ISLAMABAD: The World Bank on Wednesday signed an agreement with Pakistan for a $304 million loan for the Punjab Resource Improvement and Digital Efficiency Program (PRIDE) of the Department of Economy. 46 See International Bank for Reconstruction and Development, General Conditions for Loan and Guarantee Agreements – of 15 March 1974, §10.01 (`the 1974 GENERAL CONDITIONS of the IBRD`); International Bank for Reconstruction and Development, Loans Regulations No. 3 — Of 15 June 1956, §7.01 (applies to loans to Member States) [hereinafter the World Bank Loans Regulations, 1956]; International Bank for Reconstruction and Development, Loan Regulations No. 4 – Of 15 June 1956, §7.01 (applies to loans guaranteed by Member States). Pins quotes the first sentence of § 7.01 of the Credit Regulation No. 3 and then specifies that « its formula was conceived in 1947, when the bank was about to carry out its first credit operation ». Pins, note 2 above, at the 344th Accord, Hugh N. Scott, The Enforceability of Loan Agreements Between the World Bank and Its Member Countries, 13 am. U. L. Rev.
185, 190 (1964). 126 As mentioned above, it follows from various provisions of the EBRD`s STK that they apply to all `public sector` loan and guarantee agreements; that is, for all loan and guarantee agreements related to loans granted to a member or guaranteed by a member. See note 107 above. The fact that, in particular, the applicable legal provisions of the STCs are applicable to all such agreements, including with non-States, results from the wording of §8.04. Article 8.04(a), cited in its entirety in footnote 113 above, provides that `[t]he parties to the loan agreement and the guarantee agreement shall endeavour to resolve any dispute or controversy between them arising out of or in connection with such agreements`. Article 8.04(b) then submits to arbitration « any such dispute or controversy », whether arose out of the Loan Agreement or the Guarantee Agreement, and instructs the arbitral tribunal to apply international law within the meaning of this Treaty. 156 To illustrate the importance that the U.S. Congress attaches to the environmental sustainability of MDS-funded projects, see International Development and Finance Act of 1989, Pub. L. n° 101-240, Tit. V, §521 (a) (codified in 22 U.S.C §262m-7(a) (Supp. h.
at least one part that is not a State or an international organization), see Mettälä, loc. cit. 48, 240-41 (with the note that even « a private lender and a private borrower could also choose international law to regulate their loan agreement », although some obstacles that existed from 1986 on or after 1986 would probably dictate against widespread use of this option). For many years, certain types of treaties between States and private parties, including oil concession contracts, have often included provisions that designate international law as the applicable law. .