On ratification of the Loan Agreement (Treasury Modernization Project) between the Republic of Kazakhstan and the International Bank for Reconstruction and Development dated August 22, 1996

Home / RLA / On ratification of the Loan Agreement (Treasury Modernization Project) between the Republic of Kazakhstan and the International Bank for Reconstruction and Development dated August 22, 1996

The Law of the Republic of Kazakhstan dated December 7, 1996 N 49-1 SAM

To ratify the Loan Agreement (Modernization Project Treasury Department) between the Republic of Kazakhstan and the International Bank of Reconstruction and Development of August 22, 1996, signed in District of Columbia, United States of America.

President

Republic of Kazakhstan

THE AGREED COPY

LOAN 4077 KZ

Loan Agreement

(Treasury Modernization Project)

between

BY THE REPUBLIC OF KAZAKHSTAN

and

BY THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

August 22, 1996

4077KZ LOAN

LOAN AGREEMENT

AGREEMENT dated August 22, 1996 between THE REPUBLIC OF KAZAKHSTAN (the Borrower) and the INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (The Bank). ACCORDING TO WHICH (A) The Borrower, having become convinced of the feasibility and priority of the Project described in Annex 2 to this Agreement, requested the Bank to assist in financing this Project: and IN ACCORDANCE WITH WHICH the Bank has agreed, based on, among other things, the above, to provide the Borrower with a loan on the terms set out in this Agreement: The parties to this Agreement HEREBY agree as follows:

ARTICLE I General Terms and Definitions Section 1.01. The "General Terms and Conditions Applicable to Loan and Guarantee Agreements" of the Bank, dated January 1, 1985, with all the changes set out below (General Terms and Conditions), form an integral part of this Agreement (a) The last sentence of Section 3.02 is omitted (b) The last sentence of Section 5.01 is amended and reads as follows "If the Bank and the Borrower do not agree otherwise, funds may not be withdrawn (a) for expenses incurred on the territory of any country that is not a member of the Bank or for the purpose of purchasing goods, made in such a country or payment for services provided from the territory of such a country; or (b) for the purpose of making any payments to individuals or entities or importing any goods, if the Bank is aware of, That such payments or imports are prohibited by a decision of the United Nations Security Council in accordance with Article VII of the Charter of the United Nations."(c) Subparagraph (k) of Section 6.02 is changed to subparagraph (b) and subparagraph (k) is added to the Section as follows: "(k) An emergency situation has arisen in which any subsequent withdrawal of Loan funds is contrary to the provisions of Section 3 of Article III of the Articles of Agreement of the Bank." Section 1.02. Unless the context requires otherwise, a number of terms defined in the General Terms and Conditions and in the Preamble to this Agreement have meanings that correspond to those set out in these documents, and the following additional terms have the following meanings. (a) "MF" means the Borrower's Ministry of Finance (b) "Project Preparation Advance" means the project preparation advance provided by the Bank to the Borrower pursuant to the exchange of letters dated July 14, 1994 and July 23, 1994 between the Bank and the Borrower. (c) "Special Account" means the account referred to in section 2.02 (b) of this Agreement. (d) "Working Group" means the group referred to in section 3.01. (b) (I) of this Agreement.

Article II Loan Section 2.01. The Bank agrees to provide the Borrower with a Loan on the terms set out or referenced in the Loan Agreement in various currencies for a total amount equivalent to fifteen million eight hundred thousand US dollars ($15,800,000) representing the amount of funds withdrawn under the Loan, with each withdrawal assessed by the Bank on the date of such withdrawal. Section 2.02. (a) The Loan amount may be withdrawn from the Loan Account in accordance with the provisions of Annex 1 to this Agreement to cover expenses that have been incurred (or will be incurred with the consent of the Bank) in order to pay for the goods and services necessary for the implementation of the Project, purchased at an affordable price and described in Annex 2 to this Agreement, which are subject to financing at the expense of the Loan funds. (b) For the purpose of implementing the Project, the Borrower may open and maintain a special deposit account in dollars with a commercial bank on terms acceptable to the Bank, including appropriate protection of funds from counter-claims, confiscation or seizure. Deposits to the Special Account and payments from the Special Account are made in accordance with the provisions of Annex 5 to this Agreement. (c) Immediately after the Effective Date of the Agreement, the Bank, on behalf of the Borrower, withdraws from the Loan account and pays itself the amount necessary to repay the principal amount of the Project Preparation Advance withdrawn and outstanding on that date, and to pay all accrued fees, the outstanding balance of the amount approved as the project preparation advance will then be cancelled. Section 2.03. The closing date is December 31, 2000 or a later date set by the Bank. The Bank informs the Borrower about this date in a timely manner. Section 2.04. The Borrower pays the Bank commission on the obligations of the principal amount of the Loan that has not been withdrawn from the account from time to time at a rate of three quarters of one percent (3/4 of 1%) annually. Section 2.05. (a) The Borrower pays interest on the principal periodically withdrawn and outstanding Loan amount for each Interest Accrual Period at a rate equal to the Cost of qualified borrowings determined for the previous six months plus half of one percent (1/2 and 1%). On each of the dates specified in Section 2.06. Under this Agreement, the Borrower pays the interest accrued on the principal amount of the Loan that was not repaid in the previous Interest Accrual Period calculated at the rate applicable during such period. (b) At the end of each Half-Year, the Bank notifies the Borrower as soon as possible of the cost of qualified borrowings determined in respect of such half-year. (c) For the purposes of this Section (I), "Interest Accrual Period" means the six-month period ending on the date immediately preceding each of the dates specified in Section 2.06. this Agreement starting from the Interest Accrual Period during which this Agreement was signed. (II) "Cost of qualified borrowings" means the cost reasonably determined by the Bank and expressed as an annual percentage of the Bank's outstanding borrowings used after June 30, 1982, excluding those borrowings or their shares that the Bank has allocated to finance (A) the Bank's investments and (B) loans that may be issued by the Bank after On July 1, 1989, at interest rates set otherwise than provided for in paragraph (a) of this Section. (III) "Half-year" means the first six months or the second six months of a calendar year. (d) As of a date that the Bank may specify in a notification sent to the Borrower at least six months in advance, paragraphs (a), (B) and (c) (III) of this Section are amended to read as follows: "(a) The Borrower periodically pays interest on the principal amount of funds withdrawn and outstanding Loans at a quarterly rate equal to the cost of qualified borrowings calculated on the basis of the previous quarter, plus half of one percent (1/2 of 1%) On each of the dates specified in Section 2.06. of this Agreement. The Borrower pays the interest accrued on the principal outstanding amount of the Loan during the previous Interest Accrual Period, calculated at the rate in effect during that Interest Accrual Period." "(b) At the end of each quarter, the Bank shall promptly notify the Borrower of the cost of qualified borrowings determined in respect of such quarter." "(c) (III) 'Quarter' means a period of three months beginning on January 1, April 1, July 1, and October 1 of a calendar year." Section 2.06 Interest and other fees are payable semi-annually on January 1 and July 1 of each year. Section 2.07 The Borrower shall repay the principal amount of the Loan in accordance with the repayment schedule set out in Appendix 3 to this Agreement.

ARTICLE III Project Implementation Section 3.01 (a) The Borrower declares its commitment to the Project objectives set out in Annex 2 to this Agreement and, to this end, implements the Project through the MF with due integrity and effectively, in accordance with appropriate administrative, financial procedures and information technology practices, and, if necessary, provides timely funds, equipment, services and other resources necessary for the implementation of the Project. (b) Without limiting the condition of paragraph (a) of this section and unless the Bank and the Borrower agree otherwise. The Borrower: (i) maintains a working working group (Task Force) within the Ministry of Finance until the completion of the Project, and ensures that the Working Group always operates in accordance with the procedures and has the staff necessary to achieve the objectives of the Project and meet the requirements of the Bank, and (ii) establishes such selection procedures and training conditions for personnel The Borrower, which may be necessary for the implementation of Parts A, B and C of the Project, acceptable to the Bank. Section 3.02. Except as specifically indicated by the Bank, the purchase of goods and advisory services necessary for the implementation of the Project and financed from the Loan funds is carried out in accordance with the provisions of Annex 4 to this Agreement, Section 3.03, For the purposes of Section 9.08 of the General Terms and Conditions, but not limited to the provisions of this section. The Borrower: (a) in accordance with principles acceptable to the Bank, prepares an activity plan that ensures the achievement of the next Project objectives, which he submits to the Bank no later than six (6) months after the Closing Date or such date as the Borrower and the Bank may agree upon. (b) provides the Bank with a sufficient opportunity to exchange views with the Borrower regarding the said Plan Section 3.04 The Borrower: (a) adheres to principles and procedures that enable it to continuously monitor the progress of the Project and achieve its objectives using criteria and targets acceptable to the Bank.  

(b) in accordance with the terms of reference acceptable to the Bank and in accordance with paragraph (a) of this Section, prepare and submit to the Bank, no later than March 31, 1998, a report indicating the results of monitoring the implementation of the Project and progress made during the period preceding the date of submission of the said report and sets out the recommended measures to ensure the effective implementation of the Project and the achievement of the Project objectives during the period following such date, and (c) discusses with the Bank no later than April 30, 1998 or at the request of the Bank, at a later date, the report referred to in paragraph (B) of this Section, and then takes all necessary measures to ensure the successful completion of the Project and achieve its objectives based on the conclusions and recommendations set out in the said report and the Bank's point of view on the matter. ARTICLE IV Financial Conditions Section 4.01 (a) In accordance with generally accepted principles and methods of accounting and reporting. The Borrower maintains or ensures the maintenance of records and accounts necessary to indicate the operation of the resources and expenditures of the institutions and government bodies of the Borrower responsible for the implementation of the Project or its components. (b) The Borrower (i) ensures that the accounting records and accounts referred to in paragraph (a) of this Section are audited, including documents on a Special Account for each financial year by independent auditors acceptable to the Bank in accordance with appropriate and consistently applied auditing principles (II) submit to the Bank, as soon as it receives, but in any case no later than six (6) months after the end of each such year, a certified copy of the report on the conduct of such an audit by the said auditors on such a scale and with such a degree of detail as may reasonably be requested by the Bank and (iii) provides the Bank with other information, related to the above-mentioned accounting documents, accounts and their audit, which the Bank may reasonably request from time to time (c) For all expenses for which funds were withdrawn from the Loan Account based on the expense statement. (i) The Borrower, in accordance with paragraph (a) of this Section, maintains or ensures the maintenance of accounting records and accounts where such expenses are indicated; (ii) retains all accounting documents (contracts, orders, invoices, invoices, receipts and other documents) attesting to such expenses for at least one (1) year after the Bank received the audit report for the financial year during which the last withdrawal from the Loan account or the last transfer of funds to this account; (iii) provides an opportunity for representatives of the Bank to review such accounting documentation in detail, and (iv) ensures that such accounting documentation is included in the annual audits referred to in paragraph (B) of this Section and that the report on such audit contains a separate opinion from the above-mentioned auditors on whether the expense statements provided during the reporting period year, as well as the procedures and internal regulations used in their preparation, correct information about the relevant withdrawals, ARTICLE V Termination

Section 5.01. For the purposes of Section 12.04 of the General Terms and Conditions, a period of ninety (90) days after the date of signing this Agreement is hereby stipulated.

ARTICLE VI Representatives of the Borrower, addresses

Section 6.01. The Borrower's Minister of Finance is appointed as the Borrower's representative for the purposes of Section 11.03 of the General Terms and Conditions Section 6.02. The following addresses are indicated for the purposes of Section 11.01 of the General Terms and Conditions:

For the Borrower:

Ministry of Finance,

Avenue. Ablay Khan, 97,

the city of Almaty. 480091

Republic of Kazakhstan

Telex

251245 FILIN

For the Bank:

InternatIonal Development

Association

1818 H St. N.W.

Washington, D.S.20433

United States of America

Telegraphic address: Telex

INTBAFRAD 248423 (RCA)

82987 (FTCC)

64145 (WUI) or

197688 (TRT)

IN WITNESS WHEREOF, the parties to this Agreement, acting through their authorized representatives, have secured the signing of this Agreement, respectively, on their behalf in the District of Columbia United States of America, on the date and year indicated above in the document.

Republic of Kazakhstan

Signed it: Bolat Nurgaliev

Authorized Representative

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

Signed by Yukon Huang

Acting Regional Vice President

by region of Europe and Central Asia

ANNEX I

Withdrawal of Loan funds

1. The table below shows the categories of items to be financed from the Loan, the Loan amounts allocated for each category, and the percentage of expenses for items to be financed within each category.:

Allocated Loan Amount

(expressed in US dollars)

Category Percentage of funded

_________ expenses

_____________________

(1) Goods 11,400 O00 100% in foreign currency

100% in local currency

(ex-factory cost) and 75%

expenses in local currency for

other goods and services

domestically produced

(2) Consulting services

and training 2,500,000 1OO%

(3) Refund

Advance payment for the amounts due

preparation according to Section 2.02. (c)

draft 1,000,000 of this Agreement

(4) Unallocated

amount 900,000

__________________

TOTAL 15,800,000

2. For the purposes of this Application: (a) the term "expenses in foreign currency" means expenses in the currency of any country other than the Borrower's currency for goods and services provided from the territory of any country other than the Borrower's country. (B) The term "local currency expenses" means expenses in the Borrower's currency for goods or services provided from the Borrower's territory. and 3. Notwithstanding the provisions of paragraph 1 above, withdrawals may not be made in order to make payments to cover expenses that occurred prior to the signing of this Agreement, unless a withdrawal, the total amount of which does not exceed the equivalent of USD 40,000, can be made in relation to category (2) payments to cover expenses that occurred place before the mentioned date, but after April 5, 1996. 4. The Bank may require that funds be withdrawn from the Loan account on the basis of expense statements for the costs of goods and services paid under contracts, the amount of which does not exceed the equivalent of USD 50,000, on the terms specified by the Bank in a special notification to the Borrower. APPENDIX 2 Project Description The purpose of the Project is to assist in the process of improving the Borrower's treasury system, which is able to provide timely, complete and reliable information necessary for financial management and effective management of government expenditures.

The Project consists of the following components, which may change in accordance with what the Borrower and the Bank may periodically agree on in order to achieve the objectives of the Project

Part A: Development of an automated treasury system

-----------------------------------------------------------

Provision of technical services to complete the development of a computerized treasury system

Part B: Establishment and testing of a trial automated

------------------------------------------------------------

treasury system

--------------------

The establishment and testing of a trial automated treasury system and the provision of goods and services necessary for this

Part C: Installation and testing of a fully automated

--------------------------------------------------------------

treasury system

--------------------

The establishment and testing of a fully automated treasury system by providing the required goods and services.

The project is expected to be completed by June 30, 2000.

Appendix 3

Loan repayment schedule

Payment date Payment of the principal amount

------------ (in US dollars)

-------------------

January 1, 2002 305,000

July 1, 2002 315,000

January 1, 2003 330,000

July 1, 2003 340,000

January 1, 2004 350,000

July 1, 2004 365,000

January 1, 2005 375,000

July 1, 2005 390,000

January 1, 2006 405,000

July 1, 2006 415,000

January 1, 2007 430,000

July 1, 2007 445,000

January 1, 2008 465,000

July 1, 2008 480,000

January 1, 2009 495,000

July 1, 2009 515,000

January 1, 2010 530,000

July 1, 2010 550,000

January 1, 2011 570 000

July 1, 2011 590 000

January 1, 2012 610,000

July 1, 2012 630,000

January 1, 2013 650 000

July 1, 2013 675 000

January 1, 2014 700,000

July 1, 2014 725,000

January 1, 2015 750,000

July 1, 2015 775,000

January 1, 2016 800,000

End of July 2016 825,000

----------------------

* The footnote. The figures in this column are dollar equivalents calculated on the withdrawal dates, see Sections 3.04 and 4.03 of the General Terms and Conditions.

Early repayment premiums

In accordance with Section 3.04 (B) of the General Terms and Conditions, the premium payable for pre-payment of the principal amount of a Loan with any maturity is a percentage based on the corresponding pre-payment period, as shown below

The term of the advance payment Prize

--------------------------------------------------------------------

The interest rate (in

as a percentage per year)

applied to the amount

Loan on the day of early repayment

repayments multiplied by

No more than three years to maturity of 0.15

Over three years, but not more than six years 0.30

before the maturity date

Over six years, but not more than 11 years 0.55

before the maturity date

Over 11 years, but not more than 16 years up to 0.80

repayment period

Over 16 years, but not more than 18 years up to 0.90

repayment period

Over 18 years to maturity of 1.00

APPENDIX 4 Procurement and consulting services Section 1: Procurement of goods ------------------------- Part A: General provisions ------------------------- The goods are purchased in accordance with the provisions of Section 1 of the IBRD and IDA Loan Procurement Guidelines published by the World Bank in January 1995 (the Guidelines) and the following paragraphs of this section, if applicable.

Part B. International competitive bidding

---------------------------------------

Except for the cases specified in Part C of this Section.

The goods are purchased in accordance with the contracts concluded

according to the provisions of Section II of the Manual and paragraph 5 of the Annex

1 to the Manual

Part C. Other procurement procedures

---------------------------------

1. International purchases (international shopping)

---------------------

Goods whose estimated value under each contract is less than the equivalent of US$ 300,000 and does not exceed US$ 1,000,000 in aggregate may be purchased under contracts concluded using international procurement procedures in free trade in accordance with the provisions of paragraphs 3.5 and 3.6 of Guideline 2. Local procurement (local shopping) --------------- Goods, the estimated value of which under each contract does not exceed the equivalent of USD 50,000, and the total value of which does not exceed USD 500,000. May be procured under contracts concluded using local procurement procedures in accordance with the provisions of paragraphs 3.5 and 3.6 of the Guidelines. 3. Conclusion of direct contracts ---------------------------- Goods that must be purchased from the original supplier in order to be compatible with existing equipment, and patented goods with a total value of no more than $500,000. May be procured in accordance with the provisions of paragraph 3.7 of the Guidelines, if the Bank's prior consent is obtained. Part D: Review of procurement decisions by the Bank ------------------------------------------------ 1. Procurement planning ----------------------- Prior to sending out invitations to bid, the proposed Project procurement plan is submitted to the Bank for review and approval in accordance with paragraphs 1 of paragraph 1 of Appendix 1 to the Guidelines. The purchase of all goods is carried out in accordance with such a plan after approval by the Bank and in accordance with the provisions of the above-mentioned paragraph 1.2. Preliminary assessment ------------------------- For all contracts for the purchase of goods with an estimated value equivalent to USD 300,000 or more, the first two contracts for the purchase of goods with an estimated value equivalent to at least USD 100,000. The rules set out in paragraphs 2 and 3 of Appendix 1 to the Guidelines apply to all contracts for the purchase of goods concluded using direct contracting procedures. 3. Fact check --------------------- For each contract that does not fall within the scope of paragraph 2 of this Part, the rules specified in paragraph 4 of Annex 1 to the Guidelines apply. Section II: Hiring consultants ----------------------------- 1. Consultants are paid for according to contracts concluded in accordance with the provisions of the "Guidelines on the Use of Consultants by Borrowers of the World Bank and the World Bank as an Executive Body" published by the World Bank in August 1981 (Guidelines on the Use of Consultants). For complex, time-limited assignments, such contracts are based on the standard consultant services contract form published by the World Bank, with changes agreed with the Bank In the absence of appropriate standard contract documentation issued by the Bank, using other standard forms acceptable to the Bank2. Notwithstanding the provisions of paragraph 1 of this Section, the paragraphs of the Guidance on the Use of Consultants, which are pre-submitted to the Bank for review and approval within the framework of budgets, shortlists, selection procedures, invitation letters, proposals, evaluation reports and contracts, do not apply to contracts involving consultants with an estimated value of less than the equivalent of USD 50,000 Everyone. However, these exceptions to the Bank's pre-approval rules do not apply to (a) the contractual terms of such contracts; (b) selection of consulting firms based on a single proposal; (c) particularly important assignments that are reasonably identified by the Bank as such; and (d) amendments to contracts for the recruitment of consultants that increase the contract value to the equivalent of USD50,000 or more.

APPENDIX 5 Special account

1. For the purposes of this Annex: (a) the term "allowable categories" means Categories (1) and (2) specified in the table of paragraph 1 of Annex 1 to this Agreement; (b) the term "allowable costs" means the cost of purchasing at a reasonable price goods, works and services necessary for the implementation of And (c) the term "authorized appropriations" means an amount equivalent to $500,000, which is to be allocated from time to time to the approved categories in accordance with the provisions of Annex 1 to this Agreement; and (c) the term "authorized appropriations" means an amount equivalent to $500,000. The amount of USD to be withdrawn from the Loan account and transferred to a Special Account in accordance with paragraph 3 (a) of this Annex, however, provided that, unless otherwise agreed by the Bank, authorized allocations are limited to the amount equivalent to USD 100,000 until the total amount of funds withdrawn from the Loan account plus The total amount of all outstanding special obligations assumed by the Bank in accordance with Section 5.02 of the General Terms and Conditions will not be equal to or exceed the equivalent of USD 1,000,000. 2. Payments from a Special Account are made solely to cover allowable expenses in accordance with the provisions of this Annex. 3. Upon receipt by the Bank of the necessary confirmation acceptable to it that the Special Account has been opened in accordance with the established procedure, the withdrawal of the Authorized Allocation and subsequent withdrawal to replenish the Special Account are made as follows: (a) In order to withdraw the Authorized Allocation, the Borrower submits to the Bank a request or requests for the transfer to the Special Account of an amount or amounts that do not exceed the total amount of the Authorized appropriations. Based on such request or requests, the Bank, on behalf of the Borrower, withdraws from the Loan Account and deposits into a Special Account the amount or amounts requested by the Borrower. (b) (i) To fund a Special Account. The Borrower sends requests to the Bank to transfer funds to a Special Account, the frequency of which is determined by the Bank. (ii) Before or during the submission of each such request, the Borrower shall submit to the Bank the documents and other necessary evidence in accordance with paragraph 4 of this Annex for the payment or disbursements required to replenish the account. Based on each such request, the Bank, on behalf of the Borrower, withdraws from the Loan account and deposits into a Special Account the amount requested by the Borrower and indicated in the mentioned documents and other evidence, which is allocated from the Special Account to cover allowable expenses. All such transfers are made by the Bank from the Loan account within the appropriate acceptable categories and for the appropriate equivalent amount, justified by the above documents and other information. 4. For each payment made by the Borrower from a Special Account, within a period reasonably determined by the Bank, the Borrower submits to the Bank documents and other evidence confirming that this payment was made solely to cover approved expenses. 5. Notwithstanding the provisions of paragraph 3 of this Annex, the Bank is not obligated to continue transferring funds to the Special Account: (a) if at any time, the Bank has determined that all subsequent withdrawals are made by the Borrower directly from the Loan account in accordance with the provisions of Article V of the General Terms and Conditions and paragraph (a) of Section 2.02 of this Agreement; or (b) if the Borrower has not submitted to the Bank, within the time period specified in Section 4.01 (b) (ii) of this Agreement, any audit report required to be submitted to the Bank pursuant to the said Section regarding the audit of the documentation and accounts of the Special Account; (c) if at any time the Bank notifies the Borrower about its intention to suspend, in whole or in part, the Borrower's right to withdraw from the Loan account in accordance with the provisions of Section 6.02 of the General Terms and Conditions; or (d) if the total amount of outstanding Loan funds distributed among eligible categories, minus the amount of all unpaid special obligations assumed by the Bank in accordance with Section 5.02 of the General Terms and Conditions for this Project, is twice the amount of the Authorized Allocation. After that, the remaining outstanding Loan amount allocated to eligible Categories is withdrawn from the Loan account in accordance with the procedures that the Bank establishes for the Borrower and notifies him of them. Subsequent similar withdrawals are made only after and depending on whether the Bank is satisfied that the amounts of deposits in the Special Account, as of the notification date, will be used to cover allowable expenses. 6. (a) If at any time the Bank determines that a payment from a Special Account: (i) was made to cover expenses or in an amount that is unacceptable in accordance with paragraph 2 of this Annex; or (ii) has not been justified by the documentation provided to the Bank, the Borrower, upon receiving notification, immediately: (A) submits additional evidence that the Bank may request; or (C) transfers to a Special Account (or, at the request of the Bank, reimburses the Bank) an amount equal to the amount of such payment or a portion that is unacceptable or unjustified. Unless otherwise agreed by the Bank, no further deposits from the Bank to the Special Account will be made until the Borrower provides evidence or makes a deposit or reimburses the funds, depending on the specific case. (b) If the Bank determines at any point that any remaining amount in the special account will not be required to further cover eligible expenses, the Borrower, upon receiving notification from the Bank, reimburses the Bank for the remaining amount.

To the Bank, the entire amount or part of the amount of funds held in a Special Account

the invoice.

(d) Refund of funds to the Bank, carried out in accordance with paragraphs

6 (a), (b) and (c) of this Annex are deposited into the Loan account for

subsequent withdrawal or cancellation in accordance with the relevant

the provisions of this Agreement, including the General Terms and Conditions.

President

Republic of Kazakhstan

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