Office of the Auditor General 3rd Floor, Block C, Unity House Victoria, Republic of Seychelles Telephone: 248-4672500 Email: auditgen@oag.sc Website: www.oag.sc Facebook: OAG Seychelles Please address all correspondence to the Auditor General OPINION OF THE AUDITOR GENERAL ON THE FINANCIAL STATEMENTS OF THE THIRD SOUTH WEST INDIAN OCEAN FISHERIES GOVERNANCE AND SHARED GROWTH PROJECT (SWIOFISH3) Opinion I have audited the Financial Report of the Third South West Indian Ocean Fisheries Governance and Shared Growth Project ('SWIOFish3') which comprise (a) Statement of Sources and Uses of Funds; (b) Bank Account Balances and Bank Statements and Reconciliations; (c) Uses of Fund by Project Activity; (d) Explanatory Notes to the Accounts; supported by Central Bank Statement; and World Bank Payment Advices for the period 01 January 2021 to 31 December 2021 and in my opinion: c) the project management reports together with the procedures and internal controls inv6lved in their preparation can be relied upon to support the related withdrawals; and d) the *project financial statements of the Third South West Indian Ocean Fisheries Governance and Shared Growth Project (SWIOFish3) for the period 01 January 2021 to 31 December 2021, has been prepared in accordance with the cash basis of accounting, in all material respect, properly present the receipts and payments under the Advance at 31 December 2021. Basis for Opinion The audit was conducted in accordance with International Standards for Supreme Audit Institutions (ISSAls). My responsibilities under those standards are further described in the Auditor's Responsibilities section in this report. I confirm my independence from the Project and that I have fulfilled my other responsibilities under ethical requirements as prescribed by the INTOSAI. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Management's responsibility for the financial statements The Ministry of Finance (PIU) is responsible for the preparation of the project financial s(atements using the cash basis of accounting which is in accordance with the Government of Seychelles IPSAS cash accounting practice for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibilities My responsibility is to express an opinion on these financial statements based on the audit. The audit was conducted in accordance with ISSAls. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance that the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosure in the financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments; the auditor considers internal control relevant to the entity's preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the presentation of the financial statements. I believe that the audit evidence that I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Gamini Herath 26 October 2G22 Auditor General Victoria, Seychelles MINISTRY OF FINANCE, ECONOMIC PLANNING & TRADE Third South West Indian Ocean Fisheries Governance and Shared Growth Project (SWIOFish3) 8779-SC; TFOA5293; TF0A5322 FINANCIAL REPORT 1st January 2021to 315 December2021 Table of Contents Third South West Indian Ocean Fisheries Governance and Shared Growth Project (SWIOFish3) 8779-SC; TF0A5293; TF0A5322 TABLE OF CONTENTS Part 1 STATEMENT OF SOURCES AND USES OF FUNDS Part 2 BANK A/C BALANCES & BANK STATEMENTS AND RECONCILIATIONS Part 3 USES OF FUND BY PROJECT ACTIVITY Part 4 FIXED ASSETS REGISTER Part 5 EXPLANATORY NOTES TO THE ACCOUNTS Part 6 CENTRAL BANK STATEMENT Part 7 WORLD BANK PAYMENT ADVICE COUNTRY: SEYCHELLES NATIONAL MANAGEMENT UNIT: MINISTRY OF FINANCE, ECONOMIC PLANNING & TRADE PROJECT NAME: SWIOFish3 IBRD NO. 8779-SC; TFOAS293 & TF0A5322 REPORT: FINANCIAL REPORT THIS SCHEDULE: PERIOD OF REPORT: 1ST JANUARY 2021 TO 31 DECEMBER 2021 REPORTING CURRENCY: US DOLLAR The previous FR was for the year ended 31" December 2020 Second Generation Designated Account Deposit Bank Designated Account Numbers 14142; 14147; 14152 & 14153 Exchange rate at beginning of quarter (US$) 1.00 1.00 Exchange rate at end of quarter (US $) Part I STATEMENT OF SOURCES AND USES OF FUNDS BANK A/C BALANCES & BANK STATEMENTS AND Part 2 RECONCILATIONS Part 3 USES OF FUND BY PROJECT ACTIVITY Part 4 FIXED ASSETS REGISTER Part 5 EXPLANATORY NOTES TO THE ACCOUNT Part 6 CENTRAL BANK STATEMENT Part 7 WORLD BANK PAYMENT ADVICE Part 1: Statement of Sources and Uses of Funds NATIONAL MANAGEMENT UNIT MINISTRY OF FINANCE, ECONOMIC PLANNING & TRADE PROJECT NAME: SWIOFish3 IBRD No; GEF Grant No & Blue Bond Proceeds 87790; TFOAS293; TFOA5322 REPORT: FINANCIAL REPORT THIS SCHEDULE: STATEMENT OF SOURCE AND USES OF FUNDS PERIOD OF REPORT: 1st JANUARY 2021 TO 31" DECEMBER 2021 REPORTING CURRENCY US DOLLARS Cumulative totals as previously Transactions for Reference reported For the Cumulative totals to to details period 28th April c e portin1 date 2016 to 31st December 2020 PROJECT RECEIPTS USD USD USD Designated Account Credits 22,320,971.18 906,047.75 23,227,018.93 Direct Payments 24,651.06 - 24,651.06 Total Project Receipts a 22,345,622.24 906,047.75 23,251,669.99 PROJECT EXPENDITURES 1.1.1.2 Evaluation of the contribution of the extended 71,160.80 53,370.60 124,531.40 MPA network to the economy 1.1.1.3 Development of a Harvest Strategy Policy and - 31,236.10 31,236.10 Management Standards for Seychelles Fisheries 1.1.1.5 Study of the status of ETP sharks and rays in 33,109.08 33,109.08 MSP zones and communication materials 1.1.2.2 Preparation of management plans for 15,566.40 18,216.00 33,782.40 sustainable-use areas 1.1.3.2 Drafting of coral reef conservation policy and 17,428.00 21,762,04 39,190.04 plan 1.2.2.5 THEMIS AIS module one-off license and Mongo 53,414.39 52,111.60 105,525.99 database hardware architechture 1.2.4.1 Studies on importance (social, economic, value chains) of charter and sport fishing sector (define MSP - 14,954.73 14,954.73 impacts) 1.2.6.2 Communication activities in support of Blue 8,996.39 17.83 9,014.22 Grants Fund 2.1.1.1 Stock assessment update: CPUE standardisation - 14,662.50 14,662.50 and production models for indicator species 2.1.1.4 Support to Seychelles participation in the 33,600.00 35,009.96 68,609.96 Fisheries Transparency Initiative (Fill) 2.1.1.8 Capacity building to seychelles federation of 15,876.00 15,876.00 fishers associations (aubrey Harris) 1.1.2.1 Definition of governance arrangements for 14,400.00 - 14,400.00 sustainable-use areas (John Neville) 2.1.2.4 Liaison officer for Mahe Plateau Demersald Fisheries Management Plan (consultant/ full-time to - 750.00 750.00 SFA) 2.1.2.5 TA for support to Mahe Plateau Demersal 37,044.00 7,980.00 45,024.00 Fisheries Management Plan (Aubrey Harris) 2.1.2.8 Communication strategy and plan for Mahe - 28,430.22 28,430.22 Plateau fisheries management measures 2.1.6.1 Sea cucumber stock assessment and 39,800.50 - 39,800.50 management advice (MRAG) 2.1.6.2 Scientific design and analytical support for a fisheries-independent assessment of sea cucumber - 12,919.95 12,919.95 status 2.1.7.1 Conduct frame survey, design new licensing 8 66885 178,668.85 framework and fleet management plan (MRAG) 2.2.1.1 SIH Data Processing and Reporting Tools 141655.26 14,655.26 2.2.1.2 Data administrator to assist with adoption of SlH 24,050.00 including economic data (Slim Dogley) 2.2.1.3 Data capture software for SIH (EIS fees) 37,709.44 37,709.44 2.2.2.2 Development of the artisanal fishery component 3,763.37 3,763.37 of the fisheries satellite account 2.2.2.3 Technical assistance to MOFA on fisheries 55,188.00 55,188.00 intelligence (Gerard Adonis) 2.2.2.4 FEIU purchase of IT equipment 13,418.50 13,418.50 2.3.1.1 Fisheries sector policy note (James Wilson) 33,358.44 33,358.44 2.3.1.2 Develop fisheries sector policy, strategy and 80,240.00 80,240.00 development plan (Cofrepech) (GEF) 2.3,1.4 SFA institutional Strategic Plan 18,800.00 18,800.00 2.3.1.5 Study to quantify public sector support to the - 15,651.55 15,651.55 fisheries sector 2.3.1.9 Support to legal framework update (revision of 8,765.20 13,593.42 22,358.62 Fisheries Act and regulations) 4.10 Procurement and financial management training 17,170.84 - 17,170.84 2.3.2.1 Reporting and dissemination of project progress 39,353.49 39,353.49 and results (e.g. conferences) 2.4.1 Blue Grants Fund (also for activities in support of 1,500,000.00 500,000.00 2,000,000.00 Component 3) (SeyCCAT) 3.1.1.1 Development of operation manuals and 60,809.98 4,800.00 65,609.98 evaluation methods for the BIF 3.1.1.15 Support for SeyCCAT for BGF management: - 20,000.00 20,000.00 technical assistant 3.1.1.3 Capacity-building in project planning and 51,787.58 69,160.10 120,947.68 business planning for small-scale fishers (Jude Bijoux) 3.1.1.4 Value chain and feasibility study to guide investments in fish processing and service sector 99,860.16 99,860.16 (Advance Africa) 3.1.1.6 EIA/ESIA support fund for projects (based on 2,666.00 2,666.00 needs assessment by loan and grant committees) 3.1.3.1 Financial feasibility study of the Providence fish 46,050.00 46,050.00 center (MEP) 3.1.3.2 Development and piloting of app to promote - 12,000.00 12,000.00 post-harvest information sharing 3.1.3.8 Development of Seychelles seafood brand 4,900.00 13,600.00 18,500.00 3.1.3.9 Fish quality assessment training - Phase 1 50,732.17 50,732.17 3.2.3 Training course development for aquaculture pilot 60,485.34 60,485.34 project 3.2.4 Capacity building for establishing monitoring, 2,806.00 2,806.00 control and surveillance division for aquaculture 3.2.5 Human capital development plan in support of - 28,648.27 28,648.27 aquaculture sector 3.1.1.10 Grievance Redress Mechanism: mobile phone 50.22 50.22 and compliants boxes 3.3.1.14 Grievance Redress Mechanism: 8,078.40 35,019.58 43,097.98 Communication strategy and online platform 3.1.1.2 Marketing and Communication strategy for Blue Finance (Com & Click/ Corporate Affair Event 116,887.51 184,230.49 301,118.00 Management LLC) 3.3.1.3 Develop electronic logbook application for 17,100.00 - 17,100.00 reporting catch and effort including piloting (Aubrey) 3.3.2.5 Fisheries sector employment survey & identify 37,330.65 53,329.50 90,660.15 2 tgne employment monitoring 3" 3a Pt international Blue Economy &-86576,546 - 8,654.76 8,654.76 c11_ity b for the Blue Economy youth 41083,0.3 tPLAkJ.410.8 3.5 Blue Investment Fund 6,000,000.00 2,000,000.00 8,000,000.00 4.0 Front end Fee 24,651.06 24,651.06 4.1 Project Manager (Jan Robinson) 260,631.57 57,750,00 318,381.57 4.11 Operating costs, goods and office equipment 42,326.98 11,081.46 53,408.44 4.12 Mid Term Review and Evaluation 20,014.31 20,014.31 4.13 Procurement Assistant to the PIU 23,365.00 24,349.00 47,714.00 4.2 Monitoring and evaluation and communication 17,490.78 27,545.40 45,036.18 specialist (graduate full time; Thessia Kilindo) 17,490.78 27,545.40 45,036.18 4.3 Monitoring and evaluation and communication 64,971.34 26,420.45 91,391.79 specialist (Sabrena Lawrence; Peter Mills) 4.4 Environmental and social specialist (Danielle 68,750.00 29,205.66 96,955.66 Jupiter) 4.5 Environmental and social specialist (expert on retaner - Jnatan MCue11,960.00 19,320.00 31,280.00 retainer) - Jonathan McCue 4.6 Safeguards studies (Jose Cabral) 32,648.00 - 32,648.00 4.7 Project implementation Manual 36,000.00 - 36,000.00 4.9 Financial audit 3,555.86 1,505.26 5,061.17 6.1 Sabrena Lawrence (GEF Confernce) 3,481.22 3,481.22 6.2 Havesea Ltd (John Goodlad) 26,234.00 26,234.00 7 BLUE BOND INTEREST PAYMENT (Interest paid) 1,950,000.00 975,000,00 2,925,000.00 Total Project Expenditure b 11,385,825.12 4,550,728.22 15,936,553.34 Other (income)/expenditure Bank Charges 1,228.50 1,249.81 2,478.31 Other Charges - Other receipts - Blue Bond Interest paid by GOS Note (1,462,500.00) (1,462,500.00) 1(a) Other expense - Blue Bond Interest paid by GOS Note 1,387,918.82 1,387,918.82 1(b) Total other (income)/expenditure c (1,461,271.50) 1,389,168.63 (72,102.87) NET CHANGE IN CASH d = a-b-c 12,421,058.62 (5,033,849.10) 7,387,219.52 ADD: OPENING BANK BALANCES Designated Account 12,421,068.62 Project Operating Account Cash in Hand Outstanding advances and imprests Total opening Bank Balances e - 12,421,068.62 NET CASH AVAILABLE f d+e 12,421,068.62 7,387,219.52 COMPRISING (CLOSING BANK BALANE5_ Designated Account Project Operating Account (US$) Project Operating Account Cash in Hand Outstanding advances and imprests I I Total closing Bank Balances g 12,421,068.62 7,387,219.52 - Difference -to be explained h = f-g Notes: 1(a); Blue bond interest paid by GOS in 2019 and half of 2020 (US$487500*3=US$1,462,500), included in designated account receipts in 2020, nov adjusted under other income 1(bl: Refund to GOS of US$1,387,918.82 from Blue Bond Account GEF TFOA5322 (14152) interest paid by GOS in 2020 refunded in 2021. 1(c); The difference of USD74,581.18 (USD 1,462,500.00- USD 1,387,918.82), being refund to GOS for paying interest on Blue Bond will not be claimed by the latter. N.A Part 2: BAtA/BALANCES & BANK STATEMENTS AND RECONCILIATIONS NATIONAL MANAGEMENT UNIT MINISTRY OF FINANCE, ECONOMIC PLANNING & TRADE PROJECT NAME SWIOFish3 IBRD No, GEF Grant No & Blue Bond A/C 8779-SC; TF0A5293 & TF0AS322 FINANCIAL REPORTS REPORT BANK A/C BALANCES & BANK STATEMENTS AND RECONCILIATIONS PERIOD OF REPORT is JANUARY 2021 TO 31t DECEMBER 2021 REPORTING CURRENCY US$ Designated Account Nos: Central Bank of Seychelles A/C 14142; 14147; 14152 & 14153 US$ Opening Balance 01/01/2021 12,421j068.62 Advances to Special Account 906,047.75 Less: Payments for eligible expenditure 5,938,647.04 Less: Payments for bank charges 1,249.81 Closing balance at end of 31st December 2021 7,387,219.52 LOCAL CURRENCY PROJECT A/C RUPEE Exchange rate US$ Opening balance at bCginning of quarter Add: Counterpart funds received during theyear Add: Interest received Sub-total -- - Less payments for bank charges Closing balance atend xxxXSFYC Notes *Exchange rate at beginning of quarter 1.00 Exchange rate at end of quarter = 1.00 Note- 2(a) For Rdconciliation purposes, payments for eligible expenditure comprises of actual project expenditure of USD 4,550,728.22 for the year 2021 plus interest on Blue Bond refunded to GOS of USD 1,387,918.82. 'fINS ~% 2,3.3.9 Support to legal Iramew¯or update 51,843 january 2020 March 2021' 22.35,621 431 (revision of F:isherieS Att and regulations) - 410 Procurement and fnancial management 30,070 n1 17 170.D- 57% li2.0 2I3.2,15ceportind dissenationtl of 1 n ng (no 1co1ua p e projecit progress and rewaits (e.g. 4k,000CC January 20171 December 20221 39, 35,4 I o-Cong( [confenrcnsl --1- - --nncnttaip 124.1 Blue Grants Fund (la for activltles e 2 000,000 OC Jan-lo December 202' 2.000,000 00 100nG suport of Component 3) ISyCCAT> - . 3.1.1DOeeiopment of operation marnuals 53,610.0 December 20: June 65,609 and evaluation methods for the BIF -i-- -1-- 30001.15 Arpportfor2ey2CAT forMBF A1 3Gu management: technical assistnt -- 0 A 3.1.1.3 Capadty-bullding In project planning and business planning for smal"-scale fishers 162,98700 ctober 2019 1ctobe66 26 20,9476oin6 (jude Rijoux) -t 3.1.1.4 Value cha[n and feaiblty study to eted guide investnIents In fish processiag and 99,860.16 15 September 2016 14" September 2021 99,60 16I10Ccam ervice sector (Advance Afria) 1 3.1.1.6 EAJESIA support fund for projects 1 (based on needs assesment by Ican and 26,660 001 October 2021 Aprl 202' 2.666 00 10% grant comirlttees) -.- 3,13.1 Financial feasibility study of the 46,05000 Apr' Aug-1it 46,050 00 100- I Providence fish center (MEP) 4 A 1 3,1.3.2 Development and piloting of app to 120,00000 Dctober 2021 April 202 12,000 010 prorote post-harvest information shring 3.1.3.8 Development of Seychelles seafood 54,400.00 August 2020 January 2022 1,50000 34% brand - 6,1.3.9 Fish quaity astessment training- $3600.00Jn9 Jul- 50,73217 95%Å' Phase -- - --- 3.2.3 Tralning course development for Se- 53% run aquacultra pilot ProJet 4700 001 Aug-l - - - 3.2.4 Capacity bullding for establshl"0 lonitoring, controll and surveillance division 40,00) OC May.19 mav-1 28060(1 7X Completedl I or aquaculturc -- - N.nsu n capltal development plan in 92 14 J rary 2021 septernber 2021 28,648 2,' 31 ng support of aquaculture sector --0----6 ...1.10 Gr-evance Redress Mchanism: 1,00000 Jun-21 Jn-21 1022 5h mobic phone and compliants boxas- 3.31.13G rievance Redress Mecharfism: 43,7020C Oct-2 Nov-21 43,09799 compietet Communication strategy and online platform S13...2 mairketing and Comunicatin strategy for Blue FlnanCom i kk/ 348,68400 anvary 2018 December 2020 301,116 00 i6lContract with Com & Cick - orgoing Corprate Affalir Event Manage LC 1 3.3.1.3 Develop electronic logok 1 completed pplication for reporting catch and effort 17.100,06 17.1000O 100$ including piloting lAuhreV) 3.3.2.5 Fisherles ector.employment survey 151 11 identify method for räutine employment 106,659 001 90,660 VA 85% monitoring .t..3.2 Participation at lnternational Blue 80,000 00 8,6547E 1% gconomy & fisheriesevents -0- - -- 13.33 Capacity building for the Ble 31.0 - 141 aaocny yeuth grup on g-e-nansce 1 5 tiluo ieostmlne Fund 12,000,000 021 2019 2023 8,000,000 00 67% 4,0 Frontend Fee 24,55106 24,65101 1001 P 41 Proecti Manager (an Rebio 1 4a0 Jnaury 201 December 2021 318,3915 66% n j 411 Operating costs. goods and office 240,000 Jan.1 Jun-23 53,408 4 22% equiprnent - . i 1 Mid Teini Review aid Evaluation 36,270 CU May 2021 August 202 1 20,01431 ss9 . 4.3 Pracurernent Assistant to the PII 79,200 001 February 2020 February 202 47.714 00 60% 4.2 Menitonrig hid evaluation and - U1] comrnnIcation specialist (graduate full 90,000 Oc July 202] July 202$, 45,036 1 50%, time: Thessla lilindo) -.-.- . 41.3 Monitoring and evaluatiot and P cormunc tion specialist (Sabrena 170,000.00 jr-20 Dec-21 91,391.79 5 L.awrence: Peter Mills, 4.4 Environmentatl and social spedast 142500 00 Oct-1. Sep-23 96,955.661 68% 1Danielle Jupiter) !1.5 Environmental and social specialist 43,240 C ul-1u 31,280 0C 72% (expert on retainer) - Jonathan McCUe 4.6 Safeguards studios (Jose Cabral) 32,648 01 32.646 00 109 1 rrc mplcmnntation Manval 36,000 00 ,0 c10v 4.9 Financial audit 50,00 00 5,061 12 6. 1 Sabrena Lawrence (GEf Confernce) cp½0 3.481 2 ii.2 Havesea 1.td john Goodladi 22,370,00 26,224o00 JE BONDI NTERE5TPAYMENT Qinterst Ort. DeC --. [A I ---1-.i~34 -- TOTA! 5 36- .3 1ll stAOIN 3~ Part 4 Fixed Assets Register NOs Date Acquired Supplier's Name Item / Make QTY Amount SCR 1 23/02/2018 Regional Trading (Pty) Ltd 1.8 Desk 1 9,600.00 2 23/02/2018 Regional Trading (Pty)Ltd 1.4 Desk 2 10,400.00 3 23/02/2018 Regional Trading (Pty)Ltd Office Chair 5 19,975.00 4 23/02/2018 Regional Trading (Pty)Ltd Visitors Chair 5 6,750.00 5 23/02/2018 Regional Trading (Pty)Ltd Bookshelf 1 8,500.00 6 23/02/2018 Regional Trading (Pty)Ltd 1.6m desk 2 17,800.00 7) 23/02/2018 Regional Trading (Pty)Ltd 4 Person Workstation 1 19,900.00 8 23/02/2018 Regional Trading (Pty)Ltd Bookcase Light Color 1 7,900.00 9 10/12/2018 Global Computer Consultants 15 Laptop DELL/WIN10 4 49,391.28 10 10/12/2018 Global computer Consultants HP Color LaserJet 1 5,130.44 M180N 11 10/12/2018 Global Computer Consultants Dell i5 1 12,608.70 Desktop/20"/WIN10 12 10/12/2018 Global Computer Consultants 3TB External 2.5 1 2,326.09 13 14/12/2021 Victoria Computer Services Pty Ltd Video conferencing 1 23,366.75 system 193,648.26 Part 5 MINISTRY OF FINANCE, ECONOMIC PLANNING & TRADE Accounts Title: Third South West indian Ocean Fisheries Governance and Shared Growth Project (SWIOFish3) Period of Accounts: 1stJanuary 2021 to 31December 2021 Explanatory notes to the accounts 1. Accounting Standards The project financial statements have been compiled using the cash basis of accounting using the historical cost convention. This is in line with the Government of Seychelles IPSAS cash accounting practice. There are no accrued transactions included in the financial 2. Front-End Fees The amount of USD 12,500.00 payable pursuant to section 2.03 of SwioFish3 Loan Agreement in accordance with section 2.07(b) of general Condition was deducted by the World Bank. The amount of USD 12,151.06 was deducted and paid directy to the World Bank for shifting from P4760 to IBRD 87790 (PPF Charge). 3. Loan Repayments Interest & Principal (i) The Interest payable by the borrower for each Interest Period shall be at a rate equal to the Reference Rate for the Loan Currency plus the Fixed Spread; provided, however, that the interest payable shall in no event be less than zero percent (0%) per annum; and provided furthermore that upon a Conversion of all or any portion of the principal amount of the Loan, the interest payable by the borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if any amount of the Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the interest payable by the Borrower shall instead be calculated as provided in Section 3.02 (e) of the General Conditions. (ii) The Borrower shall repay the Principal of the Loan in 2 semi-annual installments of USD 250,000.00 on each February 15 and August 15, beginning February 15, 2028 through August 15, 2037. 4. Accounting period The Financial Statements cover all transactions for the period I January 2021 to 31't December 2021 Signature Nam: Ms. Astride Tomtv Name: M .A tieT m atave... _ ....... ... . . ............. .. Designation: Comptroller General Date ..........k.........