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1494

II SÉRIE — NÚMERO 80

Article 22 Limits of guarantee

a) Unless determined otherwise by the Council by special majority, the aggregate amount of contingent liabilities which may be assumed by the Agency under this chapter shall not exceed one hundred and fifty percent of the amount of the Agency's unimpaired subscribed capital and its reserves plus such portion of its reinsurance cover as the Board may determine. The Board shall from time to lime review the risk profile of the Agency's portfolio in the light of its experience with claims, degree of risk diversification, reinsurance cover and other relevant factors with a view to ascertaining whether changes in the maximum aggregate amount of contingent liabilities should be recommended to the Council. The maximum amount determined by the Council shall not under any curcumstances exceed five times the amount of the Agency's unimpaired subscribed capital, its reserves and such portion of its reinsurance cover as may be deemed appropriate.

b) Without prejudice to die general limit of guarantee referred to in section a) above, die Board may prescribe:

i) "Maximum aggregate amounts of contingent liability which may be assumed by the Agency under this chapter for all guarantees issued to investors of each individual member. In determining such maximum amounts, the Board shall give due consideration to the share of the respective member in the capital of the Agency and the need to apply more liberal limitations in respect of investments originating in developing member countries; and

if) Maximum aggregate amounts of contingent liability which may be assumed by uw Agency with respect to such risk diversification factors as individual projects, individual host countries and types of investment or risk.

Article 23

Investment promotion

a) The Agency shall carry out research, undertake activities to promote investment flows and disseminate information on investment opportunities in developing member countries, with a view to improving the environment for foreign investment flows to such countries. The Agency may, upon the request of a member, provide technical advice and assistance to improve the investment conditions in the territories of that member. In performing these activities, the Agency shall:

0 Be guided by relevant investment agreements among member countries;

if) Seek to remove impediments, in both developed and developing member countries, to die flow of investment to developing member countries; and

Hi) Coordinate with other agencies concerned with the promotion of foreign investment, and in particular die International Finance Corporation.

b) The Agency also shall:

0 Encourage the amicable settlement of disputes between investors and host countries;

if) Endeavor to conclude agreements with developing member countries, and in particular with prospective host countries, which will assure that the Agency, with respect to investment guaranteed by it, has treatment at least as favorable as that agreed by the member concerned for the most favored investment guarantee agency or State in an agreement relating to investment, such agreements to be approved by special majority of the Board; and

ii'i) Promote and facilitate die conclusion of agreements, among its members, on the promotion and protection of investments.

c) The Agency shall give particular attention in its promotional efforts to the importance of increasing the flow of investments among developing member countries.

Article 24

Guarantees of sponsored investments

In addition to the guarantee operations undertaken by the Agency under this chapter, the Agency may guarantee investments under the sponsorship arrangements provided for in annex I to this Convention.

CHAPTER IV Financial provisions

Article 25

Financial management

The Agency shall carry out its activities in accordance with sound business and prudent financial management practices with a view to maintaining under all circumstances its ability to meet its financial obligations.

Article 26 Premiums and fees

The Agency shall establish and periodically review the rates of premiums, fees and other charges, if any, applicable to each type of risk.

Article 27

AllocaUon of net income

a) Without prejudice to the provisions of section a), iif), of article 10, the Agency shall allocate net income to reserves until such reserves reach five times die subscribed capital of the Agency.

b) After the reserves of die Agency have reached the level prescribed in section a) above, the Council shall decide whether, and to what extent, the Agency's net

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