Board Resolution No. 042/2026

BOARD OF DIRECTORS BOARD RESOLUTION NO. 042/2026 SUBJECT: MONETARY OPERATIONS MANAGEMENT - APPROVE THE REPROGRAMMING OF THE EXTRAORDINARY LOAN CONTRACT SANO NO. 379/2012.

HAVING REVIEWED:

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 National Strategic Public Enterprises (EPNEs), within the framework of the General State Budget for management years 2010, 2011, 2012, 2013, 2014 and 2015, approved by Board Resolution No. 23/2011 of February 22, 2011, and its modifications.

The Statute of the BCB approved by Board Resolution No. 95/2022 of October 6, 2022.

The SANO Contract No. 379/2012 signed on December 27, 2012, and its subsequent modifications.

Administrative Resolution No. 27/2026 of March 17, 2026, from the San Buenaventura Sugar Company (EASBA).

Ministerial Resolution MDPRyA/DESPACHO/N° 223.2026 of March 31, 2026, from the Ministry of Productive Development, Rural Affairs and Water (MDPRyA).

Note EASBA/GG No. 234/2026 of April 2, 2026, from EASBA.

Report BCB-GOM-SOSP-DCE-INF-2026-16 of April 2, 2026, from the Monetary Operations Management (GOM).

Report BCB-GAL-SANO-DLBCI-INF-2026-81 of April 2, 2026, from the Legal Affairs Management (GAL).

CONSIDERING:

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 sub-paragraphs a) and q) of its article 54, it indicates that the attributions of the BCB Board of Directors include issuing regulations and adopting 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 said Law, and those that are necessary for the fulfillment of its functions.

That the aforementioned Law, in its articles 57 and 59 sub-paragraph 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. Likewise, it instructs the BCB and the companies to sign the respective addendums to instrument the modification of the conditions established in this provision.

That the Statute of the BCB in numerals 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 numerals 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 faculty.

That through Administrative Resolution No. 27/2026, the General Manager of EASBA approves the modification of Contract SANO No. 379/2012.

That Ministerial Resolution MDPRyA/DESPACHO/N° 223.2026 of March 31, 2026, from the MDPRyA, approves the request for reprogramming of Contract SANO No. 379/2012 and states that the Vice Ministry of Industrialization Policies - VPI will carry out the periodic evaluation and 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. 379/2012 and its subsequent modifications, attaching thereto, the Ministerial Resolution MDPRyA/DESPACHO/N° 223.2026, Administrative Resolution No. 27/2026 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-2026-16, 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 the periodic evaluation and monitoring of resource execution and compliance with the payment plan by competent instances necessary, as provided in Ministerial Resolution MDPRyA/DESPACHO/N° 223.2026, 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, 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. 379/2012, the exchange of guarantee bonds issued by the Ministry of Finance (MEFP) through the General Treasury (TGN) will proceed according to the new payment plan.

That GOM in the cited report recommends to the BCB Board of Directors 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 by 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 1.15% and the term at 31 years, considering that during this granted period, the Head Sector Ministry and pertinent instances will define the operational continuity and the future of the sugar company.

That through report BCB-GAL-SANO-DLBCI-INF-2026-81, GAL concludes that, from the legal analysis carried out and in attention to the background documents sent, it is determined that the reprogramming requested by EASBA has been approved by the MDPRyA as the Head Sector Ministry and technically analyzed by 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 sub-paragraphs a) and q) of article 54 of Law No. 1670 and numerals 1) and 49) of article 10 of the BCB Statute. Likewise, by virtue of what is provided in article 59 sub-paragraph e) of Law No. 1670 and article 34 numerals 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. 379/2012 for one year, the Board of Directors considers that said term is reasonable to allow 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. 379/2012 for the Granting of Extraordinary Credit under Concessional Conditions granted within the framework of article 19 of Law No. 211 of December 23, 2011, which approves the General State Budget (PGE)-2012, modifying numerals 6.3 and 6.4 of clause sixth as follows:

"6.3. Term. The CREDIT is granted for a term of thirty-one (31) years, computable from the first disbursement. The term includes a grace period for principal of fourteen (14) years and a grace period for interest of thirteen (13) years. The interest corresponding to the period from June 15, 2019 (inclusive) to June 14, 2027 will be honored in a single payment on June 14, 2027.

6.4. Current Interest. The amounts disbursed from the CREDIT accrued interest in favor of the BCB of zero point eighty-seven percent (0.87%) annual from June 14, 2013 to June 14, 2019. From June 15, 2019 (inclusive) to June 14, 2044, they will accrue an annual interest of one point fifteen percent (1.15%) in the following manner:

• In management 2018, accumulated interest from the first five years (2013-2018) was paid.
• In management 2019, the interest corresponding to that management was paid.
• In management 2027, the accumulated interest for the interest grace period will be paid.
• From management 2027 onwards, interest payments will be annual.

In the event that EASBA makes advance payments to principal, the BCB will only charge interest accrued on the outstanding balance.

The calculation of interest will be carried out taking into account the number of calendar days elapsed from the disbursement or disbursements and will take into account a year of three hundred sixty (360) days."

Article 2.- Authorize the Acting President of the BCB to sign the Modifying Contract to Contract SANO No. 379/2012 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 of this Resolution.

La Paz, April 2, 2026

David Iván Espinoza Torrico ACTING PRESIDENT

Claudia Haydee Pacheco Ayala ACTING DIRECTOR

Dennise Sussan Martin Alarcón ACTING DIRECTOR

Walter Fernando Orellana Rocha ACTING DIRECTOR

Alvaro Alfonso Romero Villavicencio ACTING DIRECTOR