TREATIES AND OTHER INTERNATIONAL ACTS SERIES 05-420 

________________________________________________________________________ 

INVESTMENT GUARANTIES 

 Agreement between the 

UNITED STATES OF AMERICA 

and TUNISIA 

Signed at Washington February 17, 2004 
 NOTE BY THE DEPARTMENT OF STATE 

 Pursuant to Public Law 89—497, approved July 8, 1966 

(80 Stat. 271; 1 U.S.C. 113)—

“. . .the Treaties and Other International Acts Series issued 

under the authority of the Secretary of State shall be competent 

 evidence . . . of the treaties, international agreements other than 

treaties, and proclamations by the President of such treaties and 

international agreements other than treaties, as the case may be, 

therein contained, in all the courts of law and equity and of maritime 

jurisdiction, and in all the tribunals and public offices of the 

United States, and of the several States, without any further proof 

or authentication thereof.” 
 TUNISIA 

 Investment Guaranties 

Agreement signed at Washington February 17, 2004; 

 Entered into force April 20, 2005. 
INVESTMENT INCENTIVE AGREEMENT

BETWEEN

THE GOVERNMENT OF THE UNITED STATES OF AMERICA

AND

THE GOVERNMENT OF THE REPUBLIC OF TUNISIA

THE GOVERNMENT OF THE UNITED STATES OF AMERICA and THE

GOVERNMENT OF THE REPUBLIC OF TUNISIA;

AFFIRMING their common desire to encourage economic activities in

the Republic of Tunisia that promote the development of the economic

resources and productive capacities of the Republic of Tunisia; and

RECOGNIZING that this objective can be promoted through investment

support provided by the Overseas Private Investment Corporation ("OPIC"),

a development institution and an agency of the United States of America, in

the form of investment insurance, reinsurance, debt and equity investments

and investment guaranties;

HAVE AGREED as follows:

ARTICLE 1

As used in this Agreement, the following terms have the meanings

herein provided. The term "Investment Support" refers to any debt or equity

investment, any investment guaranty and any investment insurance or

reinsurance which is provided by the Issuer in connection with a project in

the territory of the Republic of Tunisia. The term "Issuer" refers to OPIC and

any successor that is an agency of the United States of America, and any

agent of either. The term "Taxes" means all present and future taxes,

levies, imposts, stamps, duties and charges, whether direct or indirect,

imposed in the Republic of Tunisia and all liabilities with respect thereto.

ARTICLE 2

The two Governments confirm their understanding that the Issuer's

activities are governmental in nature and therefore:

(a) The Issuer shall not be subject to regulation under the laws of

the Republic of Tunisia applicable to insurance or financial organizations,

unless, and only to the extent, that the Issuer maintains an office, branch or

permanent establishment in the Republic of Tunisia, but, in the provision of
2

Investment Support, shall be afforded all rights and have access to all

remedies of any such entity, whether domestic, foreign or multilateral.

(b) The Issuer, all operations and activities undertaken by the

Issuer in connection with any Investment Support, and all payments,

whether of interest, principal, fees, dividends, premiums or the proceeds

from the liquidation of assets or of any other nature, that are made,

received or guaranteed by the Issuer in connection with any Investment

Support shall be exempt from Taxes, whether imposed directly on the

Issuer or payable by others, provided, however, that the Issuer shall be

subject to Taxes in connection with the receipt of services other than legal

or other specialized consulting services rendered to the Issuer in

connection with Investment Support. Neither projects receiving Investment

Support nor investors in such projects (whether or not such investors are

receiving Investment Support) shall be exempt from Taxes by operation of

this Article, provided, however, that any Investment Support shall be

accorded tax treatment no less favorable than that accorded to the

investment support of any other national or multilateral development

institution which operates in the Republic of Tunisia. The Issuer shall not

be subject to Taxes in connection with any transfer, succession or other

acquisition which occurs pursuant to paragraph (c) of this Article or Article

3(a) hereof, unless such transfer, succession or acquisition (i) occurs

pursuant to paragraph (c) of this Article, (ii) involves Taxes levied on the

Issuer in respect of the registration of the transfer to the Issuer of title to real

estate or the right to business operations (other than cash, accounts,

credits, instruments or rights represented by share capital or other forms of

ownership interests in a business entity) required under Tunisian legislation,

and (iii) is not necessary in order for the Issuer to exercise its rights as a

creditor or subrogee or transferee or successor in respect of a payment or

exercise of such right in connection with Investment Support; provided that

obligations for Taxes previously accrued and unpaid with respect to

interests received by the Issuer shall not be extinguished as a result of such

transfer, succession or other acquisition.

(c) If the Issuer makes a payment to any person or entity, or

exercises its rights as a creditor or subrogee, in connection with any

Investment Support, the Government of the Republic of Tunisia shall

recognize the transfer to, or acquisition by, the Issuer of any cash,

accounts, credits, instruments or other assets in connection with such

payment or the exercise of such rights, as well as the succession of the

Issuer to any right, title, claim, privilege or cause of action existing, or which

may arise, in connection therewith.

(d) With respect to any interests transferred to the Issuer or any

interests to which the Issuer succeeds under this Article, the Issuer shall

assert no greater rights than those of the person or entity from whom such

interests were received, provided that nothing in this Agreement shall limit

the right of the Government of the United States of America to assert a

claim under international law in its sovereign capacity that is distinct from

any rights it may have as the Issuer pursuant to paragraph (c) of this Article.
(e) This Agreement shall not preclude the Government of the

Republic of Tunisia from requiring that investments and associated

activities be established in accordance with the terms and conditions set

forth in its legislation provided that such terms and conditions do not impair

any right set forth in the Treaty between the United States of America and

the Republic of Tunisia Concerning the Reciprocal Encouragement and

Protection of Investment, signed May 15, 1990, or any successor to such

Treaty.

ARTICLE 3

(a) Amounts in the currency of the Republic of Tunisia, including

cash, accounts, credits, instruments or otherwise, acquired by the Issuer

upon making a payment, or upon the exercise of its rights as a creditor, in

connection with any Investment Support for a project in the Republic of

Tunisia, shall be accorded treatment in the territory of the Republic of

Tunisia no less favorable as to use and conversion than the treatment to

which such funds would have been entitled in the hands of the person or

entity from which such amounts were acquired.

(b) Such currency and credits may be transferred to any person

or entity and upon such transfer shall be freely available for use by such

person or entity in the territory of the Republic of Tunisia in accordance with

its laws.

ARTICLE 4

(a) Any dispute between the Government of the United States of

America and the Government of the Republic of Tunisia regarding the

interpretation of this Agreement or which, in the opinion of either party

hereto, presents a question of international law arising out of any project or

activity for which Investment Support has been provided shall be resolved,

insofar as possible, through negotiations between the two Governments. If,

six months following a request for negotiations hereunder, the two

Governments have not resolved the dispute, the dispute, including the

question of whether such dispute presents a question of international law,

shall be submitted, at the initiative of either Government, to an arbitral

tribunal for resolution in accordance with paragraph (b) of this Article.

(b) The arbitral tribunal referred to in paragraph (a) of this Article

shall be established and shall function as follows:

(i) Each Government shall appoint one arbitrator. These

two arbitrators shall by agreement designate a president of the

tribunal who shall be a citizen of a third state and whose appointment

shall be subject to acceptance by the two Governments. The

arbitrators shall be appointed within three months, and the president
4

within six months, of the date of receipt of either Government's

request for arbitration. If the appointments are not made within the

foregoing time limits, either Government may, in the absence of any

other agreement, request the Secretary-General of the International

Centre for the Settlement of Investment Disputes to make the

necessary appointment or appointments. Both Governments hereby

agree to accept such appointment or appointments.

(ii) Decisions of the arbitral tribunal shall be made by

majority vote and shall be based on the applicable principles and

rules of international law. Its decision shall be final and binding.

(iii) During the proceedings, each Government shall bear

the expense of its arbitrator and of its representation in the

proceedings before the tribunal, whereas the expenses of the

president and other costs of the arbitration shall be paid in equal

parts by the two Governments. In its award, the arbitral tribunal may

reallocate expenses and costs between the two Governments.

(iv) In all other matters, the arbitral tribunal shall regulate

its own procedures.

ARTICLE 5

(a) This Agreement shall enter into force on the date on which the

Government of the Republic of Tunisia notifies the Government of the

United States of America that all legal requirements for entry into force of

this Agreement have been fulfilled.

(b) This Agreement shall continue in force until six months from

the date of a receipt of a note by which one Government informs the other

of an intent to terminate this Agreement. In such event, the provisions of

this Agreement shall, with respect to Investment Support provided while this

Agreement was in force, remain in force so long as such Investment

Support remains outstanding, but in no case longer than twenty years after

the termination of this Agreement.

(c) Upon entry into force, this Agreement shall supersede, without

retroactive effect, the agreement on investment guaranties between the

Government of the United States of America and the Government of the

Republic of Tunisia effected by exchange of notes signed on March 17 and

March 18, 1959, as amended by exchanges of notes on January 22 and

March 6, 1963 and May 10 and August 3, 1993, respectively. Any matter

concerning the Republic of Tunisia relating to support by OPIC of

investments in the territory of the Republic of Tunisia made after the entry

into force of this Agreement shall be resolved under the terms of this

Agreement.
Peter S. Watson Mohamed Nouri Jouini

Minister of Developmen

International Cooperati

5

IN WITNESS WHEREOF, the undersigned, duly authorized by their

respective Governments, have signed this Agreement.

DONE at Washington, on the 17th day of February, 2004, in

duplicate, in the English and Arabic languages, both texts being equally

authentic.

•

FOR THE GOVERNMENT OF

THE UNITED STATES OF AMERICA

President and CEO

FOR THE GOVERNMENT OF THE

REPUBLIC OF TUNISIA
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