Ley No. 19.842.- Apruébase el proyecto de ley en el que se incorpora a la República Oriental del Uruguay al Banco Asiático de Inversión en Infraestructura (AIIB)

El Senado y la Cámara de Representantes de la República Oriental del Uruguay, reunidos en Asamblea General,

DECRETAN

Artículo 1º Apruébase la incorporación de la República Oriental del Uruguay al Banco Asiático de Inversión en Infraestructura (A1IB), de conformidad con el Convenio Constitutivo de la referida institución, firmado el 29 de junio de 2015, cuyo texto original se adjunta como Anexo de la presente ley y forma parte de la misma.

Artículo 2º Las obligaciones que demande la presente ley serán atendidas con recursos propios del Banco Central del Uruguay y formarán parte de su capital.

Artículo 3º El Banco Central del Uruguay realizará las gestiones pertinentes y las operaciones necesarias por cuenta y orden del Estado, para integrar el capital del Banco Asiático de Inversión en Infraestructura (AIIB).

Sala de Sesiones de la Cámara de Representantes, en Montevideo, a 17 días de diciembre de 2019.

MARÍA CECILIA BOTTINO, Presidenta; VIRGINIA ORTIZ, Secretaria.

Asian Infrastructure Investment Bank Articles of Agreement

The countries on whose behalf the present Agreement is signed agree as follows:

CONSIDERING the importance of regional cooperation to sustain growth and promote economic and social development of the economies in Asia and thereby contribute to regional resilience against potential financial crises and other external shocks in the context of globalization;

ACKNOWLEDGING the significance of infrastructure development in expanding regional connectivity and improving regional integration, thereby promoting economic growth and sustaining social development for the people in Asia, and contributing to global economic dynamism;

REALIZING that the considerable long term need for financing infrastructure development in Asia will be met more adequately by a partnership among existing multilateral development banks and the Asian Infrastructure Investment Bank (hereinafter referred to as the "Bank");

CONVINCED that the establishment of the Bank as a multilateral financial institution focused on infrastructure development will help to mobilize much needed additional resources from inside and outside Asia and to remove the financing bottlenecks faced by the individual economies in Asia, and will complement the existing multilateral development banks, to promote sustained and stable growth in Asia;

HAVE AGREED to establish the Bank, which shall operate in accordance with the following:

Chapter I

PURPOSE, FUNCTIONS AND MEMBERSHIP

Article 1

Purpose.

1. The purpose of the Bank shall be to: (i) foster sustainable economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors; and (ii) promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.

2. Wherever used in this Agreement, references to "Asia" and "region" shall include the geographical regions and composition classified as Asia and Oceania by the United Nations, except as otherwise decided by the Board of Governors.

Article 2

Functions.

To implement its purpose, the Bank shall have the following functions:

(i) to promote investment in the region of public and private capital for development purposes, in particular for development of infrastructure and other productive sectors;

(ii) to utilize the resources at its disposal for financing such development in the region, including those projects and programs which will contribute most effectively to the harmonious economic growth of the region as a whole and having special regard to the needs of less developed members in the region;

(iii) to encourage private investment in projects, enterprises and activities contributing to economic development in the region, in particular in infrastructure and other productive sectors, and to supplement private investment when private capital is not available on reasonable terms and conditions; and

(iv) to undertake such other activities and provide such other services as may further these functions.

Article 3

Membership.

1. Membership in the Bank shall be open to members of the International Bank for Reconstruction and Development or the Asian Development Bank.

   (a) Regional members shall be those members listed in Part A of Schedule A and other members included in the Asia region in accordance with paragraph 2 of Article 1. All other members shall be non regional members.

   (b) Founding Members shall be those members listed in Schedule A which, on or before the date specified in Article 57, shall have signed this Agreement and shall have fulfilled all other conditions of membership before the final date specified under paragraph 1 of Article 58.

2. Members of the International Bank for Reconstruction and Development or the Asian Development Bank which do not become members in accordance with Article 58 may be admitted, under such terms and conditions as the Bank shall determine, to membership in the Bank by a Special Majority vote of the Board of Governors as provided in Article 28.

3. In the case of an applicant which is not sovereign or not responsible for the conduct of its international relations, application for membership in the Bank shall be presented or agreed by the member of the Bank responsible for its international relations.

   CHAPTER II CAPITAL

Article 4

Authorized Capital.

1. The authorized capital stock of the Bank shall be one hundred billion United States dollars ($ 100,000,000,000), divided into one million (1,000,000) shares having a par value of 100,000 dollars ($ 100,000) each, which shall be available for subscription only by members in accordance with the provisions of Article 5.

2. The original authorized capital stock shall be divided into paid in shares and callable shares. Shares having an aggregate par value of twenty billion dollars ($ 20,000,000,000) shall be paid in shares, and shares having an aggregate par value of eighty billion dollars ($ 80,000,000,000) shall be callable.

3. The authorized capital stock of the Bank may be increased by the Board of Governors by a Super Majority vote as provided in Article 28, at such time and under such terms and conditions as it may deem advisable, including the proportion between paid in and callable shares.

4. The term ^//dollar^,/ and the symbol "$" wherever used in this Agreement shall be understood as being the official currency of payment of the United States of America.

Article 5

Subscription of Shares.

1. Each member shall subscribe to shares of the capital stock of the Bank. Each subscription to the original authorized capital stock shall be for paid in shares and callable shares in the proportion two (2) to eight (8). The initial number of shares available to be subscribed by countries which become members in accordance with Article 58 shall be that set forth in Schedule A.

2. The initial number of shares to be subscribed by countries which are admitted to membership in accordance with paragraph 2 of Article 3 shall be determined by the Board of Governors; provided, however, that no such subscription shall be authorized which would have the effect of reducing the percentage of capital stock held by regional members below seventy five (75) per cent of the total subscribed capital stock, unless otherwise agreed by the Board of Governors by a Super Majority vote as provided in Article 28.

3. The Board of Governors may, at the request of a member, increase the subscription of such member on such terms and conditions as the Board may determine by a Super Majority vote as provided in Article 28; provided, however, that no such increase in the subscription of any member shall be authorized which would have the effect of reducing the percentage of capital stock held by regional members below seventy five (75) per cent of the total subscribed capital stock, unless otherwise agreed by the Board of Governors by a Super Majority vote as provided in Article 28.

4. The Board of Governors shall at intervals of not more than five (5) years review the capital stock of the Bank. In case of an increase in the authorized capital stock, each member shall have a reasonable opportunity to subscribe, under such terms and conditions as the Board of Governors shall determine, to a proportion of the increase of stock equivalent to the proportion which its stock theretofore subscribed bears to the total subscribed capital stock immediately prior to such increase. No member shall be obligated to subscribe to any part of an increase of capital stock.

Article 6

Payment of Subscriptions.

1. Payment of the amount...