9 DE MARÇO DE 1991

898-(125)

if) To mobilize domestic and foreign capital and experienced management to the end described in 0;

«0 To foster productive investment, including in the service and financial sectors, and in related infrastructure where that is necessary to support private and entrepreneurial initiative, thereby assisting in making a competitive environment and raising productivity, the standard of living and conditions of labour;

iv) To provide technical assistance for the preparation, financing and implementation of relevant projects, whether individual or in the context of specific investment programmes;

v) To stimulate and encourage the development of capita] markets;

vi) To give support to sound and economically viable projects involving more than one recipient member country;

vii) To promote in the full range of its activities environmentally sound and sustainable development; and

viii) To undertake such other activities and provide such other services as may further these functions.

2 — In carrying out the functions referred to in paragraph 1 of this article, the Bank shall work in close cooperation with all its members and, in such manner as it may deem appropriate within the terms of this Agreement, with the International Monetary Fund, the International Bank for Reconstruction and Development, the International Finance Corporation, the Multilateral Investment Guarantee Agency, and the Organisation for Economic Cooperation and Development, and shall cooperate with the United Nations and its Specialised Agencies and other related bodies, and any entity, whether public or private, concerned with the economic development of, and investment in, Central and Eastern European countries.

Article 3 Membership

1 — Membership int the Bank shall be open:

0 To (1) European countries and (2) non-European countries which are members of the International Monetary Fund; and

if) To the European Economic Community and the European Investment Bank.

2 — Countries eligible for membership under paragraph 1 of this article, which do not become members in accordance with article 61 of this Agreement, may be admitted, under such terms and conditions as the Bank may determine, to membership in the Bank upon the affirmative vote of not less than two-thirds of the governors, representing not less than three-fourths of the total voting power of the members.

CHAPTER II Capital

Article 4 Authorized capital stock

1 — The original authorized capital stock shall be ten thousand million (10,000,000,000) ECU. It shall be divided into one million (1,000,000) shares, having a par value of ten thousand (10,000) ECU each, which shall be available for subscription only by members in accordance with the provisions of article 5 of this Agreement.

2 — The original capital stock shall be divided into paid-in shares and callable shares. The initial total aggregate par value of paid-in shares shall be three thousand million (3,000,000,000) ECU.

3 — The authorized capital stock may be increased at such time and under such terms as may seem advisable, by a vote of not less than two-thirds of the governors, representing not less than three-fourths of the total voting power of the members.

Article 5 Subscription of shares

1 — Each member shall subscribe to shares of the capital stock of the Bank, subject to fulfilment of the member's legal requirements. Each subscription to the original authorized capital stock shall be for paid-in shares and callable shares in the proportion of three (3) to seven (7). The initial number of shares available to be subscribed to by signatories to this Agreement which become members in accordance with article 61 of this Agreement shall be that set forth in annex A. No member shall have an initial subscription of less than one hundred (100) shares.

2 — The initial number of shares to be subscribed to by countries which are admitted to membership in accordance with paragraph 2 of article 3 of this Agreement shall be determined by the board of governors; provided, however, that no such subscription shall be authorized which would have the effect of reducing the percentage of capital stock held by countries which are members of the European Economic Community, together with the European Economic Community and the European Investment Bank, below the majority of the total subscribed capital stock.

3 — The board of governors shall at intervals of not more than five (5) years review the capital stock of the Bank. In case of an increase in the authorized capital stock, each member shall have a reasonable opportunity to subscribe, under such uniform terms and conditions as the board of governors shall determine, to a proportion of the increase in stock equivalent to the proportion which its stock subscribed bears to the total subscribed capital stock immediately prior to such increase. No member shall be obliged to subscribe to any part of an increase of capital stock.

4 — Subject to the provisions of paragraph 3 of this article, the board of governors, may, at the request of