1.1 The Guarantor hereby irrevocably and unconditionally guarantees to the

Beneficiary the due performance of all of the Borrower’s payment obligations under the Credit Facility Agreement.

1.2 Upon the Beneficiary’s first written demand stating that the Borrower has not

performed its payment obligations under or in connection with the Credit Facility Agreement as and when due, the Guarantor shall remit promptly the requested amounts without any set-off, reservation, deduction, counterclaim or other

objection or defense exclusively in Euro, to the following bank account opened by the Beneficiary at the Banque de France (head office/main branch):

SWIFT-BIC: BDFEFRPPCCT

IBAN: FR76 3000 1000 6400 0000 4023 503

or any other account notified by the Beneficiary to the Guarantor.

1.3 The payment obligations of the Guarantor shall be valid and binding,

independent from the obligations of the Borrower and of the validity of the Credit Facility Agreement, of any prior advice or request for payment from the Beneficiary to the Borrower, of any legal proceedings or other action instituted

by the Beneficiary against the Borrower, or of any evidence of the Borrower’s default to be furnished by the Beneficiary.

Modifications of or amendments to the Credit Facility Agreement shall not require the consent of the Guarantor. However, the Guarantor shall assume liability for additional payment obligations only if the Guarantor shall have consented to the respective

modifications or amendments.

Without prejudice to the Guarantor's other obligations under this Guarantee, the

Guarantor, by taking all necessary or appropriate measures, shall, within its competence and in conformity with sound engineering and financial practices, assist the Borrower in the performance of the Borrower's obligations under the Credit

Facility Agreement to the extent permitted by law.

So long as the Guarantor is under any actual or contingent liability hereunder, it shall

not have any right of subrogation in respect of any amount paid by it hereunder.

5.1 If any payment by the Borrower or any release from the Beneficiary is

challenged or reduced by reason of any insolvency or similar event, then:

Guarantor as if such payment, release, challenge or reduction had not been

made.

5.2 The Guarantor's obligations under this Guarantee shall not be affected in their existence by any act, omission or other circumstance relating to the Borrower's obligation which would reduce or impair any of its obligations under this

Guarantee or relieve it thereof. This shall also apply to any defences of the Borrower as principal debtor or rights of avoidance or set-off of the Borrower.

6.1 Prior to the first disbursement under the Credit Facility Agreement, the Guarantor shall prove in form and substance satisfactory to the Beneficiary that the Beneficiary is exempt from all taxes, fees, charges and similar costs in the

Republic of Serbia on all payments to be made by the Guarantor under this Guarantee.

6.2 In any case, all payments to be made by the Guarantor under this Guarantee

shall be made without any deduction or withholding. If the Guarantor is required by law or otherwise to make any deduction or withholding from any sum payable to the Beneficiary, then the Guarantor shall pay such additional amounts as to

ensure that the Beneficiary receives a net sum equal to the sum it would have received had no such deduction or withholding been made.

6.3 All taxes, fees, charges, stamp duties and similar costs accruing in connection

with the conclusion and implementation of this Guarantee outside France shall be borne by the Guarantor. Any such cost accruing in France shall be borne by the Guarantor if caused by it. If any such cost to be borne by the Guarantor are

paid by the Beneficiary, the Guarantor shall promptly on demand reimburse the Beneficiary.

6.4 All costs and expenses, including legal expenses, arising out of or in connection

with the preparation, negotiation, execution, registration, implementation, modification, preservation or enforcement of this Guarantee, the rights hereunder, or any security or document pertaining hereto shall be borne by the

Guarantor if not paid by the Borrower. If any such cost or expense is paid by the Beneficiary, the Guarantor shall promptly on demand reimburse for the full amount of such cost or expense, including such part thereof as represents VAT.

7.1 The Guarantor hereby confirms that all authorizations required in the Republic

of Serbia for the conclusion and implementation of this Guarantee and of the Credit Facility Agreement have been duly granted and continue to be in full force and effect.

7.2 The Guarantor shall notify the Beneficiary without delay of any events that may impede or endanger the due implementation of the Credit Facility Agreement or of this Guarantee.

8.1 This Guarantee shall be governed by and construed in accordance with the laws of the Federal Republic of Germany.

8.2 Place of performance shall be Paris.

8.3 All claims under this Guarantee expire after five years from the end of the year in which any such claim has accrued and in which the relevant Party has

become aware of the circumstances constituting such claim or could have become aware of them without gross negligence.

8.4 Any dispute arising out of or in connection with this Payment Guarantee

Agreement shall be referred to and finally settled by arbitration under the Rules of Conciliation and Arbitration of the International Chamber of Commerce applicable on the date of commencement of arbitration proceedings, by one or

more arbitrators to be appointed in accordance with such Rules. The seat of arbitration shall be Paris and the language of arbitration shall be English.

This arbitration clause shall remain in full force and effect if the Guarantee is

declared void or is terminated or cancelled.

8.5 No payment to the Beneficiary hereunder, be it pursuant to any award or judgement or order of any court or otherwise shall operate to discharge the

obligation of the Guarantor in respect of which it was made unless and until payment in full shall have been received in the currency of account of such obligation. To the extent that the amount of any such payment shall on any

necessary conversion into the currency of account in which the payment fell due, fall short of the amount of the relevant obligation expressed in such currency of account, the Guarantor shall remain indebted to the Beneficiary in

such sum as shall upon conversion into the currency of the account in which the payment fell due equal the amount of the shortfall.

8.6 To the extent that the Guarantor may now or in future in any jurisdiction claim

for itself or its assets immunity from suit, execution, attachment or other legal process and to the extent that in any such jurisdiction there may be attributed to itself or its assets such immunity, the Guarantor hereby irrevocably agrees not

to claim and hereby irrevocably waives such immunity to the fullest extent permitted by the laws of such jurisdiction. Foregoing waiver of immunity shall not apply to property which is (i) used by diplomatic, consular, special missions

and missions of international organizations or of international conferences of the Guarantor's Country or (ii) of a military character and under the control of a military authority.

8.7 The provisions of the Credit Facility Agreement relating to computation and payments in general shall apply mutatis mutandis in any payment to be made hereunder.

8.8 Any statements or notices and communications in respect of this Guarantee shall be dispatched by airmail letter or by teletransmission to the following addresses:

For the Beneficiary: Agence Française de Développement 5, rue Roland Barthes 75598 Paris Cedex 12

France

For the Guarantor: Republic of Serbia

Ministry of Finance 20 Kneza Milosa Street 11000 Belgrade

Republic of Serbia Fax: + 381 11 3618-961

Any such statement, notice or communication shall be deemed to have been

received:

8.9 Should any of the provisions of this Guarantee be legally invalid, such invalidity shall not affect the validity of the remaining provisions. Any gap resulting in

consequence shall be filled by a provision consistent with the spirit and the purpose of this Guarantee.

8.10 This Guarantee is drawn up in the English language in 2 (two) originals. The

Beneficiary shall have one original.

8.11 This Guarantee will enter into force on the eighth day following the day the guarantee law relating to this guarantee is published in the Official Gazette of

the Republic of Serbia.

8.12 The Beneficiary shall return this guarantee to the Guarantor as soon as all payment obligations of the Borrower under the Credit Facility Agreement shall

have been fulfilled. Executed in two (2) originals, in Belgrade, on August 29, 2024.

GUARANTOR

REPUBLIC OF SERBIA

________________________________

Represented by:

Name: Siniša Mali

Capacity: First Deputy Prime Minister and Minister of Finance

BENEFICIARY

AGENCE FRANÇAISE DE DEVELOPPEMENT

_______________________________

Represented by:

Name: Remy Rioux

Capacity: Chief Executive Officer

1.1 Garant ovim neopozivo i bezuslovno garantuje Korisniku uredno izvršenje svih obaveza plaćanja Zajmoprimca prema Ugovoru o kreditnom aranžmanu.

1.2 Na prvi pisani zahtev Korisnika u kojem se navodi da Zajmoprimac nije ispunio svoje obaveze plaćanja po ili u vezi sa Ugovorom o kreditnom aranžmanu o roku dospelosti, Garant će odmah isplatiti tražene iznose bez ikakve kompenzacije, rezervi, odbitka, protivpotraživanja ili drugog prigovora ili odbrane, isključivo u evrima, na sledeći bankovni račun koji je korisnik otvorio u Banci Francuske (sedište/glavna filijala): SWIFT-BIC: BDFEFRPPCCT IBAN: FR76 3000 1000 6400 0000 4023 503 ili na drugi račun o kome je Korisnik obavestio Garanta.

1.3 Obaveze plaćanje za Garanta će biti validne i pravno obavezujuće, nezavisno od obaveza Zajmoprimca i važenja Ugovora o kreditnom aranžmanu, bilo kog prethodnog saveta ili zahteva za plaćanje Zajmoprimca Korisniku, bilo kakvog sudskog ili drugog postupka koji je Korisnik pokrenuo protiv Zajmoprimca, ili bilo kog dokaza o neispunjenju obaveza Zajmoprimca koji treba da dostavi Korisnik.

Za izmene ili dopune Ugovora o kreditnom aranžmanu nije potrebna saglasnost Garanta. Ipak, Garant preuzima odgovornost za dodatne obaveze plaćanja samo ako je pristao na odgovarajuće izmene ili dopune Ugovora o kreditnom aranžmanu.

Ne dovodeći u pitanje ostale obaveze Garanta po ovoj Garanciji, Garant će, preduzimanjem svih potrebnih ili odgovarajućih mera, u okviru svoje nadležnosti i u skladu sa dobrom inženjerskom i finansijskom praksom, pomoći Zajmoprimcu u ispunjenju njegovih obaveza prema Ugovoru o kreditnom aranžmanu u meri dozvoljenoj zakonom.

Sve dok je pod bilo kakvom stvarnom ili potencijalnom odgovornošću prema ovoj Garanciji, Garant neće imati nikakvo pravo subrogacije u odnosu na bilo koji iznos koji je platio prema ovoj Garanciji.

5.1 Ako je bilo koje plaćanje Zajmoprimca ili bilo koje oslobađanje od plaćanja Korisnika osporeno ili umanjeno zbog insolventnosti ili sličnog događaja, tada:

5.2 Na postojanje obaveze Garanta po ovoj Garanciji neće uticati bilo kakva radnja, propust ili druga okolnost u vezi sa obavezom Zajmoprimca koja bi umanjila ili naškodila bilo kojoj od njegovih obaveza po ovoj Garanciji ili ga od njih oslobodila. Ova odredba se takođe primenjuje na svaku vrstu odbrane Zajmoprimca kao glavnog dužnika ili na sva prava na odbijanje ispunjenja ili kompenzaciju Zajmoprimca.

6.1 Pre prve isplate sredstava prema Ugovoru o kreditnom aranžmanu, Garant će, u formi i sadržini koja je prihvatljiva za Korisnika, pružiti dokaz da je Korisnik oslobođen svih poreza, taksi, naknada i sličnih troškova u Republici Srbiji na sva plaćanja koja Garant izvršava prema ovoj Garanciji.

6.2 U svakom slučaju, sva plaćanja koja je Garant dužan da izvrši prema ovoj Garanciji biće učinjena bez ikakvog odbitka ili zadržavanja. Ukoliko je Garant po zakonu ili na neki drugi način dužan da izvrši bilo kakav odbitak ili zadržavanje od bilo kog iznosa koji se plaća Korisniku, Garant će tada platiti takve dodatne iznose radi osiguranja da Korisnik dobije neto iznos jednak sumi koju bi primio da nije učinjen takav odbitak ili zadržavanje.

6.3 Garant snosi sve poreze, takse, naknade, dokumentacione takse i slične troškove koji nastaju u vezi sa zaključenjem i primenom ove Garancije van Francuske. Svaki takav trošak koji nastane u Francuskoj snosiće Garant ako ga je on izazvao. Ako Korisnik plati bilo koji takav trošak koji Garant treba da snosi, Garant će odmah na zahtev plaćeni iznos nadoknaditi Korisniku.

6.4 Sve troškove i rashode, uključujući pravne troškove koji proizilaze iz ili u vezi sa pripremom, pregovorima, izvršenjem, registracijom, implementacijom, izmenom, očuvanjem ili izvršenjem ove Garancije, kao i prava po osnovu ove Garancije, ili bilo koje obezbeđenje ili dokument koji se odnosi na ovu Garanciju, snosi Garant ako ih ne plati Zajmoprimac. Ukoliko bilo koji takav trošak ili izdatak plati Korisnik, Garant će odmah na zahtev nadoknaditi pun iznos takvog troška ili izdatka, uključujući i deo troškova koji predstavlja PDV.

7.1 Garant ovim potvrđuje da su sva neophodna ovlašćenja u Republici Srbiji vezana za zaključivanje i realizaciju ove Garancije i Ugovora o kreditnom aranžmanu, blagovremeno pribavljena i ostaju na snazi.

7.2 Garant će bez odlaganja obavestiti Korisnika o svim događajima koji mogu da ometaju ili ugroze propisano izvršenje Ugovora o kreditnom aranžmanu ili ove Garancije.

8.1 Ova garancija će biti regulisana i tumačena u skladu sa zakonima Savezne Republike Nemačke.

8.2 Mesto izvršenja je Pariz.

8.3 Sva potraživanja po ovoj Garanciji zastarevaju nakon pet godina od isteka godine u kojoj je nastalo potraživanje i u kojoj je konkretna Strana postala svesna ili je mogla postati svesna okolnosti koje čine to potraživanje, bez grubog nemara.

8.4 Svaki spor koji nastane iz ili u vezi sa ovim Ugovorom o garanciji plaćanja biće upućen i konačno rešen na arbitraži u skladu sa Pravilima za koncilijaciju i arbitražu Međunarodne trgovinske komore koja važe na dan početka arbitražnog postupka, od strane jednog ili više arbitara koji se imenuju u skladu sa takvim Pravilima. Sedište arbitraže biće u Parizu, a arbitražni postupak će se voditi na engleskom jeziku. Ova arbitražna klauzula će ostati na snazi i ako se Garancija proglasi nevažećom ili se raskine ili poništi.

8.5 Nijedno plaćanje Korisniku po ovoj Garanciji, bilo na osnovu odluke, presude ili naredbe bilo kog suda ili drugog organa, ne oslobađa Garanta od njegovih obaveza po osnovu kojih je to plaćanje izvršeno, osim ako i dok takva uplata u celosti ne bude primljena u valuti obračuna takve obaveze. U meri u kojoj će iznos bilo koje takve isplate, pri svakoj neophodnoj konverziji u obračunsku valutu u kojoj plaćanje dospeva, biti manji od iznosa takve obaveze izražene u toj obračunsko valuti, Garant će ostati dužan Korisniku iznos koji će po konverziji u obračunsku valutu prema kojoj je plaćanje dospelo biti jednak iznosu manjka.

8.6 U meri u kojoj Garant može sada ili u budućnosti u bilo kojoj jurisdikciji zahtevati imunitet za sebe ili za svoju imovinu od tužbe, izvršenja, zaplene ili drugog sudskog postupka i u meri u kojoj u takvoj jurisdikciji može sebi ili svojoj imovini pripisati imunitet, Garant ovim neopozivo pristaje da neće tražiti imunitet i neopozivo se odriče od imuniteta u potpunosti u najvećoj meri dozvoljenoj zakonima takve jurisdikcije. Prethodno odricanje od imuniteta ne odnosi se na imovinu koja (i) se koristi od strane diplomatskih, konzularnih, specijalnih misija i misija međunarodnih organizacija ili međunarodnih konferencija zemlje Garanta, ili (ii) je vojnog karaktera i pod kontrolom vojnih organa.

8.7 Odredbe Ugovora o kreditnom aranžmanu koje se odnose na obračun i plaćanja uopšte primenjuju se mutatis mutandis na svako plaćanje koje će se izvršiti prema ovoj Garanciji.

8.8 Sve izjave ili obaveštenja i komunikacije u vezi sa ovom Garancijom biće poslate avionskom poštom ili telefaksom na sledeće adrese:

Za Korisnika: Francuska agencija za razvoj 5, rue Roland Barthes 75598 Paris Cedex 12 France

Za Garanta: Republika Srbija Ministarstvo finansija Ul. Kneza Miloša br. 20 11000 Beograd Republika Srbija Faks: + 381 11 3618-961

Sve izjave, obaveštenja ili komunikacija smatraju se primljenim ukoliko su:

8.9 Ukoliko je bilo koja odredba ove Garancije pravno nevažeća, to neće uticati na važenje preostalih odredbi. Svaka praznina koja iz toga proistekne biće popunjena odredbom koja je u skladu sa duhom i svrhom ove Garancije. 8.10 Ova Garancija je sastavljena na engleskom jeziku u 2 (dva) originalna primerka. Korisnik zadržava jedan originalni primerak.

8.11 Ova Garancija stupa na snagu osmog dana od dana objavljivanja zakona o garanciji koji se odnosi na ovu garanciju u Službenom glasniku Republike Srbije.

8.12 Korisnik će vratiti ovu garanciju Garantu čim budu ispunjene sve obaveze plaćanja Zajmoprimca prema Ugovoru o kreditnom aranžmanu. Potpisano u dva (2) originalna primerka, u Beogradu, dana 29. avgusta 2024. godine.

GARANT

REPUBLIKA SRBIJA

________________________________

Predstavnik:

Ime: Siniša Mali

Funkcija: Prvi potpredsednik Vlade i ministar finansija

KORISNIK

FRANCUSKA AGENCIJA ZA RAZVOJ

_______________________________

Predstavnik:

Ime: Remi Riu (Remy Rioux)

Funkcija: Izvršni direktor