Division Section 2

Each Special Action Credit shall be made for the purpose of financing a clearly identifiable, quick-disbursing development programme or project (including a sector project) which, whether or not it is included in the Association's own lending programme, shall be appraised, approved and administered in accordance with the procedures and practices applicable to development credits made out of the Association's regular resources, taking account of the objective of additionality referred to in paragraph (b) of the preamble to this Agreement. The resources of the Special Action Account shall not be used in substitution for regular resources of the International Bank for Reconstruction and Development (‘the Bank’) or of the Association committed under a loan or credit for a programme or project which, at the effective date of this Agreement, shall have been approved by the executive directors of the Bank or the Association.