This DISBURSEMENT AGREEMENT ( the "Agreement"), dated as of April 28, 2006, is made by and among the Millenniuum Challenge Corporation, a United States Goverment corporation ("MCC"), the Ministry of Finance and Economic Management ( the "Ministry"),, on behalf of the Goverment of the Republic of Vanuatu( the, "Government"); and MCA-Vanuatu, an indepandent unit established within the Ministry under the laws of the Republic of Vanuatu in accordance with the council of Ministers Resolution dated Febuary 26, 2006 and the MCA-Vanuatu charter signed by the Minister of Finance and Economic Management on March 9, 2006 ("MCA-Vanuatu"). MCC, the ministry and MCA-Vanuatu are sometimes referred to herein individually as a "Party" and collectively as the "parties".

RECITALS

WHEREAS, the compact sets forth the general terms and conditions on Which the United States, through MCC, will provide MCC Funding to the Government to use to implement Program in the Republic of Vanuatu ("Vanuatu) and achieve the Compact Goal and Objectives contemplated by the Compact;

WHEREAS, pursuant to section 3.2 of the Compact and the Governance Agreement dated as of date hereof, among the MCC, the Ministry and MCA-Vanuatu, the Goverment has designated MCA-Vanuatu to assume and carry out certain goverment rights, responsiblities and duties under the compact, including the execution, delivery and performance of this Agreement.

WHEREAS, it is a condition precedent to the Entry into Force that this Agreement be executed by the parties; View the full Disbursement Agreement