On the ratification of the amendment to the Agreement on the Establishment of the European Bank for Reconstruction and Development authorizing the use of special funds in recipient and potential recipient countries

Home / RLA / On the ratification of the amendment to the Agreement on the Establishment of the European Bank for Reconstruction and Development authorizing the use of special funds in recipient and potential recipient countries

On the ratification of the amendment to the Agreement on the Establishment of the European Bank for Reconstruction and Development authorizing the use of special funds in recipient and potential recipient countries

Law of the Republic of Kazakhstan dated March 22, 2013 No. 84-V

To ratify the amendment to the Agreement Establishing the European Bank for Reconstruction and Development authorizing the use of special funds in recipient and potential recipient countries, approved by Resolution No. 138 of the Board of Governors of the European Bank for Reconstruction and Development dated September 30, 2011.

President of the Republic of Kazakhstan N. NAZARBAYEV

RESOLUTION No. 138

ON AMENDMENTS TO THE AGREEMENT ON THE ESTABLISHMENT OF THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT AUTHORIZING THE USE OF FUNDS SPECIAL FUNDS IN RECIPIENT AND POTENTIAL RECIPIENT COUNTRIES

THE BOARD OF GOVERNORS,

Taking into account the fact that by adopting Resolution No. 137, the Board of Governors will approve an amendment to article 1 of the Agreement Establishing the European Bank for Reconstruction and Development (Agreement), by virtue of which the EBRD will be authorized to fulfill its goal in the countries of the Southern and Eastern Mediterranean.; Recalling Resolution No. 134, adopted on May 21, 2011, "On the possible geographical expansion of the EBRD's region of operations," in which the Board of Governors instructed the Board of Directors to prepare recommendations for the Board of Governors on, inter alia, possible further measures to enable the EBRD to launch its operations in future member countries as soon as possible recipients in this expanded region; Having considered and agreed to the report of the Board of Directors to the Board of Governors with its recommendations, inter alia, regarding the "Geographical expansion of the EBRD's region of operations to include the countries of the Southern and Eastern Mediterranean", the Board of Governors adopts an amendment to Article 18 of the Agreement in order to authorize the use of special funds by the Bank in conducting special operations in potential countries recipients;

THUS, IT HEREBY DECIDES: 1. Amend the wording of article 18 of the Agreement as follows:

"ARTICLE 18: SPECIAL FUNDS

1. i) The Bank may take over the management of special funds intended to achieve the Bank's objectives and perform its functions in recipient and potential recipient countries. All expenses related to the management of any such special fund are attributed to this special fund.  (ii) For the purposes of subparagraph (i) The Board of Governors, at the request of a member of the Bank that is not a recipient country, may decide to consider such a member of the bank to meet the requirements of the potential recipient country for such a limited period of time and under such conditions as it may deem appropriate. The said decision is made by a majority vote of at least two thirds of the governors representing at least three quarters of the total number of votes held by the members of the Bank.  iii) A decision to consider a member of the Bank as meeting the requirements for the potential recipient country can be made only if the said member of the Bank is able to meet the requirements for the recipient country. The specified requirements are set out in Article 1 of this Agreement as amended at the time of making the said decision, or as amended after the entry into force of the amendment already approved by the Board of Directors at the time of making such a decision. iv) If the potential recipient country is not granted the status of a recipient country at the end of the time period specified in subparagraph ii), the Bank immediately stops conducting all special operations in that country, with the exception of those related to the process of organized sale, conservation and preservation of assets of the special fund, as well as settlements. for obligations related to these assets. 2. The funds of special funds received by the Bank may be used in recipient and potential recipient countries in any manner and on any terms consistent with the purpose and functions of the Bank, other applicable provisions of this Agreement, the agreement or agreements related to these funds. 3. The Bank shall establish the rules and regulations that it may require for the establishment, management and use of each special fund. These rules and regulations must comply with the provisions of this Agreement, with the exception of those provisions that specifically apply only to the Bank's ordinary operations." 2. The members of the EBRD are asked to indicate whether they accept the said amendment by a) issuing and depositing with the Bank a document certifying the acceptance of the said amendment by that member of the Bank in accordance with the laws of its country, and b) providing evidence in form and content satisfying the Bank of the acceptance of this amendment, as well as registration and depositing in accordance with the laws of that member of the Bank the document on the adoption of the said amendment. 3. The said amendment shall enter into force seven days after the Bank officially confirms to its members that the requirements for its adoption have been met, as provided for in Article 56 of the Agreement establishing the EBRD.

(Adopted on September 30, 2011)

RCPI's note! The following is the text of the amendment to the Agreement in English.

President

Republic of Kazakhstan

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