TNAG-1768-FCO40-2522-Hong-Kong-and-the-Multilateral-Investment-Guarantee-Agency-(-1988 — Page 94

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JAN.29 '88 17:20 IMF 2026234662

THE WD BANK/INTERNATIONAL FINANCE CORPORATION

OFFICE MEMORANDUM

DATE: January 25, 1988

1988 2011.

TO: Mr. J.N. Gibb, EDS03

ajob,

•J.V.

FROM: Jürgen Voss

EXT.: 74614

A

UBJECT: MIGA:

Dependent Territories

P.04

We

1.

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 international relations it was responsible, "pending written notification to the contrary." 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 Bailiwick of Guernsey and the Isle of Man. The Bank notified the signatory States of these withdrawals, and no objection was raised.

2.

If the United Kingdom in ratifying the MIGA Convention follows the

the same process with respect to dependent territories as it did in ICSID, 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,

3.

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 need t 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: dependent territory for whose international relations a member is responsible may be designated by the Board as a developing member country for the purposes of Article 14 of the Convention if the member so requests, provided, however, that investments of that member in the dependent territory shall be excluded from cover."

VALER

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