INTERNATIONAL BODIES

Law 26,745

Approve the increase in the contribution of the Argentine Republic to the authorized capital of the Inter-American Development Bank. Sanctioned: May 16, 2012 Enacted in Fact: June 14, 2012

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

Article 1-Approve the increase in the contribution of the Argentine Republic to the authorized capital of the Inter-American Development Bank (IDB) in the sum of US dollars seven thousand five hundred and twenty-five hundred and sixty thousand two hundred Twenty-seven (U$S 7,525.760.227), destined to increase this capital together with the other member countries, in the sum of USD 70 billion (U$S 70,000,000,000), in accordance with the increase proposed in Resolution AG-7/10, "Annex A", which in authenticated copy forms part of this law as Annex I.

Article 2-The above increase will be represented by the subscription of six hundred and twenty-three thousand eight hundred and forty-nine (623,849) shares, of which fifteen thousand and fifty (15,150) shares will correspond to shares of capital Ordinary cash payable and six hundred and eight thousand six hundred and ninety nine (608,699) shares shall be shares of ordinary capital payable in accordance with the "Subscription Instrument Model", "Annex B", which in authenticated copy forms part of this law as Annex II.

ARTICLE 3-The payment of the fifteen thousand one hundred fifty (15,150) shares of ordinary capital payable in cash, worth up to US dollars one hundred and eighty two million seven hundred and sixty one thousand one (U$S 182.761.001) will be made in five (5) equal shares to be effective on 31 October 2011, 2012, 2013, 2014 and 2015, respectively, or on subsequent dates determined by the Executive Board of the Inter-American Development Bank (IDB) and taking into account that each quota must be paid within thirty (30) days of its respective date of effectiveness.

ARTICLE 4-The Inter-American Development Bank (IDB) may receive non-negotiable notes or similar securities, which do not accrue interest, in the form provided for in Section 4 of Article V of the Constitutional Convention of the aforementioned Bank, as a replacement the immediate payment of the total or any part of the subscription of shares of the ordinary capital payable in cash.

ARTICLE 5-Subscription of six hundred and eight thousand six hundred and ninety nine (608,699)

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(5) annual instalments, the first four (4) of the amount up to US dollars a thousand four hundred and sixty-eight million six hundred and two thousand two hundred and fifty-seven Ninety-four cents (U$S 1,468,602,257.94) each, and the fifth fee, for an amount of up to US dollars a thousand four hundred and sixty-eight million five hundred and ninety thousand one hundred and ninety-four with fifty-one cents (U$S 1.468.590.194.51) to be effective on 31 October 2011, 2012, 2013, 2014 and 2015, respectively, or on subsequent dates determined by the executive board of the Inter-American Development Bank (IDB).

Article 6-Approve the increase in the contribution of the Argentine Republic to the Fund for Special Operations of the Inter-American Development Bank (IDB) in the sum of up to US dollars twenty-six million seven hundred and seventy-nine thousand Four hundred and fifteen (U$S 26,779,415), intended to increase this Fund together with the other member countries, in the sum of four hundred and seventy-nine million US dollars (U$S 479,000,000), in line with the increase proposed in the " Model of Instrument of Contribution "," Annex C ", which in authenticated copy forms part of the present law as Annex III.

Article 7-The increase to the Fund for Special Operations will be carried out in five (5) annual instalments, each worth up to USD 5 million three hundred and fifty-five thousand eight hundred and eighty-three (U$S 5,355,883), which shall be effective on 31 October 2011, 2012, 2013, 2014 and 2015, respectively, or on subsequent dates determined by the Executive Board of the Inter-American Development Bank (IDB), taking into account that each quota shall be be paid within thirty (30) days following their respective date of effectiveness.

Article 8-The Inter-American Development Bank (IDB) may receive promissory notes or similar non-negotiable securities, which do not bear interest in the manner provided for in Section 4 of Article V of the Bank's Constitution, replacing the total immediate payment or any part of the country's contribution to each quota.

ARTICLE 9º-Authorize the Central Bank of the Republic of Argentina to make, in the name and on behalf of the Republic of Argentina, the contributions and subscriptions established by this law. The payment of each of the contributions shall be conditional on the total of the quotas prior to the authorized capital and the Fund for Special Operations falling due, the member countries having paid at least the percentage Article IV, Section 3 (f) of the Constitutional Convention of the Inter-American Development Bank (IDB).

ARTICLE 10. -In order to comply with the foregoing article, the Central Bank of the Argentine Republic may issue, in the name and on behalf of the Argentine Republic, the order of the Inter-American Development Bank (IDB), non-negotiable securities which shall not bear interest, payable in sight, which shall be delivered to that Bank in replacement of the cash contributions as indicated in the preceding articles of this law and in accordance with the terms of Article V, section 4, of the Inter-American Development Bank (IDB) Constitutive Convention.

ARTICLE 11. -In order to deal with the emerging payments of this law, the Central Bank of the Republic of Argentina must have the corresponding counterpart contributions that will be

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provided by the Finance Secretariat of the Ministry of Economy and Public Finance, prior to the inclusion of such an erogation in the general budget law of the national administration for the relevant financial years.

ARTICLE 12. -Contact the National Executive Branch. GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE SIXTEEN DAYS OF THE MONTH OF MAY OF THE YEAR TWO THOUSAND TWELVE. -REGISTERED UNDER NO. 26.745-JULIAN A. DOMINGUEZ. -BEATRIZ ROJKES OF ALPEROVICH. -Gervasio Bozzano. -Juan H. Estrada.

ANNEX I

Annex A DOCUMENT OF THE INTER-AMERICAN DEVELOPMENT BANK RESOLUTION AG-7/10 Report on the Ninth General Increase in Resources of the Inter-American Development Bank (IDB). Declaration of Cancun (Document AB-2728), thereby agreeing to continue with the Ninth General Increase of Resources of the Inter-American Development Bank and to take the necessary measures to this effect; prepared a technical document and the necessary legal instruments for such an increase, entitled "Report on the Ninth General Increase in Resources of the Inter-American Development Bank," Document AB-2764 (the "Report"); and That the Executive Board approved Resolution DE-42/10 determining that this Draft Resolution attached to the Report is subject to the consideration of the Board of Governors, by means of the procedure laid down in Section 5 of the General Rules of the Bank on voting without convening a meeting; the Board of Governors RESOLVES: 1. Approve the Report; such approval shall include the approval of the Recommendations defined in Chapter VII of the Report; 2. Recommend that the Member States take the necessary and appropriate actions to vote and give effect to resolutions substantially similar to the Draft Resolution Annexes to the Report; and 3. Urge the members of the Bank to vote on these draft resolutions and take the necessary measures to comply with the initiatives contained in the report, including an increase in the resources of the Ordinary Capital, of the Fund for Special Operations and the Non-Reimbursable Facility of the IDB, as soon as possible. Adopted on 21 July 2010

ANNEX II

Annex B MODEL OF SUBSCRIPTION INSTRUMENT To the Secretary of the Bank:

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I am pleased to inform you that Argentina, by this letter, subscribes to 63,849 shares of the Ordinary Capital of the Inter-American Development Bank (the "Bank"), consisting of 15,150 shares of Ordinary Capital payable in cash and 608,699 shares of Ordinary Capital payable, in accordance with the conditions set forth in the Draft Resolution entitled "Increase of $70 billion in the Authorized Ordinary Capital and the corresponding Subscription quotas", which is attached as Annex A to the Report contained in document AB-2764, approved by the Assembly of Governors by Resolution AG-7/10 of 21 July 2010. In addition, Argentina, by means of this letter, agrees to pay the sum of U$S 182.761.001, on account of its subscription to the Ordinary Capital payable in cash from the Bank, by five equal shares, each for an amount of U$S 36,552,200,11, which will be effective on 31 October 2011, 2012, 2013, 2014 and 2015, respectively, or on subsequent dates as determined by the Board of Executive Directors, and in accordance with the other conditions set out in the aforementioned Draft Resolution. Each of the quotas shall be paid within 30 days of the actual date corresponding to the quota. In the name and representation of Argentina, I note that all the necessary measures have been taken to authorize this subscription, and my commitment that Argentina will provide the Bank with any information it has to apply for this.

ANNEX III

Annex C MODEL OF INSTRUMENT OF CONTRIBUTION To the Secretary of the Bank: I am pleased to inform you that Argentina, by this letter, agrees to make a contribution from U$S 24.797.175 to the Fund for Special Operations of the Bank Inter-American Development (the "Bank"), in accordance with the conditions laid down in the Draft Resolution entitled "Increase of the Resources of the Fund for Special Operations and Contributions to the Fund", which is attached as Annex B to the Report contained in document AB-2764, adopted by the Assembly of Governors by the Resolution AG-7/10 of 21 July 2010.

Intently,

Amado Boudou

Governor of

Inter-American Development Bank of Argentina

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[INCLUDE ONE OF THE FOLLOWING TWO PARAGRAPHS] [The Contribution will be paid in a fee of U$S 24.797.175, which will be effective on the date corresponding to the first installment of the increase in the Fund for Special Operations, that is, on October 31 2011, or at a later date to be determined by the Executive Board, and in accordance with the other conditions outlined in the aforementioned Draft Resolution. The quota shall be paid within 30 days of the effective date of the quota.] .1 [The contribution shall be paid in five instalments of U$S 5,355,883 each, which shall be effective on 31 October 2011, 2012, 2013, 2014 and 2015, respectively, or on subsequent dates as determined by the Executive Board, and in accordance with the other conditions outlined in the aforementioned Draft Resolution. Each quota shall be paid within 30 days of the effective date of the corresponding quota.] .2 [INCLUDE THE FOLLOWING PARAGRAPH FOR AN ADVANCE CONTRIBUTION, IF APPLICABLE] [In accordance with paragraph 7.5 of the Report, Argentina shall make part or all of the contribution in the form of an Advance Contribution for a total amount of U$S __________3, in one or more payments, before the effective date of the first instalment (i.e. 31 October 2011, or the later date) determine the Executive Board). Without prejudice to the foregoing, the corresponding payment (s) to such Advance Contribution will be made (n) cash (s) at the time of its receipt by the Bank] .4 On behalf and representation of Argentina, it stated that all requirements have been met (a) the legal basis for the signing of this Contribution Instrument and the adoption of all the measures specified therein.

1 Include this paragraph if you choose to make a Contribution in a fee.

2 Include this paragraph if you choose to make a contribution in five installments.

3 If an Advance Contribution is chosen for an amount representing the entire amount of the

Contribution of Argentina in accordance with sub-paragraph (a) (i) of paragraph 7.5 of the Report, indicate U$S

24.797.175, or if an Advance Contribution is chosen for an amount representing the first

quota of the contribution of Argentina in accordance with sub-paragraph (a) (ii) of paragraph 7.5 of the report;

Indicate U$S 5,355,883.

Intently,

Amado Boudou

Governor of

Inter-American Development Bank of Argentina

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4 Include this paragraph if you choose to make a Advance Contribution in accordance with the paragraph

7.5 of the Report.

Date of publication: 21/06/2012

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