The Saeima has adopted and the President promulgated the following laws: For the Government of the Republic of Latvia and the Government of the Arab Republic of Egypt on the promotion and protection of investments 1. 1997. April 24 Cairo signed by the Government of the Republic of Latvia and the Government of the Arab Republic of Egypt on the promotion and protection of investment (hereinafter contract) with this law is adopted and approved. 2. article. The law shall enter into force on the date of its promulgation. To put the contract in law Latvian and English. 3. article. The agreement shall enter into force for the period specified in article 11 and in order, and on the Ministry of Foreign Affairs notified the newspaper "journal". The Parliament adopted the Act of 12 June 1997. The President of the Parliament instead of the President a. perfected in Riga, 26 June 1997, the Government of the Republic of Latvia and the Government of the Arab Republic of Egypt on the promotion and protection of investments the Government of the Republic of Latvia and the Government of the Arab Republic of Egypt, hereinafter referred to as the ' contracting parties ', desirous of creating favourable conditions for the expansion of mutual economic cooperation, and particularly investment of one Contracting Party in the territory of the other Contracting Party, recognizing that such an investment promotion and protection between the cause and the economic stimulus initiatives welfare boom in both Contracting Parties have agreed as follows : article 1 definitions for the purposes of this agreement, 1. The term "investment" means every kind of asset, which any one of the Contracting Parties, the natural or legal person, including the Government, has invested in the territory of the other Contracting Party in accordance with this other party rules and regulations. Without prejudice to this, the universality of the term "investment" especially, but not exclusively, are included: (a) movable and immovable property, and any property rights in rem in rem, such as mortgages, guarantees and pledge, the right to benefit from the use of property belonging to another with no damage to it and similar rights; (b) joint stock company, shares, promissory note or other bezsegum rights or participation in a company; (c) legitimate claims to money or to any performance under the economic value associated with an investment; (d) intellectual property rights, including copyright, trademark, trademarks, patents, industrial design, technology, non-patented practical knowledge of specific, legitimate rights of trade and successful business results in an added value; (e) any right conferred by law or under contract, and any statutory licenses and permissions, including concessions on natural resources prospecting, extraction, cultivation and use. The change of the form in which assets are invested does not affect their character as investments. 2. The term "investor" means any one of the Contracting Parties the natural or legal person, including a Government that invests in the territory of the other Contracting Party: (a) "natural person" in relation to one or other contracting party means the natural person who, in accordance with the legislation of the party concerned, that party is a national; (b) "legal person" in relation to one or other Contracting Party shall mean any legal person incorporated or constituted under the law of the party concerned and the permanent location is located in the territory of one of the Contracting Parties. 3. The term "income" refers to income from the definition above and the corresponding investment in particular, but not exclusively, profits, dividends and interest income on equity sales, royalties and fees. 4. The term "territory" means for each Contracting Party's land territory and territorial waters, as well as the special economic zone and the continental shelf extending beyond each Contracting Party, the limits of territorial waters and over which they exercise jurisdiction and sovereign rights in accordance with international law. Article 2 promotion and PROTECTION of investments 1 Each Contracting Party shall encourage and create the other Contracting Parties by investors of favourable conditions to invest capital in its own territory, as well as adopt the capital in accordance with their own law to implement the law. 2. Each Contracting Party, investments of investors of the other Contracting Party in the territory always apply fair and equitable treatment, and they must guarantee adequate protection and security. No Contracting Party to the unjustified or discriminatory enforcement efforts do not in any way be harmful effects on its territory of the other Contracting Party of the investor contribution to the management, maintenance, use, or transfer. 3. If necessary, the Contracting Parties shall periodically consult between themselves about the possibilities to invest in each other's territory in different economic sectors, in order to determine exactly which contributions would bring the biggest benefit to the common interest of both Contracting Parties. Article 3 treatment of INVESTMENTS 1. investors of one Contracting Party for investment in the territory of the other Contracting Party, as well as the income gained from them are applied, which is fair and equitable and not less favorable than that accorded to the investors of any third State investments. 2. Each Contracting Party shall in its territory of the other Contracting Party granted investors the mode of their investment management, use, or transfer that is fair and equitable and not less favorable than that accorded to any third country investors. 3. the arrangements outlined above does not apply to any benefits or privileges which either Contracting Party has granted a third country investors, based on the participation of the Contracting Parties to the Customs Union, common market, free trade areas or similar international economic agreement, or on the basis of that Contracting Party and a third country an agreement which wholly or mainly apply to taxation, or based on other forms of regional cooperation. 4. Article 1 of the compensation of one Contracting Party whose investments to investors in the territory of the other Contracting Party suffer losses owing to war or other armed conflict, revolution, State of national emergency, revolt, revolt or public peace or order problems in the territory of the other Contracting Party, the other Contracting Party the treatment as regards restitution, indemnification, compensation or other settlement, no less favourable than that which it that the other Contracting Party shall grant any third country investors. Any payment that is made in accordance with this article, is an immediate, adequate, effective and freely transferable without delay in freely convertible currency. 2. Without prejudice to paragraph 1 of this article, those investors of one Contracting Party who are in any of the cases referred to in this paragraph, suffers a loss in the territory of the other Contracting Party, which are caused by: (a) its armed forces or the national authorities implement their requisition of property, (b) its armed forces or the national authorities in the implementation of their property destruction that has taken place as a result of combat or necessity did not detect situations need , is to be granted fair and adequate compensation to restitution for damages suffered during the requisition or destruction of property. The following payments are freely transferable without delay in freely convertible currency. Article 5 expropriation 1. an investor of one Contracting Party for investments in the territory of the other Contracting Party are not nacionalizējam, ekspropriējam or nationalization or expropriation subject to equivalent measures (hereinafter referred to as "expropriation"), except when it is done in the public interest. Expropriation is implemented in due legal procedures without discrimination, and at the same time it is implemented the provisions on immediate, adequate and effective compensation. This compensation must correspond to the market value of the expropriated investment which was immediately before the expropriation or before the moment was openly announced the impending expropriation according to which of these two measures was implemented first, and it is included on the normal commercial rate of interest calculated on the time since the date of expropriation, it shall be payable immediately, it must be effectively realizable and freely transferable in freely convertible currency. 2. in accordance with the law of the Contracting Party, which carried out the expropriation, victim of the investor is entitled to immediate Court that party organs or other independent institutions in the realization of his hearing and his assessment of the investment according to the principles defined in this article. Article 6 transfers 1. each Contracting Party, as regards the investments in its territory, the other Contracting Party granting investors the right to free transport of these investments the resulting income and other payments associated with them, including in particular, but not limited to, the following: (a) investment income, as defined in article 1; (b) in article 4 and 5 for remuneration; (c) income from investments the total or partial sale or liquidation; (d) wages, salaries and other compensation received by those nationals of one Contracting Party which, in accordance with the applicable laws and regulations, in the territory of the other Contracting Party has got the investment-related work permits; (e) capital and additional amounts needed to maintain or increase the investment; (f) loan repayment features. 2. Transfers shall be made immediately, the meaning of this agreement freely convertible foreign currencies, exchange rates must conform to the dominant commercial rate in force on the date of the transfer to current transactions, unless otherwise agreed. Article 7 rights of claim 1. If one Contracting Party or its designated agency makes a payment to its investors under a guarantee against non-commercial risks, which it has granted to an investment in the territory of the other Contracting Party, the other Contracting Party shall recognize: (a)) of any such rights or claims of the investors, either by law or on the basis of the conducted legal business, the first Contracting Party or its designated agency and (b)) that the first Contracting Party or its designated agency is entitled to claim the right to take ownership, to implement these rights and legitimate investors forced to realize their demands, and that it accepts the obligations on investment. 2. Take the rights or claims must not exceed the original investors rights and requirements. Article 8 investment-related disputes (1) any dispute that may arise between the Contracting Party and an investor of the other Contracting Party, this investor investment decision-making party submitted written notification containing detailed information and such is possible in the dispute to be resolved by compromise. 2. If the six months referred to in paragraph 1 with a written notice of the date of this way of resolving a dispute is not possible, then at the request of the investor (his choice will be decisive) it may be submitted either: (a) the competent courts of the Contracting Party in whose territory the investment is made, or (b) the international investment-related disputes (ICSID) of the Centre, created on the basis of 18 March 1965 in Washington signed the Convention on the settlement of disputes that have arisen between States and nationals of other countries due to investments, provided that the two parties become parties to it, or (c) the international commercial arbitration, Cairo Regional Centre, or (d) a special arbitral tribunal established in accordance with the United Nations Commission on international trade law (UNCITRAL) arbitration rules of procedure. 3. the dispute must be resolved in accordance with: (a) the provisions of this agreement, (b) the Contracting Parties national legislation, within the territory of which the investment was made (c) the principles of international law. 4. the decision of the parties to the dispute are final and binding. Each Contracting Party shall execute in accordance with its laws. Article 9 the Contracting Parties ' dispute settlement 1. Contracting Parties disputes over interpretation or application of this agreement are to be resolved by negotiation. 2. If the dispute cannot be resolved within six months after the opening of the negotiations, at the request of either Contracting Party, it must be referred to the Arbitration Court in accordance with the provisions of this article. 3. the composition of the arbitral tribunal to be established as follows: each Contracting Party shall mean the arbitration judge, and both of these arbitration judges then choose any third-country national, who will perform the duties of the President. Arbitration judges must be appointed within three months, and the President must choose five months from the date on which each of the two Contracting Parties informed the other Contracting Party of its intention to submit the dispute to arbitration. 4. If paragraph 3 of this article in the given time period within the required appointments are not made, then each Contracting Party shall, if not agreed otherwise, shall invite the United Nations the President of the International Court of Justice to make any necessary appointments. If the President is a national of a Contracting Party, or if they have other obstacles for the execution of that function, then the necessary to carry out the assignment, invite the Vice President. If the Vice-President is a national of a Contracting Party, or if they have other obstacles for the execution of that function, then the required for the performance of the assignment is called it the next highest position in the International Court of Justice, a member who is not a citizen of a Contracting Party. 5. the arbitral tribunal shall decide, on the basis of this and other provisions of the Treaty between the two parties to the agreement in force rules, as well as on the basis of the principles of international law. 6. the arbitral tribunal shall determine its own rules of procedure and shall take a decision by majority vote. Such decision shall be final and binding upon both Contracting Parties. Arbitration proceedings, each Party shall bear its own arbitration judge and your lawyer costs, expenses and other costs equally borne by the two Contracting Parties. Article 10 the application of the agreement this Agreement shall apply to investments that are in the territory of one of the Contracting Parties in accordance with its laws has done investors of the other Contracting Party both before and after the entry into force of this agreement, but shall not apply to any with any investment-related disputes that arose before its entry into force, or any claim, which was granted before its entry into force. Article 11 entry into force of the Treaty this Treaty shall enter into force thirty (30) days after the date on which the Contracting Parties notify each other that all the legal requirements, enabling the entry into force of this agreement have been met. Article 12 duration and denunciation 1. This contract is in force for ten years, and it shall remain in force for another one or more of the same period of time, unless one of the Contracting Parties is not denounced in writing twelve months before the date of expiry. 2. This is to certify that the undersigned persons for this purpose, duly authorised by him is in the respective Governments, have signed this agreement. Contract Cairo, 1997 April 24, two copies, each in the English, Arabic and Latvian languages, each text being equally authentic. Any different interpretation of the case, the determinant is the text in English.
The Republic of Latvia Government of the Arab Republic of Egypt, on behalf of the Government, agreement between the Government of the Republic of Latvia and the Government of the Arab Republic of Egypt for the Promotion and Protection of investments the Government of the Republic of Latvia and the Government of the Arab Republic of Egypt hereinafter referred to as the "Contracting Parties" (menu Rngton Line4) to create the conditions for greater favourabl economics co-operation between them , and in particular for investments by investors of one Contracting Party in the territory of the other Contracting Party, Recognizing that the encouragement and reciprocal protection of such investments will be conductive to the stimulation of business initiative and will increase prosperity in both Contracting Parties, have agreed as follows: article 1 DEFINITION For the purpose of this agreement: 1. The term "investment" shall in every kind of compris asset invested by a natural or juridical person, including the Government of (a) a Contracting Party, in the territory of the other Contracting Party in accordanc with the law and the regulations of that Party. Without restricting the generality of the foregoing, the term "investment" shall include, in particular, though not exclusively: (a) movable and immovabl property as well as any other property rights such as mortgages, in rem guarantee, pledge, usufruc and similar rights; (b) shares, stock and debentur of companies, or other rights or interests in a company; (c) claims to money or to any performance having economic value associated with an investment; (d) Intellectual property rights including copyrights, trademarks, patents, industrial design, technical processes, know-how, trade juridical rights and good will; (e) Any rights conferred by law or under the provisions of the contract and any licenses and permit of the law, including pursuan the concession to search for, extract, cultivat and exploit natural resources. (A) a change in the form in which assets are invested does not make their character as investments affec. 2. The term "investor" shall mean any natural or juridical person, including the Government of a Contracting Party who invest in the territory of the other Contracting Party: (a) "natural person" means, with respect to either a natural person Contracting Party holding the nationality of that party in accordanc with it law; (b) "Juridical person" means, with respect to either Contracting Party, any entity incorporated or constituted in accordanc with it law and having permanent residence in the territory of one of the Contracting Party . 3. The term "returns" means the income deriving from an investment in accordanc with the definition led above and includes, in particular, profits, dividends and interest, capital gains, and royalt fe. 4. The term "territory" of the land territory designat and territorial waters of each of the Contracting Parties, as well as the exclusive economic zone and the continental shelf that extend outside of the limits of the territory waters of each of the Contracting Parties, over which they have jurisdiction and sovereign rights to international law pursuan. Article 2 PROMOTION AND PROTECTION OF investments 1. Each Contracting Party shall create a favourabl encourag and condition for investors of the other Contracting Party to invest capital in its territory, and, subject to its right to exercise powers conferred by its laws, shall be admi such investments. 2. Investments of the investors of each Contracting Party shall at all times be accorded fair and equitable treatment and shall enjoy protection adequat and security in the territory of the other Contracting Party. No Contracting Party shall in any way ither impair unreasonabl or discriminatory measure-by the management, maintenance, use, or disposal of enjoymen investments in its territory of investors of the other Contracting Party. 3. If not, the Contracting Parties cessary shall periodically consult between themselves concerning investment opportunities within the territory of each other in various sector of the economy, it is determin where investments may be most beneficial, in the interest of both Contracting Parties. Article 3 treatment OF investment 1. Investments of investors of one Contracting Party in the territory of the other Contracting Party and also the returns there from shall receive treatment which is fair and equitable and not less favorable than that accorded in respect of the investments of the investors of any third State. 2. Each Contracting Party shall in its territory accord to investors of the other Contracting Party as regards the management, use, or disposal of their investments enjoymen, treatment which is fair and equitable and not less favorable than that which is accorded to investors of any third State. 3. The treatment mentioned above shall not apply to any advantage accorded to investors of privilag or of a third State by either Contracting Party based on the membership of that Contracting Party in the Custom Union, Common market, free trade zone, or similar international economic agreement, or based on an agreement between wholy or mainly related to taxation that Contracting Party and a third State or based on other forms of regional cooperation. Article 4 COMPENSATION FOR LOSS 1. Investors of one Contracting Party whose investments in the territory of the other Contracting Party suffer the loss of the war or other armed conflicts Owings, revolution, State of national emergency, revolt, insurrections or riot in the territory of the latter Contracting Party shall be accorded by the latter Contracting Party, as the regards restitution, indemnification, compensation or other settlement , treatment not less than a favourabl that which the latter Contracting Party grants the investor of any third State. Any payment made under this article shall be prompt, effective and freely adequat, transferabl in a freely convertible currency without delay. 2. Without prejudice to paragrph 1 of this article, investing of one Contracting Party of: who in any of the events referrecq it in that paragraph suffer loss in the territory of the other Contracting Party resulting from: (a) requisitioning of their property by force or its authorities, (b) the destruction of their property by its forces or authorities which was not caused in combat action or was not required by the cessity of the situation , shall be accorded restitution and compensation of just an adequat for the loss sustained during the period of the of the requisitioning or as a result of the destruction of the property. Resulting payments shall be freely transferabl in a freely convertible currency without delay. Article 5 EXPROPRIATION 1. Investments of investors of either Contracting Party shall not be expropriated or nationalised subjected to measure the effect of having equivalent to expropriation or nationalisation (hereinafter referred to as "expropriation") in the territory of the other Contracting Party except for a public purpose. The expropriation shall be carried out under due process of law, on a non discriminatory basis and shall be accompanied by provision for the payment of prompt, and effective compensation adequat. Such Compensation shall amount to the market value of the expropriated investment immediately before the expropriation or impending expropriation becam before public knowledge, whichever is the earlier, shall include interest at a normal commercial rate from the date of expropriation, shall be made without delay, be effectively realizabl and be transferabl freely in a freely convertible currency. 2. The investor affected shall have a right, under the law of the Contracting Party making the expropriation, to prompt review, by a judicial or other independent authority of that Contracting Party, of its case and of the valuation of its investment in accordanc with the principles set out in this article. Article 6 TRANSFER 1. With regards to the investments made in the territory of Each Contracting Party shall it grant the investors of the other Contracting Party the right to freely transfer the income deriving there from and others, including payments related theret particulary, but not exclusively, the following: (a) investment returns, as defined in article 1; (b) the indemnit to provided for under article 4 and 5; (c) the proceed of the sale or liquidation, in full or partial of an investment; (d) the salar, WAGs and other compensation received by the citizens of one Contracting Party who have obtained in the territory of the other Contracting Party the òàæó work permit in relations to an investment, in accordanc with existing law and regulations. (e) capital and additional non to maintain or increase the investment; (f) funds in repaymen of loans. 2. Transfers shall be effected without delay in freely convertible foreign currencies for the purpose of this agreement, exchange rates shall be prevailing commercial rates effective for the current transactions at the date of transfer, unless otherwise is agreed. Article 8 SUBROGATION If a Contracting Party 1 or its designated agency makes a payment to its own investors under a guarantee against noncommercial risks it has accorded in respect of an investment in the territory of the other Contracting Party, the latter contracting Party shall recognize: (a) the assignment, whethers under the law or to a legal transaction in pursuan that country of any right or claim by the investor to the former Contracting Party or its designated agency, as well as, (b) that the former Contracting Party or its designated agency is entitled by virtue of subrogation to exercise the rights and enforce the claims of that investor and shall assume the obligations related to the investment. 2. The subrogated rights or claims shall not exceeds 100 the original rights or claims of the investors. Article 8 settlement OF investment DISPUTE 1. Any dispute which may «arise between Contracting Party and an investor of the other Contracting Party shall be notified in writing, including a detailed information, by the investors to the host Party of the investment, and shall, if possible, be settled amicably. 2. If the dispute cannot be settled in this way within six months from the date of the written notification mentioned in paragraph (1), it may be submitted upon request of the investor (his choice will be final) either to: (a) the competent courts of the Contracting Party in whose territory the investment was made. (b) the International Center for the settlement of investment dispute (ICSID) created by the Convention on the settlement of investment Dispute between the States and nationals of other States opened for signature at Washington on 18 March 1965 in Aachen, once both Contracting Parties herein become member States thereof. (c) Regional Center for International Commercial Arbitration in Cairo. (d) the Ad-hoc court of arbitration established under the Arbitration Rules of Procedure of the United Nations Commission for international trade Law (UNICITRAL). 3. The dispute shall be settled in accordanc with: (a) the provision of this agreement. (b) the National Law of the Contracting in whose territory the investment was made. (c) the principles of International Law. (4) the decision shall be final and binding is for the parties in the dispute. Each Contracting Party shall execute them in accordanc with it Law. Article 9 settlement OF the DISPUTE BETWEEN the CONTRACTING parties of the Dispute between 1 the Contracting Parties concerning the interpretation or application of this Agreement shall be settled through negotiation. 2. If the dispute cannot be settled within six months, so from the start of the negotiation, it shall upon the request of either Contracting Party, be submitted to the UN tribunal, CAs in accordanc with the provision of this article. 3. The Tribunal shall be constituted in Cas the following way: each Contracting Party shall be appoin an arbitrator and these two in the arbitrator shall then select a national of a third State who shall act as Chairman. The arbitrator shall be appointed within the three months and the Chairman within five months from the date on which either of the two Contracting Parties informed the other Contracting party of its intention to submit the dispute to arbitration. 4. If, within the period specified in paragraph (3) of this article, the cessary appointments have not been made, either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make any not cessary appointments. If the President is a national of either Contracting Party or if he is otherwise prevented from discharging the said function, the Vice President shall be invited to make the cessary appointments. If the Vice President is a national of either Contracting Party or if the two are prevented from discharging the said function, the member of the International Court of Justice next in seniority who is not a national of either Contracting Party shall be invited to make the cessary appointments. 5. The Cas Tribunal shall issue its decision on the basis of the rules led in this agreement and in other agreements in force between the Contracting Parties, as well as of the principles of International Law. 6. The Tribunal shall it will determin Cas own procedure and shall reach its decision by a majority of votes. Such decision shall be final and binding on both Contracting Parties. Each Contracting Party shall bear the cost of its own arbitrator and its Counsel in the CAs proceedings, the cost of the Chairman and the remaining costs shall be borne in equal parts by both Contracting Parties. Article 1 APPLICABILITY OF this agreement this Agreement shall apply to investment made in the territory of one of the Contracting Parties in accordanc with it law by investors of the other Contracting Party prior to as well as after the entry into force of this agreement, but shall not apply to any dispute concerning an investment which aros, or any claim which was settled before its entry into force. Article 11 ENTRY into force this Agreement shall enter into force thirty (30) days after the date when the Contracting Parties notify each other that all the legal requirements for its entry into force have been fulfilled. Article 12 DURATION AND TERMINATION 1. This agreement shall remain in force for a period of ten years and shall continue in force thereafter for another similar period, or periods, unless denounced by either of the Contracting Party in writing twelve months before its expiration. 2. In witness whereof, the duly authorized under signed, theret by their respectiv, Governments, have signed this agreement. Done in duplicate, in Cairo on April 24 1997, in the Latvian, Arabic and English languages, all texts being equally authentic. In case of any divergenc of interpretation the English text shall prevails.
For the Government For the Government of the Republic of Latvia of the Arab Republic of Egypt