DOCSLIB.ORG

World Bank Document

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
World Bank Document CONFORMED Public Disclosure Authorized CREDIT NUMBER 684 PAK Public Disclosure Authorized DEVELOPMENT CREDIT AGREEMENT (Tenth Railway Project) between ISLAMIC REPUBLIC OF PAKISTAN and INTERNATIONAL DEVELOPMENT ASSOCIATION Public Disclosure Authorized Public Disclosure Authorized Dated March 8, 197T DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated March 8, 1977, between ISLAMIC REPUBLIC OF PAKISTAN, acting by its President (hereinafter called the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION (hereinafter called the Association). WHEREAS (A) the Borrower has requested the Association to assist in the financing of the Project described in Schedule 2 to this Agreement by making the Credit as hereinafter provided; and (B) the Borrower has also requested the Bank to provide additional assistance towards the financing of the Project and by an agreement of even date herewith between the Borrower and the Bank (hereinafter called the Loan Agreement) the Bank is agreeing to provide such assistance in an aggregate principal amount equivalent to thirty-five million dollars ($35,000,000) (hereinafter called the Loan); and (C) the Borrower and the Association intend, to the extent practicable, that the proceeds of the Credit provided for in this Agreement be disbursed on account of expenditures on the Project before disbursements of the proceeds of the Loan provided for in the Loan Agreement are made. WHEREAS the Association has agreed, on the basis inter alia of the foregoing, to make the Credit to the Borrower upon the terms and conditions hereinafter set forth; NOW THEREFORE the parties hereto hereby agree as follows: -2- ARTICLE I General Conditions; Definitions Section 1.01. The parties to this Agreement accept all the provisions of the General Conditions Applicable to Development Credit Agreements of the Association, dated March 15, 1974, with the same force and effect as if they were fully set forth herein (said General Conditions Applicable to Development Credit Agree- ments of the Association being hereinafter called the General Conditions). Section 1.02. Wherever used in this Agreement, 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) "Loan Agreement" means the agreement of even date here- with between the Borrower and the Bank for the purpose of the Project, as such agreement may be amended from time to time; and such term includes the General Conditions Applicable to Loan and Guarantee Agreements of the Bank, dated March 15, 1974, as made applicable to such agreement, all agreements supplemental to the Loan Agreement and all schedules to the Loan Agreement; (b) "PR" means Pakistan Railways, an agency of the Borrower administered by the Pakistan Railway Board and any successor thereto, and shall include any other agency of the Borrower charged with the administration and operation of railways in Pakistan; -3- (c) "Investment Plan" means PR's Investment Plan of even date herewith incorporating all capital expenditures planned by PR during the period covered by the fiscal years 1976/1977 through 1980/1981 as agreed between the Borrower, the Association and the Bank; (d) "Plan of Action" means the plan of action for the im- plementation of Part D of the Project, as set forth in the Annex to Schedule 2 to this Agreement; (e) "Prior Project Agreement" means the Project Agreement (Ninth Railway Project) Loan No. 621-PAK, between the Bank and the Borrower's former province of West Pakistan, dated June 26, 1969; (f) "capital-at-charge" means the capital provided by the Borrower to PR for the acquisition of its original installations, equipment and additions thereto, and appearing as such in PR's accounts as the Borrower's investment in PR; and (g) "Rupees" and the letters Rs mean the currency of the Borrower. ARTICLE II The Credit Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions in the Development Credit Agreement set forth or referred to, an amount in various currencies equiva- lent to twenty-five million dollars ($25,000,000). Section 2.02. The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement, as such Schedule may be amended from time to time by agreement between the Borrower and the Association, for expenditures made (or,.if the Association shall so agree, to be made) in respect of the reasonable cost of goods and services re- quired for the Project described in Schedule 2 to this Agreement and to be financed out of the proceeds of the Credit. Section 2.03. Except as the Association shall otherwise agree, contracts for the purchase of goods to be financed out of the proceeds of the Credit shall be procured in accordance with the provisions of Schedule 3 to this Agreement. Section 2.04. The Closing Date shall be June 30, 1982 or such later date as the Association shall establish. The Associa- tion shall promptly notify the Borrower of such later date. Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one per cent -5- (3/4 of 1%) per annum on the principal amount of the Credit with- drawn and outstanding from time to time. Section 2.06. Service charges shall be payable semi-annually on February 15 and August 15 in each year. Section 2.07. The Borrower shall repay the principal amount of the Credit in semi-annual installments payable on each February 15 and August 15 commencing February 15, 1987, and ending August 15, 2026, each installment to and including the installment payable on August 15, 1996 to be one-half of one per cent (1/2 of 1%) of such principal amount, and each installment thereafter to be one and one-half per cent (1-1/2%) of such principal amount, Section 2.08. The currency of the United States of America is hereby specified for the purposes of Section 4.02 of the Gen- eral Conditions. -6- ARTICLE III Execution of the Project Section 3.01. (a) The Borrower shall cause PR to carry out the Project with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering and rail- road practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for the purpose. (b) The Borrower shall relend the proceeds of the Credit and the Loan or the equivalent thereof in the currency of the Borrower to PR for the purposes of the Project at a rate of in- terest of eight and one-half per cent (8-1/2%) per annum on the principal amount of the Credit and the Loan so relent and out- standing from time to time, to be repaid to the Borrower in the currency in which it is so relent, after a period of grace of 4-1/2 years from the date of this Agreement in semi-annual in- stallments, the last such installment to be paid on or before August 15, 1996; except that with respect to such portion of the proceeds of the Credit and the Loan as shall be used for additions, unless the Association shall otherwise agree, such portion shall, at the time of scheduled repayment, become capital-at-charge not subject to amortization. Section 3.02. The Borrower shall make its best efforts to obtain credits to finance the cost of goods and services required for the Project and not financed under this Agreement, the Loan Agreement or out of the Borrower's or PR's own resources. -7- Section 3.03. In order to assist in carrying out Parts C and D of the Project, the Borrower shall cause PR: (a) to employ con- sultants whose qualifications, experience and terms and conditions of employment shall be satisfactory to the Association: (i) for Part C of the Project, and (ii) for Part D of the Project as agreed with the Association with regard to scope and area; and (b) to implement a staff training program acceptable to the Association. Section 3.04. The Borrower shall cause PR: (i) to carry out Part D of the Project substantially in accordance with the Plan of Action, as such plan may be amended from time to time by agreement between the Borrower and the Association, and (ii) to review the progress together with the Association made in carrying out the Plan of Action for each year, and decide in consultation with the Association on the basis of such review, the action to be taken in the following year for the purpose of attaining the targets included in the Plan of Action for such year. Section 3.05. (a) The Borrower shall ensure that no substan- tial changes are made in the Investment Plan except by agreement between the Borrower and the Association. (b) For the purposes of this Section, "substantial change" shall mean a change or changes which shall amount to more than thirty-five million Rupees (Rs.35,000,000) per annum in the Investment Plan or any part thereof for such year. Section 3.06. (a) The Borrower undertakes to insure, or make adequate provision for the insurance of, the imported goods to be - 8 - financed out of the proceeds of the Credit and the Loan against hazards incident to the acquisition, transportation and delivery thereof to the place of use or installation, and for such insurance any indemnity shall be payable in a currency freely usable by the Borrower to replace or repair such goods. (b) Except as the Association shall otherwise agree, the Borrower shall cause all goods and services financed out of the proceeds of the Credit and the Loan to be used exclusively for the Project.
Load more

Recommended publications
  • Indian Railways from Wikipedia, the Free Encyclopedia This Article Is About the Organisation
    Indian Railways From Wikipedia, the free encyclopedia This article is about the organisation. For general information on railways in India, see Rail transport in India. [hide]This article has multiple issues. Please help improve it or discuss these issues on the talk page. This article may contain an excessive amount of intricate detail that may only interest a specific audience. (August 2015) This article may be written from a fan's point of view, rather than a neutral point of view. (August 2015) This article needs additional citations for verification. (August 2015) Indian Railways "Lifeline to the Nation" Type Public sector undertaking Industry Railways Founded 16 April 1853 (162 years ago)[1] Headquarters New Delhi, India Area served India (also limited service to Nepal,Bangladesh and Pakistan) Key people Suresh Prabhakar Prabhu (Minister of Railways, 2014–) Services Passenger railways Freight services Parcel carrier Catering and Tourism Services Parking lot operations Other related services ₹1634.5 billion (US$25 billion) (2014–15)[2] Revenue ₹157.8 billion (US$2.4 billion) (2013–14)[2] Profit Owner Government of India (100%) Number of employees 1.334 million (2014)[3] Parent Ministry of Railways throughRailway Board (India) Divisions 17 Railway Zones Website www.indianrailways.gov.in Indian Railways Reporting mark IR Locale India Dates of operation 16 April 1853–Present Track gauge 1,676 mm (5 ft 6 in) 3 1,000 mm (3 ft 3 ⁄8 in) 762 mm (2 ft 6 in) 610 mm (2 ft) Headquarters New Delhi, India Website www.indianrailways.gov.in Indian Railways (reporting mark IR) is an Indian state-owned enterprise, owned and operated by the Government of India through the Ministry of Railways.
    [Show full text]
  • Persecution of Ahmadis in Pakistan News Report December 2012
    Persecution of Ahmadis in Pakistan News Report December 2012 Another Ahmadi target-killed in Quetta for his faith Quetta; December 7, 2012: Mr. Maqsud Ahmad an Ahmadi businessman was killed in Quetta by unidentified motor-cycle riders. He had gone in the morning to leave his children at school. On the way, he was approached by two men who shot him in the head four times. Mr. Ahmad died before he could receive medical aid. He was 31. No arrests have followed. Only four weeks ago, his elder brother, Mr. Manzur Ahmad was likewise killed in the same city. The assassins remained untraced. Perhaps it was the same group who committed these two murders of Ahmadis of the same family. It would be fair to assume that the authorities did nothing after the first murder to deter a second one. Mr. Maqsud Ahmad is survived by his widow, a daughter and a son. Mr. Ahmad was kidnapped two years ago. He was released after obtaining a heavy amount as ransom. The criminals involved in this series of heinous crimes seem to be from some extremist religious organization, which is particularly hateful against Ahmadis in particular. These people or at least their organizations are well-known to the authorities in Quetta. The deceased enjoyed good reputation. He had no personal vendetta with anyone. However, he was a practicing Ahmadi. He was targeted only for his faith. In a circular to relevant authorities, the Ahmadiyya Director of Public Affairs wrote: “In recent months, a visible escalation is noticeable in anti-Ahmadi activities and violence.
    [Show full text]
  • 1. Persons Interviewed
    Karachi Transportation Improvement Project Final Report APPENDIX-1 MEETINGS 1. Persons Interviewed During the Phase 1 study period, which is Karachi Transport Master Plan-2030, JICA Study Team (JST) has been visited different organizations and Departments to collect data and also meet the officials. The list of these officials and their department/organization are given below 1.1 CDGK Administrator/ DCO, City District Government Karachi 1.1.1 KMTC Director General, Karachi Mass Transit Cell, CDGK Director, (Planning & Coordination) Karachi Mass Transit Cell, CDGK. Director (T), KMTC, CDGK 1.1.2 Master Plan Executive District Officer, Master Plan Group of Offices, CDGK District Officer, Master Plan Group of Offices, CDGK 1.1.3 Transport & Communication Executive District Officer, Transport Department , CDGK District Officer (Parking & Terminal Management), Transport & Communication Department (TCD), CDGK District Officer, Policy, Planning & Design, Transport & Communication Dept. CDGK 1.1.4 Education Department Executive District Officer, Education(School) , CDGK 1.1.5 Works & Service Department Executive District Officer, W&S , CDGK 1.2 DRTA Superintendant, District Regional Authority, CDGK 1.3 Town Administration Administrator, Keamari Town Administrator, Baldia Town Administrator, Bin Qasim Town Administrator, Gulberg Town Administrator, Gadap Town Administrator, Gulshan Town Administrator, Jamshed Town Administrator, Korangi Town Administrator, Landhi Town Administrator, Liaquatabad Town Appendix 1 - 1 Karachi
    [Show full text]
  • Special Audit Report on the Project of Rehabilitation Of
    SPECIAL AUDIT REPORT ON THE PROJECT OF REHABILITATION OF RAILWAY ASSETS DAMAGED DURING THE RIOTS OF 27TH and 28TH DECEMBER, 2007 (SIGNALING SYSTEM) AUDIT YEAR 2015-16 AUDITOR GENERAL OF PAKISTAN PREFACE The Auditor General of Pakistan conducts audit in terms of Articles 169 and 170 of the Constitution of the Islamic Republic of Pakistan 1973, read with sections 8 and 12 of the Auditor General’s (Functions, Powers and Terms & Conditions of Service) Ordinance 2001. Special Audit of the Project of Rehabilitation of Railway Assets Damaged during the Riots of 27th and 28th December, 2007 was carried out accordingly. The Directorate General Audit Railway conducted Special Audit of Rehabilitation of Railway Assets Damaged during the Riots of 27th and 28th December, 2007 during audit year 2015-16 for the period 2008 to 2016 with a view to report significant findings to stakeholders. In addition, Audit also assessed whether the management complied with applicable laws, rules and regulations while execution of the project. The Audit Report indicates specific actions that, if taken, will help the management realise objectives of the project of Rehabilitation of Railway Assets Damaged during the Riots of 27th and 28th December, 2007 (Signaling System). Most of the observations included in this report have been finalised in the light of discussion with the management. However, DAC meeting was not convened by the PAO despite reminders. This Special Audit Report is submitted to the President of Pakistan in pursuance of Article 171 of the Constitution of the Islamic Republic of Pakistan 1973, for causing it to be laid before both houses of Majlis-e- Shoora (Parliament).
    [Show full text]
  • [IRFCA] Indian Railways
    Abita Begum Express: Delhi Jn. - Raxaul [OLD –now runs as Satyagraha Exp.] DLI d 17.15; RXL a 15.10/RXL d 09.00;DLI a 07.35. (Abita Ahmed Begum, wife of former President Fakhruddin Ali Ahmed) Agnibeena Express: Howrah - Asansol (former Bidhan Exp.) HWH d 18.20; ASN a 21.30/ASN d 05.30; HWH a 08.45. (Name of work by Bengali poet Nazrul Islam) Ahilyanagari Express: Thiruvananthapuram – Indore Jn. TVC d 05.30; INDE a 03.50/INDE d 16.40; TVC a 17.20. (Another (older) name for Indore, built by Holkar queen Ahilyabai) Ahimsa Express: Ahmedabad - Pune . ADI d 16.00; PUNE a 03.50/PUNE d 19.45; ADI a 07.35. (Ahimsa = non-violence, associated with Gandhi) Air-Conditioned Express (AC Express) : Name used for several trains in the past when air-conditioning was rare. Howrah - New Delhi [OLD-now Rajdhani/Duronto Exp], Mumbai Central - New Delhi [OLD-now Rajdhani/Duronto Exp.], Chennai Central - New Delhi [OLD-now Rajdhani/Duronto Exp.], Mumbai CST - Howrah [OLD- now Duronto Exp.], Mumbai CST - Madras Central [OLD- now Duronto Exp(proposed)], Chennai Central - Howrah [OLD- now Duronto Exp(proposed)]. Ajanta Express: Secunderabad – Manmad. SC d 18.10; MMR a 06.30/MMR d 21.00; SC a 09.10 (Ajanta caves near Aurangabad) Akal Takht Express: Sealdah – Amritsar. SDAH d 07.40; ASR a 16.55/ASR d 06.05; SDAH a 15.20; (Sikh holy site at the Golden Temple in Amritsar) Ala Hazrat Express: Bhuj - Bareilly City. BHUJ d 12.50/15.20; BEC a 20.15\BEC d 06.00; BHUJ a 13.20/11.15.
    [Show full text]
  • Casualty Week Sep 2
    Lloyd’s Casualty Week contains information from worldwide sources of Marine, Non-Marine and Aviation casualties together with other reports Lloyd's relevant to the shipping, transport and insurance communities CasualtyWeek September 2 2005 Lloyd’s to weather Katrina despite possible £1bn bill Chairman Lord Levene confident market will cope with disaster, writes James Brewer — Friday September 02 2005 LOYD’S is likely to face a hit of our normal business planning. We do not can handle this loss, and, indeed, if there around £1bn ($1.8bn), net of know the full cost yet, but we think we are no other major catastrophes this year I Lreinsurance, from claims will have something in about 10 days’ believe that Lloyd's can still show a resulting from the devastating time.” modest profit. Hurricane Katrina, say market sources. Lord Levene added: “We had actually “Obviously there will be more Despite this, Lime Street is still modelled our realistic disaster scenario hurricanes, but I think that unless there is a expected to make a profit for 2005; and the exactly for a hurricane of this magnitude in really substantial one with an insured loss majority view is that underwriting this area. We model all sorts of possible of over, say, $4bn we shall still come out conditions in a tighter market will remain disasters.” of 2005 in the black.” generally attractive for 2006, especially in On the profit outlook, the Lloyd’s A top analyst, Chandon Bleackley of energy, US property and in reinsurance. chairman said: “Every year our profits are members’ agency CBS Private Capital, Speculation on the potential insured determined by the claims experience we pointed out that the industry globally cost is very much unofficial and have had.
    [Show full text]
  • 1 (4Th Session) NATIONAL ASSEMBLY SECRETARIAT
    1 (4th Session) NATIONAL ASSEMBLY SECRETARIAT ———— “QUESTIONS FOR ORAL ANSWERS AND THEIR REPLIES” to be asked at a sitting of the National Assembly to be held on Wednesday, the 31st October, 2018 31. *Sheikh Rohale Asghar: (Transferred from 3rd Session) Will the Minister for Federal Education and Professional Training be pleased to state whether the construction of the campus of Federal Urdu University, Islamabad has commenced? Minister for Federal Education and Professional Training (Mr. Shafqat Mahmood): Yes, the construction of the campus of Federal Urdu University of Arts, Science and Technology (FUUAST), Islamabad has started on May 4, 2018. The current status is as under: Current Status: The PSDP Project title is “Establishment of Main Campus of Federal Urdu University at Islamabad”. In the Phase-I the contract of Rs. 602.884 million for construction of Administration and Academics blocks with External Development was awarded in April, 2018. The work was commenced on 04-05-2018 for a completion period of 21 months. The expected date of completion is 30-01-2020. The project designed consultancy and detailed supervision is under the National Engineering Services Pakistan (NESPAK). According to the physical progress upto end of September, 2018 the 30% work has been completed. The overall achieved financial progress is 21%. In the PSDP of 2018-19 the GoP has allocated Rs. 306.368 Million for this project Rs. 61.274 Million has been released in the first quarter of this fiscal year. 2 32. *Moulana Abdul Akbar Chitrali: (Transferred from 3rd Session) Will the Minister In-charge of the Cabinet Division be pleased to state: (a) whether it is a fact that mobile phone calls have been dropping frequently since taxes on mobile phone cards have been abolished by august Supreme Court; (b) if the answer to part (a) above is in affirmative, the action being taken by the Government against the mobile phone companies concerned? Minister In-charge of the Cabinet Division: (a) & (b) Call dropping has no link with taxation.
    [Show full text]