ESTABLISHMENT OF A TAIPEI CHINA-EUROPEAN BANK COOPERATION FUND-1

Mr. Jacques AttaliPresident European Bank for Reconstruction and Development 122 Leadenhall Street London EC3V 4EB United Kingdom 16 September 1991 Re: Establishment of a Taipei China- European Bank Cooperation Fund1 Following the various discussions held between representatives of Taipei China through its Taipei Economic and Cultural Offi- ce in Brussels (hereinafter called the Government) and of the European Bank for Reconstruction and Development (the European Bank) on the subject referred to above, we are pleased to inf- orm you that the Government is prepared to establish at the E- uropean Bank a Taipei China-European Bank Cooperation Fund (T- CEBCF) for technical assistance, training and advisory servic- es under the conditions specified in this letter. 2 The Government shall make available to the European Bank on a non-reimbursable basis an amount of ten million United States dollars (US$10,000,000) to finance services, including fees, travel and other reimbursable costs, rendered by consultants in connection with their employment by the European Bank for the purposes described below. At least twenty per cent (20%) will be used for the engagement of consultants from Taipei Ch- ina.Purpose of the TCEBCF3 The TCEBCF is available to finance: (i) the identification, preparation and/or implementation of p- rojects and programmes and such other activities, agreed u- pon by the European Bank and the Government, in the recipi- ent countries of the European Bank. (ii) seminars and training or training-related activities in f- urtherance of the European Bank’s purpose, including the fees, travel and subsistence expenses of consultants or e- xperts engaged to prepare and/or participate in such acti- vrties, as well as the travel and subsistence expenses of trainees; and (iii) research and studies, and the building or strengthening of institutions, or other similar activities, that are d- esigned to contribute to the promotion of private and en- trepreneurial initiative in the context of open market-o- riented economies. Administration of TCEBCF: Accounts and Records 4 The European Bank shall open and maintain an interest-bearing Trust account denominated Taipei China-European Bank Cooperat- ion Fund Account (Account) at J.P. Morgan of New York, New Yo- rk in which the funds for the financing of the activities des- cribed in the present letter shall be deposited by the Govern- ment in two installments: two million US dollars (US$2,000,000 ) upon signature of the Agreement and eight million US dollars (US$8,000,000) in the month of August 1992. The European Bank shall keep the funds in the Account separate and apart from a- ny other possible funds of the European Bank. The European Ba- nk shall be entitled to draw on the Account for the financing of the expenditures eligible under the present letter. The fu- nds in the Account may be freely exchanged by the European Ba- nk into other currencies as may facilitate their disbursement, and the Bank shall have no liability to the Government for any exchange losses in connection therewith. The European Bank may invest and reinvest the funds pending their disbursement and shall retain for its own account any income from such investm- ent to cover its administrative expenses associated with the management and administration of this arrangement. 5 The European Bank shall maintain separate records and accounts in respect of the funds in the Account and disbursed pursuant to the provisions hereof, and cause such records and accounts to be audited and certified by the European Bank’s external a- uditors as the end each fiscal year. Responsibility 6 The administration of the TCEBCF by the European Bank shall be undertaken in accordance with the European Bank’s normal prac- tices and standards and with the same degree of care as it us- es with respect to the administration and management of its o- wn affairs. The European Bank shall have no further liability to the Government in respect thereof. 7 The, Offices responsible for the coordination of all matters related to the content of this letter shall be the following: For the European For the Bank: Government: Cofinancing Unit Taipei Economic and Cultural Office Development Avenue des Arts 41 Banking 122 Leadenhall B-1040 Brussels Street London EC3V 4EB Belgium United Kingdom Tel: 071 338 6205 Tel: 2-5110687 Fax: 071 338 6159 Fax: 2-5111789 8 The Government and the European Bank may consult each other f- rom time to time on all matters concerning the TCEBCF, and the European Bank will provide the Government each year with a re- port describing the activities financed from the funds. Termination 9 The arrangement provided for in this letter shall enter into force the day of its signature by both parties and shall rema- in in force, unless terminated by any one of the parties upon six-month prior written notice, until the funds in the Account provided by the Government under this letter are fully withdr- awn. 10 If the arrangements provided for herein are terminated, (a) such termination shall not affect any agreements entered into between the European Bank and consultants and/ or third part- ies, and European Bank shall be entitled to continue withdra- wals from the Account in respect of such agreements as if th- ese arrangements had not been so terminated; and (b) any bal- ance in the Account at the completion of such withdrawals and deduction of costs due to the European Bank hereunder shall be returned to the Government. I propose that you confirm your agreement with the foregoing by signing the attached copy of this letter and returning it to us.Done in four original copies in English on the date above-write-n, which are equally authentic, held by the Government and the European Bank. For the Government of Taipei China [Signed] Benjamin Lu Representative, Brussels Accepted for the European Bank for Reconstruction and Development. [Signed] Jacques Attali President 16 September, 1991 Mr. Jacques Attali President European Bank for Reconstruction and Development 122 Leadenhall Street London EC3V 4EB United Kingdom 16 September 1991 Dear Mr. President, Re: The Taipei China-European Bank Cooperation Fund Discussions have been undertaken between your bank and my G- overnment to establish the Taipei China-European Bank Coope- ration Fund at your Bank to finance projects and programmes in the recipient countries of the Bank. My Government welco- mes the opportunity to work closely with the Bank to contri- bute to the economic progress in Central and Eastern Europe. As discussions proceed, my Government wishes to reconfirm t- he concurrence of the Bank on the following: (1) Firms, suppliers and contractors in Taipei China shall be given adequate, fair and equal opportunity to bid on goo- ds and works which are geing procured under Bank loans. (2) You will endeavour to invite representatives of Taipei C- hina to the annual meetings of the Board of Governors of the Bank as your special guests. (3) Starting from the entering into force of the Agreement on the establishment of the Fund, a minimum of twenty perce- nt (20%) of the first-year expenses from the Fund shall be utilised to engage consultants from Taipei China. The percentage shall be reviewed at the end of the first year of the Fund, and be increased annually upon mutual conse- nt. If these provisions are acceptable to the European Bank, please confirm your agreement by signing this letter and returning one copy to us. In the meantime, I would like to take this opportunity to extendto you my warmest personal regards. Sincerely yours, [Signed] Benjamin Lu Representative Confirmed on behalf of the European Bank for Reconstruction and Development by [Signed] Jacques Attali President Date: 16 September 1991

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