INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT BOARD OF GOVERNORS Resolution No. 664 2018 Selective Capital Increase WHEREAS, by Resolution No. 612, adopted on March 16, 2011, the Board of Governors resolved that the Bank’s shareholding shall be reviewed every five years, starting in 2015, and therefore the next regular shareholding review will commence in 2020; WHEREAS, in connection with the 2015 shareholding review, the Executive Directors have concluded that an increase in the authorized capital stock of the Bank and selective allocation of shares to members as set forth in paragraph 2 of this Resolution would be desirable and, in their Report approved on June 4, 2018, have submitted a proposal for such an increase to the Board of Governors; and WHEREAS in order to achieve the purpose of the special increases in subscription of members, the Executive Directors have noted that it is necessary for all members to waive their rights under Article II, Section 3(c) of the Articles of Agreement of the Bank (hereinafter referred to as the “Articles”) to subscribe to a proportionate share of the increase in authorized capital stock under this Resolution NOW THEREFORE the Board of Governors hereby resolves as follows: 1. The authorized capital stock of the Bank shall be increased by 245,773 shares of capital stock, each having a par value of $100,000 in terms of United States dollars of the weight and fineness in effect on July 1, 1944, as interpreted by the Executive Directors, which results in a par value equal to one hundred and twenty thousand, six hundred and thirty-five United States dollars ($120,635). 2. Each member of the Bank is authorized to subscribe up to the total number of shares set forth opposite its name in the table below, subject to the conditions set forth in paragraph 3. IBRD Resolution No. 664 Page 2 of 5 Number of Shares Number of Shares Member Member Allocated under the SCI Allocated under the SCI Afghanistan 93 El Salvador 176 Albania 55 Equatorial Guinea 74 Algeria 829 Eritrea 70 Angola 352 Estonia 89 Antigua and Barbuda 5 Ethiopia 207 Argentina 1,644 Fiji 38 Armenia 194 Finland 1,146 Australia 4,219 France 9,185 Austria 2,025 Gabon 63 Azerbaijan 265 Gambia, The 92 Bahamas, The 45 Georgia 101 Bahrain 114 Germany 12,155 Bangladesh 761 Ghana 259 Barbados 19 Greece 684 Belarus 267 Grenada 4 Belgium 2,272 Guatemala 236 Belize 7 Guinea 220 Benin 149 Guinea-Bissau 72 Bhutan 80 Guyana 55 Bolivia 302 Haiti 183 Bosnia and Herzegovina 72 Honduras 76 Botswana 61 Hungary 628 Brazil 6,203 Iceland 69 Brunei Darussalam 107 India 8,178 Bulgaria 369 Indonesia 3,435 Burkina Faso 149 Iran, Islamic Republic of 2,121 Burundi 123 Iraq 788 Cabo Verde 86 Ireland 847 Cambodia 75 Israel 754 Cameroon 259 Italy 6,447 Canada 6,249 Jamaica 163 Central African Republic 115 Japan 17,838 Chad 115 Jordan 134 Chile 794 Kazakhstan 705 China 46,405 Kenya 404 Colombia 1,096 Kiribati 80 Comoros 44 Korea, Republic of 3,999 Congo, Democratic Republic of 402 Kosovo 149 Congo, Republic of 124 Kuwait 1,161 Costa Rica 154 Kyrgyz Republic 131 Cote d'Ivoire 413 Lao People's Democratic Republic 53 Croatia 189 Latvia 105 Cyprus 85 Lebanon 154 Czech Republic 672 Lesotho 112 Denmark 1,516 Liberia 72 Djibouti 95 Libya 575 Dominica 2 Lithuania 161 Dominican Republic 231 Luxembourg 284 Ecuador 319 Macedonia, former Yugoslav Republic of 47 Egypt, Arab Republic of 1,238 Madagascar 242 IBRD Resolution No. 664 Page 3 of 5 Number of Shares Number of Shares Member Member Allocated under the SCI Allocated under the SCI Malawi 186 Solomon Islands 86 Malaysia 1,154 Somalia 75 Maldives 12 South Africa 1,236 Mali 197 South Sudan 169 Malta 45 Spain 4,343 Marshall Islands 1 Sri Lanka 607 Mauritania 154 St. Kitts and Nevis 3 Mauritius 58 St. Lucia 5 Mexico 3,636 St. Vincent and the Grenadines 3 Micronesia, Federated States of 57 Sudan 283 Moldova 234 Suriname 19 Mongolia 80 Swaziland 59 Montenegro 18 Sweden 3,227 Morocco 779 Switzerland 2,834 Mozambique 157 Syrian Arab Republic 289 Myanmar 408 Tajikistan 142 Namibia 80 Tanzania 186 Nauru 0 Thailand 1,501 Nepal 166 Timor-Leste 89 Netherlands 3,787 Togo 188 New Zealand 564 Tonga 83 Nicaragua 103 Trinidad and Tobago 169 Niger 115 Tunisia 200 Nigeria 1,616 Turkey 2,478 Norway 1,938 Turkmenistan 138 Oman 278 Tuvalu 0 Pakistan 1,138 Uganda 110 Palau 1 Ukraine 820 Panama 152 United Arab Emirates 1,116 Papua New Guinea 220 United Kingdom 9,185 Paraguay 103 United States 42,298 Peru 645 Uruguay 181 Philippines 997 Uzbekistan 409 Poland 1,644 Vanuatu 90 Portugal 684 Venezuela, Republica Bolivariana De 1,219 Qatar 1,161 Vietnam 698 Romania 662 Yemen, Republic Of 261 Russian Federation 6,044 Zambia 457 Rwanda 177 Zimbabwe 421 Samoa 92 San Marino 7 Total Number of Shares 267,943 Sao Tome and Principe 83 Saudi Arabia 4,070 Senegal 346 Serbia 184 Seychelles 6 Sierra Leone 123 Singapore 950 Slovak Republic 314 Slovenia 160 IBRD Resolution No. 664 Page 4 of 5 3. Each subscription authorized under paragraph 2 above shall be on the following terms and conditions: (a) the subscription price shall be par; (b) each member may subscribe up to the total number of shares set forth opposite its name in the table in paragraph 2 above from time to time prior to the fifth (5th) anniversary of the date that this Resolution is adopted; provided that, upon the request of a member, (i) the President may extend the subscription period to the sixth (6th) anniversary of the date on which this resolution is adopted, subject to any conditions that may be required by the President with respect to such extension, and (ii) the Executive Directors may extend the subscription period to the seventh (7th) anniversary of the date on which this resolution is adopted, subject to any conditions that may be required by the Executive Directors with respect to such extension; (c) the subscribing member shall pay to the Bank under Article II, Section 7(i) of the Bank’s Articles of Agreement: (i) gold or United States dollars equal to 0.6% (six-tenths of one percent) of the subscription price of the shares subscribed; and (ii) an amount in its own currency or any other currency equal to 5.4% (five and four-tenths percent) of such subscription price, provided in each case that such currency: (A) is paid in cash or in accordance with paragraph (d) below; and (B) is freely convertible for use in the Bank’s operations; (d) payment of amounts under paragraph 3(c) above may be made by way of deposit of non- interest-bearing demand notes in a form acceptable to the Bank which the Bank will promptly encash, provided that, if the note is denominated in a currency other than United States dollars and if the amount of the notes falls short of the amount due in United States dollars on the date of encashment, the member will make a supplemental payment to the Bank within a period of twenty days of presentation of the note for encashment to ensure that the Bank receives the full purchase price of the shares subscribed; (e) the Bank shall call the 2% and 18% portions of the subscriptions payable under Article II, Section 7(i) of the Articles which are not required to be paid under paragraph 3(c) above only when required to meet obligations of the Bank for funds borrowed or on loans guaranteed by it and not for use by the Bank in its lending activities or for administrative expenses; (f) before each subscription shall be accepted by the Bank, the member shall have: (i) taken all action necessary to authorize such subscription and shall furnish to the Bank such information thereon as the Bank may request; (ii) made the payments provided for in paragraph 3(c) and (d) above; and (iii) taken all action necessary to ensure the unrestricted and immediate usability by the Bank in its operations of the portion of the subscription price of shares paid in the member's currency under Article II, Section 7(i) of the Articles; and (g) by subscribing to such shares, the member shall be deemed to have: (i) provided its irrevocable consent to the unrestricted and immediate use of its paid-in capital, notwithstanding the member’s rights of approval under Article IV, Sections 2(a) and (b) of the Articles, its right under Article V, Section 12 of the Articles to substitute notes or similar obligations, or any other rights or restrictions; and IBRD Resolution No. 664 Page 5 of 5 (ii) acknowledged that the paid-in portion of its subscription is needed in the Bank’s operations and that notes or similar obligations may not be substituted in place of any member’s currency. 4. In the absence of notice to the Bank from any member within twenty-one (21) days of the date of transmission of this Resolution to the Governors for voting that it intends to exercise its rights under Article II, Section 3(c) of the Articles to subscribe to its proportionate share of the increase in the authorized capital stock provided under this Resolution, such member will be deemed to have waived such a right. 5. All rights, including voting rights, acquired in respect of shares for which payment is made by note pursuant to paragraph 3(d) above shall be suspended: (a) if payment is not made within a period of twenty days of its presentation for encashment; or (b) if, for any note that is denominated in a currency other than United States Dollars, encashment yields a shortfall in the purchase price of the shares and the supplemental payment is not made within a period of twenty days of the relevant payment date, in each case only with regard to shares for which payment has not been received and until full payment in cash is received by the Bank. 6. Any shares of capital stock of the Bank that remain unsubscribed or unpaid at the end of the subscription period set forth in paragraph 3(b) above, including any shares in respect of which voting rights have been suspended due to a failure to make a payment as described in paragraph 5 above shall become part of the Bank’s unallocated capital stock. 7. This Resolution shall not become effective unless all members have waived their rights under Article II, Section 3(c) of the Articles to subscribe their proportionate share of the increase in the authorized capital stock of the Bank provided under this Resolution. (Adopted on October 1, 2018)