TNAG-1768-FCO40-2522-Hong-Kong-and-the-Multilateral-Investment-Guarantee-Agency-(-1988 — Page 120

14

041244

MDLOAN 1331

CONFIDENTIAL

FM FCO

TO PRIORITY HONG KONG

TELNO 321

OF 04103UZ

INFO

PRIORITY PEKING

FEBRUARY 88

CONFIDENTIAL

TOP COPY Q DIST.?

MKC 102/1

SOL

MIPT MIGA

1.

FOLLOWING IS TEXT OF RESPONSE RECEIVED FROM VOSS OF

THE WORLD BANK:

BEGINS

IN CONNECTION WITH YOUR MEMORANDUM OF JANUARY 11, 1988, I HAVE REVIEWED OUR FILES RELATING TO THE RATIFICATION BY THE UNITED

KINGDOM OF THE ICSID CONVENTION. AS YOU POINT OUT IN YOUR

MEMORANDUM. THE UNITED KINGDOM HAD NOTIFIED THE WORLD BANK AS

DEPOSITORY OF THE SAID CONVENTION THAT IT EXCLUDED FROM THE

APPLICATION OF THE CONVENTION CERTAIN TERRITORIES FOR WHOSE

INTER ATIONAL RELATIONS IT WAS RESPONSIBLE QUOTE PENDING WRITTEN

NOTIFICATION TO THE CONTRARY UNQUOTE. THE BANK NOTIFIED THE SIGNATORY STATES OF THE CONVENTION ACCORDINGLY AND NO OBJECTIONS

WERE RAISED TO THE CONDITIONAL EXCLUSION OF DEPENDENT

TERRITORIES. SUBSEQUENTLY, THE UNITED KINGDOM WITHDREW THESE

EXCLUSIONS WITH RESPECT TO THE BAILIWICK OF GUERNSEY AND THE

ISLE OF MAN. THE BANK NOTIFIED THE SIGNATORY STATES OF THESE

WITHDRAWALS, AND NO OBJECTION WAS RAISED.

IF THE UNITED KINGDOM IN RATIFYING THE MIGA CONVENTION

FOLLOWS

THE SAME PROCESS WITH RESPECT TO DEPENDENT TERRITORIES AS IT DID

IN ICSID, THE BANK WOULD PROBABLY FOLLOW THE ABOVE NOTIFICATION PROCEDURES. WHILE I CANNOT, OF COURSE, SPEAK FOR MIGA'S GOVERNING BODIES OR MEMBERS, I WOULD NOT EXPECT PROBLEMS TO BE

RAISED IN THIS REGARD.

·

PLEASE NOTE, HOWEVER, THAT THE EXTENSION OF THE MIGA CONVENTION TO DEPENDENT TERRITORIES UNDER ITS ARTICLE 66 DOES NOT IN ITSELF

CLASSIFY SUCH TERRITORIES AS DEVELOPING MEMBER COUNTRIES FOR PURPOSES OF ARTICLE 14 IN THIS REGARD, PARAGRAPH 1.21 OF THE DRAFT OPERATIONAL REGULATIONS ON THE BASIS OF PARAGRAPH 24 OF THE

COMMENTARY ON THE MIGA CONVENTION PROVIDES THAT QUOTE A DEPENDENT

TERRITORY FOR WHOSE INTERNATIONAL RELATIONS A MEMBER IS

RESPONSIBLE MAY BE DESIGNATED BY THE BOARD AS A DEVELOPING

COUNTRY FOR THE PURPOSES OF ARTICLE 14 OF THE CONVENTION IF THE

MEMBER SO REQUESTS PROVIDED HOWEVER THAT INVESTMENTS OF THAT

1

PAGE

CONFIDENTIAL

MEMBER

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