INTERNATIONAL DEVELOPMENT ASSOCIATION

                                      BOARD OF GOVERNORS



                                          Resolution No. 15

                                        Membership of Nepal


   WHEREAS, the Government of Nepal has applied for admission to membership in the
International Development Association (hereinafter called “Association�) in accordance with
Section 1(b) of Article II of the Articles of Agreement of the Association (hereinafter called
“Articles�); and

    WHEREAS, pursuant to Section 9 of the By-Laws of the Association, the Executive Directors,
after consultation with representatives of the Government of Nepal, have made recommendations
to the Board of Governors regarding the application of Nepal for admission to membership in the
Association;

   NOW, THEREFORE, the Board of Governors hereby

RESOLVES:

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

(a) The terms and conditions of the membership of Nepal in the Association other than those
specifically provided for in this Resolution shall be those set forth in the Articles with 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, payments on subscriptions,
usability of currencies, and voting rights).

(b) Upon accepting membership in the Association, Nepal shall subscribe funds in the amount of
$500,000 expressed in terms of United States dollars of the weight and fineness in effect on
January 1, 1960.

(c) Before accepting membership in the Association, Nepal shall make all payments on its initial
subscription which would have been payable on or before the date of acceptance had it become a
member of the Association as an original member listed in Part II of Schedule A of the Articles.

(d) Nepal may accept membership in the Association pursuant to this Resolution until November
5, 1962, provided, however, that if extraordinary circumstances are deemed by the Executive
Directors to warrant an extension of the period during which it may accept membership pursuant to
this Resolution, the Executive Directors may extend such period.



                                                                             (Adopted on May 4, 1962)