Page 1
REPUBLIC OF MOLDOVA
January 28, 1998
International Development Association
1818 H Street, N.W.
Washington, D.C. 20433
United States of America
Re:
Credit No. 3031 MD
(Rural Finance Project)
Sub-loans by RFC
Dear Sirs:
This letter is supplemental to the Development Credit Agreement of this date
between the Republic of Moldova (the Borrower) and International Development
Association (the Association) for the above Project. Terms defined in the Development
Credit Agreement shall have the same meaning when used in this supplemental letter.
The Borrower hereby confirms that no value-added tax will be payable by the
Rural Finance Corporation on Subloans made by it to Savings and Credit Associations
under Part D of the Project.
Very truly yours,
REPUBLIC OF MOLDOVA
By: /s/ Valeriu Chitan
 Authorized Representative