BOUTHEINA GUERMAZI Director, Regional Integration Africa and Middle East and North Africa Washington D.C., June 21, 2024 Mr. Serge Ekue President, West African Development Bank 68, Avenue de La Libération Lomé, Togo Re: IDA Credit No. 6141-3W (WAEMU Affordable Housing Finance Project) Amendment to the Financing Agreement Mr. Ekue: We refer to the Financing Agreement (“Financing Agreement”) between the West African Development Bank (“Recipient”) and the International Development Association (“Association”), dated October 13, 2017, for the above-referenced Project, as amended. We also refer to your letter dated May 29, 2024, requesting changes to the Financing Agreement. Please note that the capitalized terms used in this letter (“Amendment Letter”) and not defined herein have the meaning ascribed to them in the Agreement. We are pleased to inform you that the Association agrees to your request and hereby proposes to amend the Agreement as follows: 1. The withdrawal table in Section III.1 of Schedule 2 to the Financing Agreement is hereby amended to read as follows: Percentage of Amount of the Credit Expenditures to be Allocated Financed “Category (expressed in EUR) (inclusive of Taxes) (1) Mortgage Refinancing 44,100,000 100% under Part 1(a) of the Project. (2) Subordinated Loan under 68,700,000 100% of each DLI Amount Part 1(b) of the Project. set out in Schedule 4 Mr. Serge Ekue -2- June 21, 2024 (3) Mortgage Refinancing 3,200,000 100% under Part 2 of the Project. (4) Interest Rate Cap or 0 Amount due in accordance Interest Rate Collar with Section 4.06(c) of the Premium. General Conditions. TOTAL AMOUNT 116,000,000 2. Schedule 4 to the Financing Agreement is hereby amended to read as follows: “SCHEDULE 4 Performance-Based Conditions for Category (2) of the Withdrawal Table Maximum Amount Allocated Tranche (EURO) Performance-Based Conditions I 17,850,000 CRRH-UEMOA has issued a bond in the regional capital market and refinanced Eligible Mortgage Loans for Participating Banks, for a total amount of at least FCFA 12,400,000 with the proceeds of the bond. II 17,850,000 CRRH-UEMOA has issued an additional bond in the regional capital market and refinanced additional Eligible Mortgage Loans for Participating Banks, for a total amount of at least an additional FCFA 12,400,000 with the proceeds of the additional bond. III 22,300,000 CRRH-UEMOA has issued a bond in the regional or international capital market of at least an amount equivalent to EUR 22,300,000 or FCFA 14,697,209,988. IV 10,700,000 CRRH-UEMOA has made available to regional financial institutions a housing loan guarantee product supported by a capital of at least an amount equivalent to EUR 10,700,000 or FCFA 7,018,739,900. All the terms and conditions of the Financing Agreement that have not been amended hereby shall remain unchanged and in full force and effect. Please indicate your agreement with the foregoing, by countersigning and dating the two original copies of this Amendment Letter and returning one countersigned original copy to the Mr. Serge Ekue -3- June 21, 2024 Association. Upon receipt by the Association of said original countersigned by the authorized representative of the Recipient and dated, this amendment shall become effective as of the date of countersignature of this letter. Sincerely, INTERNATIONAL DEVELOPMENT ASSOCIATION _________________________________ Boutheina Guermazi Director of Regional Integration Africa and Middle East and North Africa Region AGREED: WEST AFRICAN DEVELOPMENT BANK By: __________________________ Authorized Representative Serge Ekue Name: _______________________ Chairman Title: ________________________ 25/ 25/06/2024 Date: ________________________ Copies to: WAEMU Commission; WAEMU Regional Mortgage Refinancing Company