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Peny6.1AaKa Maxegonnja
MHUHHCTEPCTBO 3A HAXBOPEMHH PABOT!
Republic of Macedonia
MINISTRY OF FOREIGN AFFAIRS

BpolNo.: (30/- 2014/4

Muuncrepersoro 3a HafpopemmmM padoTH Ha PenyOnuKa
Makejouuja ro u3pa3yBa CBOCTO NOYMTYBakbe Ha Am6acapara Ha CoequneTute
Amepuxancku [[pxapu Bo Cxonje H MMa Yecr Ja ro MOTBpAM IpHeMoT Ha
Hejsunata Hora 6p. 007 of 5.4.1996 roquHa, M BO MMe Ha BuagaTa Ha
Peny6nuka Makegonuja pa v3pa3H cormacuoct co JloropopoT 3a
“ TOTTHKHyBaHbe Ha WHBECTHNMUTe, MOTMMMIAaH Of CTpaHa Ha Buagute Ha
Peny6nuxa Makegonnja u Coequnetute AMepukaHcKn Tpxasu na 5.4.1996
roquna Bo Cxonje, a Koj mpeTcrapyBa cocTaBeH fem Ha ropeciomMenaTaTa M
opaa Hora.

Jlorosopuute crpaHu nonaTamy Ke MpeBseMaT aKTWBHOCTH CO
wen ckiyuyBaibe MefynpxKaBHH OrOBOpH 3a yHanpepyBatbe M 3allITHTa Ha
WHBeCTHUMHTe Ha WHBECTHTOpHTe Ha efHaTa fOropopHa crpaHa Ha
‘TepwTopujata Ha Apyrara OroBopHa CTpava, Kako H oroBop 3a oyGernyBabe
Ha [BOjHOTO OfaHOUYBakbe BO OMHOC Ha NpHXOMH M KanATal.

Munucrepcrsoro 3a Haypopemmmu paGoTH, Bo uMe Ha Buapata
na Peny6nuKa Makejonuja e cormacHo ropeciioMenarTaTa Hora Ha
AmOacajata Ha CoequneTure Amepuxancku [ipxasu Bo Cxonje  opaa Hora
gaeqHo cO moTMMmaHHoT Tekcr Ha [loroBopor 3a HOTTHKHYBawe Ha
WHBecTMUMUTe fa MpeTcraByBaaT forogop Mefy pBeTe Buanu.

Munucrepcrsoro 3a HayBopemmMu padoTH Ha Peny6nuxka
Makeyouuja ja Kopucra m oBaa NpwmuKa Ha AmOacajaTa Ha Coequnerute
Amepukanckn_ [[pxkapu noBTopHo fa HTM Mpevece uspa3uTe Ha CBOCTO BUCOKO
NOUMTYBalbe. th

Cxonje, 5 anpun 1996 4

AMBACAJIA HA
COENDMHETUTE AMEPHKAHCKM JPKABM

CKONJE



4NIEH 4

(a) Buno Kakos cnop mefy Bnagata Ha Npsata ctpava u Bnagata Ha
Bropata crpaHa BO BpCKa CO TONKyBalbeTO Ha OBO} fjoroBop unM cnop
wTo cnopey MucnerbeTO Ha 6uno Koja cTpaHa of oBoj fjoroBop
npetcrasysa npo6nem of oGnacta Ha MefyHapoAHOTO npabo, a WTO
npovsnerysa of 6uno KOj MpoekT UNA aKTMBHOCT 3a KON G6une
o6e36eneHu cpepcTBa Of nog”puiKaTa Ha MHBeCTMYMM Ke OugaT
paspewieHu, ACKONKy e@ MO>KHO, Hu3 NperoBopu Mefy ABeTe Bnagqu. Ao
KONKY BO POK Of WeCT MeceLY Of AATYMOT Ha GapalbeTO 3a NperoBopy,
apete Bnagy He ro paspeuimne cnopoT, WTO Morke fa ce OgHecyBa M Ha
caMOTO npawatbe Aanu cnopoT e of OGnacta Ha MefyHapoAHOTO npaBo,
Tora cnopoT Ke 6uge NoAHeceH Ha apOuTpaxKeH cyy 3a pewaBalbe BO
cornacHocrT co cTas (6) 04 OBO] uneH.

(6) Ap6uTpaxkHvoT cy” choMeHaT BO cTaB (a) 0A OBO] YNeH Ke 6uge
BocnocTaBeH u Ke CpyHKMOHMipa Ha CieAHMOB Ha4uH:

(i) Cexoja og Bnagure Ke HavmMeHysa no egeH apouvTep. Osve Apa |
ap6uTpu, npeky AoroBop, Ke HavMeHysaaT npeTcegaTen Ha CyAOT Koj Ke |
6uge ApkKapjahv Ha TpeTa ApkaBa Vv 4ve HauMeHyBalte Ke NoANnerku Ha |
ofo6pysatbe of cTpaHa Ha Bete Bnagy. Ap6utpute Ke 6ugaT
HaVMeHYBaHM BO POK Of TPY MeceLM, a NpeTCeAAaTeNOT BO PoK OA WeCT
MeceyM Of AaTaTa Ha NpvemoT Ha GapatbeTo 3a apOuTparKa Of CTpaHa
Ha 6uno Koja of Bnagute. foKonky opve HavMeHyBatba He ce U3sBpwaT
BO ropeHaBegeHuoT nepvog, cexoja of Bnagute moxe, BO OACYCTBO Ha
6vno KakoB goropop, Aa no6apa of Fexepanxvot cekpetap Ha
MefyHapogHuoT YeHTap 3a paspelyBatbe Ha MHBECTUUMOHY CNOpoBY Aa
TO USBPWM NOTPeGHOTO HaMMeHyBalbe UNM HavMeHyBalba.

(ii) Ognykute Ha ap6uTpaxKHvoT cyA Ke ce AOHeCyBaaT CO MHOSMHCTBO
Ha rnacoBn wu Ke ce 3acHOBaaT BP3 MpMHUMNUTe WU NpaBunata WTO ce
npvmenysaar cnope, mMefyHapogHoTo npaso. Heropata ognyKa Ke 6uge
KoHeUHa V O6BpsyBauKa.

(iii) Bo TekoT Ha NocTankata ceKoja of Bnagute Ke rv cHocu TpowoynTe
3a cBojoT ap6vuTep uw 3a HeropaTa pa6oTa BO NMocTankaTa npeA
apOuTparxHuoT cys, HOAeKa TpowoyWTe 3a NpeTcefaTenoT uv ApyruTe
TPOWOLIN 3a CymereTO Ke 6uAaT MNaTeHK BO NOAeAHAKBU U3HOCM Of
cTpava Ha Bete Bnaan.

(iv) 3a cuTe Apyrm npawatba ap6uTparxHYOT cyA Ke nocTaBy cBON
npasuna.

4NIEH 5

(a) OBoj foropop Ke cranu Bo cvna Ha AaTyMOT Ha Koj Bnagata Ha
Bropata cTpaua Ke ja usBecTu Bnagata Ha Mpsata ctpava Aeka cute
npasHu npoyesypu notpe6uu 3a cTanyBatbe BO cua Ha OBO] JloroBop ce
ucnosiHeTh. :



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 Second Party notifies the
Government of First Party 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.

IN WITNESS WHEREOF, the undersigned, duly authorized by
their respective Governments, have signed this Agreement.

DONE in Skopje on the 5 day of April, 1996, in duplicate in
the English and Macedonian languages, both texts being
equally authentic.

FOR THE GOVERNMENT OF FOR THE GOVERNMENT OF

FIRST PARTY SECOND PARTY
Ut OD Comagee ma War. .

Victor D. Comras Ljubomir Frekoski

Chief of Mission Minister for Foreign Affairs



AOrOBOP 3A NOTTMKHYBAHE HA MHBECTULIMNN

BHAQUTE HA APKABUTE-CTPAHU HA OBOJ AOTOBOP NPEKY
PA3MEHA HA HOTV, KOH KOU E NPUNOXKEH OBOJ OTOBOP

JA NOTBPAYBAAT HvBHaTa 3aemMHa >Ken6a Aa rm NOTTHKHAT
cTonaHcKuTe aKTMBHOCTH Ha TepvTopyjata Ha Bropata cTpava, a KOU
AKTMBHOCTY FO MMaaT 3a Yen pasBojOT Ha CTOMaHCKMTe NoTeHuWjann u
npovssogHute kanayutTeTu Ha Bropata cTpana;

VUMAJKU MPEQBUG Aeka opaa yen Moke ga ce nocTurHe npeKy
nogapwika Ha VHBeCTMUMMTe Of cTpaHa Ha Kopnopayyjata 3a npuBaTHU
MHBeCTUYMN BO CTpaHcTBO (“KIMMC")-Overseas Private Investment Corporation
(“OPIC”), pagBojHa wHeTMTyyMja uw areHyyja Ha CoeauHeTuTe
Amepnkanckn fjpxapy, wv Toa BO cbopMa Ha ocurypyBatbe uM
peocurypyBatbe Ha MHBECTMUMY, MHBeCTMUMM 3a AONTOBM MN AkYMCKU
kanviTan v rapa Ha MHBeCTHLMN,

CE JOPOBOPWJA 3a cnegHoBo:

4NIEH 1

CnegHuBe TepmuHu, OHaka KakO WTO ce ynoTpe6eHN BO OBOj
orosop, Ke ro uMaaT 3HayelbeTO WTO € TyKa HaBeAeHO. TepMUHOT
“nogapuika Ha WHBecTM\YMNTe” ce OfHecyBa Ha CYTE MHBeECTMUMK 3a
AONroBN vnw akYWCKK KanuTan, Ha CYTe rapa Ha VHBECTMUMY Mn Ha
cute ocwrypysatba unu peocvrypyBabba Ha MHBECTMYMNTe WTO IY
o6e36eqyBa VsqaBa4or, a ce HaMeHeETH 3a NpOeKTU Ha TepuTOpHjaTa Ha
Bropata cTpava. TepmnHorT “Visgapau” ce ofHecyBa Ha KMIVC uv Ha Guno
koja areHyuja Ha CoequveTute AmMepukatcki [\pkasu uITO Ke ja Hacnegy
Ha 6uNO KOj HABEH 3acTanHik. TepMUKOT “AaBauKn” Ke ce ofHECysBa Ha
cute ceralwHy Mw WgkM AaHoOuM, ynnatv, AaBayku, agMuHuCcTpaTMBHU
Take, AaBauky v nobapyBatba WTO TM HaMeTHyBa Bnagata Ha Bropata
cTpaHa Ha CUTe AONTOBM WTO NpousneryBaatT Of HUB.

4JIEH 2

(a) Ha UsqapayoT Hema ga ce mpyMeHyBaaT oApesOuTe of,
gakoHuTe Ha BTopata cTpaHa WTO ce ofHecyBaaT Ha OCYTypuTeNnHuTe
wnu cbunaHencku opraHvsaunn.

(6) CeskynHoTo pa6oTerbe WM CYTE AKTMBHOCTN WTO ru npesema
VisqaBauoT BO BpcKa Co NoAApPWKAaTa Ha VHBECTMUMNTe UU CTE Nnakatha
3a KamaTy, MnaBHnyata, AaBayKu, AMB“geHAM, npemuu unu sapaGoTKa
04 AWKBYAAalWjaTa Ha Ccpe”cTBaTa “nu cpe”cTeBa Of ~APyr BUA, WTO Ke

v \AW.



(6) Opoj forosop Ke ocTake BO cna BO PoK Of lWecT Meceyy Of AaTyMOT
Ha MpeMOT Ha M3BeCTyBalbeTO CO KOe eAHaTa Bnaga ja uHcopmupa
Apyrata 3a HaMepaTa 3a packnHyBatte Ha oBOj JoroBop. Bo Taos cny4aj
ogpes6ute of osoj Jjorosop, a BO BpcKa co NoAApuikaTa Ha
UHBecTHUMUTe O6esGegeHa 3a BpeMe Ha BaxKHOCTA Ha OBOj fjoroBop, Ke
OvgatT BO cuna Taka gonro KONky e noTpeOHo ga ce NpvepulaT
(PUHAHCICKUTe AKTMBHOCTH 3a NOAAPWIKA Ha MHBECTUYMMTe, HO BO HUKO}
eny4aj nogonro 04 ABaeceT roAMHN No packuHyBalbeTo Ha oBoj JoroBop.

BO CBEAOLITBO HA TOA, gonynotnuwaknute, CoomBeTHO OBNacTeHK
04 HBHUTe Bnagu ro noTnuwaa oBoj Jorosop.

NOTNUWAHO Bo Cxonje Ha 5 anpun 1996 roguHa BO ABa NpuMepoka Ha
AHIIVCKH VW Ha MaKeAOHCKH jasnk, CO NOAeAHAKBa BAKHOCT.

3A BNAAATA HA 3A BNIAQATA HA
NPBATA CTPAHA P

Mat D lemeten-
Buktop 4. Kompac
Lec Ha Mucyja Munuctep 3a HagBopewHu

padoTn



YZ
ul:

INVESTMENT INCENTIVE AGREEMENT

THE GOVERNMENTS OF THE STATES PARTICIPANTS BY EXCHANGE
OF DIPLOMATIC NOTES TO WHICH THIS AGREEMENT IS ATTACHED

AFFIRM their common desire to encourage economic
activities in the territory of Second Party that promote
the development of the economic resources and productive
capacities of Second Party; and

RECOGNIZE 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 and reinsurance, debt and equity
investments and investment guaranties,

AGREE as follows:

ARTICLE 1

As used in this Agreement, 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 Second Party. The term "Issuer" refers to
OPIC and any successor 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 imposed by the Government of Second
Party and all liabilities with respect thereto.

ARTICLE 2

(a) The Issuer shall not be subject to regulation under
the laws of Second Party applicable to insurance of
financial organizations.

{b) All operations and activities undertaken by the Issuer
in connection with any Investment Support, and all

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6ugart u3sepuieHn, NPUMeHM Unw rapaHTupann oA CTpaHa Ha Vsqapavor, a
BO BpPCka CO NoAApPWKaTa Ha MHBecTHYMN Ke 6ugaT ocno6ogeHn of
qasauku, Visgapa4oT Hema fa nogne xu Ha 6uno KAaKBM AaBayki BO
Bpcka co TpaHcchepoT, HacneAyBalbeTO UNM BO BPCKa CO Ha6aBKU WTO
ke HacTaHaT cnopey cTaB (B) 04 OBO] 4NeH MNM CnopeA YNeHOT 3(a) of,
oBoj florosop. CeKoj npoext 3a Koj ce oGes6enyBa noAApuiKa Ha
VHBeCTYMM Ke UMa TaKOB AaHOUeH TPeTMaH LTO He @ NOHENOBONeH Of,
OHOj WTO ce “oAenyBa Ha NpoeKTH LITO NpovsneryBaaT OA Nporpamn 3a
Noggpuika Ha WHBecTMYMM Ha Guo Koja Apyra HalMoHanHa “nM
MefyHapofHa pasBojHa UHCTMTyYYja WTO pa6oTH Ha TepuTopujata Ha
Bropata cTpana.

(B) Aoxonky VisgapayoT vsBpluin nnakatbe Ha ApPVMBAaTHO MnM
npaBHo nuye, UNM AOKONKy TM ACKOpCTH CBOUTe NpaBa KAKO KpeAuTOp
Vn KOpMCHUK Ha NpaBa WTO My Ce OTCTaNeHM BO BPCKa Co OUND Koj BUA
Ha noggpulka Ha vNBecTHYyuTe, BnagaTa Ha Bropata ctpaHa Ke rm
npusHae TpakccbepoT vn HaGaBKaTa of cTpaHa Ha VisqaBayoT Ha
TOTOBM Mapv, cpegcTBa OA CMeTKM, KpeguTu, noOapyBatha un Apyrn
cpepcTea BO BpCKa CO TAKBOTO nnakatbe UNM BO BPCKa CO KOPUCTebeTO
Ha TaKBUTe NpaBa, KaKO VM BO BpCka CO HacnepyBalbeTO Of CTpaHa Ha
VisqapauoT Ha cite npaBa, npaBo Ha nocey, nobapyBatea, 6eHecbuyyja,
Kako M Mpuunnute 3a AejcTBa LITO Beke nocTojaT unv Ke npousnesaT BO
BpCKa CO Toa.

(r) Bo Bpcka co cuTe kaMaTw WTO Ke My 6ugaT npecbnenv Ha
VisgasauorT unn wo Ke rv Hacnegy cnopeg oBoj unex, VsqaBayoT Hema
ja KopvicTy npasa noronemn of OHVe Ha NpaBHuTe MM cbusnuKuTe NMYa
Of, KOM TH AOOMN THe KAaMaTH, MOA YCNOB HALITO LITO € CoApKaHO BO OBO}
Qoropop qa He rv orpaHi4u npapata Ha Bnagata Ha Mppata crpava Aa
Tu HannaTn nobapyBalbaTa cnopeg MefyHapoAHMOT 3aKOH, Ha LITO Nak
uma CyBepeHo NpaBo, a WTO He ce OAHeECyBaaT Ha NpaBaTa WTO TM Mma
Visgasauot cnopeg cras (B) 04 OBOj 4NeH.

4NIEH 3

(a) Mapwunute cpegctsa uspaseHu BO BanyTaTa Ha BTopata cTpava,
BKNyYyBajKU TOTOBM Napy, CMeTKM, KpeATH, NoGapyBatba UNM CNM4HO CO
kon ke ce 3q06ve VisgapayoT pu nnakabata unuw nak mp
uckopvicTyBatbe Ha CBOMTe mpaBa KAKO KpequTOp, a BO BPCKa CO
noga”puKata Ha MHBeECTHYMMTe 3a NpoeKTH Ha TepuTopyjata Ha Bropata
cTpaHa, Np HUBHOTO KOpKcTelbe UNM MeHyBalbe, Ha TepuTopyjata Ha
Bropata cTpava Ke MMaaT TpeTMaH WTO He @ NOHENOBONeH Of OHO] WTO
ce npumenysa 3a cpeAcTBaTa Ha NpMBATHUTe MN CPusnUKU FMA Of, KON
Vsgapavor ce 3q06un co TakBU cpe”cTBa.

(6) Taksata BanyTa unu KpeANTM MoKaT ga ce NpecppnaT of cTpaHa Ha
ViggapauoT Ha 6vno Koe npuBaTHO Mn cbusM4KO Muye u Np TakBOTO
npecbpnatbe The Ke MorKaT Cno6oqHO Aa ce KOpucTaT Of cTpaHa Ha
TakByTe npaBHn uv cbusn4Kn AUYa Ha TepuTopyjata Ha Bropata cTpaHa
BO COrNaCHOCT CO He|3MHUTe 3aKOHH.

Ake? | Ww |



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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. The Issuer shall not be
subject to any Taxes in connection with any transfer,
succession or other acquisition which occurs pursuant to
paragraph (c) of this Article or Article 3(a) hereof. Any
project in connection with which Investment Support has
been provided shall be accorded tax treatment no less
favorable than that accorded to projects benefiting from
the investment support programs of any other national or
multilateral development institution which operates in the
territory of Second Party.

(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
Second Party 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 First Party to
assert a claim under international law in its sovereign
capacity, as distinct from any rights it may have as the
Issuer pursuant to paragraph (c) of this Article.

ARTICLE 3

(a) Amounts in the currency of Second Party, 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 provided by the Issuer for a project in
the territory of Second Party, shall be accorded treatment
in the territory of Second Party 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 the Issuer acquired such amounts.

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A Il -

(b) Such currency 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 Second Party in accordance with its laws.

ARTICLE 4

(a) Any dispute between the Government of First Party and
the Government of Second Party 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 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 Center 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

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