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CONFORMED COPY 
 
LOAN NUMBER 7515-CO 
 
Guarantee Agreement 
 
(Second Student Loan Support Project) 
APL Phase I 
 
between 
 
REPUBLIC OF COLOMBIA 
 
and 
 
INTERNATIONAL BANK FOR RECONSTRUCTION 
AND DEVELOPMENT 
 
Dated March 14, 2008 
 
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LOAN NUMBER 7515-CO 
GUARANTEE AGREEMENT 
 
AGREEMENT, dated March 14, 2008, entered into between the REPUBLIC OF 
COLOMBIA (the 
“Guarantor”) and the INTERNATIONAL BANK FOR 
RECONSTRUCTION AND DEVELOPMENT (the “Bank”) (the “Guarantee 
Agreement”) in connection with the Loan Agreement of same date between the Bank and 
the 
INSTITUTO COLOMBIANO DE CREDITO EDUCATIVO Y ESTUDIOS TECNICOS 
EN EL EXTERIOR
 - ICETEX (the “Borrower”) (the “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) constitute an integral 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.  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 Finance and 
Public Credit. 
 
Section 3.02. The Guarantor’s Address is: 
 
Ministry of Finance and Public Credit 
 
Palacio de los Ministerios 
 
Plaza San Agustín 
Carrera 7-A Número 6-45, Piso 3 
Bogotá, DC 
Republic of Colombia 
 
Cable address:   
 
Facsimile: 
 
MINHACIENDA  
(571) 
350-9344 
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Section 3.03.  The Bank’s Address is: 
 
International Bank for 
 
Reconstruction and Development 
 
1818 H Street, N.W. 
 
Washington, D.C. 20433 
 
United States of America 
 
Cable: 
  Telex: 
  Facsimile: 
 
INTBAFRAD 
 
248423 (MCI) or 
(202) 477-6391 
 
Washington, D.C. 
  64145 (MCI) 
 
AGREED at the city of Bogotá, Colombia, as of the day and year first above 
written. 
 
REPUBLIC OF COLOMBIA 
 
By /s/ Oscar Iván Zuluaga 
Authorized Representative 
 
INTERNATIONAL BANK FOR 
 
RECONSTRUCTION AND DEVELOPMENT 
 
By /s/ Axel van Trotsenburg 
Authorized Representative