U.S. Treaties and Other International Agreements {121

© of the United States ‘of America to any right, title, claim or
cause of action existing in connection therewith; .

(b) That amounts in pounds sterling or credits in pounds sterling~
acquired by the Government of the United States of America
- pursuant to such guaranties shall be accorded treatment not less
favorable than that accorded to private funds arising from
transactions of United States nationals which are comparable
to the transactions covered by such guaranties, and that such
amounts in, pounds sterling or credits in pounds sterling shall
be freely available to the Government of the United States of

‘America for administrative expenses ;

(c) That any claim against the Government of Sierra Leone to -
which the Governmentof the United States of America may be -
subrogated as a result of any payment under such guaranty, |
shall be tho subject of direct negotiations between the two ”
Governments. If within a reasonable period, they are unable
to settle the claim by agreement, it shal! be referred for final
and binding determination to a sole arbitrator selected by ©
mutual agreement. Ifthe Governments are unable, within a
period of three months, to agree upon such selection, the “
arbitrator shall be one who may be designated by the President
of the International Court of Justice at the request of either
Government; a :

(d) That if the Government of the United States of America issues

e@ guaranties to cover losses by reason of war with respect to

investments in Sierra Leone, nationals of the United States of
America to whom suck:guaranties have been issued, shall be
accorded by the Government of Sierra Leone treatment not less
favorable than the most favorable treatment accorded, in like
circumstances, to nationals of Sierra Leone or nationals of third
countries, with reference to any reimbursement, compensation,
indemnification, or anyother payment, including the distri-
bution of reparations received from enemy countries, that the
Government of Sierra “Leone may make or pay for losses
incurred by reason of war; if the Government of the United
States of America makes payment in U.S, dollars to any
national of the United ‘States of America under a guaranty
against losses by reason of war, the Government of Sierra
Leone shall recognize the ¢ransfer to the Government of the
United States of America of any right, privilege, or interest,
or any part thereof, thét such nationals may be granted or
become entitled to as a result of the aforementioned treatment
by the Government of Sierra Leone;

(e) That the aforementioned'subparagraph (c) with respect to the
art’ ‘ion of claims shall not be applicable to the type of .
gt es against losses by reason of war provided for in

sul, -agraph (d). q

TIA® 4759


SIERRA LEONE

Guaranty of Private Investments

Agreement effected by exchange of notes
Signied at Freetown May 16 and 19, 1961;
‘ Entered into force May 19, 1961.

The American Ohargé d’Affaires ad interim to the Sierra Leonean
Minister of External Affairs

Mes Fazetown, May 16, 1961

Exceiencr:

I have the honor to refer to conversations which have recently
taken place between representatives of our two Governments relating
to guaranties authorized by Section 413(b) (4) of the Mutual Security
Act of 1954,["] as amended. I also have the honor to confirm the
following understandings reached as 8 result of these conversations:

1. The Governments of the United States of America and of Sierra
Leone will, upon the request of either of them, consult respecting
projects in Sierra Leone undertaken or proposed by nationals of the
United States of America with respect to which guaranties under
Section-413 (b) (4) of the bfutull Security Act of 1954, as amended,
have been made or are under cofisideration.

2. The Government of the United States of America agrees that it will
issue no guaranty with respect to any project unless it is approved
by the Government of Sierra Leone.

4. With respect to such guaranties extending to projects which are”
approved by the Government of Sierra Leone in accordance with the
provisions of the aforementioned Section 418(b) (4), the Govern-
ment of Sierra Leone agrees: .

(a) Thst if the Government of the United States of America makes
payment in United States dollars to any person under any such
guaranty, the Government of Sierra Leone shall recognize the
transfer to the Government of the United States of America of
any currency, credits, asseta, or investment on account of which
such payment is made, and the subrogation of the Government

*68 Btat. B47; 22 U.B.C. § 1988(b) (4). --
(619) TIAS 4759


@ 12 ust] Sierra Leone—Guaranty, Priv, Invest—May 16, 19, 1961 621

Upon receipt of a note from Your Excellency indicating that the
foregoing provisions are acceptable to the Government of Sierra
Leone, the Government of the United States of America will consider
that this note and your reply thereto constitute an agreement between
our two Governments on this subject, the agreement to enter into force
on the date of your note in reply.

Accept, Excellency, the renewed assurances of my distinguished
consideration.

H. Rewer, Jr.
Oharge @ Affaires ad interim
His Excellency ‘
Dr, Journ Karera-Smagt,
Minister of External Affairs,
Freetown.

The Sterra Leonean Minister of External Affaire to the Amerioan
Chargé PAffaires ad interim

In case of reply the number and
date of this letter should be quoted

Tue Momerry or Exrernar AFFains,
Freetown,
Srerra Lzonz.

No. 15393/8. 19th May, 1961.
U.S, INVESTMENT GUARANTEE PROGRAMME.

i heve the honour to-tefer to your memorandum dated 16th May
1961, on the above subject, and confirm that the provisions in para-
graph 3 (a)-(e) of the note are acceptable to the Government of
Sierra Leone. It is therefore agreed that your note and this reply
constitute an agreement between our two Governments on this
subject, with effect from the above-mentioned date.

Accept, Sir, the assurances of my highest consideration.

Joun Karera-Suarr
(John Karefa-Smart)
Minister for Eauternal Affairs.

Tue Cranrce p’AFFAIRS AD INTERIM,
US. Embassy,
Freetown.

é


Ar

TREATIES AND OTHER INTERNATIONAL ACTS SERIES 5470

INVESTMENT GUARANTIES

Agreement Between the
Unrrep STaTes oF AMERICA
and S1ERRA LEONE

Relating to the Agreement of
May 16 and 19, 1961

Effected by Exchange of Notes
Signed at Freetown December 28, 1962,
and November 13, 1963



SIERRA LEONE

Investment Guaranties

Agreement relating to the agreement of May 16 and 19, 1961.
Effected by exchange of notes

Signed at Freetown December 28, 1962, and November 13, 1963;
Entered into force November 13, 1963.

The American Ambassador to the Sierra Leonean Minister of
Faternal Affairs

No. 15 Freerown, December 28, 1962.
Excetnency :

T have the honor to refer to the agreement effected by the exchange
of notes of May 16 and May 19, 1961, [*] between our two Govern-
ments relating to investment guaranties which may be issued by the
Government of the United States of America for investments in activ-
ittes in Sierra Leone. After the conclusion of this agreement, legis-
lation has been enacted in the United States of America modifying
and augmenting the coverage to be provided investors by investment
guaranties that may be issued by the Government of the United States
of America.

In the interest of facilitating and increasing the participation of
private enterprise in furthering the economic development of Sierra
Leone, the Government of the United States of America is prepared
to issue investment guaranties providing such coverage as may be
authorized by the applicable United States legislation for appropriate
investments in activities approved by your Government provided that
your Government agrees that the undertakings between our respective
Governments contained in the above-mentioned agreement will be
applicable to such guaranties.

Upon receipt of a note from Your Excellency indicating that the
foregoing is acceptable to the Government of Sierra Leone and that.
such undertakings shall apply, the Government of the United States
of America will consider that this note and your reply thereto consti-
tute an Agreement between our two Governments on this subject. the
Agreement to enter into force on the date of your note in reply.

* TEAS 47

:12 UST 619,

27-179—64 (1) TIAS 5470


2

Accept, Excellency, the renewed assurances of my highest
consideration.

A. S. J. Carwauan

Enciosures: (‘J
Extracts from Public Laws 87-195
and 87-565

His Excellency
Joun Karera-Saart,
Minister of External Affairs,
Freetown.

The Sierra Leonean Acting Minister of External Affairs to the
American Chargé @Affaires ad interim

UNITY FREEDOM JUSTICE

Tue Ministry or EXTERNAL AFFAIRS,
Stater TERRACE,
FREETOWN,
Srmrra Lone
When replying, please quote :
Ref. No. Conf. 15393/T 13 November, 1963.
Si,

J have the honour to refer to your Note No, 75 dated 28th Decem-
ber, 1962 and to the agreement between our two Governments relating
to investment guarantees which may be issued by the Government of
the United States of America for investments in activities in Sierra
Leone and to confirm that the Government of Sierra Leone agrees
that the undertakings between our respective Governments contained
in’ the above-mentioned agreement will be applicable to such
tees,

It is also agreed that your Note under reference and this reply
thereto constitute an Agreement between our two Governments on
the subject, and will enter into force on the date of this Note.

Accept Sir, the renewed assurances of my highest consideration.

A. H. Kapra

(Abdul Hamid Kabia)
Acting Minister of External Affairs.
Tue Cuarcé p’Arraires a.i.

Embassy of the United States of America,
Freetown.

*Not printed.

TIAS 5470

WL. SOVERNMENT PRINTING OFFICE: 1964