Agreement Establishing The European Bank For Reconstruction And Development

2. The spouses and direct support creditors of these directors, assistant directors, senior executives, employees and experts of the bank who reside in the country where the bank is headquartered have the opportunity to hold a job in that country. The spouses and direct support creditors of these directors, assistant directors, senior executives, employees and experts of the bank who reside in a country where an agency or branch of the bank is located should, as far as possible, provide for a similar possibility in that country, in accordance with national law of that country. The Bank negotiates with the country where the Bank is headquartered and, if necessary, with the other countries concerned, specific arrangements for the implementation of the provisions of this paragraph. For the purposes of this paragraph, a state-owned enterprise is considered competitive only if it operates independently in a competitive market environment and is not subject to bankruptcy law. The Bank applies sound banking principles to all its operations; through association or co-financing with multilateral institutions, commercial banks or other interested sources, or by participation in private sector enterprises, loans to state-owned enterprises that operate competitively and participate in the market-oriented economy, and loans to each public enterprise to facilitate its transition to private ownership and control; in particular to facilitate or improve the participation of private and/or foreign capital in these companies; 2. Special funds accepted by the Bank may be used in any manner and conditions that are consistent with the Purpose and Tasks of the Bank, the other applicable provisions of this agreement, and the agreement or agreements relating to these funds. Any governor who does not participate in the election or whose vote does not contribute to the election of a director in accordance with Section A or Section B, Section B (ii) or Section B (iii) of this appendix may award the votes to which he is entitled to an elected director, provided that the Governor has first obtained the approval of all the governors who have chosen him for that term. As a contribution to economic progress and reconstruction, the Bank must promote the transition to open market-oriented economies and encourage private and entrepreneurial initiatives in Central and Eastern European countries that engage and apply the principles of multi-party democracy, pluralism and market economy. Providing special funds in accordance with the agreements to use these funds; Fully promote sustainable development and the environment; In the event of a disagreement between the Bank and a member, who is no longer a member, or between the Bank and a member after the adoption of a decision on the Bank`s termination, is referred to an arbitral tribunal by an arbitral tribunal of three (3) arbitrators, one by the bank, another by the member or former member concerned and the third, if the parties otherwise agree, by the President of the International Court of Justice or by another authority imposed by the regulations adopted by the Governing Council. A majority of arbitrators is sufficient to make a final and binding decision for the parties. The third arbitrator has full authority to resolve all procedural issues in all cases where the parties do not agree on this issue.