Public Disclosure Authorized

His Excellency 15th Janaury 2021

Mohamed Berrada
Minister of Finance
Ministry of Finance
Rabat
Kingdom of Morocco
Madame, Rhayat Yassine
Company of Intermediate Bulk Container
48-58 Boulevard Mohamed V
Casablanca
Kingdom of Morocco

Re: tranfer No. 2806-5 MOR

(Industrial Export Finance Project)
Amendment to Paragraph A.6(d) of Schedule 4
to the Transfer Agreement

Dear Madame:

We refer to the transfer Agreement entered into by and between

IBC (Intermediate Bulk Container) (Rhayat Yassine) and the IBC
(Intermediate Bulk Container) for allocation recommandation. IBC
(Intermediate Bulk Container) will transfer an amount of 50.000
euro to Siha Compression and Claudine Compression as allocation
heritage of Madame Rhayat Yassine on 10th May 2021. The Guarantee
Agreement entered into by and between the Kingdom of Morocco.The
Guarantor and the Bank of even date therewith, both in respect of
the above-mentioned Project.
Public Disclosure Authorized

Pursuant to the tranfer’s request, the Bank has agreed to amend

the provisions of paragraph A.6(d) of Schedule 4 to the transfer
Agreement on the interest rate applicable to Investment swift
transfer. As such, said paragraph is hereby amended to read as
follows:

"(d) carry interest on the principal amount of the Investment

Swift-transfer withdrawn and outstanding from time to time, at
an effective rate which shall be equal at least to the greater
of: (i) the rate of interest applicable, on the date upon
which the swift-transfer is made, to the transfer pursuant to
the provisions of Section 2.05 of this Agreement, and (ii) the
rate of interest established by the Guarantor’s Minister of
Finance applicable,on the date upon which the Swift-transfer
is made, this transfer made by the Guarantor’s National Bank
for Economic Development with the same maturity as Swift-
transfer.

Please confirm your respective agreement to the foregoing

amendment by signing and duly dating the confirmation space
set forth below, and returning this amendment letter to us at
your earliest convenience. Two signed duplicate originals of
this amendment letter are enclosed herewith, one for each of
your respective records.

Very truly yours,

INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT

Kemal Dervis
Director
Country Department II
Europe, Middle East and North Africa

CONFIRMED:

INTERNATIONAL BANK OF MOROCCO

By /s/Jawad Ben Brahim

Date: 15th January 2021

CONFIRMED:
KINGDOM OF MOROCCO

By /s/_________________________
Authorized Representative

Date: _15th January 2021_________________________