LOAN NUMBER 9131-EC




            Guarantee Agreement
(Promoting Access to Finance for Productive Purposes for Micro, Small and
                      Medium Enterprises Project)


                                between


                      REPUBLIC OF ECUADOR


                                  and


         INTERNATIONAL BANK FOR RECONSTRUCTION
                    AND DEVELOPMENT
                                                                               LOAN NUMBER 9131-EC



                                    GUARANTEE AGREEMENT

      AGREEMENT entered into between the Republic of Ecuador (“Guarantor”) and the
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (“Bank”) (“Guarantee
Agreement”) in connection with the Loan Agreement of the Signature Date between the Bank and
CORPORACIÓN FINANCIERA NACIONAL B.P. (“Borrower”), concerning Loan No. 9131-EC (“Loan
Agreement”). The Guarantor and the Bank hereby agree as follows:


                      ARTICLE I – GENERAL CONDITIONS; DEFINITIONS

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

        Section 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 Loan Agreement].


                                    ARTICLE II – GUARANTEE

        Section 2.01. The Guarantor declares its commitment to the objectives of the Project. To this end,
without limitation or restriction upon any of its other obligations under the Guarantee Agreement, the
Guarantor hereby unconditionally guarantees, as primary obligor and not as surety merely, the due and
punctual payment of all Loan Payments payable by the Borrower pursuant to the Loan Agreement.


                         ARTICLE III –REPRESENTATIVE; ADDRESSES

        Section 3.01. The Guarantor’s Representative is its Minister of Economy and Finance.

        Section 3.02. For purposes of Section 10.01 of the General Conditions: (a) the Guarantor’s address
is:
        Ministry of Economy and Finance
        Av. Amazonas y Pereira, Plataforma Financiera
        Quito, Ecuador

        Telephone: (5932) 399-8500; and

        Section 3.03. 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




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(b) the Bank’s Electronic Address is:

Telex:                  Facsimile:

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


AGREED as of the later of the two dates written below.


                                         REPUBLIC OF ECUADOR


                                         By     ___________________________________/gs1/
                                                       Authorized Representative
                                                                  Juan Hidalgo
                                                   Name: __________________________/gn1/
                                                                    Undersecretary of Public Finance
                                                   Title:   __________________________/gt1/
                                                                  29-jul.-2020
                                                   Date:    __________________________/gd1/


                                         INTERNATIONAL BANK FOR
                                         RECONSTRUCTION AND DEVELOPMENT


                                         By     ___________________________________/gs2/
                                                       Authorized Representative
                                                                   Marianne Fay
                                                   Name: __________________________/gn2/
                                                                      Country Director
                                                   Title:   __________________________/gt2/
                                                                  28-Jul-2020
                                                   Date:    __________________________/gd2/




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