INTERNATIONAL BANK FOR RECONSTRUCTION AND
                              DEVELOPMENT

                                BOARD OF GOVERNORS



                                   Resolution No. 238

                               Membership of Botswana


   WHEREAS the Government of Botswana has applied for admission to membership in
the International Bank for Reconstruction and Development in accordance with Section
1(b) of Article II of the Articles of Agreement of the Bank; and

   WHEREAS, pursuant to Section 20 of the By-Laws of the Bank, the Executive
Directors, after consultation with representatives of the Government of Botswana, have
made recommendations to the Board of Governors regarding this application;

   NOW, THEREFORE, the Board of Governors hereby

RESOLVES:

  THAT the terms and conditions upon which Botswana shall be admitted to
membership in the Bank shall be as follows:

1. Definitions: As used in this resolution:
   (a) “Bank� means International Bank for Reconstruction and Development.
   (b) “Articles� means the Articles of Agreement of the Bank.
   (c) “Dollars� or “$� means United States dollars of the weight and fineness in effect
       on July 1, 1944.
   (d) “Subscription� means the capital stock of the Bank subscribed to by a member.
   (e) “Member� means member of the Bank.

2. Subscription: By accepting membership in the Bank, Botswana shall subscribe to 32
shares of the capital stock of the Bank at the par value of $100,000 per share.

3. Membership in the Fund: Before accepting membership in the Bank, Botswana shall
accept membership in and become a member of the International Monetary Fund.

4. Payments on Subscription:
    (a) Before accepting membership in the Bank, Botswana shall pay to the Bank on
        account of the subscription price of one-half of such shares:
        (i) Gold or United States dollars equal to 2% thereof, and
       (ii) An amount in its own currency which, at the appropriate prevailing exchange
            rate, shall be equal to 18% thereof.
    (b) With respect to the subscription price of the other one-half of such shares, the 2%
        portion payable in gold or United States dollars and the 18% portion payable in
                                                                  IBRD Resolution No. 238
                                                                               Page 2 of 2


        the currency of the member shall be left uncalled, as set forth in Resolution No.
        129, on the same basis as the 2% and 18% portions of subscriptions made
        pursuant to Resolution No. 128 of the Board of Governors.

5. Representation and Information: Before accepting membership in the Bank, Botswana
shall represent to the Bank that it has taken all action necessary to sign and deposit the
instrument of acceptance and sign the Articles as contemplated by paragraph 6(d) and (e)
of this resolution and Botswana shall furnish to the Bank such information in respect of
such action as the Bank may request.

6. Acceptance of Membership: Botswana shall become a member of the Bank with a
subscription as set forth in paragraph 2 of this resolution, as of the date when Botswana
shall have complied with the following requirements:
    (a) Become a member of the International Monetary Fund;
    (b) Made the payments called for by paragraph 4 of this resolution;
    (c) Furnished the representation, and such information as may have been requested,
        pursuant to paragraph 5 of this resolution;
    (d) Deposited with the Government of the United States of America 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
    (e) Signed the original copy of the Articles held in the Archives of the Government of
        the United States of America.

7. Limitation on Period for Acceptance of Membership: Botswana may accept
membership in the Bank pursuant to this resolution until March 29, 1968, or by such later
date as the Executive Directors may determine.



                                                           (Adopted on September 29, 1967)