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December 30, 1998
H.E. Fathallah Oualalou 
Minister of Economy and Finance 
Ministry of Economy and Finance 
Rabat 
Kingdom of Morocco
Re:
Morocco -- Loan Numbers: 
3156-MOR: Second Forestry Development Project 
3283-MOR: Port Sector Project
3587-MOR: Second Large Irrigation Improvement Project
3647-MOR: Environmental Management Project
3664-MOR: Fifth Water Supply Project
3688-MOR: Irrigated Areas Agricultural Services Project
3901-MOR: Secondary, Tertiary and Rural Roads Project
4025-MOR: Basic Health Project
4026-MOR: Coordination and Monitoring of Social Programs and Labor 
Promotion 
   Project
Amendment to Loan Agreements
Excellency:
We refer to each of the Loan Agreements referred to above, entered into between 
the Kingdom of Morocco (the Borrower) and the International Bank for Reconstruction 
and Development (the “Bank”), as amended collectively effective July 7, 1998 
(“Agreements”). We also refer to the Bank’s letter to Your Excellency, dated December 
29, 1998 concerning the interest rate determination implications resulting from the 
replacement of the French Franc currency by the Euro currency effective January 1, 
1999. 
By the present, the Agreements are hereby amended as follows: the term “PIBOR”, 
wherever it appears in the Agreements, is replaced by the term “LIBOR”. Therefore, the 
terms “PIBOR Base Rate” and “PIBOR Total Spread” appearing in Section 2.08 of each of 
the Agreements shall henceforth read “LIBOR Base Rate” and “LIBOR Total Spread”, 
respectively. In addition thereto, the phrases “Paris interbank offered rate” and 
“Paris interbank offered rates” appearing in Sub-paragraphs (b) (iii) and (b) (iv) of 
said Section are modified to henceforth read “London interbank offered rate” and 
"London interbank offered rates”.
All the terms and conditions of the Loan Agreement, as amended hereby, shall 
remain in full force and effect.
Please confirm your official agreement to the foregoing, as the Borrower’s 
authorized representative under the Agreements, by duly signing and dating the 
corresponding form of confirmation below and returning this amendment letter to us at 
your earliest convenience. A signed duplicate original of this amendment letter is 
enclosed herewith for the Kingdom of Morocco’s official records.
This amendment letter shall become effective as of the date it has been fully 
executed by the parties thereto, and its provisions shall apply as of the first 
Interest Period and Interest Payment Date falling due after January 1, 1999.
Very truly yours,
INTERNATIONAL BANK FOR
   RECONSTRUCTION AND DEVELOPMENT
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By /s/ Christian Delvoie 
Country Director 
Maghreb Department 
Middle East and North Africa Region
AGREED AND CONFIRMED:
KINGDOM OF MOROCCO
By /s/ Fathallah Oualalou         
Authorized Representative
Date: April 20, 1999