The World Bank                                                1818 H Street N.W.                (202) 473-1000
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT         Washington, D.C. 20433            Cable Address: INTBAFRAD
INTERNATIONAL DEVELOPMENT ASSOCIATION                         U.S.A.                            Cable Address: INDEVAS


                                                  CONFORMED COPY
                                                                                               June 15, 2011



            Honorable Augustine K. Ngafuan
            Minister of Finance
            Ministry of Finance
            Monrovia, Liberia

            Dear Honorable Minister Ngafuan,

                               European Community Grant for the Cofinancing of the
                      Liberia Community Empowerment Project II (Grant number TF094016)
                                          Amendment to Letter Agreement
                   (Additional Financing; Extension of Closing Date; and Reallocation of Proceeds)

                   I am pleased to inform you that the International Development Association (“World
            Bank�), acting as administrator of grant funds provided by the European Community, represented by
            the Commission of the European Communities, for the Co-financing of Liberia Community
            Empowerment Project II (the Project), has received an additional amount of EUR 285,000 towards
            the financing of the Project. This additional financing requires an amendment to the letter
            agreement (the Agreement), for the grant number TF094016. Also, pursuant to your letter dated
            April 21, 2011, requesting us to extend the Closing Date of the above-referenced Grant, I am
            pleased to inform you that the World Bank would concur with your request.

                    Accordingly, the Association has established June 30, 2012 as the later date for purposes
            of paragraph 3.03 of the Annex to the Agreement between the Government of Liberia and the
            Association, dated April 24, 2009, as amended. The Association has also established, pursuant to
            your request, the following table specifying the categories of Eligible Expenditures for purposes
            of paragraph 3.01 of the Annex of Agreement referenced above. The Eligible Expenditures
            include an additional financing provided by the European Union under the grant number
            TF094016 in the amount of EUR 285,000.

            Category of Expenditure      Allocation (Euro)                                % of Financing
               Current      Revised     Current       Revised                          Current      Revised
                Goods        Goods    200,000.00     87,000.00                          2.5%         1.0%
             Sub-grants   Sub-grants 6,665,000.00 6,520,000.00                         82.8%        78.3%
               for sub-     for sub-
               projects     projects
            Consultants’ Consultants’ 470,000.00 1,030,000.00                           5.8%          12.4%
               services     services
             (including   (including
             audits) and audits) and
               training     training
            Incremental Incremental   330,000.00    695,204.57                          4.1%          8.3%
              operating    operating
                 costs        costs
                                                       Grant number TF094016
Honorable Ngafuan                        -2-                    June 15, 2010

Unallocated   Unallocated   382,200.00         0.00   4.7%         0.0%
                                                                        Grant number TF094016
Honorable Ngafuan                             -3-                                June 15, 2010



         Please confirm your agreement to the foregoing by signing and dating below. Upon
receipt by the World Bank of the countersigned copy of this letter, this amendment shall become
effective as of the date of the countersignature.


                                 Very truly yours,
                    INTERNATIONAL DEVELOPMENT ASSOCIATION


                                 By: /s/ Ohene Owusu Nyanin
                                    Ohene Owusu Nyanin
                                 Country Manager for Liberia
                                         Africa Region

AGREED:

REPUBLIC OF LIBERIA

By: Honorable Augustine K. Ngafuan
      Authorized Representative
Name: Augustine K. Ngafuan
Title: Minister of Finance
Date: June 20, 2011
                                                                      Grant number TF094016
Honorable Ngafuan                            -4-                               June 15, 2010


cc:    Ambassador Joseph Boakai, Vice President of Liberia
       Hon. Amara Konneh, Minister of Planning and Economic Affairs
       Mr. David Farhat, Chairman, LACE Board of Directors
       Mr. Ramses Kumbuyah, Executive Director, LACE

       Mr. Attilio Pacifici, Head, EU Delegation

       Mr. Hassan Ahmed Taha, Executive Director for Liberia, World Bank