BOARD OF DIRECTORS

BOARD RESOLUTION NO. 034/2025

SUBJECT: MONETARY OPERATIONS MANAGEMENT - MODIFY THE FINANCIAL CONDITIONS OF THE EXTRAORDINARY CREDIT CONTRACT SANO-DLBCI NO. 84/2016 AND ITS AMENDMENTS.

VIEWED:

• The Political Constitution of the State of February 7, 2009 (CPE).
• Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB) and its modifications.
• The Statute of the BCB approved by Board Resolution No. 095/2022 of October 6, 2022.
• The Regulations for Credits to National Strategic Public Enterprises within the framework of the General State Budget Laws approved by Board Resolution No. 019/2016 of February 2, 2016.
• Board Resolution No. 147/2016 of August 2, 2016, which approves the granting of an extraordinary credit in favor of the National Electric Company (ENDE).
• Board Resolution No. 117/2023 of August 22, 2023 of the BCB that extends the disbursement deadline.
• Board Resolution No. 037/2024 of March 12, 2024 of the BCB, which extends the disbursement deadline.
• Board Resolution No. 06/2025 of February 25, 2025, issued by the Board of Directors of the National Electric Company - ENDE.

---

//2. B.R. No. 034/2025

• The note with Cite: ENDE-GDEEM-2/15-25 of February 25, 2025, issued by the Presidency of ENDE.
• The report BCB-GOM-SOSP-DCE-INF-2025-23 of March 10, 2025 from the Monetary Operations Management (GOM).
• The report BCB-APEC-SMF-INF-2025-12 of March 10, 2025, issued by the Economic Policy Advisory (APEC).
• The report BCB-GAL-SANO-DLBCI-INF-2025-74 of March 10, 2025 from the Legal Affairs Management (GAL).

CONSIDERING:

• That the Political Constitution of the State (CPE) in numeral 6 of its Article 9 establishes that it is the aim and function of the State to promote and guarantee the responsible and planned use of natural resources, and to boost their industrialization, through development and the strengthening of the productive base in its different dimensions and levels.
• That the CPE in its Article 327 establishes that the Central Bank of Bolivia (BCB) is a public law institution, with legal personality and its own assets.
• That Article 44 of Law No. 1670 establishes that the highest authority of the BCB is its Board of Directors, which is responsible for defining its policies, specialized regulations of general application and internal rules; as well as establishing administrative, operational and financial strategies of the BCB, approving their respective short and medium-term programs.
• That subsections a) and j) of its Article 54 indicate as attributions of the BCB Board of Directors to issue regulations and adopt general decisions that are necessary for the Issuing Entity to fulfill the functions, competencies and powers assigned to it by the Law as well as to set the interest rate of the credits granted by the BCB and establish their other terms and conditions.

---

//3. B.R. No. 034/2025

• That Article 57 and subsection e) of Article 59 of Law No. 1670 establish that the President is the first executive authority of the BCB and exercises the legal representation of the BCB, without prejudice to the powers of delegation according to the Law.
• That the Statute of the BCB in numeral 1) of Article 10 establishes that the Board of Directors of the Issuing Entity has the attributions to approve general decisions and issue regulations that are necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law.
• That Paragraph II of Article 26 of the Statute determines that every project of Board Resolution must be motivated and justified by a technical report from the Management or Managements to which the subject matter of the Resolution corresponds and by a report from the Legal Affairs Management. These reports must be issued to the Board of Directors through the General Management with its recommendation.
• That the BCB Regulation for the Approval of Credit to National Strategic Public Enterprises within the framework of the General State Budget Laws, approved by Board Resolution No. 019/2016, aims to regulate the granting of credits by the BCB in favor of the NSPE.
• That Article 8 of the BCB Regulation for the Approval of Credit to National Strategic Public Enterprises within the Framework of the General State Budget Laws establishes that, upon receiving the conformity of the NSPE on the financial considerations, the BCB Board of Directors by Resolution will approve the granting of the credit, with the favorable vote of two thirds of its members present at the respective meeting. Likewise, it will authorize the President of the BCB to sign the respective contract.
• That Article 11 of the Central Bank of Bolivia Regulation for the Approval of Credit to National Strategic Public Enterprises within the Framework of the General State Budget Laws establishes that in the event that the Investment Plan or the disbursement schedule are subject to modification, the NSPE must accredit before the BCB the corresponding approval by its Highest Decision-Making Body through a Board or Administrative Resolution that must be sent to the MPD, MEFP and MCS.

---

//4. B.R. No. 034/2025

• That Board Resolution No. 147/2016 of August 2, 2016 and its modifications approve, within the framework of what is provided in Article 9 of Law No. 769, the granting of an extraordinary credit in favor of ENDE for an amount of Bs3,827,478,000.- (Three Thousand Eight Hundred Twenty-Seven Million Four Hundred Seventy-Eight 00/100 Bolivianos), establishing the financial conditions for such effect.
• That through note ENDE-GDEE-2/15-25, Board Resolution No. 06/2025 is brought to knowledge, through which the Board of Directors of ENDE approves the modification of the General Investment Plan and Disbursement Schedule of the “Ivirizu Hydroelectric Project”, as well as the extension of the Disbursement Deadline of the Credit Contract SANO-DLBI No. 84/2016 and its modifying contracts.
• That GOM through report BCB-GOM-SOSP-DCE-INF-2025-23, concludes that according to Board Resolution No. 147/2016 of the BCB, Contract SANO-DLBCI No. 84/2016, modifying contracts of the credit granted to ENDE for the “Ivirizu Hydroelectric” Project, the disbursement deadline is a financial condition of the credit and its modification does not imply changes in the financial structure of the credit and after a technical evaluation of the request, GOM concludes that there is technical viability to extend the disbursement deadline until November 30, 2026 and increase the interest rate for the aforementioned credit, therefore recommending to the BCB Board of Directors its approval.
• That APEC through report BCB-APEC-SMF-INF-2025-12, concludes that the modification of Contract SANO-DLBCI No. 84/2016 requested by ENDE reduces the BCB's GIN to the SPNF and the pressures on the RIN. However, in the event that the programmed disbursement is made and these resources are not invested by the company, the impact on the 2025 Monetary Program and on the PFF2025, would be the same. Therefore, the modification of the contract does not alter the execution of quantitative targets, since the deviation with respect to the programming would occur in any scenario, therefore recommending to the BCB Board of Directors to proceed with ENDE's request.

---

//5. B.R. No. 034/2025

• That GAL through report BCB-GAL-SANO-DLBCI-INF-2025-74, concludes that the modification of the financial conditions established in Board Resolution No. 147/2016 and its modifications, recorded in Contract SANO-DLBCI No. 84/2016 and its Modifying Contracts, are technically and legally viable in accordance with what is described in the technical reports and the legal report, therefore recommending to the BCB Board of Directors its approval, it being also viable to authorize the Acting President of the BCB to sign the Modifying Contract to Contract SANO-DLBCI No. 84/2016 and its modifying contracts, including the modifications to the financial conditions described.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Modify the disbursement deadline of the Extraordinary Credit granted in favor of the National Electric Company (ENDE) through Board Resolution No. 147/2016 of August 2, 2016 and its modifications, until November 30, 2026, destined for the “Ivirizu Hydroelectric” Project.

Article 2.- Increase the interest rate to 2.50% annually and maintain the rest of the financial conditions of the extraordinary credit granted, which were not reached by this Resolution.

Article 3.- Authorize the Acting President of the BCB to sign the corresponding Modifying Contract under the terms of this Resolution.

Article 4.- The Presidency and the General Management are in charge of compliance with this Resolution.

La Paz, March 11, 2025

SIGNED. ROGER EDWIN ROJAS ULO, Gumersindo Héctor Pino Guzmán, Miguel Angel Marañon Urquidi, Victor Gonzalo Calisaya Gomez.

“2025 BICENTENNIAL OF BOLIVIA”