rijk/verdrag/verdrag-tot-oprichting-van-het-multilateraal-investeringsfonds-ii/BWBV0001828

titel	bwb_id	type	status	datum_inwerkingtreding	bron	citeertitel
Verdrag tot oprichting van het Multilateraal Investeringsfonds II	BWBV0001828	verdrag	geldend	2007-03-13	https://wetten.overheid.nl/BWBV0001828	Verdrag tot oprichting van het Multilateraal Investeringsfonds II

Verdrag tot oprichting van het Multilateraal Investeringsfonds II

Artikel I

Section 1. General Purpose. The general purpose of the MIF II is to support economic growth and poverty reduction in the regional developing member countries of the Bank and the developing member countries of the Caribbean Development Bank (the ‘‘CDB’’) by encouraging increased private investment and advancing private sector development.

Section 2. Functions.

To implement its purpose, the MIF II shall have the following functions:

a) a) promote activities to improve the business environment in the regional developing member countries of the Bank and the developing member countries of the CDB; b) b) enhance the competitiveness of the region’s private sector; c) c) stimulate micro and small enterprises and other entrepreneurial activities; d) d) advance regional integration efforts; e) e) share knowledge that assists in the development of the private sector, particularly of micro and small enterprises; f) f) encourage the use and application of technology in the region; g) g) advance the application of innovative initiatives; h) h) complement the work of the Bank, the IIC and other multilateral development banks; i) i) encourage the implementation of appropriate legal and regulatory reforms; and j) j) promote environmentally sound and sustainable economic development, as well as gender equality, in the full range of its operations.

Artikel II

Section 1. Instruments of Acceptance and Contribution. a) a) As soon as reasonably possible after depositing the instrument indicating that it has ratified, accepted, or approved this MIF II Agreement (an ‘‘Instrument of Acceptance’’), but no later than 60 days thereafter, each Prospective Donor shall deposit with the Bank an instrument in which it agrees to pay to the Fund the amount set forth next to its name in Schedule A (an ‘‘Instrument of Contribution’’), whereupon a Prospective Donor shall become a ‘‘Donor’’ under this MIF II Agreement. b) b) A Donor shall, pursuant to the Instrument of Contribution, agree to pay its contribution in six equal annual installments (an ‘‘Unqualified Contribution’’). Donors which have deposited an Instrument of Contribution prior to, on, or within 60 days after the date this MIF II Agreement enters into force pursuant to Article V, Section 1 (the ‘‘MIF II Effective Date’’) may postpone payment of the first installment until the 60th day after the MIF II Effective Date. Any Donor that deposits an Instrument of Contribution more than 60 days after the MIF II Effective Date shall pay the first installment, and any other subsequent installment which has become due, on the date of such deposit. Each Donor shall pay each subsequent installment in accordance with a schedule agreed by the Donors. c) c) Notwithstanding the provisions of paragraph (b) of this Section regarding Unqualified Contributions, as an exceptional case, a Donor may provide in its Instrument of Contribution that payment of all installments is subject to subsequent budgetary appropriations, and in which it undertakes to seek to obtain the necessary appropriations to pay the full amount of each installment by the payment dates referred to in paragraph (b) (a ‘‘Qualified Contribution’’). Payment of an installment due after any such date shall be made within 30 days after the requisite appropriations have been obtained. d) d) If any Donor which has made a Qualified Contribution has not obtained the appropriations to make payment in full of any installment by the dates indicated in paragraph (b), then any Donor which has paid the corresponding installment on time and in full, may, after consultation with the committee established under Article IV (the ‘‘Donors Committee’’), direct the Bank in writing to restrict commitments against that installment. That restriction shall not exceed the percentage which the unpaid portion of the installment, to be paid by the Donor which has made the Qualified Contribution, bears to the entire amount of the installment to be paid by that Donor, and shall be in effect only for the time that unpaid portion remains unpaid. e) e) Any member country of the Bank which does not appear on Schedule A which becomes a Donor in accordance with Article VI, Section 1, or any Donor that, subject to approval by the Donors Committee, wishes to increase its contribution beyond the amount set out in Schedule A, shall make a contribution to the Fund by depositing an Instrument of Contribution in which it agrees to pay an amount and on dates and on conditions approved by the Donors Committee; provided that the first installment paid by a Donor which does not appear on Schedule A shall be in an amount sufficient to bring such Donor current in the payment of installments, and thereafter such Donor’s payment of installments shall continue in accordance with the schedule contemplated in paragraph (b) of this Section. f) f) The Fund shall not be increased beyond the total of the amounts set out in Schedule A plus the amounts set out in Instruments of Contribution deposited pursuant to paragraph (e).

Section 2. Payments. a) a) Payments due under this Article shall be made in any freely convertible currency determined by the Donors Committee, or in non-negotiable non-interest-bearing promissory notes (or similar securities) denominated in such currency and payable on demand in accordance with criteria and procedures to be established by the Donors Committee to meet the operational commitments of the Fund. Payments to the Fund in a freely convertible currency, which are transferred from a trust fund of a Donor, shall be deemed to be paid towards the amount due from that Donor when transferred. b) b) Such payments shall be made to an account or accounts established specially for that purpose by the Bank, and such notes shall be deposited in that account or with the Bank, as the Bank shall determine. c) c) To determine amounts due for each Donor paying in a convertible currency other than the United States dollar, the U.S. dollar amount opposite its name in Schedule A shall be converted into the currency of payment at the IMF representative exchange rate for that currency calculated by averaging those rates on a daily basis during the six-month period ending on December 31, 2004.

Artikel III

Section 1. General. The Fund has a distinct role within its association with the Bank and the IIC and may complement or support their activities as directed by the Donors Committee. To carry out its purpose of supporting economic growth and poverty reduction by encouraging increased private investment and advancing private sector development, the Fund shall, where appropriate, draw on the private sector strategies and policies of the Bank and its programs for the respective country and other policies of the Bank and the IIC.

Section 2. Operations. a) a) To carry out its purpose, the Fund shall provide financing in the form of grants, loans, guarantees or any combination thereof, and as provided in paragraph (b) of this Section, also in the form of equity and quasi-equity or any combination thereof; provided, however, that the Fund shall maintain its essential grant-making character at levels commensurate with MIF I historical practice. The Fund may also provide advisory services. Financing and advisory services may be provided to governments, government agencies, sub-national entities, non-governmental organizations, private sector entities, or others, to support operations that further the Fund’s purpose. Among other activities, Fund operations may be directed at:

        (i)
        supporting improvements in the business environment, with a focus on promoting efficient, transparent and responsible market practices, encouraging the implementation of appropriate legal and regulatory reforms, and advancing the application of international norms and standards;
      
      
        (ii)
        supporting activities that increase the ability of the private sector to generate income, create employment opportunities, develop workforce skills, utilize technology, and achieve sustainable growth, with a focus on micro and small enterprises;
      
      
        (iii)
        developing innovative business and entrepreneurial models or networks that contribute to the process of development; engaging the public and private sectors in collaborative endeavors; advancing socially responsible approaches to doing business; and
      
      
        (iv)
        sharing knowledge and lessons learned from its initiatives.

(i) (i) supporting improvements in the business environment, with a focus on promoting efficient, transparent and responsible market practices, encouraging the implementation of appropriate legal and regulatory reforms, and advancing the application of international norms and standards; (ii) (ii) supporting activities that increase the ability of the private sector to generate income, create employment opportunities, develop workforce skills, utilize technology, and achieve sustainable growth, with a focus on micro and small enterprises; (iii) (iii) developing innovative business and entrepreneurial models or networks that contribute to the process of development; engaging the public and private sectors in collaborative endeavors; advancing socially responsible approaches to doing business; and (iv) (iv) sharing knowledge and lessons learned from its initiatives. b) b) To also achieve the Fund’s purpose, a Small Enterprise Investment Fund (the ‘‘SEIF’’) shall be maintained as a fund within the MIF II and shall at all times and in all respects be held, used, obligated, invested and accounted for separately from other resources of the Fund. The resources of the SEIF may be used to make loans, guarantees, equity and quasi-equity investments or any combination thereof, directly or through intermediaries, to private sector entities which are creating or expanding services to micro and small enterprises, or which are financing or investing in micro and small enterprises. The Donors Committee shall determine the basic terms and conditions of such loans, guarantees and investments, including with due regard for repayment prospects. Any amounts, whether dividends, interest or otherwise, received by the Bank from the operations of the SEIF shall be deposited to the account of the Fund.

Section 3. Principles for Fund Operations. a) a) Financing from the Fund shall be provided under the terms and conditions of this MIF II Agreement consistent with the rules set out in Articles III, IV and VI of the Agreement Establishing the Inter-American Development Bank (the ‘‘Charter’’), and, where appropriate, the policies of the Bank applicable to its own operations and the rules and policies of the IIC shall apply. All regional developing member countries of the Bank and the CDB are potentially eligible recipients of financing from the Fund to the extent that they are eligible beneficiaries of financing from the Bank. b) b) The Fund shall continue its practice of sharing the cost of operations with executing agencies, encouraging appropriate counterpart funding and adhering to the principle of not crowding out private sector activities. c) c) In deciding on providing grant funds, the Donors Committee shall pay particular attention to the commitment of specific member countries to poverty reduction, the social costs of economic reforms, the financial needs of the prospective recipients and the relative levels of poverty in specific member countries. d) d) Financing in the territories of countries which are members of the CDB, but not the Bank, shall be conducted in consultation and agreement with, or through, the CDB and under such conditions, consistent with the principles of this Section, as the Donors Committee shall decide. e) e) Fund resources shall not be used to finance or pay for project expenses which have been incurred prior to the date the Fund resources may be available. f) f) Grants may be made available on a basis which permits contingent recovery in appropriate cases of funds disbursed. g) g) The Fund shall not be used to finance any undertaking in the territory of a regional developing member country of the Bank if that member objects to such financing. h) h) Fund operations shall include specific goals and measurable results. The developmental impact of the Fund’s operations shall be measured in accordance with a system that takes into account the purpose and functions of the Fund stated in Article I and subject to best practices to the effect of:

        (i)
        outcome indicators, disbursement speed, degree of innovation, ability to disseminate lessons learned, and performance in the execution of projects;
      
      
        (ii)
        a framework for evaluating projects on an individual and project-group basis, and ex-post evaluations; and
      
      
        (iii)
        public dissemination of results.

(i) (i) outcome indicators, disbursement speed, degree of innovation, ability to disseminate lessons learned, and performance in the execution of projects; (ii) (ii) a framework for evaluating projects on an individual and project-group basis, and ex-post evaluations; and (iii) (iii) public dissemination of results. i) i) Fund operations shall be designed and executed in order to maximize efficiency and developmental impact, with particular emphasis on ex-ante risk assessment and strengthening of executing agencies. The Donors Committee may approve partnering with local entities for project preparation and execution.

Artikel IV

Section 1. Composition. Each Donor may participate in and appoint a representative to meetings of the Donors Committee.

Section 2. Responsibilities. The Donors Committee shall be responsible for the final approval of all proposals for operations of the Fund and shall seek to maximize the Fund’s comparative advantage through operations with high developmental benefits, efficiency, innovation, and impact in accordance with the functions of the Fund as specified in Article I, Section 2. The Donors Committee shall consider operations that follow such functions and decline to consider, or phase out, those that do not.

Section 3. Meetings. The Donors Committee shall meet at the principal office of the Bank as often as the business of the Fund requires. The Secretary of the Bank (serving as Secretary of the Committee) or any Donor may call a meeting. As necessary the Donors Committee shall determine its organization, rules of operation and procedure. A quorum for any meeting of the Donors Committee shall be a majority of the total number of representatives representing not less than four-fifths of the total voting power of the Donors. Prospective Donors may attend meetings of the Donors Committee as observers.

Section 4. Voting. a) a) The Donors Committee shall attempt to reach decisions by consensus. In cases where a decision cannot be reached by consensus after reasonable efforts, and unless otherwise specified in this MIF II Agreement, the Donors Committee shall reach decisions by a three-quarters majority of the total voting power. b) b) The total voting power of each Donor shall consist of the sum of its proportional votes and its basic votes. Each Donor shall have one proportional vote for each one hundred thousand United States dollars which it has contributed in cash, notes or similar securities (or the equivalent thereof in other freely convertible currencies) under Article II, Section 2 of this MIF II Agreement and under Article II, Section 2 of the MIF I Agreement. Each Donor shall also have basic votes consisting of such number of votes as results from the equal distribution among all the Donors of a number of votes equal to 25% of the aggregate proportional votes of all the Donors.

Section 5. Reporting and Evaluation. When approved by the Donors Committee, the annual information statement submitted under Article V, Section 2(a) of the MIF II Administration Agreement shall be forwarded to the Bank’s Board of Executive Directors. Anytime after the first anniversary of the MIF II Effective Date, and at least every five years thereafter, the Donors Committee shall request an independent evaluation by the Bank’s Office of Evaluation and Oversight, payable with resources of the Fund, to review Fund results in light of the purpose and functions of this MIF II Agreement; this evaluation shall continue to include an assessment of the results of project groups, based on benchmarks and indicators, for aspects such as relevance, effectiveness, efficiency, innovation, sustainability and additionality, and progress with regard to the implementation of recommendations approved by the Donors Committee. Donors shall meet to discuss each such independent evaluation no later than the following annual meeting of the Board of Governors of the Bank.

Artikel V

Section 1. Entry into Force. This MIF II Agreement shall enter into force on any date on or before December 31, 2007 on which Prospective Donors representing at least 60% of the total Fund amount set forth in Schedule A have deposited their Instruments of Contribution, whereupon the MIF I Agreement shall terminate and all assets and liabilities of the MIF I shall be assumed by the MIF II.

Section 2. Term of this MIF II Agreement. This MIF II Agreement shall remain in force until December 31, 2015, and may be renewed for no more than one additional period of up to five years. Prior to the end of the initial period, the Donors Committee shall consult with the Bank about the advisability of extending the operations of the Fund for the renewal period. At that time the Donors Committee, acting by a vote of at least two-thirds of the Donors representing not less than three-quarters of the total voting power of the Donors, may extend this MIF II Agreement for the agreed upon renewal period.

Section 3. Termination by the Bank or the Donors Committee. This MIF II Agreement shall terminate in the event that the Bank suspends or terminates its own operations under Article X of the Charter.This MIF II Agreement shall also terminate in the event that the Bank terminates the MIF II Administration Agreement under Article VI, Section 3 thereof. The Donors Committee may decide to terminate this MIF II Agreement at any time by a vote of at least two-thirds of the Donors representing not less than three-quarters of the total voting power of the Donors.

Section 4. Distribution of Fund Assets. Upon termination of this MIF II Agreement, the Donors Committee shall direct the Bank to make a distribution of assets to Donors after all the liabilities of the Fund are discharged or provided for. Any such distribution of remaining assets shall be made in proportion to each Donor’s proportional votes under Article IV, Section 4. Balances remaining in any such notes or similar securities shall be canceled to the extent payment thereunder is not required to meet Fund liabilities.

Artikel VI

Section 1. Adherence to this MIF II Agreement. This MIF II Agreement may be signed by any member of the Bank which is not listed on Schedule A. Any such signatory may adhere to this MIF II Agreement and become a Donor by depositing an Instrument of Acceptance and an Instrument of Contribution in an amount, and on dates and conditions, approved by the Donors Committee, which shall reach decision by a vote of at least two-thirds of the Donors representing not less than three-quarters of the total voting power of the Donors.

Section 2. Amendment. a) a) This MIF II Agreement may be amended by the Donors Committee, which shall reach decision by a vote of at least two-thirds of the Donors representing not less than three-quarters of the total voting power of the Donors. The approval of all Donors shall be required for an amendment to this Section, to the provisions of Section 3 of this Article which limit the liabilities of Donors, or an amendment which increases the financial or other obligation of Donors, or an amendment to Article V, Section 3. b) b) Notwithstanding the provisions of paragraph (a) of this Section,any amendment which increases the existing obligations of the Donors under this Agreement or involves new obligations of the Donors shall take effect for each Donor which has notified its acceptance in writing to the Bank.

Section 3. Limitations on Liability. In the operations of the Fund, the financial liability of the Bank shall be limited to the resources and reserves (if any) of the Fund, and the liability of Donors as Donors shall be limited to the unpaid portion of their respective contributions that has become due and payable.

Section 4. Withdrawal. a) a) After full payment under a Qualified Contribution or an Unqualified Contribution, any Donor may withdraw from this MIF II Agreement by delivering to the Bank at its principal office written notice of its intention to do so. Such withdrawal shall become finally effective on the date specified in the notice but in no event less than 6 months after the notice is delivered to the Bank. However, at any time before the withdrawal becomes finally effective, the Donor may notify the Bank in writing of the cancellation of its notice of intention to withdraw. b) b) When a Donor has withdrawn from this MIF II Agreement, it shall remain liable for all its obligations under this MIF II Agreement which shall have been in effect before the effective date of its notice of withdrawal. c) c) Arrangements for setting respective claims and obligations, entered into by the Bank and a Donor pursuant to Article VII, Section 7 of the MIF II Administration Agreement, shall be subject to approval by the Donors Committee.

Section 5. MIF I Donors. Notwithstanding anything to the contrary in this MIF II Agreement, all countries listed on Schedule A that adhered to the MIF I Agreement shall have all of the rights afforded to ‘‘Donors’’ under this MIF II Agreement immediately upon the MIF II Effective Date.