc Loan P?rtics to the Bank pursuant lo lhc L€gal Agreemenrs or lhcsc GcncruJ Conditioos. inchding (bul nol limited to) any atnouDr of rlrc wirhdra\!n lran Balancc. inrcrest, rhe Fronr-cnd Fec, thc Cornmilmcnr Clargc, inreren ai rhc Defaulr lrcr€st ilare (if an)\. any nrcpay'rcnr p'J niUr. any transaction f.e tor a Conv€rsion or carly rcl|nination ol a Conlersion, thc variabie Spread Firing Chargc (ii any), aLry prc,,riutrl ,I6- 8:tHffi ;t"Ttffi :,lT[j,1]:ii$H.#,t" o, nrcf esr Ra,3 '11- l5 ln parag,"ph 72 of rhc Appcndix, the dcfinition of,,payrrcnt Darc., is rrodificd by drlcting th€ word 'is" and insc(ing the words..and Comminnenr Chirgc arc., after rhe word "i tcresf' 16 'l he dcfitred tcrn] "Projeca in parrgr.ph 75 of the Appcndir is modificd ro rcad definr('on is modificd to read as foltows (and rcfercnccs to 'is "ProJect' throughour thcse Ccn€ral Condirions arc d€cmcd lo bc rcfocnces lo "Irogrant and a "Pro_qram"): '15 "Progrcm rhe program rcfered rtr in rhc Lo.h Agrccrnenr in suppon'ncaos of*h'ch rhc Loan 's madc