JOHN CARLOS I

KING OF SPAIN

To all who present it and understand, Know: That the General Courts have approved and I come to sanction the following Law.

EXPLANATORY STATEMENT

On April 8, 1999, the Board of Governors of the International Association of Fomento-IDA approved the twelfth increase of resources, by resolution number 194.

This (12. º) increase in resources is intended to finance the activities (loan, grants and guarantees) of the IDA in the period 2000-2002.

The financial contributions agreed for this replenishment amount to 8,649.95 million Special Drawing Rights (SDR).

The Kingdom of Spain, which has been a member of the International Association of Fomento since 1960 (Decree-Law 11/1960, of 21 September), has participated, since its entry, in nine increases of resources and in two special contributions.

The last of these contributions, to the Interim Trust Fund, was carried out simultaneously to the last (11. th) replenishment of resources. The advance contributions, which are provided for in the current replacement (12), come to replace, in their duties, the said Interim Trust Fund.

The general policy of strengthening Spain's presence in international financial institutions and its special commitment to the world's poorest countries, which are the only beneficiaries of the IDA's activities, advise the participation of Spain in this replenishment of resources.

In the negotiations conducted and conducted to approve this replenishment of IDA resources, and in those developed, in parallel, for the selective expansion of capital of the International Bank for Reconstruction and Development (BIRD), The Commission also noted the need for Spain to increase its financial contributions to the IDA, which was partly financed and financed by the IDA.

Consequently, Spain has agreed to increase its contribution to IDA by two ways:

In the first place, Spain's participation of 1 per 100, contributed to the 11th replenishment, has been raised

of resources, at 1.39 per 100 in the current (12. th) replenishment.

Secondly, and given that Spain subscribes to 4,311 new shares in the IBRD, in the context of the selective extension of capital in progress, the book value of which exceeds its nominal value by 46.4 million US dollars, agreed, with the other Member States of the BIRD, that this amount (additional value of the shares) will be contributed to the IDA, as a special contribution and in the framework of the 12 th replenishment.

This agreement also applies to Brazil, Denmark, the Republic of Korea and Turkey, the other four countries which are subscribers to the selective expansion of capital of the BIRD, which is currently being carried out.

The purpose of this Law is the authorization of the participation of Spain in the twelfth replenishment of the International Development Association, according to the above.

This Law is dictated by the jurisdiction of the Constitution attributed to the State in its article 149.1.3.a and 13.a, referring to the international relations and the bases and coordination of the planning General economic activity.

Article 1. Participation.

The Government is authorised to take the necessary measures to ensure that the Kingdom of Spain participates in the 12th replenishment of the International Development Association, with a contribution of 120.1 million Special drawing, in the terms of resolution number 194 approved by the Board of Governors of the International Association of Fomento dated April 8, 1999, the text of which is incorporated as Annex I to this Law.

Article 2. Special contribution.

The Government is also authorized to make a special contribution, amounting to 46.4 million US dollars, in accordance with the agreement of the Board of Governors of the BIRD (resolution number 518), in the framework for the participation of the Kingdom of Spain in the selective expansion of capital of the BIRD, and as a consequence of the difference in the book value, in relation to its nominal value, of the shares to be subscribed by Spain.

Article 3. Payment of the contribution.

1. The payment process will begin once this Law is approved. From that time on, payments shall be made in accordance with the provisions of resolution 194 of the Board of Governors (Article 3, b, iv).

2. The contribution of the Kingdom of Spain will give rise to the issuance and deposit in the Department of Treasury of the BIRD and the Banco de España, of two promissory notes denominated in euros for the respective values in special drawing rights and dollars, as are listed in Annex II.

3. These promissory notes will not be negotiable and will not bear interest being payable in view, at face value, and upon request of the IBRD Treasury Department, which will follow the indicative calendar of cash conversions attached to the Annex III.

4. The disbursements necessary for the payment of this contribution shall be made from the budgetary allocations which, for this purpose, have been entered in the corresponding General Budget Laws of the State to the Fund for Aid to the Development-SDF (budget implementation 15.23.762B.871).

Final disposition first. Faculty of normative development.

The Minister for Economic Affairs and the Minister of Foreign Affairs are hereby authorised to adopt, within the framework of their respective powers, how many measures are necessary for the implementation of this Law.

Final disposition second. Entry into force.

This Law shall enter into force on the day following its publication in the "Official State Gazette".

Therefore, I command all Spaniards, individuals and authorities to keep and keep this Law.

Madrid, December 28, 2000.

JOHN CARLOS R.

The President of the Government,

JOSÉ MARÍA AZNAR LÓPEZ

ANNEX I

INTERNATIONAL PROMOTION ASSOCIATION

Board of Governors

Resolution number 194 of 8 April 1999.

Resource increase: 12th replenishment

Considering:

A) That the Executive Directors of the International Development Association (the "Association") have examined the financial needs of the Association and have concluded that it is appropriate to authorise a replacement of the resources of the Association to enter into new credit commitments during the period from 1 July 1999 to 30 June 2002 (the '12th replenishment') in the amounts and on the basis of the report of the the alternates of the IDA (the "report"), approved by the Executive Directors on 12 January 1999, subject to consideration by the Board of Governors;

B) That the Association's member countries estimate that an increase in their resources is needed and they intend to ask their legislatures, where appropriate, to authorize and approve the allocation of resources. additional to the Association in the amounts and conditions set forth in this resolution;

C) That the member countries of the Association that contribute resources to it in addition to their subscriptions ("contributing members") as part of the 12th replenishment shall make their contributions, in accordance with the provisions of the the Association's Constitutive Convention (the "Convention"), in part in the form of subscriptions which involve voting rights and partly as complementary resources in the form of contributions which do not entail voting rights (" subscriptions and contributions ");

(D) Additional subscriptions for contributing members on the basis of their agreement with respect to their priority rights under the provisions of Section 1 (c) of the Article are authorised in this resolution. III of the Convention and the other members of the Association ("subscribing members") who intend to exercise their rights in accordance with that provision are hereby established to do so;

E) It is appropriate to provide for the possible need for a portion of the resources to be provided by the member countries to be paid to the Association as advance contributions;

F) It is appropriate to authorize the Association to provide, in the circumstances mentioned in the Report and in accordance with the procedures to be determined by its Executive Directors, to provide financing in the form of donations and guarantees in addition to the credits;

G) That it is appropriate to encourage countries that have economic capacity to do so, but have not done so, to become contributing members and participate in replenishment, and

H) It is appropriate to administer all funds remaining from the replenishment authorized under resolution number 183 of the Board of Governors of the Association (the "11th replenishment") as part of the 12th replenishment;

Therefore, the Board of Governors hereby accepts the report approved by the Executive Directors, adopts its conclusions and recommendations and resolves to authorize a general increase in the Association's subscriptions in the following terms and conditions:

1. Authorization of subscriptions and contributions.

(a) The Association is authorised to accept additional resources from each contributing member in the quantities specified for each in Table 1 attached to this Resolution (Annex II), dividing those quantities into subscriptions conferring voting rights and contributions that do not confer voting rights, as specified in Table 2 (Annex IV) attached to this resolution.

(b) The Association is authorised to accept additional resources from any Member State for which no contribution has been specified in Table 1.

When you pay for those additional resources, the country member of the case will become a contributing member.

c) The Association is authorised to accept additional subscriptions from each member of the Association in the amount specified for each of these members in Table 2.

2. Payment arrangement.

(a) Where a contributing member agrees to pay his subscription and contribution, or a subscriber agrees to pay his or her subscription, he shall deposit in the Association an instrument of commitment that is substantially adjusted to the presented in Annex I to this resolution ("instrument of engagement").

b) When a contributing member agrees to pay a portion of his subscription and unconditioned input and the remainder is subject to the legislature enacting a law for the budgetary allocation of the case, he will deposit an instrument of conditional commitment acceptable to the Association ("conditional commitment instrument"); the Member State in that situation will deploy all possible efforts to obtain legislative approval. of the full amount of your subscription and contribution for the payment dates indicated in paragraph 3 (b) of this resolution.

3. Payment.

a) Any subscriber member shall pay the Association the full subscription within thirty-one days after the date of deposit of its instrument of commitment; it is understood that:

(i) If the 12th replenishment had not entered into force on 15 December 1999, the Member State may defer payment for a maximum of 31 days from the date of entry into force of the 12th replenishment, and (ii) the Association may accept the deferral of payment for not more than one year.

(b) Any contributing member who deposits an instrument of commitment that is not conditioned shall pay the Association the amount of its subscription and contribution in three equal annual instalments, by 15 January 2000 at the latest, on 15 January 2001 and 15 January 2002; it is understood that:

i) The Association and each contributing member may agree that the payment will be made before;

(ii) If the twelfth replacement had not entered into force on 15 December 1999, the Member State may defer payment of the first instalment for a maximum of 30 days and a day after the date of entry into force of the 12th replenishment;

iii) The Association may accept the deferral of payment of any fee, or part of a fee, provided that the amount paid, along with any other unused balance of previous payments of the country member of the case, is by at least equal to the amount which the Association considers shall require that member to provide, until the date of payment of the following quota, for the purposes of disbursements for appropriations committed under the 12th replenishment, and

(iv) When a contributing member deposits an instrument of commitment in the Association after the date on which the first subscription and contribution fee is to be paid, the payment of any fee, or part thereof, is shall be made to the Association within thirty-one days after the date of such deposit.

(c) Where a contributing member has deposited an instrument of conditional commitment and subsequently notifies the Association that a fee, or part thereof, is not conditional upon the date on which the contributing member The payment of such a fee, or part thereof, shall be made within 31 days of the date of such notification.

4. Form of payment.

(a) In accordance with this resolution, payments shall be made at the option of each member country:

(i) in cash, under conditions agreed between the Member State and the Association, or (ii) by the deposit of notes or similar obligations issued by the Government of the Member State concerned or by a depositary designated by that Member State, which shall be non-negotiable, without interest and payable at face value in the light of the Association's account.

(b) The Partnership shall convert the similar promissory notes or obligations of the contributing members, in an approximately prorated form among the donors, into cash in accordance with the conversion plan set out in Annex II of this resolution; it is understood that, at the request of a contributing member, the Association may agree to amend the total cash conversion period of the Member State concerned. In the case of a contributing member who is unable to meet one or more cash conversion requests, the Association may agree with the Member State on a revised conversion plan which produces at least an equivalent value for the Partnership.

(c) The provisions of Section 1 (a) of Article IV of the Convention shall apply to the use of the currency of a subscriber member paid to the Association in accordance with this resolution.

5. Currency of denomination of payment.

(a) Member countries shall call in special drawing rights (SDRs), in their own currency, or, with

the approval of the Association, in the currency of free convertibility of another member country, of the resources to be provided by this resolution, with the exception that if a contributing member had experienced during the period from 1995 to 1997 an inflation rate of more than 10 per 100 per year on average, as determined by the Association on the date of adoption of this resolution, its subscription and contribution shall be denominated in SDRs.

(b) The contributing members shall make payments to be made in accordance with this resolution in SDR, in a currency used for the valuation of the SDR or, with the approval of the Association, in another free currency. convertibility, and the Association may freely exchange the amounts received as required by its operations. Subscriber members will make payments in their own currency.

(c) Each member country shall maintain, as regards the currency of its payments under this resolution and the currency of that member country as a result of that currency in the form of principal, interest or other charges, the same convertibility which existed at the date of entry into force of this resolution.

6. Date of entry into force.

(a) The twelfth replacement shall enter into force and the resources to be provided in accordance with this resolution shall be payable to the Association on the date on which the contributing members whose subscriptions and contributions to a total of at least SDR 6,471 million have deposited in the Association its instruments of commitment or conditional commitment instruments (the "date of entry into force"), stipulating that this date may not be after 15 December 1999 or at a later date later than the Executive Directors of the Association can determine.

(b) If the Association determines that the availability of additional resources to be received under this resolution is likely to be unduly delayed, it shall promptly convene the contributing members to a meeting, in order to examine the situation and to consider the measures to be taken to avoid an interruption of the Association's credit operations.

7. Advance contributions.

a) In order to prevent the Association from being unable to commit financing while the 12th replenishment takes effect, and if the Association has received instruments of commitment from a number of members contributing to a total of at least SDR 1,618 million, the Association, before the date of entry into force, may consider as an advance contribution the third part of the total amount of each subscription and contribution in respect of which an instrument has been deposited with the Association commitment, unless the contributing member of the case has specified otherwise in its commitment instrument.

(b) The Association shall specify when the advance contributions, in accordance with the provisions of subparagraph (a) above, shall be payable to the Association.

(c) The terms and conditions applicable to the contributions to the 12th replenishment, with the exception of paragraph 12 of this resolution, shall also apply to the advance contributions up to the date of entry into force, in which these contributions are deemed to constitute the partial payment of the amount owed by each contributing member by way of their subscription and contribution.

d) If the twelfth replacement does not enter into force, in accordance with paragraph 6 (a) of this resolution: (i) voting rights shall be assigned to each member country in respect of its contribution. (ii) any Member State which does not make an advance contribution shall have the opportunity to exercise its priority rights, as if this contribution had been made in the form of subscription and contribution in accordance with this resolution; with respect to such subscription as the Association will specify.

8. Ability to enter into commitments.

(a) For the purposes of the commitment by the Credit Association to eligible countries, subscriptions and contributions shall be made in three successive instalments equal to one third of the total amount of each subscription and contribution: (i) the first instalment shall be provided to the Association for the purpose of contracting credit commitments as from the date of entry into force, provided that the advance contributions are made available in advance pursuant to the provisions of point (a) (ii) the second quota shall be available from 16 December 2000 or from the date of entry into force, and of these dates, whichever is later, and (iii) the third quota shall be available from the date of entry into force of this Decision; 16 December 2001 or the date of entry into force, and of those dates, whichever is later.

(b) Any conditional part of a subscription and contribution notified by means of a conditional commitment instrument shall be made available for the Association to commit credits when that party ceases to be conditioned.

(c) The Association shall promptly inform the contributing members when a Member State has deposited a conditional commitment instrument, and the subscription and contribution of which represent more than 20 per 100 of the total of the resources to be provided in accordance with this resolution, has not withdrawn the conditionality of at least 66 per 100 of the total amount of its subscription and contribution to 15 January 2001, or thirty-one days after the the date of entry into force, and of these dates, whichever is later, and the total amount of such subscription and by 15 January 2002 at the latest or 30 days after the date of entry into force, and of those two dates, whichever is the later.

(d) Within thirty-one days following the dispatch of the Association's notification referred to in paragraph (c) of this paragraph, each of the other contributing members may notify the Association in writing that the commitment by the Association of the second instalment of the subscription and contribution of such member shall be deferred as long as any part of the subscription and contribution referred to in point (c) of this paragraph remains conditional; during such period, the Association will not be able to use for commitments of credit the resources to which the notification, unless the contributing member has waived that right in accordance with the provisions of paragraph (e) of this paragraph.

e) A contributing member may waive in writing the right conferred on him by paragraph (d) of this paragraph, and shall be deemed to have waived that right if the Association is not notified in writing in accordance with this paragraph. the provisions of that paragraph and within the time limit laid down therein.

(f) The Association may contract conditional credit commitments on condition that they enter into force and are mandatory for the Association when the resources of the 12th replenishment are provided to the Association. commitments of that nature.

9. Authorization to grant donations.

By this means the Association is authorized to provide financing under the 12th replenishment in the form of grants in addition to loans in the context of the debt reduction initiative of poor countries. The Commission has also been able to provide assistance to countries in the post-war period in a framework approved by the Executive Directors.

10. Authorization to grant guarantees.

By this means the Association is authorized to provide financing under the 12th replenishment in the form of guarantees in addition to loans, subject to the decisions taken by the Executive Directors of the Association. (i) the effectiveness and usefulness of the Association's experimental programme of guarantees; (ii) the inclusion of IDA guarantees in the context of a comprehensive private sector development strategy; and (iii) the establishment of the the conditions and policies that apply to such guarantees.

11. Eligibility for acquisitions.

The funds provided under the 12th replenishment may be spent only on the territory of the contributing members and the member countries that are eligible borrowers of the Association or the International Bank. Reconstruction and Development.

12. Management of funds from the 11th replenishment of the IDA's resources.

On the date of entry into force of the 12th replenishment, all funds, revenues, assets and liabilities held by the Association under the 11th replenishment will be administered under the 12th replenishment with subject, as appropriate, to the terms and conditions applicable to the 11th replenishment.

13. Allocation of voting rights under the 12th replenishment.

According to the 12th replenishment, the voting rights for subscriptions, calculated in accordance with the current voting rights system, will be allocated to member countries as follows:

(a) On each effective date, in accordance with the provisions of paragraph 3 (a) of this resolution, each subscriber member who has deposited an instrument of engagement with the Association shall be assigned to the Association. the subscription votes specified for it in Table 2. Each subscriber member shall be assigned the additional membership votes specified in column b-3 of Table 2 when the subscription votes to that member are assigned to that member. correspond.

(b) On each effective date of payment, in accordance with the provisions of paragraph 3 (b) of this resolution, each contributing member who has deposited an instrument of commitment into the Association allocate one-third of the subscription votes specified for it in Table 2. On the date on which the first third of its subscription votes are allocated to that member, the additional votes of accession shall be allocated to each contributing member. are specified in column b-3 of Table 2 for their subscription.

(c) Each member country that has deposited a conditional commitment instrument in the Association shall be assigned subscription votes only to the extent of the payments made in respect of its subscription and contribution.

(d) A member country that deposits an instrument of commitment after maturity shall be assigned to the date of such deposit the subscription votes to which it would have been entitled if it had deposited the instrument. of commitment to maturity.

e) If a member country does not make any of the payments by way of subscription or subscription and contribution to its maturity, the number of subscription votes allocated from time to time to such member under that resolution on the 12th replenishment will be reduced in proportion to the insufficiency of such payments, but these votes will subsequently be reallocated to it when it covers the insufficiency that has resulted in such an adjustment.

ANNEX II

(VIEW IMAGES PAGES 46509 TO 46511)

Table 1: Commitment for 12th replenishment

Basic inputs

contributing Members (%) DEG Million

Supplementary Commitments -DEG Million

Total Commitments -DEG Million

Quantity in national currency-Millions

Euro equivalent -Millions *

Exchange rates (national currency/DEG) **

Germany ........................... 11,00 950.40-950.40 2,287,34 1,169,50 2,40671 Saudi Arabia (a) .................. 0,65 56.33-56,33 282,13-5,00834 Argentina ........................... 0,10 8,64-8,64 11,55-1,33666 Australia ............................ 1.46 126.14 3.22 129.36 275,00-2,12582 Austria .............................. 0.78 67.65-67.65 1,145,43 83,24 16,931141 Belgium .............................. 1.55 133.92-133.92 6.646.42 164.76 49,62978 Botswana (a) ....................... 0.01 1.14-1,14 6,30-5,52439 Brazil (b) (c) ......................... 0,95 82,08-82,08---Canada (d) .......................... 3.75 324.00-324.00 607.00-1,95467 Korea, Republic of (b) ........... 0,91 78,62-78,62 145,685,24-1,852,93599 Denmark (b) ...................... 1.58 136,51 -136.51 1.251.79-9,16981 Spain (b) .......................... 1.39 120.10-120.10 24.533.49 147,45 204,28230 United States .................... 20,86 1,802.30-1,802,30 2,410,29-1,33734 Russian Federation (a) (c) ....... 0.20 17,28-17,28--- -Finland (e) ........................ 0.60 51.84-51.84 378,99 63.74 7,31081 France .............................. 7.30 630.72-630.72 5.089.08 775.82 8.06868

Basic inputs

contributing Members (%) DEG Million

Supplementary Commitments -DEG Million

Total Commitments -DEG Million

Quantity in national currency-Millions

Euro equivalent -Millions *

Exchange rates (national currency/DEG) **

Greece (e) ........................... 0.12 10.00-10,00 4.080.91-408,234889 Hungary (c) .......................... 0.06 5.13-5.13---Ireland (e) ........................... 0,18 15,55 5,28 20,83 19,94 25,32 0,95742 Iceland ............................. 0.03 2.59 0.65 3.24 311.01-95.93105 Israel ................................ 0.11 9.24-9.24 45.26-4,89571 Italy ................................. 3.80 328.32-328.32 7.779.079.17 402.36 2.372.92632 Japan ............................... 18.70 1,615,68-1,615,68 295.052.86-182,61838 Kuwait (a) ........................... 0,14 12,10-12,10 4,95-0,40934 Luxembourg ........................ 0,10 8,64-8,64 428,80 10,63 49,62978 Mexico (a) (c) ....................... 0,05 4,32-4,32---Norway ............................ 1.42 122,69- 122.69 1.241.89-10,12232 New Zealand ..................... 0.12 10,37 2.41 12.78 32.00-2,59413 Netherlands ........................ 2.60 224.64-224.64 609,30 276,49 2,71232 Poland (c) .......................... 0.03 2.59-2.59---Portugal ............................. 0.20 17.28-17.28 4.258.18 21.24 246,42261 Kingdom United (e) .................... 7.30 630.72-630.72 511.26-0.81059 Czech Republic (a) (c) ............ 0,05 4,32 0,35 4,67---Slovak Republic (a) ............ 0.04 3,42-3,42 159,61-46,64855 South Africa ........................... 0.08 6,91- 6.91 50.18-7.25933 Sweden ............................... 2.62 226.37-226.37 2.396.23-10,58555 Switzerland ................................ 2.43 209.95-209.95 420.00-2,00046 Turkey (b) (c) ...................... 0.18 15,55-15,55---Venezuela .......................... 0.03 2.59-2.59--Total partial .................... 93.48 8.076.66 11.91 8.088.57---Supplementary commitments ............. 11.91-Cash conversion plan ............ 561,37 561,37

Total donor commitments. 8.649.95 8.649.95

(a) These countries are not yet in a position to promise a contribution to the 12th replenishment of IDA's resources. Therefore, the levels set out in this table are only indicative.

(b) Corresponds to levels of further input after the "harmonisation" made on 22 June 1998.

(c) The commitments of countries that recorded annual inflation rates of more than 10 per 100 over the period 1995-1997 will be denominated in SDRs.

(d) Comprises a commitment of 0.2 per 100 achieved by cash conversions performed more quickly than the established plan.

(e) Finland, Greece, Ireland and the United Kingdom increased their basic contributions to the 11th replenishment.

Note: totals are given in round figures, which explains the differences that may be in the sums.

* The euro equivalents were calculated on the basis of the national currencies, by using fixed exchange rates for the euro conversion in the case of donors who have adopted the latter currency.

** Average exchange rate for the period from 1 March to 31 August 1998.

ANNEX III

Cash conversion plan for contributions to the IAF's 12th replenishment of resources

(Percentage of total contributions)

Percentage of the total of the financial contributions

2000 5.4

Percentage of the total of the financial contributions

2001 13.1 2002 22.0 2003 24.5 2004 23.4 2005 11.6

Total. ... ... 100.0