OFFICIAL DOCUMENTS LOAN NUMBER 9187-MA Loan Agreement (COVID-19 Social Protection Emergency Response Project) 'between KINGDOM OF MOROCCO and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT LOAN NUMBER 9187-MA LOAN AGREEMENT AGREEMENT dated as of the Signature Date between KINGDOM OF MOROCCO ("Borrower") and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ("Bank"). The Borrower and the Bank 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 three hundred forty-two million seven hundred thousand Euros (EUR 342,700,000) as such amount may be converted from time to time through a Currency Conversion ("Loan"), to assist in financing the project described in Schedule I to this Agreement ("Project"). 2.02. The Borrower may withdraw the proceeds of the Loan in accordance with Section III of Schedule 2 to this Agreement. 2.03. The Front-end Fee is one quarter of one percent (0.25%) of the Loan amount. 2.04. The Commitment Charge is one quarter of one percent (0.25%) per annum on the Unwithdrawn Loan Balance. 2.05. The interest rate is the Reference Rate plus the Fixed Spread or such rate as may apply following a Conversion; subject to Section 3.02(e) of the General Conditions. 2.06. The Borrower elects to apply the Automatic Rate Fixing Conversion to the Loan. Accordingly, without limitation upon the provisions of Article IV of the General Conditions and unless otherwise notified by the Borrower to the Bank in accordance with the provisions of the Conversion Guidelines, the interest rate basis applicable to the aggregate principal amount of the Loan withdrawn during each Interest Period shall be converted from the initial Variable Rate to a Fixed Rate for the full maturity of such amount in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. -3- (b) the Bank's Electronic Address is: Telex: Facsimile: 248423(MCI) or 1-202-477-6391 64145(MCI) AGREED as of the Signature Date. KINGDOM OF MO CCO By: Name: LL4etEJtvcp Title:S tPP hrhiI'~ eso DaeKst~~~9A %1Z4 AvL1js41t Date:ZZ INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT By: Authorized Representative Name: Title: Daf7j r>. 2w2, -2- 2.07. The Payment Dates are February 15 and August 15 in each year. 2.08 The principal amount of the Loan shall be repaid in accordance with Schedule 3 to this Agreement. ARTICLE III - PROJECT 3.01. The Borrower declares its commitment to the objectives of the Project. To this end, the Borrower shall carry out the Project in accordance with the provisions of Article V of the General Conditions and Schedule 2 to this Agreement. ARTICLE IV - TERMINATION 4.01. The Effectiveness Deadline is the date ninety (90) days after the Signature Date. ARTICLE V - REPRESENTATIVE; ADDRESSES 5.01. The Borrower's Representative is its Minister of Economy, Finance and Administration Reform. 5.02. For purposes of Section 10.01 of the General Conditions: (a) the Borrower's address is: Ministere de I'Economie, des Finances et de la Riforme Adminisaralive Avenue Mohammed V Rabat Kingdom of Morocco; and (b) the Borrower's Electronic Address is: Cable: Facsimile: MINFIN 212-537-76-40-81/212-537-67-75-30 5.03. 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 -4- SCHEDULE I Project Description The objective of the Project is to mitigate the negative impacts of COVID-19 crisis by providing Emergency Cash Transfers and guaranteeing access to and strengthening cash transfer programs to support poor and vulnerable households. The Project consists of the following parts: Part 1. Emergency Cash Transfers in Response to COVID-19 Provision of support to mitigate the impact of COV ID- 19 pandemic through: (a) the expansion of the existing social assistance programs through the provision of Emergency Cash Transfers ("ECT") to ECT Beneficiaries under the TADAMON program; and (b) (i) the carrying out of a process post-evaluation report of the implementation of the TADAMON program under Part 1(a) above; and (ii) the strengthening of the existing GRM system for the social assistance programs through the carrying out of an iterative beneficiary monitoring survey and the elaboration of recommendations, including an action plan for the implementation of said recommendations. Part 2. Cash Transfers Program for Recovery and Protecting Human Capital Provision of support to mitigate the impact of COVID-19 on vulnerable households through: (a) the provision of Cash Transfers ("CT") to CT Beneficiaries under the Tayssir program; and (b) the adoption of specific temporary design modifications of the Tayssir program for the Borrower's school year 2020-2021. Part 3. Enhanced Cash Transfer Programs for Resilience Provision of support for the design and implementation of an enhanced social protection system through: (a) the design, including the development of the implementation plan and the outreach campaign, of a family allowance program. (b) the harmonization of institutional arrangements to improve the governance of social assistance programs through the preparation of a reform plan for the hannonization of the Borrower's social assistance programs, including a road map and an action plan for the development of a harmonized institutional framework; -5- (c) the preparation of a road map for the digitalization of payments under the Borrower's social assistance programs, including the design and development of protocols for a national database ("mapper") containing information on the beneficiaries of social assistance programs coupled with financial information, linked to the existing social registry, including: (i) an inventory of existing social assistance programs (including social assistance payments and beneficiaries under said programs); and (ii) a strategic analysis on the future organization of the flow of social assistance payments; and (d) the preparation and validation of a feasibility study on the strengthening and the harmonization of the Borrower's social assistance system with accompanying measures to enhance human capital development and productive and economic inclusion. Part. 4 Contingency Emergency Response Provision of immediate response to an Eligible Crisis or Emergency, as needed. -6- SCHEDULE 2 Project Execution Section 1. Implementation Arrangements A. Institutional Arrangements 1I The Borrower shall vest the overall responsibility for the implementation of the Project in the Ministry of Economy, Finances and Administration Reform ("MEFAR"), and to this end, shall, through the MEFAR: (a) maintain throughout Project implementation, a Project Coordinator under terms and conditions and with functions and responsibilities as set forth in the Project Operational Manual. (b) no later than forty-five (45) days after the Effective Date, or such later date as agreed by the Bank, establish, and thereafter maintain throughout Project implementation, an Inter-ministerial Steering Committee with composition and terms of reference acceptable to the Bank and defined in the Project Operational Manual, to oversee Project's implementation and, in particular, ensure consistency of Project activities with Borrower's sectoral policies, review and validate technical, institutional, and regulatory proposals for the implementation of the Project, validate annual programs of Project activities, and monitor their progress and timely implementation, and oversee the Project's institutional communication. (c) No later than ninety (90) days after the Effective Date, or such later date as agreed by the Bank, establish and thereafter maintain throughout Project implementation, the Technical Committees, all with mandate and composition as described in the Project Operational Manual. 2. The Borrower shall ensure, throughout Project implementation, the coordination with other ministries, agencies/entities of the Borrower participating in the technical implementation of the Project, all pursuant to adequate arrangements acceptable to the Bank and defined in the Project Operational Manual. 3. The Borrower, through the MEFAR, shall: (a) no later than sixty (60) days after the Effective Date, or any later date as agreed by the Bank, prepare a manual acceptable to the Bank ("Project Operational Manual" or "POM"), and immediately thereafter, ensure that the Project is implemented in accordance with the POM; -7- (b) not amend, abrogate or waive the POM or any of its provisions without the Bank's prior written consent; and (c) ensure that, in case of any conflict between the provisions of the POM and the provisions of this Agreement, the provisions of this Agreement shall prevail. B. Emergency Cash Transfers and Cash Transfers 1 . The Borrower shall ensure that: (a) ECTs and CTs are provided to the ECT Beneficiaries and CT Beneficiaries, respectively, in an amount and in accordance with the criteria, requirements and procedures set forth in the POM; and (b) AMAS and Al Barid Bank comply with the arrangements set forth in the POM for purposes of providing CTs under Part 2(a) of the Project, including adequate alTangement for addressing fraud and corruption, including compliance with the Anti-Corruption Guidelines. C. Verification Arrangements For purposes of implementing Parts 1(b), 2(b) and 3 of the Project (PBC#1-9); 1I The Borrower shall carry out a verification process at least annually through the IGF or independent verification agencies that the Bank has confirmed in writing to be acceptable, for the verification of achievement of PBCs which are set forth in the table in Schedule 4 to this Agreement, and furnish to the Bank not later than sixty (60) days after the verification of compliance of said PBCs, reports on the results of said verification of compliance process of such scope and in such detail as the Bank shall reasonably request. 2. Such verifications will be based on a review of the documentation available at the MEFAR and MENVTHESR, as well as during on-site verification missions if any. D. Environmental and Social Standards 1. The Borrower shall ensure that the Project is carried out in accordance with the Environmental and Social Standards, in a manner acceptable to the Bank, 2. Without limitation upon paragraph I above, the Borrower shall ensure that the Project is implemented in accordance with the Environmental and Social Commitment Plan ("ESCP"), in a manner acceptable to the Bank. To this end, the Borrower shall ensure that: -8- (a) the measures and actions specified in the ESCP are implemented with due diligence and efficiency, and provided in the ESCP; (b) sufficient funds are available to cover the costs of implementing the ESCP; (c) policies and procedures are maintained, and qualified and experienced staff in adequate numbers are retained to implement the ESCP, as provided in the ESCP; and (d) the ESCP, or any provision thereof, is not amended, repealed, suspended or waived, except as the Bank shall otherwise agree in writing, as specified in the ESCP, and ensure that the revised ESCP is disclosed promptly thereafter. 3. In case of any inconsistencies between the ESCP and the provisions of this Agreement, the provisions of this Agreement shall prevail. 4. The Borrower shall ensure that: (a) all measures necessary are taken to collect, compile, and furnish to the Bank through regular reports, with the frequency specified in the ESCP, and promptly in a separate report or reports, if so requested by the Bank, information on the status of compliance with the ESCP and the environmental and social instruments referred to therein, all such reports in form and substance acceptable to the Bank, setting out, inter alia: (i) the status of implementation of the ESCP; (ii) the conditions, if any, which interfere or threaten to interfere with the implementation of the ESCP; and (iii) the corrective and preventive measures taken or required to be taken to address such conditions; and (b) the Bank is promptly notified of any incident or accident related to or having an impact on the Project which has, or is likely to have, a significant adverse effect on the environment, the affected communities, the public or workers, in accordance with the ESCP, the environmental and social instruments referenced therein and the Environmental and Social Standards. 5. The Borrower shall establish, publicize, maintain and operate an accessible grievance mechanism, to receive and facilitate resolution of concerns and grievances of Project-affected people, and take all measures necessary and appropriate to resolve, or facilitate the resolution of, such concerns and grievances, in a manner acceptable to the Bank. E. Contingent Emergency Response -9- In order to ensure the proper implementation of Part 4 of the Project ("Contingent Emergency Response") ("CER Part"), the Borrower shall: (a) prepare and furnish to the Bank for its review and approval, a manual ("CER Manual"), which shall set forth detailed implementation arrangements for the CER Part, including: (i) any additional institutional structures or arrangements for coordinating and implementing the CER Part; (ii) specific activities which may be included in the CER Part, Eligible Expenditures required therefor ("Emergency Expenditures"), and any procedures for such inclusion; (iii) financial management arrangements for the CER Part; (iv) procurement methods and procedures for Emergency Expenditures to be financed under the CER Part; (v) documentation required for withdrawals of Emergency Expenditures; (vi) as applicable, environmental and social management arrangements and instruments for the CER Part; and (vii) any other arrangements necessary to ensure proper coordination and implementation of the CER Part; (b) afford the Bank a reasonable opportunity to review said proposed operational manual; (c) promptly adopt such operational manual for the CER Part as accepted by the Bank and integrate it as an annex to the PIM; (d) ensure that the CER Part is carried out in accordance with the CER Manual; provided, however, that in the event of any inconsistency between the provisions of the CER Manual and this Agreement, the provisions of this Agreement shall prevail; and (e) not amend, suspend, abrogate, repeal or waive any provision of the CER Manual without prior written approval by the Bank. 2. The Borrower shall, throughout the implementation of the CER Part, maintain the institutional structures and arrangements established in accordance with the CER Manual, with adequate staff and resources satisfactory to the Bank. 3. The Borrower shall undertake no activities under the CER Part unless and until the following conditions have been met in respect of said activities: (a) the Borrower has determined that an Eligible Crisis or Emergency has occurred, has furnished to the Bank a request to include said activities in the CER Part in order to respond to said Eligible Crisis or Emergency, and the Borrower has agreed with such determination, accepted said request and notified the Borrower thereof; and - 10 - (b) the Borrower has ensured the preparation and disclosure of all environmental and social instruments required for said activities, in accordance with the CER Manual, the Bank has approved all such instruments, and the Borrower has ensured the implementation of any actions which are required to be taken under said instruments. Section II. Project Mon itorinz Reportina and Evaluation The Borrower shall furnish to the Bank each Project Report not later than forty- five (45) days after the end of each calendar semester, covering the calendar semester. Section IlI. Withdrawal of Loan Proceeds A. General Without limitation upon the provisions of Article 11 of the General Conditions and in accordance with the Disbursement and Financial Information Letter, the Borrower may withdraw the proceeds of the Loan to: (a) finance Eligible Expenditures; (b) pay: (i) the Front-end Fee; and (ii) each Interest Rate Cap or Interest Rate Collar premium, in the amount allocated and, if applicable, up to the percentage set forth against each Category of the following table: Category Amount of the Loan Percentage of Allocated Expenditures to be (expressed in EUR) financed (inclusive of Taxes) (1) 100% (a) ECT under Part 1(a) 137,080,000 of the Project (b) CT under Part 2 (a) 141,149,250 100% of the Project (2) EEPs under Parts 63,614,000 100% 1(b), 2(b) and 3 of the Project (3) Emergency 0 100% Expenditures under Part 4 of the Project (4) Front-end Fee 856,750 Amount payable pursuant to Section 2.03 of this Agreement in accordance with Section 2.07(b) of the General Conditions (5) Interest Rate Cap or 0 Amount due pursuant to Interest Rate Collar Section 4.05(c) of the premium Genera Conditions TOTAL AMOUNT 342,700,000 B. Withdrawal Conditions; Withdrawal Period I1. Notwithstanding the provisions of Part A above, no withdrawal shall be made: (a) for payments made prior to the Signature Date, except that withdrawals up to an aggregate amount not to exceed Euro 137.080,000 may be made for payments made prior to this date but on or after the date falling within twelve (12) months prior to the Signature Date for Eligible Expenditures under Category (1)(a), provided that the Borrower shall prepare and furnish to the Bank an audit on the provision of ECT under the TADAMON program through the COVID-19 Fund ("Audit") under terms of reference agreed with the Bank; (b) for payments under Categories (1)(b) and (2), until and when the Borrower has prepared, consulted, published and implemented the SIA all in terms and in a manner acceptable to the Bank; (c) for payments under Category (2) with respect to each PBC as set forth in Schedule 4 to this Agreement, for which a withdrawal request has been submitted, unless the Borrower has met the condition referred to in (b) above, and also submitted: (i) evidence, in form and substance satisfactory to the Bank, of the EEP incurred, as reported in accordance with the terms of the IFRs; and (ii) supporting documentation confirming the Borrower's achievement of the respective PBC or PBCs in form and substance satisfactory to the Bank as reported in accordance with the terms of the Verification Protocol; and -12- (d) for payments under Category (3), until and unless the Bank is satisfied that all the following conditions have been met in respect of said activities: (i) the Borrower has determined that an Eligible Crisis or Emergency has occurred, has furnished to the Bank a request to include said activities in the CER Part in order to respond to said Eligible Crisis or Emergency, and the Bank has agreed with such determination, accepted said request and notified the Borrower thereof; (ii) the Borrower has ensured that all environmental and social instruments required for said activities have been prepared and disclosed, and the Borrower has ensured that any actions which are required to be taken under said instruments have been implemented, all in accordance with the provisions of Section LE of this Schedule; (iii) the entities in charge of coordinating and implementing the CER Part have adequate staff and resources, in accordance with the provisions of Section I.E of this Schedule, for the purposes of said activities; and (iv) the Borrower has adopted the CER Manual in form, substance and manner acceptable to the Bank and the provisions of the CER Manual remain - or have been updated in accordance with the provisions of Section LE of this Schedule so as to be appropriate for the inclusion and implementation of said activities under the CER Part. 2. Notwithstanding the provisions of Part B.1(c) of this Section: (a) The Borrower may request withdrawals of the Loan when the relevant expenditures under the EEPs have been incurred, but prior to the PBCs having been met, provided that the Borrower shall: (i) achieve such PBCs no later than the Closing Date; and (ii) submit to the Bank evidence satisfactory to the Bank of such PBCs having been met no later than the Disbursement Deadline Date; provided however, that if by the Disbursement Deadline Date, the Borrower has failed to provide the Bank evidence satisfactory to the Bank that one or more PBCs have been fully achieved, the Borrower shall, upon notice from the Bank, promptly refund to the Bank the Withdrawn Loan Balance related those expenditures under the EEPs under Category (2). Except as the Bank may otherwise determine, the Bank shall cancel all amounts refunded pursuant to this Section. - 13 - (b) If any of the PBCs referred to in Schedule 4 to this Agreement has not been achieved, the Bank may, by notice to the Borrower: (a) reallocate all or a portion of the proceeds of the Loan then allocated to said PBC to any other PBC; and/or (b) cancel all or a portion of the proceeds of the Loan then allocated to said PBC. 3. The Closing Date is December 31, 2023. - 14- SCHEDULE 3 Amortization Schedule 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"). Principal Payment Date Installment Share On each February 15 and August 15 Beginning February 15, 2026 through 2.50% August 15, 2045 - 15- SCHEDULE 4 Performance-Based Conditions Parts of the PUC Amount Allocated Project (EUR) Part 1(b) PBC#I: A process evaluation report of the implementation of the ECT, including results of the social impact assessment, Audit recommendations and an action plan to improve the cash transfer programs, has been prepared and published. Part 2 (b) PBC#2: Specific temporary design 3,641,500 modifications of the Tayssir program for the Borrower's school year 2020-2021 have been adopted under terms and conditions described in the Verification Protocol. PBC#3: The Borrower has prepared and Part 2(b) published two (2) annual reports on the monitoring and evaluation of the Tayssir program under terms of references as further described in the Verification Protocol: (a) Annual report in a given year 8,567,500 (b) Annual report in a subsequent year 8,567,500 Part 3(a) PBC#4: A technical report on the design and implementation plan of the family allowance program has been approved by the Minister of Economy, Finances and Administration 8,567,500 Reform, all under terms and conditions described in the Verification Protocol. Part 3(a) PBC#5: An outreach and communication campaign on the family allowance program has been designed and launched, all under terms and conditions established in the 8,567,500 Verification Protocol. -16- Parts of the Amount Allocated Project (EUR) Part 3(a) PBC#6: The Borrower has prepared and adopted the operational manual of the family allowance program, including the procedures of the GRM system, under terms and 8,567,500 conditions described in the Verification Protocol. Part 3(b) PBC#7: A technical report on the strategy and action plan for harmonized institutional arrangements governing Borrower's social 4,283,750 assistance programs has been approved by the Borrower's Inter-ministerial Steering and Governance Committee for Social Protection Part 3(c) PBC#S: The roadmap for the digitalization of payments under the Borrower's social assistance programs has been approved by the 4,283,750 Borrower's Strategic Committee of the National Strategy on Financial Inclusion. Part 3(d) PBC#9: A feasibility study on the strengthening and the harmonization of the Borrower's social assistance system with accompanying measures to enhance human capital development and productive and 4,283,750 economic inclusion has been approved by the Borrower's Inter-ministerial Steering and Governance Committee for Social Protection, all under terms and conditions established in the Verification Protocol. - 17 - APPENDIX Definitions 1. "Al Barid Bank" means a commercial bank subsidiary of the Borrower's Barid Al- Maghrib, the national post office. 2. "Audit" means the audit on the TADAMON program window of the COVID-19 Fund referred to in Section IlL.B.1(a) of Schedule 2 to this Agreement. 3. "AMAS" means Association Marocaine d'Apput a la Scolarisation, established in accordance with Dahir No. 1.58.376 dated November 15, 1958, as supplemented and modified through Law No. 75-00 dated July 23, 2002. 4. "Anti-Corruption Guidelines" means, for purposes of paragraph 5 of the Appendix to the General Conditions, the "Guidelines on Preventing and Combating Fraud and Corruption in Projects Financed by IBRD Loans and IDA Credits and Grants", dated October 15, 2006 and revised in January 2011 and as of July 1, 2016. 5. "Cash Transfer" or "CT" means any of the cash payments to be made out of the Loan proceeds to a CT Beneficiary under Part 2(a) of the Project; and "Cash Transfers" means more than one Cash Transfer. 6. "Category" means a category set forth in the table in Section Ill.A of Schedule 2 to this Agreement. 7. "CER Manual" means the manual referred to in Section LE of Schedule 2 to this Agreement, to be adopted by the Borrower for the CER Part. 8. "Contingent Emergency Response" or "CER Part" means the activity or activities to be carried out in the event of an Eligible Crisis or Emergency under Part 4 of the Project. 9. "COVID-19" means the coronavirus disease caused by the 2019 novel coronavirus (SARS-CoV-2). 10. "COVID-19 Fund" means the Borrower's special COVID-19 Fund established pursuant to Decree No. 2-20-269 to respond to the COVID-1 9 pandemic. 11. "CT Beneficiary" means any household in the Project Area eligible to receive a CT under the Tayssir program under Part 2(a) of the Project, in accordance with the eligibility criteria and procedures set forth in the POM; and "CT Beneficiaries" means more than one CT Beneficiary. -18- 12. "Disbursement Deadline Date" means the final date, established by the Bank, for the receipt by the Bank of applications for withdrawal and supporting documentation; according to the Disbursement Guidelines, this date may be the same as the Closing Date, or up to four months after the Closing Date. 13. "ECT Beneficiary" means any households in the Project Area eligible to receive an ECT under Part 1(a) of the Project, in accordance with the eligibility criteria and procedures set forth in the POM; and "ECT Beneficiaries" means more than one ECT Beneficiary. 14. "EEP" means eligible expenditure program, a portion of the Borrower's budgetary allocation required for the implementation of Parts 1(b), 2(b) and 3 of the Project, comprising of cash transfers to eligible beneficiaries in the Project Area under the Tayssir program. 15. "Eligible Crisis or Emergency" means an event that has caused, or is likely to imminently cause, a major adverse economic and/or social impact to the Borrower, associated with a natural or man-made crisis or disaster. 16. "Emergency Cash Transfer" or "ECT" means any of the cash payments to be made to an ECT Beneficiary under Part 1(a) of the Project; and "Emergency Cash Transfers" means more than one Emergency Cash Transfer 17. "Emergency Expenditures" means the eligible expenditures set forth in the CER Manual required for the CER Part. 18. "Environmental and Social Commitment Plan" or "ESCP" means the environmental and social commitment plan for the Project, dated November 10, 2020, as the same may be amended from time to time in accordance with the provisions thereof, which sets out the material measures and actions that the Borrower shall carry out or cause to be carried out to address the potential environmental and social risks and impacts of the Project, including the timeframes of the actions and measures, institutional, staffing, training, monitoring and reporting arrangements, and any environmental and social instruments to be prepared thereunder. 19. "Environmental and Social Standards" or "ESSs" means, collectively: (i) "Environmental and Social Standard 1: Assessment and Management of Environmental and Social Risks and Impacts"; (ii) "Environmental and Social Standard 2: Labor and Working Conditions"; (iii) "Environmental and Social Standard 3: Resource Efficiency and Pollution Prevention and Management"; (iv) "Environmental and Social Standard 4: Community Health and Safety"; (v) "Environmental and Social Standard 5: Land Acquisition, Restrictions on Land Use and Involuntary Resettlement"; (vi) "Environmental and Social Standard 6: Biodiversity Conservation and Sustainable Management of Living - 19- Natural Resources"; (vii) "Environmental and Social Standard 7: Indigenous Peoples/Sub-Saharan Historically Underserved Traditional Local Communities"; (viii) "Environmental and Social Standard 8: Cultural Heritage"; (ix) "Environmental and Social Standard 9: Financial Intermediaries"; (x) "Environmental and Social Standard 10: Stakeholder Engagement and Information Disclosure"; effective on October 1, 2018, as published by the Bank. 20. "General Conditions" means the "International Bank for Reconstruction and Development General Conditions for IBRD Financing. Investment Project Financing", dated December 14, 2018. 21. "GRM" means a grievance redress mechanism with documented and established mechanisms to record, address and monitor complaints. 22. "IGF" means the Borrower's Inspection G6nerale de Finances. 23. "IFR" means each interim unaudited financial report for the Project referred to in the Disbursement and Financial Information Letter. 24. "Inter-ministerial Steering Committee" means the Borrower's inter-ministerial steering committee for the Project referred to in Section I.A.I(b) of Schedule 2 to this Agreement. 25. "MENVTHESR" means the Borrower's Ministry of National education, Vocational Training, Higher Education and Scientific Research or any successor thereto. 26. "Ministry of Economy, Finances and Administration Reform" or "MEFAR" means the Borrower's Minist&re d' Economie, Finances et Reforne de P Administration or any successor thereto. 27. "PBC" means performance-based condition referred to in Schedule 4 to this Agreement. 28. "Procurement Regulations" means, for purposes of paragraph 85 of the Appendix to the General Conditions, the "World Bank Procurement Regulations for IPF Borrowers", dated July 2016, revised November 2017 and August 2018. 29. "Project Area" means the Borrower's: (a) regions of B6ni Mellal-Kh6nifra, Casablanca-Settat. Drda-Tafilalet, Fks-Mekn s, Marrakech-Safi, Oriental, Rabat- Sal6-Kenitra, Souss-Massa and Tanger-Ttouan-Al HoceYma; (b) provinces of Guelmin, Tan-Tan and Sidi Ifni; and (c) municipality of Assa. 30. "Project Operational Manual" or "POM" means the Borrower's manual satisfactory to the Bank containing, inter alia: (i) specific provisions on detailed arrangements for the carrying out of the Project; (ii) the procurement, financial -20- management and disbursement requirements thereof; (iii) the performance indicators; and (iv) arrangements for preventing, detecting, reporting, investigation, remediation and otherwise addressing fraud and corruption, including compliance with the Anti-Corruption Guidelines (which shall be annexed thereto); as said manual may be amended from time to time with Bank's prior written consent. 31. "SIA" means the Borrower's social impact assessment to be carried out on the Tayssir program containing the identification and assessment of potential social risks identified and appropriate mitigation and monitoring measures, and referred to in Section III.B.1(b) of Schedule 2 to this Agreement. 32. "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. 33. "TADAMON" means the Borrower's emergency cash transfers program established to respond to COVID-19. 34. "Tayssir" means the Borrower's conditional cash transfer program against school drop-out for children from poor and deprived families, established pursuant to the ministerial note No. 129 dated November 21, 2008, as amended at the date hereof. 35. "Technical Committees" means each of the technical committees for the Project referred to in Section I.A.1(c) of Schedule 2 to this Agreement. 36. "Verification Protocol" means the PBC verification process referred to in Section LC of Schedule 2 to this Agreement and set forth in the POM.