May
26
DROIT IRANIEN LIS 528 du 12/7/06

Les garanties de crédits par le gouvernement iranien pour certains projets avec des entreprises étrangères.

ON PROCUREMENT OF CREDIT BY IRANIAN GOVERNMENT COMPANIES

Official Gazette No.17833 dated May 20, 2006

Decree of the Council of Ministers No.H35081T/19011 dated May 17, 2006

To: - The Ministry of Economy and Finance

- The Management and Planning Organization

The Council of Ministers, in the course of a Session held on April 5, 2006, on the basis of a proposal made jointly by the Ministry of Economy and Finance, and the Management and Planning Organization and by invoking Article 6 of the Law Adding Certain Provisions to Government Fiscal Regulations approved 2005, ratified the following executive by-laws of the said Article:

Article 1- In order to provide the financial resources required for investment and implementation of the projects mentioned in Article 6 of the Law Adding Certain Provisions to Government Fiscal Regulations, the Iranian Government companies being parties to contracts, may proceed to conclude contracts with foreign and Iranian entrepreneurs, in accordance with the provisions of the said Article within the framework of the Law on Attraction and Protection of Foreign Investment in the form of direct foreign investment or through Build, Operation and Transfer (BOT), Build, Ownership and Operation (BOO), Buy-back, and Civil Partnership, with priority to be given to Iranian joint ventures.

Article 2- Iranian government companies being parties to contracts shall submit to the Management and Planning Organization (MPO) their projects for development plans of a particular sector, together with their technical, economic, and financial feasibility studies as well as the particular instances where the government shall be required to issue letters of guarantee in order that same shall be verified and confirmed by the Economy Council and a permission shall be issued for the project by the Economy Council.

Article 3- The Ministry of Economy and Finance shall proceed to guarantee repayment of contractual obligations of the Iranian government companies being parties to the contracts set forth in Sub-clause 1 of Article 6 of the above law after acceptance of the project by the Foreign Investment Board and issuing Investment Permit under the Law on Attraction and Protection of Foreign Investment. Issuance of a letter of guarantee by the government shall have no effect on the obligations of the Iranian government company being party to a contract in respect of payment of its contractual obligations.

Article 4- The Central Bank of Islamic Republic of Iran shall be bound to check the compatibility of the fiscal portions of the contracts with the methods of raising funds and repayment thereof set forth in Article 1 above and shall report such compliance to the Economy Council in case it finds such portions to be compatible with the said methods.

Article 5- In respect of the investment projects the commodities to be produced thereunder or the services to be rendered under which shall be exclusively purchased by a government company, as well as the instances where the commodities or services under the project shall be offered at subsidized prices, the capability of the government company concerned to produce the commodities or to offer the services under the project shall be confirmed by the Economy Council and the purchasing government company shall then proceed to purchase the commodities or services within the framework of legal criteria in accordance with the terms of the contract concluded in this regard. The Ministry of Economy and Finance shall then be authorized to guarantee the fulfillment of the obligations on behalf of the government.

Article 6- Should the commodities and services produced and offered under the investment project be among subsidized commodities and services in accordance with the applicable laws and regulations and shall be offered at prices described in Article 39 of the Law, the difference between the determined and fixed price with the price approved by the Economy Council, shall be paid out of the credits and resources of the Government.

Article 7- The general assemblies and the boards of directors of the government owned companies purchasing the above said commodities or services shall be under the obligation to include the amounts payable on account of the contractual undertakings of the projects described in these by-laws with priority over other expenses, in the annual budgets of the purchasing companies.

Article 8- In case of failure to anticipate payment of the amounts undertaken to be paid by the government company in charge of purchasing the commodities and services in the annual budget of the said company, the matter shall be informed by the Management and Planning Organization and the Ministry of Economy and Finance to the general assembly of shareholders of the purchasing company and the shareholders shall be bound to amend the budget of the company in order that the required credit shall be included in the budget of the government for payment of the amounts due under the contract.

Article 9- The Ministry of Economy and Finance shall be authorized to guarantee, on behalf of the government, all contractual obligations of Iranian Government companies being parties to the above contracts out of the money, assets, resources and any and all accounts belonging to the said companies.

In order to enable fulfillment of the guaranteed obligations by the Ministry of Economy and Finance, the general assemblies and the boards of directors of the said government owned companies shall be bound to unconditionally and irrevocably authorize the Ministry of Economy and Finance to make withdrawals from all funds, sums of money and bank accounts of the government owned companies concerned deposited with all domestic and foreign banks.

Note- The above guarantee shall not include that portion of the equipments and other physical capitals of the investor companies against the risks and hazards of natural and non-natural force-majeur events covered by customary insurance.

Article 10- In implementation of Article 9 of these by-laws, the minister or the top most executive authority of the organization concerned and in respect of government owned companies, the general assemblies and Boards of the Company concerned shall, at the time of concluding contracts, submit the details of the data and statistic regarding their funds, resources and bank accounts in Iran or abroad as well as their subsequent changes to the Ministry of Economy and Finance in order that the said Ministry will be able to enforce fulfillment of the obligations made in this respect by the Ministry of Economy and Finance.

Article 11- The Company purchasing the commodities or services shall be under the obligation to pay its contractual obligations on the dates provided in the contract. In case of failure by the Company to pay its obligations, the Ministry of Economy and Finance shall be authorized to make payment out of the bank accounts, sums of money and resources belonging to the Company.

Article 12- The Ministry of Economy and Finance shall report the information pertaining to the above guaranties to the Central Bank of Islamic Republic of Iran in order that the said banks shall include the impacts of the assumed obligations in the foreign currency balance sheet of the country.

Article 13- The Iranian government companies being parties to the contracts shall be under the obligation to report, once every six months until the end of the period of guarantee of the investment, the operations and financial activities made thereunder, to the Ministry of Economy and Finance, the Management and Planning Organization and the Central Bank of Islamic Republic of Iran.

Article 14- The Ministry of Economy and Finance, in order to mobilize and procure the required financial resources for due and full implementation of the obligations resulting from these by-laws, shall be under the obligation to make necessary arrangements, with the cooperation of the Management and Planning Organization to provide coverage in order to materialize the obligations on the maturity dates of each installment.

Article 15- In case of transfer or sale of the agent government companies (being parties to the contracts), the Ministry of Economy and Finance shall be under the obligation to act in such a way that all the obligations assumed by the companies shall be transferred to the new shareholders and the letters of guarantee issued and given by the Government shall remain binding and valid until the last stages of implementation of the contract.

Article 16- The Minister of Economy and Finance shall be authorized to sign the above said letters of guarantee or to authorize another authority to sign the letters of guarantee with due regard to the provisions of these by-laws and other applicable laws and regulations.

Parviz Davoodi- First Vice-President

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