Regulatory Alerts1998-07-07 | Resolución 066/98Added · Updated
Board Resolution No. 066/98
The Board of Directors of the Central Bank of Bolivia authorizes the President to sign second modifications to the Subsidiary Agreements with the Republic and NAFIBO S.A.M. to transfer US$24,800,000 in unutilized Inter-American Development Bank (BID) loan resources from FONDESIF to NAFIBO. This transfer applies the same terms, conditions, and payment methods established in the original 1995 and 1996 loan contracts. The Presidency and General Management are tasked with executing and complying with this resolution.
BOARD RESOLUTION NO. 066/98 SUBJECT: FINANCIAL SYSTEM - APPROVES TRANSFER TO NAFIBO S.A.M. OF UNCHANNELLED RESOURCES FROM BID LOAN 939/SF-BO BY FONDESIF.
HAVING REVIEWED: Law No. 1682 of December 21, 1995. The Inter-American Development Bank (BID) Loan Contract 939/SF-BO, signed between the REPUBLIC and the Inter-American Development Bank on August 8, 1995. The Amending Contract between the REPUBLIC and the Inter-American Development Bank of November 22, 1996. The Subsidiary Agreement between the REPUBLIC and the Central Bank of Bolivia of November 28, 1996. The Subsidiary Agreement between the Central Bank of Bolivia and FONDESIF of December 3, 1996. The Amending Agreement to the Subsidiary Agreement of March 31, 1997, signed between the REPUBLIC and the Central Bank of Bolivia. Board Resolution of the BCB No. 140/97 of August 12, 1997. The Subsidiary Agreement of October 10, 1997, and the Amending Agreement of October 27, 1997, signed between the Central Bank of Bolivia and the Bolivian National Financial Corporation S.A.M. (NAFIBO). Note FSF-E-171/98 from the Financial System Development Fund and Support to the Productive Sector dated March 6, 1998. Note NFB 1407/98 from the Bolivian National Financial Corporation S.A.M. dated June 1, 1998.
Note COF/CBO/CA-2158/98 from the Inter-American Development Bank dated June 10, 1998. //2. B.R. No. 066/98 Report SEL No. 158/98 from the Financial System Management dated July 2, 1998. Report UAJUR No. 458/98 from the Legal Affairs Unit dated July 2, 1998.
CONSIDERING: That the Inter-American Development Bank (BID) Loan Contract 939/SF-BO, signed between the REPUBLIC and the Inter-American Development Bank on August 8, 1995, designates the Central Bank of Bolivia as the Executing Agency of the Loan.
That Clause 3.02 subsection b) - (i) of the Amending Contract to the Loan Contract signed with the BID determines that the Central Bank of Bolivia, in its capacity as executing agency, will sign a Subsidiary Agreement with NAFIBO S.A.M. for the transfer of resources from the credit and institutional strengthening components.
That by the Agreement of December 3, 1996, the Central Bank of Bolivia transferred part of the financing resources to FONDESIF, and the unused balance by said entity to date amounts to US$24,800,000.-
That the Vice Ministry of Treasury and Public Credit of the Ministry of Finance, through note G.G.C.P. 05-016 Off. 320/98 of April 30, 1998, has presented a proposal for the signing of the Second Amending Agreement to the Subsidiary Agreement.
That the Bolivian National Financial Corporation S.A.M., through note NFB 1407/98 of June 1, 1998, expresses its conformity and requests the signing of the aforementioned agreement between the Central Bank of Bolivia and NAFIBO S.A.M.
That the Inter-American Development Bank, through note COF/CBO/CA-2158/98
of June 10, 1998 addressed to NAFIBO, communicates its non-objection to the Second Amending Agreement to the Subsidiary Agreement to be signed between the REPUBLIC and the Central Bank of Bolivia.
That Article 14 subsection p) of the Statutes of the Central Bank of Bolivia states as an attribute of the Board the approval of inter-institutional agreements signed by the Bank. //3. B.R. No. 066/98 THEREFORE THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES: Article 1.- Authorize the President of the Central Bank of Bolivia to sign the Second Modifications to both the Subsidiary Agreement REPUBLIC - Central Bank of Bolivia of November 28, 1996, and the Subsidiary Financing Agreement Central Bank of Bolivia - NAFIBO S.A.M. of October 10, 1997, in order to execute the transfer to NAFIBO of the resources from the BID Line 939/SF-BO, not utilized by FONDESIF, under the same terms, conditions, and payment method, for the purposes established in the Loan Contract and the Amending Contract signed between the REPUBLIC of Bolivia and the Inter-American Development Bank on August 8, 1995, and November 22, 1996, respectively.
Article 2.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, July 7, 1998
Juan Antonio Morales A.
Armando Pinell S. Jaime Ponce G.
Fernando Campero P.
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