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project or activity for which Coverage has been issued
shall be resolved, insofar as possible, through
negotiations between the two Governments. If, at the end
of six months following the request for negotiations, the
two Governments have not resolved the dispute by
agreement, the dispute, including the question of whether
such dispute presents a question of public international
law, shall be submitted, at the initiative of either
Government, to an arbitral tribunal for resolution in
accordance with Article 5(b).

(b) The arbitral tribunal for resolution of disputes
pursuant to Article 5(a) shall be established and function
as follows:

(i) Each Government shall appoint one
arbitrator; these two arbitrators shall designate a
president by common agreement 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 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


(a) Amounts in the lawful currency of the Republic
of. Albania, including credits thereof, acquired by the
Issuer by virtue of such Coverage shall be accorded
treatment by the Government of the Republic of Albania no
less favorable as to use and conversion than the treatment
to which such funds would be entitled in the hands of the
party under Coverage.

(b) Such amounts and credits may be transferred by
the Issuer 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 Albania.

(c) The provisions of this Article 4 shall also
apply to any amounts and credits in the lawful currency of
the Republic of Albania which may be accepted by the
Issuer in settlement of obligations with respect to loans
made by the Issuer for projects in the Republic of

Albania.

ARTICLE 5
(a) Any dispute between the Government of the United
States of America and the Government of the Republic of
Albania regarding the interpretation of this Agreement or
which, in the opinion of one of the Governments, involves

a question of public international law arising out of any



for the Settlement of Investment Disputes to make
the necessary appointment or appointments, and both
Governments agree to accept such appointment or
appointments.

(ii) The arbitral tribunal shall base its
decision on the applicable principles and rules of
public international law. The arbitral tribunal
shall decide by majority vote. Its decision shall
be final and binding.

(iii) During the proceedings, each of the
Governments shall pay the expense of its arbitrator
and of its representation in the proceedings before
the arbitral tribunal, whereas the expenses of the
president and other costs of arbitration shall be
paid in equal parts by the two Governments. In its
award, the arbitral tribunal may, in its discretion,
reallocate expenses and costs between the two
Governments.

(iv) In all other matters, the arbitral

tribunal shall regulate its own procedures.

ARTICLE 6
This Agreement shall continue in force until six
months from the date of receipt of a note by which one

Government informs the other of an intent no longer to be



INVESTMENT INCENTIVE AGREEMENT BETWEEN
THE GOVERNMENT OF THE UNITED STATES OF AMERICA
AND THE GOVERNMENT OF THE REPUBLIC OF ALBANIA ?

The Government of the United States of America and the
Government of the Republic of Albania affirm their common
desire to encourage economic activities in the Republic of
Albania which promote the development of the economic resources
and productive capacities of the Republic of Albania.
Recognizing that this developmental objective can be promoted
through investment insurance (including reinsurance), loans and
guaranties which are backed in whole or in part by the credit
or public monies of the United States of America and
administered by the Overseas Private Investment Corporation
("OPIC"), an agency of the United States of America, (or
pursuant to arrangements between OPIC and private companies),

the parties signatory hereto agree as follows:

ARTICLE 1
As used in this Agreement, the term "Coverage" shall
refer to any investment insurance, reinsurance or guaranty
which is issued in accordance with this Agreement by OPIC,
by any successor agency of the United States of America or
by any other entity or group of entities, pursuant to
arrangements with OPIC or any successor agency. In this

Agreement, the term "Issuer" shall refer to OPIC and any


a party to the Agreement. In such event, the provisions
of the Agreement with respect to Coverage issued while the
Agreement was in force shall remain in force for the
duration of such Coverage, but in no case longer than

twenty years after the termination of the Agreement.

{This Agreement shall enter into force on the date on which
the Government of the Republic of Albania communicates to the
Government of the United States that its constitutional or
other legal requirements with regard to this Agreement have

been fulfilled.

In witness whereof, the undersigned, duly authorized
thereto by their respective Governments, have signed this

Agreement.

Done at Washington on the 19th day of November, 1991,/in

duplicate.

For the Government of For the Government of
THE UNITED STATES OF AMERICA THE REPUBLIC OF ALBANIA
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such successor agency, entity or group of entities to the
extent of their interest as insurer, reinsurer, or
guarantor in any Coverage, whether as a party or successor
to a contract providing Coverage or as an agent for the

administration of Coverage.

ARTICLE 2

{a) If the Issuer makes payment to any party under
Coverage, the Government of the Republic of Albania shall,
subject to the provisions of Article 3 hereof, recognize
the transfer to the Issuer of any currency, credits,
assets, or investment on account of which payment under
such Coverage is made 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.

(b) The Issuer shall assert no greater rights than
those of the transferring party under Coverage with
respect to any interests transferred or succeeded to under
this Article. 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, as distinct from any rights it may have as

Issuer.



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(c) The Issuer shall not be subject to regulation
under the laws of the Republic of Albania applicable to
insurance or financial organizations.

(d) Interest and fees on loans made or guaranteed by
the Issuer shall be exempt from tax in the Republic of
Albania. The Issuer shall not be subject to tax in the
Republic of Albania as a result of any transfer or
succession which occurs pursuant to Article 2(a) hereof.
Tax treatment of other transactions conducted by the
Issuer in the Republic of Albania shall be determined by
applicable law or specific agreement between the Issuer
and appropriate fiscal authorities of the Government of

the Republic of Albania.

ARTICLE 3

To the extent that the laws of the Republic of
Albania partially or wholly invalidate or prohibit the
acquisition from a party under Coverage of any interest in
any property within the territory of the Republic of
Albania by the Issuer, the Government of the Republic of
Albania shall permit such party and the Issuer to make
appropriate arrangements pursuant to which such interests
are transferred to an entity permitted to own such

interests under the laws of the Republic of Albania.