Final disbursement.Preparation of WA(s) for final disbursement(s) of project loan
and tranche disbursement of a policy-based loan should be closely coordinated
between ADB and the borrower and/or EA, particularly if the remaining unutilized
balance is expected to be fully utilized.
4.17 Winding-up period.10
The borrower may make withdrawals from the loan account
for expenditures incurred on or before the loan closing date. Expenditures incurred
after the loan closing date will not be financed under the loan. ADB may allow up to
4 months after the loan closing date (i) for the borrower’s WAs to be submitted to ADB
for expenditures incurred on or before the loan closing date, and (ii) for the borrower
to fully liquidate expenditures incurred on or before the loan closing date. After the
winding-up period, WAs, including requests for liquidation, will not be accepted.
Extension of the winding-up period, on an exceptional basis, may be approved by ADB
(Section 4.14).
4.18 Within 2 months after the winding-up period for submission of documents, the
borrower should fully refund any outstanding imprest account balances to ADB. If the
borrower fails to fully refund such balances, ADB may, among other corrective actions,
decide not to allow the use of the imprest fund procedure under the borrower’s new
projects until such time as the refund is received.
4.19 Payment of final audit fees.If external auditor’s fees are financed by ADB, it is
best practice to pay the audit fee before the loan closing date after completing the
final audit (Section 4.15). When audit fees under a project need to be paid after the
closing date, special arrangements may be required for payment of the final audit fee
from the loan account. External auditor’s fees for the final fiscal year may be disbursed
from the loan account, under condition that (i) the borrower signs a contract for the
final audit prior to the loan closing date, and (ii) the contract is a lump-sum or fixedprice contract that requires completion
11
of audit within 6 months after the loan
closing date. If the audit work cannot be completed during the winding-up period, and
the final audit fee will be paid through the escrow account, full supporting documents
should be attached to the WA (see Appendix 4D for more details).
4.20 Refunds.All refunds must be paid to ADB’s accounts at its depository banks with
payment details indicating (i) references such as loan number, (ii) description or
nature of the refund, and (iii) currency and amount of refund. The borrower and/or
EA should send advice to ADB’s Treasury Services Division (TDTS) and CTLA once
a refund is made.

The original of the WA signed by authorized representative(s) is submitted to ADB

9:13 AM    

The original of the WA signed by authorized representative(s) is submitted to
ADB. Summary sheet(s) should indicate ADB’s contract reference numbers (called
procurement contract summary sheets [PCSSs]) (Section 5.11). Supporting documents,
which may be photocopies, to be submitted to ADB for processing WAs are shown in
the relevant chapters of this handbook.
5.6  Alterations on the WA must be initialed by the borrower’s authorized representative.
5.7  The minimum value per WA is US$100,000 equivalent, unless otherwise stipulated in
the PAM. Individual payments below this amount should be paid (i) by the borrower
and subsequently claimed to ADB through reimbursement, or (ii) through the imprest
fund procedure (if such procedure is stipulated in the PAM), unless otherwise
accepted by ADB.
Currency of Payment
5.8  In principle, disbursement and/or payment is made in the currency in which the cost
of goods and services has been paid or is payable. For expenditures incurred in the
borrower’s currency (local currency), the amount requested in the WA must be in local
currency. A separate WA is required for each currency of disbursement.
5.9  The amount paid is charged to the loan account, which is denominated in the loan
currency. When the currency of payment is different from the loan currency, the
amount paid is converted into the loan currency by ADB in accordance with relevant
regulations.
Payment Instructions
5.10  To ensure prompt and secure remittance, the payment instructions should have the
following details:
ȕ full name and address of payee for proper identification of payment;
ȕ full name and address of the payee’s bank, which may include a banker or branch
designation;
ȕ SWIFT Bank Identifier Code (BIC) if the payee’s bank is a member of SWIFT;
ȕ payee’s account number (mandatory);
ȕ for payments to anywhere in Europe, the International Bank Account Number
(IBAN) and the related SWIFT BIC of the payee’s bank;
ȕ if SWIFT BIC for the payee’s bank is not available, the national clearing system
code such as Fedwire Routing number (FW), CHIPS Universal Identifier (CH),
UK Domestic Sort Code (SC), Australian Bank State Branch Code (AU), or
German Bankleitzahl (BL) account number with the correspondent bank,
where applicable;
ȕ full name and address of the correspondent bank, if payment is to be made
to a bank not located in the country of the currency to be paid; SWIFT BIC if
correspondent bank is a member of SWIFT;