INTERNATIONAL DEVELOPMENT ASSOCIATION

                                     BOARD OF GOVERNORS



                                         Resolution No. 170

                   Membership of Portugal – Revised Terms and Conditions


   WHEREAS on August 12, 1982 the Government of the Portuguese Republic (hereinafter called
Portugal) applied for admission to membership in the International Development Association in
accordance with Section 1(b) of Article II of the Articles of Agreement of the Association;

    WHEREAS on March 22, 1983, the Board of Governors adopted its Resolution No. 130, in
which are set out the terms and conditions upon which Portugal was to be admitted to membership
in the Association, and which include, inter alia, a contribution to the Association of 343,710,000
Portuguese escudos under the terms and conditions applicable to “Part II� members of the
Association under the Sixth Replenishment of the Association’s resources;

   WHEREAS Portugal, which has not become a member of the Association under the terms of
the said Resolution, has now proposed to become a member under the terms and conditions set out
below;

    WHEREAS, pursuant to Section 9 of the By-Laws of the Association, the Executive Directors,
after consultation with representatives of the Government of Portugal, have recommended to the
Board of Governors that such membership be authorized under the said revised terms and
conditions;

  WHEREAS Portugal is a member of the International Bank for Reconstruction and
Development:

   NOW, THEREFORE, the Board of Governors hereby

RESOLVES THAT:

A. Resolution No. 130, adopted on March 22, 1983 is abrogated;

B. The terms and conditions upon which Portugal shall be admitted to membership in the
Association shall be as follows:

1. Definitions: As used in this resolution:
   (a) “Association� means International Development Association.
   (b) “Articles� means the Articles of Agreement of the Association.
   (c) “Dollars� or “$� means dollars in currency of the United States of America.

2. Subscriptions:
   (a) The terms and conditions of the membership of Portugal in the Association other than
       those specifically provided for in this resolution shall be those set forth in the Articles with
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        respect to the membership of original members listed in Part II of Schedule A thereof
        (including, but not by way of limitation, the terms and conditions relating to subscriptions,
        usability of currencies and voting rights).
    (b) Upon accepting membership in the Association, Portugal shall:
        (i) subscribe funds in the amount of $3,020,000 expressed in terms of United States
            dollars of the weight and fineness in effect on January 1, 1960, that is to say, pursuant
            to the decision of the Executive Directors of the Association of June 30, 1986 on the
            valuation of initial subscriptions, $3,643,177, and shall pay the latter amount to the
            Association in freely convertible currency. As of the date Portugal will become a
            member of the Association, 1,104 votes shall be allocated to Portugal in respect to such
            subscription, consisting of 604 subscription votes and 500 membership votes.
       (ii) make an additional subscription in the amount of $552,127 which shall be paid in
            freely convertible currency, and which shall carry 35,689 votes, calculated on the basis
            of 17,889 subscription votes and 17,800 membership votes. The rights and obligations
            of the Association and Portugal with regard to such additional subscription shall be the
            same (except as otherwise provided in this resolution) as those which govern the 10%
            portion of the initial subscriptions of original members payable under Article II,
            Section 2(c) of the Articles by members listed in Part II of Schedule A of the Articles.

3. Effective Date of Membership: Portugal shall become a member of the Association with a
subscription as set forth in paragraph B.2(b) of this resolution as of the date when Portugal shall
have complied with the following requirements:
    (a) made the payments called for by paragraph B.2 of this resolution;
    (b) deposited with the International Bank for Reconstruction and Development an instrument
        stating that it has accepted in accordance with its law the Articles and all the terms and
        conditions prescribed in this resolution, and that it has taken all steps necessary to enable it
        to carry out all its obligations under the Articles and this resolution; and
    (d) signed the original Articles held in the archives of the International Bank for
        Reconstruction and Development.

4. Limitation on Period for Fulfillment of Requirements of Membership: Portugal may fulfill the
requirements for membership in the Association pursuant to this resolution until December 31,
1992, or such later date as the Executive Directors of the Association may determine.



                                                                         (Adopted on August 5, 1992)