EDCF AMENDMENT AGREEMENT NO. KYR-1/1
Amendment Agreement
AMENDMENT AGREEMENT
This Amendment Agreement (the «Amendment Agreement») is made and entered into on May 20, 2003 to amend the EDCF Loan Agreement No. KYR-1 (the «Loan Agreement») dated December 15, 1998 for the Telecommunication Network Modernization Project (the «Project») by and between:
THE GOVERNMENT OF THE KYRGYZ REPUBLIC (the «Borrower»); and
THE EXPORT-IMPORT BANK OF KOREA (the «Bank»), which has been entrusted by the Government of the Republic of Korea with the operation and management of the Economic Development Cooperation Fund (the «EDCF»).
WITNESSETH:
WHEREAS, the Borrower and the Bank entered into the Loan Agreement (No. KYR-1) on December 15, 1998 to finance the implementation of the Project. WHEREAS, the representatives of creditor countries met in Paris on March 6 and 7, 2002 with representatives of the Government of the Kyrgyz Republic, and concluded the Agreed Minute on the consolidation of the debt of the Kyrgyz Republic as of March 7, 2002 (the «Agreed Minute»). WHEREAS, in view of serious current liquidity and long-term debt sustainability problems of the Kyrgyz Republic, the Government of the Republic of Korea has agreed to honor the Agreed Minute to reschedule the debt flows of the Kyrgyz Republic under the Loan Agreement. NOW, THEREFORE, the Borrower and the Bank agreed on the debt consolidation on the following terms:
Article 1. Consolidated Loan Amount
1.1. The loan amount to be rescheduled under this Amendment Agreement (the «Consolidated Loan Amount») shall be the aggregate amount of the 100% of principal and interest falling due during the period from December 6, 2001 to December 5, 2004 under the Loan Agreement which amounts Nine Hundred and Sixty Seven Million Six Hundred and Sixty Eight Thousand Four Hundred Korean Won (KRW 967,668,400) as follows:
Article 2. Repayment of the Consolidated Loan Amount
2.1. The Consolidated Loan Amount shall be paid in Twenty (20) equal and successive semi-annual installments for ten (10) years after the grace period of ten years. The first payment shall be made on December 20, 2013 and the final payment shall be made on June 20, 2023. 2.2. The Borrower shall repay the Consolidated Loan Amount as follows:
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