96 EBRD Charter, op. cit. Cit. Note 6, Article 2, paragraph 1. See also id., art. 1 (equal) and art. 11 (3) (according to which loans to the public sector may not exceed 40% of the TOTAL EBRD loans, guarantees and equity investments). For the EBRD`s “economic mandate,” see Head, Supranational Law, supra Note 1, pp. 640-41, and the sources cited therein. 78 Pins, loc.

cit. Note 2, at 345. In particular, as another World Bank lawyer stated, “the interpretation of the agreement will depend on international law, the rights of the parties will enter into force under international law, and the remedies available to enforce those rights will be those available under international law.” Scott, note 46 above, at 190th. The applicability of international law is relevant to the arbitration provisions of the General Terms and Conditions. Although these provisions “do not contain norms or suggestions to guide arbitrators in their decision-making,” it can be assumed that “arbitrators, such as the International Court of Justice, would turn to international rules of conduct and general principles of law recognized by civilized nations.” Id. at 191-92. 153 See notes 7-10 above. For a recent example of the AfDB review, see Development Banking: Double Trouble, Economist, 14 May 1994, 81 (referring to an external report criticizing the AfDB for a cumbersome bureaucracy with political intrigues and arbitrary credit monitoring). 105 Another point of law – jurisdiction – in so far as it is necessary to define the legal nature of the EBRD`s loan agreements. The EBRD Charter, without the knowledge of the IBRD Charter, provides that EU actions against the institution may be brought by parties other than member countries “before a court of competent jurisdiction in the territory of a country in which the [EBRD] has an office”. EBRD Charter, loc. cit.

Note 6, article 46; see also IBRD Charter, op. cit. Cit. Note 12, Article VII, § 3. The EBRD has offices in more than a dozen of its countries of activity. See EBRD 1994 report, see note 6 above, reversed. If a person or group in one of these countries of intervention refers to an EBRD loan agreement when bringing an action against the EBRD in a local court, the court will need to understand the nature of that agreement. 14 See International Bank for Reconstruction and Development, General Conditions for Loan and Guarantee Agreements – of 1 January 1985, § 5.08 (`the 1985 IBRD General Terms and Conditions`). How these terms and conditions are incorporated into a particular loan agreement is discussed in text and notes 27-44 below.

86 Id. Broches also stressed that it was useful for the corresponding provision of Regulation No 3 on loans and Regulation No 3 on loans. . . .