CONFORMED COPY
JANAMITRA DEVAN
Vice President and Head of Network
Financial and Private Sector Development
World Bank Group



                                                                          December 8, 2011




Ms. Nemat Shafik
Deputy Managing Director
International Monetary Fund
Washington, D.C., 20431
U.S.A.

Dear Ms. Shafik:


FIRST Technical Assistance Sub-account

Low-Income Countries (TF090901)

Addendum 20 to the Letter of Understanding


1.      Further to the Letter of Understanding between the International Bank for Reconstruction and
Development and the International Development Association (collectively, the “Bank�), as administrator
of the Multi-Donor Trust Fund for Low-Income Countries for the Financial Sector Reform and
Strengthening Initiative (the “Trust Fund�), acting on behalf of the donors to the Financial Sector Reform
and Strengthening Initiative (“FIRST�) that have signed administration arrangements for the Trust Fund
with the Bank (the “Administration Arrangements�, or each an “Administration Arrangement�)(the
“Donors�), and the International Monetary Fund (“IMF�) (the “Letter of Understanding�), dated
September 18, 2007, the Bank, acting on behalf of the Donors, will contribute to the FIRST Technical
Assistance Subaccount (the “Subaccount�) an additional grant in the amount of USD 135,640.05 (one
hundred and thirty-five thousand, six hundred and forty United States dollars and five cents) (the
“Contribution�) to finance FIRST’s technical assistance projects to support low-income countries.

2.     The Contribution will be deposited within 90 days after this Addendum to the Letter of
Understanding has become effective.

3.     The Contribution will be subject to the provisions of the above referenced Letter of
Understanding.

4.      This Addendum to the Letter of Understanding will become effective on the first business day
following the date it is duly dated and signed by an authorized representative of the latter of the parties.
Ms. Nemat Shafik                                     -2-                         December 8, 2011




5.       Please confirm that the arrangements set out above are acceptable by signing and dating the two
original copies of this Addendum and returning it to us.

Executed in two original documents in English.


For the International Bank for Reconstruction and Development
International Development Association
acting as administrator of the Trust Fund
on December 8, 2011




/s/ Janamitra Devan
Vice President and Head of Network
Financial and Private Sector Development


For the International Monetary Fund on December 23, 2011




/s/ J.R. Rosales
Director
Office of Technical Assistance Management
Office of the Managing Director