Board Resolution No. 87/2026

BOARD OF DIRECTORS
BOARD RESOLUTION NO. 87/2026
SUBJECT: MONETARY OPERATIONS MANAGEMENT - APPROVAL OF THE MODIFICATION OF THE EXTRAORDINARY LOAN CONTRACT SANO No. 116/2014 GRANTED TO THE NATIONAL ELECTRICITY COMPANY.

HAVING REVIEWED:
Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB) and its modifications.
The Regulation for the Approval of Credit to National Strategic Public Enterprises within the framework of the General State Budget - Management Years 2010, 2011, 2012, 2013, 2014 and 2015, approved by Board Resolution No. 23/2011 of February 22, 2011 and its modifications. The BCB Regulation for the Approval of Credits to National Strategic Public Enterprises within the framework of the General State Budget Laws, approved by Board Resolution No. 19/2016 of February 2, 2016. The Statute of the BCB, approved by Board Resolution No. 95/2022 of October 6, 2022. The Extraordinary Loan Contract under Concessional Conditions granted within the Framework of Laws No. 50, No. 62 and No. 455 (SANO No. 116/2014), signed on May 30, 2014 and its modifications. The note ENDE-DEEM-5/47-26 of May 18, 2026, from the National Electricity Company (ENDE). Board Resolution No. 11/2026 of April 28, 2026, issued by the Board of Directors of ENDE. Ministerial Resolution No. 116/2026 of June 16, 2026, issued by the Minister of Hydrocarbons and Energy (MHE). The report BCB-GOM-SOSP-DOSP-INF-2026-10 of June 18, 2026, from the Monetary Operations Management (GOM).

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The report BCB-GAL-SANO-DLBCI-INF-2026-154 of June 19, 2026, from the Legal Affairs Management (GAL).

CONSIDERING:
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 regulations of general application and internal rules; as well as establishing administrative, operational and financial strategies of the BCB, approving their respective short and medium-term programs.

That the aforementioned Law, in subsections a) and q) of its Article 54, indicates as attributions of the BCB Board of Directors, to issue regulations and adopt general decisions that may be necessary for the Issuing Entity to fulfill the functions, competencies and powers assigned to it by the Law and those indicated in the aforementioned Law and those that are necessary for the fulfillment of its functions. In its Articles 57 and 59 subsection e) it 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 the BCB Statute in subsections 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 may be 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 subsections 4) and 13) of 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 note ENDE-DEEM-5/47-26, ENDE requests the modification of Contract SANO No. 116/2014 of the Miguillas Hydroelectric Project, attaching Board Resolution No. 11/2026 of April 28, 2026 issued by the Board of Directors of ENDE and the notes ENDE-DEEM-5/44-26, Note ENDE-DEEM-5/45-26 and ENDE-DEEM-5/46-26 of May 18, 2026 through which ENDE communicates to the Ministry of Economy and Public Finance, Ministry of Planning of Development, Medium Environment and Water and to the Ministry of Hydrocarbons and Energy (MHE) the aforementioned resolution, in accordance with the Regulation for the Approval of Credit to National Strategic Public Enterprises within the framework of the General State Budget - Management Years 2010, 2011, 2012, 2013, 2014 and 2015 and the Regulation of the Central Bank of Bolivia for the Approval of Credits to National

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Strategic Public Enterprises within the framework of the General State Budget Laws.

That through Board Resolution No. 11/2026, the Board of Directors of ENDE approves the modification of the General Investment Plan and Disbursement Schedule of the Miguillas Hydroelectric Project and the extension of the disbursement deadline for Contract SANO No. 116/2014 and its modifying contracts.

That through Ministerial Resolution No. 116/2026, the Minister of Hydrocarbons and Energy resolves to approve the modification of the General Investment Plan and Disbursement Schedule of the "Miguillas Hydroelectric" Project and the extension of the disbursement deadline for Contract SANO No. 116/2014 and its modifying contracts.

CONSIDERING:
That through report BCB-GOM-SOSP-DOSP-INF-2026-10, the GOM, based on reports ENDE-IF-DEEM-4/3-26 and MHE-VMEER-DGER-INF/2026-0078, concludes that the request of ENDE aims to modify subsection 6.7 of Clause Sixth of Contract SANO No. 116/2014 and its modifying contracts, establishing as the new disbursement deadline December 31, 2026, in order to enable uncommitted resources destined mainly to construction works of the Miguillas Hydroelectric Project. The GOM, in merit of the information recorded in the aforementioned reports, states that the conclusion of the investment and operation stages of the project is scheduled for management year 2029 and that, once its operational stage begins, the projected flows will allow the repayment of the credit granted by the BCB. In consideration of these elements, it recommends the modification of the aforementioned subsection, keeping the other financial conditions of the credit unchanged.

That through report BCB-GAL-SANO-DLBCI-INF-2026-154, the GAL concludes that the modification of the disbursement deadline of Contract SANO No. 116/2014 and its modifying contracts until December 31, 2026, requested by ENDE, approved by the MHE and technically analyzed by the GOM, is legally viable as it does not violate the current legal framework, corresponding to the Board of Directors of the BCB its approval in accordance with what is established in subsections a) and q) of Article 54 of Law No. 1670 and subsections 1) and 49) of Article 10 of the BCB Statute. Likewise, by virtue of what is provided in Article 59 subsection e) of Law No. 1670 and Article 34 subsections 4) and 13) of the BCB Statute, it authorizes the Acting President of the BCB to sign the respective modifying contract.

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THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Approve the modification of the Extraordinary Loan Contract under Concessional Conditions granted within the Framework of Laws No. 50, No. 62 and No. 455 (SANO No. 116/2014) in favor of ENDE, in subsection 6.7 of clause sixth according to the following:

"6.7. Disbursement Deadline. The deadline to carry out disbursements and therefore to request the resources of the LOAN will be until December 31, 2026. The amount of the LOAN undrawn after the expiration of the deadline will be considered automatically decommitted from this Contract."

Article 2.- Authorize the Acting President of the BCB to sign the Modifying Contract to Contract SANO No. 116/2014 with ENDE and the MHE, under the terms established in this Resolution.

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

La Paz, June 23, 2026
David Iván Espinoza Torrico
ACTING PRESIDENT

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Claudia Haydee Pacheco Ayala
ACTING DIRECTOR
Walter Fernando Orellana Rocha
ACTING DIRECTOR
BOARD OF DIRECTORS
Dennise Sussan Martin Alarcón
ACTING DIRECTOR
Alvaro Alfonso Romero Villavicencio
ACTING DIRECTOR