INTERNATIONAL FINANCE CORPORATION

                                     BOARD OF GOVERNORS



                                         Resolution No. 206

           Increase of Subscription by Nicaragua to the Capital of the Corporation


   WHEREAS by IFC Resolution No. 149 (1985 Capital Increase) adopted by the Board of
Governors on December 26, 1985 the authorized capital stock of the International Finance
Corporation (the Corporation) was increased to $1.3 billion in terms of United States dollars, by the
creation of 650,000 additional shares having a par value of one thousand United States dollars
each, and the issuance of all of such shares was authorized as set forth therein; and

   WHEREAS the last date as determined by the Board of Directors for subscription to additional
shares under the 1985 Capital Increase and payment therefor by member countries was February 1,
1992 (and August 1, 1993 in respect of countries for which payment was deferred due to economic
hardship, in accordance with Section D.2(c) of the 1985 Capital Increase); and

    WHEREAS Nicaragua could not complete payment for the entire number of shares allocated to
it for subscription under the 1985 Capital Increase on or before August 1, 1993; and

   WHEREAS in accordance with Section F of the 1985 Capital Increase any shares of capital
stock which remain unsubscribed after the last date prescribed for subscription and payment shall
remain authorized and unissued, and issuable by the Corporation in accordance with its Articles of
Agreement; and

   WHEREAS it would be consistent with the objectives of the 1985 Capital Increase to enable
Nicaragua to subscribe in the aggregate to that number of shares which it would otherwise have
been authorized to subscribe on or before August 1, 1993;

   NOW THEREFORE THE BOARD OF GOVERNORS RESOLVES THAT:

A. Nicaragua is hereby authorized to subscribe up to 55 shares of the Corporation on the terms
and conditions provided for in this Resolution.

B. The subscription price per share shall be $1,000 in terms of United States dollars, and such
subscription price shall be paid in United States dollars or other freely convertible currency or
currencies; provided that, if payment is made in such a currency or currencies other than United
States dollars, the Corporation shall exercise its best efforts to cause such currency or currencies to
be promptly converted into United States dollars and the same shall constitute payment of, or
towards, the subscription price only to the extent that the Corporation shall have received effective
payment of United States dollars.

C. Payment of the subscription price for shares subscribed shall be made in cash in full upon
subscription.
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D. Subscription and payment for shares as authorized hereunder shall be completed on or before
June 30, 1994, and such shares remaining unsubscribed after June 30, 1994 shall remain authorized
and unissued, issuable by the Corporation in accordance with its Articles of Agreement.



                                                                  (Adopted on February 2, 1994)