INTERNATIONAL BANK FOR RECONSTRUCTION AND
                              DEVELOPMENT

                                 BOARD OF GOVERNORS



                                   Resolution No. 315

                   Increase of $7 billion in Authorized Capital Stock


   WHEREAS the original capital stock of the Bank amounted to $10,000 million in
terms of United States dollars of the weight and fineness in effect of July 1, 1944:

   WHEREAS the Board of Governors, by Resolution Nos. 128, 131, 194, 222 and 264
increased the authorized capital stock to $ 27,000 million;

   WHEREAS it is desirable further to increase the authorized capital stock by the Bank
by $7 billion in order to provide for special increases in members’ subscriptions and for
the admission of new members;

   WHEREAS the Board of Governors expects that in the circumstances members will
not wish to avail themselves of their right to subscribe a proportionate share of such
increase pursuant to Article II, Section 3(c) of the Articles of Agreement of the Bank;

   NOW THEREFORE the Board of Governors hereby resolves as follows:

1. The authorized capital stock of the Bank shall be increased by $7 billion in terms of
United States dollars of the weight and fineness in effect of July 1, 1944, divided into
70,000 shares having a par value of $100,000 each.

2. In the absence of notice to the Bank from any member on or before June 11, 1976 that
it intends to exercise its right to subscribe its proportionate share of such increase, such
member will be deemed to have waived such right; provided, however, that if any such
notice is received from any member the Secretary of the Bank shall promptly after the
said date notify all other members thereof whereupon such other members shall have an
additional 30 days after the said date to give such notice.



                                                                (Adopted on May 13, 1977)