and the Loan Administrator, detailing the execution and initial operation of the Project, its cost and the benefits derived and to be derived from it, the perfor- mance by the Borrower and OPEC Fund of their respective obligations under the Legal Agreement, and the accomplishment of the purposes of the Loan. The report shall also include relevant Project background, details of achievement of Project outputs and outcomes as specified in the Project Results Framework, justification for any deviation from the framework, other observed Project benefits or adverse effects, updated financial and economic analysis, and any other information the OPEC Fund and Loan Administrator may reasonably request; and (ii) a plan designed to ensure the sustainability of the Project’s achievements; (f) audit the Project and, in particular, the Loan Proceeds in accordance with international accounting guidelines and principles, and furnish OPEC Fund with copies of the finan- cial statements of accounts, financial reports and audited financial statements as OPEC Fund may reasonably request, provided always that all reports to be provided to OPEC Fund pursuant to this Section shall be expressed in United States Dollars. By notice to the Borrower, OPEC Fund shall have the right to audit the utilization of the Loan Proceeds, and the Borrower undertakes to fully cooperate with OPEC Fund’s representatives in car- rying out this function; and (g) ensure that all records and documents referred to in this Section 7.05 are maintained for a minimum of five (5) years after Project completion. 7.06 Cooperation and Consultation in Project Implementation The Borrower, OPEC Fund and, where applicable, the Guarantor, shall cooperate fully with one another to ensure the achievement of the Project objectives. Specifically, they shall exchange views and infor- mation on the implementation of the Project and performance of the Loan and promptly inform each other of any condition that interferes with or threatens to interfere with performance of obligations under the Legal Agreements. 7.07 Projects in Disputed Areas Where a Project is being executed in an area that becomes disputed, neither the provision of the Loan to the Borrower nor the designation of the area in the Legal Agreement is intended to constitute an acknowledgment of either disputing party’s rights to the area nor a statement of opinion in relation to the dispute. The provision of the Loan is also not intended to be a determination of the rights of the disputing parties to such area. 7.08 Application to Executing Agency All references to the Borrower in Article 7 shall, mutatis mutandis , be construed as including refer- ences to the Executing Agency. 7.09 Refund of Unutilized Loan Proceeds Promptly after Project completion, but in any event not later than six (6) months after the Closing Date, or such later date as OPEC Fund may in its sole discretion agree to, the Borrower shall refund to OPEC Fund Account any withdrawn but unutilized balance of the Loan Proceeds.
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OPEC FUND GENERAL CONDITIONS FOR PUBLIC SECTOR LOANS
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