Central Bank of Bolivia

Board of Directors

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BOARD RESOLUTION NO. 040/2017

SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT - APPROVES THE CONSTITUTION OF THE TRUST WITH SEDEM AND AUTHORIZES THE PRESIDENT OF THE BCB TO SIGN THE TRUST CONSTITUTION CONTRACT.

VIEWED:

• Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB).
• The Statute of the BCB approved by Board Resolution No. 128/2005 of October 21, 2005, and subsequent modifications.
• Supreme Decree No. 2978 of November 16, 2016.
• The Contract for the Acquisition of Goods in Foreign Territory for the Implementation of a Dairy Processing Plant in the Cochabamba Tropics, signed on March 10, 2017, between SEDEM and Sout Machine Company of Iran.
• The SEDEM/GG/2017-0073 note of March 16, 2017.
• The Report of the International Operations Management BCB-GOI-INF-2017-2 of March 16, 2017.
• The Report of the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2017-58 of March 17, 2017.

CONSIDERING:

• That according to article 29, subsection f) of Law No. 1670, the Central Bank of Bolivia may carry out trust operations.
• That the Service for the Development of Productive Public Enterprises, through note SEDEM/GG/2017-0073, has requested the BCB to constitute a Trust to comply with what is established in the "Contract for the Acquisition of Goods in Foreign Territory for the Implementation of a Dairy Processing Plant in the Cochabamba Tropics," signed on March 10, 2017, between SEDEM and Sout Machine Company of Iran.
• That the International Operations Management, through Report BCB-GOI-INF-2017-2, recommends to the Institution's Board of Directors to authorize the constitution of the Trust with SEDEM and authorize the President of the BCB to sign the Trust Constitution Contract.

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//2. B.R. No. 040/2017

That according to what is expressed in Report BCB-GAL-SANO-DLBCI-INF-2017-58, in the opinion of the Legal Affairs Management, there is no legal impediment for the Board of Directors to consider the authorization of the constitution of the Trust with SEDEM and to authorize the President of the BCB to sign the aforementioned Contract.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Authorize the constitution of a Trust with the Service for the Development of Productive Public Enterprises (SEDEM), as Settlor, for an amount of USD 3,297,000.-.

Article 2.- Authorize the President of the BCB to sign the Trust Constitution Contract with SEDEM.

Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.

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La Paz, March 21, 2017

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Signatures:

Luis Baudoin Olea
Ronald Polo Rivero
Abraham Pérez Alandia
Sergio Velarde Vera