Page  1
January 14, 1991
Dr. Francisco Ortega
Gerente General
Banco de la Republica
Carrera 7, No. 1478
Edificio Avianca
Bogota, Colombia
Re:
Loan No. 3025-CO (Fifth Small and Medium
Scale Enterprise Project) - Amendment
Dear Sir:
Please refer to the Loan Agreement for the above-referenced Project (the Loan 
Agreement) between the International Bank for Reconstruction and Development (the 
Bank) and Banco de la Republica (the Borrower) dated September 25, 1989.  In response 
to your request and the discussions between our respective representatives, we are 
pleased to inform you that the Bank agrees to amend the Loan Agreement as follows:
A.
Section 1.02
 
1.
Paragraph (h) is hereby deleted and the following substituted therefor:
 
(h)   "FFIC" means the Fondo Financiero Industrial Comercial, the 
Guarantor's 
industrial and commercial fund.
 
2.
Paragraph (i) is hereby amended by  deleting "FFI Regulations" and substituting 
"FFIC Regulations" therefor.
B.
Section 2.03
 
Section 2.03 is hereby amended by deleting "December 31, 1993" and substituting 
"June 30, 1995" therefor.
C.
Section 3.01 (b)
 
Section 3.01 (b) is hereby amended by deleting "June 30, 1989" and substituting 
"September 30, 19911, therefor.
D.
Section 3.02 ((g)
 
Section 3.02 (g) is hereby amended by deleting "June 30, 1991" and substituting 
"December 31, 1992" therefor.
E.
Section 5.01 (e)
 
Section 5.01 (e) is hereby amended by deleting 'IFFI Regulations" and 
substituting "FFIC Regulations" therefor.
F.
Section 6,01 (b)
 
Section 6.01 (b) is hereby amended by deleting "Fondo Financiero Industrial" and 
substituting "Fondo Financiero Industrial y Comercial" therefor.
G.
Schedule 2
 
Schedule 2 is hereby amended by deleting "June 30, 1993" and substituting 
"December 31, 1994" therefor.
H.
Schedule 4
 
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1.
Part 1, paragraph (b) (ii) is hereby amended by deleting "$120,000,000" and 
substituting "120,000" therefor.
2.
Part 2, paragraph 1 is hereby amended by deleting "1989-1990" and substituting 
"1991-1992" therefore.
3.
Part 4, paragraph 1 (iii) of the Terms and Conditions of Subagreements is hereby 
amended by: (i) deleting "one to" in the tenth line and substituting "up to" therefor 
and (ii) inserting "up
to" between "of" at the end of the eleventh line and "one" in the twelfth line 
indicated.
4.
The Annex to Schedule 4 is hereby amended to read in its entirety as in the 
Annex attached hereto.
This amendment shall take effect on the date the Loan Agreement becomes 
effective.  Please indicate your agreement to the foregoing amendment by signing and 
dating this letter in the space
provided below.  This amendment is executed in two counterparts, each of which 
constitutes an original.  Upon your confirmation please return one fully executed 
original to us.  Because of their interest in this matter as Guarantor, a copy of this 
letter is being sent to the Minister of Finance and Public Credit of the Republic of 
Colombia.
Very truly yours,
INTERNATIONAL BANK FOR RECONSTRUCTION
   AND DEVELOPMENT
By /s/ John M. Page
Acting Country Director
Latin America and the Caribbean Region
CONFIRMED:
BANCO DE LA REPUBLICA
By /s/ Francisco Ortega
Authorized Representative
Date:
January 24, 1991
 
cc:
Dr. Rudolph Hommes
Ministro de Hacienda y Credito Publico
Ministerio de Hacienda y Credito Publico
   Palacio de los Ministerios
Plaza San Agustin
Bogota, D.E.
Colombia
ANNEX TO SCHEDULE 4
Table of Rates
Credit Line                   The Bank                  FFIC
(Directed
                                                        Credit
Page  3
Intermediary (DTF)
Maximum Rate to SME           DTF+6                     DTF+6
Central Bank Rate
to Financial
Intermediary
and Managing
Institution                   DTF                       DTF
Financial
Intermediary
Margin
(percentage points)           6                         6