OFFICIAL DOCUMENTS LOAN NUMBER 9033-EG Loan Agreement (Additional Finance for the Inclusive Housing Finance Program) between ARAB REPUBLIC OF EGYPT and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT LOAN NUMBER 9033-EG LOAN AGREEMENT AGREEMENT dated as of the Signature Date between the ARAB REPUBLIC OF EGYPT ("Borrower") and the INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ("Bank") for the purpose of providing additional financing for activities related to the Original Program (as defined in the Appendix to this Agreement). 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 five hundred million Dollars ($500,000,000), as such amount may be converted from time to time through a Currency Conversion ("Loan"), to assist in financing the program described in Schedule I to this Agreement ("Program"). 2.02. The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Borrower's Representative for purposes of taking any action required or permitted to be taken pursuant to this Section is the Social Housing and Mortgage Finance Fund (SHMFF). 2.03. The Front-end Fee is one quarter of one percent (0.250o) 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 payable by the Borrower for each Interest Period shall be at a rate equal to the Reference Rate (as defined in paragraph 91 in the Appendix of the General Conditions) for the Loan Currency plus the Variable Spread, provided, however, that the interest payable shall in no event be less than zero percent (0%) per annum, and provided furthermore that, upon a Conversion of all or any portion of the principal amount of the Loan, the interest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. 2.06. The Payment Dates are April I and October I in each year. -2- 2.07. The principal amount of the Loan shall be repaid in accordance with Schedule 3 to this Agreement. 2.08. The Borrower represents that it has designated its Ministry of Finance for the purpose of handling on behalf of the Borrower, debt service payments with respect to the Loan. ARTICLE III - PROGRAM 3.01, The Borrower declares its commitment to the objectives of the Program. To this end, the Borrower shall carry out the Program and cause the Program to be carried out by the Program Implementing Entity, in accordance with the provisions of Article V of the General Conditions, this Agreement and the Program Agreement, ARTICLE IV - REMEDIES OF THE BANK 4.01. The Additional Event of Suspension consists of the following, namely, that any legislation, license or other legal instrument related to the implementation of the Program or to the establishment or operation of the SHMFF has been amended, suspended, abrogated, repealed or waived so as to affect materially and adversely the achievement of the objective of the Program, or the ability of the SHMFF to implement the Program or any of its obligations under the Program Agreement. Any suspension based on this Section shall continue until the event (or events) which gave rise to the suspension has (or have) ceased to exist, unless the Bank has notified the Borrower that such right to make withdrawals has been restored. ARTICLE V - EFFECTIVENESS; TERMINATION 5.01 Subject to the other provisions of this Article and Section 9.01 of the General Conditions, this Agreement shall become effective once the Bank has received evidence that all necessary constitutional procedures have been taken by the Borrower in accordance with the provisions of Section 9.01 of the General Conditions. 5.02 The Effectiveness Deadline is the date one hundred eighty (180) days after the date of this Agreement or such later date as the Bank may establish in accordance with the provisions of Section 9.04 of the General Conditions. ARTICLE VI - REPRESENTATIVE; ADDRESSES 6.01. Except as provided in Section 2.02 of this Agreement, the Borrower*s representative is its minister responsible for International Cooperation. -3- 6.02. For purposes of Section 10.01 of the General Conditions: (a) the Borrower's address is: Ministry of International Cooperation 8 Adly Street Cairo, Arab Republic of Egypt; and (b) the Borrower's Electronic Address is: Cable address: Facsimile: Ministry of International Cooperation (202) 2391-2815 Cairo, Arab Republic of Egypt (202) 2391-5167 6.03. 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 (b) the Bank's Electronic Address is: Telex: Facsimile: 248423(MCI) or 1-202-477-6391 64145(MCI) -4- AGREED as of the Signature Date. ARAB REPUBLIC OF EGYPT By: Authoized Rpresentsive Name:l@. At& 00.&OL Title: Mtwdw If MAa o Date: INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT By: Authorized Representative Name: %wrun to-; Dat1 .eth 4V Date: :Z L -5- SCHEDULE 1 Program Description The objective of the Program is to improve the affordability of formal housing for low-income households in the Arab Republic of Egypt and to strengthen the SHMFF's capacity to design policies and coordinate programs in the social housing sector. The Program is a part of the Borrower's Social Housing Program and consists of the following components; Part A: Institutional Strenathening of SHMFF 1. Enhancing the capacity of SHMFF to improve the Borrower's housing sector through, mter aba: (a) coordination and consolidation of housing entities and functions; (b) formulation of social housing policy, programs, regulations and procedures; and (c) preparation and implementation of reforms to improve the efficiency and equitability of the housing system. 2. Enhancing the effectiveness of SHMFF to provide oversight to the implementation of the Program through, inter alia: (a) the establishment of an improved management information system; (b) the establishment of a sound fiduciary and environmental management, and institutional and governance structure; and (c) improving monitoring and evaluation and fiduciary and environmental capacity. Part B: Demand-side Housing Subsidv Support 1. Affordable Mortgage Program (AMP). Financing of demand-side subsidies provided to households with income of up to LE 5700 per month, as such amount may be adjusted periodically, to complement a mortgage loan and a down- payment for the purchase of a new or existing housing unit. 2. Public Rental Subsidy Program for Tenants. Provision of a demand-side subsidy provided to households with income of up to LE 1500 per month, as such amount may be adjusted periodically, to rent a publicly owned housing unit. 3. Private Rental Subsidy Programs for Investors. Provision of financial incentive packages to private investors in rental housing for moderate income households who commit to rent their units to households with income of up to LE 1500 per month, as such amount may be adjusted periodically, for a given period of time. -6- 4. Private Rental Subsidy Programs for Tenants. Provision of a demand-side subsidy to enable households with an income to be specified by the SHMFF to rent a privately owned and managed housing unit, 5. Rental Inventive Package. Development and implementation of a package of incentives aimed at stimulating individual private sector landlords to rent out apartments and houses to low and middle-income households, including a rental risk insurance product for landlords, and direct subsidies for tenants. 6. PPP Guidelines. Support for private sector participation in affordable housing, through the development and implementation of the PPP Guidelines. -7- SCHEDULE 2 Program Execution Section 1. Implementation Arrangements A. Program Fiduciary, Environmental and Social Systems Without limitation on the provisions of Article V of the General Conditions, the Borrower shall cause the Program to be carried out by the Program Implementing Entity, in accordance with financial management, procurement and environmental and social management systems acceptable to the Bank ("Program Fiduciary, Environmental and Social Systems") %hich are designed to ensure that: 1 - the Loan proceeds are used for their intended purposes, with due attention to the principles of economy, efficiency, effectiveness, transparency, and accountability; and 2. the actual and potential adverse environmental and social impacts of the Program are identified, avoided, minimized, or mitigated, as the case may be, all through an informed decision-making process. B. Anti-Corruption Without limitation on the provisions of Part A of this Section, the Borrower shall cause the Program Implementing Entity to carry out the Program, in accordance with the provisions of the Anti-Corruption Guidelines. C. Other Program Institutional and Implementation Arrangements 1. Without limitation on the generality of Part A of this Section 1, the Borrower shall, through the Program Implementing Entity, no later than two months after the Effectiveness Date update, and thereafter carry out, the Action Plan, in accordance with the schedule set out in the said Action Plan in a manner satisfactory to the Bank. Except as the Bank may agree after consultation with the Borrower, the Borrower shall ensure that the Action Plan is not amended, waived, suspended, terminated or abrogated, by the Program Implementing Entity. 2. The Borrower shall, through the Program Implementing Entity, no later than September 30, 2020, create a claims management unit, and thereafter maintain throughout the implementation of the Program, the complaints and grievance redressal mechanism established under the Original Program to handle complaints and grievances from Program beneficiaries or third parties relating to any aspects of the Program including adverse social and environmental impacts, -8- and allegations of fraud and corruption. Such mechanism shall, inter alia, contain procedures for recording of complaints and grievances, directing the complainants to the appropriate level for action, the review process, and provision of feedback to the complainant on the action taken on the basis of best practice service standards. 3. The Borrower shall, through the Program Implementing Entity, maintain throughout the implementation of the Program, an internal audit function providing assurance service for the ownership and rental programs affiliated with the Program Implementing Entity referred to in Part B of the Program. 4. The Borrower shall, through the Program Implementing Entity, maintain throughout the implementation of the Program, a housing monitoring and evaluation unit within the Program Implementing Entity, with powers, functions, staff and resources satisfactory to the Bank, including a system for monitoring and evaluation of the Program. 5. The Borrower shall, through the Program Implementing Entity, maintain throughout the implementation of the Program, an independent Verification Agent to prepare and provide verification reports certifying the achievement of the DLRs, all in accordance with procedures and arrangements satisfactory to the Bank as referred to in Section IV.B. 1(b) of this Schedule. 6. To facilitate the carrying out of the Program, the Borrower shall make the proceeds of the Loan available to the Program Implementing Entity in a timely manner. 7. For the purposes of Parts B,1, B.2 and B.3 of the Program, the amounts of income level provided therein may be adjusted periodically by the Borrower up to such levels acceptable to the Bank, determined in accordance with methodology and procedures and factors satisfactory to the Bank, including but not limited to inflation of local currency. Section I. Excluded Activities The Borrower, through the Program Implementing Entity, shall ensure that the Program excludes any activities which: A. in the opinion of the Bank, are likely to have significant adverse impacts that are sensitive, diverse, or unprecedented on the environment and/or affected people; or B. involve the procurement of: (1) works; (2) goods, estimated to cost USS30 million equivalent or more per contract; (3) non-consulting services, estimated to -9- cost US$20 million equivalent or more per contract: or (4) consultants' services, estimated to cost US$15 million equivalent or more per contract. Section III. Program Monitoring, Reportine and Evaluation The Borrower, through the Program Implementing Entity, shall furnish to the Bank each Program Report not later than three months after the end of each calendar semester, covering the calendar semester. Section IV. Withdrawal of Loan Proceeds A. General 1. Without limitation upon the provisions of Article II of the General Conditions and in accordance with the Disbursement and Financial Information Letter, the Borrower, through the Program Implementing Entity, may withdraw the proceeds of the Loan to: (a) pay the Front-end Fee; (b) pay each Interest Rate Cap or Interest Rate Collar premium; and (c) finance Program Expenditures, on the basis of the results ("Disbursement Linked Results" or "DLRs") achieved by the Program Implementing Entity, as measured against specific indicators ("Disbursement Linked Indicators" or "DLIs"); all as set forth in the table in paragraph 2 of this Part A. 2. The following table specifies each category of withdrawal of the proceeds of the Loan (including the Disbursement Linked Indicators as applicable) ("Category"), the Disbursement Linked Results for each Category (as applicable), and the allocation of the amounts of the Loan to each Category: Category Disbursement Amount of the Disbursement (including Linked Result (as Loan Calculation Disbursement Linked applicable) Allocated Formula Indicator as (expressed in applicable) USD) (1) DLI #1: DLR #11: An 0 NA Establishment and internal audit operation of an function has been internal audit established within function within SHMFF providing SHMFF providing assurance service for assurance service the ownership and for the ownership rental programs and rental programs affiliated with the affiliated with the SHMFF. SHMFF referred to -10 - in Part B of the DLR #1.2: the Program internal audit function established within SHMFF is maintained and is operating satisfactorily. (2) DLI #2: DLR #2.1: The 0 NA Establishment monitoring and and functioning evaluation (M&E) of a housing unit has been monitoring and established within evaluation SHMFF with a system and an functioning M&E M&E unit system. within SHMFF, and the prepratin of DLR #2.2: The preparation of M&E unit and the Multi-Year MEui n Phelan-system established within SHMFF is Annual Targets maintained and informed by the f M&E sstem functioning satisfactorily and informing the Multi- Year Plan and Annual Targets in each subsequent fiscal year after their establishment. (3) DLI #3: The DLR #3: An 0 NA establishment and accountability and functioning of an transparency accountability and mechanism has been transparency established and is mechanism within functioning within SHMFF for SHMFF for implementing the implementing the Program Program (4) DLI #3.1: DLR #3.1: 6,000,000 6,000,000, of Establishment An operational and which of an staffed claims 2,000,000 upon operational and management unit establishment on properly staffed has been established - 11 - claims within SHMFF, as unit; and management determined per 1,000,000 for unit criteria set out in the each FY of its relevant verification operation. protocol. (5) DLI #4: The DLR #4.1: SHMFF 0 N A establishment has established in by SHMFF of a FY 16 a mechanism functioning to monitor mechanism to occupancy and monitor vacancy of housing occupancy and units by households vacancy of receiving demand- housing units by side housing subsidy households | and said mechanism receiving is functioning demand -side satisfactorily. housing subsidy under Part B of the Program and DLren4.2: Th percntag of percentage of ownership housing ownership . units occupied by housing units low income occupied by households, after at low-income low-icome least 1 year of receiving subsidies at least 1 year of under the AMP in receiing susidiendr excess of 50% and the AMP up to 65% in FY 17. referred to in Part B.1 of the DLR #4.3: The Program percentage of ownership housing units occupied by low income households, after at least 1 year of receiving subsidies under the AMP in excess of 50% and up to 75% in FY 18. -12- DLR #4A: The percentage of ownership housing units occupied by low income households, after at least 1 year of receiving subsidies under the AMP in excess of 5000 and up to 85%o in FY 19. (6) (6) DLI #5: Number DLR #5: Up to $250,000,000 250,000,000 of of households 950,000 households. which $337.67 receiving demand- for each new side homeownership household from subsidies for new the baseline of housing units in 209,398 each Fiscal Year households up to during Program 950,000 implementation households. under the AMP referred to in Part B.l of the Program (Baseline: 209,398 as of April 1, 2019). (7) (7) DLI #6: Number DLR #6: Up to $29,750,000 $11,500,000, of of new households 102,400 households. which $114.47 participating in for each new rental subsidy household above programs in each the baseline up to Fiscal Year during 102,400 Program households. implementation referred to in Part B.2 and B.4 of the Program (Baseline: 1931 as of April 1, 2019). (8) DLI #6.1: DLR #6.1: $8,000,000, of Establishment An operational and which of a functioning staffed rental unit $3,000,000 upon rental unit and a has been established establishment of digital platform within SHMFF; and said rental unit; - 13 - within SHMFF said rental unit has $1,000,000 for linking private developed a web- development of landlords and based platform said digital eligible tenants within the existing platform; and SHMFF website, in $1,000,000 for form and substance each subsequent satisfactory to the FY of operation Bank, all in of said unit and accordance with said platform. criteria set out in the relevant verification protocol. (9) DLI#6.2: DLR#6.2: $10,250,000, of Implementation of a Development and which rental incentive implementation of a $2,250,000 for package including a rental incentive design and launch rental risk insurance package including a of said rental product, and direct rental risk insurance incentive subsidies for product for package; and tenants. landlords, and direct $2,000,000 for subsidies for tenants each subsequent as determined per FY of its criteria set out in the implementation, relevant verification protocol. (10) DLI #7: Percentage DLR #7: At least 0 N A of demand-side 20% in each Fiscal subsidies provided Year during the under Part B of the implementation of Program the Program supporting the purchase or rental of housing units located within a commute of 60 minutes or less to an employment center (11) DLI #8: Number of DLR #8: Up to 0 NA demand-side 250,000 demand- subsidies provided side subsidies under Part B of the Program -14- supporting the purchase or rental of housing units developed by private sector entities in each Fiscal Year during Program implementation. (private sector entities are those that are owned at least 51% by private individuals or are listed on the stock exchange) (12) DLI# 8.1: DLR# 8.1: Adoption $84,000,000 $17,000,000 Development and of PPP Guidelines in upon adoption of implementation of form and substance said PPP new PPP Guidelines satisfactory to the Guidelines. addressing key Bank as set out in bottlenecks the relevant expressed by private verification sector, protocol. (13) DLI# 8.2: DLR# 8.2: $17,000,000 Call for proposals A public tender upon completion under new PPP process has been of the tender Guidelines, launched for private process. sector participation in affordable housing construction projects in accordance with the new PPP Guidelines and as set out in the relevant verification protocol. (14) DLI# 8.3: DLR# 8.3: $50,000,000, of Roll out and Effective launch and which $5000 per implementation of completion of said each demand side three PPP Pilots PPP Pilots tendered subsidy delivered I_ I_ Ifor units built by - 15- representing 10,000 under DLR# 8.2. the private sector units. under said PPP Pilots. (15) DLI#9: DLRN9: $50,000,000 $50,000,000 of Development, Development of a which adoption and mechanism $10,000,000 for implementation of describing the development, an alternative process, adoption and system that methodology and rollout of said progressively roadmap for phasing mechanism phases out the out said interest rate during first FY; interest rate subsidy on terms and subsidy and conditions $10,000,000 for satisfactory to the each subsequent Bank; and FY of implementation of implementation. said mechanism, as determined per criteria set out in the relevant verification protocol. (16) DLI# 10. Adoption DLR#10.1: $50,000,000 $25,000,000, of of legislation Adoption of a real which regulating real estate developers $10,000,000 estate profession law (including, upon adoption and installment implementing and publication sales. regulations; and of said real estate related regulatory developers law in authority) in form the Official and substance Gazette; satisfactory to the $5,000,000 upon Bank. adoption of implementing regulations and their publication; and $10,000,000 upon establishment of regulatory authority. -16- DLR#10.2: $25,000,000, of Adoption of which regulations on $10,000,000 installments sales upon adoption of post construction said regulations including and their supervisory regime, publication in the in form and Official Gazette; substance $5,000,000 upon satisfactory to the adoption of Bank. implementing regulations and their publication; and $10,000,000 upon operationalization of supervisory regime. (17) DLI# 11. DLR#11.1: $14,000,000 $4,000,000, of Operationalization SHMFF which of SHMFF Environment unit is $2,000,000 upon Environment Unit. operational in operationalization accordance with the of said SMHFF terms and conditions Environment set out in the Unit; and Operations Manual. $500,000 for each subsequent FY of its continued operation. (18) DLI# 11.2: Number DLR# 11.2: Up to of housing units 25,000 social $10,000,000, of with green GPRS housing units built which $400 per certification from by public or private certified unit. the National developers have Building Research received green Center as per the GPRS certification Operations as determined per Manual. criteria set out in the Operations Manual. - 17 - (19)DLI, 12. Improve DLR #12.1: $15,000,000 $7,500,000 upon the efficiency of the Carrying out of a completion of subsidy application review and said review. and issuance streamlining of process. procedures and screening processes of application, analysis and provision of the subsidy and implementation of recommendations. DLR #12.2: $7,500,000, of Pilot delegation of which underwriting $1,500 for each procedures to subsidy delivered selected banks. under the pilot. (20) Front-end Fee to be 1,250,000 Amount payable paid pursuant to pursuant to Section 2.03 of this Section 2.03 of Agreement in this Agreement in accordance with accordance with Section 2.05(b) of Section 2.05(b) the General of the General Conditions. Conditions. (21)Interest Rate Cap or 0 Interest Rate Collar premium to be paid pursuant to Section 4.05 of the General Conditions. TOTAL AMOUNT I 500,000,000 B. Withdrawal Conditions; Withdrawal Period I. Notwithstanding the provisions of Part A of this Section, no withdrawal shall be made: (a) for purposes of Section 2.05 of the General Conditions, on the basis of DLRs achieved prior to the Signature Date, except that withdrawals up to an aggregate amount not to exceed $34,000,000 may be made on the - 18- basis of DLRs achieved prior to this date but on or after March 14, 2019; and (b) for any DLR under Categories 1 through 19, inclusive, unless the Program Implementing Entity has furnished all required verification documents and information satisfactory to the Bank showing that said DLR has been achieved. Such verification documents and information shall include verification reports from the Verification Agent, based on reports prepared by the Program Implementing Entity certifying the achievement of the DLRs in accordance with procedures and arrangements, and verification protocols satisfactory to the Bank. 2 Notwithstanding the provisions of Part B.I(b) of this Section, the Borrower may, through the Program Implementing Entity, withdraw an amount not to exceed $116,000,000 as an advance; provided, however, that if the DLRs in the opinion of the Bank, are not achieved (or only partially achieved) by the Closing Date, the Borrower shall refund such advance (or portion of such advance as determined by the Bank in accordance with the provisions of paragraph (3) of this Part B) to the Bank promptly upon notice thereof by the Bank, Except as otherwise agreed with the Borrower, the Bank shall cancel the amount so refunded. Any further withdrawals requested as an advance under any Category shall be permitted only on such terms and conditions as the Bank shall specify by notice to the Borrower. 3. Notwithstanding the provisions of Part B.1(b) of this Section, if any of the DLRs under Categories 1 through 13 has not been achieved by the Closing Date, the Bank may, in consultation with the Borrower (a) reallocate all or a portion of the proceeds of the Loan then allocated to said DLR to any other DLR; and/or (b) cancel all or a portion of the proceeds of the Loan then allocated to said DLR 4. The Closing Date is December 31, 2024. - 19 - SCHEDULE 3 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"). Level Principal Repayments Principal Payment Date Installment Share On each April I and October I Beginning April 1, 2025 through April 1, 2054 1.670o On October 1, 2054 1.470a - 20 - APPENDIX Definitions . "Action Plan" means the plan of the SHMFF dated February 18, 2015, and referred to in Section I.C.1 of Schedule 2 to this Agreement and Section [.C.1 of the Program Agreement, to be updated to include the Operations Manual, as may be amended from time to time with the agreement of the Bank. 2. "AMP" means Affordable Mortgage Program. 3. "Annual Targets" means yearly goals within SHMFF's Multi-Year Plan for the production of new housing units and delivery of housing subsidies. 4. "Anti-Corruption Guidelines" means, for purposes of paragraph 5 of the Appendix to the General Conditions, the Bank's "Guidelines on Preventing and Combating Fraud and Corruption in Program-for-Results Financing," dated February 1, 2012, and revised July 10, 2015. 5. "Category" means a category set forth in the table in Section IV.A.2 of Schedule 2 to this Agreement. 6. "Disbursement Linked Indicator" or "DLI" means in respect of a given Category, the indicator related to said Category as set forth in the table in Section IV.A.2 of Schedule 2 to this Agreement. 7. "Disbursement Linked Result" or "DLR- means in respect of a given Category, the result under said Category as set forth in the table in Section IV.A.2 of Schedule 2 to this Agreement, on the basis of the achievement of which, the amount of the Loan allocated to said result may be withdrawn in accordance with the provisions of said Section IV. S. "Fiscal Year" or "FY" means the fiscal year of the Borrower and the PIE beginning on July 1 of a calendar year and ending on June 30 of the following calendar year. 9. "General Conditions" means the "International Bank for Reconstruction and Development General Conditions for IBRD Financing, Program-for-Results Financing", dated December 14, 2018. I fl. "GPRS" means Green Pyramid Rating System. 11. "Multi-Year Plan" means the plan of SHMFF for the planned production of new housing units and delivery of housing subsidies over a projected 3-5-year period -21 - based on objectives and priorities set by the Borrower and the budget allocated to the SHMFF. 12. "LE" means Egyptian Pound, the lawful currency of the Borrower. 13. "National Building Research Center" means the national building research center within the Borrower's ministry responsible for housing utilities and urban development, or any successor thereto. 14. "Official Gazette" means the Borrower's official and governmental printing press, 15. "Operations Manual" means an operations manual, in form and substance acceptable to the Bank, to be adopted by the Program Implementing Entity pursuant to the Action Plan to guide the work of its environmental unit. I 6. "Original Loan Agreement" means the loan agreement for an Inclusive Housing Finance Program between the Borrower and the Bank dated June 10, 2015 (Loan No. 8498-EG), as amended to the date of this Agreement. I 7. "Original Program" means the Program described in Schedule I to the Original Loan Agreement. 1I. "PPP Guidelines" means guidelines to be developed, adopted and implemented by the Borrower for public-private partnerships addressing key bottlenecks identified by private developers. 19. "PPP Pilot" means each affordable housing project built by the private sector pursuant to the PPP Guidelines, and "Pilots" means, collectively, two or more such affordable housing projects. 20 "Program Fiduciary and Environmental and Social Systems" means the Borrower's and the Program Implementing Entity's systems for the Program referred to in Section LA of Schedule 2 to this Agreement. 21 "Program Agreement" means the agreement between the Bank and SHMFF of even date herewith, as the same may be amended from time to time, and such term includes all schedules and agreements supplemental to such Program Agreement. 22. "Program Implementing Entity" means SHMFF. 23. "SHMFF Environment Unit" means the environment unit established and operating under the SHMFF. - 22 - 24. "Social Housing and Mortgage Finance Fund" or "SHMFF" means the Borrower's Fund established by Law 93 of 2018, as ratified by Presidential Decree in June 2018, replacing the Social Housing Fund for the purpose of implementing the Social Housing Program, and pursuant to which the SHMFF operates, or any successor thereto. 25. "Social Housing Program" means the Borrower's Social Housing Program established by Social Housing Law 93 of 2018, as ratified by Presidential Decree in June 2018, which program is to be implemented by SHMFF. 26. "Verification Agent" means an independent entity to be engaged by the SHMFF for the purposes of certifying the achievement of the DLRs as referred to in Section I.C(5) of Schedule 2 to this Agreement. 27. "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.