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Covered Loan Criteria

(a)    Each PFI will be responsible for the credit review and approval based on its own credit procedures and will request the required support in the form of a guarantee of 50% of loan principal. The Approved PFI shall make a loan proposed to be a Covered Loan only for an investment as set out herein as follows:
    (i)    For solar PV system Borrowers, a Covered Loan will be made by an Approved PFI to an Approved Borrower for the initial cost of the solar PV equipment and its installation as set out in the Approved Product Catalog.
    (ii)    For Pico-hydro system Borrowers, a Covered Loan will be made by an Approved PFI to an Approved Borrower for the cost of equipment and installation of the Pico-hydro system equipment and installation, as set out in the Approved Product Catalog provided that the Borrower has obtained approval of any land owners over whose property the Borrower intends such lines to run;
    (iii)    For coconut oil fuel Borrowers, a Covered Loan will be made by an Approved PFI to an Approved Borrower for the initial cost of equipment and its installation necessary to support the use of coconut oil, as set out in the Approved Product Catalog and where the Borrower has provided an environmental management plan to the EA to address any potential social or environmental impacts.
    (iv)    For other renewable energy system Borrowers, the cost of equipment and its installation as set out in the Approved Product Catalog
    (v)    For energy efficiency Borrowers, a Covered Loan will be made by an Approved PFI to an Approved Borrower for the cost of energy efficiency equipment and installation, as set out in the Approved Product Catalog.
    (vi)    For MSE sustainable energy equipment supply chain Borrowers, the scope of the Covered Loan will be individually appraised by the Approved PFI to allow start-up or expansion of enterprises based on an Approved Business Plan.
(b)    Borrower.  The Approved PFI shall only make a covered loan to a Participating Individual Borrower or an MSE Borrower for a loan for an investment in the Approved Product Catalog. MSE Borrowers include wholesalers, retailers and installers of sustainable energy equipment; in some cases these firms will also provide maintenance and repair services. Also included are MSE Borrowers that facilitate investments in energy efficiency schemes by providing some combination of consultancy, design, supply, installation and maintenance services.
(c)    For MSE Borrowers, the Covered Loan will be made based on an Approved Business Plan and other information. In addition, the MSE Borrower will be required to provide a detailed breakdown of the fixed and current assets (including stock) to be financed, in order to assess the potential CO2 emissions abatement content of such assets.
(d)    PFI-Borrower Loan Agreement for a Covered Loan.  The Approved PFI shall enter into a loan agreement on terms and conditions satisfactory to the Bank which shall include:
    (i)    The agreement for the Covered Loan shall be entered into within the Commitment Period
    (ii)    The Covered Loan shall be repayable up to a period of 5 years for a Participating Individual Borrower, and up to 7 years for an MSE Borrower (provided that the Guarantee does not exceed the lesser of seven (7) years or the number of years remaining between the date of the Guarantee and the Closing Date, such that no Guarantee will be issued for a Covered Loan beyond the Closing Date of December 31, 2017);
    (iii)    The Covered Loan interest rate shall be in accordance with the Approved PFI’s credit policies that have been approved by the Recipient and the WB.
(e)    Procurement. The PFI and the Borrower shall undertake that all procurement under the loan shall be for products from the Approved Product Catalog and in the case of MSE for Loan purposes described in the Business Plan.
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