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The World Bank 
1818 H Street N.W. 
(202) 473-1000 
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
 
Washington, D.C.  20433 
Cable Address:  INTBAFRAD 
I
NTERNATIONAL DEVELOPMENT ASSOCIATION
 
U.S.A. Cable 
Address: 
 
INDEVAS 
 
CONFORMED COPY 
 
September 13, 2010 
Mr. Orlando Forero Gomez 
Vice President Commerical 
 
Representative Legal 
Banco AV Villas 
Cr. 13 No 27 
–
47
Floor 24 
Bogota 
Colombia 
 
Dear Mr. Gomez: 
 
Consultative Group to Assist the Poor Trust Fund (Grant No. TF096495) 
(CGAP Technology Program) 
Amendment to Letter Agreement
We refer to the Letter Agreement (the Agreement) between the Banco AV Villas 
(“Recipient”) and the International Bank for Reconstruction and Development/ International Bank for 
Reconstruction  “World Bank”), dated May 10, 2010 for the above mentioned Grant (the “Grant”).  
We also refer to your recent letter dated August 27, 2010 requesting the World Bank to amend the 
Agreement in order to increase the Grant amount from $560,000 to $760,000.  
 
We are pleased to inform you that the World Bank agrees to your request and proposes to 
amend the Agreement in respect of the provisions below: 
 
1. 
First paragraph of the Agreement is amended to read as follows:
“In response to the request for financial assistance made on behalf of Banco AV Villas 
(“Recipient”), I am pleased to inform you that the International Bank for Reconstruction and 
Development/International Development Association (“World Bank”), acting as 
administrator of grant funds provided by the CGAP – Gates Technology Initiative Trust Fund 
(TF070636) established for the Consultative Group to Assist the Poor (“CGAP”), proposes to 
extend to the Recipient, a grant in an amount not to exceed seven hundred sixty thousand  
United States dollars (U.S.$760,000) (“Grant”) on the terms and conditions set forth or referred 
to in this letter agreement (“Agreement”), which includes the attached Annex, to assist in the 
financing of the project described in the Annex (“Project”).  This Grant is funded out of the 
abovementioned trust fund for which the World Bank receives periodic contributions.  In 
accordance with Section 3.02 of the Standard Conditions (as defined in the Annex to this 
Agreement), the Recipient may withdraw the Grant proceeds subject to the availability of such 
funds.” 
 
2. 
Section 3.01 of the Annex to the Agreement is amended to read as follows: 
 
“3.01. 
Eligible Expenditures.
 
The Recipient may withdraw the proceeds of the Grant 
in accordance with the provisions of: (a) the Standard Conditions; (b) this Section; and (c) 
such additional instructions as the World Bank may specify by notice to the Recipient 
(including the “World Bank Disbursement Guidelines for Projects” dated May 2006, as 
revised from time to time by the World Bank and as made applicable to this Agreement  
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pursuant to such instructions), to finance Eligible Expenditures as set forth in the following 
table.  The table specifies the categories of Eligible Expenditures that may be financed out of 
the proceeds of the Grant (“Category”), the allocations of the amounts of the Grant to each 
Category, and the percentage of expenditures to be financed for Eligible Expenditures in each 
Category: 
 
For the purpose of this paragraph, the term: 
 
(a) “Operating Costs” means the incremental expenses incurred on account of 
Project implementation, including office furniture and supplies, vehicle operation and 
maintenance, communication and insurance costs, Designated Account banking charges, 
rental expenses, office maintenance costs, utilities, travel cost for Project staff and salaries of 
support contractual staff for the Project, but excluding salaries of officials of the Member 
Country’s civil service; and 
 
(b)  “Training and Workshops” includes services for the organization of the workshops, 
training materials and rental of training facilities and equipment, local travel and per diem for 
participants, tuition fees, travel, accommodation and 
per diem
 of trainers and trainees, printing 
of documents, communications, and various supplies needed for the workshops.” 
 
All other provisions of the Agreement, except as herein amended, shall remain in full 
force and effect. 
 
Category 
Amount of the Grant 
Allocated  
(expressed in USD) 
Percentage of 
Expenditures to be 
Financed 
(inclusive of Taxes) 
(1)  Consultants’ services, 
Operating Costs, and 
Training and Workshops  
760,000
100
 
TOTAL AMOUNT 
  760,000
 
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Please indicate your agreement with the foregoing, on behalf of the Recipient, by countersigning 
and dating the form of confirmation on the two original copies of this amendment letter and returning 
one countersigned original to the World Bank.  Upon receipt by the World Bank of a copy of the 
countersigned amendment letter, the amendment letter shall become effective as of the date of the 
countersignature. 
Sincerely, 
 
INTERNATIONAL DEVELOPMENT ASSOCIATION AND 
INTERNATIONAL BANK OF RECONSTRUCTION AND DEVELOPMENT 
 
By /s/ Alexia Latortue 
Acting Director and Chief Executive Officer 
Consultative Group to Assist the Poor Trust Fund 
 
CONFIRMED: 
 
Banco AV Villas 
 
By: /s/ Orlando Forero Gomes  
Vice President Commercial 
September 17, 2010