Regulatory Alerts1997-08-12 | Resolución 140/97Added · Updated
Resolution 140/97
The Board of Directors of the Central Bank of Bolivia authorizes the President to sign a subsidiary financing contract with Nacional Financiera Boliviana S.A.M. (NAFIBO) for the transfer of resources from the IDB credit line 939/SF-BO. This transfer must adhere to the same terms, conditions, payment methods, and purposes specified in the original loan contract between the Republic of Bolivia and the Inter-American Development Bank. The Presidency and General Management are charged with executing and complying with this resolution.
BOARD RESOLUTION NO. 140/97 SUBJECT: FINANCIAL SYSTEM - APPROVES TRANSFER OF IDB LINE 939/SF-BO IN FAVOR OF NAFIBO SAM, THROUGH A SUBSIDIARY FINANCING CONTRACT.
HAVING SEEN:
Law 1670 of October 31, 1995. The Statute of the Central Bank of Bolivia, approved by Board Resolution No. 082/97 of February 20, 1997. The IDB Credit Contract 939/SF-BO for US$ 70,000,000, signed between the Republic of Bolivia and the Inter-American Development Bank (IDB) on August 8, 1995, and its Amending Contract of November 22, 1996. The Subsidiary Agreement signed between the Republic of Bolivia and the BCB on November 28, 1996, and the Amending Agreement of March 31, 1997. The Report from the Financial System Management SEL No. 132/97 of August 1, 1997.
The Report from the Legal Advisory ALEG No. 110/97 of August 4, 1997.
CONSIDERING:
That Law 1670 of October 31, 1995, establishes that the BCB Board has the authority to issue norms and adopt general decisions necessary for the institution to fulfill the functions, competencies, and powers assigned to it by said legal provision.
That Article 14, paragraph p) of the BCB Statute, identifies as an authority of the Board the approval of inter-institutional agreements signed by the Bank.
That the IDB Credit Line 939/SF-BO, arising from the credit contract signed between the Republic of Bolivia and the Inter-American Development Bank on August 8, 1995, transferred to the BCB through a Subsidiary Agreement of November 28, 1996, establishes that the BCB, in its capacity as financial agent of the Government, must channel resources in favor of the Financial System Development Fund and Support for the Productive Sector (FONDESIF) and the Nacional Financiera Boliviana S.A.M. (NAFIBO).
That Clause 3.02, paragraph (b) (i) of the Amending Contract to the Loan Contract signed between the Republic of Bolivia and the IDB, determines that the BCB, in its capacity as Executing Agency, will sign a Subsidiary Agreement with NAFIBO for the transfer of resources from the credit and institutional strengthening components.
That the Legal Advisory Report ALEG No. 101/97, states that to comply with the Contract signed with the IDB, it is necessary for the BCB to sign the respective Agreement with NAFIBO, for which effect a draft Subsidiary Financing Agreement has been prepared.
That the Report from the Financial System Management SEL No. 132/97, recommends the approval of said Agreement, in order to concretize the transfer of resources from the Loan 939/SF-BO granted by the IDB to the Republic of Bolivia.
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Authorize the President of the BCB to sign the Subsidiary Financing Contract with the Nacional Financiera Boliviana S.A.M. for the transfer of resources from the IDB Line 939/SF-BO, under the same terms, conditions, payment method, and purposes specified in the Loan Contract signed between the Republic of Bolivia and the IDB.
Article 2.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
12.VIII.97
____________________ Juan Antonio Morales A.
Armando Pinell S. Jaime Ponce G.
Juan Medinacelli V. Fernando Campero P.
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