III ISLAMIC DE VELOPMENT BANK GROUP Book final 2.indd 6 10/21/15 2:14 PM Acronyms and abbreviations AER Annual Evaluation Report H Hijri Year AfDB African Development Bank HDE Human Development Development AfrEA African Evaluation Association HL Higher Level ARD Agriculture and Rural Development HLF4 Fourth Higher Level Forum AsDB Asian Development Bank IaDB Inter-American Development Bank BED Board of Executive Directors ICD BEP Bilingual Education Program Islamic Corporation for the Development of the Private Sector BML Bank of Maldives ICIEC Islamic Corporation for the Insurance of Investment and Export Credit BSTDB Black Sea Trade and Development Bank CAE Country Assistance Evaluation ICT Information and Communications Technology CASS Country Assistance Strategy Study ID Islamic Dinar CCD Co-operation & Capacity Development IDB Islamic Development Bank CD Country Division IDR Indonesian Rupiah CTY Country Programs Department IFAD DAC Development Assistance Committee International Fund for Agricultural Development EA Executing Agency IFC International Finance Corporation IMF International Monetary Fund EBRD European Bank for Reconstruction and Development INF Infrastructure ECG Evaluation Cooperation Group IPDET EIB European Investment Bank International Program for Development Evaluation Training EIRR Economic Internal Rate of Return IRTI Islamic Research and Training Institute EPZ Export Processing Zone ISESCO Islamic Educational, Scientific and Cultural Organization FIRR Financial Internal Rate of Return ISFD Islamic Solidarity Fund for Development FOC Fiber Optic Cable ISO FPB Fast Patrol Boats International Organization for Standardization G Gregorian Year ITFC International Islamic Trade Finance Corporation Gbps Gigabits per second JICA Japanese International Cooperation GCC Gulf Cooperation Council km Kilo meter GDP Gross Domestic Product kV Kilo Volt GER Gross Enrolment Rate KWh Kilowatt-hours GOE Group Operations Evaluation LDMC Least Developed Member Country GPEDC Global Partnership for Effective Development Cooperation LIBOR London Interbank Offered Rate GPS Good Practice Standards M&E Monitoring and Evaluation GOS Government of Senegal MC Member Country MCPS Member Country Partnership Strategy GOI Government of Indonesia IV A N N U A L E VA L U AT I O N R E P O R T F O R T H E Y E A R 1 4 3 5 H Book final 2.indd 7 10/21/15 2:14 PM MDB Multilateral development bank MDG Millennium Development Goals MENA Middle East and North Africa MFI Micro Finance Institution Mg Million Gallon MT TAP Technical Assistance Program TAPER Technical Assistance Project Evaluation Report UN United Nations UNEG United Nations Evaluation Group Metric Tons UNESCO United Nations Educational, Scientific and Cultural Organization MTBP Medium Term Business Plan UNICEF United Nations Children’s Fund MTBS Medium Term Business Strategy US$ US Dollar MW Mega Watt WP Work Program NCB National Competitive Bidding WTO World Trade Organization NGO Non-Governmental Organization OC Operations Complex OCR Ordinary Capital Resources of IDB OECD-DAC Organization of Economic Cooperation & Development – Development Assistance Committee OIC Organization of Islamic Cooperation OIF International Organization of Francophone Countries Op Operation OPSD Operations Policy and Services Department PCR Project Completion Report PDU President Delivery Unit PIASR Project Implementation Assessment and Support Report PL Project Level PMU Project Management Unit PPER Project Post Evaluation Report PPP Public Private Partnership QaE Quality at Entry SDG Sustainable Development Goals SME Small and Medium Enterprise SMW-4 South East Asia-Middle East- Western Europe-4 (SMW-4) SPE Special Assistance Operation SSA Sub-Saharan Africa TA Technical Assistance V ISLAMIC DE VELOPMENT BANK GROUP Book final 2.indd 8 10/21/15 2:14 PM A N N U A L E VA L U AT I O N R E P O R T F O R T H E Y E A R 1 4 3 5 H EXECUTIVE SUMMARY During the year, the GOE Department carried out post-evaluations for 23 projects financed from the Ordinary Capital Resources (OCR) of the Bank across various sectors in 17 different countries.

The need for evaluating the Bank's activities has been stated in Article of the Articles of Agreement of the Bank which stipulates: “The Bank shall take necessary measures to ensure that financing made available by it is used strictly for the purposes for which it was provided.” 1.4 The evaluation function of the Bank was initiated in 1991 with the establishment of the Operations Evaluation Office (OEO). ... Organizational Independence: Organizational independence is critical in avoiding Management control and interference from business units designing and implementing development interventions.

Level 18, Boulevard Plaza 2 Burj Khalifa District PO Box 1756, Dubai United Arab Emirates ‫دﻧﺗوﻧز أﻧد ﻛو‬ ٢ ‫ ﺑوﻟﯾﻔﺎرد ﺑﻼزا‬١٨ ‫اﻟطﺎﺑﻖ‬ ‫ﺣﻲ ﺑرج ﺧﻠﯾﻔﺔ‬ ‫ دﺑﻲ‬، ١٧٥٦ ‫ص ب‬ ‫اﻹﻣﺎرات اﻟﻌرﺑﯾﺔ اﻟﻣﺗﺣدة‬ Contents 1 Interpretation 2 2 Grant of Right 4 3 Exercise 4 4 Deposit of Deed 6 5 Benefit of Deed 6 6 Notices 6 7 Exercise of Rights 7 8 Limited Recourse 7 9 Severability 7 10 Further Assurance 8 11 Shari’a Compliance 8 12 Change in Status 8 13 Amendments 8 14 The Contracts (Rights of Third Parties) Act 1999 8 15 No Immunity 9 16 Governing Law 9 17 Dispute Resolution 9 Schedule 1 - Form of Additional Portfolio Assets Exercise Notice 12 Schedule 2 - Form of Sale Agreement 14 Contents (i) Additional Portfolio Assets Sale Undertaking Deed This Additional Portfolio Assets Sale Undertaking Deed (this Deed) is dated 30 September 2024 and made as a deed, By (1) The Islamic Development Bank, whose principal office is at 8111 King Khalid Street, Al Nuzlah Al Yamania District - Unit No. 1, Jeddah 22332-2444, Kingdom of Saudi Arabia (the IsDB), in favour of (2) IDB Trust Services Limited, a company incorporated under the laws of Jersey, whose registered office is at 44 Esplanade, St Helier, Jersey JE4 9WG (in its capacity as issuer and its capacity as trustee for the Certificateholders); and (3) IsDB Trust Services No.2 SARL, a private limited liability company (société à responsabilité limitée) incorporated under the laws of the Grand Duchy of Luxembourg, registered with the Luxembourg trade and companies register (Registre de commerce et des sociétés, Luxembourg) under number B247570 having its registered office at 28, Boulevard F.W. ... References in this Deed to Clauses, sub-Clauses and Schedules shall, unless the context otherwise requires, be references to clauses of, sub-clauses of and schedules to, this Deed. 1.2.2 References in this Deed to a person shall be construed as a reference to any individual, firm, company, body corporate, government, state or state entity or any association or partnership (whether or not having separate legal personality) or any two or more of the foregoing. 1.2.3 References in this Deed to any person shall include references to his successors, transferees and assigns and any person deriving title under or through him. 1.2.4 References in this Deed to any statutory provision shall, unless the context otherwise requires, be deemed also to refer to any statutory modifications or re-enactments thereof and to any statutory instruments, orders or regulations made thereunder or under any such reenactments. 1.2.5 References in this Deed to any agreement or other document shall be deemed also to refer to such agreement or document as modified, novated, supplemented or replaced from time to time with the prior consent of the parties thereto. 1.2.6 References herein to Portfolio or Additional Portfolio Assets are, in respect of each Series, to such Portfolio or Additional Portfolio Assets as are purchased by the relevant Trustee and not subsequently repurchased by the IsDB. 1.2.7 References herein to an amount falling due in respect of any Trust Certificates shall be deemed to include any amounts which are expressed to be payable under such Trust Certificates. 1.2.8 For the purpose of this Deed, the Trust Certificates of each Series shall form a separate Series and the provisions of this Deed (other than the Schedules) shall apply mutatis mutandis separately and independently to the Trust Certificates of each Series and, in this Deed, the expressions Trust Certificates, Certificateholders (as defined in the Conditions) and related expressions shall be construed accordingly. 1.2.9 With respect to Luxembourg entities, any references in this Deed to liquidation, winding-up, administration, and other similar insolvency proceedings and related concepts are to be construed as references to substantially equivalent proceedings and concepts under Luxembourg law (which include, without limitation, bankruptcy (faillite), moratorium of payments (sursis de paiement), judicial reorganisation (réorganisation judiciaire) or consensual reorganisation (réorganisation par accord amiable) under the Luxembourg law of 7 August 2023 on business business preservation and modernising of insolvency law, judicial liquidation (liquidation judiciaire), voluntary liquidation (liquidation volontaire), administrative dissolution without liquidation (dissolution administrative sans liquidation), general settlement with creditors or any other similar proceedings affecting the rights of creditors generally under Luxembourg law), unless the context requires otherwise. 1.3 Amendment and Restatement The Original Additional Portfolio Assets Sale Undertaking Deed shall be amended and restated on the terms of this Deed.