Supplemental Credit for Partnership for Polio Eradication Project

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The Supplemental Credit will provide additional financing for the ongoing Partnership for Polio Eradication Project, and, will help meet increased financing requirements for the procurement of Oral Polio Vaccine (OPV) for Pakistan's Polio Eradication Initiative (PEI). The supplemental financing will be on standard International Development Association (IDA) terms, with a special provision for a third party funded Trust Fund, to cover the service, and commitment fees, and, purchase the credit at its net present value, once the project has been successfully completed in accordance with the terms of the Development Credit Agreement (DCA). Overall project implementation progress has been satisfactory; all implementing agencies have adequately discharged their responsibilities, activities have been executed satisfactorily and the Borrower is in compliance with the credit covenants. The original Credit is 95 percent disbursed, and the remaining funds are fully committed for use in October 2004. As such, a reduction in the scope of the original project is not feasible; and, processing of a free-standing project runs the risk of disrupting the national, and global polio eradication efforts, both of which are on accelerated timetables. Procurement, and supply of additional OPV through this supplemental credit will assist in achieving the original project objective.