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Page 4
Page 1
REPUBLIC OF NICARAGUA

May 27, 2003
International Development Association
International Bank for Reconstruction

and Development
1818 H Street, N.W.
Washington, D.C. 204533
United States of America

Dear Sir/Mmes.:

Re.:
Credit No. 3760-NI (Off Grid Rural Electrification Project
–
PERZA)

DCA: Section 1.02 (t); GEF Trust Fund Grant Agreement: TF051960,
Section 1.02 (r) - Implementation Letter
We refer to: (a) the Development Credit Agreement (DCA) entered into by and between
the Republic of Nicaragua (the Borrower) and the International Development Association (the
Association); and (b) the Global Environment Facility Trust Fund Grant Agreement entered into
by and between the Republic of Nicaragua (the Recipient) and the International Bank for
Reconstruction and Development (the Bank), acting as an Implementing Agency of the Global
Environment Facility.

This letter is the Implementation Letter referred to in Sections 1.02 (t) and 1.02 (r) of the
DCA and the GEF Trust Fund Grant Agreement, respectively.

With respect to Sections 3.10 (a) of the DCA and the GEF Trust Fund Grant Agreement,
respectively, the Annex to this Letter sets forth the Project monitoring indicators, which we
understand are satisfactory to the Association and the Bank.

Please confirm your agreement with the above and with the above-mentioned Annex by
signing this letter in the space provided below.

Very truly yours,

REPUBLIC OF NICARAGUA
By /s/ Eduardo Montealegre

(Authorized Representative)

Page 2
CONFIRMED:

INTERNATIONAL DEVELOPMENT

ASSOCIATION

INTERNATIONAL BANK FOR

RECONSTRUCTION AND DEVELOPMENT

acting as an Implementing Agency of the

Global Environment Facility

By:
/s/ Amparo Ballivian
 (Authorized
Representative)

Date:
May 27, 2003