Boutheina Guermazi
Director, Regional Integration
Africa and Middle East and North Africa


                                                                            Washington D.C., August 6, 2024

     Mr. Abdoulaye Diop
     President
     West African Economic and Monetary Union Commission
     380 Av. du Professeur Joseph KI-ZERBO
     Ouagadougou, Burkina Faso

                                Subject: WAEMU Affordable Housing Finance Project
                                               IDA Grant No. D236-3W
                                Notification of Partial Cancellation of Grant Proceeds

     Dear Mr. Diop,

             We refer to the Financing Agreement between the West African Economic and Monetary
     Union (WAEMU), represented by its Commission, and the International Development Association
     (Association), dated October 13, 2017, as amended, for the WAEMU Affordable Housing Finance
     Project, pursuant to which the Association has extended the above-captioned Grant.

             We also refer to your letter dated June 28, 2024, requesting cancellation of a specific amount
     of the above captioned Grant.

            In view of the foregoing, and in accordance with the provisions of Section 6.01 of the
     General Conditions for Credits and Grants applicable to the Financing Agreement, the Association
     hereby cancels, as of June 28, 2024, an amount of the Grant equal to the amounts allocated to the
     Categories set forth in Section VI. A2 of Schedule 2 to the Financing Agreement as follows:

               •     An amount equal to SDR 3,410,000 for Part 3 of the Project under Category (1).
               •     An amount equal to SDR 2,120,000 for Parts 4 and 5 of the Project under Category (2).

            The withdrawal table set forth in Section VI. A2 of Schedule 2 to the Financing Agreement
     has been revised accordingly and the revised withdrawal table is attached to this letter.

                                                        Sincerely,




                                                 Mohammed Dalil Essakali
                                          Acting Director of Regional Integration
                                          Africa and Middle East and North Africa
                                       -2-


                                   Attachment

                                Grant No. 236-3W
                             Revised Withdrawal Table

                                                           Percentage of
                               Amount of the Grant
        Category                                        Expenditures to be
                                    Allocated
                                                             Financed
                                (expressed in SDR)
                                                        (inclusive of Taxes)
(1) Goods, non-consulting           7,440,000                  100%
services and consulting
services, Operating Costs,
and      Training     and
Workshops under Part 3 of
the Project

(2) Goods, non-consulting           5,130,000                  100%
services and consulting
services, Operating Costs,
and      Training     and
Workshops under Parts 4
and 5 for the Project

Amount Cancelled as of              5,530,000
June 28, 2024

TOTAL AMOUNT                       18,100,000
                              -3-



Cleared:     Modibo Traore, Finance Analyst, WFACS

             Alexandra Sperling, Legal Operations Officer, LEGAM

Concurred:   Douglas Pearce, Practice Manager, EAWF1