(b) All loan agreements shall indicate the currency(ies) in which payments are to be made to the Bank under the contract. However, at the choice of the borrowers, such payments may be made in gold or, subject to the consent of the bank, in the currency of a member not provided for in the contract. This agreement reflects the World Bank Group`s growing involvement in the Pacific, with similar agreements signed in other countries in the sub-region in recent years. The World Bank Group also has a South Pacific hub in Suva, as well as offices in Funafuti, Nuku`alofa, Apia, Honiara, Port Moresby, Port Vila, and Tarawa with a Planned North Pacific office in the Federated States of Micronesia. The agreement was signed today by Tongan Finance Minister Tevita Lavemaau, World Bank Regional Vice President for East Asia and the Pacific Victoria Kwakwa and IFC Vice President for Asia and the Pacific Alfonso Garcia Mora. “A vibrant private sector is essential to economic growth. The signing of the agreement with Azerbaijan comes at a time when the country is taking steps to ensure that the private sector promotes economic diversification. IFC is committed to continuing to support sustainable growth in Azerbaijan by helping to harness the power of the private sector,” said Wiebke Schloemer, IFC Deputy Vice President for Europe, Latin America and the Caribbean. “This agreement allows us to deepen our partnership and support to Tonga to recover from the effects of COVID-19 and build long-term resilience to climate and health emergencies.
(i) Any amount due to the Government for its shares shall be retained for as long as the Government, its central bank or any of its agencies remains liable to the Bank as borrower or guarantor and such amount may be applied to such liabilities at maturity, at the option of the Bank. No amount may be withheld because of the Government`s liability arising from its subscription of shares in accordance with Article II, Section 5 (ii). In any event, no amount due to a member for his shares shall be paid until six months after the day on which the Government ceases to be a member. (i) Where the member in whose territory the project is located is not itself the borrower, the member or the central bank or a comparable body of the member acceptable to the Bank, it guarantees in full the repayment of the principal and the payment of interest and other charges on the loan. (ii) The Bank is satisfied that, under prevailing market conditions, the Borrower would not be able to obtain the Loan otherwise on such terms as it deems appropriate for the Borrower. (iii) a committee responsible referred to in Article V, Section 7, after careful consideration of the merits of the proposal, has submitted a written report recommending the draft; (iv) The Bank considers that the interest rate and other costs are reasonable and correspond to the project, the costs and the schedule for repayment of the principal; (v) when granting or guaranteeing a loan, the Bank shall take due account of the prospects that the borrower and, if the borrower is not a member, the guarantor will be able to meet its obligations under the loan; and the Bank shall act prudently both in the interest of the member in whose territory the project is located and in the interest of all members. (vi) By guaranteeing a loan from other investors, the bank receives adequate compensation for its risk. (vii) Loans granted or guaranteed by the Bank shall, except in special circumstances, be used for certain reconstruction or development projects. (a) An Advisory Board of at least seven persons, chosen by the Board of Governors, comprising representatives of banking, commercial, industrial, labour and agricultural interests, shall be established and represented with the widest possible level of national representation. In areas where there are specialized international organizations, the members of the Council representative of those fields shall be chosen in agreement with those organizations. The Board advises the Bank on policy issues. The Board shall meet annually and on such other occasions as the Bank may request.
Each member may only do business with the bank through its treasury, central bank, stabilization fund or other similar tax authority, and the bank will only negotiate with its members through or through the same agencies. “Our partnership with the World Bank has completed Azerbaijan`s incredible transition from a low-income country to a donor from the International Development Association, the part of the World Bank Group that helps the world`s poorest countries,” said Ali Asadov, Prime Minister of Azerbaijan. “This agreement will help build on those successes. “The signing of this agreement comes at a critical time as the country faces significant impacts from the COVID-19 pandemic, and we look forward to deepening our engagement with Tonga and expanding the already strong partnership,” said Alfonso Garcia Mora, IFC Vice President for Asia and the Pacific. (a) Each Member shall designate its central bank as the depositary of all the Bank`s assets in its currency or, if it does not have a central bank, designate the other institution acceptable to the Bank; You clicked on a link to a page that is not part of the beta version of the new worldbank.org. Before we leave, we`d love to hear your feedback about your experience while you`re here. Do you take two minutes to complete a short survey that will help us improve our website? The ICSID Convention was established by a multilateral agreement and entered into force on October 14, 1966. Thank you for participating in this survey! Your feedback is very helpful to us as we work to improve the functionality of the website on worldbank.org. Each of the World Bank Group organizations operates according to the procedures set out in its Articles of Association or equivalent government document. These documents describe the conditions of membership and the general principles of organization, management and operation.
Thank you for agreeing to provide us with your comments on the new version of worldbank.org; Your response will help us improve our website. (a) In an emergency, Directors may temporarily suspend operations relating to new loans and guarantees until the Governing Council has an opportunity to continue its review and take action. (i) In the case of loans granted in accordance with section 1 (a)(i), loan agreements shall provide that payments to the Bank shall take the form of interest, other charges and repayments in the currency borrowed, unless the Member whose currency is borrowed agrees that such payments shall be made in one or more other specified currencies. Subject to Article II(9)(c), such payments shall be equal to the value of those contractual payments at the time the loan is granted in a currency determined by the Bank by a three-quarters majority of the total voting rights for that purpose.c) Copies of all reports, declarations and publications prepared under this Section shall be distributed to Members. (b) The Bank may establish branches or branches in the territory of a member of the Bank. (c) Payment of shares repurchased by the Bank under this Section shall be subject to the following conditions: (i) The Bank may, at its sole discretion, enter into agreements with the Member concerned to accept service payments for the loan in the Member`s currency for periods not exceeding three years under reasonable conditions for the use of that currency and the maintenance of its exchange rate; and for the redemption of this currency on reasonable terms. .