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СОГЛАШЕНИЕ МЕЖДУ РОССИЙСКОЙ ФЕДЕРАЦИЕЙ И МЕЖДУНАРОДНЫМ БАНКОМ РЕКОНСТРУКЦИИ И РАЗВИТИЯ О ЗАЙМЕ ДЛЯ ФИНАНСИРОВАНИЯ ПРОЕКТА ПЕРЕДАЧИ ВЕДОМСТВЕННОГО ЖИЛИЩНОГО ФОНДА (LOAN NUMBER 4012 RU) [АНГЛ.] (ЗАКЛЮЧЕНО В Г. ВАШИНГТОНЕ 29.07.1996)

(по состоянию на 20 октября 2006 года)

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                                                   Loan Number 4012 RU
   
                            LOAN AGREEMENT
               (ENTERPRISE HOUSING DIVESTITURE PROJECT)
           BETWEEN RUSSIAN FEDERATION AND INTERNATIONAL BANK
                  FOR RECONSTRUCTION AND DEVELOPMENT
                                   
                       (Washington, 29.VII.1996)
   
       Agreement, dated July 29, 1996, between Russian Federation (the
   Borrower)   and   International   Bank   for   Reconstruction   and
   Development (the Bank).
       Whereas  (A) the Borrower, having satisfied itself  as  to  the
   feasibility and priority of the Project described in Schedule 2  to
   this  Agreement, has requested the Bank to assist in the  financing
   of the Project;
       (B)  the Project will be carried out with the participation  of
   the   Participating  Cities  (as  hereinafter  defined)  with   the
   Borrower's  assistance  and,  as  part  of  such  assistance,   the
   Borrower  will make available to the Participating Cities  part  of
   the proceeds of the Loan as provided in this Agreement; and
       whereas the Bank has agreed, on the basis, inter alia,  of  the
   foregoing,  to extend the Loan to the Borrower upon the  terms  and
   conditions  set  forth  in  this  Agreement  and  in  the   Project
   Agreement  of even date herewith between the Bank and  the  Project
   Center for Enterprise Housing Divestiture (CPIU);
       now therefore the parties hereto hereby agree as follows:
   
                               Article I
                                   
                    General Conditions; Definitions
   
       Section  1.01.  The  "General Conditions Applicable  to  Single
   Currency  Loan and Guarantee Agreements for Single Currency  Loans"
   of   the   Bank,  dated  May  30,  1995  (the  General  Conditions)
   constitute an integral part of this Agreement.
       Section  1.02.  Unless  the  context  otherwise  requires,  the
   several  terms  defined  in  the  General  Conditions  and  in  the
   Preamble  to  this  Agreement have the respective meanings  therein
   set  forth  and  the following additional terms have the  following
   meanings:
       (a)  "Project Agreement" means the agreement between  the  Bank
   and  the  CPIU  of even date herewith, as the same may  be  amended
   from  time  to  time,  and  such term includes  all  schedules  and
   agreements supplemental to the Project Agreement;
       (b)   "Participating  Cities"  means  the  Cities  of   Ryazan,
   Vladimir, Petrozavodsk, Volkhov, Cherepovets, Orenburg;
       (c)  "Participating City Subsidiary Loan Agreements" means  the
   agreements   to   be   entered  into  among   the   Borrower,   the
   Participating  Cities,  and  the  Governments  of  the  Oblast   or
   Republic in which the Participating Cities are located pursuant  to
   Section 3.01(b) of this Agreement, as the same may be amended  from
   time  to  time, and such term includes all schedules  to  the  said
   Agreements;
       (d) "Participating City Subsidiary Loans" mean the loans to  be
   provided  out  of  the  proceeds of the Loan to  the  Participating
   Cities under the Participating Cities Subsidiary Loan Agreements;
       (e) "CPIU" means a foundation or other independent organization
   created by the Borrower for the purposes of this Agreement;
       (f)  "LIG"  or  "LIGs" mean the local implementation  group  or
   groups  established  by the Participating Cities  pursuant  to  the
   provisions of sub-point (iii) of Section 3 of Schedule  1  to  this
   Agreement;
       (g)  "Special Account" means the account referred to in Section
   2.02(b) of this Agreement; and
       (h) "Project Preparation Advance" means the project preparation
   advance  granted  by  the  Bank  to the  Borrower  pursuant  to  an
   exchange  of  letters  dated July 31,  1995  and  August  21,  1995
   between the Borrower and the Bank.
   
                              Article II
                                   
                               The Loan
   
       Section 2.01. The Bank agrees to lend to the Borrower,  on  the
   terms  and  conditions  set  forth  or  referred  to  in  the  Loan
   Agreement,  an amount equal to three hundred million  Dollars  (USD
   300,000,000).
       Section 2.02. (a) The amount of the Loan may be withdrawn  from
   the  Loan  Account in accordance with the provisions of Schedule  1
   to  this Agreement for expenditures made (or, if the Bank shall  so
   agree,  to be made) in respect of the reasonable cost of goods  and
   services required for the Project described in Schedule 2  to  this
   Agreement and to be financed out of the proceeds of the Loan.
       (b) The Borrower may, for the purposes of the Project, open and
   maintain in Dollars a special deposit account in a commercial  bank
   on  terms  and  conditions  satisfactory  to  the  Bank,  including
   appropriate  protection  against set-off,  seizure  or  attachment.
   Deposits  into, and payments out of, the Special Account  shall  be
   made  in  accordance  with the provisions of  Schedule  5  to  this
   Agreement.
       (c)  Promptly  after  the Effective Date, the  Bank  shall,  on
   behalf  of the Borrower, withdraw from the Loan Account and pay  to
   itself  the  amount required to repay the principal amount  of  the
   Project  Preparation Advance withdrawn and outstanding as  of  such
   date  and  to  pay  all  unpaid charges  thereon.  The  unwithdrawn
   balance  of  the  authorized  amount  of  the  Project  Preparation
   Advance shall thereupon be cancelled.
       Section  2.03. The Closing Date shall be December 31,  2002  or
   such  later  date  as  the  Bank shall establish.  The  Bank  shall
   promptly notify the Borrower of such later date.
       Section  2.04. The Borrower shall pay to the Bank a  commitment
   charge at the rate of three-fourths of one percent (3/4 of 1%)  per
   annum  on the principal amount of the Loan not withdrawn from  time
   to time.
       Section  2.05.  (a)  The Borrower shall  pay  interest  on  the
   principal  amount of the Loan withdrawn and outstanding  from  time
   to  time,  at a rate for each Interest Period equal to  LIBOR  Base
   Rate plus LIBOR Total Spread.
       (b) For the purposes of this Section:
           (i) "Interest  Period"  means  the initial period from and
       including  the  date  of this Agreement to, but excluding, the
       first  Interest  Payment  Date occurring thereafter, and after
       the initial period, each period from and including an Interest
       Payment  Date  to,  but  excluding the next following Interest
       Payment Date.
           (ii) "Interest  Payment  Date" means any date specified in
       Section 2.06 of this Agreement.
           (iii) "LIBOR  Base Rate"  means, for each Interest Period,
       the  London  interbank  offered rate for six-month deposits in
       single  currency  for  value  the  first  day of such Interest
       Period  (or,  in  the case of the initial Interest Period, for
       value the Interest Payment Date occurring on or next preceding
       the  first  day  of  such  Interest  Period),  as   reasonably
       determined  by  the  Bank  and  expressed  as a percentage per
       annum.
           (iii) "LIBOR  Total   Spread"  means,  for  each  Interest
       Period:
               (A) one half of one percent (1/2 of 1%);
               (B) minus  (or  plus) the weighted average margin, for
           such  Interest  Period,  below  (or  above)   the   London
           interbank  offered  rates,  or  other   reference   rates,
           for  six-month  deposits,  in   respect  of   the   Bank's
           outstanding  borrowings  or  portions thereof allocated by
           the Bank to fund single currency loans or portions thereof
           made by it that include the Loan; as reasonably determined
           by the Bank and expressed as a percentage per annum.
       (c)  The Bank shall notify the Borrower of LIBOR Base Rate  and
   LIBOR  Total  Spread for each Interest Period,  promptly  upon  the
   determination thereof.
       (d)  Whenever, in light of changes in market practice affecting
   the  determination  of  the  interest rates  referred  to  in  this
   Section  2.05,  the Bank determines that it is in the  interest  of
   its  borrowers  as  a whole and of the Bank to apply  a  basis  for
   determining  the interest rates applicable to the Loan  other  than
   as  provided  in said Section, the Bank may modify  the  basis  for
   determining  the interest rates applicable to amounts of  the  Loan
   not  yet withdrawn upon not less than six (6) months' notice to the
   Borrower of the new basis. The basis shall become effective on  the
   expiry  of the notice period unless the Borrower notifies the  Bank
   during  said  period of its objection thereto, in which  case  said
   modification shall not apply to the Loan.
       Section  2.06. Interest and other charges shall be payable  May
   15 and November 15 in each year.
       Section 2.07. The Borrower shall repay the principal amount  of
   the Loan in accordance with the amortization schedule set forth  in
   Schedule 3 to this Agreement.
   
                              Article III
                                   
                       Execution of the Project
   
       Section 3.01. (a) The Borrower declares its commitment  to  the
   objectives  of  the  Project as set forth in  Schedule  2  to  this
   Agreement,  and, to this end, without any limitation or restriction
   upon  any of its other obligations under the Loan Agreement,  shall
   carry  out  the Project with the participation of the Participating
   Cities.  To  that  end, the Borrower shall act  through  the  CPIU,
   shall  cause the CPIU to perform in accordance with the  provisions
   of  the  Project Agreement all the obligations of the CPIU  therein
   set  forth,  shall take or cause to be taken all action,  including
   the  provision of funds, facilities, services and other  resources,
   necessary  or  appropriate  to enable  the  CPIU  to  perform  such
   obligations  and  the  Participating  Cities  to  carry  out  their
   obligations  in  respect of the Project,  and  shall  not  take  or
   permit  to  be  taken any action which would prevent  or  interfere
   with such performance.
       (b)  The  Borrower shall: (i) make available to  the  CPIU  the
   proceeds  of  the Loan allocated from time to time to Categories  1
   (b)  and 4 of the table set forth in paragraph 1 of Schedule  1  to
   this  Agreement; and (ii) relend the proceeds of the Loan allocated
   from  time to time to each of the sub-Categories of Category  2  of
   such  table to the respective Participating City and the  pro-rated
   portion  allocated to Categories 1 (a), 3, one-half of 5 and  6  of
   such  table  under  subsidiary loan agreements  (the  Participating
   City  Subsidiary  Loan  Agreement) to be  entered  into  among  the
   Borrower,  each of the Participating Cities, and the Government  of
   the  Oblast  or  Republic  in which the  Participating  Cities  are
   located,  providing for Participating City Subsidiary Loans,  under
   terms and conditions acceptable to the Bank which shall include:
           (i) the  principal  amount of each Participating City Loan
       will  be  denominated  in Dollars and be the equivalent amount
       withdrawn  from  the  Loan  Account, or the payment out of the
       Special  Account, and the Participating Cities shall carry the
       foreign exchange risk;
           (ii) each Participating City shall pay:
               (1) interest  on  the   principal   amount   of    the
           Participating    City   Subsidiary  Loan   withdrawn   and
           outstanding from time to time, at a variable interest rate
           equal  to  the rate applicable pursuant to the  provisions
           of  Section 2.05 of this Agreement plus a mark-up of up to
           250 basis points; and
               (2) a commitment charge on the amount  relent  to  the
           respective  Participating   City   Subsidiary   Loan   not
           withdrawn from time to time at the same rate as applicable
           under the provisions of Section 2.04 of this Agreement;
           (iii)  the Participating City Subsidiary Loan shall have a
       grace  period  of  six  years and a final maturity of 14 to 15
       years; and
           (iv) the implementation responsibilities of the respective
       Participating  City  in  respect  of Parts A.4, В and С of the
       Project.
       (e)   The  Borrower  shall  exercise  its  rights  under   each
   Participating City Subsidiary Loan Agreement in such manner  as  to
   protect  the  interests  of  the  Borrower  and  the  Bank  and  to
   accomplish the purposes of the Loan, and, except as the Bank  shall
   otherwise agree, the Borrower shall not assign, amend, abrogate  or
   waive  any  Participating City Subsidiary  Loan  Agreement  or  any
   provision thereof.
       Section  3.02.  Except  as  the  Bank  shall  otherwise  agree,
   procurement of the goods, works and consultants' services  required
   for  the Project and to be financed out of the proceeds of the Loan
   shall  be  governed  by  the  provisions  of  Schedule  4  to  this
   Agreement.
       Section  3.03. The Bank and the Borrower hereby agree that  the
   obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08  and
   9.09  of  the  General Conditions (relating to  insurance,  use  of
   goods  and  services,  plans and schedules,  records  and  reports,
   maintenance  and land acquisition, respectively) shall  be  carried
   out by the CPIU or the respective Participating City.
   
                              Article IV
                                   
                          Financial Covenants
   
       Section  4.01. (a) For all expenditures with respect  to  which
   withdrawals  from  the  Loan Account were  made  on  the  basis  of
   statements of expenditure, the Borrower shall:
           (i) maintain  or cause to be maintained in accordance with
       sound  accounting  practices,  records and accounts reflecting
       such expenditures;
           (ii) ensure that all records (contracts, orders, invoices,
       bills,  receipts   and  other   documents)   evidencing   such
       expenditures  are  retained  until at least one year after the
       Bank  has  received  the  audit  report for the fiscal year in
       which the last withdrawal from the Loan Account was made; and
           (iii) enable  the  Bank's  representatives to examine such
       records.
       (b) The Borrower shall:
           (i) have the records and accounts referred to in paragraph
       (a) (i)  of this Section and those for the Special Account for
       each  fiscal  year  audited,  in  accordance  with appropriate
       auditing  principles  consistently  applied,  by   independent
       auditors acceptable to the Bank;
           (ii) furnish  to the Bank as soon as available, but in any
       case not later than six months after the end of each such year
       the  report  of such audit by said auditors, of such scope and
       in  such  detail  as the Bank shall have reasonably requested,
       including  a  separate  opinion by said auditors as to whether
       the  statements  of  expenditure  submitted during such fiscal
       year,  together  with  the  procedures  and  internal controls
       involved  in  their preparation, can be relied upon to support
       the related withdrawals; and
           (iii) furnish  to  the   Bank   such   other   information
       concerning  said records and accounts and the audit thereof as
       the Bank shall from time to time reasonably request.
   
                               Article V
                                   
                         Remedies of the Bank
   
       Section  5.01.  Pursuant  to Section  6.02(l)  of  the  General
   Conditions, the following additional events are specified:
       (a)   The  CPIU  shall  have  failed  to  perform  any  of  its
   obligations under the Project Agreement.
       (b)  A  Participating City shall have failed to perform any  of
   its   obligations  in  respect  of  Project  execution  under   the
   respective Participating City Subsidiary Loan Agreement.
       (c) As a result of events which have occurred after the date of
   the  Loan  Agreement, an extraordinary situation shall have  arisen
   which  shall  make  it improbable that the CPIU  will  be  able  to
   perform its obligations under the Project Agreement.
       (d) The charter of the CPIU shall have been amended, suspended,
   abrogated,  repealed  or  waived so as  to  affect  materially  and
   adversely  the  ability  of  the  CPIU  to  perform  any   of   its
   obligations under the Project Agreement.
       (e)  An  authority  having jurisdiction shall  have  taken  any
   action  for the dissolution or disestablishment of the CPIU or  for
   the suspension of its operations.
       Section  5.02.  Pursuant  to Section  7.01(h)  of  the  General
   Conditions, the following additional events are specified:
       (a)  the  events specified in paragraphs (a) or (b) of  Section
   5.01  of this Agreement shall occur in respect of an obligation  so
   as  to affect materially and adversely the execution of the Project
   and  shall continue for a period of sixty days after notice thereof
   shall have been given by the Bank to the Borrower;
       (b)  the  events specified in paragraphs (d) and (e) of Section
   5.01 of this Agreement shall occur.
   
                              Article VI
                                   
                      Effective Date; Termination
   
       Section  6.01. The following events are specified as additional
   conditions  to the effectiveness of the Loan Agreement  within  the
   meaning of Section 12.01(c) of the General Conditions:
       (a)  at least two Participating City Subsidiary Loan Agreements
   have  been executed on behalf of the Borrower and two Participating
   Cities.
       Section   6.02.  The  following  are  specified  as  additional
   matters,  within  the meaning of Section 12.02(c)  of  the  General
   Conditions,  to  be  included in the  opinion  or  opinions  to  be
   furnished to the Bank:
       (a)  that  the  Project Agreement has been duly  authorized  or
   ratified  by  the  CPIU and is legally binding  upon  the  CPIU  in
   accordance with its terms; and
       (b)  that  the  Participating City Subsidiary  Loan  Agreements
   referred  to  in  Section 6.01(a) of this Article  have  been  duly
   authorized   or  ratified  by  the  Borrower  and  the   respective
   Participating  City and are legally binding upon the  Borrower  and
   the respective Participating City in accordance with their terms.
       Section 6.03. The date ninety (90) days after the date of  this
   Agreement is hereby specified for the purposes of Section 12.04  of
   the General Conditions.
   
                              Article VII
                                   
               Representative of the Borrower; Addresses
   
       Section 7.01. The Minister of Finance or any Deputy Minister of
   Finance  of  the  Borrower is designated as representative  of  the
   Borrower  for  the  purposes  of  Section  11.03  of  the   General
   Conditions.
       Section  7.02.  The following addresses are specified  for  the
   purposes of Section 11.01 of the General Conditions:
   
       For the Borrower:
       Ministry of Finance
       Ilyinka Street 9
       103009 Moscow
       Russian Federation
   
                                      Telex:
                                      12008
       For the Bank:
       International Bank for
       Reconstruction and Development
       1818 H Street, N.W.
       Washington, D.C. 20433
       Cable address:                 Telex:
       INTBAFRAD                      197688 (TRT),
       Washington, D.C.               248423 (RCA),
                                      64145 (WUI) or
                                      82987 (FTCC)
   
       In  witness  whereof, the parties hereto, acting through  their
   duly  authorized representatives, have caused this Agreement to  be
   signed  in  their  respective names in the  District  of  Columbia,
   United  States  of  America, as of the day  and  year  first  above
   written.
   
   
   
   
   
   
                              SCHEDULE 1
                                   
                WITHDRAWAL OF THE PROCEEDS OF THE LOAN
   
       1.  The  table below sets forth the Categories of items  to  be
   financed  out  of the proceeds of the Loan, the allocation  of  the
   amounts  of  the  Loan  to  each Category  and  the  percentage  of
   expenditures for items so to be financed in each Category:
   
   -------------------------------T--------------T------------------¬
   ¦          Category            ¦Amount of the ¦      % of        ¦
   ¦                              ¦Loan Allocated¦   Expenditures   ¦
   ¦                              ¦(Expressed in ¦  to be Financed  ¦
   ¦                              ¦   Dollar     ¦                  ¦
   ¦                              ¦  Equivalent) ¦                  ¦
   +------------------------------+--------------+------------------+
   ¦(1) Technical Assistance      ¦              ¦                  ¦
   ¦    under Part A (1) of the   ¦              ¦                  ¦
   ¦    Project                   ¦              ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦(a) Engineering, Procurement, ¦  20,500,000  ¦       100%       ¦
   ¦    and Technical Services    ¦              ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦(b) Other Consultants'        ¦   5,500,000  ¦       100%       ¦
   ¦    Services                  ¦              ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦(2) Parts B of the Project in:¦              ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦(a) Ryazan:                   ¦  59,100,000  ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦   (i) Works                  ¦              ¦100% of foreign   ¦
   ¦                              ¦              ¦expenditures and  ¦
   ¦                              ¦              ¦80% of local      ¦
   ¦                              ¦              ¦expenditures      ¦
   ¦                              ¦              ¦                  ¦
   ¦   (ii) Goods                 ¦              ¦100% of foreign   ¦
   ¦                              ¦              ¦expenditures,     ¦
   ¦                              ¦              ¦100 % of local    ¦
   ¦                              ¦              ¦expenditures      ¦
   ¦                              ¦              ¦(ex-factory cost) ¦
   ¦                              ¦              ¦and 80% of local  ¦
   ¦                              ¦              ¦expenditures for  ¦
   ¦                              ¦              ¦other items       ¦
   ¦                              ¦              ¦procured locally  ¦
   ¦                              ¦              ¦                  ¦
   ¦(a) Ryazan (contd.)           ¦              ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦   (iii) Consultants' services¦              ¦       100%       ¦
   ¦                              ¦              ¦                  ¦
   ¦(b) Vladimir:                 ¦  54,500,000  ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦   (i) Works                  ¦              ¦100% of foreign   ¦
   ¦                              ¦              ¦expenditures and  ¦
   ¦                              ¦              ¦80% of local      ¦
   ¦                              ¦              ¦expenditures      ¦
   ¦                              ¦              ¦                  ¦
   ¦   (ii) Goods                 ¦              ¦100% of foreign   ¦
   ¦                              ¦              ¦expenditures,     ¦
   ¦                              ¦              ¦100% of local     ¦
   ¦                              ¦              ¦expenditures      ¦
   ¦                              ¦              ¦(ex-factory cost) ¦
   ¦                              ¦              ¦and 80% of local  ¦
   ¦                              ¦              ¦expenditures for  ¦
   ¦                              ¦              ¦other items       ¦
   ¦                              ¦              ¦procured locally  ¦
   ¦                              ¦              ¦                  ¦
   ¦   (iii) Consultants' services¦              ¦       100%       ¦
   ¦                              ¦              ¦                  ¦
   ¦(c) Petrozavodsk:             ¦  34,800,000  ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦   (i) Works                  ¦              ¦100% of foreign   ¦
   ¦                              ¦              ¦expenditures and  ¦
   ¦                              ¦              ¦80% of local      ¦
   ¦                              ¦              ¦expenditures      ¦
   ¦                              ¦              ¦                  ¦
   ¦   (ii) Goods                 ¦              ¦100% of foreign   ¦
   ¦                              ¦              ¦expenditures,     ¦
   ¦                              ¦              ¦100% of local     ¦
   ¦                              ¦              ¦expenditures      ¦
   ¦                              ¦              ¦(ex-factory cost) ¦
   ¦                              ¦              ¦and 80% of local  ¦
   ¦                              ¦              ¦expenditures for  ¦
   ¦                              ¦              ¦other items       ¦
   ¦                              ¦              ¦procured locally  ¦
   ¦                              ¦              ¦                  ¦
   ¦   (iii) Consultants' services¦              ¦       100%       ¦
   ¦                              ¦              ¦                  ¦
   ¦(d) Volkhov                   ¦  10,900,000  ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦   (i) Works                  ¦              ¦100% of foreign   ¦
   ¦                              ¦              ¦expenditures and  ¦
   ¦                              ¦              ¦80% of local      ¦
   ¦                              ¦              ¦expenditures      ¦
   ¦                              ¦              ¦                  ¦
   ¦   (ii) Goods                 ¦              ¦100% of foreign   ¦
   ¦                              ¦              ¦expenditures,     ¦
   ¦                              ¦              ¦100% of local     ¦
   ¦                              ¦              ¦expenditures      ¦
   ¦                              ¦              ¦(ex-factory cost) ¦
   ¦                              ¦              ¦and 80% of local  ¦
   ¦                              ¦              ¦expenditures for  ¦
   ¦                              ¦              ¦other items       ¦
   ¦                              ¦              ¦procured locally  ¦
   ¦                              ¦              ¦                  ¦
   ¦   (iii) Consultants' Services¦              ¦       100%       ¦
   ¦                              ¦              ¦                  ¦
   ¦(e) Cherepovets               ¦  27,300,000  ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦   (i) Works                  ¦              ¦100% of foreign   ¦
   ¦                              ¦              ¦expenditures and  ¦
   ¦                              ¦              ¦80% of local      ¦
   ¦                              ¦              ¦expenditures      ¦
   ¦                              ¦              ¦                  ¦
   ¦   (ii) Goods                 ¦              ¦100% of foreign   ¦
   ¦                              ¦              ¦expenditures,     ¦
   ¦                              ¦              ¦100% of local     ¦
   ¦                              ¦              ¦expenditures      ¦
   ¦                              ¦              ¦(ex-factory cost) ¦
   ¦                              ¦              ¦and 80% of local  ¦
   ¦                              ¦              ¦expenditures for  ¦
   ¦                              ¦              ¦other items       ¦
   ¦                              ¦              ¦procured locally  ¦
   ¦                              ¦              ¦                  ¦
   ¦   (iii) Consultants' services¦              ¦       100%       ¦
   ¦                              ¦              ¦                  ¦
   ¦(f) Orenburg:                 ¦  59,100,000  ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦   (i) Works                  ¦              ¦100% of foreign   ¦
   ¦                              ¦              ¦expenditures and  ¦
   ¦                              ¦              ¦80% of local      ¦
   ¦                              ¦              ¦expenditures      ¦
   ¦                              ¦              ¦                  ¦
   ¦   (ii) Goods                 ¦              ¦100% of foreign   ¦
   ¦                              ¦              ¦expenditures,     ¦
   ¦                              ¦              ¦100% of local     ¦
   ¦                              ¦              ¦expenditures      ¦
   ¦                              ¦              ¦(ex-factory cost) ¦
   ¦                              ¦              ¦and 80% of local  ¦
   ¦                              ¦              ¦expenditures for  ¦
   ¦                              ¦              ¦other items       ¦
   ¦                              ¦              ¦procured locally  ¦
   ¦                              ¦              ¦                  ¦
   ¦   (iii) Consultants'         ¦              ¦       100%       ¦
   ¦         services             ¦              ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦(3) Upstream retrofits under  ¦   5,000,000  ¦                  ¦
   ¦    Part C of of the Project: ¦              ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦   (i) Works                  ¦              ¦100% of foreign   ¦
   ¦                              ¦              ¦expenditures and  ¦
   ¦                              ¦              ¦80% of local      ¦
   ¦                              ¦              ¦expenditures      ¦
   ¦                              ¦              ¦                  ¦
   ¦   (ii) Goods                 ¦              ¦100% of foreign   ¦
   ¦                              ¦              ¦expenditures,     ¦
   ¦                              ¦              ¦100% of local     ¦
   ¦                              ¦              ¦expenditures      ¦
   ¦                              ¦              ¦(ex-factory cost) ¦
   ¦                              ¦              ¦and 80% of local  ¦
   ¦                              ¦              ¦expenditures for  ¦
   ¦                              ¦              ¦other items       ¦
   ¦                              ¦              ¦procured locally  ¦
   ¦                              ¦              ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦   (iii) Consultants' services¦              ¦       100%       ¦
   ¦                              ¦              ¦                  ¦
   ¦(4) Operating cost of the     ¦   3,000,000  ¦       100%       ¦
   ¦    CPIU                      ¦              ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦(5) Refunding of Project      ¦   3,000,000  ¦Amount due        ¦
   ¦    Preparation Advance       ¦              ¦pursuant to       ¦
   ¦                              ¦              ¦Section 2.02(c)   ¦
   ¦                              ¦              ¦of this Agreement ¦
   ¦                              ¦              ¦                  ¦
   ¦(6) Unallocated               ¦  17,300,000  ¦                  ¦
   ¦                              ¦              ¦                  ¦
   ¦TOTAL                         ¦ 300,000,000  ¦                  ¦
   L------------------------------+--------------+-------------------
   
       For the purposes of this Schedule:
       (a)  the term "foreign expenditures" means expenditures in  the
   currency  of any country other than that of the Borrower for  goods
   or  services supplied from the territory of any country other  than
   that of the Borrower;
       (b)  the  term "local expenditures" means expenditures  in  the
   currency  of  the Borrower or for goods or services  supplied  from
   the territory of the Borrower; and
       (c) the term "operating cost" means expenditures on account  of
   the  Project incurred by the CPIU for rental of premises,  purchase
   or   rental  of  small  equipment,  utility  services,   fees   for
   maintenance   of   premises,  including   minor   renovations,   or
   equipment, and office supplies.
       3.  Notwithstanding  the provisions of paragraph  1  above,  no
   withdrawals shall be made in respect of:
       (a)  payments made for expenditures prior to the date  of  this
   Agreement; nor
       (b)  expenditures under each of the sub-Categories of  Category
   (2) of this Schedule unless:
           (i) the  respective  Participating  City  Subsidiary  Loan
       Agreement  has  been  signed with the respective Participating
       City;
           (ii) the Bank has received  a  legal opinion, satisfactory
       to  the  Bank  of  counsel  acceptable  to  the  Bank that the
       respective Participating City Subsidiary  Loan  Agreement  has
       been  duly authorized  or  ratified  by the Borrower  and  the
       respective Participating City and is legally binding upon  the
       Borrower and the respective Participating City; and
           (iii) the respective Participating City  has   established
       a local implementation group (LIG) with  responsibilities  and
       staffing acceptable to the Bank.
       4. The Bank may require withdrawals from the Loan Account to be
   made  on  the  basis of statements of expenditure for  expenditures
   for  goods,  works and services provided by consulting firms  under
   contracts   not   exceeding   (USD)100,000   equivalent   and   for
   expenditures  for  services  provided  by  individual  consultants,
   under  such  terms  and  conditions as the Bank  shall  specify  by
   notice to the Borrower.
   
   
   
   
   
   
                              SCHEDULE 2
                                   
                      DESCRIPTION OF THE PROJECT
   
       The objectives of the Project are to accelerate the sustainable
   divestiture   of   enterprise   housing   throughout   Russia    by
   demonstrating  within  the Participating Cities  a  combination  of
   housing  reforms  and investments designed to transfer  housing  to
   the private sector and lower its operating cost.
       The  Project consists of the following parts, subject  to  such
   modifications thereof as the Borrower and the Bank may  agree  upon
   from time to time to achieve such objectives:
   
                                Part A
                                   
              Housing Divestiture and Associated Reforms
   
       1.  Provision  of  technical assistance  through  the  CPIU  to
   strengthen  the Participating Cities' technical, institutional  and
   financial   capacity   for   the  purpose   of   the   process   of
   implementation of the enterprise housing divestiture program.
       2.  Provision of technical assistance through the CPIU  to  the
   Participating Cities in the following areas:
       (a) cost recovery for housing maintenance and utility services:
       (b)  establishment and implementation of a system of  providing
   housing allowances to protect vulnerable households;
       (c)  formation of condominium associations, including the legal
   and regulatory framework necessary therefor; and
       (d) competitive bidding for housing maintenance.
       3.  Dissemination  of  experience emanating  from  the  Project
   reforms  and  investments,  both  among  Participating  Cities  and
   throughout   Russia  by  means  of  periodic  meetings,   seminars,
   newsletters, and other media.
       4.  Provision of housing allowances by the Participating Cities
   to protect vulnerable households in Participating Cities.
                                   
                                Part B
                                   
                   Energy Efficiency Investments in
              Housing Facilities in Participating Cities
   
       1. Acquisition and installation of metering equipment.
       2.  Investments for the retrofitting of housing  facilities  to
   reduce  energy consumption and lower operating costs in  accordance
   with eligibility and priority criteria acceptable to the Bank.
       3.  Capital repairs of housing facilities, including repair  of
   roofs, doors, walls and windows.
   
                                Part C
                                   
              Upstream Retrofits in Participating Cities
   
       1.  The  repair  of existing utility networks  outside  of  the
   building  boundaries  to  permit  these  networks  to  function  as
   designed.
       2.  The  retrofitting  of  existing  networks  outside  of  the
   building  boundaries  with  equipment  or  materials  designed   to
   improve the efficiency of these networks.
   
                                 * * *
   
       The Project is expected to be completed by June 30, 2002.
   
   
   
   
   
   
                              SCHEDULE 3
                                   
                         AMORTIZATION SCHEDULE
   
   ----------------------------------T------------------------------¬
   ¦       Date Payment Due          ¦     Payment of Principal     ¦
   ¦                                 ¦   (Expressed in Dollars) <*> ¦
   +---------------------------------+------------------------------+
   ¦On each May 15 and November 15   ¦                              ¦
   ¦                                 ¦                              ¦
   ¦   beginning November 15, 2002   ¦                              ¦
   ¦   through November 15, 2010     ¦         16,665,000           ¦
   ¦                                 ¦                              ¦
   ¦And on May 15, 2011              ¦         16,695,000           ¦
   L---------------------------------+-------------------------------
   --------------------------------
       <*>  The figures in this column represent the amount in Dollars
   to  be repaid, except as provided in Section 4.04(d) of the General
   Conditions.
   
   
   
   
   
   
                              SCHEDULE 4
                                   
                 PROCUREMENT AND CONSULTANTS' SERVICES
   
               Section I. PROCUREMENT OF GOODS AND WORKS
   
                                Part A
                                   
                                General
   
       Goods  and  works  shall  be procured in  accordance  with  the
   provisions  of  Section I of the "Guidelines for Procurement  under
   IBRD  Loans and IDA Credits" published by the Bank in January  1995
   (the  Guidelines) and the following provisions of this Section,  as
   applicable.
   
                                Part B
                                   
                   International Competitive Bidding
   
       1.  Except  as  otherwise provided in Part C of  this  Section,
   goods  and  works  shall  be procured under  contracts  awarded  in
   accordance with the provisions of Section II of the Guidelines  and
   paragraph 5 of Appendix 1 thereto.
       2.  The following provisions shall apply to goods and works  to
   be   procured  under  contracts  awarded  in  accordance  with  the
   provisions of paragraph 1 of this Part B.
       (a) Grouping of contracts
       To the extent practicable, contracts for goods shall be grouped
   in  bid  packages estimated to cost USD 300,000 equivalent or  more
   each  and  contracts  for works in bid packages  of  USD  1,000,000
   equivalent or more each.
       (b) Preference for domestically manufactured goods
       The  provisions  of paragraphs 2.54 and 2.55 of the  Guidelines
   and  Appendix  2 thereto shall apply to goods manufactured  in  the
   territory of the Borrower.
       3. National Competitive Bidding
       Metering  and retrofit equipment estimated to cost USD  300,000
   equivalent  or less per contract and USD 3.4 million equivalent  or
   less  in  the aggregate, and works estimated to cost USD 1  million
   or  less  per contract and USD 34.5 million equivalent or  less  in
   the   aggregate  may  be  procured  under  contracts   awarded   in
   accordance  with the provisions of paragraphs 3.3 and  3.4  of  the
   Guidelines.
       4. International Shopping
       Goods  estimated  to cost USD 300,000 equivalent  or  less  per
   contract  and USD 1.9 million equivalent or less in the  aggregate,
   may   be   procured  under  contracts  awarded  on  the  basis   of
   international   shopping   procedures  in   accordance   with   the
   provisions of paragraphs 3.5 and 3.6 of the Guidelines.
       5. National Shopping
       Goods  estimated  to cost less than USD 50,000  equivalent  per
   contract,  up to an aggregate amount not to exceed USD 2.4  million
   equivalent,  may be procured under contracts awarded on  the  basis
   of  national shopping procedures in accordance with the  provisions
   of paragraphs 3.5 and 3.6 of the Guidelines.
       6. Procurement of Small Works
       Works  estimated  to cost USD 150,000 equivalent  or  less  per
   contract, and not to exceed USD 745,000 in the aggregate, shall  be
   procured  under  lump-sum,  fixed price contracts  awarded  on  the
   basis   of   quotations  obtained  from  three  qualified  domestic
   contractors  in  response to a written invitation.  The  invitation
   shall  include a detailed description of the works, including basic
   specifications,  the  required completion date,  a  basic  form  of
   agreement  acceptable  to  the Bank, and relevant  drawings,  where
   applicable.  The award shall be made to the contractor  who  offers
   the  lowest price quotation for the required work, and who has  the
   experience and resources to successfully complete the contract.
       7. Direct Contracting
       Goods  which are of a proprietary nature may, with  the  Bank's
   prior  agreement, be procured in accordance with the provisions  of
   paragraph 3.7 of the Guidelines.
   
                                Part C
                                   
              Review by the Bank of Procurement Decisions
   
       1. Procurement Planning
       Prior  to  the issuance of any bids for contracts, the proposed
   procurement  plan for the Project shall be furnished  to  the  Bank
   for  its  review and approval in accordance with the provisions  of
   paragraph  1  of Appendix 1 to the Guidelines. Procurement  of  all
   goods  and works shall be undertaken in accordance with a  proposed
   procurement  plan, which shall be furnished and have been  approved
   by  the Bank, and in accordance with the provisions of paragraph  1
   of Appendix 1 to the Guidelines.
       2. Prior Review
       With respect to each contract for goods and works estimated  to
   cost  the  equivalent  of  USD 300,000 or  USD  1,000,000  or  more
   respectively, the procedures set forth in paragraphs  2  and  3  of
   Appendix 1 to the Guidelines shall apply.
       3. Post Review
       With  respect to each contract not governed by paragraph  2  of
   this  Part,  the procedures set forth in paragraph 4 of Appendix  1
   to the Guidelines shall apply.
   
                 Section II. EMPLOYMENT OF CONSULTANTS
   
       1.  Consultants  services  shall be  procured  under  contracts
   awarded  in  accordance with the provisions of the "Guidelines  for
   the  Use  of Consultants by World Bank Borrowers and by  The  World
   Bank  as  Executing Agency" published by the Bank  in  August  1981
   (the  Consultant Guidelines). For complex, time-based  assignments,
   and  lump-sum  assignment, such contracts shall  be  based  on  the
   standard form of contract for consultants' services issued  by  the
   Bank, with such modifications thereto as shall have been agreed  by
   the  Bank. Where no relevant standard contract documents have  been
   issued  by  the Bank, other standard forms acceptable to  the  Bank
   shall be used.
       2.  Notwithstanding  the  provisions of  paragraph  1  of  this
   Section,  the  provisions  of the Consultant  Guidelines  requiring
   prior  Bank  review or approval of budgets, short lists,  selection
   procedures,  letters of invitation, proposals,  evaluation  reports
   and  contracts, shall not apply to (a) contracts for the employment
   of  consulting  firms  estimated to  cost  less  than  USD  100,000
   equivalent  each or (b) contracts for the employment of  individual
   consultants  estimated  to  cost less than  USD  50,000  equivalent
   each.  However,  said  exceptions to prior Bank  review  shall  not
   apply to (a) the terms of reference for such contracts, (b) single-
   source  selection  of  consulting  firms,  (c)  assignments  of   a
   critical   nature,  s  reasonably  determined  by  the  Bank,   (d)
   amendments  to  contracts for the employment  of  consulting  firms
   raising  the contract value to USD 100.000 equivalent or above,  or
   (e)  amendments  to  contracts  for the  employment  of  individual
   consultants  raising the contract value to (USD) 50,000  equivalent
   or above.
   
   
   
   
   
   
                              SCHEDULE 5
                                   
                            SPECIAL ACCOUNT
   
       1. For the purposes of this Schedule:
       (a) the term "eligible Categories" means Categories (1) through
   (4)  set  forth in the table in paragraph 1 of Schedule 1  to  this
   Agreement;
       (b)  the  term  "eligible expenditures" means  expenditures  in
   respect  of the reasonable cost of goods and services required  for
   the  Project  and to be financed out of the proceeds  of  the  Loan
   allocated  from  time  to  time  to  the  eligible  Categories   in
   accordance  with  the provisions of Schedule 1 to  this  Agreement;
   and
       (c) the term "Authorized Allocation" means an amount equivalent
   to  USD  1  million  to  be withdrawn from  the  Loan  Account  and
   deposited into the Special Account pursuant to paragraph 3  (a)  of
   this  Schedule,  provided,  however, that  unless  the  Bank  shall
   otherwise agree, the Authorized Allocation shall be limited  to  an
   amount  equivalent  to USD 300,000 until the  aggregate  amount  of
   withdrawals  from  the Loan Account plus the total  amount  of  all
   outstanding  special commitments entered into by the Bank  pursuant
   to  Section  5.02 of the General Conditions shall be  equal  to  or
   exceed the equivalent of USD 1 million.
       2.   Payments  out  of  the  Special  Account  shall  be   made
   exclusively  for  eligible  expenditures  in  accordance  with  the
   provisions of this Schedule.
       3. After the Bank has received evidence satisfactory to it that
   the  Special  Account  has  been duly opened,  withdrawals  of  the
   Authorized  Allocation and subsequent withdrawals to replenish  the
   Special Account shall be made as follows:
       (a)  For withdrawals of the Authorized Allocation, the Borrower
   shall  furnish to the Bank a request or requests for  deposit  into
   the  Special  Account of an amount or amounts which do  not  exceed
   the aggregate amount of the Authorized Allocation. On the basis  of
   such  request  or  requests,  the Bank  shall,  on  behalf  of  the
   Borrower,  withdraw  from the Loan Account  and  deposit  into  the
   Special  Account such amount or amounts as the Borrower shall  have
   requested.
       (b) (i) For replenishment of the Special Account, the Borrower
       shall  furnish  to  the  Bank  requests  for deposits into the
       Special Account at such intervals as the Bank shall specify.
           (ii) Prior to  or  at  the time of each such request,  the
       Borrower shall furnish to the Bank  the  documents  and  other
       evidence required pursuant to paragraph 4 of this Schedule for
       the payment or payments in respect of which  replenishment  is
       requested.  On the basis of each such request, the Bank shall,
       on behalf of the Borrower,  withdraw from the Loan Account and
       deposit  into  the Special Account such amount as the Borrower
       shall have requested and as shall  have  been  shown  by  said
       documents  and  other  evidence  to  have been paid out of the
       Special Account for eligible expenditures.
       All  such deposits shall be withdrawn by the Bank from the Loan
   Account  under  the  respective eligible  Categories,  and  in  the
   respective  equivalent  amounts, as shall have  been  justified  by
   said documents and other evidence.
       4.  For  each  payment made by the Borrower out of the  Special
   Account,  the  Borrower  shall, at such  time  as  the  Bank  shall
   reasonably  request, furnish to the Bank such documents  and  other
   evidence  showing  that  such  payment  was  made  exclusively  for
   eligible expenditures.
       5.  Notwithstanding  the  provisions of  paragraph  3  of  this
   Schedule,  the Bank shall not be required to make further  deposits
   into the Special Account:
       (a)  if,  at any time, the Bank shall have determined that  all
   further  withdrawals should be made by the Borrower  directly  from
   the Loan Account in accordance with the provisions of Article V  of
   the  General Conditions and paragraph (a) of Section 2.02  of  this
   Agreement;
       (b)  if the Borrower shall have failed to furnish to the  Bank,
   within the period of time specified in Section 4.01(b)(ii) of  this
   Agreement,  any  of the audit reports required to be  furnished  to
   the  Bank pursuant to said Section in respect of the audit  of  the
   records and accounts for the Special Account:
       (c)  if, at any time, the Bank shall have notified the Borrower
   of  its  intention to suspend in whole or in part the right of  the
   Borrower to make withdrawals from the Loan Account pursuant to  the
   provisions of Section 6.02 of the General Conditions; or
       (d) once the total unwithdrawn amount of the Loan allocated  to
   the  eligible Categories minus the total amount of all  outstanding
   special  commitments entered into by the Bank pursuant  to  Section
   5.02  of the General Conditions with respect to the Project,  shall
   equal  the  equivalent  of  twice  the  amount  of  the  Authorized
   Allocation.  Thereafter, withdrawal from the Loan  Account  of  the
   remaining unwithdrawn amount of the Loan allocated to the  eligible
   Categories  shall follow such procedures as the Bank shall  specify
   by  notice to the Borrower. Such further withdrawals shall be  made
   only  after  and  to  the  extent that the  Bank  shall  have  been
   satisfied  that  all  such  amounts remaining  on  deposit  in  the
   Special  Account as of the date of such notice will be utilized  in
   making payments for eligible expenditures.
       6.  (a) If the Bank shall have determined at any time that  any
   payment out of the Special Account:
           (i) was  made  for  an expenditure or  in  an  amount  not
       eligible pursuant to paragraph 2 of this Schedule; or
           (ii) was not justified by  the evidence  furnished  to the
       Bank,  the Borrower shall, promptly upon notice from the Bank:
               (A) provide  such  additional evidence as the Bank may
           request; or
               (B) deposit into  the Special Account (or, if the Bank
           shall  so  request, refund to the Bank) an amount equal to
           the amount of such payment or the portion thereof  not  so
           eligible  or  justified. Unless  the  Bank shall otherwise
           agree, no  further deposit  by  the  Bank into the Special
           Account shall be made until the Borrower has provided such
           evidence  or  made such deposit or refund, as the case may
           be.
       (b)  If  the  Bank shall have determined at any time  that  any
   amount  outstanding in the Special Account will not be required  to
   cover  further  payments  for eligible expenditures,  the  Borrower
   shall, promptly upon notice from the Bank, refund to the Bank  such
   outstanding amount.
       (c)  The Borrower may, upon notice to the Bank, refund  to  the
   Bank  all  or  any portion of the funds on deposit in  the  Special
   Account.
       (d)  Refunds to the Bank made pursuant to paragraphs 6 (a), (b)
   and  (c) of this Schedule shall be credited to the Loan Account for
   subsequent  withdrawal or for cancellation in accordance  with  the
   relevant  provisions  of  this  Agreement,  including  the  General
   Conditions.
   
   

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