28 DE MAIO DE 1994

819

Por Portugal:

Manuel Franca e Silva,' director-geral do Tesouro, Ministerio das Finanças.

Por El Salvador:

Miguel A. Salaverria, embajador de El Salvador ante el Gobierno de los Estados Unidos de América.

Por España:

José Aranzadi Martínez, Ministro de Industria, Comercio y Turismo de España.

For the United States of America:

Nicolas Brady, secretary of the Treasury of the United States of America.

Por Uruguay:

Eduardo MacGuillicuddy, embajador de Uruguay ante el Gobierno de los Estados Unidos de América.

Por Venezuela:

Simón A. Consalvi, embajador de Venezuela ante el Gobierno de los Estados Unidos de América.

Por el Banco Interamericano de Desarrollo: For the Inter-American Development Bank: Pelo Banco Interamericano de Desenvolvimento: Pour la Banque Interaméricaine de développement:

Enrique V. Iglesias, Presidente.

AGREEMENT FOR THE ADMINISTRATION OF THE MULTILATERAL INVESTMENT FUND

Whereas, many leaders in Latin America and the Caribbean have embraced market-based economic reform, recognized the need to reduce external debt burdens to manageable levels and recognized the need for liberalized investment regimes;

Whereas, the need to attract private capital is critical to the economic development of the countries of Latin America and the Caribbean, and investment reform is needed to stimulate foreign and domestic investment in these countries;

Whereas, a group of members of the Inter-American Development Bank (hereinafter referred to as the «Bank») have agreed to establish a multilateral fund (hereinafter referred to as the «Fund») in the Bank as a transitional measure to assist in investment reform pursuant to the Agreement Establishing the Multilateral Investment Fund (hereinafter referred to as the «Fund Agreement»);

Whereas, such members, as prospective donors listed in schedule A of the Fund Agreement (each considered a «donor» on adherence to the Fund Agreement and so referred to hereinafter) have adopted the Fund Agreement on 11 February 1992;

Whereas, the Fund can provide critical resources to supplement and complement the activities of the Inter-

American Development Bank, the Inter-American Investment Corporation and other multilateral development banks, to provide support for their policies and their initiatives to promote investment reform and stimulate in particular the activities of micro-enterprises;

Whereas, the Bank, to fulfill its purposes and in pursuit of its objectives, has agreed to administer the Fund pursuant to and in accordance with the Fund Agreement;

Therefore, the Bank and the donors have agreed as follows:

ARTICLE 1 General

The Bank shall administer the Fund in accordance with the Fund Agreement and provide depositary and other services in connection with that Agreement.

ARTICLE 2 Administration of the Fund

Section 1

Administration of the Three Facilities and the Small Enterprise Investment Fund

The Bank shall administer the Technical Cooperation Facility, the Human Resources Facility, the Small Enterprise Development Facility, and shall administer the Small Enterprise investment Fund, pursuant to the Fund Agreement.

Section 2 Operations

a) In administering the Fund, the Bank shall undertake the following duties:

i) To develop, prepare and propose operations to be financed with the resources available under each of the Facilities of the Fund;

ii) To prepare memoranda on proposed activities for the committee established under article 4 of the Fund Agreement (hereinafter referred to as the «Donors Committee») to transmit not less than every quarter to the Board of Executive Directors for its information;

Hi) To present proposals for specific operations to the Donors Committee for final approval;

iv) To execute or arrange for the execution of all operations approved by the Donors Committee; and

v) To administer the accounts of the Fund, including investment of funds as specified in article 4, section 1, c), hereof.

b) The Bank may request that the Inter-American Investment Corporation administer or execute operations or individual programs when those operations and programs fall within the capabilities and expertise of the Corporation.

c) The secretary of the Bank shall be secretary of the Donors Committee and shall provide secretariat services, facilities and other support services to facilitate the work of the Donors Committee. In that capacity the secretary shall also call meetings of the Donors Committee, and at a minimum of fourteen days prior to a meeting, shall distribute