EXTERIOR TRADE Decree 1803/94 Centralize the Foreign Trade and Investment Bank S.A. (BICE) the administration of the export credit insurance system.

Bs. As., 13/10/94

VISTO the Act No. 20,299, as set out in Act No. 24,144 and Decrees No. 3145 of 24 April 1973, No. 798 of 12 March 1974, No. 2703 of 20 December 1991, No. 171 of 23 January 1992 and No. 1742 of 19 August 1993, and

CONSIDERING:

That Article 1 of Act No. 20,299 stipulates that the insurance regime for the operations of the Argentine exporting trade or related activities that may favor it, instituted by the National State and the guarantees established by that law, operate under the denomination of export credit insurance.

That such insurance covers the political, catastrophic and any other risks that are not covered by established insurance companies in the country by applying the current rules in the insurance market.

That pursuant to Act No. 20,299, Decree No. 3145 of 24 April 1973, Decree No. 798 of 12 March 1974 and Decree No. 1742 of 19 August 1993, the Authority for the Application of such a regime is currently the Secretary for Trade and Investment.

That the NATIONAL COMMISSION ON EXTERNAL FOLLOW-UPS AND GARANTIAS acts

as a necessary adviser to the Implementation Authority, and may submit to it any initiatives or opinions it deems appropriate.

That the above-mentioned Commission is chaired by the Authority of Application or by a delegate of its own and is composed of a representative and an alternate representative of the SECRETARIAT OF TRADE AND INVERSIONS, of the SECRETARIAT OF HACIENDA, of the MINISTERIO DE RELATIONS EXTERIORES, TRADE INTERNATIONAL AND CULTO, of the CENTRAL BANCO OF THE SEPERENTINA

That the NATIONAL INSTITUTE OF THE STATE SOCIEDY (INdeR), which was a member of the NATIONAL COMMISSION ON EXTERNAL SEGERS and GARANTIAS, was dissolved from 31 March 1992 pursuant to Decree No. 171 of 23 January 1992.

That under Act No. 24,144, which adopted the new Organic Charter of the BANCO CENTRAL OF THE ARGENTINA REPUBLIC, the Institution is not empowered to finance investment and foreign trade projects.

That the BANCO OF INVERSION AND EXTERIOR TRADE S.A. (BICE), in accordance with the provisions of its Social Statute and Decree No. 2703 of 20 December 1991, aims to finance investment projects and foreign trade businesses through the local first floor commercial banks.

That also the CENTRAL BANCO OF THE REPUBLIC ARGENTINA, in compliance with the National Government ' s foreign trade policy, transferred by the Convention on the Assignment of Rights of 26 August 1992 to the BANCO OF INVERSION AND EXTERIOR TRADE S.A. (BICE) the functions related to the financing of export operations.

That in that sense, it would be appropriate to incorporate the NATIONAL COMMISSION OF EXTERIOR S.A. INVERSION AND COMMERCY (BICE) into the NATIONAL COMMISSION OF EXTERNAL SEGUROS and GARANTIAS in replacement of the BANCO CENTRAL OF THE ARGENTINA REPUBLIC that has ceased to act on all topics related to the financing of Argentine foreign trade.

That in order to expedite export operations and maximize the use of technical resources, it is considered appropriate to centralize in the BANCO DE INVERSION and TRADE EXTERIOR S.A. (BICE) the administration of the export credit insurance regime, for which the Authority of Application will sign an administrative agreement with the authorities of that Bank authorizing it to establish the terms and conditions of the same and to delegate the authority of the Authority.

That for the management of the export credit insurance system entrusted to the BANCO OF INVERSION AND EXTERIOR TRADE S.A. (BICE), it is made creditor to a retribution that will be set by the Implementation Authority.

Considering the different risks covered by the current export credit insurance scheme, it has been considered appropriate to include new figures in line with the progress that has been made in other countries.

That the present measure is determined in the use of the powers conferred by Article 99, paragraph 1 of the NATIONAL CONSTITUTION.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 . Designate al BANCO de INVERSION AND TRADE EXTERIOR S.A. (BICE) as a member of the NATIONAL COMMISSION OF EXTERNAL SEGUROS AND GARANTIAS in replacement of the BANCO CENTRAL OF THE ARGENTINA REPUBLIC.

Art. 2o . Authorize the SECRETARIAT OF TRADE AND INVERSIONS of the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES, in its character as the Authority of Application of the regime of credit to export, to subscribe with the BANCO DE INVERSION AND TRADE EXTERIOR S.A. (BICE), which will act by account and order of that administration,

Art. 3o . Authorize the SECRETARIAT of TRADE and INVERSIONS to delegate to the BANCO of INVERSION and EXTERIOR TRADE S.A. the powers that fall within its character as the Authority of Application of the export credit insurance regime.

Art. 4o . Authorize the SECRETARIAT OF TRADE AND INVERSIONS of the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES, in its character as the Authority of Application of the regime of credit to export, to fix the retribution of the BANCO OF INVERSION AND EXTERIOR TRADE S.A. (BICE) for its management of the present Decree

Art. 5o El The BANCO OF INVERSION AND EXTERIOR TRADE S.A. (BICE) will replace the BANCO CENTRAL OF THE ARGENTINA REPUBLIC in the efforts to be made abroad for the squatters referred to in Article 10 of Decree No. 3145 of 24 April 1973.

Art. 6th de Incorporate as Article 1(h) of Decree No. 3145 of 24 April 1973, the following:

"(h) Undue enforcement of guarantees, lack or delay in the reinstatement of contract enforcement, supply maintenance and advances required by Argentine companies to participate in international public tenders, for reasons not attributable to the breach of contractual obligations by the Argentine company."

Art. 7o de Incorporate as Article 2(h) of Decree No. 3145 of 24 April 1973, the following,

"h) The losses caused by the undue enforcement of guarantees, lack or delay in the return of the channels of execution of contracts, maintenance of supply and advances that are required to Argentine companies to participate in international public tenders, for reasons not attributable to the breach of the contractual obligations assumed by the Argentine company, against the risks defined by Article 1 (h)".

Art. 8o Amend Article 4 of Decree No. 3145 of 24 April 1973 to read as follows:

"ARTICULO 4o El The export credit insurance system may, as a guarantee, cover the capital and interest credits that banks or financial institutions grant for the pre-financing and financing of or related export operations, in the opinion of the Implementing Authority."

Art. 9th -- Contact, post, give to the National Directorate of the Official Register and archvese. . MENEM. . Domingo F. Cavallo.