INTERNATIONAL BANK FOR RECONSTRUCTION AND
                            DEVELOPMENT

                             BOARD OF GOVERNORS



                               Resolution No. 517

                                Transfer to MIGA


RESOLVED:

   THAT the Bank transfer from surplus, by way of grant, US$150 million to the
Multilateral Investment Guarantee Agency (MIGA), such transfer to be made in one
payment immediately upon the adoption of this resolution and to be used as part of
MIGA’s capital resources to strengthen its financial position.



                                                         (Adopted on April 6, 1998)