OFFICIAL DOCUMENTS THE WORLD BANK IBRD * IDA I WORLD BANKGROUP South Caucasus Regional Office MERCY MIYANG TEMBON Regional Director Public Disclosure Authorized Europe and Central Asia Region June 25, 2018 H.E. Atom Janjughazyan Minister of Finance Ministry of Finance 1 Melik-Adamyan Street Yerevan, Armenia Republic of Armenia: Local Economy and Infrastructure Development Project (Loan No. 8572-AM) First Amendment to the Loan Agreement Public Disclosure Authorized Excellency: We refer to the Loan Agreement dated February 23, 2016, for the above-referenced Project ("Agreement") between the Republic of Armenia ("Borrower") and the International Bank for Reconstruction and Development ("Bank"), and to the letter from the Borrower dated November 30, 2017, signed by H.E. Vache Gabrielyan, Deputy Prime Minister of the Republic of Armenia, requesting certain amendments to the Agreement. We are pleased to amend the Agreement as follows: 1. SCHEDULE 1: Project Description Part 1 (a) is amended and replaced in its entirety to read as follows: Public Disclosure Authorized "(a) Provision of Investment Subproject Financing to Participating Beneficiaries to finance the carrying out of urban regeneration activities; including, but not limited to, restoration of public infrastructure, building facades and roofs, public spaces, museums, access roads, water and sanitation, drainage and street lighting all in the old towns of Gyumri, Goris, and Meghri, and the heritage villages of Areni, Tatev and Tandzatap." 2. APPENDIX Paragraph 38 is amended and replaced in its entirety to read as follows: "38. "Selected Regions" means the Borrower's regions of Ararat, Vayots Dzor, Syunik, Kotayk, Lori, and Shirak, and any other region acceptable to the Bank." Public Disclosure Authorized 5A, Ramishvili Street Tbilisi 0179. Georgia 1818 H Street NW Washington, DC 20433, USA Tel +995 (32) 291 30 96 Tel +1 (202) 473 7252 FIx +995 (32) 291 34 78 Fax +1 (202) 522 3607 All the terms and conditions of the Loan Agreement that have not been amended hereby shall remain unchanged and in full force and effect. Please confirm your agreement to the foregoing amendments by signing and dating two originals of this Amendment Letter. The provisions set forth in this Amendment Letter shall become effective as of the date above written upon receipt by the Bank of one fully executed original of this Amendment Letter. Very truly yours, INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Mercy Miyang Tembon Regional Director South Caucasus Regional Office Europe and Central Asia Region AGREED: REPUBLIC OF ARMENIA By Autheri epresentative Name O M Y j Of aS a Titlepi inlal ' C,Cz Date: dqS. 0 0 C 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. Artsvik Minasyan, Minister of Economic Development and Investments Mr. Armen Hayrapetyan, Deputy Minister of Finance, Alternate Governor to the World Bank Mr. Ashot Kirakosyan, Director, Armenia Territorial Development Fund Ms. Hripsime Grigoryan, Chair, State Tourism Committee of Armenia Mr. Frank Heemskerk, Executive Director for Armenia, World Bank Mr. Artak Azizyan, Advisor to the Executive Director for Armenia, World Bank Ms. Sylvie Bossoutrot, Country Manager for Armenia, World Bank.