INTERNATIONAL FINANCE CORPORATION

                                   BOARD OF GOVERNORS



                                       Resolution No. 33

                                     Membership of Togo


   WHEREAS the Government of the Republic of Togo has applied for admission to membership
in the International Finance Corporation in accordance with Section 1(b) of Article II of the
Articles of Agreement of the Corporation; and

    WHEREAS, pursuant to Section 17 of the By-Laws of the Corporation, the Board of Directors,
after consultation with representatives of the Government of the Republic of Togo, has made
recommendations to the Board of Governors regarding the application of said Government;

   NOW, THEREFORE, the Board of Governors hereby

RESOLVES:

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

1. Definitions: As used in this resolution:
   (a) “Corporation� means International Finance Corporation.
   (b) “Articles� means the Articles of Agreement of the Corporation.
   (c) “Dollars� or “$� means United States dollars.
   (d) “Subscription� means the Capital Stock of the Corporation subscribed by a member.
   (e) “Member� means member of the Corporation.

2. Subscription: By accepting membership in the Corporation, Togo shall subscribe to 83 shares of
the capital stock of the Corporation at the par value of $1,000 per share.

3. Payments on Subscription: Before accepting membership in the Corporation, Togo shall pay
$83,000 to the Corporation in full payment of the capital stock subscribed.

4. Information: Before accepting membership in the Corporation, Togo shall furnish to the
Corporation such information relating to its application for membership as the Corporation may
request.

5. Acceptance of Membership: Togo shall become a member of the Corporation, with a
subscription as set forth in paragraph 2 of this resolution, as of the date when Togo shall have
complied with the following requirements:
   (a) made the payment called for by paragraph 3 of this resolution;
   (b) furnished such information as may have been requested by the Corporation pursuant to
       paragraph 4 of this resolution;
   (c) deposited with the International Bank for Reconstruction and Development an instrument
                                                                              IFC Resolution No. 33
                                                                                        Page 2 of 2


       stating that it has accepted without reservation 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
   (d) signed the original copy of the Articles held by the International Bank for Reconstruction
       and Development.

6. Limitation on Period for Acceptance of Membership: Togo may accept membership in the
Corporation pursuant to this resolution until January 31, 1963, provided, however, that if
extraordinary circumstances are deemed by the Board of Directors to warrant an extension of the
period during which Togo may accept membership pursuant to this resolution, the Board of
Directors may extend such period.



                                                                          (Adopted on July 24, 1962)