INTERNATIONAL FINANCE CORPORATION

                               BOARD OF GOVERNORS



                                  Resolution No. 234

       Financial Statements, Accountants’ Report and Administrative Budget


RESOLVED:

    THAT the Board of Governors of the Corporation consider the Financial Statements,
Accountants’ Report and Administrative Budget, included in the 2001 Annual Report and
the Administrative Budget attached to the Report dated July 31, 2001 as fulfilling the
requirements of Article IV, Section 11, of the Articles of Agreement and of Section 16 of
the By-Laws of the Corporation.



                                                         (Adopted on December 4, 2001)