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International Bank_I.D.A. (Highway Project) Loan and Credit Agreement

Chapter 124.

International Bank/I.D.A. (Highway Project) Loan and Credit Agreements Act 1970.
Certified on: / /20 .


INDEPENDENT STATE OF PAPUA NEW GUINEA.


Chapter 124.

International Bank/I.D.A. (Highway Project) Loan and Credit Agreements Act 1970.

ARRANGEMENT OF SECTIONS.

INDEPENDENT STATE OF PAPUA NEW GUINEA.


AN ACT

entitled

International Bank/I.D.A. (Highway Project) Loan and Credit Agreements Act 1970,

Being an Act to approve agreements between the Administration of the former Territory of Papua and New Guinea and the International Bank for Reconstruction and Development, and between the Administration of the former Territory of Papua and New Guinea and the International Development Association, for a loan and credit for the purposes of a highway project, and for associated purposes.

  1. INTERPRETATION.

In this Act–

“the Development Credit Agreement” means the Agreement dated 24 June 1970, a copy of which is set out in Part 1 of the First Schedule which Agreement includes the General Conditions Applicable to Development Credit Agreements, a copy of which is set out in Part 2 of that Schedule;

“the Loan Agreement” means the Agreement dated 24 June 1970, a copy of which is set out in Part 1 of the Second Schedule which Agreement includes the General Conditions Applicable to Loan and Guarantee Agreements, a copy of which is set out in Part 2 of that Schedule.

  1. APPROVAL OF AGREEMENTS.

The Loan Agreement and the Development Credit Agreement are approved, and take effect according to their respective tenors.

  1. EFFECT ON OTHER LAWS.

The Loan Agreement and the Development Credit Agreement have the force of law as if contained in this Act, and apply notwithstanding anything in any other law of the State.

  1. PRE-APPROPRIATION OF MONEYS.

All repayments of principal and payments of interest under the Loan Agreement and under any Bonds under that Agreement and all repayments of principal and payments of service charges under the Development Credit Agreement, and payment of all other charges payable under either of these Agreements or such a Bond, shall be made out of the Consolidated Revenue Fund which is, to the necessary extent, appropriated accordingly.

SCHEDULE 1

PART 1 – DEVELOPMENT CREDIT AGREEMENT (HIGHWAY PROJECT).

DEVELOPMENT CREDIT AGREEMENT

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PART 2 – GENERAL CONDITIONS APPLICABLE TO DEVELOPMENT CREDIT AGREEMENTS.

GENERAL CONDITIONS

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SCHEDULE 2

PART I – LOAN AGREEMENT (HIGHWAY PROJECT).

LOAN AGREEMENT

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PART 2 – GENERAL CONDITIONS APPLICABLE TO LOAN AND GUARANTEE AGREEMENTS.

GENERAL CONDITIONS

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