Board Resolution No. 041/2026: Approval of the Reprogramming of Extraordinary Healthy Credit Contract No. 184/2011

BOARD OF DIRECTORS
BOARD RESOLUTION NO. 41/2026
SUBJECT: MONETARY OPERATIONS MANAGEMENT - APPROVAL OF THE REPROGRAMMING OF THE EXTRAORDINARY HEALTHY CREDIT CONTRACT NO. 184/2011

HAVING SEEN:
Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB) and its modifications.
Law No. 1705 of December 31, 2025, on the General State Budget - Management 2026.
The Regulation for the Approval of Credit(s) to NEPEs, within the framework of the General State Budget for the years 2010, 2011, 2012, 2013, 2014 and 2015, approved by Board Resolution No. 23/2011 of February 22, 2011, and its modifications.
The BCB Statute approved by Board Resolution No. 95/2022 of October 6, 2022.
The SANO Contract No. 184/2011 signed on May 18, 2011, and its subsequent modifications.
Administrative Resolution No. 29/2026 of March 19, 2026, from the San Buenaventura Sugar Company (EASBA).
Ministerial Resolution MDPRyA/DESPACHO/N° 222.2026 of March 31, 2026, from the Ministry of Productive Development, Rural Development and Water (MDPRyA).
Note EASBA/GG No. 234/2026 of April 2, 2026, from EASBA.
Report BCB-GOM-SOSP-DCE-INF-2026-15 of April 2, 2026, from the Monetary Operations Management (GOM).
Report BCB-GAL-SANO-DLBCI-INF-2026-80 of April 2, 2026, from the Legal Affairs Management (GAL).

CONSIDERING:

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112. B.R. No. 41/2026

That Law No. 1670 in its articles 1 and 44 establishes that the BCB is a state institution, of public law, autonomous in nature, of indefinite duration, with its own legal personality and assets, whose highest authority is its Board of Directors, which is responsible for defining its policies, specialized regulations of general application, and internal rules; as well as for establishing administrative, operational, and financial strategies for the BCB, approving their respective short and medium-term programs. In letters a) and q) of its article 54, it indicates 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 and those other provisions indicated in the said Law, and those that are necessary for the fulfillment of its functions.

That the aforementioned Law, in its articles 57 and 59 letter e), 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 Law No. 1705, which approves the General State Budget - Management 2026, in its article 9 authorizes the BCB to carry out the reprogramming of extraordinary credits granted under concessional conditions to National Strategic Public Enterprises, through Laws of the Plurinational State of Bolivia, based on the needs of each company and with the approval of the Head Sector Ministry, as applicable, maintaining the initial interest rate of the corresponding contracts. It also instructs the BCB and the companies to sign the respective addenda to instrument the modification of the conditions established in this provision.

That the BCB Statute in items 1) and 49) of its 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 and other attributions that are necessary for the fulfillment of its functions. In items 4) and 13) of its article 34, it determines that the President of the BCB has the attributions to exercise the legal representation of the BCB without prejudice to its powers of delegation and to sign contracts and agreements celebrated by the Bank, being able to expressly delegate this power.

That through Administrative Resolution No. 29/2026, the General Manager of EASBA approves the modification of Contract SANO No. 184/2011.

That through Ministerial Resolution MDPRyA/DESPACHO/N° 222.2026, the MDPRyA approves the request for reprogramming of Contract SANO No. 184/2011 and states that

BOARD OF DIRECTORS
//13. B.R. No. 41/2026

the Vice Ministry of Industrialization Policies - VPI will carry out the evaluation and periodic monitoring of the execution of resources and compliance with the payment plan.

That through note EASBA/GG No. 234/2026, EASBA requests the reprogramming of the extraordinary credit signed through Contract SANO No. 184/2011 and its subsequent modifications, attaching thereto, the Ministerial Resolution MDPRyA/DESPACHO/N° 222.2026, Administrative Resolution No. 29/2026 of March 19, 2026, from the General Management of EASBA, technical and legal reports, as well as other documentation for the signing of the Modifying Contract.

CONSIDERING:

That through report BCB-GOM-SOSP-DCE-INF-2026-15, the GOM concludes that from the technical-financial evaluation carried out, it is evident that EASBA faces a critical financial situation, showing that it does not have sufficient capacity to meet the debt service with the BCB in the short term, making it necessary to evaluate and periodically monitor the execution of resources and compliance with the payment plan by the competent instances as provided in Ministerial Resolution MDPRyA/DESPACHO/N° 222.2026 and that within the framework of article 9 of Law No. 1705, EASBA and the MDPRyA presented a request for an extension of one (1) year of the grace period for principal and interest, also maintaining the financial conditions of the credit. This request responds to the company's need to have a short-term margin that allows evaluating its viability and operational continuity considering its current financial situation and that with the modification of Contract SANO No. 184/2011, the swap of guarantee bonds issued by the MEFP through the TGN will proceed according to the new payment plan.

That the GOM in the aforementioned report recommends to the BCB Board of Directors to consider the request for modification of the financial conditions of the credit in favor of EASBA, approved by the Head Sector Ministry, which contemplates the exceptional extension of the grace period for one (1) year, which constitutes a temporary and limited measure that allows ordering the maturity profile in the short term, maintaining unchanged the interest rate at 0.88% and the term at 29 years, considering that during this granted period, the Head Sector Ministry and the pertinent instances will define the operational continuity and the future of the sugar company.

That through report BCB-GAL-SANO-DLBCI-INF-2026-80, the GAL concludes that, from the legal analysis carried out and in attention to the background sent, it is found that the reprogramming requested by EASBA has been approved by the MDPRyA as the Head Sector Ministry and technically analyzed by the GOM, therefore, it is legally viable as it does not violate the current legal framework, corresponding to the BCB Board of Directors to consider its approval in accordance with what is established in letters a) and q) of article 54 of Law No. 1670 and items 1) and 49) of article 10 of the BCB Statute. Likewise, by virtue of what is provided in article 59 letter e) of Law No. 1670 and article 34 items 4) and 13) of the BCB Statute, to authorize the Acting President of the BCB to sign the corresponding modifying contract.

That regarding the request presented by EASBA for the reprogramming of Contract SANO No. 184/2011 for one year, the Board considers that such term is reasonable to allow the competent instances to evaluate its viability and operational continuity considering its current financial situation.

THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES;

Article 1.- Approve the reprogramming of Contract SANO No. 184/2011 for the Granting of Extraordinary Credit under Concessional Conditions granted within the framework of article 9 of Law No. 50 of October 9, 2010, which modifies the General State Budget 2010, and article 14 of Law No. 62 of November 28, 2010, which approves the General State Budget 2011, modifying items 6.3 and 6.4 of clause sixth as follows:

"6.3. Term. The CREDIT is granted for a term of twenty-nine (29) years, calculated from the first disbursement. The term includes a grace period of fifteen (15) years for principal and interest maintaining the interest rate.
6.4. Current Interest. The amounts disbursed from the CREDIT
accrued interest in favor of the BCB of zero point eighty-five percent (0.85%) annually, from April 4, 2012 to April 4, 2018. From April 5, 2018 (inclusive) to April 4, 2041, they will accrue interest of zero point eighty eight percent (0.88%) annually.

• The interest accrued during the first fifteen (15) years will be paid in the
  15th year in a single payment. Thereafter, interest payments will be annual jointly with the principal".

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//15. B.R. No. 41/2026

Article 2.- Authorize the Acting President of the BCB to sign the Modifying Contract to Contract SANO No. 184/2011 with EASBA and the MDPRyA under the terms of this Resolution.

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

La Paz, April 2, 2026

David Iván Espinoza Torrico
ACTING PRESIDENT

Claudia Haydee Pacheco Ayala
ACTING DIRECTOR

Dennise Sussan Maitin Alarcón
ACTING DIRECTOR

Walter Fernando Orellana Rocha
ACTING DIRECTOR

Alvaro Alfonso Romero Villavicencio
ACTING DIRECTOR