(b) OPEC Fund encounters difficulty transferring the amount through its banking intermediaries; or (c) the disbursement is restricted further to any of OPEC Fund’s fiduciary or contractual obligations.
6.08 Withdrawal End Date The Borrower’s right to withdraw the Loan Proceeds shall terminate on the Closing Date or on such later date as OPEC Fund shall determine further to the Borrower’s request. The extended date shall promptly be communicated to the Borrower.
* * *
Article 7 PROJECT EXECUTION
7.01 Execution Standard
(a) The Borrower shall: (i)
execute the Project with due diligence and efficiency and in conformity with: (A) sound administrative, economic, financial and technical practices, as well as agreed environmental and social plans and instruments, and the Project Results Framework; and (B) the provisions of the Legal Agreement and these General Conditions; (ii) make available, promptly as needed, the funds, facilities, services, land and other resources which are required in addition to the Loan, for the execution of the Project; (iii) ensure that the activities of its departments and agencies or units with respect to the execution of the Project are conducted and coordinated in accordance with sound administrative, economic, financial, social and environmental policies and procedures, including all applicable OPEC Fund policies; (iv) develop and maintain an accessible, transparent, and effective grievance redress mechanism; (v) promptly report any significant environmental or social incidents related to Project execution or proposed deviations from the agreed Project Results Framework; (vi) for Category A projects, engage an independent entity to monitor the environmen- tal and social aspects of the Project; and (vii) ensure that no amount of the Loan Proceeds is used for Excluded Expenditures. (b) The Guarantor shall not take or permit to be taken any action that would prevent or inter- fere with the execution of the Project or performance of the Borrower’s obligations under the Legal Agreement. 7.02 Insurance The Borrower undertakes to take out adequate insurance for the Goods to be procured under the Project against hazards incident to the acquisition, transportation, delivery and storage thereof to the place of use or installation. With respect to such Goods, any insurance indemnity shall be payable in a freely useable currency to replace or repair the Goods. In addition, the Borrower shall take out such other insurances on the Goods as OPEC Fund may reasonably request.
OPEC FUND GENERAL CONDITIONS FOR PUBLIC SECTOR LOANS
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