Agreement On The Establishment Of A Nordic Environment Finance Corporation

Filename: 1990-NordicEnvironmentFinanceCorporation.EN.txt
Source: NEFCO Secretariat

Agreement Regarding The Establishment Of The Nordic Environment Finance Corporation

Source: NEFCO Secretariat

The Governments of Denmark, Finland, Iceland, Norway and Sweden, as part of Nordic environmental cooperation, wish to promote investments of Nordic environmental interest in Eastern Europe and have therefore agreed as follows:

ARTICLE 1

The Nordic Environment Finance Corporation, hereinafter called the Corporation, is established for the purpose of promoting investments of Nordic environmental interest in Eastern Europe through the financing of companies in these countries.

ARTICLE 2

The Corporation shall have the status of a juridical person.

ARTICLE 3

The Corporation shall conduct its operations in accordance with the Statutes attached to this Agreement. These Statutes may be amended by decision of the Nordic Council of Ministers.

ARTICLE 4

The capital of the Corporation shall be contributed by the contracting parties. The size, distribution and payment of the capital and the contribution of additional capital are regulated in § 2 of the Statutes.

ARTICLE 5

The Corporation shall be located in the headquarters of the Nordic Investment Bank.

ARTICLE 6

The Corporation shall be exempt from payment and currency restrictions and credit policy measures that prevent or impede its operations.

The assets and income of the Corporation shall be exempt from taxation.

The Corporation shall in its financial operations be exempt from stamp duties and other official charges.

ARTICLE 7

The Nordic Council of Ministers shall decide about the continued operations of the Corporation not later than January 1, 1996.

If the Nordic Council of Ministers decides that the Corporation shall be liquidated, it shall be done in accordance with the procedures defined in § 10 of the Statutes.

ARTICLE 8

This Agreement and the Statutes mentioned in Article 3 shall become effective 30 days after the date on which all contracting parties have notified the Finnish Ministry for Foreign Affairs of their acceptance of the Agreement.

The Finnish Ministry for Foreign Affairs shall advise the other contracting parties of receipt of these notifications and of the time the Agreement enters into force.

ARTICLE 9

A contracting party may, after January 1, 1996, withdraw from the Agreement by written notice thereof to the Finnish Ministry for Foreign Affairs, which will inform the other contracting parties and the Board of Directors of the Corporation of the receipt of such notice and the contents thereof.

A withdrawal shall concern only the withdrawing party and shall be effective at the end of the fiscal year during which the notice of withdrawal was given provided, the notice of withdrawal was given by the end of the month of June. Otherwise the withdrawal shall be effective at the end of the next fiscal year.

In the event that the Nordic Council of Ministers, following a contracting party's withdrawal from the Agreement, decides not to liquidate the Corporation, the Nordic Council of Ministers shall adopt procedures for settlement of accounts with the withdrawing party before the date upon which the withdrawal becomes effective. It shall then be ensured that the withdrawing party shall continue to be liable, to the same extent as the other parties, for those commitments of the Corporation that existed at the time of the withdrawal.

ARTICLE 10

The original of this Agreement shall be deposited with the Finnish Ministry for Foreign Affairs, which shall forward certified copies thereof to the other contracting parties.

To certify this, the duly authorized representatives have signed this Agreement in Reykjavik on March 2, 1990, in one original in Danish, Finnish, Icelandic, Norwegian and Swedish, all of which texts are equally valid.