Board Resolution No. 056/2011

BOARD RESOLUTION NO. 056/2011 SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT - APPROVES FINANCING CHANNELING THROUGH CPCR-ALADI.

VISTOS: Law 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB). The BCB Statute approved by Board Resolution No. 128/2005 of October 21, 2005, and subsequent modifications. Supreme Decree No. 0774 of January 20, 2011. The "Financial Collaboration Contract through Discounting of Credit Instruments No. 10219991" signed on February 15, 2011, between the National Bank for Economic and Social Development, OAS Ltda. Construction Company, the Ministry of Development Planning, and the Bolivian Highway Administrator. Law No. 112 of May 7, 2011. The Report from the International Operations Management of the BCB-GOI-SOEXT-INF-2011-3 of May 11, 2011. The Report from the Legal Affairs Management of the BCB-GAL-INF-2011-174 of May 13, 2011.

CONSIDERING: That by Supreme Decree 0774 of January 20, 2011, the Minister of Development Planning was authorized to sign a Loan Contract with the Government of the Federative Republic of Brazil for the Villa Tunari – San Ignacio de Moxos highway project. That the Financial Collaboration Contract through Discounting of Credit Instruments No. 10219991 establishes the granting of financing for USD 332,000,000.-, with a payment term of 15 years and 3 years of grace, an interest rate of LIBOR for 60 months plus 1.3%, and a commitment commission of 0.5% annually on unused balances; to be paid through the redemption of promissory notes issued by the Ministry of Economy and Public Finance (MEFP) and channeled through the Reciprocal Payments and Credits Agreement of the Latin American Integration Association (CPCR-ALADI). That Law No. 112 of May 7, 2011, approves the signing of the aforementioned Contract, authorizes the MEFP to assume the repayment of the obligations of the Contract, leaving the BCB exempt from the application of Article 22 of Law No. 1670 of October 31, 1995.

//2. R.D. No. 056/2011 That the International Operations Management, according to Report BCB-GOI-SOEXT-INF-2011-3, recommends to the BCB Board the registration of the debt resulting from the aforementioned Contract through the CPCR-ALADI and the signing of the promissory notes as guarantor. That the Legal Affairs Management through Report BCB-GAL-INF-2011-174, states that the Board is empowered to authorize the registration of the debt resulting from the aforementioned Contract through the CPCR-ALADI and the signing of the promissory notes as guarantor.

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

Article 1.- Authorize the registration of the debt resulting from the Financial Collaboration Contract through Discounting of Credit Instruments No. 10219991 signed on February 15, 2011, between the National Bank for Economic and Social Development, OAS Ltda. Construction Company, the Ministry of Development Planning, and the Bolivian Highway Administrator, in the Reciprocal Payments and Credits Agreement of the Latin American Integration Association (CPCR-ALADI).

Article 2.- Authorize the signing, in the capacity of guarantor, of the promissory notes issued by the Ministry of Economy and Public Finance for the payment of obligations arising from the Contract referred to in Article 1 of this Resolution, which will be channeled for payment through the CPCR-ALADI.

Article 3.- In the framework of the Sole Article of Law No. 112, of May 7, 2011, and Article 25 of Law No. 1670, of October 31, 1995, the amounts debited in the CPCR-ALADI arising from the aforementioned Contract, will be debited from the accounts of the Ministry of Economy and Public Finance by instruction of this Ministry or, in its absence, automatically.

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

La Paz, May 17, 2011

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Marcelo Zabalaga Estrada

//3. R.D. No. 056/2011

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Rolando Marín Ibáñez Hugo Dorado Araníbar

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Gustavo Blacutt Alcalá Rafael Boyán Téllez