Financial Fund For The Development Of The Basin Of The Silver-Silver Basin-Raising Of Capital Resources

Original Language Title: FONDO FINANCIERO PARA EL DESARROLLO DE LA CUENCA DEL PLATA FONPLATA - AUMENTO DE RECURSOS DE CAPITAL

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image start infoleg site The Ministry of Justice and Human Rights
FINANCIAL FUND FOR THE DEVELOPMENT OF THE SILVER BASIN

Law 27371

Increased resources. Approval.

The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc.

Law:

Article 1 °-Approve the increase of capital resources of the Financial Fund for the Development of the Silver Basin-Fonsilver-in accordance with resolution AG-154/2016 dated January 28, 2016 of the Assembly of Governors of the aforementioned background which in authenticated copy forms an integral part of this law as Annex I.

ARTICLE 2 °-Approve the contribution referred to in Article 1 of this Law, in accordance with the provisions of Article 3 of resolution AG-154/2016 of the Assembly of Governors, which shall be represented by a total of US dollars Four hundred and fifty-eight million three hundred and thirty-three thousand three hundred and thirty-four with fifty cents (u 458,333,334.50), of which US dollars two hundred and seventy-five million one (u 275,000,001) correspond The capital required and US dollars one hundred and eighty three million three hundred Thirty-three thousand three hundred and thirty-three with fifty cents (u 183,333,333.50) correspond to the cash-integrated capital, which will be paid in consecutive annual instalments no later than 31 October of each year from 2018 and up to the year 2024 inclusive.

ARTICLE 3-Authorize the Central Bank of the Republic of Argentina to make, in the name and on behalf of the Argentine Republic, the contributions established by this law.

Article 4 °-In order to meet the emerging commitments of this law, the Central Bank of the Argentine Republic must have the corresponding counterpart contributions to be provided by the Secretariat of Finance of the Ministry of Finance and Public Finance, prior to the inclusion of such an issue in the general budget law of the National Administration for the relevant financial years.

ARTICLE 5 °-Commune to the national executive branch.

GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE THIRTY-ONE DAY OF THE MONTH OF MAY OF THE YEAR TWO THOUSAND SEVENTEEN.

-REGISTERED UNDER NO 27371-

MARTA G. MICHELETTI. -EMILIO MONZO. -Eugenio Inchausti. -Juan P. Tunessi.

NOTE: The Annex/s that integrates this (a) Law are published in the web edition of the BORA -www.boletinofficial.gob.ar-and can also be consulted in the Central Headquarters of this National Directorate (Suipacha 767-Autonomous City of Buenos Aires).

City of Buenos Aires, 23 June 2017

Under the terms of Article 80 of the National Constitution, I certify that Law No. 27,371 (IF-2017-12023922-APN-SSRFI#MF) sanctioned by the HONORABLE CONGRESS OF THE NATION on May 31, 2017, has been enacted in fact on the 22nd day of June 2017.

For your publication to the National Directorate of the Official Register, give a copy to the HONORABLE CONGRESS OF THE NATION and, for your knowledge and other effects, refer to the MINISTRY OF FINANCE. Compliment, file. -Pablo Clusellas.

ê 26/06/2017 N ° 44700/17 v. 26/06/2017

( Note Infoleg: The Annexes referred to in this Standard have been extracted from the Official Gazette web edition.)

ANNEX I

FONPLATA

FINANCIAL FUND FOR THE DEVELOPMENT OF THE SILVER BASIN

14a EXTRAORDINARY ASSEMBLY OF GOVERNORS

January 28, 2016

Buenos Aires, Argentina

A.G. 154/2016

RESOLUTION A.G. N ° 154/2016

SECOND PHASE OF THE REPLACEMENT OF

FONSILVER CAPITAL. APPROVAL.

THE ASSEMBLY OF GOVERNORS,

VISTO:
The Constitutive Convention, the FONPLATA Regulation, the

Resolution of the Assembly of Governors A.G. 138/2013 and

provided for in the Minutes of the 13th Annual Meeting of the Assembly;
WHEREAS: That in the framework of the implementation of the new Management Model

Institutional of FON PLATA, and according to the guidelines of the

Institutional Strategic Plan (PEI), it is necessary to provide

increased financial strength to the Agency to increase its capacity

to lend in a sustainable way, and to attend to it!

estimated demand from the member countries for operations to be

financed by the Fund

That in the 11th Extraordinary Meeting of! to Assembly of

Governors, of 20 June 2013, approved the first phase

the increase in the capital resources of FONPLATA according to the

conditions laid down in the minutes of the said meeting, and

raised the need to carry out an assessment at three years ' time

started the process of capital integration in order to analyse the

requirements for additional capital increases of the Fund

to meet the goals set by the Governors.

That in its 13th Annual Meeting the Assembly of Governors

expressed the commitment to promote actions to strengthen

to maintain and increase the ability to provide

meet the growing demand for financing from the countries

The Committee on the European Parliament's Committee of the European

capital replenishment of FONPLATA, having entrusted the

Executive Presidency the preparation of the draft resolution for

consider such capital replenishment, considering the consultations

made to the Member States that were timely

shared with the Executive Directors.

That in order to substantiate this resolution, the Presidency

Executive prepared the document of " Proposal for the Second

2017 Capital Replenishment Phase, which was presented to the

Executive Board in its 146 a Meeting.

That the Governors shared the need to continue

supporting the process of strengthening FONPLATA as

Agile, close and efficient instrument to accompany them

development agendas of the Member States.


ATENTO: As reported by the Executive Board,

RESOLVES

1 ° Approve the second phase of replenishment of the subscribed capital of FON PLATA provided for in Article 5 of the Constitutive Convention, in the amount of US$ 1,375,000,000 (thousand three hundred and seventy-five million US dollars).


2 ° The subscription of the second replenishment of capital resources by the amount indicated in the previous article shall be carried out as follows:

(i) Integrated capital payable in cash (CIEJ in the amount of US$ 550,000,000 (five hundred and fifty million U.S. dollars); and

(i) Capital payable (EC) in the amount of USS 825,000,000 (eight hundred and twenty-five million US dollars), in accordance with Resolution A.G.E. 11-14/79,

The annual contributions of the integrated capital payable in cash shall be made within a maximum period of 7 (seven) years counted from 2018, and the required capital commitment shall be made in a single fee in the year 2017,

3. The contributions of the aforementioned capital resources shall be distributed among the member countries in accordance with Table I and according to the schedule of integration presented in Tables II and III:

Table I: Distribution of Capital Amounts by Country (In dollars)

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Table II: Plan of Integration and Commitment of Capital Amounts (In dollars)

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Table III: Cronogram of Integration of Capital Amounts by Country (In dollars)

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4 ° The increase in capital provided in this replenishment will be made through subscription instruments that include the respective contribution commitment established in each case.

The subscription instruments will be granted in accordance with the requirements of the respective national legal systems to confirm the obligation of the member countries to contribute to the capital of the Fund, considering the amounts of the contributions of the cash-integrated capital and the capital required by Articles 2o and 3or of this Resolution. These instruments will be deposited in FONPLATA.

5 ° The increase in capital approved in this replenishment shall take effect within ten months of the date of this Resolution, provided that the member countries have deposited in FONPLATA the instruments of subscription with the respective contribution commitment for the securities referred to in Articles 2 and 3.

Subscription instumments deposited at the latest on the date of entry into force of the capital increase may extend the ability to provide e FONPLATA from that moment on, and those that are deposited after the same will be able to expand it from the respective dates of deposit in the Fund.

The extension of the lending capacity of FONPLATA will be subject to the provisions of the Fund's Financial Policies.

Cash-integrated capital contributions will be paid no later than 31 October of each year from 2018 and up to the year 2024 Inclusive, or on subsequent dates as determined by the Executive Board. If requested by any country, the Executive Board may approve the integration of the contributions in cash for the years 2018 and 2019 is carried out in a single payment until 31 October 2019.

6 ° Encomendar a! Executive Board to carry out regular monitoring of the contributions of capital committed by the member countries, and of the process of implementation of the strategy associated with the use of the same.

The Board should inform the Board of Governors on the state of use of capital contributions in two moments: (i) in the year 2020 for the purpose of reviewing the results of the second phase of replenishment and the possibility of eventual capital increases of the Fund, and (i) at the end of the Capital contributions.

IF-2017-12023922-APN-SSRFI#MF