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Disbursement ManagementDisbursement Management and and Financial ManagementFinancial Management 支付和财务管理培训支付和财务管理培训

Liaoning and Shandong Technical and Vocational Education Liaoning and Shandong Technical and Vocational Education and Training Project and Training Project

辽宁和山东职业技术教育和培训项目辽宁和山东职业技术教育和培训项目

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Main Contents Main Contents 主要内容主要内容

Project Financial management Project Financial management

项目财务管理项目财务管理 Project Disbursement managementProject Disbursement management

项目支付管理项目支付管理 Lending rate and Repayment TermsLending rate and Repayment Terms

贷款利率和还款方式贷款利率和还款方式

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Integrated Fiduciary FrameworkIntegrated Fiduciary Framework

总体的托管责任总体的托管责任 Financial management, procurement, and disbursement

arrangements should be considered together 应将财务管理、采购和支付管理一起考虑

Impact each other and may help mitigate risks

它们之间相互影响并可能有助于降低风险 Disbursement arrangements based on FM and

procurement capacity / assessment 支付安排是基于财务和采购能力评估基础之上的

Disbursement arrangements may be changed based on changes in FM and procurement arrangements during implementation 在项目执行过程中，支付安排可根据财务和采购安排的变化而相应变化

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世行业务中的财务管理世行业务中的财务管理Financial Management for World Bank Financial Management for World Bank

ProjectsProjects

世行业务中的财务管理是一个用以保证项目资金能够用于项目所世行业务中的财务管理是一个用以保证项目资金能够用于项目所设计的特定用途的过程。设计的特定用途的过程。Financial Management in World Bank Projects is a process to Financial Management in World Bank Projects is a process to assure project fund can be used to its intended purposes.assure project fund can be used to its intended purposes.

财务管理包括两个紧密相关的目标：财务管理包括两个紧密相关的目标：Two close related targets in Financial Management:Two close related targets in Financial Management:

---- 确保项目活动符合世行的有关政策确保项目活动符合世行的有关政策 Ensure project activity compliance with Bank PolicyEnsure project activity compliance with Bank Policy

---- 加强借款人的财务管理能力加强借款人的财务管理能力 Enhance Borrower’s Financial Management CapacityEnhance Borrower’s Financial Management Capacity

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财务管理的重要性财务管理的重要性Importance of Financial ManagementImportance of Financial Management

贷款协定有关条款的要求贷款协定有关条款的要求Requirement in Loan AgreementRequirement in Loan Agreement

借款人应进行适当的安排，以保证项目资金仅用于项 借款人应进行适当的安排，以保证项目资金仅用于项 目所设计的特定内容和目所设计的特定内容和

Borrower should make proper arrangement to ensure project Borrower should make proper arrangement to ensure project fund are used for the purposes intendedfund are used for the purposes intended

确保实现项目的发展目标确保实现项目的发展目标Ensure to realize the intended purposesEnsure to realize the intended purposes

使股东和公众确信世行资金被适当地使用使股东和公众确信世行资金被适当地使用Make shareholders and the public believe Bank Fund being used Make shareholders and the public believe Bank Fund being used properlyproperly

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世界银行项目财务管理要求世界银行项目财务管理要求Financial Management RequirementsFinancial Management Requirements

世界银行认可的项目财务管理安排可确保项目资金专款专用世界银行认可的项目财务管理安排可确保项目资金专款专用Acceptable financial management arrangements to ensure that Acceptable financial management arrangements to ensure that

funds are used for its intended purposesfunds are used for its intended purposes

世行接受的项目财务管理安排能针对项目的资源和费用，提供及时正世行接受的项目财务管理安排能针对项目的资源和费用，提供及时正确的财务会计信息确的财务会计信息Accounting - Timely and accurately record all Accounting - Timely and accurately record all transactions and transactions and

balancesbalances

保全执行单位或项目的资产保全执行单位或项目的资产Safeguard Assets - Both entity and project assetsSafeguard Assets - Both entity and project assets

符合世行接受的审计安排符合世行接受的审计安排Audit Arrangement - Acceptable to WBAudit Arrangement - Acceptable to WB

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世行项目财务管理安排涉及项目执行机构或单位的会计核算、财务报告、审计和内世行项目财务管理安排涉及项目执行机构或单位的会计核算、财务报告、审计和内部控制系统部控制系统 ::Project’s FM arrangements include the implementing entity’s and PMO’s system Project’s FM arrangements include the implementing entity’s and PMO’s system of accounting, reporting, auditing and internal controls:of accounting, reporting, auditing and internal controls: 会计核算 会计核算 AccountingAccounting • • 手工记账或财务软件手工记账或财务软件

Manual books or computerized accounting softwareManual books or computerized accounting software • • 《世界银行贷款项目会计核算办法》（财际字《世界银行贷款项目会计核算办法》（财际字 [[20002000]]1313 号）号）

Accrual basis of accountingAccrual basis of accounting • • 项目财务明细账目的设置项目财务明细账目的设置

Design and establishment of chart of account for projectDesign and establishment of chart of account for project

财务报告 财务报告 ReportingReporting •• 年度经审计的财务报表年度经审计的财务报表

Annual audited financial statementsAnnual audited financial statements • • 半年期未经审计的中期财务报表半年期未经审计的中期财务报表

Semi-annual unaudited financial statements Semi-annual unaudited financial statements • • 其它相关财务报表及信息其它相关财务报表及信息

Other related financial statements and informationOther related financial statements and information

世界银行项目财务管理要求世界银行项目财务管理要求Financial Management RequirementsFinancial Management Requirements

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世界银行项目财务管理要求世界银行项目财务管理要求Financial Management RequirementsFinancial Management Requirements

审计 审计 AuditingAuditing• • 国际审计准则 国际审计准则 International standards on auditingInternational standards on auditing• • 审计机构审计机构 (( 从世行认可的审计机构中选出从世行认可的审计机构中选出 )) China Government auditing standardsChina Government auditing standards• • 审计范围审计范围

Audit Scope Audit Scope

内部控制 内部控制 Internal ControlInternal Control为既定目标的实现而实施合理的控制流程，制定相应规定并创造环境为既定目标的实现而实施合理的控制流程，制定相应规定并创造环境 ::Process, procedures and environment to provide reasonable assurance regarding Process, procedures and environment to provide reasonable assurance regarding the achievement of objectives:the achievement of objectives: • • 确保高效有效的项目实施 确保高效有效的项目实施 Effectiveness and efficiency of operationsEffectiveness and efficiency of operations • • 保证财务报告的可靠性保证财务报告的可靠性 Reliability of financial reportingReliability of financial reporting • • 遵守适用法律法规遵守适用法律法规

Compliance with applicable laws and regulationsCompliance with applicable laws and regulations

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项目的财务管理检查项目的财务管理检查Projects Financial Management SupervisionProjects Financial Management Supervision

各个项目分别配备一名财务管理专家各个项目分别配备一名财务管理专家One FMS for each projectOne FMS for each project

项目检查中采用财务风险分析方法项目检查中采用财务风险分析方法Adopt Financial Management Risk Rating Analysis in Projects Adopt Financial Management Risk Rating Analysis in Projects ReviewReview

协调解决世行、政府和其他捐赠方之间的财务管理问题协调解决世行、政府和其他捐赠方之间的财务管理问题Help solve financial management problems among BankHelp solve financial management problems among Bank ， ， Government and other donorsGovernment and other donors

项目实地考察和非实地考察项目实地考察和非实地考察Field visit and off-site reviewField visit and off-site review

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审计安排审计安排Audit ArrangementAudit Arrangement

审计安排的灵活性审计安排的灵活性More flexible audit arrangementMore flexible audit arrangement

审计报告的提交审计报告的提交

时间 时间 TimingTiming世行北京代表处在每年世行北京代表处在每年 66 月月 3030 日前必须收到审计报告日前必须收到审计报告Audit report need to be received by WBOB on June 30Audit report need to be received by WBOB on June 30

目前中国的状况 目前中国的状况 ChinaChina’’s current statuss current status

审计报告提交不及时对项目的影响审计报告提交不及时对项目的影响Impact on projects for late submission of audit reportsImpact on projects for late submission of audit reports

审计报告发布前与项目管理单位、执行单位以及世行讨论审计报告发布前与项目管理单位、执行单位以及世行讨论Discussion with PIU/ PMO/ WBOB prior to issuance of the reportDiscussion with PIU/ PMO/ WBOB prior to issuance of the report

审计报告中保留意见不准确 审计报告中保留意见不准确 –– 重要性水平的错误重要性水平的错误Justification for qualification - materiality of errorJustification for qualification - materiality of error

针对审计报告中保留意见提供更多的解释和说明针对审计报告中保留意见提供更多的解释和说明More detail explanation in audit report on the audit opinion qualificationMore detail explanation in audit report on the audit opinion qualification

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财务管理常见问题及分析财务管理常见问题及分析Common Issues and Analysis on Financial Common Issues and Analysis on Financial

ManagementManagement

常见问题常见问题 报账及资金回补不及时报账及资金回补不及时 项目资产管理不到位项目资产管理不到位 支出证明材料不完整支出证明材料不完整 会计核算不完善与财务报告不及时会计核算不完善与财务报告不及时 审计问题整改不彻底审计问题整改不彻底分析分析 不熟悉项目法律文本不熟悉项目法律文本 项目人员、财务人员沟通不顺畅项目人员、财务人员沟通不顺畅 基层财务人员能力待提高基层财务人员能力待提高 日常监督与培训日常监督与培训

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DDisbursement isbursement Management Management FrameworkFramework支付管理框架支付管理框架

ConsidersConsiders 考虑到考虑到 :: The Bank’s new eligibility framework – OP/BP The Bank’s new eligibility framework – OP/BP

6.00, 6.00, Bank Financing Bank Financing (April 2004)(April 2004) 合格费用框架合格费用框架 Integrated fiduciary frameworkIntegrated fiduciary framework 总体的托管责任总体的托管责任 New General Conditions, SNew General Conditions, Simplified legal implified legal

documentationdocumentation通则及法律协议通则及法律协议 NNew ew World Bank Disbursement Guidelines for World Bank Disbursement Guidelines for

Projects Projects (May 06)(May 06) 新的世行项目支付指南新的世行项目支付指南

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DDisbursement isbursement Management Management FrameworkFramework 支付管理框架支付管理框架

New Projects 新项目

General Conditions 通则 Loan Agreement 贷款协议Disbursement Letter支付信 （与贷款协议捆绑）Disbursement Guidelines支付指南Disbursement Handbook支付手册

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Disbursement Policies and Procedures支付政策和程序

• Eligibility of expenditures 合格费用• Withdrawal of loan/credit proceeds 资金提取• Disbursement methods & Supporting

documentation requirements 支付方式和支持文件

• Designated account 指定帐户• Ineligible expenditures and refunds 不合格费用和退款

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Bank’s Policies Regarding Eligibility of Expenditures

世行关于合格费用的政策• Eligible expenditures are the reasonable cost of goods, works, and services

required for the project to be financed out of the proceeds of the loan and procured , all in accordance with the legal agreement and during the loan disbursing period. 合格费用是指按照法律协议和贷款支付期间内的、项目需要和合理的由贷款资金融资支持的货物、工程和服务等费用。

• Schedule I. Withdrawal of the proceeds of the financing 附件 1, 贷款资金的提取

• Disbursing period 支付期间• Closing Date 关帐日 2015 年 1 月 31 日 • The Bank processes applications only after the legal agreement has been

declared effective. 世行仅在法律协议生效后接受支付申请

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Disbursing Period 支付期间

The expenditures for which the Applications are made The expenditures for which the Applications are made must bemust be申请书所申请的费用必须是：申请书所申请的费用必须是：(a)(a) paid for (i) on or after the date of the loan agreement paid for (i) on or after the date of the loan agreement 在贷在贷款协议日或之后付出的款协议日或之后付出的(b)(b) Incurred on or before the closing date specified or referred Incurred on or before the closing date specified or referred to in the Legal agreement, except as otherwise specifically to in the Legal agreement, except as otherwise specifically agreed with the Bank.agreed with the Bank. 在贷款协议所规定的关帐日或之后发生的，在贷款协议所规定的关帐日或之后发生的，除非世行同意的其它日期除非世行同意的其它日期

Disbursement Deadline date: 4 months after closing date. Disbursement Deadline date: 4 months after closing date.

支付截止日期：关帐日之后的支付截止日期：关帐日之后的 44个月个月

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Section IV. Withdrawal of Loan Proceeds 贷款资金的提取

Part A A 部分

•Disbursement Schedule 支付计划表Categories 类别Descriptions 描述Allocations 分配额Disbursement Percentages 支付比例

Part B B 部分

•Withdrawal conditions; withdrawal period 提款条件，提款期间

Disbursement Conditions 支付条件 Retroactive Financing (if any) 追溯贷款（如有）

Withdrawal period 提款期间

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Part A A Part A A 部分部分•   • % % of Expendituresof Expenditures Amount of the Amount of the • CategoryCategory to be Financedto be Financed Loan Allocated (USD) Loan Allocated (USD) •     •    类别                                         融资比例                   类别                                         融资比例                    贷款分配额贷款分配额• 1. Liaoning• (a) Goods and Works 100% 16,100,000• (b) Innovation Sub-project • Financing 100% 3,850,000

• 2. Shandong• (a) Goods and Works 100% 16,830,000• (b) Innovation and Sub-project• Financing 100% 3,120,000• (3) Front-end Fee 100,000• (4) Premium on Interest Rate • Cap and or Interest Rate Collar• Total 40,000,000

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Part BPart B B B 部分部分Withdrawal Conditions, Procedures and Withdrawal PeriodWithdrawal Conditions, Procedures and Withdrawal Period..

提款条件，程序和提款期间提款条件，程序和提款期间1.1. Notwithstanding the provisions of Part A of this Section no Notwithstanding the provisions of Part A of this Section no

withdrawal shall be made for payments prior to the date of this withdrawal shall be made for payments prior to the date of this agreement; except that: agreement; except that: 尽管满足上述尽管满足上述 AA 部分的条款外，协议日之部分的条款外，协议日之前发生的付款不可以从贷款中提取，除非：前发生的付款不可以从贷款中提取，除非：

2.2. Disbursement Conditions: Refer to LADisbursement Conditions: Refer to LA

3.3. The Closing Date is January 31,2015The Closing Date is January 31,2015

帐户的关帐日是帐户的关帐日是 20152015 年年 11 月月 3131 日。日。

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Disbursement GuidelinesDisbursement Guidelines 支支付指南付指南

Standard provisions governing withdrawal of loan proceeds 关于贷款提取的标准条款 :

Purpose 目的 Disbursement methods 支付方法 Withdrawal of loan proceeds 贷款资金的提取 Supporting documentation requirements 支持性文件 Designated accounts 指定帐户（原专用帐户） Terms and conditions applicable to advances

预付款使用条款 Ineligible expenditures 不合格费用 Consequences of refunds 退款

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Disbursement LetterDisbursement Letter 支付信支付信

Notice from Bank to borrower 世行对借款人的通知 Specifies disbursement arrangements and provisions of

Disbursement Guidelines that apply for a specific project 对特定项目适用的选定支付安排

Sent to borrower as part of negotiations package 作为谈判文件的组成部分给借款人

Discussed and finalized at negotiations

在谈判中讨论和定稿 Can be modified during implementation – without

amending legal agreement

可在项目执行过程中修改，无须修改法律协议

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ApplicabilityApplicability 适用性适用性

New Disbursement Guidelines and disbursement letter apply to 新支付指南和支付信适用于 :

all IBRD loans, IDA financing, PPF advances, IDF grants, most GEF grants and most recipient-executed grants financed from trust funds

Do not apply to Development Policy Loans不使用与发展政策贷款

Used for all new projects to which 2005 General Conditions apply 适用于所有适用 2005新通则的新项目

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Withdrawal of Loan Proceeds 贷款资金的提取

Authorized signaturesAuthorized signatures 授权签字授权签字 ; ;

Before disbursing, the authorized representative of the borrower ( Before disbursing, the authorized representative of the borrower ( as designated in the legal agreement) must furnish to the Bank as designated in the legal agreement) must furnish to the Bank an Authorized signatory letter. an Authorized signatory letter. 在支付开始之前，借款人的授权代在支付开始之前，借款人的授权代表必须向世行递交授权签字信表必须向世行递交授权签字信(a) the name (s) of the official (s) authorized to sign Applications.(a) the name (s) of the official (s) authorized to sign Applications.授权签署申请书的官员的名字授权签署申请书的官员的名字(b) The authenticated specimen signatures (s) of the official (s)(b) The authenticated specimen signatures (s) of the official (s)

该官员经鉴别的签字样本该官员经鉴别的签字样本Please indicate clearly if more than one signature is required on Please indicate clearly if more than one signature is required on Applications, and must notify the Bank promptly of any changes Applications, and must notify the Bank promptly of any changes in signature authority. in signature authority. 如有多个签字的要求，请清楚表示，任何签如有多个签字的要求，请清楚表示，任何签字授权的变化必须迅速通知世行。字授权的变化必须迅速通知世行。

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Withdrawal of Loan Proceeds贷款资金的提取

Applications formApplications form申请书格式申请书格式

The forms must be the one attached to the DL. The forms must be the one attached to the DL. Standard form are available online from the Client Standard form are available online from the Client Connection website. Connection website.

表格必须是支付信上所附的，标准表格可从客户联系系统的网站上在线表格必须是支付信上所附的，标准表格可从客户联系系统的网站上在线获得。获得。

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Disbursement methods & Supporting Disbursement methods & Supporting documentation requirementsdocumentation requirements支付方式和支付文件的要求支付方式和支付文件的要求

The following disbursement methods may be used under the The following disbursement methods may be used under the fundingfunding 以下支付方式可被使用以下支付方式可被使用

ReimbursementReimbursement 偿还支付偿还支付 ; The Bank may finance the borrower ; The Bank may finance the borrower for eligible expenditures that the borrower has pre-financed for eligible expenditures that the borrower has pre-financed from its own resourcesfrom its own resources 世行可支付借款预先从自有资金中支付的合格费用世行可支付借款预先从自有资金中支付的合格费用

AdvanceAdvance 预付款预付款 : The Bank may advance loan proceeds into a : The Bank may advance loan proceeds into a designated account of the borrower to finance eligible designated account of the borrower to finance eligible expenditures as they are incurredexpenditures as they are incurred .. 世行可向借款人的指定帐户中存入一笔世行可向借款人的指定帐户中存入一笔预付款，以便在合格费用发生时支付预付款，以便在合格费用发生时支付

Direct paymentDirect payment 直接支付直接支付 : The Bank may make payments, at the : The Bank may make payments, at the borrower’s request directly to a third party for eligible borrower’s request directly to a third party for eligible expenditures.expenditures. 世行或在借款人的要求下将合格费用直接支付给第三方世行或在借款人的要求下将合格费用直接支付给第三方

Special commitmentSpecial commitment 特别承诺特别承诺 : for LC: for LC

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Advance Advance 预付款预付款

Authorized allocationAuthorized allocation 分配额分配额 ; ;

USD 3,000,000USD 3,000,000

Frequency of reporting eligible expenditures paid from Frequency of reporting eligible expenditures paid from the DAthe DA 对预付款使用的报告频率对预付款使用的报告频率 : Monthly: Monthly 每月每月

Excess advancesExcess advances 过量预付款过量预付款 : If the borrower does not : If the borrower does not provide any documentation of expenditures for the provide any documentation of expenditures for the reporting period, this may indicate to the Bank that the reporting period, this may indicate to the Bank that the advance is excessive and not required for the project advance is excessive and not required for the project needsneeds..如果借款人在规定时间内未能报告预付款的使用，这可使世行认为如果借款人在规定时间内未能报告预付款的使用，这可使世行认为预付款过量和不符合项目的需求预付款过量和不符合项目的需求

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Designated account managementDesignated account management指定帐户的管理指定帐户的管理

Before the Bank authorizes establishment of a DA, the Before the Bank authorizes establishment of a DA, the borrower must have adequate administrative capability, borrower must have adequate administrative capability, internal controls, and accounting and auditing procedures internal controls, and accounting and auditing procedures to ensure effective use of the DA. to ensure effective use of the DA. 在世行同意借款人建立在世行同意借款人建立指定帐户之前，借款人必须有充足的管理能力、内部控制、指定帐户之前，借款人必须有充足的管理能力、内部控制、会计核算和审计程序以确保指定帐户的有效使用会计核算和审计程序以确保指定帐户的有效使用

Currency of DACurrency of DA指定帐户有币种指定帐户有币种 ; USD or other currency ; USD or other currency acceptable to the Bank. acceptable to the Bank. Financial institutionFinancial institution 金融机构金融机构 : no comfortable letter : no comfortable letter requiredrequired 不再需要安慰信不再需要安慰信Acceptable to the BankAcceptable to the Bank,, 世行可接受的世行可接受的

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Designated account Designated account 指定帐户指定帐户

When making payment from a DA, the borrower is responsible When making payment from a DA, the borrower is responsible for following all requirements. for following all requirements. 当从指定帐户付款时当从指定帐户付款时 ,, 借款人负责借款人负责遵守所有要求遵守所有要求

The borrower should only withdraw funds advanced to the DA as The borrower should only withdraw funds advanced to the DA as eligible expenditures are incurred.eligible expenditures are incurred. 借款人应在合格费用发生时从借款人应在合格费用发生时从指定帐户提款指定帐户提款

Loan proceeds on deposit in DA may be transferred to another Loan proceeds on deposit in DA may be transferred to another account of the borrower or the project if the need exists and if account of the borrower or the project if the need exists and if appropriate arrangements are in place. This arrangement should appropriate arrangements are in place. This arrangement should reviewed as part of the overall assessment of the borrower’s reviewed as part of the overall assessment of the borrower’s financial management arrangements.financial management arrangements. 如果项目需要并且有合适如果项目需要并且有合适的安排的安排 , DA, DA 的资金可以预付到借款人的其他帐户上。对于这些安的资金可以预付到借款人的其他帐户上。对于这些安排应作为借款人财务管理安排的一个组成部门进行审核。排应作为借款人财务管理安排的一个组成部门进行审核。

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In general: Forms to be Used Attachment所用表格 附件

(a) Reimbursement 偿还支付 Form (2380) SOE 费用表 , list of paymentagainst the contracts, records evidencing eligible expenditures

费用表、合同付款清单，记录

(b) Advance预付款-Withdraw advance提预付款 Form (2380)-Reporting of advance报告预付款 Form (2380) SOE, list of payment

against the contracts, records evidencing eligible exp

费用表、合同付款清单，记录 

(c) Direct payment直接支付 Form(2380) Invoice/ Contract发票 /合同  (e) Special Commitment特别承诺 Form 1931 L/C

Documentation requirements文件要求

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Supporting DocumentationSupporting Documentation 支持文件支持文件

For requests for reimbursement and reporting eligible For requests for reimbursement and reporting eligible expenditures paid from the DA expenditures paid from the DA 对于偿还支付和从指定账户支对于偿还支付和从指定账户支付的合格费用付的合格费用

List of payments against contracts subject to Bank’s prior List of payments against contracts subject to Bank’s prior review review 基于世行预审合同的付款清单基于世行预审合同的付款清单

SOE for all other expenditures/contracts not subject to the SOE for all other expenditures/contracts not subject to the Bank’s prior review Bank’s prior review 其他的费用以及非世行预审合同下的费用其他的费用以及非世行预审合同下的费用表表

DA reconciliation statement with applicable bank statement.DA reconciliation statement with applicable bank statement. 指指定账户调节表和相应的银行对账单定账户调节表和相应的银行对账单

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Ineligible expenditures and refundsIneligible expenditures and refunds 不合格费用和退款不合格费用和退款

Ineligible expenditures paid out of the DAIneligible expenditures paid out of the DA从从 DADA 中支付了不合格费用中支付了不合格费用

Provide the additional evidence requested by the Bank Provide the additional evidence requested by the Bank 提供世提供世行要求的其他证明行要求的其他证明

Deposit an equivalent amount into the DADeposit an equivalent amount into the DA 向向 DADA 中存入等额资中存入等额资金金

Refund an equivalent to the BankRefund an equivalent to the Bank 向世行退还等额资金向世行退还等额资金 Exceptionally, provide substitute documentation evidencing Exceptionally, provide substitute documentation evidencing

other eligible expendituresother eligible expenditures例外情况下，提供其他合格费用作为例外情况下，提供其他合格费用作为替代替代

RefundsRefunds退款退款The Bank shall determine whether refunds made to the Bank The Bank shall determine whether refunds made to the Bank will be credited to the Loan Account for subsequent withdrawal will be credited to the Loan Account for subsequent withdrawal or cancelled. or cancelled. 世行决定是否将收到的退款从贷款帐户中注销或用世行决定是否将收到的退款从贷款帐户中注销或用作将来的提款。作将来的提款。

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Change of the Loan Agreement Change of the Loan Agreement 贷款协议的修改贷款协议的修改

Reallocation Reallocation 再分配再分配 Extension of closing date Extension of closing date 关帐日延长关帐日延长 Changes in disbursement percentageChanges in disbursement percentage 支付比例支付比例改变改变

Other - change of disbursement categories Other - change of disbursement categories 支付支付类别的改变类别的改变

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Some Disbursement IndicatorsSome Disbursement Indicators一些支付指标一些支付指标

Disbursed to Original Net Amount PercentageDisbursed to Original Net Amount Percentage 已支付额占初已支付额占初始净贷款额的比例始净贷款额的比例 : :

Cumulative disbursements Amount Cumulative disbursements Amount X100% X100% The original loan amt – cancellationsThe original loan amt – cancellations

Disbursement RatioDisbursement Ratio 支付率支付率 ::The disbursements made during the yearThe disbursements made during the year X100% X100% Un-disbursed bal. at the beginning of the yearUn-disbursed bal. at the beginning of the year

Disbursement lagDisbursement lag 支付延后支付延后 :: a graph comparing actual to a graph comparing actual to projected disbursements (can be by year, but usually it is cumulative)projected disbursements (can be by year, but usually it is cumulative)

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谢谢大家！谢谢大家！

欢迎讨论！欢迎讨论！

Interest Rate Interest Rate 利率利率

IFLs in US dollars approved after June 30, 2010

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Average Maturity Variable Spread (2) Fixed Spread (3)

Up to 12 years LIBOR + 0.24% LIBOR + 0.60%

Greater than 12 to 15 years LIBOR + 0.34% LIBOR + 0.90%

Greater than 15 to 18 years LIBOR + 0.44% LIBOR + 1.25%

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谢谢大家！谢谢大家！

欢迎讨论！欢迎讨论！

Interest Rate Interest Rate 利率利率

3737 370

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Repayment of Principal

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Grace PeriodNo payments

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Repayment of Principal

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Grace Period

Borrower Choices:Borrower Choices: Amortization Pattern of Principal Amortization Pattern of Principal RepaymentRepayment

借款国的选择：本金还款额的分期偿还方式借款国的选择：本金还款额的分期偿还方式Level (30 year maturity including 5 years of grace period)

30 年的还款期包括 5 年的宽限期

Customized(30-year)

Annuity(25-year maturity including 8 years of grace period)

25 年的还款期包括 8 年的宽限期

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Bullet(18-year)

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Questions and DiscussionQuestions and Discussion 问题和讨论问题和讨论

谢谢！谢谢！