TREATIES AND OTHER INTERNATIONAL ACTS SERIES 12-1005 

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INVESTMENT GUARANTIES 

 Agreement Between the 

UNITED STATES OF AMERICA 

and SEYCHELLES 

Signed at Victoria February 3, 2012 

 
 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.” 
SEYCHELLES 

Investment Guaranties 

 Agreement signed at Victoria February 3, 2012; 

 Entered into force October 5, 2012. 
NENTAyg.AcREFAENT

fi 0-

.s *TE

THE GOVERNMEST,Or iFIEMPUBLIC.Of

THE GOVERNMENT 411E-LINNEO STATES'OF AMERICA di d T iE Go ' tilitENT

THEREPUBmc Or i :f e "I m e,r);

FIt G their c mon, 401.itat.f:a onomicactivities; in

the Republic of pro we the, r0:00t of tr*

economic resources and productive capac*es of the Republic of

Seychel es;

A41010 1,EDGING that dkette :ft**. ..01. assistance and support are

important to the ecol7omic. revitalization of the Republic of

Seychelles..anti

REcoodziNG that the Overseas private invegtfnent Corporation

("OKI, a de:eittitotrient :f' ititiOriand an agency of the United

States of America, can be ent athieving these objectives

through its provision of investment insurance, coinsurance and

reinsurance, debt and st equitinveitme nts and investment guaranties;

HAVE AGREED, asitittows;' •

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

herein provided. The term "Issuer" refers to OM and any successor

agency of the United States of America, and any agent of either. The

term "investment Support" refers to any debt or equity investment,

any investment guaranty and any investment insurance, reinsurance

or coinsurance which is provided by the Issuer (or, in the case of

coinsurance, is provided by the Issuer and commercial insurance

companies ("Coinsurers") under coinsurance arrangements under

which the Issuer acts both for itself and for such Coinsurers) in

connection with a project in the territory of the Republic of

Seychelles. The term "Taxes" means all present and future taxes,

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

indirect, imposed in the Republic of Seychelles and all liabilities with

respect thereto.
ARTICLE 

The Parties confirm their undersWIdthg that` the Issuer's activities are

governmental in nature and therefore:

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

Republic of Seychelles applicable to insurance or financial

organizations,, but, in the provision of Investment Support, shall be

afforded alt rights. and have octets to ati reMedtes of any such

entity, whether dOrrieStic, %WVter Muttitaterat.

(b)The ISsuer, all operationt arld-aCtivit 4:Undertaken by the Issuer in

connection With Any Invest port, and all payMents,

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

proceeds from the liquiditiOn 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

'mooted directly on the issuer Yet t* in the first instance by

others. Neither projects r`ece g investment Support nor

investors in such projects shaft: be exempt from Taxes by operation

of this Article, proyidett hoWever; that any Investinent 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 Seychelles. The Issuer shall not be subject to Taxes in

connection with any transfer, succession or other acquisition

which occurs put-Want to paragraph (C) of this Article or Article

3(a) hereof, but obtitationt for Ta'Xes 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, alone or with a Coinsurer, makes a payment to any

person or entity, or exercises its rights as a creditor or subrogee,

in connection with any Investment Support, the Republic of

Seychelles shall recognize the transfer to, or acquisition by, the

Issuer and any Coinsurer 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

and any Coinsurer 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 ltsuer or a

Cotnsvret or any:interests to WhIth the issuer or a Coinsurer

succeeds under this Artitle, in its own right or otherwise, the

Issuer shall asset no greater righU than those of the person or

entity from who such interests were received, provided that

nothing in this Agreement shall limit the right of the Ynited States

to assert a dairy) under international taw in its sovereign capacity,

as distinct from any rights may have as the Issuer pursuant to

paragraph (c) of thisAttitte. No Coinsurer shalt be entitled to the

benefits of this Agreement _Mess it is acting through, or its

interests have been assigned` 0, the Istuer.

(a)Amounts in the currency of the republic of Seychelles, including

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

Issuer (or by the Issuer and any Coirtsurer) upon making a payment,

or upon the exercise of its Oghts as a treditbr, in connection with

any Investment SuppOtt for a-PrOXot in the Republic of Seychetles,

shall be accorded treatment in the territory of the Republic of

Seychelles no less favorable as to use and conversion than the

treatment to which such ftindS would have been entitled in the

hands of the person or entity irom 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 Seychelles

in accordance with its taws.

ARTICLE 4

(a) Any dispute between the Parties regarding the interpretation or

application of this Agreement or regarding a claim, in connection

with any project or activity for which Investment Support has been

provided, for loss to the Issuer resulting from a violation of

international law or wrongful act by the Republic of Seychelles

should be resolved, insofar as possible, through negotiations

between the Parties. If at any time either Party considers that the

dispute cannot be resolved through negotiations, it may, upon 90

days notice and without any requirement to exhaust other

remedies, submit the dispute to arbitration for a binding decision

or award by a tribunal in accordance with paragraph (b) of this

Article.
(b) The tribunal referred to in paragraph (a) of this. Article shall be

established and shalt functioivas,f011OWs:

i. Unless the Parties agree otherwise; the tribunal shall comprise

three arbitrators, one arbitrator appointed by each Party and

the third, who shall be a citizen of a third state and the

presiding arbitrator, appointed by agreement of the Parties.

The party-4010a arbitrators 414 be appointed within

three and the presiding arbitrator within six months,

of the date the disputC is submitted to arbitration. If the

appointments are riot made within the foregoing time limits,

either Party •may, in th 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.

if. In the absence of an agreement by the Parties to the contrary,

the UKITRAL Arbitration Rules shall govern the arbitration,

except as modified by the Parties or this Agreement.

iii. The tribunal shall decide the issues in dispute in accordance

with this Agreement, applicable rules of international taw and,

as necessary, relevant rules of applicable municipal taw.

iv. The decision or award of the tribtmal shall be made by at least

two of its members, be in writing, and state the reasons on

which it is based.

v. The decision or award nude by the tribunal shall have no

binding force except between the Parties and in respect of the

particular dispute. Each Party shalt abide by and comply with

the terms of the decision or award without delay.

vi. Expenses incurred by the arbitrators and the president, and

other costs of the proceedings, shall be paid for equally by the

Parties. In its decision or award, the tribunal may, in its

discretion, reallocate expenses and costs between the Parties,

including directing that a higher proportion of the costs be

paid by one of the Parties.
5

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

Government of the Republic of rn Ithe Government

of the United States of AMetita that all legal requirements for

entry into. rte Of this-Age -t-fteke been fiitfitted.

(b)This Agreement shalt cot ue in force untie siX months from the

date of a receipt of a mate tb wih one Party informs the other of

its intent to terminert a this A reeia ent, such event, the

provisions of thisAgreement s a with respect to investment

Support provided pr4or to or white this Agreement was in force,

remain in force so tong as such Investment Support remains

outstanding, but in no case toter than twenty years after the

termination of this Agreement.

IN WITNESS WHEREOF, the un .ersig ed, dull, authorized by their

respective Governments, have signed this Agreement.

DONE at Victoria, Seychettes, this day

, 2012.

FOR THEE GOVERNAeNT or THE

UNITED STATE ,OF AMERICA

Mrt roy Fitrell

Chargé d' Affaires

Embassy of the. United States of

America, Port Louis, Mauritius

FOR THE GOVERNMENT OF

THE REPUBLIC OF SEYCHELLES

Mr. Je -Paul Adam

Ministe of Foreign Affairs

of the Republic of Seychelles