LOAN NUMBER 9111-IN




              Loan Agreement

(Accelerating India's COVID-19 Social Protection Response Program
                      Development Policy Loan)


                            between


                             INDIA


                              and


      INTERNATIONAL BANK FOR RECONSTRUCTION
                 AND DEVELOPMENT
                                     LOAN AGRE EME NT

        AGREEMENT dated as of the Signature Date between INDIA ("Borrower") and
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ("Bank") for the
purpose of providing financing in support of the Program (as defined in the Appendix to this
Agreement). The Bank has decided to provide this financing on the basis, inter alia, of: (i) the
actions which the Borrower has already taken under the Program and which are described in Section
I of Schedule l to this Agreement: and (ii) the Borrower's maintenance of an adequate
macroeconomic policy framework.

       WHEREAS           (A)     the Borrower requested a financing in the amount of seven
hundred and fifty million Dollars to support the Program; and

        (B)     Further to review of its options, the Borrower requested that part of such financing
be provided by the Bank and the balance by International Development Association.

        NOW, THEREFORE, the Borrower and the Bank therefore hereby agree as follows:

                 ARTICLE I GENERAL CONDITIONS; DEFINITIONS

1.01.   The General Conditions (as defined in the Appendix to this Agreement) apply to and form
        part of this Agreement

1.02.   Unless the context requires otherwise, the capitalized terms used in this Agreement have
        the meanings ascribed to them in the General Conditions or in the Appendix to this
        Agreement.

                                     ARTICLE II LOAN

2.01.   The Bank agrees to lend to the Borrower the amount of two hundred million Dollars
        ($200,000,000), as such amount may be converted from time to time through a Currency
        Conversion ("Loan").

2.02.   The Front-end Fee is one quarter of one percent (0.25%) of the Loan amount.

2.03    The Commitment Charge is one quarter of one percent (0.25%) per annum on the
        Un withdrawn Loan Balance.

2.04.   The interest rate is the Reference Rate plus the Variable Spread or such rate as may apply
        following a Conversion; subject to Section 3.02(e) of the General Conditions.

2.05.   The Payment Dates are October 15 and April 15 in each year.

2.06.   The principal amount of the Loan shall be repaid in accordance with Schedule 2 to this
        Agreement.

2.07.   (a)     Ifon any given day, the Total Exposure exceeds the Standard Exposure Limit (as
        said terms are defined in sub-paragraphs (b)(ii) and (b)(iii) of this Section), the Borrower
                                                -2-




        shall pay to the Bank a surcharge at the rate of one half of one percent (0.5%) per annum
        of the Allocated Excess Exposure Amount (as defined in sub-paragraph (b)(i) of this
        Section) for each said day ("Exposure Surcharge"). The Exposure Surcharge (if any) shall
        be payable semi-annually in arrears on each Payment Date.

        (b)     For purposes of this Section the following terms have the meanings set forth below:

                (i)      "Allocated Excess Exposure Amount" means for each day during which
                the Total Exposure exceeds the Standard Exposure Limit, the product of: (A) the
                total amount of said excess; and (B) the ratio of all ( or, if the Bank so determines,
                a portion) of the Loan to the aggregate amount of all (or the equivalent portions)
                of the loans made by the Bank to the Borrower, and to other borrowers guaranteed
                by the Borrower that are also subject to an exposure surcharge, as said excess and
                ratio are reasonably determined from time to time by the Bank.

                (ii)    "Standard Exposure Limit" means the standard limit on the Bank's
                financial exposure to the Borrower which, if exceeded, would subject the Loan to
                the Exposure Surcharge, as determined from time to time by the Bank.

                (iii)  "Total Exposure" means for any given day, the Bank's total financial
                exposure to the Borrower, as reasonably determined by the Bank.

2.07.   Without limitation upon the provisions of Section 5.05 of the General Conditions, the
        Borrower shall promptly furnish to the Bank such information relating to the provisions of
        this Article II as the Bank may, from time to time, reasonably request.

                                 ARTICLE III PROGRAM

3.01.   The Borrower declares its commitment to the Program and its implementation. To this
        end, and further to Section 5.05 of the General Conditions:

        (a)     the Borrower and the Bank shall from time to time, at the request of either party,
                exchange views on the Borrower's macroeconomic policy framework and the
                progress achieved in carrying out the Program;

        (b)     without limitation upon paragraph (a) of this Section, the Borrower shall promptly
                inform the Bank of any situation that would have the effect of materially reversing
                the objectives of the Program or any action taken under the Program including any
                action specified in Section I of Schedule 1 to this Agreement.

                        ARTICLE IV REMEDIES OF THE BANK

4.01.   The Additional Event of Suspension consists of the following, namely, that a situation has
        arisen which shall make it improbable that the Program, or a significant part of it, will be
        carried out.:




                                                                                                         a
                                                -3-




                     ARTICLE V EFFECTIVENESS; TERMINATION

5.01.   The Additional Condition of Effectiveness consists of the following, namely, that the Bank
        is satisfied with the progress achieved by the Borrower in carrying out the Program and
        with the adequacy of the Borrower's macroeconomic policy framework.

5.02.   The Effectiveness Deadline is the date ninety (90) days after the Signature Date.

                     ARTICLE VI REPRESENTATIVE; ADDRESSES

6.01.   The Borrower's Representative is any one of the following officials: Secretary, Additional
        Secretary, Joint Secretary, Director, Deputy Secretary, or Under Secretary of the
        Department of Economic Affairs in the Ministry of Finance of the Borrower.

6.02.   For purposes of Section 10.01 of the General Conditions: (a) the Borrower's address is:

        Secretary
        Department of Economic Affairs
        Ministry of Finance
        Government of India
        North Block
        New Delhi 110 001
        India; and

        (b) the Borrower's Electronic Address is:

        Facsimile:              E-mail:

        +91-11-23094075         secy-dea@nic.in

6.03.   For purposes of Section 10.01 of the General Conditions: (a) the Bank's address is:

        International Bank for Reconstruction and Development
        1818 H Street, N. W.
        Washington, D.C. 20433
        United States of America; and

        (b) the Bank's Electronic Address is:

        Telex:                  Facsimile:

        248423(MCI) or           1-202-477-6391
         .64145(MCI)
                                        -4




AGREED as of the Signature Date.


                                   INDIA



                                   By




                                             Title:   A-t>b I n oJv/l'n- G 1s c,e.e /

                                             Date: 1AM      45 2020



                                   INTERNATIONAL BANK FOR
                                   RECONSTRUCTION AND DEVELOPMENT


                                   By


                                                          Authorized Representative

                                             Name: JJib            €r6Mu     <P r

                                             Title:   c-ovsT&y      DI&ecarve, IN)
                                                               I
                                             Date:    tM     +5     2026
                                                   .5-




                                             SCHEDULE 1

                           Program Actions; Availability of Loan Proceeds

Section I.          Actions under the Program

The actions taken by the Borrower under the Program include the following:

Pillar 1.           leveraging Pre-existing Social Protection Measures for COVID-19 Relief

1.          The Borrower, through its Ministry of Finance, has approved the Pradhan Mantri Garib
            Kalyan Yojana, an integrated COVID-19 social protection relief cash-transfer package
            which: (a) increases benefit levels for MGNREG; (b) allocates LPG and gas cylinders for
            below-poverty line households for three months through UJJWALA; (c) provides
            additional allowance for elderly, widows and disabled through the NSAP; ( d) triggers cash
            transfers to women bank account holders under the PMJDY;; and (e) outlines benefit
            levels, implementation guidelines, fund-flow mechanism and governance rules for
            coordination and monitoring across multiple state governments and line ministries for roll-
            out of the PMGKY package.

2.          The Borrower, through its Ministry ofFood and Civil Supplies, has approved the provision
            of free food rations for a three-month period delivered under PMGKAY's public
            distribution system, outlining benefit levels and implementation guidelines for delivery.

3.          The Borrower, through its Ministry of Labour and Employment, has amended the
            Employees' Provident Fund Regulations to include pandemic as a reason to allow workers
            to withdraw from their Provident Fund account a non-refundable advance of 75% of the
            balance in the account or three months of the wages, whichever is lower.

4           Under its PMGKY, the Borrower has committed to contribute 24% of monthly wages for
            low-wage workers in small and medium enterprises' for a three months period into their
            Provident Fund account.

Pillar 2.           Protecting Workers in Essential Service Supply Chains during COVlD-19
                    Pandemic

5.          The Borrower, through its Ministry of Health and Family Welfare, has established a special
            health insurance scheme for health workers providing essential care/medical services to
            COVID-19 patients.

Pillar 3.           Improving Access and Delivery for Vulnerable Populations

6.          The Borrower, through its Ministry of Labour and Employment, has issued advisories to
            all States' government on how to use the Building and Other Construction (Workers
            Welfare Fund) to provide relief materials and cash to registered construction workers.



1
    Wage-earners below Rs15,000 per month in businesses having less than 100 employees.
                                                -6-




7.      The Borrower, through its Ministry of Home Affairs, has enabled the States' government
        to use finances from the SDRF to provide migrant workers relief materials and in-kind
        support, with flexibility for States in the modality of delivery.

8.      The Borrower, through its Ministry of Finance, has issued guidance largely adopted by
        public sector banks to waive ATM charges for all cash withdrawals to facilitate access to
        cash and PMGKY payments.

Section II.     Availability of Loan Proceeds

A.      General. The Borrower may withdraw the proceeds of the Loan in accordance with the
        provisions of this Section and such additional instructions as the Bank may specify by
        notice to the Borrower.

B.      Allocation of Loan Amounts. The Loan (except for amounts required pay the Front-end
        Fee) is allocated in a single withdrawal tranche, from which the Borrower may make
        withdrawals of the Loan proceeds. The allocation of the amounts of the Loan to this end
        is set out in the table below:

                                Allocations                             Amount of the Tranche
                                                                               Allocated
                                                                         (expressed in Dollar)
          ( 1) Single Withdrawal Tranche                                      199,500,000
          (2) Front-end Fee                                                     500,000
          (3) Amount due pursuant to Section 4.05 (c) of the                        0
          General Conditions
          TOTAL AMOUNT                                                        200,000,000

C.      Withdrawal Tranche Release Conditions.

        No withdrawal shall be made of the Single Withdrawal Tranche unless the Bank is
        satisfied: (a) with the Program being carried out by the Borrower; and (b) with the adequacy
        of the Borrower's macroeconomic policy framework.

D.      Deposit of Loan Amounts.

        The Borrower, within thirty (30) days after the withdrawal of the Loan from the Loan
        Account, shall report to the Bank: (a) the exact sum received into the account referred to
        in Section 2.03 (a) of the General Conditions; (b) the details of the account to which the
        Indian Rupees equivalent of the Loan proceeds will be credited; (c) the record that an
        equivalent amount has been accounted for in the Borrower's budget management systems;
        and ( d) the statement of receipts and disbursement of the account referred to in Section
        2.03 (a) of the General Conditions.

E.      Closing Date. The Closing Date is December l, 2021.
                                              .7-




                                        SCHEDULE2


The following table sets forth the Principal Payment Dates of the Loan and the percentage of the
total principal amount of the Loan payable on each Principal Payment Date ("Installment Share").

                                             rinc1pa
                                     L eve IP°   · IR epaymen ·ts
           Principal Payment Date                             Installment Share
 On each October 15 and April 15:
        Beginning October 15, 2025
        through April 15, 2038                                       3.7%
 On October 15, 2038                                                 3.8%
                                             -8-




                                       APPENDIX

                                        Definitions

1.    "ATM" means automated teller machine.

2.    "Building and Other Construction (Workers Welfare Fund)" means the welfare fund
      established under the Building and Other Construction Workers (Regulation of
      Employment and Conditions of Service) Act, 1996.

3.    COVID-19" means the coronavirus disease caused by the 2019 novel coronavirus (SARS-
      CoV-2)

4.    "Employees' Provident Fund Regulations" means the regulations adopted for the
      implementation of the Employees' Provident Funds and Miscellaneous Provisions Act,
      1952.

5.    "General Conditions" means the "International Bank for Reconstruction and Development
      General Conditions for IBRD Financing, Development Policy Financing", dated December
      14, 2018.

6.    "Indian Rupee" or "Rs" means the lawful currency of the Borrower.

7.    "LPG" means liquefied petroleum gas.

8.    "MGNREG" means the Mahatma Gandhi National Rural Employment Guarantee Scheme
      a public works program established by the Mahatma Gandhi National Rural Employment
      Guarantee Act, 2005.

9.    "NSAP" means National Social Assistance Program (NSAP), which provides social
      pensions to below poverty line widows, disabled and elderly.

10.   "PMGKAY" means Pradhan Mantri Garib Kalyan Ann Yojana, a scheme which provides
      5 kilograms of food grains per month to State issued ration cards holders who are not
      already covered under the National Food Security Act.

11.   "PMGKY" means Pradhan Mantri Garib Kalyan Yojana, a relief package worth 23billion
      Dollars announced by the Borrower's Ministry of Finance to provide social assistance and
      social insurance to all poor and front-line workers to fight against the COVID-19
      pandemic.

12.   "PMJDY" means Pradhan Mantri Jan Dhan Yojana, a pan-national financial inclusion
      platform focused on low-income clientele transfers cash assistance to female account
      holders.

13.   ·PM-KSN" means Pradhan Mantri-Kisan Samman Nidhi, a quasi-basic income support
      program operating for poor and vulnerable rural agriculture workers.
                                              .9-




14.   "Program" means: the program of objectives, policies, and actions set forth or referred to
      in the letter dated April 23, 2020 from the Borrower to the Bank declaring the Borrower's
      commitment to the execution of the Program, and requesting assistance from the Bank in
      support of the Program during its execution and comprising actions taken, including those
      set forth in Section I of Schedule 1 to this Agreement, and actions to be taken consistent
      with the program's objectives.

15.   "Provident Fund Account" means a mandatory account for all formal sector employees.

16.   "RB I" means the Reserve Bank of India, the Borrower's central bank, established and
      governed by the Reserve Bank of India Act, 1934, as amended from time to time since its
      enactment.

17.   "Signature Date" means the later of the two dates on which the Borrower and the Bank
      signed this Agreement and such definition applies to all references to "the date of the Loan
      Agreement" in the General Conditions.

18.   "Single Withdrawal Tranche" means the amount of the Loan allocated to the category
      entitled "Single Withdrawal Tranche" in the table set forth in Part B of Section II of
      Schedule l to this Agreement.

19.   "SDRF " means the State Disaster Response Funds, the primary fun d available to State
      governm ent s to respond to notified disasters.

20.   "States means, collectively, all the states and union territories oflndia.

21.   "UJ.JW ALA" means Pradhan Mantri Ujjwala Yojana, which provides gas cylinders and
      subsidies to below poverty line households identified through socio-economic census.