Board Resolution No. 073/2025

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D I R E C T O R I O

BOARD RESOLUTION NO. 073/2025

SUBJECT: MONETARY OPERATIONS MANAGEMENT – BOARD RESOLUTION NO. 034/2025 OF MARCH 11, 2025.

VIEWED:

The Political Constitution of the State (CPE) of February 7, 2009.

Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB) and its modifications.

Law No. 2341 of April 23, 2002 on Administrative Procedure.

Board Resolution No. 147/2016 of August 2, 2016 approving the Granting of an Extraordinary Credit in favor of the National Electric Company (ENDE).

The Regulation of Credits to National Strategic Public Enterprises within the framework of the General State Budget Laws approved by Board Resolution No. 019/2016 of February 2, 2016.

The Statute of the BCB approved by Board Resolution No. 095/2022 of October 6, 2022.

Board Resolution No. 034/2025 of March 11, 2025.

The report BCB-GOM-SOSP-DCE-INF-2025-42 of May 30, 2025 from the Monetary Operations Management (GOM).

The report BCB-GAL-SANO-DLBCI-INF-2025-171 of June 2, 2025 from the Legal Affairs Management (GAL).

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//2. B.R. No. 073/2025

D I R E C T O R I O

CONSIDERING:

That Article 327 of the Political Constitution of the State establishes that the BCB is a public law institution, with legal personality and its own assets.

That Article 1 of Law No. 1670 establishes that the BCB is an institution of the State, of public law, of an autarkic nature, of indefinite duration, with legal personality and its own assets and with legal domicile in the city of La Paz. It is the sole monetary and exchange authority of the country, with administrative, technical, and financial competence and specialized normative faculties of general application, in the manner and with the scope established in this Law.

That Article 44 of Law No. 1670 establishes that the highest authority of the BCB is its Board of Directors, which is responsible for defining its policies, specialized norms of general application, and internal rules; as well as for establishing administrative, operational, and financial strategies of the BCB, approving their respective short and medium-term programs.

That subsections a) and j) of its Article 54 indicate as attributions of the Board of Directors of the BCB to issue norms and adopt general decisions that are necessary for the issuing entity to fulfill the functions, competencies, and faculties assigned to it by the Law, as well as to set the interest rate of the credits granted by the BCB and establish its other terms and conditions.

That Articles 19 to 21 of Law No. 2341 regulate the method of calculation of time periods and terms of the Public Administration.

That Article 28 of Law No. 2341 enumerates the essential elements of the administrative act, among which are the Board Resolutions of the BCB.

That Article 32 of Law No. 2341 establishes that acts of the public administration are presumed valid and produce effects from the date of their notification or publication.

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D I R E C T O R I O

That Board Resolution No. 147/2016 of August 2, 2016 and its modifications approve, within the framework of what is provided in Article 9 of Law No. 769, the Granting of an Extraordinary Credit in favor of ENDE for an amount of Bs3,827,478,000.- (Three Billion Eight Hundred Twenty-Seven Million Four Hundred Seventy-Eight 00/100 Bolivianos), establishing the financial conditions for such effect.

That Board Resolution No. 019/2016 of February 2, 2016 approves the Regulation of Credits to National Strategic Public Enterprises within the Framework of the General State Budget Laws.

That the Statute of the BCB in numeral 1) of its Article 10 establishes that the Board of Directors of the Issuing Entity has the attributions to approve general decisions and issue the norms that are necessary for the BCB to fulfill the functions, competencies, and faculties assigned to it by the Law.

That Articles 24 and 26 of the Statute of the BCB determine that every project of Board Resolution must be motivated and justified by a technical report from the Management or Managements to which the subject matter of the Resolution corresponds and by a report from the Legal Affairs Management. These reports must be issued to the Board of Directors through the General Management with its recommendation.

That Board Resolution No. 034/2025 establishes in its Articles 1, 2, and 3 the modification of the deadline for Disbursements of the Extraordinary Credit granted in favor of the National Electric Company (ENDE) via Board Resolution No. 147/2016 of August 2, 2016 and its modifications, until November 30, 2026, destined for the “Ivirizú Hydroelectric Project”, the increase in the interest rate to 2.50% annually, maintaining the rest of the financial conditions of the extraordinary credit granted and the authorization to the Acting President of the BCB to sign the corresponding Modifying Contract under the terms of the cited Resolution.

That the GOM through the report BCB-GOM-SOSP-DCE-INF-2025-42, concludes that the modifying contract SANO-DLBCI No. 5/2025 through which the deadline for disbursements was extended and the interest rate increase of the credit destined for the

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D I R E C T O R I O

“Ivirizú Hydroelectric Project”, in compliance with Board Resolution No. 034/2025, was not signed by the National Electric Company (ENDE) nor by the Ministry of Hydrocarbons and Energies (MHE), for which reason it recommends to the Board of Directors of the BCB to apply Clause Sixth of Contract SANO-DLBCI No. 84/2016 and its modifications.

That the GAL through report BCB-GAL-SANO-DLBCI-INF-2025-171, concludes that the requests made by ENDE through notes ENDE-DEEM-3/47/25; ENDE-GDEE-3/12-25; ENDE-GDEE-3/15/-25, and ENDE-DEEM-4/78/25 of March 20, March 31, and May 13, 2025 result in contradiction with the Board Resolution of ENDE No. 06/2025 of February 25, 2025 and Board Resolution No. 034/2025 of March 11, 2025, and therefore are inappropriate. Likewise, ENDE, by not having appealed the Board Resolution No. 034/2025 of March 11, 2025 through the revocation appeal provided for in Article 55 of Law No. 1670, caused it to become final and unreviewable. For all these reasons, although Board Resolution No. 034/2025 of the BCB complies with all legal requirements for its issuance, the lack of signature of the Modifying Contract SANO-DLBCI No. 5/2025 has prevented its materialization, generating the unbinding of the credit resource balances emerging from Contract SANO-DLBCI No. 84/2016 and its modifications. Therefore, it brings to the knowledge of the Board of Directors the non-compliance by ENDE regarding the signature of the Modifying Contract and recommends that this collegiate body proceed as established in Clause Sixth of Contract No. SANO-DLBCI No. 84/2016 and its modifications, given that such determination is technically and legally viable as described in the technical report and the present legal report.

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

Article 1.- Establish that the National Electric Company (ENDE) has not signed to date the Modifying Contract SANO-DLBCI No. 5/2025 dated March 20, 2025.

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D I R E C T O R I O

Article 2.- Proceed in accordance with what is established in Clause Sixth of Contract No. SANO-DLBCI No. 84/2016 and its modifications.

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

La Paz, June 3, 2025

SIGNED. ROGER EDWIN ROJAS ULO, Gumercindo Héctor Pino Guzmán, Miguel Angel Marañon Urquidi, Victor Gonzalo Calisaya Gomez.

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