BOARD OF DIRECTORS

BOARD RESOLUTION NO. 037/2024

SUBJECT: MONETARY OPERATIONS MANAGEMENT – MODIFY THE FINAL DISBURSEMENT DATE - NATIONAL ELECTRIC COMPANY (ENDE).

VIEWED:

• The Political Constitution of the State promulgated on February 7, 2009.
• 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.
• Board Resolution No. 019/2016 of February 2, 2016, issued by the BCB, which approves the Regulations for Credits to National Strategic Public Enterprises within the framework of the General State Budget Laws.
• Board Resolution No. 147/2016 of August 2, 2016, issued by the BCB.
• Board Resolution No. 117/2023 of August 22, 2023, of the BCB, which extends the final disbursement date.
• Board Resolution No. 002/2024 of February 20, 2024, issued by the Board of Directors of the National Electric Company - ENDE.
• The note with Cite: ENDE-DEEM-2/102-24 of February 21, 2023, issued by the Presidency of ENDE.
• Report BCB-GOM-SOSP-DCE-INF-2024-13 of March 7, 2024, from the Monetary Operations Management (GOM).
• Report BCB-GOM-SOSP-DCE-INF-2024-15 of March 8, 2024, from the GOM.

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Report BCB-GAL-SANO-DLBCI-INF-2024-80 of March 8, 2024, 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 end and function of the State to promote and guarantee the responsible and planned use of natural resources, and to boost their industrialization, through the development and strengthening of the productive base in its different dimensions and levels.
• That the CPE in its Article 327 establishes that the BCB is a public law institution, with legal personality and its own assets. Within the framework of the State's economic policy, it is the function of the BCB to maintain the stability of the internal purchasing power of the currency to contribute to economic and social development.
• 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 general application regulations, and internal norms; as well as for establishing administrative, operational, and financial strategies of the BCB, approving their respective short and medium-term programs.
• That subsection a) of Article 54 of Law No. 1670, indicates as attributions of the Board of Directors of the BCB to issue norms and adopt general decisions that are necessary for the Issuing Entity to fulfill the functions, competencies, and powers assigned by the Law.
• That Article 57 and subsection e) of Article 59 of Law No. 1670 establishes 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 the norms that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law.

# BOARD OF DIRECTORS

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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 Regulations of the Central Bank of Bolivia 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, has the object of regulating the granting of credits by the BCB in favor of the NSPE.

That Article 8 of the Regulations of the Central Bank of Bolivia for the Approval of Credit to National Strategic Public Enterprises within the Framework of the General State Budget Laws, establishes that, upon receiving the approval of the NSPE on the financial considerations, the Board of Directors of the BCB through 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 Regulations of the Central Bank of Bolivia for the Approval of Credit to National Strategic Public Enterprises within the Framework of the General State Budget Laws, establishes that in case 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.

That through Board Resolution No. 147/2016, within the framework of what is provided in Law No. 769 of the General State Budget – Management 2016 (PGE – 2016), the granting of an extraordinary concessional credit in favor of ENDE is approved, to finance the Ivirizu Hydroelectric Project.

That through note ENDE-DEEM-2/102-24, Board Resolution No. 002/2024 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

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Project”, as well as the extension of the Final Disbursement Date of Credit Contract SANO-DLBI No. 84/2016 and its modifying contracts until March 20, 2025.

That the GOM, through Technical Reports BCB-GOM-SOSP-DCE-INF-2024-13 and BCB-GOM-SOSP-DCE-INF-2024-15, concludes that ENDE's request to extend the final disbursement date for the “Ivirizu Hydroelectric Project”, until March 20, 2025, meets the technical requirements established in current regulations, therefore recommending that the Board of Directors of the BCB approve said request, prior to the criterion of the Legal Affairs Management.

That the GAL, through Report BCB-GAL-SANO-DLBCI-INF-2024-80, concludes that ENDE complied with the submission of the required documentation to request the modification of the final disbursement date described in the Regulations for Credits to National Strategic Public Enterprises within the framework of the General State Budget Laws approved by Board Resolution No. 19/2016 and Contract SANO-DLBCI-No. 84/2016; therefore, it recommends to the Board of Directors of the BCB its approval and consequently authorizes the President of the BCB to sign a modifying contract that extends the final disbursement date until March 20, 2025; since it does not violate current regulations.

**THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA,
RESOLVES:**

**Article 1.-** Modify the Final Disbursement Date of the Extraordinary Credit granted in favor of the National Electric Company through Board Resolution No. 147/2016 and its modification, until March 20, 2025, destined for the “Ivirizu Hydroelectric” project.

**Article 2.-** Ratify the other terms and conditions established in Board Resolution No. 147/2016 that are not contrary to what is stated in this Resolution.

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**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 the compliance of this Resolution.

La Paz, March 12, 2024

**SIGNED. ROGER EDWIN ROJAS ULO, Oscar Ferrufino Morro, Gabriel Herbas Camacho, Gumercindo Héctor Pino Guzmán, Diego Alejandro Pérez Cueto Eulert.**