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may be increased, up to 250% of the Bank’s unimpaired subscribed capital, reserves and retained earnings

included in its ordinary resources.

2. The amount of the Bank’s disbursed equity investments shall not at any time exceed an amount

corresponding to its total unimpaired paid-in subscribed capital and general reserves.

Article 13 Operating Principles

The operations of the Bank shall be conducted in accordance with the principles set out below.

1. The Bank shall be guided by sound banking principles in its operations.

2. The operations of the Bank shall provide principally for the financing of specific projects or specific

investment programs, for equity investment, and for technical assistance in accordance with Article 15.

3. The Bank shall not finance any undertaking in the territory of a member if that member objects to such

financing.

4. The Bank shall ensure that each of its operations complies with the Bank’s operational and financial

policies, including without limitation, policies addressing environmental and social impacts.

5. In considering an application for financing, the Bank shall pay due regard to the ability of the recipient to

obtain financing or facilities elsewhere on terms and conditions that the Bank considers reasonable for the

recipient, taking into account all pertinent factors.

6. In providing or guaranteeing financing, the Bank shall pay due regard to the prospects that the recipient

and guarantor, if any, will be in a position to meet their obligations under the financing contract.

7. In providing or guaranteeing financing, the financial terms, such as rate of interest and other charges and

the schedule for repayment of principal shall be such as are, in the opinion of the Bank, appropriate for the

financing concerned and the risk to the Bank.

8. The Bank shall place no restriction upon the procurement of goods and services from any country from the

proceeds of any financing undertaken in the ordinary or special operations of the Bank.

9. The Bank shall take the necessary measures to ensure that the proceeds of any financing provided,

guaranteed or participated in by the Bank are used only for the purposes for which the financing was granted and

with due attention to considerations of economy and efficiency.

10. The Bank shall pay due regard to the desirability of avoiding a disproportionate amount of its resources

being used for the benefit of any member.

11. The Bank shall seek to maintain reasonable diversification in its investments in equity capital. In its equity

investments, the Bank shall not assume responsibility for managing any entity or enterprise in which it has an

investment and shall not seek a controlling interest in the entity or enterprise concerned, except where necessary

to safeguard the investment of the Bank.

Article 14 Terms and Conditions for Financing

1. In the case of loans made or participated in or loans guaranteed by the Bank, the contract shall establish,

in conformity with the operating principles set forth in Article 13 and subject to the other provisions of this

Agreement, the terms and conditions for the loan or the guarantee concerned. In setting such terms and

conditions, the Bank shall take fully into account the need to safeguard its income and financial position.

2. Where the recipient of loans or guarantees of loans is not itself a member, the Bank may, when it deems

it advisable, require that the member in whose territory the project concerned is to be carried out, or a public

agency or any instrumentality of that member acceptable to the Bank, guarantee the repayment of the principal

and the payment of interest and other charges on the loan in accordance with the terms thereof.

3. The amount of any equity investment shall not exceed such percentage of the equity capital of the entity

or enterprise concerned as permitted under policies approved by the Board of Directors.

4. The Bank may provide financing in its operations in the currency of the country concerned, in accordance

with policies that minimize currency risk.

Article 15 Technical Assistance

1. The Bank may provide technical advice and assistance and other similar forms of assistance which serve

its purpose and come within its functions.