Terms and Conditions of Sub-financings. A Subproject shall be carried out pursuant to a Sub-financing Agreement, to be concluded between, on the one part, the BDS Grants Manager, REA (or MOE until its establishment) or ARB Apex Bank, as the case may be, on behalf of the Recipient, and on the other part, the relevant Beneficiary, under terms and conditions described or referred to in more detail in the BDS Grants Manual, the RE Grants Manual or the Solar PV Financing Manual, as the case may be, which, inter alia, shall include the following:
Terms and Conditions of Sub-financings. A Subproject shall be carried out pursuant to a Sub-financing Agreement, to be concluded between, on the one part, the BDS Grants Manager, REA (or MOE until its establishment) or ARB Apex Bank, as the case may be, on behalf of the Recipient, and on the other part, the relevant Beneficiary, under terms and conditions described or referred to in more detail in the BDS Grants Manual, the RE Grants Manual or the Solar PV Financing Manual, as the case may be, which, inter alia, shall include the following: the description of the activities to be implemented, including the outputs and performance targets to be achieved, and the arrangements for monitoring and reporting on the implementation of the Subproject; the obligation of the Beneficiary to contribute, as applicable, in cash and/or in-kind, a minimum percentage of the projected Subproject cost as specified in the relevant manual; the modalities of transfer of funds to the Beneficiary for the financing of the Subproject; the obligation of the Beneficiary to: (A) carry out the Subproject with due diligence and efficiency and in accordance with sound technical, engineering, environmental and social safeguard, financial, and managerial practices; and (B) maintain adequate records to reflect, in accordance with sound accounting practices, the operations, resources and expenditures relating to the Subproject; the requirement that the goods, works and consultants’ services to be financed from the proceeds of the Sub-financing shall be procured in accordance with procedures ensuring efficiency and economy and in accordance with the provisions of Section III of this Schedule, and shall be used exclusively in the carrying out of the Subproject; and the right of the BDS Grants Manager, REA (or MOE until its establishment), or ARB Apex Bank, on behalf of the Recipient, to: (i) inspect by itself, or jointly with the World Bank, if the World Bank shall so request, the goods, works, sites, plants and construction included in the Subproject, the operations thereof and any relevant records and documents; (ii) obtain all information as it, or the World Bank, shall reasonably request regarding the administration, operation and financial conditions of the Subproject; and (iii) suspend or terminate the right of the Beneficiary to use the proceeds of the Sub-financing upon failure by the Beneficiary to perform any of its obligations under the Sub-financing Agreement.
