OFFICIAL
DOCUMENTS
The World Bank                                    1818 H Street N.W.          (202) 477-1234
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT  Washington, D.C. 20433  Cable Address: INTBAFRAD
INTERNATIONAL DEVELOPMENT ASSOCIATION             U.S.A.                      Cable Address: INDEVAS
\A t    iI ,2018
Ms. Kemi Adeosun
Minister of Finance
Federal Ministry of Finance
Abuja
Federal Republic of Nigeria
Excellency:
Re: NIGERIA: Housing Finance Project
Credit Number 5292-NG
First Amendment to the Financing Agreement
We refer to the Financing Agreement for the above-referenced project entered into on
December 18, 2013 between the Federal Republic of Nigeria ("Recipient") and the International
Development Association ("Association") ("Agreement"). We also refer to your letter dated May
11, 2017, expressing the Recipient's request to redesign and restructure the Project.
The capitalized terms used in this amendment letter ("Amendment Letter") and not defined
herein have the meaning ascribed to them in the Agreement, as applicable.
We are pleased to inform you that the Association agrees to your request and, therefore,
proposes to amend the Agreement set forth below, as well as introduce a correction to reflect SDR
as the currency in Schedule 4 to the Agreement.
1.     Schedule 4 ("Disbursement Linked Indicators for Category (1) of the Disbursement Table"
is hereby deleted in its entirety and replaced with the following new Schedule 4:
(remainder ofpage left intentionally blank)


SCHEDULE 4
Disbursement Linked Indicators for Category (1) of the Disbursement Table
Maximum Amount
Tranche       Allocated
(expressed in SDR)            Disbursement Linked Indicators
I             12,952,950      Compliance with the Conditions of Effectiveness under
Section 5.01 of the Financing Agreement
II            71,083,310      Evidence that NMRC has carried out Due Diligence for
refinancing or pre-financing transactions of mortgage loans
of Participating Mortgage Lenders.
III           34,500,000      Evidence that, during the period since Tranche II
disbursement, NMRC has: (i) issued and sold new bonds the
proceeds of the sale of which shall be used to refinance and/or
pre-finance eligible mortgages with a minimum volume of
bonds outstanding equivalent to NGN 18,930 million; and (ii)
refinanced and/or pre-financed eligible mortgage loans at a
minimum volume of NGN18,930 million
IV            20,800,000      Evidence that, during the period since Tranche III
disbursement, NMRC has: (i) issued and sold new bonds the
proceeds of the sale of which shall be used to refinance
and/or pre-finance eligible mortgages with a minimum
volume of bonds outstanding equivalent to NGN 15,775
million; and (ii) refinanced or pre-fmanced eligible
mortgage loans in an aggregate amount of NGN 15,775
million
V             20,800,000      Evidence that, during the period since Tranche IV
disbursement, NMRC has: (i) issued and sold new bonds the
proceeds of the sale of which shall be used to refinance
and/or pre-finance eligible mortgages with a minimum
volume of bonds outstanding to NGN7,888 million; and (ii)
refinanced or pre-financed eligible mortgage loans in an
aggregate amount ofNGN7,888 million
VI             6,163,740      Evidence that, during the period  since Tranche V
disbursement, NMRC has: (i) issued and sold new bonds the
proceeds of the sale of which shall be used to refinance and/or
pre-finance eligible mortgages with a minimum volume of
bonds outstanding equivalent to NGN7,888 million; and (ii)
refinanced or pre-financed eligible mortgage loans in an
aggregate amount of NGN7,888 million
Please confirm your agreement with the foregoing amendments by signing and dating this
Amendment Letter in the spaces provided below. Henceforward, all other provisions of the
Agreement, except as amended through this Amendment Letter shall remain in full force and effect.
This Amendment Letter shall be executed in two counterparts each of which shall be an original.
2


Upon confirmation, please return one fully executed original to us. The provisions set
forth in this Amendment Letter shall become effective as of the date of countersignature upon
receipt by the Association of the countersigned original of this Amendment Letter.
Very truly yours,
INTERNATIONAL DEVELOPMENT ASS IATION
Rachid Bensessaoud
Country Director for Nigeria
Africa Region
AGREED:
FEDERAL REP        IC OF NIGERIA
By
Auth ed Representative
Name: K.--m I      4~-r        Ns')
Title: tto   (Alts-r- I't Gvckylu
Date:     _     _       _
3