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After the Loan Agreement is signed, the borrower can proceed with procurement of goods and services.
The actual loan amount is fixed in Korean won only at this stage.
The amount tentatively fixed in US dollars at the time of the government approval is converted into Korean
won amount using the foreign exchange rate at the time of the procurement contract.
The procurement should be carried out in line with guidelines agreed upon between Eximbank and the borrower. Guidelines regarding procurement of goods and services under EDCF loans are outlined in the following.
In case exceptional circumstances beyond the control of the recipient government result in a shortage of the fund, a supplementary loan will be provided to ease the problem.
Where Eximbank considers it desirable to employ consultants in order to ensure maximum efficiency and economy in the implementation of the project, the borrower may do in accordance with Eximbank's guidelines as follows.
Major tasks of consultants include detailed design, preparation of bidding documents, project management, supervision, and so on. The Borrower prepares a plan of consultant employment and submits it to the Bank for its review and concurrence until signing a Loan Agreement. EDCF's general principle of consultant employment is Limited Competitive Selection by way of Short-Listing.
The borrower is required to obtain Eximbanks' approval or concurrence on Short-list of candidates, Terms of Reference, Letter of Invitation (Including proposals), Proposal Evaluation Reports, Employment Contract.