Community Subprojects. 1. The Project Implementing Entity shall make Community Subproject Grants to Beneficiary Community Associations in accordance with eligibility criteria and procedures acceptable to the Association set forth in the Operational Manual, which shall include inter alia the following: (a) No Community Subproject shall be eligible for financing out of the proceeds of the Financing unless the Project Implementing Entity has determined, on the basis of an appraisal conducted in accordance with the guidelines set forth in the Operational Manual that the Community Subproject satisfies the eligibility criteria specified in the Operational Manual. (b) The cumulative amount of Community Subproject Grants made to each Beneficiary Community Association shall not, except with the prior approval of the Association, exceed the equivalent of USD 50,000. (c) The Beneficiary Community Association shall contribute in cash or kind at least 10% of the cost of the Community Subproject. 2. The Project Implementing Entity shall make each Community Subproject Grant under a Community Subproject Grant Agreement with the respective Beneficiary Community Association on terms and conditions approved by the Association, which shall include the following: (a) The Community Subproject Grant shall be denominated in Djiboutian Franc. (b) The Project Implementing Entity shall obtain rights adequate to protect its interests and those of the Association, including the right to: (i) suspend or terminate the right of the Beneficiary Community Association to use the proceeds of the Community Subproject Grant, or obtain a refund of all or any part of the amount of the Community Subproject Grant then withdrawn, upon the Beneficiary Community Association’s failure to perform any of its obligations under the Community Subproject Grant Agreement; and (ii) require each Beneficiary Community Association to: (A) carry out its Community Subproject with due diligence and efficiency and in accordance with sound technical, economic, financial, managerial, environmental and social standards and practices satisfactory to the Association, including in accordance with the provisions of the Anti-Corruption Guidelines applicable to recipients of loan proceeds other than the Recipient; (B) provide, promptly as needed, the resources required for the purpose; (C) procure the goods, works and services to be financed out of the Community Subproject Grant in accordance with the provisions of this Agreement; (D) maintain policies and procedures adequate to enable it to monitor and evaluate in accordance with indicators acceptable to the Association, the progress of the Community Subproject and the achievement of its objectives; (1) maintain a financial management system and prepare financial statements in accordance with consistently applied accounting standards acceptable to the Association, both in a manner adequate to reflect the operations, resources and expenditures related to the Community Subproject; and (2) at the Association’s, the Project Implementing Entity’s or the Recipient’s request, have such financial statements audited by independent auditors acceptable to the Association, in accordance with consistently applied auditing standards acceptable to the Association, and promptly furnish the statements as so audited to the Recipient, the Project Implementing Entity and the Association; (F) enable the Recipient, the Project Implementing Entity and the Association to inspect the Community Subproject, its operation and any relevant records and documents; and (G) prepare and furnish to the Recipient, the Project Implementing Entity and the Association all such information as the Recipient, the Project Implementing Entity or the Association shall reasonably request relating to the foregoing. 3. The Project Implementing Entity shall exercise its rights under each Community Subproject Grant Agreement in such manner as to protect the interests of the Recipient, the Project Implementing Entity and the Association and to accomplish the purposes of the Financing. Except as the Association shall otherwise agree, the Recipient shall not assign, amend, abrogate or waive any Community Subproject Grant Agreement or any of its provisions
Appears in 2 contracts
Samples: Project Agreement, Project Agreement
Community Subprojects. 1. The Project Implementing Entity Borrower, through IDENE, shall make Community Subproject Grants to Beneficiary Community Associations in accordance with eligibility criteria and procedures and within priorities defined by Municipal Councils, all acceptable to the Association set forth Bank and as further detailed in the Project Operational Manual, which shall include inter alia the following:
(a) No Community Subproject shall be eligible for financing out of the proceeds of the Financing unless the Project Implementing Entity has determined, on the basis of an appraisal conducted in accordance with the guidelines set forth in the Operational Manual that the Community Subproject satisfies the eligibility criteria specified in the Operational Manual.
(b) The cumulative amount of Community Subproject Grants made to each Beneficiary Community Association shall not, except with the prior approval of the Association, exceed the equivalent of USD 50,000.
(c) The Beneficiary Community Association shall contribute in cash or kind at least 10% of the cost of the Community Subproject.
2. The Project Implementing Entity Borrower, through IDENE, shall make each enter into Community Subproject Grant under a Community Subproject Grant Agreement Agreements appropriate for the carrying out of the Rural Poverty Reduction Program, such agreements to be made in accordance with terms of the respective Beneficiary Community Association on terms and conditions draft set forth in model forms approved by the AssociationBank and included in the Project Operational Manual in which the Borrower, which shall include the following:
(a) The Community Subproject Grant shall be denominated in Djiboutian Franc.
(b) The Project Implementing Entity through IDENE, shall obtain rights adequate to protect its interests and those of the AssociationBank, including the right to:
: (i1) suspend or terminate the right of the Beneficiary a Community Association to use the proceeds of the Community Subproject Grant, or obtain a refund of all or any part of the amount of the Community Subproject Grant then withdrawnwithdrawn and outstanding, upon the Beneficiary Community Association’s failure to perform any of its obligations under the Community Subproject Grant Agreement; and
and (ii2) require each Beneficiary Community Association to:
: (Aa) carry out its Community Subproject with due diligence and efficiency and in accordance with sound technical, economic, financial, managerial, environmental and social standards and practices satisfactory to the AssociationBank, including in accordance with the provisions of the Anti-Corruption Guidelines applicable to recipients of loan Loan proceeds other than the Recipient;
Borrower, the Environmental Management Framework, the Resettlement Framework and the Indigenous Peoples’ Framework; (Bb) provide, promptly as needed, the resources required for the purpose;
; (Cc) procure the goods, works and services to be financed out of the Community Subproject Grant in accordance with the provisions of this Agreement;
; (Dd) maintain policies and procedures adequate to enable it to monitor and evaluate in accordance with indicators acceptable to the AssociationBank, the progress of the Community Subproject and the achievement of its objectives;
; (1e) (i) maintain a simplified financial management system and prepare financial statements records in accordance with consistently applied accounting standards acceptable to the AssociationBank for community driven initiatives, both in a manner adequate to reflect the operations, resources and expenditures related to the Community Subproject; and
and (2ii) at the Association’s, the Project Implementing EntityBank’s or the RecipientBorrower’s request, have such financial statements audited by independent auditors acceptable to the AssociationBank, in accordance with consistently applied auditing standards acceptable to the AssociationBank, and promptly furnish the statements as so audited to the Recipient, the Project Implementing Entity Borrower and the Association;
Bank; (Ff) enable the Recipient, the Project Implementing Entity Borrower and the Association Bank to inspect the Community Subproject, its operation and any relevant records and documents; and
and (Gg) prepare and furnish to the Recipient, the Project Implementing Entity Borrower and the Association Bank all such information as the Recipient, the Project Implementing Entity Borrower or the Association Bank shall reasonably request relating to the foregoing.
3. The Project Implementing Entity Borrower, through IDENE shall exercise its rights under each Community Subproject Grant Agreement in such manner as to protect the interests of the Recipient, the Project Implementing Entity Borrower and the Association Bank and to accomplish the purposes of the FinancingLoan. Except as the Association Bank shall otherwise agree, the Recipient Borrower shall not assign, amend, abrogate or waive any Community Subproject Grant Agreement or any of its provisions.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
Community Subprojects. 1. The Project Implementing Entity Borrower, through IDENE, shall make Community Subproject Grants to Beneficiary Community Associations in accordance with eligibility criteria and procedures and within priorities defined by Municipal Councils, as acceptable to the Association set forth Bank and as further detailed in the Project Operational Manual, which shall include inter alia the following:
(a) No Community Subproject shall be eligible for financing out of the proceeds of the Financing unless the Project Implementing Entity has determined, on the basis of an appraisal conducted in accordance with the guidelines set forth in the Operational Manual that the Community Subproject satisfies the eligibility criteria specified in the Operational Manual.
(b) The cumulative amount of Community Subproject Grants made to each Beneficiary Community Association shall not, except with the prior approval of the Association, exceed the equivalent of USD 50,000.
(c) The Beneficiary Community Association shall contribute in cash or kind at least 10% of the cost of the Community Subproject.
2. The Project Implementing Entity Borrower, through IDENE, shall make each enter into Community Subproject Grant under a Community Subproject Grant Agreement Agreements appropriate for the carrying out of the Rural Poverty Reduction Program, such agreements to be made in accordance with terms of the respective Beneficiary Community Association on terms and conditions draft set forth in model forms approved by the AssociationBank and included in the Project Operational Manual in which the Borrower, which shall include the following:
(a) The Community Subproject Grant shall be denominated in Djiboutian Franc.
(b) The Project Implementing Entity through IDENE, shall obtain rights adequate to protect its interests and those of the AssociationBank, including the right to:
: (i1) suspend or terminate the right of the Beneficiary a Community Association to use the proceeds of the Community Subproject Grant, or obtain a refund of all or any part of the amount of the Community Subproject Grant then withdrawnwithdrawn and outstanding, upon the Beneficiary Community Association’s failure to perform any of its obligations under the Community Subproject Grant Agreement; and
and (ii2) require each Beneficiary Community Association to:
: (Aa) carry out its Community Subproject with due diligence and efficiency and in accordance with sound technical, economic, financial, managerial, environmental and social standards and practices satisfactory to the AssociationBank, including in accordance with the provisions of the Anti-Corruption Guidelines applicable to recipients of loan Loan proceeds other than the Recipient;
Borrower, the Environmental Management Framework, the Resettlement Framework and the Indigenous Peoples’ Framework; (Bb) provide, promptly as needed, the resources required for the purpose;
; (Cc) procure the goods, works and services to be financed out of the Community Subproject Grant in accordance with the provisions of this Agreement;
; (Dd) maintain policies and procedures adequate to enable it to monitor and evaluate in accordance with indicators acceptable to the AssociationBank, the progress of the Community Subproject and the achievement of its objectives;
; (1e) (i) maintain a simplified financial management system and prepare financial statements records in accordance with consistently applied accounting standards acceptable to the AssociationBank for community driven initiatives, both in a manner adequate to reflect the operations, resources and expenditures related to the Community Subproject; and
and (2ii) at the Association’s, the Project Implementing EntityBank’s or the RecipientBorrower’s request, have such financial statements audited by independent auditors acceptable to the AssociationBank, in accordance with consistently applied auditing standards acceptable to the AssociationBank, and promptly furnish the statements as so audited to the Recipient, the Project Implementing Entity Borrower and the Association;
Bank; (Ff) enable the Recipient, the Project Implementing Entity Borrower and the Association Bank to inspect the Community Subproject, its operation and any relevant records and documents; and
and (Gg) prepare and furnish to the Recipient, the Project Implementing Entity Borrower and the Association Bank all such information as the Recipient, the Project Implementing Entity Borrower or the Association Bank shall reasonably request relating to the foregoing.
3. The Project Implementing Entity Borrower, through IDENE shall exercise its rights under each Community Subproject Grant Agreement in such manner as to protect the interests of the Recipient, the Project Implementing Entity Borrower and the Association Bank and to accomplish the purposes of the FinancingLoan. Except as the Association Bank shall otherwise agree, the Recipient Borrower shall not assign, amend, abrogate or waive any Community Subproject Grant Agreement or any of its provisions.
Appears in 1 contract
Samples: Loan Agreement