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1 Mr. Jacques Attali PresidentEuropean Bank for Reconstruction andDevelopment122 Leadenhall StreetLondon EC3V 4EBUnited Kingdom16 September 1991 Re: Establishment of a Taipei China- European Bank Cooperation Fund 1 Following the various discussions held between representativesof Taipei China through its Taipei Economic and Cultural Offi-ce in Brussels (hereinafter called the Government) and of theEuropean Bank for Reconstruction and Development (the EuropeanBank) 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 anon-reimbursable basis an amount of ten million United Statesdollars (US$10,000,000) to finance services, including fees,travel and other reimbursable costs, rendered by consultantsin connection with their employment by the European Bank forthe purposes described below. At least twenty per cent (20%)will be used for the engagement of consultants from Taipei Ch-ina. Purpose of the TCEBCF 3 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 Records4 The European Bank shall open and maintain an interest-bearingTrust 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 Bankshall 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 financingof 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 anyexchange losses in connection therewith. The European Bank mayinvest and reinvest the funds pending their disbursement andshall retain for its own account any income from such investm-ent to cover its administrative expenses associated with themanagement and administration of this arrangement.5 The European Bank shall maintain separate records and accountsin respect of the funds in the Account and disbursed pursuantto the provisions hereof, and cause such records and accountsto be audited and certified by the European Bank's external a-uditors as the end each fiscal year.Responsibility6 The administration of the TCEBCF by the European Bank shall beundertaken 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 liabilityto the Government in respect thereof.7 The, Offices responsible for the coordination of all mattersrelated to the content of this letter shall be the following:For the European For theBank:Government:Cofinancing UnitTaipei Economicand Cultural Office Development Avenue des Arts 41Banking122 LeadenhallB-1040 BrusselsStreetLondon EC3V 4EB BelgiumUnited KingdomTel: 071 338 6205 Tel: 2-5110687Fax: 071 338 6159 Fax: 2-51117898 The Government and the European Bank may consult each other f-rom time to time on all matters concerning the TCEBCF, and theEuropean Bank will provide the Government each year with a re-port describing the activities financed from the funds.Termination9 The arrangement provided for in this letter shall enter intoforce the day of its signature by both parties and shall rema-in in force, unless terminated by any one of the parties uponsix-month prior written notice, until the funds in the Accountprovided 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 intobetween 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 anddeduction of costs due to the European Bank hereunder shallbe returned to the Government.I propose that you confirm your agreement with the foregoing bysigning 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 theEuropean Bank.For the Government of Taipei China[Signed]Benjamin LuRepresentative, BrusselsAccepted for the European Bank forReconstruction and Development.[Signed]Jacques AttaliPresident16 September, 1991Mr. Jacques AttaliPresidentEuropean Bank for Reconstruction andDevelopment122 Leadenhall StreetLondon EC3V 4EBUnited Kingdom16 September 1991 Dear Mr. President,Re: The Taipei China-European Bank Cooperation FundDiscussions 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 programmesin 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 begiven 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 onthe 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, pleaseconfirm your agreement by signing this letter and returning onecopy to us.In the meantime, I would like to take this opportunity to extendto you my warmest personal regards.Sincerely yours,[Signed]Benjamin LuRepresentativeConfirmed on behalf of the EuropeanBank for Reconstruction andDevelopment by[Signed]Jacques AttaliPresidentDate: 16 September 1991