OFFICIAL

THE WORLD BANK DOCUMENTS IBRD*IDA I WORIDBANKGROUP

South Caucasus Regional Office

MERCY MIYANG TEMBON Public Disclosure Authorized Regional Director Europe and Central Asia Region June 25, 2018

Mr. Ashot Kirakosyan Director Territorial Development Fund 31 Karapet Ulnetsu Street Yerevan, Armenia

and Infrastructure Development Project Republic of Armenia: Local Economy (Loan No. 8572-AM) First Amendment to the Project A2reement Public Disclosure Authorized

Dear Mr. Kirakosyan: above-referenced Project dated February 23, 2016, for the We refer to the Project Agreement and Armenia Reconstruction and Development ("Bank") between the International Bank for of ("Agreement") in connection with the Loan Agreement Fund ("Project Implementing Entity"), Territorial Development We also refer to the letter from the Armenia ("Borrower") and the Bank. same date between the Republic of Prime Minister of the signed by H.E. Vache Gabrielyan, Deputy Borrower dated November 30, 2017, amendments to the Agreement. Republic of Armenia, requesting certain as follows: We are pleased to amend the Agreement

of the Project Public Disclosure Authorized SCHEDULE: Execution replaced in its entirety to read as follows: 1. Section E.2 (a) is amended and regions: activities shall take place only in the following "(a) The proposed investment subproject Lori, and Shirak." Ararat, Vayots Dzor and , Kotayk, as follows: and replaced in its entirety to read 2. Section E.2 (b) is amended of the Project shall be for urban Subprojects proposed under Part I (a) "(b) The Investment heritage villages of Areni, of Gyumri, and , and regeneration activities in the old towns and Tandzatap;" Public Disclosure Authorized 20433, USA 1818 H Street N.W Washington. DC Georgia 5A. Ramishvii Street Tbilisi 0179, Tel +1 (202) 473 7252 Tel. +995 (32) 291 30 96 Fax +1 (202) 522 3607 F.x +995 (32) 291 34 78 amended hereby Project Agreement that have not been All the terms and conditions of the force and effect. shall remain unchanged and in full two amendments by signing and dating your agreement to the foregoing Please confirm in this Amendment Letter shall Letter. The provisions set forth originals of this Amendment of one fully executed written upon receipt by the Bank become effective as of the date above original of this Amendment Letter.

Very truly yours, RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL BANK FOR

Mercy Miyang Tembon Regional Director South Caucasus Regional Office Europe and Central Asia Region

AGREED: FUND ARMENIA TERRITORIAL DEVELOPMENT

By Authorize presentative fl Name 3 O 4 ?(1 kOSyG

Title: 2 Ob. ioff

Date: 2 5-, 0 6. .-of -3- June 25, 2018

cc:

Mr. Ararat Mirzoyan, First Deputy Prime Minister Mr. Mher Grigoryan, Deputy Prime Minister Mr. Tigran Avinyan, Deputy Prime Minister Mr. Atom Janjughazyan, Minister of Finance and Investments Mr. Artsvik Minasyan, Minister of Economic Development Alternate Governor to the World Bank Mr. Armen Hayrapetyan, Deputy Minister of Finance, of Armenia Ms. Hripsime Grigoryan, Chair, State Tourism Committee World Bank Mr. Frank Heemskerk, Executive Director for Armenia, for Armenia, World Bank Mr. Artak Azizyan, Advisor to the Executive Director World Bank Ms. Sylvie Bossoutrot, Country Manager for Armenia,