Act No. 151/An/16/7Th Ratifying The Funding Agreement For The Community Development Project And Water Mobilization (Prodermo).

Original Language Title: Loi N° 151/AN/16/7ème L portant ratification de l'accord de financement pour le projet de développement communautaire et mobilisation des eaux (PRODERMO).

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Act No. 151/AN/16/7th L ratifying the funding agreement for the community development and water mobilization project (PRODERMO).


VU The Constitution of 15 September 1992;
VU Constitutional law No. 92/AN/10/6th L of 21 April 2010 revising the Constitution;
VU Decree No.2016-109/PRE of 11 May 2016 appointing the Prime Minister;
VU Order No.2016-110/PRE of 12 May 2016 appointing members of the government;
VU Circular n°240/PAN of 11/07/2016 convening the Extraordinary Session of the Year 2016;

The Council of Ministers heard in its meeting of 30 June 2016.

ARTICLE 1: Is ratified a loan agreement of five million special drawing rights (5.000.000 DTS) or about seven million US dollars (7.000.000S), between the Republic of Djibouti and the International Development Association (IDA), on 6 June 2016.
Article 2: This loan agreement is part of the second additional funding of the community development project and water mobilization in the Republic of Djibouti.

Article 3: Interests due by the Republic of Djibouti on the disbursed amount of the credit are one and one quarter per cent (1.25%) per year. The maximum rate of the commitment commission paid by the Republic of Djibouti on the undisbursed balance of the financing is one and a half percent (1/2 of 1%) per year. The rate of the service commission payable on the principle of the credit withdrawn but not refunded is three-quarters of one percent (3/4 of 1%) per year.

Article 4: This Act comes into force as soon as it is published.

Done in Djibouti, 23/07/2016

President of the Republic,
Head of Government