Operation Number 312
LOAN AGREEMENT
(KOMI EMERGENCY OIL SPILL RECOVERY PROJECT)
BETWEEN THE RUSSIAN FEDERATION AND EUROPEAN BANK
FOR RECONSTRUCTION AND DEVELOPMENT
(Moscow, 5.V.1995)
Agreement, dated 5 May 1995, between the Russian Federation
(the "Borrower") and the European Bank for Reconstruction and
Development (the "Bank").
Preamble
Whereas the Bank has been established to provide financing for
specific projects to foster the transition towards open market-
oriented economies and to promote private and entrepreneurial
initiative in the Central and Eastern European countries committed
to and applying the principles of multiparty democracy, pluralism
and market economics;
Whereas the Borrower intends by on-lending to OTJSC Komineft
the open joint stock company registered according to the law of
the Russian Federation ("Komineft") to assist Komineft in
implementing the project described in Schedule 1 to this Agreement
(the "Project"), which will, among others include (i) the
stabilising and containment of the oil spill area in the Komi
Republic along the Kharyaga-Usinsk pipeline prior to the spring
thaw in 1995 and minimising, to the extent possible, the amount of
oil released during runoff of the Kharyaga-Usinsk pipeline and
future ecological damage in the Pechora river basin and others
impacted areas, (ii) supporting safe pipeline operations in the
near term and evaluate the need for a replacement pipeline
investment project for the longer term, and (iii) identifying and
implementing other measures to mitigate against future oil spills;
Whereas the Project will be carried out by Komineft, with the
Borrower's assistance and, as part of such assistance, the
Borrower will make available to Komineft the proceeds of the loan
as provided in this Agreement and the Subsidiary Loan Agreement;
Whereas the Borrower has requested assistance from the Rank in
the financing of part of the Project;
Whereas the Borrower intends to contract from the International
Bank for Reconstruction and Development (the "IBRD") a loan in an
amount equivalent to ninety nine million dollars (USD 99,000,000)
for further on-lending to Komineft (the "IBRD Loan") on the terms
and conditions set forth in an agreement (the "IBRD Loan
Agreement") to be entered into between the Borrower and the IBRD;
Whereas Komi Republic has declared its commitment to the
objectives of the Project and confirmed the undertaking to take
and cause to be taken all measures necessary on its behalf,
including, but not limited to issuance of permit, licences and
approvals to facilitate the timely and efficient carrying out of
the Project; and
Whereas the Bank has agreed on the basis, inter alia, of the
foregoing, to extend a loan to the Borrower in the amount of
twenty five million dollars (USD 25,000,000) (the "Loan") upon the
terms and conditions set forth in this Agreement ("EBRD Loan
Agreement").
Now, therefore, the parties hereby agree as follows:
Article I. STANDARD TERMS AND CONDITIONS;
DEFINITIONS; HEADINGS
Section 1.01
Incorporation of Standard Terms and Conditions
All the provisions of the Standard Terms and Conditions dated
September 1994 are hereby incorporated into and made applicable to
the Loan Agreement with the same force and effect as if they were
fully set forth herein.
Section 1.02
Definitions
Wherever used in the Loan Agreement or the Schedules hereto,
except where stated otherwise, the terms defined in the Preamble
have the respective meanings ascribed therein, the terms defined
in the Standard Terms and Conditions have the respective meanings
ascribed therein, and the following terms have the following
meanings:
"Agreement Establishing means the Agreement Establishing the
the Bank" European bank for Reconstruction and
Development, dated 29 May 1990;
"Borrower's Authorised means the Minister of Finance or the
Representative" Deputy Minister of Finance, except as
specified in Section 2.04 of the Loan
Agreement;
"Dollar" or "USD" means the lawful currency of the United
States of America;
"FY" means the Borrower's fiscal year
commencing on 1 January of each year;
"Komineft Statutes" means the statutes of Komineft
registered on 6 May 1993, as amended
to the date of this Agreement;
"Loan Currency" means the currency or currencies in
which the Loan is denominated, initially
Dollars;
"PIU" means the Project Implementation Unit
established and operating as part of the
Borrower in accordance with Section 2.04
of the Project Agreement;
"Project Entity" means Komineft, or any successor
thereto;
"Subsidiary Loan means the agreement to be entered into
Agreement" between the Borrower and Komineft
pursuant to Section 3.01(a) of the Loan
Agreement, as the same may be amended
from time to time;
"Telerate Page 3750" means the display page of London
interbank offered rates (commonly known
as "LIBOR") of major banks for deposits
in the Loan Currency, designated as page
3750 on the Telerate Service (or such
other page as may replace the Telerate
Page 3750) for the purpose of displaying
such LIBOR rates for deposits in the
Loan Currency;
Section 1.03
Headings
The headings of Articles and Sections, as well as the Table of
Contents, are inserted for convenience of reference only and shall
not be used to interpret the Loan Agreement.
Article II. PRINCIPAL TERMS OF THE LOAN
Section 2.01
Loan Amount and Loan Currency
The Bank agrees to lend to the Borrower, on the terms and
conditions set forth or referred to in the Loan Agreement, an
amount of twenty five million Dollars (USD 25,000,000).
Section 2.02
Other Financial Terms of the Loan
(a) Minimum Drawdown Amount
(see Standard Terms and Conditions, Section 3.01(b))
The Minimum Drawdown Amount shall be the equivalent of fifty
thousand Dollars (USD 50,000).
(b) Minimum Prepayment Amount
(see Standard Terms and Conditions, Section 3.07(d))
The Minimum Prepayment Amount shall be the equivalent of five
million Dollars (USD 5,000,000).
(c) Minimum Cancellation Amount
(see Standard Terms and Conditions, Section 3.08(a))
The Minimum Cancellation Amount shall be the equivalent of five
million Dollars (5,000,000).
(d) Interest Payment Dates and Loan Repayment Dates
The Interest Payment Dates, as well as the Loan Repayment
Dates, shall be 1 May and 1 November. The Borrower shall repay the
Loan in accordance with the amortisation schedule set forth below:
---------------------------------T-------------------------------¬
¦ Date Payment Due ¦ Amount Due (in USD) ¦
+--------------------------------+-------------------------------+
¦1 May 1998 ¦ 1,041,666.82 ¦
+--------------------------------+-------------------------------+
¦1 November 1998 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 May 1999 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 November 1999 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 May 2000 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------¦
¦1 November 2000 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 May 2001 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 November 2001 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 May 2002 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 November 2002 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 May 2003 ¦ 1,041,666,66 ¦
+--------------------------------+-------------------------------+
¦1 November 2003 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 May 2004 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 November 2004 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 May 2005 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 November 2005 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 May 2006 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 November 2006 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 May 2007 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 November 2007 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 May 2008 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 November 2008 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 May 2009 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦1 November 2009 ¦ 1,041,666.66 ¦
+--------------------------------+-------------------------------+
¦Total ¦ 25,000,000.00 ¦
L--------------------------------+--------------------------------
(e) Last Availability Date
(see Standard Terms and Conditions, Section 3.01(a))
The Last Availability Date shall be March 31, 1998. If the
Available Amount, or any part thereof, is subject to a Fixed
Interest Rate, any postponement of the last Availability Date may
incur Unwinding Costs which shall be immediately payable by the
Borrower or the Bank, as the case may be.
(f) Commitment Charge
(see Standard Terms and Conditions, Section 3.05(a))
The rate of the commitment charge shall be one half of one
percent (0.5%) for Variable Interest Rate loans per annum.
(g) Interest Rate
The Loan is subject to a Variable Interest Rate. For purposes
of Section 3.04(b) of the Standard Terms and Conditions, the
Relevant Market Interest Rate shall be the offered rate that
appears on Telerate Page 3750 as of 11.00 a.m., London time, on
the relevant Interest Determination Date for the period which is
closest to the duration of the relevant Interest Period (or, if
two periods are equally close to the duration of the relevant
Interest Period, the average of the two periods); provided that:
(i) if, for any reason, the Relevant Market Interest Rate
cannot be determined at such time by reference to Telerate Page
3750, the Relevant Market Interest Rate shall be the rate which
the Bank determines to be the arithmetic mean (rounded upward, if
necessary, to nearest 1/16%) of the offered rates for deposits in
the Loan Currency in an amount comparable to the portion of the
Loan scheduled to be outstanding during the relevant Interest
Period for a period equal to such Interest Period which are
advised to the Bank by the major banks active in the London
interbank market selected by the Bank; and
(ii) if the Bank determines the deposits in the Loan Currency
are not being offered in the London interbank market in such
amounts for such period, the Relevant Market Interest Rate shall
be the cost to the Bank of funding the portion of the Loan
scheduled to be outstanding during the relevant Interest Period
from whatever sources it selects.
(h) Unwinding Costs
In the event of cancellation by the Bank pursuant to Section
7.02 of the Standard Terms and Conditions, any Unwinding Costs
incurred by the Bank in connection with such cancellation, as
assessed by the Bank and notified to the Borrower, shall be
immediately payable by the Borrower or the Bank as the case may
be.
Section 2.03
Drawdowns
(a) The Available Amount may be drawn down from time to time in
accordance with the provisions of Schedule 2 to the Loan Agreement
for expenditures made (or if the Bank shall so agree, to be made)
in respect of
(i) the reasonable cost of goods, works and services required
for the Project and to be financed out of the proceeds of the
Loan, and
(ii) the front-end commission.
(b) The Borrower authorises the Bank to draw down an amount
equal to the front-end commission and pay to itself the front-end
commission on behalf of the Borrower.
Section 2.04
Authorised Representative for Purposes of Drawdowns
The Managing Director of Komineft is designated as the
Borrower's Authorised Representative for the purpose of taking any
action required or permitted to be taken under the provisions of
Section 2.03(a) of the Loan Agreement and Sections 3.01 and 3.02
of the Standard Terms and Conditions.
Article III. EXECUTION OF THE PROJECT;
FINANCIAL AND OPERATIONAL MATTERS
Section 3.01
Other Affirmative Project Covenants
In addition to the general undertakings set forth in Articles
IV and V of the Standard Terms and Conditions, the Borrower shall,
unless the Bank shall otherwise agree:
(a) relend the proceeds of the Loan to Komineft under a
Subsidiary Loan Agreement, on terms "and conditions which shall
have been approved by the Bank and which shall include the
following:
(i) fourteen years maturity with three years grace period;
(ii) an interest rate as determined in Section 2.02(g) of this
Agreement plus an on-lending premium payable to the Russian
Federation of 0.75 (three quarters) of one percent per annum;
(iii) the foreign exchange risk to be borne by Komineft;
(iv) Komineft's maintenance of a 1.5 debt service ratio as
stipulated in Section 3.03(a) of the Project Agreement;
(v) Komineft engaged or causes to engage consultants as
stipulated in Section 2.05 of the Project Agreement;
(vi) production of final Project implementation report on the
Project completion date describing among others environmental
situation in the oil spill area of the Project; and
(vii) Komineft's undertaking to refrain from entering into any
agreements including but not limited to the security agreements
envisaging obligations which may be superior to the Subsidiary
Agreement.
(b) exercise its rights under the Subsidiary Loan Agreement in
such manner as to protect the interests of the Borrower and the
Bank, to comply with the provisions of the Loan Agreement, and to
accomplish the purposes of the Loan; and, except as the Bank shall
otherwise agree, the Borrower shall not assign, amend, abrogate or
the Subsidiary Loan Agreement or any provision thereof;
(c) cause Komineft to perform in accordance with the provisions
of the Project Agreement all the obligations of Komineft therein
set forth, including without limitation the obligations relating
to:
(i) procurement of goods, works and services for the Project,
as referred to in Section 2.03 of the Project Agreement;
(ii) establishment and operation of the Project Implementation
Unit, as referred to in Section 2.04 of the Project Agreement;
(iii) employment and use of consultants to assist in the
implementation of the Project, as referred to in Section 2.05 of
the Project Agreement;
(iv) preparation and submission of reports on matters relating
to the Project and to the Borrower's operations, as referred to in
Section 2.06 of the Project Agreement;
(v) maintenance of procedures, records and accounts,
preparation of financial statements, auditing of the same and
submission of them as audited to the Bank, and furnishing the Bank
with any other relevant information relating to the Project or
Komineft's operations, as referred to in Section 3.01 of the
Project Agreement;
(vi) compliance with all covenants regarding financial and
operational aspects of the Project and Komineft, as referred to in
Sections 3.02, 3.03, 3.04, and 3.05 of the Project Agreement;
(d) The Bank and the Borrower hereby agree that the obligations
set out in Section 4.02 of the Standard Terms and Conditions
including, but not limited to insurance, use of goods and
services, plans and schedules, records and reports, maintenance
and acquisition of land, respectively shall be carried out by
Komineft.
Article IV. SUSPENSION; ACCELERATION
OF MATURITY; CANCELLATION
Section 4.01
Suspension
The following are specified as additional events for suspension
of the right of the Borrower to make drawdowns under the Loan, for
the purposes of Section 7.01(a)(xiii) of the Standard Terms and
Conditions:
(a) the Statutes of Komineft shall have been amended,
suspended, abrogated, repealed, or waived, or control of Komineft
shall have been transferred to parties other than the Borrower in
such a way as to affect materially and adversely the operations or
its ability to carry out the Project or to perform any of its
obligations under the Project Agreement;
(b) Komineft shall have failed to perform any of its
obligations under the Subsidiary Loan Agreement;
(c) the right of the Borrower to withdraw proceeds under IBRD
Loan Agreement shall have either
(i) failed to become effective by 30 June, 1995 or such later
date as the Bank may agree, or
(ii) been suspended, cancelled or terminated in whole or in
part, pursuant to the terms of IBRD Loan Agreement, or
(iii) IBRD Loan shall have become due and payable prior to the
agreed maturity thereof; provided, however, that the provisions of
this paragraph shall not apply if the Borrower establishes to the
satisfaction of the Bank that adequate funds for the Project are
available to the Borrower from other sources on terms and
conditions consistent with the obligations of the Borrower under
the Loan Agreement.
Section 4.02
Acceleration of Maturity
The following are specified as additional events for
acceleration of maturity for the purposes of Section 7.06(f) of
the Standard Terms and Conditions:
(a) any event specified in Section 4.01(a) or 4.01(b) shall
have occurred and shall have continued for Fifteen (15) days from
the date of such event;
(b) any event specified under section 4.01(c) shall have
occurred.
Article V. EFFECTIVENESS
Section 5.01
Conditions Precedent to Effectiveness
The following are specified as additional conditions to the
effectiveness of the Loan Agreement for the purposes of Section
9.02(c) of the Standard Terms and Conditions:
(a) the Subsidiary Loan Agreement, in form and substance
satisfactory to the Bank, has been executed and delivered on
behalf of the Borrower and Komineft and is legally binding upon
both parties and enforceable in accordance with its terms, subject
only to the effectiveness of the Loan Agreement;
(b) the IBRD Loan Agreement has been executed and delivered and
all conditions precedent to its effectiveness or to the right of
the Borrower to make withdrawals thereunder, except only to the
effectiveness of the Loan Agreement, have been fulfilled;
(c) Komineft is legally established and existing in accordance
with all applicable laws and regulations and is authorised and has
received all necessary licenses, consents or approvals, including
environmental and land and subsoil use, to conduct its operations
and to perform its obligations under the Project Agreement and the
Subsidiary Loan Agreement.
Section 5.02
Legal Opinion
(a) For the purposes of Section 9.03(a) of the Standard Terms
and Conditions, the opinion or opinions of counsel shall be given
on behalf of the Borrower by the Minister of Justice or any other
authorized Deputy Minister of Justice, and the following are
specified as an additional matters to be included in the opinion
or opinions to be furnished to the Bank:
(i) that the Subsidiary Loan Agreement has been duly authorised
or ratified by, and delivered on behalf of, the Borrower and is
legally binding upon the Borrower and enforceable in accordance
with its terms, subject only to the effectiveness of the Loan
Agreement; and
(b) For the purposes of Section 9.03(c) of the Standard Terms
and Conditions, the opinion or opinions of counsel shall be given
on behalf of Komineft by a senior legal officer of Komineft, and
the following are specified as an additional matters to be
included in the opinion or opinions to be furnished to the Bank:
(i) that the Subsidiary Loan Agreement has been duly authorised
or ratified by, and delivered on behalf of, Komineft and is
legally binding upon Komineft and enforceable in accordance with
its terms, subject only to the effectiveness of the Loan
Agreement.
Section 5.03
Termination for Failure to Become Effective
A date 90 days after the date of this Loan Agreement is
specified for the effectiveness of the Loan Agreement for purposes
of Section 9.04 of the Standard Terms and Conditions.
Article VI. MISCELLANEOUS
Section 6.01
Notices
The following addresses are specified for the purposes of
Section 10.01 of the Standard Terms and Conditions:
For the Borrower:
Attention: Minister of Finance
Ministry of Finance of the Russian Federation
10 30 97 Moscow
ul. Ilyinka 9
Russian Federation
Telephone: 00 7 095 925 24 66
Telefax: 00 7 095 925 08 89
Telex: 112008
For the Bank:
European Bank for Reconstruction and Development
Attention: Operation Administration Unit
One Exchange Square
London EC2A 2EH
England
Telephone: (44-171) 338 6000
Telefax: (44-171) 338 6100
Telex: 881 2161
Section 6.02
Fees and Costs
The Borrower shall bear any professional, banking, transfer or
exchange fees and costs incurred in the preparation, execution and
registration of the Loan Agreement, Project Agreement, the
Guarantee Agreement, if any, and any related document.
In witness whereof the parties hereto, acting through their
duly authorised representatives, have caused the Loan Agreement to
be signed in four copies and delivered at London, England as of
the day and year first above written.
(Follow the signatories)
SCHEDULE 1
DESCRIPTION OF THE PROJECT
1. The purpose of the Project is to assist in stabilising the
oil spill area along the Kharyaga-Usinsk pipeline prior to spring
thaw to minimise the amount of oil released during runoff and
future ecological damage in the Pechora river basin continue the
clean up in an environmentally appropriate way and minimise, to
the extent possible, damage to the impacted areas, support safe
pipeline operations in the near term and evaluate the need for a
replacement pipeline investment project for the longer term, and
identify and implement other measures to mitigate against future
oil spills.
2. The Project consists of the following Parts, subject to such
modifications thereof as the Bank and the Borrower may agree upon
from time to time:
Part A
Spill Containment and Clean-up:
1. Oil containment works, including site assessment,
construction of access roads, reinforcement of existing dikes and
construction of new dikes and other structures for oil
containment, recovery and processing of oil where possible and
presaging of equipment for recovery of oil that will be released
during spring flooding.
2. Oil removal works, with the primary focus on removing as
much potentially mobile oil as possible at the existing oil spill
site followed by site restoration and remediation measures.
3. Establishment of an emergency response capability for oil
releases on downstream rivers, including monitoring for and
collection of floating oil slicks, protection of water intakes
threatened by oil slicks, removal of stranded oil along the river
banks, mitigation of impacts resulting from oil contamination in
the affected communities.
4. Establishment of an environmental monitoring and management
program for the oil spill containment and clean-up activities.
5. Implementation of social assistance sub-projects to carry
out, emergency mitigation measures necessitated by the oil spills
in affected communities, as identified with state farms and
communities in the area, including emergency relief for public
health, water supply interventions and provision of forage for
livestock and such other activities as approved by the Bank.
Part B
Pipeline Rehabilitation
1. Complete the construction of 67.9 km of partially
constructed pipeline in respect of replacement of the southern and
middle sections of the Kharyaga-Usinsk pipeline.
2. Carrying out of an integrity assessment and technical
inspection of the Kharyaga-Usinsk pipeline, and repair or
replacement of pipeline segments as required.
3. Completion of water removal separation facilities to remove
corrosive bring from produced oil and installation of other
facilities along the Kharyaga-Usinsk pipeline to improve
operations efficiency and reduce the risk of failures.
4. Establishment of a pipeline maintenance and emergency
response plan and provision of equipment and materials needed for
its implementation.
Part C
Studies
1. Carrying out of studies to review the pipeline operating
practices of Komineft to establish guidelines for safe and
efficient pipeline operation, and to undertake feasibility studies
and strategic evaluation of options for future pipeline
investments.
2. Training of Komineft personnel in oil spill counter
measures, emergency response, oil field and pipeline
rehabilitation.
3. Preparation and execution of an environmental and social
monitoring program and strengthening of the institutional and
environmental management capacity of Komineft to mitigate the
effects of oil spills.
4. Provision of monitoring services to assist in the
supervision of works under Parts A.1 through A.3 and B.1 of the
Project.
The Project is expected to be completed by September 30, 1997.
SCHEDULE 2
CATEGORIES AND DRAWDOWNS
1. For the purposes of this Schedule the following terms shall
have the following meanings:
(a) "foreign expenditures" means expenditures in the currency
of any country other than that of the member for goods, works, or
services; and
(b) "local expenditures" means expenditures in the currency of
the member for goods, works, or services supplied from the
territory of the member; provided, however, that if the currency
of the member is also that of another country from the territory
of which goods, works, or services are supplied, expenditures in
such currency for such goods, works or services shall be deemed to
be "foreign expenditures".
2. The table attached here 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.
3. The IBRD and the Bank will jointly finance, in the ratio of
80/20 the following Categories of the Project:
(i) Parts A.1 to A.3 and A.5 of the Project (Attachment to
Schedule 2, Category (1) (3));
(ii) Part B.1 (Attachment to Schedule 2, Category 2)); and
(iii) Contingency relating to the Parts A.1 to A.3 and A.5
and B.1 of the Project (Attachment to Schedule 2, Category 5)).
4. The Bank will finance on a parallel basis the pipeline
studies (Part C.1 of the Project) and IBRD will finance on a
parallel basis the remaining parts of the Project which are the
Parts A.4, B.2, B.3, B.4, C.2, C.3 and C.4 whereby each the Bank
and IBRD shall finance 100% of foreign expenditures of contracts
allocated to such parallel basis financing.
5. Each disbursement jointly financed by IBRD and the Bank
pursuant to this Schedule shall be effected pari passu from the
proceeds of the IBRD Loan and IBRD Loan in an approximate
proportion of 4:1 respectively.
Attachment
to Schedule 2
-------------------------T---------------------T-----------------¬
¦ Category ¦ Amount ¦% of Expenditures¦
¦ ¦of the Loan Allocated¦ to be Financed ¦
¦ ¦in the Loan Currency ¦ ¦
¦ ¦ USD millions ¦ ¦
+------------------------+---------------------+-----------------+
¦(1) Management of ¦ USD 9.0 ¦20% of foreign ¦
¦containment and clean up¦ ¦expenditures ¦
¦activities under ¦ ¦ ¦
¦Parts A.1 through A.3 of¦ ¦ ¦
¦the Project ¦ ¦ ¦
+------------------------+---------------------+-----------------+
¦(2) Emergency pipeline ¦ USD 2.9 ¦20% of foreign ¦
¦replacement works ¦ ¦expenditures and ¦
¦Part B.1 of the Project ¦ ¦15.4% of local ¦
¦ ¦ ¦expenditures ¦
+------------------------+---------------------+-----------------+
¦(3) Social Expenditures ¦ USD 0.4 ¦20% of foreign ¦
¦under Part A.5 of the ¦ ¦expenditures and ¦
¦Project ¦ ¦15.4% of local ¦
¦ ¦ ¦expenditures ¦
+------------------------+---------------------+-----------------+
¦(4) Consultants' ¦ USD 5.0 ¦100% foreign ¦
¦services under Part C.1 ¦ ¦expenditures ¦
¦of the Project ¦ ¦ ¦
¦ ¦ ¦ ¦
+------------------------+---------------------+-----------------+
¦(5) Unallocated ¦ USD 7.45 ¦ ¦
¦(Contingency) ¦ ¦ ¦
+------------------------+---------------------+-----------------+
¦(6) Front-End Commission¦ USD 0.25 ¦ ¦
+------------------------+---------------------+-----------------+
¦TOTAL ¦ USD 25.0 ¦ ¦
L------------------------+---------------------+------------------
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