MULTILATERAL INVESTMENT GUARANTEE AGENCY

                                  COUNCIL OF GOVERNORS



                                        Resolution No. 61

   Extension of Subscription Period under Resolution No. 57 of the Council of Governors


    WHEREAS, pursuant to Resolution No. 57, entitled “1998 General Capital Increase�, adopted
on March 29, 1999, the Council of Governors increased the authorized capital of the Multilateral
Investment Guarantee Agency (“MIGA�) by SDR785,590,000, divided into 78,559 shares (the
“1998 GCI�) and provided that each member could subscribe up to the number of shares specified
in Resolution No. 57 in respect of that member;

   WHEREAS, paragraph 3 of Resolution No. 57 established a subscription period ending on
March 28, 2002 for the subscription of shares allocated to members under the 1998 GCI;

    WHEREAS, as of March 28, 2002, only sixty-six countries have fully or partially subscribed
the shares allocated to them under the 1998 GCI;

    WHEREAS, pursuant to Resolution No. 55, entitled “Review of Allocation of Shares of the
Agency�, adopted on May 14, 1998, the Council of Governors postponed the reallocation of
unsubscribed shares for the purpose of achieving parity of voting power until the expiry of the
1998 GCI subscription period; and resolved that any country listed in Schedule A to the
Convention which decides to become a member of MIGA shall do so by subscribing the number of
shares set forth in that Schedule and in the manner set forth in the Convention;

    WHEREAS, in their report dated March 28, 2002, the Board of Directors noted that it is
desirable to extend the subscription period to the 1998 GCI beyond March 28, 2002;
WHEREAS, in order to facilitate an increase in the membership of MIGA, Schedule A to the
Convention and all provisions thereof concerning membership in MIGA should remain in force;

    NOW THEREFORE, the Council of Governors resolves that:

(a) the subscription period to the 1998 GCI is extended for twelve months from March 29, 2002
and will end on March 28, 2003;

(b) shares that remain unsubscribed at the end of the subscription period shall be utilized towards
achieving parity of voting power between Category One and Category Two members;

(c) during the twelve-month extension period, any country listed in Schedule A to the Convention
which decides to become a member of MIGA shall do so by subscribing, at par, the number of
shares set forth in that Schedule and in the manner set forth in the Convention.



                                                                        (Adopted on May 6, 2002)