INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

Law 26,868

Approve the provisions of Resolution No. 596/2009 "Greater Representation and Participation of the Developing Countries and in Transition". Sanctioned: June 5, 2013 Enacted: June 27, 2013

The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc., are sanctioned by law

ARTICLE 1 °-Approve the provisions of Resolution No. 596 dated January 30, 2009 of the Board of Governors of the INTERNATIONAL RECONSTRUCTION AND DEVELOPMENT BANK (IBRD) entitled " Greater Representation and Participation of Developing Countries and in Transition " whose authenticated copy forms part of this law as Annex I.

ARTICLE 2 °-Commune to the national executive branch.

GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, ON THE FIFTH DAY OF JUNE OF THE YEAR TWO THOUSAND THIRTEEN.

-REGISTERED UNDER NO 26,868-

BELOVED BOUDOU. -JULIAN A. DOMINGUEZ. -Gervasio Bozzano. -Juan H. Estrada.

ANNEX I INTERNATIONAL BANK FOR RECONSTRUCTION AND PROMOTION Resolution No 596 Greater representation and participation of developing countries and in transition CONSIDERING: That the Joint Ministerial Committee of the Bank and the Bank's Board of Governors Fund for the Transfer of Real Resources to Developing Countries (the Committee for Development), at its meeting in October 2008 examined proposals from the Bank's Executive Directors for a first stage of reforms aimed at increasing the representation and participation of developing and transition countries in the Bank Group World, and I urge that prompt action be taken to introduce these reforms; that the Executive Directors ' Report sets out the measures to be taken by the Board of Governors to approve the proposals, and that the Directors Executives have asked the Board of Governors to proceed to the vote on the

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Resolution without convening, in accordance with the provisions of Section 12 of the Bank's Rules of Procedure; THEREFORE, taking into account the recommendations and the aforementioned Report of the Executive Directors, the Board of Governors solves the following. (A) Increase in the number of basic votes. The Board of Governors resolves that: 1. Section 3 (a) of Article V of the Constitutional Convention of the Bank shall be amended as follows: Section 3. The votes " (a) The number of votes of each member shall be equal to the sum of the basic votes plus the share votes. (i) The number of basic votes for each member shall be that resulting from the distribution, in equal parts of all members, of 5,55% of the total votes of all members, stipulating that there may be no fractions of basic votes. (ii) The number of votes for each member shall be the number of votes for each share of the capital in its power. " 2. The said amendment shall apply to all members three months after the date on which the The Bank certifies, by an official communication to all the members, that the three fifths of the members, representing 85% of the total votes, have accepted the amendment. (B) Allocation of shares. The Board of Governors resolves that, in accordance with Section 3 (b) of Article II of the Bank's Constitutive Convention, the Bank is authorized to accept additional subscriptions of shares in its capital, subject to the The following conditions shall apply: 1. All the members of the Bank listed below may subscribe to a number of the Bank's capital shares not exceeding the following:

Member Country Maximum number of shares

Argentina 269

Brazil 708

China 1,036

Indonesia 185

India 1,036

Iran, Islamic Republic of 434

Korea, Republic of 209

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2. All subscriptions authorized in accordance with the provisions of paragraph 1 above shall be

do in the following terms and conditions:

(a) The subscription price per share shall be at par;

(b) No member may take any action until the said amendment has entered into force.

in Part A of this Resolution, and

(c) All members may make subscriptions within six months of the entry into force of the

effect of such an amendment, or until the date after the expiry of that time limit which the Directors

Executives may determine, up to one year after the date of entry into force.

3. The Bank shall declare 2% and 18% of the subscriptions made in accordance with this

Resolution only where necessary to comply with the Bank's obligations by way of

funds taken on loan or loans secured by it, and not for use in its activities

credit or to cover administrative costs.

4. Before subscribing to the shares of the Bank authorized in paragraph 1 above, any member authorized to

to make additional subscriptions to the International Development Association under the terms of the

replenishment of the resources adopted by the Board of Governors of the Association prior to the

Fifteenth replenishment of the resources of the Association must have completed these subscriptions

additional; it is stipulated that this requirement does not apply to the additional subscriptions of members

were contributing members under any of those resolutions relating to the replacement of the

resources.

5. Before any subscription is accepted by the Bank, the following shall be adopted:

Kuwait 136

Mexico 294

Nigeria 119

Poland 69

Russian Federation 1,036

Saudi Arabia 1,036

South Africa 142

Ukraine 69

Venezuela, Bolivarian Republic of 339

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(i) the member must have taken all the measures necessary to authorise the

subscription and provide the Bank with all the information it may request, and (ii) the

Member shall have made the payments provided for in paragraph 4 above.

6. After the expiry of the time limit for the subscription set out in paragraph 2 (c) above, the shares

subscription has been authorised in accordance with the provisions of paragraph 1 above and which have not

subscribed to be part of the capital by authorized and unallocated shares of the Bank.

(C) Increase in the number of Executive Directors-elect. The Board of Governors resolves that, in order to

that the countries of Africa to the south of the Sahara members of the Bank are represented by three Directors

Executives:

1. In accordance with the provisions of Section 4 (b) of Article V of the Constitutional Convention of the Bank, the

number of Executive Directors-elect will be raised to twenty (20) in the regular election of Directors

Executives in 2010.

2. If the Executive Directors, at the request of those Member States, consider it appropriate to act

before, the Executive Directors shall inform the Board of Governors for approval of a mechanism

to add an Executive Director for the interim period ending on 31 October 2010.

(Adopted on 30 January 2009)

Date of publication: 28/06/2013

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