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"4.01. Withdrawal from the Loan Account. Except as shall be otherwise agreed between the Bank and the Borrower, no withdrawals shall be made on account of expenditures prior to September 1, 1957, or on account of expenditures in the territories of any country which is not a member of the Bank or for goods produced in (including services supplied from) such territories.*"

(d) By the addition to Section 4.03, at the end thereof, of the words "and/or in relation to expenditures on the Project".

(e) By the addition, in paragraph 12 of Section 10.01, at the end thereof, of the words "with the concurrence of the Guarantor".

(f) By the addition, in paragraph 13 of Section 10.01, at the end of the first sentence, of the words "and the term 'imported goods' means goods which have been, or which are to be, imported into the territories of the Guarantor".

International Bank for Reconstruction and Development
1818 H Street, N.W.
Washington 25, D. C.

Gentlemen:

Reference is made to the Loan Agreement^[1] of even date between us providing for a loan by the Bank to The Japan Development Bank in various currencies equivalent to $33 million and to the Guarantee Agreement of the same date between Japan and the Bank.

Section 2.03 (b) of the said Loan Agreement provides, inter alia, that part of the withdrawals of the loan shall be "in such currencies and at such times as shall be agreed upon between the Bank and the Borrower."

This letter will confirm that, pursuant to the above Section, in making withdrawals we will be prepared to accept U.S. dollars, pounds sterling, or other currencies freely convertible by Japan into dollars or pounds sterling. It is our understanding that so far as is practicable the Bank will take into account Japan's preferences in its choice of currencies of disbursements.

Very truly yours,

No. 4611